{
  "crd_number": 130640,
  "slug": "giverny-capital-montreal-130640",
  "primary_business_name": "GIVERNY CAPITAL",
  "legal_name": "GIVERNY CAPITAL INC.",
  "dbas": [],
  "city": "Montreal",
  "state": null,
  "country": "Canada",
  "cbsa_code": null,
  "metro": null,
  "registration_type": "sec",
  "registration_status": "Approved",
  "registration_date": "2004-04-06",
  "years_registered": 22,
  "period": "2026-10-01",
  "filing_date": "2026-06-12",
  "carried_forward": false,
  "raum_total": 2703277172.0,
  "raum_discretionary": 2703277172.0,
  "raum_non_discretionary": 0.0,
  "raum_band": "1b_5b",
  "raum_band_label": "$1 billion to $5 billion",
  "total_employees": 31,
  "advisory_employees": 6,
  "client_count_bucket": "fewer_than_5_in_some_types",
  "clients_by_type": {
    "charitable": {
      "raum": 11238710.0,
      "count": 8
    },
    "individuals": {
      "raum": 1037927865.0,
      "count": 4037
    },
    "banking_thrift": {
      "raum": null,
      "count": 0
    },
    "state_municipal": {
      "raum": null,
      "count": 0
    },
    "insurance_companies": {
      "raum": null,
      "count": 0
    },
    "investment_companies": {
      "raum": null,
      "count": 0
    },
    "pension_profit_sharing": {
      "raum": 15813909.0,
      "count": null,
      "fewer_than_5": true
    },
    "other_investment_advisers": {
      "raum": null,
      "count": 0
    },
    "high_net_worth_individuals": {
      "raum": 705507628.0,
      "count": 371
    },
    "pooled_investment_vehicles": {
      "raum": null,
      "count": 0
    },
    "corporations_other_businesses": {
      "raum": 932789060.0,
      "count": 626
    },
    "business_development_companies": {
      "raum": null,
      "count": 0
    },
    "sovereign_wealth_foreign_official": {
      "raum": null,
      "count": 0
    }
  },
  "compensation_types": [
    "percentage_of_aum"
  ],
  "advisory_activities": [
    "portfolio_management_businesses_institutional",
    "portfolio_management_individuals",
    "portfolio_management_pooled_vehicles"
  ],
  "wrap_fee_participant": false,
  "disclosure_yes_count": 0,
  "states_registered": [
    "CA",
    "FL",
    "TX"
  ],
  "websites": [
    "https://ca.linkedin.com/company/giverny-capital-inc",
    "https://fr-ca.facebook.com/GIVERNY-CAPITAL-INC-104218636339885",
    "https://givernycapital.com",
    "https://twitter.com/GIVERNYCAPITAL"
  ],
  "iapd_url": "https://adviserinfo.sec.gov/firm/summary/130640",
  "city_as_filed": "MONTREAL",
  "url": "https://advisorcensus.com/firm/giverny-capital-montreal-130640",
  "display_name": "Giverny Capital",
  "summary": "Giverny Capital is an SEC-registered investment advisory firm in Montreal, Canada, registered since 2004, reporting $1 billion to $5 billion in regulatory assets under management in its Form ADV filing dated June 12, 2026.",
  "citation": "AdvisorCensus. Giverny Capital (CRD 130640): Form ADV filing data as of October 2026.",
  "registration_type_label": "SEC-registered investment adviser",
  "compensation_labels": [
    "A percentage of assets under your management"
  ],
  "advisory_activity_labels": [
    "Portfolio management for individuals and/or small businesses",
    "Portfolio management for pooled investment vehicles (other than investment companies)",
    "Portfolio management for businesses (other than small businesses) or institutional clients"
  ],
  "quick_answers": [
    {
      "q": "How is Giverny Capital compensated?",
      "a": "On its Form ADV (Item 5.E, October 2026), Giverny Capital reports these compensation arrangements: a percentage of assets under its management."
    },
    {
      "q": "Where is Giverny Capital located?",
      "a": "Giverny Capital's principal office is in Montreal, Canada, according to its Form ADV."
    },
    {
      "q": "Is Giverny Capital registered with the SEC or a state?",
      "a": "Giverny Capital is an SEC-registered investment advisory firm, registered since 2004. Status as filed: Approved. CRD 130640."
    },
    {
      "q": "How much does Giverny Capital manage?",
      "a": "Giverny Capital reports $2,703,277,172 in regulatory assets under management in its Form ADV filing dated June 12, 2026 (100% discretionary)."
    },
    {
      "q": "How have Giverny Capital's assets and staff changed since 2021?",
      "a": "In the Form ADV data for Giverny Capital: Regulatory assets under management: $1,063,765,143 in the October 2021 data and $2,703,277,172 in the October 2026 data, up 154%. Total employees: 16 in October 2021 and 31 in October 2026. Assets under management move with markets as well as with clients coming and going."
    },
    {
      "q": "What types of clients does Giverny Capital serve?",
      "a": "By number of clients on Form ADV Item 5.D: individuals (other than high net worth individuals) (4,037); corporations or other businesses not listed above (626); high net worth individuals (371)."
    },
    {
      "q": "Which custodians does Giverny Capital use?",
      "a": "Giverny Capital's most recent Form ADV filing (Schedule D, Section 5.K(3)) lists National Bank Independent Network (Nbin) as a custodian holding 10% or more of its separately managed account assets."
    },
    {
      "q": "Does Giverny Capital report any disciplinary disclosures?",
      "a": "Reports no disclosure items on Form ADV Item 11. The detail of any item is on the firm's SEC record: https://adviserinfo.sec.gov/firm/summary/130640"
    },
    {
      "q": "Does Giverny Capital state an account minimum?",
      "a": "Its Form ADV Part 2A brochure dated June 12, 2026 says: \"Giverny does not impose a strict per client minimum for investment management services but does have the discretion to do so if the initial account value is deemed too small to cover expenses related to the management of the account.\""
    },
    {
      "q": "What changed in Giverny Capital's recent Form ADV filings?",
      "a": "In the July 2026 filing data: Updated its list of owners and control persons (Schedule A)."
    }
  ],
  "filing_history": [
    {
      "period": "2021-10-01",
      "regulatory_assets_under_management": 1063765143.0,
      "total_employees": 16,
      "filing_date": "2020-12-24"
    },
    {
      "period": "2022-10-01",
      "regulatory_assets_under_management": 1590295908.0,
      "total_employees": 21,
      "filing_date": "2021-12-24"
    },
    {
      "period": "2023-10-01",
      "regulatory_assets_under_management": 1383242545.0,
      "total_employees": 22,
      "filing_date": "2023-06-29"
    },
    {
      "period": "2024-10-01",
      "regulatory_assets_under_management": 1760715644.0,
      "total_employees": 24,
      "filing_date": "2023-12-22"
    },
    {
      "period": "2025-10-01",
      "regulatory_assets_under_management": 2465103235.0,
      "total_employees": 26,
      "filing_date": "2024-12-24"
    },
    {
      "period": "2026-10-01",
      "regulatory_assets_under_management": 2703277172.0,
      "total_employees": 31,
      "filing_date": "2026-06-12"
    }
  ],
  "recent_changes": [
    {
      "period": "2026-07-01",
      "period_label": "July 2026",
      "notes": [
        "Updated its list of owners and control persons (Schedule A)."
      ]
    },
    {
      "period": "2026-01-01",
      "period_label": "January 2026",
      "notes": [
        "Employees performing advisory functions went from 5 to 6.",
        "Updated its list of owners and control persons (Schedule A)."
      ]
    }
  ],
  "fees_from_brochure": {
    "source": "Form ADV Part 2A brochure dated June 12, 2026",
    "provided_by_the_firm": false,
    "tiers": [],
    "flat_rate": null,
    "stated_range": null,
    "stated_maximum": null,
    "account_minimum": "None",
    "account_minimum_may_be_waived": true,
    "minimum_annual_fee": null,
    "planning_fees": [],
    "figures": [
      {
        "label": "Account minimum",
        "statements": [
          "Account minimum: None (the brochure says it may be waived or negotiated)"
        ],
        "quotes": [
          "Giverny does not impose a strict per client minimum for investment management services but does have the discretion to do so if the initial account value is deemed too small to cover expenses related to the management of the account."
        ]
      }
    ],
    "values": {
      "tiers": [],
      "range_pct": null,
      "max_pct": null,
      "account_minimum": 0.0,
      "minimum_annual_fee": null,
      "planning": []
    },
    "quotes": [
      "Giverny does not impose a strict per client minimum for investment management services but does have the discretion to do so if the initial account value is deemed too small to cover expenses related to the management of the account."
    ],
    "note": "As stated in the firm's brochure; fees can differ by service and may be negotiable."
  },
  "custodians": [
    {
      "name": "National Bank Independent Network (Nbin)",
      "name_as_filed": "NATIONAL BANK INDEPENDENT NETWORK (NBIN)",
      "affiliated": false
    }
  ],
  "custodians_note": "Custodians holding 10% or more of the firm's separately managed account assets, as filed on Form ADV (Schedule D, Section 5.K(3)). A custodian holds client assets; it does not endorse or supervise the firm. AdvisorCensus has no relationship with any custodian.",
  "markdown_url": "https://advisorcensus.com/firm/giverny-capital-montreal-130640.md",
  "clients": [
    {
      "type": "individuals",
      "label": "Individuals (other than high net worth individuals)",
      "count": 4037,
      "fewer_than_5": false,
      "raum": 1037927865.0
    },
    {
      "type": "high_net_worth_individuals",
      "label": "High net worth individuals",
      "count": 371,
      "fewer_than_5": false,
      "raum": 705507628.0
    },
    {
      "type": "banking_thrift",
      "label": "Banking or thrift institutions",
      "count": 0,
      "fewer_than_5": false,
      "raum": null
    },
    {
      "type": "investment_companies",
      "label": "Investment companies",
      "count": 0,
      "fewer_than_5": false,
      "raum": null
    },
    {
      "type": "business_development_companies",
      "label": "Business development companies",
      "count": 0,
      "fewer_than_5": false,
      "raum": null
    },
    {
      "type": "pooled_investment_vehicles",
      "label": "Pooled investment vehicles (other than investment companies and business development companies)",
      "count": 0,
      "fewer_than_5": false,
      "raum": null
    },
    {
      "type": "pension_profit_sharing",
      "label": "Pension and profit sharing plans (but not the plan participants or government pension plans)",
      "count": null,
      "fewer_than_5": true,
      "raum": 15813909.0
    },
    {
      "type": "charitable",
      "label": "Charitable organizations",
      "count": 8,
      "fewer_than_5": false,
      "raum": 11238710.0
    },
    {
      "type": "state_municipal",
      "label": "State or municipal government entities (including government pension plans)",
      "count": 0,
      "fewer_than_5": false,
      "raum": null
    },
    {
      "type": "other_investment_advisers",
      "label": "Other investment advisers",
      "count": 0,
      "fewer_than_5": false,
      "raum": null
    },
    {
      "type": "insurance_companies",
      "label": "Insurance companies",
      "count": 0,
      "fewer_than_5": false,
      "raum": null
    },
    {
      "type": "sovereign_wealth_foreign_official",
      "label": "Sovereign wealth funds and foreign official institutions",
      "count": 0,
      "fewer_than_5": false,
      "raum": null
    },
    {
      "type": "corporations_other_businesses",
      "label": "Corporations or other businesses not listed above",
      "count": 626,
      "fewer_than_5": false,
      "raum": 932789060.0
    }
  ],
  "disclosure_line": "Reports no disclosure items on Form ADV Item 11.",
  "disclosure_items": [],
  "indexable": true,
  "suppressed": false,
  "claimed": false,
  "enhanced": false,
  "provided_by_the_firm": null,
  "source": {
    "name": "Form ADV",
    "as_of": "2026-10-01",
    "iapd_url": "https://adviserinfo.sec.gov/firm/summary/130640",
    "operator": "BH Monitor Services, LLC",
    "license": "https://creativecommons.org/licenses/by/4.0/",
    "credit": "AdvisorCensus (advisorcensus.com), from SEC Form ADV data"
  }
}