# Giverny Capital

> 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.

- CRD: 130640
- Filed as: GIVERNY CAPITAL
- Legal name: Giverny Capital Inc.
- Registration: SEC-registered investment adviser (status as filed: Approved)
- Location: Montreal, Canada
- Filing period: October 2026
- Form ADV filing dated: June 12, 2026
- SEC record (IAPD): https://adviserinfo.sec.gov/firm/summary/130640
- AdvisorCensus page: https://advisorcensus.com/firm/giverny-capital-montreal-130640

## Quick answers

**How is Giverny Capital compensated?**
On its Form ADV (Item 5.E, October 2026), Giverny Capital reports these compensation arrangements: a percentage of assets under its management.

**Where is Giverny Capital located?**
Giverny Capital's principal office is in Montreal, Canada, according to its Form ADV.

**Is Giverny Capital registered with the SEC or a state?**
Giverny Capital is an SEC-registered investment advisory firm, registered since 2004. Status as filed: Approved. CRD 130640.

**How much does Giverny Capital manage?**
Giverny Capital reports $2,703,277,172 in regulatory assets under management in its Form ADV filing dated June 12, 2026 (100% discretionary).

**How have Giverny Capital's assets and staff changed since 2021?**
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.

**What types of clients does Giverny Capital serve?**
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).

**Which custodians does Giverny Capital use?**
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.

**Does Giverny Capital report any disciplinary disclosures?**
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

**Does Giverny Capital state an account minimum?**
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."

**What changed in Giverny Capital's recent Form ADV filings?**
In the July 2026 filing data: Updated its list of owners and control persons (Schedule A).

## From the Form ADV filing

### Compensation (Item 5.E)
- A percentage of assets under your management

### Fees and minimums (Form ADV Part 2A brochure dated June 12, 2026)

- Account minimum: None (the brochure says it may be waived or negotiated)

> 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.

As stated in the firm's brochure. Fees can differ by service and may be negotiable.

### Custodians (Schedule D, Section 5.K(3))
- National Bank Independent Network (Nbin)

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.

### Regulatory assets under management (Item 5.F)
- Total: $2,703,277,172
- Discretionary: $2,703,277,172
- Non-discretionary: $0

### Clients (Item 5.D)

| Client type | Clients | Assets |
| --- | --- | --- |
| Individuals (other than high net worth individuals) | 4,037 | $1,037,927,865 |
| High net worth individuals | 371 | $705,507,628 |
| Banking or thrift institutions | 0 | Not reported |
| Investment companies | 0 | Not reported |
| Business development companies | 0 | Not reported |
| Pooled investment vehicles (other than investment companies and business development companies) | 0 | Not reported |
| Pension and profit sharing plans (but not the plan participants or government pension plans) | Fewer than 5 | $15,813,909 |
| Charitable organizations | 8 | $11,238,710 |
| State or municipal government entities (including government pension plans) | 0 | Not reported |
| Other investment advisers | 0 | Not reported |
| Insurance companies | 0 | Not reported |
| Sovereign wealth funds and foreign official institutions | 0 | Not reported |
| Corporations or other businesses not listed above | 626 | $932,789,060 |

### Advisory services (Item 5.G)
- 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

### Firm details
- Registered since: 2004 (22 years)
- Employees: 31 total, 6 performing advisory functions
- Wrap fee program participation: No
- States registered or notice-filed: CA, FL, TX
- Disclosures (Item 11): Reports no disclosure items on Form ADV Item 11.

### Websites listed on Form ADV (Item 1.I)
- [givernycapital.com](https://givernycapital.com)
- LinkedIn @giverny-capital-inc
- Facebook @GIVERNY-CAPITAL-INC-104218636339885
- X @GIVERNYCAPITAL

## Assets and staff over time

| Data period | Regulatory assets under management | Employees | Filing dated |
| --- | --- | --- | --- |
| October 2021 | $1,063,765,143 | 16 | December 24, 2020 |
| October 2022 | $1,590,295,908 | 21 | December 24, 2021 |
| October 2023 | $1,383,242,545 | 22 | June 29, 2023 |
| October 2024 | $1,760,715,644 | 24 | December 22, 2023 |
| October 2025 | $2,465,103,235 | 26 | December 24, 2024 |
| October 2026 | $2,703,277,172 | 31 | June 12, 2026 |

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.

## Changes in the filing (last 12 months)

### July 2026
- Updated its list of owners and control persons (Schedule A).

### January 2026
- Employees performing advisory functions went from 5 to 6.
- Updated its list of owners and control persons (Schedule A).

## Source

Form ADV as filed, October 2026. Values appear as filed. Cite as: AdvisorCensus. Giverny Capital (CRD 130640): Form ADV filing data as of October 2026.