{"id":2079,"date":"2022-03-25T13:22:13","date_gmt":"2022-03-25T17:22:13","guid":{"rendered":"https:\/\/givernycapital.com\/us-investors\/"},"modified":"2022-08-05T10:10:03","modified_gmt":"2022-08-05T14:10:03","slug":"us-based-investors","status":"publish","type":"page","link":"https:\/\/givernycapital.com\/en\/us-based-investors\/","title":{"rendered":"US-based Investors"},"content":{"rendered":"\t\t
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US Investors<\/span><\/h1>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t
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The contents of this page pertain to U.S. residents, whereas other sections of our website are aimed at investors and clients residing in Canada.<\/i><\/p>

For regulatory and compliance reasons, some of our services may not be available to U.S. residents. Our services and fees to U.S. residents may also differ from those applicable to our clients residing in Canada. Giverny Capital is registered as an Investment Adviser with the U.S. Securities and Exchange Commission. If you are a U.S. resident and would like more information about our investment philosophy, services, returns, or any other aspect of our firm, please contact us<\/a>.<\/p>

You can download a copy of our Client Relationship Summary by clicking here<\/a>.<\/strong><\/p>

This document is aimed at retail investors who are residents of the United States.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t

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\n\t\t\t\t\tClients<\/span>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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\n\t\t\t\t\tRelationship Summary<\/span>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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\n\t\t\t\t\tDecember 23, 2021 <\/span>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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\n\t\t\t\t\t\t\t\t\tOur firm is Giverny Capital Inc. We are registered with the Securities and Exchange Commission (\u201cSEC\u201d) as an investment adviser. Investment advisers and broker-dealers\u2019 services and fees differ and it is important for you to understand these differences. Free and simple tools are available to research firms and financial professionals at investor.gov\/CRS, which also provides educational materials about broker-dealers, investment adviser, and investing.\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t
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\n\t\t\t\t\tWhat investment services and advice can you provide me?<\/span><\/span>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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Our firm offers investment advisory services to retail investors. Our investment advisory services are limited to the discretionary management of investment portfolios. We will not provide you with any other related or unrelated consulting services (please note that our firm is based in Canada and that we may provide different services to our non-U.S. clients). Your investment advisory agreement with us give us the authority to buy and sell investments on your behalf. Our firm has one investment strategy which is to invest with a long-term horizon in a relatively concentrated portfolio made of a small number of equity securities (usually between 20 to 30). Our firm uses a model portfolio (\u201cModel\u201d) which we replicate in our clients\u2019 accounts. Because we use a model portfolio, your portfolio will be similar to that of our other clients. However, since your portfolio is individually managed, you can impose certain limits to your account to accommodate your personal needs (for example: need to invest in an asset class that is not in our model portfolio). We monitor our model portfolio on an ongoing basis and monitor our clients\u2019 portfolios to ensure they are aligned with the Model on a monthly basis. This is part of our standard services. We do not require a minimum investment for you to open or maintain an account with us, but we reserve the right to reject new accounts below $250,000.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t

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More detailed information about our services is available in Items 4 and 7 of our Form ADV Part 2A (Brochure) which you can access on the SEC\u2019s website at adviserinfo.sec.gov\/firm\/summary\/130640.<\/a><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t

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\n\t\t\t\t\tYou want<\/span>\n\t\t\t\t\n\t\t\t\t\t to know more? <\/span>\n\t\t\t\t<\/span>\n\t\t\t\t<\/h2>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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\n\t\t\t\t\t\t\t\t\tContact us and ask our financial professionals: Given my financial situation, should I choose an investment advisory service? Why or why not? How will you choose investments to recommend to me? What is your relevant experience, including your licenses, education and other qualifications? What do these qualifications mean?\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t
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\n\t\t\t\t\tWhat fees<\/span>\n\t\t\t\t\n\t\t\t\t\t will I pay?<\/span>\n\t\t\t\t<\/span>\n\t\t\t\t<\/h1>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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\n\t\t\t\t\t\t\t\t\tOur fees are based on a percentage of assets under management (\u201cManagement Fees\u201d). They are approximately 1% per year (0.25% per quarter). They are paid in arrears quarterly (on January 1st, April 1st, July 1st, and October 1st), and are calculated based on the market value of a client’s assets under management on the last trading day of the prior calendar quarter. Our fees may be negotiated under certain circumstances. We may charge lesser or greater Management Fees based on certain criteria (e.g. dollar amounts of assets to be managed, anticipated future additional assets, historical relationship, etc.) and upon mutual agreement with you. Because we charge an asset-based fee, the more assets there are in your advisory account, the more you will pay in fees, and we therefore have an incentive to encourage you to increase the assets in your account. Also, charging an asset-based fee can create an incentive to favor client accounts that pay higher fees (either because they have a higher asset-based fees or greater amount of assets in their accounts than other clients). We do not favor one client\u2019s account over the others since we have one investment strategy and trade all clients\u2019 accounts according to our model portfolio. Also, we have procedures in place regarding the fair allocation of investment opportunities among our clients. We do not charge other fees, however your custodian and the brokers we use to execute transactions in your account will charge and debit directly from your account commissions and\/or transaction fees for effecting the securities transactions. If your specific needs require that we invest a portion of your account in money market or other types of mutual funds (\u201cFunds\u201d), you will pay to these Funds management fees and other fees and expenses that are distinct and in addition to the Management Fees charged by our firm. You may potentially also pay other fees and costs that will be charged by your custodian such as: interests fees, custodian fees, account maintenance fees and other transactional fees. You may also pay taxes on services provided by us and your custodian. \t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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You will pay fees and costs whether you make or lose money on your investments. Fees and costs will reduce any amount of money you make on your investments over time. Please make sure you understand what fees and costs you are paying.<\/p>

More detailed information about our fees and costs is available in Items 5 of our Form ADV Part 2A (Brochure) which you can access on the SEC\u2019s website at adviserinfo.sec.gov\/firm\/summary\/130640.<\/a><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t

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\n\t\t\t\t\tYou want<\/span>\n\t\t\t\t\n\t\t\t\t\t to know more? <\/span>\n\t\t\t\t<\/span>\n\t\t\t\t<\/h2>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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\n\t\t\t\t\t\t\t\t\tContact us and ask our financial professionals: Help me understand how these fees and costs might affect my investments. If I give you $10,000 to invest, how much will go to fees and costs, and how much will be invested for me?\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t
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\n\t\t\t\t\tWhat are your legal obligations to me when acting as my investment adviser?<\/span>\n\t\t\t\t\n\t\t\t\t\t
How else does your firm make money and what conflicts of inte rest do you have?<\/span>\n\t\t\t\t<\/span>\n\t\t\t\t<\/h1>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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When we act as your investment adviser, we have to act in your best interest and not put our interest ahead of yours. At the same time, the way we make money creates some conflicts with your interests. You should understand and ask us about these conflicts because they can affect the investment advice we provide you. Here are some examples to help you understand what this means:<\/p>