Tom Gayner Markel Group
Tom Gayner is the CEO of Markel Group and long-time steward of its public equity portfolio. Often compared to a smaller-scale Berkshire-style model, Markel combines insurance operations with a carefully selected book of common stocks. Gayner is known for a patient, owner-oriented philosophy and for writing clearly about compounding, culture, and long-term business ownership.
Top Buys
| Rank | Stock | Value |
|---|---|---|
| 1 |
Linde
LIN
|
+$14.9M |
| 2 |
ATVI
Activision Blizzard
ATVI
|
+$7.9M |
| 3 |
Whirlpool
WHR
|
+$6.96M |
| 4 |
EA
Electronic Arts
EA
|
+$6.51M |
| 5 |
Sherwin-Williams
SHW
|
+$4.45M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
UnitedHealth
UNH
|
+$16.9M |
| 2 |
PX
Praxair Inc
PX
|
+$15.2M |
| 3 |
Ascent Industries
ACNT
|
+$9.48M |
| 4 |
Chipotle Mexican Grill
CMG
|
+$8.59M |
| 5 |
Hershey
HSY
|
+$2.46M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Financials | 33.78% |
| 2 | Consumer Discretionary | 18.47% |
| 3 | Industrials | 11% |
| 4 | Healthcare | 10.23% |
| 5 | Communication Services | 9.77% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
|
NVO
26
Novo Nordisk
NVO
$207B
| $49.5M | 0.95% |
2,150,000
| – | – |
|
|
MRSH
27
Marsh
MRSH
$91.6B
| $48.6M | 0.93% |
609,500
| – | – |
|
|
SCHW
28
Charles Schwab
SCHW
$194B
| $43.9M | 0.84% |
1,057,100
| – | – |
|
29
Watsco Inc
WSO
$12.9B
| $41M | 0.78% |
295,000
+3,000
| +1% | +$457K |
|
|
OAK
30
DELISTED
OAKTREE CAPITAL GROUP, LLC
OAK
| $40.6M | 0.78% |
1,020,500
+1,000
| +0.1% | +$41.1K |
|
31
Brown-Forman Class A
BF.A
$13.3B
| $40M | 0.76% |
843,000
| – | – |
|
32
Ecolab
ECL
$78.9B
| $39.8M | 0.76% |
269,800
+700
| +0.3% | +$107K |
|
33
Microsoft
MSFT
$3.59T
| $39.5M | 0.75% |
389,000
+2,000
| +0.5% | +$214K |
|
34
3M
MMM
$92.3B
| $38.9M | 0.74% |
243,984
| – | – |
|
35
Travelers Companies
TRV
$75.8B
| $37.7M | 0.72% |
315,000
| – | – |
|
|
ITIC
36
Investors Title Co
ITIC
$546M
| $37.7M | 0.72% |
213,300
| – | – |
|
37
American Express
AXP
$227B
| $36.8M | 0.7% |
386,000
| – | – |
|
38
Caterpillar
CAT
$381B
| $35.3M | 0.68% |
278,000
| – | – |
|
39
Mastercard
MA
$509B
| $34.4M | 0.66% |
182,100
| – | – |
|
40
Norfolk Southern
NSC
$78.8B
| $34.3M | 0.66% |
229,500
| – | – |
|
41
Blackstone
BX
$108B
| $33.3M | 0.64% |
1,116,000
+3,000
| +0.3% | +$99.2K |
|
42
Boeing
BA
$169B
| $30.4M | 0.58% |
94,400
| – | – |
|
43
Hasbro
HAS
$13.2B
| $29.6M | 0.57% |
364,000
| – | – |
|
44
Illinois Tool Works
ITW
$80.4B
| $29.1M | 0.56% |
230,000
| – | – |
|
45
T. Rowe Price
TROW
$23.8B
| $29M | 0.55% |
314,000
| – | – |
|
46
Rollins
ROL
$17.8B
| $28.4M | 0.54% |
1,178,325
+4,500
| +0.4% | +$116K |
|
47
Moody's
MCO
$87.2B
| $28M | 0.54% |
200,100
+100
| +0.1% | +$15.1K |
|
48
Starbucks
SBUX
$122B
| $27.4M | 0.52% |
425,168
+5,300
| +1% | +$332K |
|
49
Nike
NKE
$60.5B
| $27.1M | 0.52% |
366,000
| – | – |
|
|
DISCK
50
DELISTED
Discovery, Inc. Series C Common Stock
DISCK
| $27M | 0.52% |
1,171,000
| – | – |
|
Similar funds
Tom Gayner's Q4 2018 Portfolio in Review
As of Q4 2018, Tom Gayner held 136 positions worth $5.23B, down 12% from $5.93B the previous quarter. Its ten largest holdings account for 42% of the portfolio.
Tom Gayner's Q4 2018 filing shows 5 new, 52 increased, 2 reduced and 4 closed positions. Its largest new stake was Linde: 94,400 shares worth $14.7M. The largest sale was UnitedHealth, an estimated $16.9M.
By sector, the portfolio is most concentrated in Financials at 34% of assets, up from 33% a quarter earlier, followed by Consumer Discretionary and Industrials.
- Tom Gayner's largest Q4 2018 buy was Linde: 94,400 shares worth $14.7M.
- Tom Gayner added most to Activision Blizzard in Q4 2018, an estimated $7.9M increase.
- Tom Gayner's biggest Q4 2018 reduction was UnitedHealth, cutting an estimated $16.9M.
- Tom Gayner fully exited Praxair Inc in Q4 2018, selling an estimated $15.2M.
- Tom Gayner's ten largest holdings make up 42% of its $5.23B portfolio in Q4 2018.
- Tom Gayner opened 5 new positions and closed 4 in Q4 2018.
- Tom Gayner's portfolio value fell 12% quarter-over-quarter to $5.23B.
Based on Markel Group's 13F filing for Q4 2018, filed 8 Feb 2019.