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 |
Otis Worldwide
OTIS
|
+$5.8M |
| 2 |
Carrier Global
CARR
|
+$4.16M |
| 3 |
NVR
NVR
|
+$1.96M |
| 4 |
PayPal
PYPL
|
+$253K |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
CarMax
KMX
|
+$264M |
| 2 |
Marriott International
MAR
|
+$119M |
| 3 |
WBA
Walgreens Boots Alliance
WBA
|
+$81.5M |
| 4 |
Automatic Data Processing
ADP
|
+$72.5M |
| 5 |
Elevance Health
ELV
|
+$39.5M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Financials | 39.68% |
| 2 | Consumer Discretionary | 15% |
| 3 | Industrials | 11.01% |
| 4 | Communication Services | 10.85% |
| 5 | Technology | 9.77% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
26
Archer Daniels Midland
ADM
$38.7B
| $59M | 1.1% |
1,478,300
| – | – |
|
27
Moody's
MCO
$87.2B
| $58M | 1.08% |
211,080
| – | – |
|
28
General Dynamics
GD
$104B
| $57.8M | 1.08% |
387,000
| – | – |
|
29
Illinois Tool Works
ITW
$80.4B
| $57.3M | 1.07% |
327,500
| – | – |
|
30
Progressive
PGR
$127B
| $54M | 1.01% |
674,500
| – | – |
|
31
Apollo Global Management
APO
$78.4B
| $50.5M | 0.94% |
1,012,500
| – | – |
|
32
Brown-Forman Class A
BF.A
$13.3B
| $48.5M | 0.9% |
843,000
| – | – |
|
33
S&P Global
SPGI
$127B
| $48.4M | 0.9% |
147,000
| – | – |
|
34
American Express
AXP
$227B
| $46.1M | 0.86% |
483,950
| – | – |
|
35
MSCI
MSCI
$41B
| $45.7M | 0.85% |
137,000
| – | – |
|
36
KKR & Co
KKR
$97.4B
| $42.6M | 0.79% |
1,379,400
| – | – |
|
37
Norfolk Southern
NSC
$78.8B
| $40.3M | 0.75% |
229,500
| – | – |
|
38
Starbucks
SBUX
$122B
| $38.8M | 0.72% |
527,818
| – | – |
|
39
T. Rowe Price
TROW
$23.8B
| $38.8M | 0.72% |
314,000
| – | – |
|
40
Factset
FDS
$10.7B
| $38.3M | 0.71% |
116,680
| – | – |
|
|
SCHW
41
Charles Schwab
SCHW
$194B
| $37M | 0.69% |
1,095,300
| – | – |
|
42
3M
MMM
$92.3B
| $36.5M | 0.68% |
280,103
| – | – |
|
43
Caterpillar
CAT
$381B
| $36.4M | 0.68% |
287,500
| – | – |
|
44
Nike
NKE
$60.5B
| $35.9M | 0.67% |
366,000
| – | – |
|
45
Rollins
ROL
$17.8B
| $35.1M | 0.65% |
1,243,275
| – | – |
|
46
Whirlpool
WHR
$2.63B
| $35.1M | 0.65% |
270,939
| – | – |
|
47
Accenture
ACN
$113B
| $34.2M | 0.64% |
159,400
| – | – |
|
48
Carlyle Group
CG
$17.6B
| $34.1M | 0.64% |
1,222,000
| – | – |
|
|
SRCL
49
DELISTED
Stericycle Inc
SRCL
| $33.2M | 0.62% |
593,700
| – | – |
|
50
Meta Platforms (Facebook)
META
$1.4T
| $32.9M | 0.61% |
145,000
| – | – |
|
Similar funds
Tom Gayner's Q2 2020 Portfolio in Review
As of Q2 2020, Tom Gayner held 133 positions worth $5.37B, up 0.97% from $5.32B the previous quarter. Its ten largest holdings account for 42% of the portfolio.
Tom Gayner withdrew a net $766M in Q2 2020, closing 20 positions and reducing 7 holdings. Its most notable exit was CarMax, an estimated $264M position sold in full.
By sector, the portfolio is most concentrated in Financials at 40% of assets, up from 37% a quarter earlier, followed by Consumer Discretionary and Industrials.
Against the trend, Tom Gayner opened a new position in Otis Worldwide worth $6.37M.
- Tom Gayner's largest Q2 2020 buy was Otis Worldwide: 112,000 shares worth $6.37M.
- Tom Gayner added most to NVR in Q2 2020, an estimated $1.96M increase.
- Tom Gayner's biggest Q2 2020 reduction was Deere & Co, cutting an estimated $36.2M.
- Tom Gayner fully exited CarMax in Q2 2020, selling an estimated $264M.
- Tom Gayner's ten largest holdings make up 42% of its $5.37B portfolio in Q2 2020.
- Tom Gayner opened 3 new positions and closed 20 in Q2 2020.
- Tom Gayner's portfolio value rose 0.97% quarter-over-quarter to $5.37B.
Based on Markel Group's 13F filing for Q2 2020, filed 3 Aug 2020.