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 |
Regeneron Pharmaceuticals
REGN
|
+$22.2M |
| 2 |
Equifax
EFX
|
+$1.43M |
| 3 |
Progressive
PGR
|
+$1.42M |
| 4 |
International Flavors & Fragrances
IFF
|
+$1.29M |
| 5 |
Watsco Inc
WSO
|
+$1.11M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
Microchip Technology
MCHP
|
+$16M |
| 2 |
O-I Glass
OI
|
+$4.56M |
| 3 |
Guidewire Software
GWRE
|
+$1.67M |
| 4 |
Archer Daniels Midland
ADM
|
+$823K |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Financials | 39.4% |
| 2 | Consumer Discretionary | 14.08% |
| 3 | Industrials | 12.79% |
| 4 | Communication Services | 11.85% |
| 5 | Technology | 9.25% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
|
NVO
26
Novo Nordisk
NVO
$207B
| $72.5M | 1% |
2,150,000
| – | – |
|
|
SCHW
27
Charles Schwab
SCHW
$194B
| $71.4M | 0.99% |
1,095,300
| – | – |
|
28
General Dynamics
GD
$104B
| $70.3M | 0.97% |
387,000
| – | – |
|
29
American Express
AXP
$227B
| $68.5M | 0.95% |
484,150
+200
| +0% | +$26.4K |
|
30
KKR & Co
KKR
$97.4B
| $68.4M | 0.95% |
1,399,400
+13,000
| +0.9% | +$582K |
|
31
Caterpillar
CAT
$381B
| $66.7M | 0.92% |
287,500
| – | – |
|
32
Ecolab
ECL
$78.9B
| $66.2M | 0.92% |
309,300
| – | – |
|
|
33
Progressive
PGR
$127B
| $66.2M | 0.92% |
692,100
+15,600
| +2% | +$1.42M |
|
34
Moody's
MCO
$87.2B
| $63.1M | 0.87% |
211,240
+140
| +0.1% | +$39.4K |
|
35
Norfolk Southern
NSC
$78.8B
| $61.6M | 0.85% |
229,500
| – | – |
|
36
Whirlpool
WHR
$2.63B
| $60.4M | 0.84% |
274,049
+2,800
| +1% | +$556K |
|
37
Starbucks
SBUX
$122B
| $57.7M | 0.8% |
527,818
| – | – |
|
38
MSCI
MSCI
$41B
| $57.4M | 0.8% |
137,000
| – | – |
|
39
T. Rowe Price
TROW
$23.8B
| $53.9M | 0.75% |
314,000
| – | – |
|
40
Brown-Forman Class A
BF.A
$13.3B
| $53.7M | 0.74% |
843,000
| – | – |
|
41
S&P Global
SPGI
$127B
| $52.3M | 0.72% |
148,240
+980
| +0.7% | +$326K |
|
42
Enovis
ENOV
$1.5B
| $49.7M | 0.69% |
659,476
| – | – |
|
43
Nike
NKE
$60.5B
| $48.6M | 0.67% |
366,000
| – | – |
|
44
Apollo Global Management
APO
$78.4B
| $47.6M | 0.66% |
1,012,500
| – | – |
|
45
3M
MMM
$92.3B
| $45.9M | 0.64% |
284,768
+4,665
| +2% | +$698K |
|
46
Carlyle Group
CG
$17.6B
| $44.9M | 0.62% |
1,222,000
| – | – |
|
47
NVR
NVR
$16.9B
| $44.9M | 0.62% |
9,531
+10
| +0.1% | +$44.9K |
|
48
Accenture
ACN
$113B
| $44M | 0.61% |
159,400
| – | – |
|
49
Meta Platforms (Facebook)
META
$1.4T
| $43.2M | 0.6% |
146,643
+1,323
| +0.9% | +$356K |
|
50
Rollins
ROL
$17.8B
| $42.8M | 0.59% |
1,243,275
| – | – |
|
Similar funds
Tom Gayner's Q1 2021 Portfolio in Review
As of Q1 2021, Tom Gayner held 119 positions worth $7.23B, up 7.6% from $6.71B the previous quarter. Its ten largest holdings account for 43% of the portfolio.
Trading was light in Q1 2021: portfolio turnover was 4.2%. Tom Gayner opened 4 new positions and exited 1, leaving the 119-position portfolio largely intact.
By sector, the portfolio is most concentrated in Financials at 39% of assets, up from 39% a quarter earlier, followed by Consumer Discretionary and Industrials.
- Tom Gayner's largest Q1 2021 buy was Regeneron Pharmaceuticals: 45,500 shares worth $21.5M.
- Tom Gayner added most to Equifax in Q1 2021, an estimated $1.43M increase.
- Tom Gayner's biggest Q1 2021 reduction was Microchip Technology, cutting an estimated $16M.
- Tom Gayner fully exited Guidewire Software in Q1 2021, selling an estimated $1.67M.
- Tom Gayner's ten largest holdings make up 43% of its $7.23B portfolio in Q1 2021.
- Tom Gayner opened 4 new positions and closed 1 in Q1 2021.
- Tom Gayner's portfolio value rose 7.6% quarter-over-quarter to $7.23B.
Based on Markel Group's 13F filing for Q1 2021, filed 30 Apr 2021.