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 |
Brookfield Asset Management
BAM
|
+$66M |
| 2 |
Lockheed Martin
LMT
|
+$21.1M |
| 3 |
ATVI
Activision Blizzard
ATVI
|
+$12.4M |
| 4 |
Cable One
CABO
|
+$11.2M |
| 5 |
Watsco Inc
WSO
|
+$9.99M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
Brookfield
BN
|
+$69.5M |
| 2 |
Regeneron Pharmaceuticals
REGN
|
+$36.7M |
| 3 |
Texas Pacific Land
TPL
|
+$14M |
| 4 |
Enovis
ENOV
|
+$10.3M |
| 5 |
Trupanion
TRUP
|
+$1.27M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Financials | 42.31% |
| 2 | Industrials | 14.42% |
| 3 | Consumer Discretionary | 11.33% |
| 4 | Technology | 9.65% |
| 5 | Communication Services | 8.33% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
|
SCHW
26
Charles Schwab
SCHW
$194B
| $94.5M | 1.27% |
1,135,300
+19,000
| +2% | +$1.47M |
|
27
Blackstone
BX
$108B
| $91.2M | 1.22% |
1,229,000
| – | – |
|
28
Mastercard
MA
$509B
| $72.2M | 0.97% |
207,540
| – | – |
|
29
Illinois Tool Works
ITW
$80.4B
| $72.1M | 0.97% |
327,500
| – | – |
|
30
American Express
AXP
$227B
| $71.5M | 0.96% |
484,250
| – | – |
|
31
Caterpillar
CAT
$381B
| $68.9M | 0.92% |
287,500
| – | – |
|
32
MSCI
MSCI
$41B
| $66.4M | 0.89% |
142,850
+400
| +0.3% | +$186K |
|
33
KKR & Co
KKR
$97.4B
| $66.2M | 0.89% |
1,427,023
| – | – |
|
34
Apollo Global Management
APO
$78.4B
| $64.6M | 0.87% |
1,012,500
| – | – |
|
|
35
Brookfield Asset Management
BAM
$83.5B
| $62.9M | 0.84% |
+2,193,958
| New | +$66M |
|
36
Moody's
MCO
$87.2B
| $59.6M | 0.8% |
213,890
+400
| +0.2% | +$109K |
|
37
Norfolk Southern
NSC
$78.8B
| $56.6M | 0.76% |
229,500
| – | – |
|
38
Brown-Forman Class A
BF.A
$13.3B
| $55.4M | 0.74% |
843,000
| – | – |
|
39
Starbucks
SBUX
$122B
| $52.8M | 0.71% |
532,318
| – | – |
|
40
S&P Global
SPGI
$127B
| $50.5M | 0.68% |
150,690
+400
| +0.3% | +$132K |
|
|
ATVI
41
DELISTED
Activision Blizzard
ATVI
| $47.5M | 0.64% |
620,600
+167,000
| +37% | +$12.4M |
|
42
Rollins
ROL
$17.8B
| $47.4M | 0.64% |
1,297,775
+22,500
| +2% | +$874K |
|
43
Factset
FDS
$10.7B
| $46.8M | 0.63% |
116,720
| – | – |
|
44
NVR
NVR
$16.9B
| $46.3M | 0.62% |
10,029
+240
| +2% | +$1.06M |
|
45
Dollar General
DG
$27.2B
| $45.6M | 0.61% |
185,250
+15,000
| +9% | +$3.71M |
|
46
Nike
NKE
$60.5B
| $43.2M | 0.58% |
368,900
+2,900
| +0.8% | +$292K |
|
47
Accenture
ACN
$113B
| $42.5M | 0.57% |
159,400
| – | – |
|
48
HEICO Corp Class A
HEI.A
$36.5B
| $42.5M | 0.57% |
354,644
+11,500
| +3% | +$1.4M |
|
49
Ecolab
ECL
$78.9B
| $39.9M | 0.54% |
274,300
| – | – |
|
50
Whirlpool
WHR
$2.63B
| $39.9M | 0.54% |
282,049
| – | – |
|
Similar funds
Tom Gayner's Q4 2022 Portfolio in Review
As of Q4 2022, Tom Gayner held 137 positions worth $7.46B, up 10% from $6.77B the previous quarter. Its ten largest holdings account for 39% of the portfolio.
Tom Gayner's Q4 2022 filing shows 6 new, 57 increased, 3 reduced and 3 closed positions. Its largest new stake was Brookfield Asset Management: 2,193,958 shares worth $62.9M. The largest sale was Brookfield, an estimated $69.5M.
By sector, the portfolio is most concentrated in Financials at 42% of assets, up from 41% a quarter earlier, followed by Industrials and Consumer Discretionary.
- Tom Gayner's largest Q4 2022 buy was Brookfield Asset Management: 2,193,958 shares worth $62.9M.
- Tom Gayner added most to Lockheed Martin in Q4 2022, an estimated $21.1M increase.
- Tom Gayner's biggest Q4 2022 reduction was Brookfield, cutting an estimated $69.5M.
- Tom Gayner fully exited Texas Pacific Land in Q4 2022, selling an estimated $14M.
- Tom Gayner's ten largest holdings make up 39% of its $7.46B portfolio in Q4 2022.
- Tom Gayner opened 6 new positions and closed 3 in Q4 2022.
- Tom Gayner's portfolio value rose 10% quarter-over-quarter to $7.46B.
Based on Markel Group's 13F filing for Q4 2022, filed 3 Feb 2023.