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 |
Dollar General
DG
|
+$21.1M |
| 2 |
Alphabet (Google) Class A
GOOGL
|
+$15.3M |
| 3 |
Watsco Inc
WSO
|
+$8.37M |
| 4 |
Old Dominion Freight Line
ODFL
|
+$4.35M |
| 5 |
Capital One
COF
|
+$4.03M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
Regeneron Pharmaceuticals
REGN
|
+$22M |
| 2 |
Netflix
NFLX
|
+$12.7M |
| 3 |
Enovis
ENOV
|
+$9.55M |
| 4 |
Healthcare Services Group
HCSG
|
+$9.12M |
| 5 |
ESAB
ESAB
|
+$1.72M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Financials | 41.11% |
| 2 | Industrials | 14.31% |
| 3 | Consumer Discretionary | 11.36% |
| 4 | Technology | 10.89% |
| 5 | Communication Services | 9.23% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
26
General Dynamics
GD
$104B
| $89.2M | 1.14% |
391,000
| – | – |
|
27
MSCI
MSCI
$41B
| $80M | 1.02% |
142,850
| – | – |
|
28
American Express
AXP
$227B
| $79.9M | 1.02% |
484,250
| – | – |
|
29
Illinois Tool Works
ITW
$80.4B
| $79.7M | 1.01% |
327,500
| – | – |
|
30
Mastercard
MA
$509B
| $75.4M | 0.96% |
207,540
| – | – |
|
31
KKR & Co
KKR
$97.4B
| $74.9M | 0.95% |
1,427,023
| – | – |
|
32
Brookfield Asset Management
BAM
$83.5B
| $71.8M | 0.91% |
2,193,958
| – | – |
|
33
Caterpillar
CAT
$381B
| $65.8M | 0.84% |
287,500
| – | – |
|
34
Moody's
MCO
$87.2B
| $65.5M | 0.83% |
213,890
| – | – |
|
35
Apollo Global Management
APO
$78.4B
| $63.9M | 0.81% |
1,012,500
| – | – |
|
|
SCHW
36
Charles Schwab
SCHW
$194B
| $61.1M | 0.78% |
1,166,672
+31,372
| +3% | +$2.3M |
|
|
37
Dollar General
DG
$27.2B
| $58.8M | 0.75% |
279,250
+94,000
| +51% | +$21.1M |
|
38
NVR
NVR
$16.9B
| $57.2M | 0.73% |
10,264
+235
| +2% | +$1.21M |
|
|
ATVI
39
DELISTED
Activision Blizzard
ATVI
| $55.7M | 0.71% |
650,600
+30,000
| +5% | +$2.33M |
|
40
Starbucks
SBUX
$122B
| $55.4M | 0.71% |
532,318
| – | – |
|
|
41
Alphabet (Google) Class A
GOOGL
$4.22T
| $55.3M | 0.7% |
533,000
+160,000
| +43% | +$15.3M |
|
42
Brown-Forman Class A
BF.A
$13.3B
| $55M | 0.7% |
843,000
| – | – |
|
43
S&P Global
SPGI
$127B
| $52M | 0.66% |
150,690
| – | – |
|
44
Meta Platforms (Facebook)
META
$1.4T
| $51.3M | 0.65% |
242,281
+14,264
| +6% | +$2.43M |
|
45
HEICO Corp Class A
HEI.A
$36.5B
| $50.4M | 0.64% |
370,644
+16,000
| +5% | +$2.12M |
|
46
Rollins
ROL
$17.8B
| $49.6M | 0.63% |
1,321,275
+23,500
| +2% | +$848K |
|
47
Norfolk Southern
NSC
$78.8B
| $48.7M | 0.62% |
229,500
| – | – |
|
48
Factset
FDS
$10.7B
| $48.4M | 0.62% |
116,720
| – | – |
|
49
Accenture
ACN
$113B
| $45.6M | 0.58% |
159,400
| – | – |
|
50
Rockwell Automation
ROK
$48.5B
| $45.5M | 0.58% |
154,900
| – | – |
|
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Tom Gayner's Q1 2023 Portfolio in Review
As of Q1 2023, Tom Gayner held 136 positions worth $7.86B, up 5.4% from $7.46B the previous quarter. Its ten largest holdings account for 39% of the portfolio.
Tom Gayner's Q1 2023 filing shows 2 new, 41 increased, 2 reduced and 5 closed positions. Its largest new stake was IQVIA: 14,659 shares worth $2.92M. The largest sale was Regeneron Pharmaceuticals, an estimated $22M.
By sector, the portfolio is most concentrated in Financials at 41% of assets, down from 42% a quarter earlier, followed by Industrials and Consumer Discretionary.
- Tom Gayner's largest Q1 2023 buy was IQVIA: 14,659 shares worth $2.92M.
- Tom Gayner added most to Dollar General in Q1 2023, an estimated $21.1M increase.
- Tom Gayner's biggest Q1 2023 reduction was Healthcare Services Group, cutting an estimated $9.12M.
- Tom Gayner fully exited Regeneron Pharmaceuticals in Q1 2023, selling an estimated $22M.
- Tom Gayner's ten largest holdings make up 39% of its $7.86B portfolio in Q1 2023.
- Tom Gayner opened 2 new positions and closed 5 in Q1 2023.
- Tom Gayner's portfolio value rose 5.4% quarter-over-quarter to $7.86B.
Based on Markel Group's 13F filing for Q1 2023, filed 28 Apr 2023.