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
|
+$45.5M |
| 2 |
LPL Financial
LPLA
|
+$21.5M |
| 3 |
Visa
V
|
+$5.71M |
| 4 |
Old Dominion Freight Line
ODFL
|
+$5.51M |
| 5 |
SCHW
Charles Schwab
SCHW
|
+$4.17M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
SEI Investments
SEIC
|
+$24.2M |
| 2 |
ESAB
ESAB
|
+$20.6M |
| 3 |
Marvell Technology
MRVL
|
+$6.93M |
| 4 |
PayPal
PYPL
|
+$4.55M |
| 5 |
Healthcare Services Group
HCSG
|
+$2.9M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Financials | 41.03% |
| 2 | Industrials | 13.99% |
| 3 | Consumer Discretionary | 11.88% |
| 4 | Technology | 10.87% |
| 5 | Communication Services | 9.43% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
|
26
Dollar General
DG
$27.3B
| $86.5M | 1.03% |
509,250
+230,000
| +82% | +$45.5M |
|
27
American Express
AXP
$230B
| $84.4M | 1% |
484,250
| – | – |
|
28
General Dynamics
GD
$104B
| $84.1M | 1% |
391,000
| – | – |
|
29
Illinois Tool Works
ITW
$80.6B
| $81.9M | 0.98% |
327,500
| – | – |
|
30
Mastercard
MA
$522B
| $81.6M | 0.97% |
207,540
| – | – |
|
31
KKR & Co
KKR
$97.6B
| $81.1M | 0.97% |
1,449,023
+22,000
| +2% | +$1.15M |
|
32
Apollo Global Management
APO
$78.5B
| $77.8M | 0.93% |
1,012,500
| – | – |
|
33
Moody's
MCO
$87.8B
| $74.4M | 0.89% |
213,890
| – | – |
|
34
Meta Platforms (Facebook)
META
$1.42T
| $72.5M | 0.86% |
252,781
+10,500
| +4% | +$2.59M |
|
35
Caterpillar
CAT
$372B
| $72.1M | 0.86% |
293,000
+5,500
| +2% | +$1.23M |
|
36
Brookfield Asset Management
BAM
$83.3B
| $71.6M | 0.85% |
2,193,953
-5
| -0% | -$161 |
|
|
SCHW
37
Charles Schwab
SCHW
$196B
| $70.6M | 0.84% |
1,246,266
+79,594
| +7% | +$4.17M |
|
38
MSCI
MSCI
$41.4B
| $67M | 0.8% |
142,850
| – | – |
|
39
NVR
NVR
$17B
| $66.8M | 0.8% |
10,519
+255
| +2% | +$1.48M |
|
40
Alphabet (Google) Class A
GOOGL
$4.29T
| $65.8M | 0.78% |
550,000
+17,000
| +3% | +$1.96M |
|
41
S&P Global
SPGI
$128B
| $60.4M | 0.72% |
150,690
| – | – |
|
42
Rollins
ROL
$18.1B
| $58.1M | 0.69% |
1,356,275
+35,000
| +3% | +$1.42M |
|
43
Brown-Forman Class A
BF.A
$13.6B
| $57.4M | 0.68% |
843,000
| – | – |
|
|
ATVI
44
DELISTED
Activision Blizzard
ATVI
| $54.8M | 0.65% |
650,600
| – | – |
|
45
HEICO Corp Class A
HEI.A
$36.2B
| $53.4M | 0.64% |
379,644
+9,000
| +2% | +$1.21M |
|
46
Starbucks
SBUX
$123B
| $52.7M | 0.63% |
532,318
| – | – |
|
47
Norfolk Southern
NSC
$78.8B
| $52M | 0.62% |
229,500
| – | – |
|
48
Ecolab
ECL
$80.1B
| $51.2M | 0.61% |
274,300
| – | – |
|
49
Rockwell Automation
ROK
$47.6B
| $51M | 0.61% |
154,900
| – | – |
|
50
Accenture
ACN
$114B
| $49.2M | 0.59% |
159,400
| – | – |
|
Similar funds
Tom Gayner's Q2 2023 Portfolio in Review
As of Q2 2023, Tom Gayner held 134 positions worth $8.4B, up 6.9% from $7.86B the previous quarter. Its ten largest holdings account for 39% of the portfolio.
Trading was light in Q2 2023: portfolio turnover was 4.5%. Tom Gayner opened 3 new positions and exited 3, leaving the 134-position portfolio largely intact.
By sector, the portfolio is most concentrated in Financials at 41% of assets, down from 41% a quarter earlier, followed by Industrials and Consumer Discretionary.
- Tom Gayner's largest Q2 2023 buy was Choice Hotels: 5,000 shares worth $588K.
- Tom Gayner added most to Dollar General in Q2 2023, an estimated $45.5M increase.
- Tom Gayner's biggest Q2 2023 reduction was SEI Investments, cutting an estimated $24.2M.
- Tom Gayner fully exited ESAB in Q2 2023, selling an estimated $20.6M.
- Tom Gayner's ten largest holdings make up 39% of its $8.4B portfolio in Q2 2023.
- Tom Gayner opened 3 new positions and closed 3 in Q2 2023.
- Tom Gayner's portfolio value rose 6.9% quarter-over-quarter to $8.4B.
Based on Markel Group's 13F filing for Q2 2023, filed 4 Aug 2023.