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 | |
|---|---|---|---|---|---|---|
51
Ecolab
ECL
$78.9B
| $45.4M | 0.58% |
274,300
| – | – |
|
52
Nike
NKE
$60.5B
| $45.2M | 0.58% |
368,900
| – | – |
|
53
Carlyle Group
CG
$17.6B
| $41.2M | 0.52% |
1,327,000
| – | – |
|
54
Comcast
CMCSA
$95.3B
| $38.1M | 0.49% |
1,005,716
+75,144
| +8% | +$2.84M |
|
55
Linde
LIN
$225B
| $37.3M | 0.47% |
104,900
+6,500
| +7% | +$2.18M |
|
56
Whirlpool
WHR
$2.63B
| $37.2M | 0.47% |
282,049
| – | – |
|
57
T. Rowe Price
TROW
$23.8B
| $35.5M | 0.45% |
314,000
| – | – |
|
58
SEI Investments
SEIC
$13.1B
| $33.9M | 0.43% |
589,200
| – | – |
|
|
ITIC
59
Investors Title Co
ITIC
$546M
| $32.2M | 0.41% |
213,300
| – | – |
|
60
3M
MMM
$92.3B
| $30.9M | 0.39% |
351,325
+7,176
| +2% | +$677K |
|
61
Brown-Forman Class B
BF.B
$13.1B
| $30.5M | 0.39% |
474,187
| – | – |
|
|
SRCL
62
DELISTED
Stericycle Inc
SRCL
| $29.3M | 0.37% |
671,071
| – | – |
|
63
JPMorgan Chase
JPM
$935B
| $28.2M | 0.36% |
216,550
| – | – |
|
64
FedEx
FDX
$76.9B
| $27.4M | 0.35% |
120,000
+13,000
| +12% | +$2.64M |
|
65
Aon
AON
$75.3B
| $27.3M | 0.35% |
86,550
+6,500
| +8% | +$2.01M |
|
66
Lockheed Martin
LMT
$130B
| $26.6M | 0.34% |
56,363
| – | – |
|
67
Hagerty
HGTY
$1.34B
| $26.2M | 0.33% |
3,000,000
| – | – |
|
68
CVS Health
CVS
$119B
| $24.7M | 0.31% |
332,000
| – | – |
|
69
Tyson Foods
TSN
$20.6B
| $24.5M | 0.31% |
413,000
+26,000
| +7% | +$1.6M |
|
70
RTX Corp
RTX
$283B
| $21.9M | 0.28% |
224,000
| – | – |
|
71
Sherwin-Williams
SHW
$84.1B
| $21.2M | 0.27% |
94,172
| – | – |
|
|
72
ESAB
ESAB
$5.06B
| $20.6M | 0.26% |
348,356
-30,001
| -8% | -$1.72M |
|
73
Verisk Analytics
VRSK
$24.4B
| $19.7M | 0.25% |
102,500
+6,500
| +7% | +$1.18M |
|
74
Costco
COST
$420B
| $19.5M | 0.25% |
39,150
| – | – |
|
75
Cable One
CABO
$129M
| $18.7M | 0.24% |
26,700
| – | – |
|
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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.