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 | |
|---|---|---|---|---|---|---|
51
Factset
FDS
$10.7B
| $46.8M | 0.56% |
116,720
| – | – |
|
52
Comcast
CMCSA
$95.3B
| $44M | 0.52% |
1,059,741
+54,025
| +5% | +$2.15M |
|
53
Linde
LIN
$225B
| $43.6M | 0.52% |
114,400
+9,500
| +9% | +$3.47M |
|
54
Carlyle Group
CG
$17.6B
| $42.4M | 0.5% |
1,327,000
| – | – |
|
55
Whirlpool
WHR
$2.63B
| $42M | 0.5% |
282,049
| – | – |
|
56
Nike
NKE
$60.5B
| $40.7M | 0.48% |
368,900
| – | – |
|
57
T. Rowe Price
TROW
$23.8B
| $35.2M | 0.42% |
314,000
| – | – |
|
58
JPMorgan Chase
JPM
$935B
| $33.2M | 0.4% |
228,550
+12,000
| +6% | +$1.65M |
|
59
FedEx
FDX
$76.9B
| $33M | 0.39% |
133,000
+13,000
| +11% | +$2.97M |
|
60
Aon
AON
$75.3B
| $32.1M | 0.38% |
93,050
+6,500
| +8% | +$2.11M |
|
61
Brown-Forman Class B
BF.B
$13.1B
| $31.7M | 0.38% |
474,187
| – | – |
|
|
ITIC
62
Investors Title Co
ITIC
$546M
| $31.1M | 0.37% |
213,300
| – | – |
|
|
SRCL
63
DELISTED
Stericycle Inc
SRCL
| $31.1M | 0.37% |
668,700
-2,371
| -0.4% | -$104K |
|
64
3M
MMM
$92.3B
| $29.4M | 0.35% |
351,325
| – | – |
|
65
Hagerty
HGTY
$1.34B
| $28.1M | 0.33% |
3,000,000
| – | – |
|
|
66
LPL Financial
LPLA
$28.5B
| $27.6M | 0.33% |
127,059
+107,389
| +546% | +$21.5M |
|
67
Lockheed Martin
LMT
$130B
| $25.9M | 0.31% |
56,363
| – | – |
|
68
Sherwin-Williams
SHW
$84.1B
| $25M | 0.3% |
94,172
| – | – |
|
|
69
Old Dominion Freight Line
ODFL
$42.8B
| $25M | 0.3% |
135,000
+34,000
| +34% | +$5.51M |
|
70
Verisk Analytics
VRSK
$24.4B
| $24.6M | 0.29% |
109,000
+6,500
| +6% | +$1.37M |
|
71
Tyson Foods
TSN
$20.6B
| $23M | 0.27% |
450,000
+37,000
| +9% | +$2.01M |
|
72
CVS Health
CVS
$119B
| $23M | 0.27% |
332,000
| – | – |
|
73
RTX Corp
RTX
$283B
| $21.9M | 0.26% |
224,000
| – | – |
|
74
Costco
COST
$420B
| $21.1M | 0.25% |
39,150
| – | – |
|
75
Equifax
EFX
$22.6B
| $20.7M | 0.25% |
87,850
| – | – |
|
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.