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 |
Linde
LIN
|
+$14.9M |
| 2 |
ATVI
Activision Blizzard
ATVI
|
+$7.9M |
| 3 |
Whirlpool
WHR
|
+$6.96M |
| 4 |
EA
Electronic Arts
EA
|
+$6.51M |
| 5 |
Sherwin-Williams
SHW
|
+$4.45M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
UnitedHealth
UNH
|
+$16.9M |
| 2 |
PX
Praxair Inc
PX
|
+$15.2M |
| 3 |
Ascent Industries
ACNT
|
+$9.48M |
| 4 |
Chipotle Mexican Grill
CMG
|
+$8.59M |
| 5 |
Hershey
HSY
|
+$2.46M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Financials | 33.78% |
| 2 | Consumer Discretionary | 18.47% |
| 3 | Industrials | 11% |
| 4 | Healthcare | 10.23% |
| 5 | Communication Services | 9.77% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
101
Liberty Media Series A
FWONA
$24.2B
| $6.82M | 0.13% |
239,705
| – | – |
|
102
Healthcare Services Group
HCSG
$1.56B
| $5.87M | 0.11% |
146,000
+13,000
| +10% | +$550K |
|
103
Albemarle
ALB
$16.9B
| $5.63M | 0.11% |
73,000
| – | – |
|
104
American Tower
AMT
$81.9B
| $5.62M | 0.11% |
35,500
| – | – |
|
105
Aon
AON
$75.3B
| $5.38M | 0.1% |
37,000
| – | – |
|
106
Verizon
VZ
$205B
| $5.23M | 0.1% |
93,000
| – | – |
|
107
Mohawk Industries
MHK
$9.23B
| $4.79M | 0.09% |
41,000
+11,000
| +37% | +$1.47M |
|
|
108
Sherwin-Williams
SHW
$84.1B
| $4.33M | 0.08% |
+33,000
| New | +$4.45M |
|
109
Cable One
CABO
$129M
| $4.26M | 0.08% |
5,200
| – | – |
|
110
Southwest Airlines
LUV
$19.8B
| $4.23M | 0.08% |
91,000
+11,000
| +14% | +$584K |
|
111
McKesson
MCK
$100B
| $4.1M | 0.08% |
37,100
| – | – |
|
112
Liberty Global Class A
LBTYA
$3.63B
| $3.82M | 0.07% |
179,000
+1,000
| +0.6% | +$24.5K |
|
113
Sensata Technologies
ST
$6.23B
| $3.68M | 0.07% |
82,000
| – | – |
|
|
114
Chipotle Mexican Grill
CMG
$46.7B
| $3.54M | 0.07% |
410,000
-950,000
| -70% | -$8.59M |
|
115
Graham Holdings Company
GHC
$4.94B
| $3.33M | 0.06% |
5,200
| – | – |
|
116
Penske Automotive Group
PAG
$14.2B
| $2.9M | 0.06% |
72,000
| – | – |
|
|
Y
117
DELISTED
Alleghany Corp
Y
| $2.7M | 0.05% |
4,328
| – | – |
|
118
Delta Air Lines
DAL
$54.2B
| $2.69M | 0.05% |
54,000
+7,000
| +15% | +$381K |
|
119
Wells Fargo
WFC
$254B
| $2.53M | 0.05% |
55,000
+1,000
| +2% | +$51.2K |
|
120
NXP Semiconductors
NXPI
$56.9B
| $2.13M | 0.04% |
29,000
+1,000
| +4% | +$79.2K |
|
121
NVR
NVR
$16.9B
| $1.88M | 0.04% |
+770
| New | +$1.82M |
|
122
Shake Shack
SHAK
$3.06B
| $1.42M | 0.03% |
31,350
+250
| +0.8% | +$12.9K |
|
123
W.R. Berkley
WRB
$25.5B
| $1.33M | 0.03% |
60,750
| – | – |
|
124
AutoNation
AN
$6.6B
| $1.07M | 0.02% |
29,960
+2,450
| +9% | +$92.6K |
|
125
Citigroup
C
$221B
| $707K | 0.01% |
13,570
+1,700
| +14% | +$108K |
|
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Tom Gayner's Q4 2018 Portfolio in Review
As of Q4 2018, Tom Gayner held 136 positions worth $5.23B, down 12% from $5.93B the previous quarter. Its ten largest holdings account for 42% of the portfolio.
Tom Gayner's Q4 2018 filing shows 5 new, 52 increased, 2 reduced and 4 closed positions. Its largest new stake was Linde: 94,400 shares worth $14.7M. The largest sale was UnitedHealth, an estimated $16.9M.
By sector, the portfolio is most concentrated in Financials at 34% of assets, up from 33% a quarter earlier, followed by Consumer Discretionary and Industrials.
- Tom Gayner's largest Q4 2018 buy was Linde: 94,400 shares worth $14.7M.
- Tom Gayner added most to Activision Blizzard in Q4 2018, an estimated $7.9M increase.
- Tom Gayner's biggest Q4 2018 reduction was UnitedHealth, cutting an estimated $16.9M.
- Tom Gayner fully exited Praxair Inc in Q4 2018, selling an estimated $15.2M.
- Tom Gayner's ten largest holdings make up 42% of its $5.23B portfolio in Q4 2018.
- Tom Gayner opened 5 new positions and closed 4 in Q4 2018.
- Tom Gayner's portfolio value fell 12% quarter-over-quarter to $5.23B.
Based on Markel Group's 13F filing for Q4 2018, filed 8 Feb 2019.