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 |
Otis Worldwide
OTIS
|
+$5.8M |
| 2 |
Carrier Global
CARR
|
+$4.16M |
| 3 |
NVR
NVR
|
+$1.96M |
| 4 |
PayPal
PYPL
|
+$253K |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
CarMax
KMX
|
+$264M |
| 2 |
Marriott International
MAR
|
+$119M |
| 3 |
WBA
Walgreens Boots Alliance
WBA
|
+$81.5M |
| 4 |
Automatic Data Processing
ADP
|
+$72.5M |
| 5 |
Elevance Health
ELV
|
+$39.5M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Financials | 39.68% |
| 2 | Consumer Discretionary | 15% |
| 3 | Industrials | 11.01% |
| 4 | Communication Services | 10.85% |
| 5 | Technology | 9.77% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
101
Graham Holdings Company
GHC
$4.94B
| $1.78M | 0.03% |
5,200
| – | – |
|
102
Shake Shack
SHAK
$3.06B
| $1.62M | 0.03% |
30,600
| – | – |
|
103
W.R. Berkley
WRB
$25.5B
| $1.55M | 0.03% |
60,750
| – | – |
|
104
Illumina
ILMN
$33.1B
| $1.48M | 0.03% |
4,112
| – | – |
|
105
Guidewire Software
GWRE
$15.8B
| $1.44M | 0.03% |
13,000
| – | – |
|
106
Citigroup
C
$221B
| $1.16M | 0.02% |
22,620
| – | – |
|
107
D.R. Horton
DHI
$41.5B
| $776K | 0.01% |
13,999
-18,648
| -57% | -$904K |
|
108
Lennar Class B
LEN.B
$20.6B
| $599K | 0.01% |
13,676
-13,360
| -49% | -$505K |
|
109
Lamar Advertising Co
LAMR
$15.3B
| $567K | 0.01% |
8,500
| – | – |
|
|
PPLI
110
People Inc
PPLI
$2.86B
| $525K | 0.01% |
9,232
| – | – |
|
111
Eastman Chemical
EMN
$8.47B
| $418K | 0.01% |
6,000
| – | – |
|
|
112
PayPal
PYPL
$52.7B
| $319K | 0.01% |
+1,830
| New | +$253K |
|
|
TWTR
113
DELISTED
Twitter, Inc.
TWTR
| $253K | ﹤0.01% |
8,500
| – | – |
|
114
American Airlines Group
AAL
$9.15B
| – | – |
-55,000
| Closed | -$670K |
|
|
115
Automatic Data Processing
ADP
$112B
| – | – |
-530,700
| Closed | -$72.5M |
|
116
AutoNation
AN
$6.6B
| – | – |
-46,860
| Closed | -$1.31M |
|
117
Boeing
BA
$169B
| – | – |
-94,400
| Closed | -$14.1M |
|
118
Booking.com
BKNG
$158B
| – | – |
-10,250
| Closed | -$552K |
|
119
Choice Hotels
CHH
$4.93B
| – | – |
-213,000
| Closed | -$13M |
|
120
Delta Air Lines
DAL
$54.2B
| – | – |
-460,500
| Closed | -$13.1M |
|
|
121
Elevance Health
ELV
$86.9B
| – | – |
-174,000
| Closed | -$39.5M |
|
122
Liberty Media Series A
FWONA
$24.2B
| – | – |
-239,705
| Closed | -$5.93M |
|
123
Liberty Media Series C
FWONK
$26.3B
| – | – |
-268,398
| Closed | -$7.07M |
|
|
124
CarMax
KMX
$8.82B
| – | – |
-4,913,070
| Closed | -$264M |
|
|
125
Lennar Class A
LEN
$21B
| – | – |
-6,095
| Closed | -$225K |
|
Similar funds
Tom Gayner's Q2 2020 Portfolio in Review
As of Q2 2020, Tom Gayner held 133 positions worth $5.37B, up 0.97% from $5.32B the previous quarter. Its ten largest holdings account for 42% of the portfolio.
Tom Gayner withdrew a net $766M in Q2 2020, closing 20 positions and reducing 7 holdings. Its most notable exit was CarMax, an estimated $264M position sold in full.
By sector, the portfolio is most concentrated in Financials at 40% of assets, up from 37% a quarter earlier, followed by Consumer Discretionary and Industrials.
Against the trend, Tom Gayner opened a new position in Otis Worldwide worth $6.37M.
- Tom Gayner's largest Q2 2020 buy was Otis Worldwide: 112,000 shares worth $6.37M.
- Tom Gayner added most to NVR in Q2 2020, an estimated $1.96M increase.
- Tom Gayner's biggest Q2 2020 reduction was Deere & Co, cutting an estimated $36.2M.
- Tom Gayner fully exited CarMax in Q2 2020, selling an estimated $264M.
- Tom Gayner's ten largest holdings make up 42% of its $5.37B portfolio in Q2 2020.
- Tom Gayner opened 3 new positions and closed 20 in Q2 2020.
- Tom Gayner's portfolio value rose 0.97% quarter-over-quarter to $5.37B.
Based on Markel Group's 13F filing for Q2 2020, filed 3 Aug 2020.