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TG

Tom Gayner Markel Group

AUM $13.1B
1-Year Est. Return 15.62%
 

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.

This Fund
S&P 500
This Quarter Est. Return
+11.52%
1 Year Est. Return
+15.62%
3 Year Est. Return
+68.04%
5 Year Est. Return
+83.51%
10 Year Est. Return
+378.4%
AUM
$9.2B
AUM Growth
+$915M
Cap. Flow
+$26.5M
Cap. Flow %
0.29%
Top 10 Hldgs %
38.8%
Holding
135
New
2
Increased
43
Reduced
2
Closed
7

Top Buys

Rank Stock Value
1
LPLA icon
LPL Financial
LPLA
+$28.1M
2
DE icon
Deere & Co
DE
+$14.7M
3
DG icon
Dollar General
DG
+$7.76M
4
ADI icon
Analog Devices
ADI
+$6.3M
5
TSN icon
Tyson Foods
TSN
+$5.83M

Top Sells

Rank Stock Value
1
ATVI
Activision Blizzard
ATVI
+$60.9M
2
LBRDA
Liberty Broadband Class A
LBRDA
+$17.9M
3
LBRDK
Liberty Broadband Class C
LBRDK
+$13.7M
4
BNY
Bank of New York Mellon
BNY
+$11.2M
5
VNT icon
Vontier
VNT
+$3.43M

Sector Composition

Rank Sector Weight
1 Financials 42.83%
2 Industrials 14.19%
3 Consumer Discretionary 11.89%
4 Technology 9.68%
5 Communication Services 9.01%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
OI icon
101
O-I Glass
OI
$1.1B
$7.68M 0.08%
469,100
– –
FERG icon
102
Ferguson
FERG
$46.9B
$7.43M 0.08%
38,500
+32,500
+542% +$5.48M
CHH icon
103
Choice Hotels
CHH
$4.93B
$6.97M 0.08%
61,500
+28,500
+86% +$3.26M
TRU icon
104
TransUnion
TRU
$16.2B
$6.94M 0.08%
101,050
– –
EMN icon
105
Eastman Chemical
EMN
$8.47B
$6.73M 0.07%
74,950
+2,000
+3% +$159K
LAMR icon
106
Lamar Advertising Co
LAMR
$15.3B
$6.59M 0.07%
62,000
+11,500
+23% +$1.08M
SONY icon
107
Sony
SONY
$140B
$6.34M 0.07%
335,000
– –
BNY
108
Bank of New York Mellon
BNY
$108B
$6.32M 0.07%
121,500
-243,750
-67% -$11.2M
UNH icon
109
UnitedHealth
UNH
$350B
$5.79M 0.06%
11,000
+6,000
+120% +$3.2M
URI icon
110
United Rentals
URI
$68.4B
$5.16M 0.06%
9,000
+6,000
+200% +$2.83M
SPOT icon
111
Spotify
SPOT
$110B
$4.87M 0.05%
25,900
– –
HCA icon
112
HCA Healthcare
HCA
$92.9B
$3.83M 0.04%
14,141
+6,091
+76% +$1.51M
GHC icon
113
Graham Holdings Company
GHC
$4.94B
$3.62M 0.04%
5,200
– –
GPK icon
114
Graphic Packaging
GPK
$3.54B
$3M 0.03%
+121,601
New +$2.72M
BALL icon
115
Ball Corp
BALL
$16.8B
$2.93M 0.03%
51,000
– –
WRB icon
116
W.R. Berkley
WRB
$25.5B
$2.86M 0.03%
60,750
– –
UBER icon
117
Uber
UBER
$161B
$2.77M 0.03%
45,000
+24,000
+114% +$1.26M
IT icon
118
Gartner
IT
$12.4B
$2.57M 0.03%
5,700
– –
BNT
119
Brookfield Wealth Solutions
BNT
$12.4B
$2.43M 0.03%
90,152
– –
WTW icon
120
Willis Towers Watson
WTW
$31.8B
$2.08M 0.02%
8,627
– –
IFF icon
121
International Flavors & Fragrances
IFF
$21.5B
$1.86M 0.02%
23,000
– –
INTU icon
122
Intuit
INTU
$100B
$1.7M 0.02%
2,720
– –
CSGP icon
123
CoStar Group
CSGP
$13.1B
$1.63M 0.02%
18,600
– –
DNB
124
DELISTED
Dun & Bradstreet
DNB
$1.35M 0.01%
115,000
– –
HGTY.WS
125
DELISTED
Hagerty, Inc. Warrants, each whole warrant entitles the holder thereof to purchase one share of Class A common stock at a price of $11.50 per share
HGTY.WS
$891K 0.01%
540,000
– –
2 3 4
5
6

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Tom Gayner's Q4 2023 Portfolio in Review

As of Q4 2023, Tom Gayner held 135 positions worth $9.2B, up 11% from $8.28B the previous quarter. Its ten largest holdings account for 39% of the portfolio.

Tom Gayner's Q4 2023 filing shows 2 new, 43 increased, 2 reduced and 7 closed positions. Its largest new stake was Graphic Packaging: 121,601 shares worth $3M. The largest sale was Activision Blizzard, an estimated $60.9M.

By sector, the portfolio is most concentrated in Financials at 43% of assets, up from 42% a quarter earlier, followed by Industrials and Consumer Discretionary.

  • Tom Gayner's largest Q4 2023 buy was Graphic Packaging: 121,601 shares worth $3M.
  • Tom Gayner added most to LPL Financial in Q4 2023, an estimated $28.1M increase.
  • Tom Gayner's biggest Q4 2023 reduction was Bank of New York Mellon, cutting an estimated $11.2M.
  • Tom Gayner fully exited Activision Blizzard in Q4 2023, selling an estimated $60.9M.
  • Tom Gayner's ten largest holdings make up 39% of its $9.2B portfolio in Q4 2023.
  • Tom Gayner opened 2 new positions and closed 7 in Q4 2023.
  • Tom Gayner's portfolio value rose 11% quarter-over-quarter to $9.2B.

Based on Markel Group's 13F filing for Q4 2023, filed 2 Feb 2024.