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 |
MON
Monsanto Co
MON
|
+$13.4M |
| 2 |
Alphabet (Google) Class A
GOOGL
|
+$9.25M |
| 3 |
OAK
OAKTREE CAPITAL GROUP, LLC
OAK
|
+$5.61M |
| 4 |
Union Pacific
UNP
|
+$5.58M |
| 5 |
DISCK
Discovery, Inc. Series C Common Stock
DISCK
|
+$5.06M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
GE Aerospace
GE
|
+$74.7M |
| 2 |
Walmart Inc
WMT
|
+$71.2M |
| 3 |
AB InBev
BUD
|
+$45.2M |
| 4 |
Federated Hermes
FHI
|
+$37.6M |
| 5 |
Intel
INTC
|
+$29.9M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Financials | 31.52% |
| 2 | Consumer Discretionary | 16.66% |
| 3 | Healthcare | 12.95% |
| 4 | Industrials | 11.7% |
| 5 | Consumer Staples | 9.69% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
1
CarMax
KMX
$8.82B
| $265M | 7.18% |
4,913,070
| – | – |
|
2
Berkshire Hathaway Class A
BRK.A
$1.06T
| $214M | 5.8% |
1,084
+5
| +0.5% | +$1.01M |
|
|
3
Berkshire Hathaway Class B
BRK.B
$1.06T
| $200M | 5.4% |
1,511,607
| – | – |
|
|
WBA
4
DELISTED
Walgreens Boots Alliance
WBA
| $182M | 4.92% |
2,135,000
| – | – |
|
5
Walt Disney
DIS
$186B
| $167M | 4.52% |
1,589,000
+13,500
| +0.9% | +$1.5M |
|
6
Brookfield
BN
$93.1B
| $159M | 4.3% |
14,359,818
+68,341
| +0.5% | +$802K |
|
7
Diageo
DEO
$52.6B
| $140M | 3.79% |
1,284,500
+13,500
| +1% | +$1.52M |
|
8
Home Depot
HD
$335B
| $122M | 3.29% |
920,000
| – | – |
|
9
Marriott International
MAR
$92.9B
| $97.1M | 2.63% |
1,448,369
+25,500
| +2% | +$1.84M |
|
10
Deere & Co
DE
$175B
| $83.2M | 2.25% |
1,091,000
+56,000
| +5% | +$4.33M |
|
11
UnitedHealth
UNH
$350B
| $78M | 2.11% |
663,000
| – | – |
|
12
United Parcel Service
UPS
$86.8B
| $76.4M | 2.07% |
793,500
+26,000
| +3% | +$2.66M |
|
13
RLI Corp
RLI
$6B
| $73.9M | 2% |
2,394,544
| – | – |
|
14
ExxonMobil
XOM
$679B
| $73.6M | 1.99% |
944,800
+4,000
| +0.4% | +$320K |
|
15
Visa
V
$693B
| $66M | 1.79% |
851,500
+17,500
| +2% | +$1.36M |
|
16
Unilever
UL
$138B
| $65.6M | 1.78% |
1,352,889
+22,222
| +2% | +$1.08M |
|
|
NVO
17
Novo Nordisk
NVO
$207B
| $62.4M | 1.69% |
2,150,000
| – | – |
|
18
Johnson & Johnson
JNJ
$651B
| $62.2M | 1.68% |
605,200
+23,000
| +4% | +$2.31M |
|
19
W.P. Carey
WPC
$16.2B
| $56.1M | 1.52% |
970,154
| – | – |
|
20
General Dynamics
GD
$104B
| $53.2M | 1.44% |
387,000
| – | – |
|
21
Archer Daniels Midland
ADM
$38.7B
| $52.2M | 1.41% |
1,424,000
+48,000
| +3% | +$1.92M |
|
22
Blackrock
BLK
$179B
| $51.8M | 1.4% |
152,000
| – | – |
|
23
Brown-Forman Class A
BF.A
$13.3B
| $46.4M | 1.26% |
1,053,750
| – | – |
|
24
SLB Ltd
SLB
$79.9B
| $46.2M | 1.25% |
662,000
+10,000
| +2% | +$749K |
|
25
Automatic Data Processing
ADP
$112B
| $45M | 1.22% |
530,700
| – | – |
|
Similar funds
Tom Gayner's Q4 2015 Portfolio in Review
As of Q4 2015, Tom Gayner held 137 positions worth $3.69B, down 2.7% from $3.8B the previous quarter. Its ten largest holdings account for 44% of the portfolio.
Tom Gayner withdrew a net $177M in Q4 2015, closing 7 positions and reducing 3 holdings. Its most notable exit was GE Aerospace, an estimated $74.7M position sold in full.
By sector, the portfolio is most concentrated in Financials at 32% of assets, up from 30% a quarter earlier, followed by Consumer Discretionary and Healthcare.
Against the trend, Tom Gayner opened a new position in Alphabet (Google) Class A worth $9.72M.
- Tom Gayner's largest Q4 2015 buy was Alphabet (Google) Class A: 250,000 shares worth $9.72M.
- Tom Gayner added most to Monsanto Co in Q4 2015, an estimated $13.4M increase.
- Tom Gayner's biggest Q4 2015 reduction was Federated Hermes, cutting an estimated $37.6M.
- Tom Gayner fully exited GE Aerospace in Q4 2015, selling an estimated $74.7M.
- Tom Gayner's ten largest holdings make up 44% of its $3.69B portfolio in Q4 2015.
- Tom Gayner opened 17 new positions and closed 7 in Q4 2015.
- Tom Gayner's portfolio value fell 2.7% quarter-over-quarter to $3.69B.
Based on Markel Group's 13F filing for Q4 2015, filed 16 Feb 2016.