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 | |
|---|---|---|---|---|---|---|
1
Berkshire Hathaway Class A
BRK.A
$1.06T
| $335M | 6.41% |
1,096
| – | – |
|
|
2
Berkshire Hathaway Class B
BRK.B
$1.06T
| $310M | 5.92% |
1,518,747
+1,650
| +0.1% | +$345K |
|
3
CarMax
KMX
$8.82B
| $308M | 5.89% |
4,913,070
| – | – |
|
4
Brookfield
BN
$93.1B
| $218M | 4.16% |
15,903,101
+28,308
| +0.2% | +$422K |
|
5
Walt Disney
DIS
$186B
| $197M | 3.77% |
1,800,500
+1,300
| +0.1% | +$148K |
|
6
Diageo
DEO
$52.6B
| $191M | 3.66% |
1,349,800
| – | – |
|
7
Marriott International
MAR
$92.9B
| $166M | 3.18% |
1,532,269
+1,000
| +0.1% | +$115K |
|
8
Deere & Co
DE
$175B
| $163M | 3.12% |
1,095,400
| – | – |
|
9
Home Depot
HD
$335B
| $158M | 3.02% |
920,000
| – | – |
|
|
10
UnitedHealth
UNH
$350B
| $149M | 2.85% |
599,000
-64,000
| -10% | -$16.9M |
|
|
WBA
11
DELISTED
Walgreens Boots Alliance
WBA
| $147M | 2.8% |
2,148,000
| – | – |
|
12
Amazon
AMZN
$2.79T
| $135M | 2.58% |
1,794,900
+8,500
| +0.5% | +$707K |
|
13
Visa
V
$693B
| $122M | 2.33% |
925,800
+1,400
| +0.2% | +$193K |
|
14
Alphabet (Google) Class C
GOOG
$4.18T
| $119M | 2.28% |
2,303,780
+27,600
| +1% | +$1.48M |
|
15
RLI Corp
RLI
$6B
| $82.6M | 1.58% |
2,394,544
| – | – |
|
16
Unilever
UL
$138B
| $79.8M | 1.53% |
1,357,867
| – | – |
|
17
Johnson & Johnson
JNJ
$651B
| $78.8M | 1.51% |
610,800
| – | – |
|
18
Blackrock
BLK
$179B
| $76.9M | 1.47% |
195,700
+200
| +0.1% | +$81.9K |
|
19
Automatic Data Processing
ADP
$112B
| $69.6M | 1.33% |
530,700
| – | – |
|
20
General Dynamics
GD
$104B
| $60.8M | 1.16% |
387,000
| – | – |
|
21
Texas Instruments
TXN
$241B
| $60.1M | 1.15% |
636,000
+1,000
| +0.2% | +$96.8K |
|
22
Analog Devices
ADI
$182B
| $60.1M | 1.15% |
699,811
+40,000
| +6% | +$3.46M |
|
23
Archer Daniels Midland
ADM
$38.7B
| $60M | 1.15% |
1,463,300
| – | – |
|
24
Elevance Health
ELV
$86.9B
| $58.8M | 1.12% |
224,000
| – | – |
|
25
Lowe's Companies
LOW
$121B
| $52.6M | 1.01% |
570,000
| – | – |
|
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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.