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 |
Hagerty
HGTY
|
+$46.8M |
| 2 |
ATVI
Activision Blizzard
ATVI
|
+$8.06M |
| 3 |
Dollar General
DG
|
+$7.18M |
| 4 |
Healthcare Services Group
HCSG
|
+$5.54M |
| 5 |
FedEx
FDX
|
+$4.2M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
International Flavors & Fragrances
IFF
|
+$8.52M |
| 2 |
Illumina
ILMN
|
+$1.62M |
| 3 |
Citigroup
C
|
+$1.48M |
| 4 |
D.R. Horton
DHI
|
+$1.18M |
| 5 |
Lennar Class B
LEN.B
|
+$1.01M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Financials | 41.02% |
| 2 | Consumer Discretionary | 13.89% |
| 3 | Industrials | 11.37% |
| 4 | Communication Services | 10.62% |
| 5 | Technology | 9.82% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
1
Brookfield
BN
$93.1B
| $526M | 6.02% |
16,172,057
| – | – |
|
2
Berkshire Hathaway Class A
BRK.A
$1.06T
| $502M | 5.75% |
1,114
| – | – |
|
|
3
Berkshire Hathaway Class B
BRK.B
$1.06T
| $458M | 5.24% |
1,531,971
| – | – |
|
4
Alphabet (Google) Class C
GOOG
$4.18T
| $398M | 4.55% |
2,749,860
| – | – |
|
5
Home Depot
HD
$335B
| $382M | 4.37% |
920,000
| – | – |
|
6
Amazon
AMZN
$2.79T
| $328M | 3.76% |
1,970,360
| – | – |
|
7
Diageo
DEO
$52.6B
| $297M | 3.4% |
1,350,208
| – | – |
|
8
Walt Disney
DIS
$186B
| $291M | 3.33% |
1,880,165
+16,000
| +0.9% | +$2.58M |
|
9
Deere & Co
DE
$175B
| $259M | 2.97% |
755,800
| – | – |
|
10
Apple
AAPL
$4.51T
| $213M | 2.44% |
1,198,540
| – | – |
|
11
Visa
V
$693B
| $208M | 2.38% |
958,040
| – | – |
|
12
Blackrock
BLK
$179B
| $202M | 2.31% |
220,200
| – | – |
|
13
Analog Devices
ADI
$182B
| $187M | 2.14% |
1,062,671
+5,250
| +0.5% | +$930K |
|
14
Microsoft
MSFT
$3.59T
| $161M | 1.85% |
479,980
| – | – |
|
15
Blackstone
BX
$108B
| $159M | 1.82% |
1,229,000
| – | – |
|
16
Lowe's Companies
LOW
$121B
| $152M | 1.74% |
588,980
| – | – |
|
17
Texas Instruments
TXN
$241B
| $136M | 1.56% |
724,000
| – | – |
|
18
RLI Corp
RLI
$6B
| $134M | 1.54% |
2,394,544
| – | – |
|
19
Goldman Sachs
GS
$303B
| $132M | 1.51% |
343,860
| – | – |
|
20
Watsco Inc
WSO
$12.9B
| $131M | 1.5% |
418,750
+4,500
| +1% | +$1.33M |
|
|
NVO
21
Novo Nordisk
NVO
$207B
| $120M | 1.38% |
2,150,000
| – | – |
|
|
MRSH
22
Marsh
MRSH
$91.6B
| $106M | 1.21% |
609,500
| – | – |
|
23
KKR & Co
KKR
$97.4B
| $106M | 1.21% |
1,417,300
+1,000
| +0.1% | +$73.8K |
|
24
Johnson & Johnson
JNJ
$651B
| $104M | 1.2% |
610,800
| – | – |
|
25
Archer Daniels Midland
ADM
$38.7B
| $98.9M | 1.13% |
1,463,300
| – | – |
|
Similar funds
Tom Gayner's Q4 2021 Portfolio in Review
As of Q4 2021, Tom Gayner held 130 positions worth $8.74B, up 10% from $7.91B the previous quarter. Its ten largest holdings account for 42% of the portfolio.
Tom Gayner's Q4 2021 filing shows 5 new, 25 increased, 1 reduced and 10 closed positions. Its largest new stake was Hagerty: 3,000,000 shares worth $42.5M. The largest sale was International Flavors & Fragrances, an estimated $8.52M.
By sector, the portfolio is most concentrated in Financials at 41% of assets, up from 41% a quarter earlier, followed by Consumer Discretionary and Industrials.
- Tom Gayner's largest Q4 2021 buy was Hagerty: 3,000,000 shares worth $42.5M.
- Tom Gayner added most to Activision Blizzard in Q4 2021, an estimated $8.06M increase.
- Tom Gayner's biggest Q4 2021 reduction was International Flavors & Fragrances, cutting an estimated $8.52M.
- Tom Gayner fully exited Illumina in Q4 2021, selling an estimated $1.62M.
- Tom Gayner's ten largest holdings make up 42% of its $8.74B portfolio in Q4 2021.
- Tom Gayner opened 5 new positions and closed 10 in Q4 2021.
- Tom Gayner's portfolio value rose 10% quarter-over-quarter to $8.74B.
Based on Markel Group's 13F filing for Q4 2021, filed 4 Feb 2022.