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 |
Brookfield Asset Management
BAM
|
+$66M |
| 2 |
Lockheed Martin
LMT
|
+$21.1M |
| 3 |
ATVI
Activision Blizzard
ATVI
|
+$12.4M |
| 4 |
Cable One
CABO
|
+$11.2M |
| 5 |
Watsco Inc
WSO
|
+$9.99M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
Brookfield
BN
|
+$69.5M |
| 2 |
Regeneron Pharmaceuticals
REGN
|
+$36.7M |
| 3 |
Texas Pacific Land
TPL
|
+$14M |
| 4 |
Enovis
ENOV
|
+$10.3M |
| 5 |
Trupanion
TRUP
|
+$1.27M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Financials | 42.31% |
| 2 | Industrials | 14.42% |
| 3 | Consumer Discretionary | 11.33% |
| 4 | Technology | 9.65% |
| 5 | Communication Services | 8.33% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
1
Berkshire Hathaway Class A
BRK.A
$1.06T
| $522M | 7% |
1,114
| – | – |
|
|
2
Berkshire Hathaway Class B
BRK.B
$1.06T
| $473M | 6.34% |
1,531,971
| – | – |
|
3
Deere & Co
DE
$175B
| $324M | 4.34% |
755,800
| – | – |
|
4
Home Depot
HD
$335B
| $291M | 3.9% |
920,000
| – | – |
|
|
5
Brookfield
BN
$93.1B
| $274M | 3.68% |
13,073,612
-3,098,445
| -19% | -$69.5M |
|
6
Alphabet (Google) Class C
GOOG
$4.18T
| $244M | 3.27% |
2,749,860
| – | – |
|
7
Diageo
DEO
$52.6B
| $241M | 3.23% |
1,350,208
| – | – |
|
8
Visa
V
$693B
| $200M | 2.68% |
963,261
+482
| +0.1% | +$97.2K |
|
9
Analog Devices
ADI
$182B
| $182M | 2.44% |
1,109,071
+19,000
| +2% | +$2.97M |
|
10
Walt Disney
DIS
$186B
| $174M | 2.34% |
2,005,665
+14,000
| +0.7% | +$1.34M |
|
11
Amazon
AMZN
$2.79T
| $168M | 2.25% |
1,997,860
+14,500
| +0.7% | +$1.43M |
|
12
RLI Corp
RLI
$6B
| $157M | 2.11% |
2,394,544
| – | – |
|
13
Apple
AAPL
$4.51T
| $157M | 2.1% |
1,206,990
| – | – |
|
14
Blackrock
BLK
$179B
| $156M | 2.09% |
220,200
| – | – |
|
|
NVO
15
Novo Nordisk
NVO
$207B
| $145M | 1.95% |
2,150,000
| – | – |
|
16
Archer Daniels Midland
ADM
$38.7B
| $136M | 1.82% |
1,463,300
| – | – |
|
|
17
Watsco Inc
WSO
$12.9B
| $125M | 1.67% |
500,250
+38,000
| +8% | +$9.99M |
|
18
Goldman Sachs
GS
$303B
| $123M | 1.65% |
359,360
+2,000
| +0.6% | +$696K |
|
19
Lowe's Companies
LOW
$121B
| $121M | 1.62% |
606,480
+9,500
| +2% | +$1.9M |
|
20
Texas Instruments
TXN
$241B
| $120M | 1.6% |
724,000
| – | – |
|
21
Microsoft
MSFT
$3.59T
| $115M | 1.54% |
479,980
| – | – |
|
22
Johnson & Johnson
JNJ
$651B
| $108M | 1.45% |
610,800
| – | – |
|
|
MRSH
23
Marsh
MRSH
$91.6B
| $106M | 1.42% |
640,500
+12,000
| +2% | +$1.96M |
|
24
Progressive
PGR
$127B
| $97.8M | 1.31% |
753,750
| – | – |
|
25
General Dynamics
GD
$104B
| $97M | 1.3% |
391,000
| – | – |
|
Similar funds
Tom Gayner's Q4 2022 Portfolio in Review
As of Q4 2022, Tom Gayner held 137 positions worth $7.46B, up 10% from $6.77B the previous quarter. Its ten largest holdings account for 39% of the portfolio.
Tom Gayner's Q4 2022 filing shows 6 new, 57 increased, 3 reduced and 3 closed positions. Its largest new stake was Brookfield Asset Management: 2,193,958 shares worth $62.9M. The largest sale was Brookfield, an estimated $69.5M.
By sector, the portfolio is most concentrated in Financials at 42% of assets, up from 41% a quarter earlier, followed by Industrials and Consumer Discretionary.
- Tom Gayner's largest Q4 2022 buy was Brookfield Asset Management: 2,193,958 shares worth $62.9M.
- Tom Gayner added most to Lockheed Martin in Q4 2022, an estimated $21.1M increase.
- Tom Gayner's biggest Q4 2022 reduction was Brookfield, cutting an estimated $69.5M.
- Tom Gayner fully exited Texas Pacific Land in Q4 2022, selling an estimated $14M.
- Tom Gayner's ten largest holdings make up 39% of its $7.46B portfolio in Q4 2022.
- Tom Gayner opened 6 new positions and closed 3 in Q4 2022.
- Tom Gayner's portfolio value rose 10% quarter-over-quarter to $7.46B.
Based on Markel Group's 13F filing for Q4 2022, filed 3 Feb 2023.