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 |
LPL Financial
LPLA
|
+$28.1M |
| 2 |
Deere & Co
DE
|
+$14.7M |
| 3 |
Dollar General
DG
|
+$7.76M |
| 4 |
Analog Devices
ADI
|
+$6.3M |
| 5 |
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 |
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 | |
|---|---|---|---|---|---|---|
1
Berkshire Hathaway Class A
BRK.A
$1.06T
| $604M | 6.57% |
1,114
| – | – |
|
|
2
Berkshire Hathaway Class B
BRK.B
$1.06T
| $546M | 5.94% |
1,531,971
| – | – |
|
3
Alphabet (Google) Class C
GOOG
$4.18T
| $388M | 4.21% |
2,749,860
| – | – |
|
4
Brookfield
BN
$93.1B
| $350M | 3.8% |
13,073,612
| – | – |
|
|
5
Deere & Co
DE
$175B
| $319M | 3.47% |
797,800
+39,000
| +5% | +$14.7M |
|
6
Home Depot
HD
$335B
| $319M | 3.47% |
920,000
| – | – |
|
7
Amazon
AMZN
$2.79T
| $309M | 3.35% |
2,030,760
+5,800
| +0.3% | +$813K |
|
8
Visa
V
$693B
| $260M | 2.83% |
999,285
| – | – |
|
9
Watsco Inc
WSO
$12.9B
| $239M | 2.59% |
556,750
+11,000
| +2% | +$4.26M |
|
10
Apple
AAPL
$4.51T
| $236M | 2.57% |
1,225,890
+4,000
| +0.3% | +$739K |
|
|
11
Analog Devices
ADI
$182B
| $231M | 2.51% |
1,163,971
+35,300
| +3% | +$6.3M |
|
|
NVO
12
Novo Nordisk
NVO
$207B
| $222M | 2.42% |
2,150,000
| – | – |
|
13
Diageo
DEO
$52.6B
| $197M | 2.15% |
1,354,708
+4,500
| +0.3% | +$664K |
|
14
Microsoft
MSFT
$3.59T
| $187M | 2.04% |
498,480
+6,000
| +1% | +$2.14M |
|
15
Walt Disney
DIS
$186B
| $183M | 1.99% |
2,031,665
+2,000
| +0.1% | +$176K |
|
16
Blackrock
BLK
$179B
| $179M | 1.94% |
220,200
| – | – |
|
17
Blackstone
BX
$108B
| $161M | 1.75% |
1,229,000
| – | – |
|
18
RLI Corp
RLI
$6B
| $159M | 1.73% |
2,394,544
| – | – |
|
19
Lowe's Companies
LOW
$121B
| $146M | 1.59% |
656,980
+11,500
| +2% | +$2.33M |
|
20
Goldman Sachs
GS
$303B
| $139M | 1.51% |
359,360
| – | – |
|
|
MRSH
21
Marsh
MRSH
$91.6B
| $130M | 1.41% |
684,500
+12,000
| +2% | +$2.32M |
|
22
Texas Instruments
TXN
$241B
| $123M | 1.34% |
724,000
| – | – |
|
23
KKR & Co
KKR
$97.4B
| $120M | 1.31% |
1,451,800
| – | – |
|
24
Progressive
PGR
$127B
| $120M | 1.31% |
753,750
| – | – |
|
25
Archer Daniels Midland
ADM
$38.7B
| $106M | 1.15% |
1,463,300
| – | – |
|
Similar funds
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.