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 |
Franco-Nevada
FNV
|
+$29.8M |
| 2 |
Old Dominion Freight Line
ODFL
|
+$15.9M |
| 3 |
Yum! Brands
YUM
|
+$9.68M |
| 4 |
Deere & Co
DE
|
+$8.4M |
| 5 |
LPL Financial
LPLA
|
+$7.46M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
CVS Health
CVS
|
+$17.8M |
| 2 |
3M
MMM
|
+$5.61M |
| 3 |
EA
Electronic Arts
EA
|
+$4.08M |
| 4 |
SRCL
Stericycle Inc
SRCL
|
+$2M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Financials | 42.64% |
| 2 | Industrials | 13.53% |
| 3 | Consumer Discretionary | 11.77% |
| 4 | Communication Services | 10.04% |
| 5 | Technology | 9.81% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
1
Berkshire Hathaway Class A
BRK.A
$1.06T
| $682M | 6.71% |
1,114
| – | – |
|
|
2
Berkshire Hathaway Class B
BRK.B
$1.06T
| $623M | 6.13% |
1,531,971
| – | – |
|
3
Alphabet (Google) Class C
GOOG
$4.18T
| $504M | 4.96% |
2,749,860
| – | – |
|
4
Amazon
AMZN
$2.79T
| $392M | 3.86% |
2,030,760
| – | – |
|
5
Brookfield
BN
$93.1B
| $362M | 3.56% |
13,073,612
| – | – |
|
6
Home Depot
HD
$335B
| $317M | 3.12% |
920,000
| – | – |
|
|
7
Deere & Co
DE
$175B
| $316M | 3.11% |
845,350
+21,550
| +3% | +$8.4M |
|
|
NVO
8
Novo Nordisk
NVO
$207B
| $307M | 3.02% |
2,150,000
| – | – |
|
9
Analog Devices
ADI
$182B
| $267M | 2.62% |
1,167,671
+200
| +0% | +$42.7K |
|
10
Watsco Inc
WSO
$12.9B
| $265M | 2.6% |
571,250
+5,000
| +0.9% | +$2.29M |
|
11
Visa
V
$693B
| $262M | 2.58% |
999,285
| – | – |
|
12
Apple
AAPL
$4.51T
| $258M | 2.54% |
1,227,290
+100
| +0% | +$18.6K |
|
13
Microsoft
MSFT
$3.59T
| $227M | 2.23% |
507,480
+4,650
| +0.9% | +$1.96M |
|
14
Walt Disney
DIS
$186B
| $202M | 1.98% |
2,031,665
| – | – |
|
15
Blackrock
BLK
$179B
| $173M | 1.71% |
220,200
| – | – |
|
16
Diageo
DEO
$52.6B
| $172M | 1.7% |
1,366,708
+6,300
| +0.5% | +$868K |
|
17
RLI Corp
RLI
$6B
| $168M | 1.66% |
2,394,544
| – | – |
|
18
Goldman Sachs
GS
$303B
| $163M | 1.6% |
359,360
| – | – |
|
19
Progressive
PGR
$127B
| $157M | 1.54% |
753,750
| – | – |
|
20
KKR & Co
KKR
$97.4B
| $153M | 1.5% |
1,451,800
| – | – |
|
21
Blackstone
BX
$108B
| $152M | 1.5% |
1,229,000
| – | – |
|
22
Lowe's Companies
LOW
$121B
| $149M | 1.47% |
675,980
+12,500
| +2% | +$2.85M |
|
|
MRSH
23
Marsh
MRSH
$91.6B
| $149M | 1.46% |
706,500
+12,500
| +2% | +$2.57M |
|
24
Texas Instruments
TXN
$241B
| $141M | 1.39% |
724,000
| – | – |
|
25
Meta Platforms (Facebook)
META
$1.4T
| $137M | 1.34% |
270,981
+3,300
| +1% | +$1.6M |
|
Similar funds
Tom Gayner's Q2 2024 Portfolio in Review
As of Q2 2024, Tom Gayner held 135 positions worth $10.2B, up 0.25% from $10.1B the previous quarter. Its ten largest holdings account for 40% of the portfolio.
Trading was light in Q2 2024: portfolio turnover was 3%. Tom Gayner opened 3 new positions and exited 1, leaving the 135-position portfolio largely intact.
By sector, the portfolio is most concentrated in Financials at 43% of assets, down from 44% a quarter earlier, followed by Industrials and Consumer Discretionary.
- Tom Gayner's largest Q2 2024 buy was Franco-Nevada: 245,000 shares worth $29M.
- Tom Gayner added most to Old Dominion Freight Line in Q2 2024, an estimated $15.9M increase.
- Tom Gayner's biggest Q2 2024 reduction was CVS Health, cutting an estimated $17.8M.
- Tom Gayner fully exited Stericycle Inc in Q2 2024, selling an estimated $2M.
- Tom Gayner's ten largest holdings make up 40% of its $10.2B portfolio in Q2 2024.
- Tom Gayner opened 3 new positions and closed 1 in Q2 2024.
- Tom Gayner's portfolio value rose 0.25% quarter-over-quarter to $10.2B.
Based on Markel Group's 13F filing for Q2 2024, filed 2 Aug 2024.