Tracking Thomas Gayner's Markel Portfolio - Q2 2017 Update



  • Gayner’s portfolio increased ~6% from $4.44B to $4.69B during the quarter.
  • Markel substantially increased Alphabet and Amazon while dropping Schlumberger.
  • Berkshire Hathaway at ~11% of the portfolio is by far the largest position.


Thomas Gayner’s Markel Investment Portfolio increased 5.63% from $4.44B to $4.69B during the quarter. The portfolio continues to have around 100 different positions although only around 50 are significantly large (more than 0.5% of the portfolio each). The top-five stakes are Berkshire Hathaway (BRK.A) (BRK.B), CarMax Corporation (KMX), Brookfield Asset Management (BAM), Walt Disney (DIS) and Walgreen Boots Alliance (WBA).

Markel Corporation (MKL) is currently trading at around 1.7-times Book Value (BV) at $1062 per share - BV is around $620.

Below is a summary:

1. Alphabet Inc. (GOOG): The 1.93% stake saw a ~15% increase this quarter at prices between $823 and $984. Last quarter had seen a ~18% increase at prices between $770 and $852. 2016 saw a ~160% stake increase at prices between $665 and $800. Gayner is actively building this stake. For investors attempting to follow Gayner, GOOG is a good option to consider for further research. The stock is currently at $942.

2. Amazon.com (AMZN): The stake saw a ~19% increase during the quarter at prices between $885 and $1011. It had seen a ~30% increase last quarter at prices between $750 and $887. The stock is now at $1020. For investors attempting to follow Gayner, AMZN is a good option to consider for further research.

Other positions being built actively include Oaktree Capital Management (OAK), Watsco Inc. (WSO), and Blackstone Group (BX). Below is a spreadsheet that highlights the changes to the portfolio as of Q2 2017. Please check out our previous update to have an idea on how the portfolio is progressing:



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