Tracking Thomas Gayner's Markel Portfolio - Q3 2016 Update

  • Gayner’s portfolio increased marginally from $3.79B to $3.88B during the quarter.
  • Markel substantially increased Alphabet Inc. while dropping Copart and reducing Exxon Mobil.
  • Berkshire Hathaway at ~12% of the portfolio is by far the largest position.
Thomas Gayner’s Markel Investment Portfolio increased 2.25% from $3.79B to $3.88B 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), Walgreen Boots Alliance (WBA), and Diageo plc (DEO). Markel Corporation (MKL) is currently trading at around 1.4-times Book Value (BV) at $825 per share - BV is around $600.

Below are the substantial moves made during the quarter:

1. Alphabet Inc. (GOOG): The 1.24% stake saw a one-third increase this quarter at prices between $695 and $788. Last two quarters had also seen a combined ~60% increase at prices between $668 and $767. 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 $762.

2. Amazon.com (AMZN), Analog Devices (ADI), Discovery Communications (DISCA),
Texas Instruments (TXN), and Watsco (WSO): These are very small stakes (~0.5% of the portfolio each) that saw substantial increases this quarter. The significant increases indicate a bullish bias.

3. Exxon Mobil (XOM): XOM is a 1.68% long-term stake that has wavered over the years. This quarter saw a ~20% selling at prices between $82.54 and $95.12. The stock is now at $83.57.

4. Copart Inc. (CPRT): The bulk of the 1.25% CPRT position was built up in 2014 in the $35 price-range. The entire stake was disposed of this quarter at prices between $49 and $54. The stock is now at $50.79. Gayner harvested long-term gains.

A number of other positions also saw minor increases during the quarter. Below is a spreadsheet that highlights the changes to the portfolio as of Q3 2016. Please check out our previous update to have an idea on how the portfolio is progressing:




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