- Gayner’s portfolio increased ~7% from $4.15B to $4.44B during the quarter.
- Markel substantially increased Alphabet and Amazon while dropping Oracle and reducing Exxon.
- Berkshire Hathaway at ~12% of the portfolio is by far the largest position.
Thomas Gayner’s Markel Investment Portfolio increased 6.99%
from $4.15B to $4.44B 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 1.6-times
Book Value (BV) at $970 per share - BV is around $620.
Below is a summary:
1. Alphabet Inc.
(GOOG): The 1.62% stake saw a ~18% increase this quarter at prices between
$770 and $852. Last year had seen 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 $906.
2. Amazon.com (AMZN)
and Analog Devices (ADI): These two stakes saw ~28% stake increases this
quarter. The AMZN increase was at prices between $750 and $887 and the stock is
now at $925. The ADI increase happened at prices between $71 and $84 and the
stock currently trades at $76.19. The activity indicates a bullish bias toward
these businesses.
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 Q1 2017. Please check out our previous
update to have an idea on how the portfolio is progressing:
To learn more about how to profit from a strategy of cloning
hedge fund picks, check out our book Profiting from Hedge Funds: Winning Strategies for the Little
Guy.
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