- Gayner’s portfolio increased ~7% from $3.88B to $4.15B during the quarter.
- Markel substantially increased Exxon Mobil and Alphabet Inc.
- Berkshire Hathaway at ~12% of the portfolio is by far the largest position.
Thomas Gayner’s Markel Investment Portfolio increased 6.95% from $3.88B to $4.15B 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), Walgreen Boots Alliance (WBA), Walt Disney (DIS), and Brookfield Asset Management (BAM). Markel Corporation (MKL) is currently trading at around 1.5-times Book Value (BV) at $943 per share - BV is around $610.
Below are the substantial moves made during the quarter:
1. Alphabet Inc. (GOOG): The 1.37% stake saw a ~20% increase this quarter at prices between $736 and $813. Last three quarters had seen a stake doubling at prices between $668 and $788. 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 $814.
2. Amazon.com (AMZN), Analog Devices (ADI), and Texas Instruments (TXN): These are small stakes (less than ~1% of the portfolio each) that saw substantial increases in the last two quarters. The significant increases indicate a bullish bias.
3. Exxon Mobil (XOM): XOM is a ~2% long-term stake that has wavered over the years. Last quarter saw a ~20% selling at prices between $82.54 and $95.12. There was a ~27% increase this quarter at prices between $83 and $93. The stock is now at $82.52.
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 Q4 2016. Please check out our previous update to have an idea on how the portfolio is progressing:
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