- Gayner’s portfolio decreased from $5.30B to $5.26B during the quarter.
- Markel dropped Monsanto Company. Moody’s Corp and Factset Research were both reduced by ~30% as well.
- Berkshire Hathaway at ~12% of the portfolio is by far the largest position.
Thomas Gayner’s Markel Investment Portfolio decreased
marginally from $5.30B to $5.26B 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), Marriott International (MAR), and Diageo plc (DEO).
Markel Corporation (MKL) is currently trading at around
1.7-times Book Value (BV) at $1147 per share - BV is around $670.
Positions being built actively include Oaktree Capital
Management (OAK), Watsco Inc. (WSO), Blackstone Group (BX), and Brown Forman
(BF.A).
Below is a spreadsheet that highlights the changes to the
portfolio as of Q1 2018. 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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