Tracking Thomas Gayner's Markel Portfolio – Q2 2018 Update

• Gayner’s portfolio increased from $5.26B to $5.45B during the quarter.
• Markel reduced W. P. Carey during the quarter.
• Berkshire Hathaway at ~11% of the portfolio is by far the largest position.

Thomas Gayner’s Markel Investment Portfolio increased ~4% from $5.26B to $5.45B 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), Diageo plc (DEO), and Marriott International (MAR).

Markel Corporation (MKL) is currently trading at around 1.7-times Book Value (BV) at $1131 per share - BV is around $680.

Positions being built actively include Analog Devices (ADI), 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 2018. Please check out our previous update to have an idea on how the portfolio is progressing:

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