Tracking Thomas Gayner's Markel Portfolio – Q4 2019 Update


  • Gayner’s portfolio increased from $6.62B to $7.20B during the quarter. 
  • Markel made only minor adjustments to the portfolio this quarter. 
  • Berkshire Hathaway at ~11% of the portfolio is by far the largest position. 

Thomas Gayner’s Markel Investment Portfolio value increased ~8% from $6.62B to $7.20B 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 Marriott International (MAR).

Markel Corporation (MKL) is currently trading at around 1.1-times Book Value (BV) at $894 per share - BV is ~$800 as of Q4 2019.

Below is a spreadsheet that highlights the changes to the portfolio as of Q4 2019. Please check out our previous update to have an idea on how the portfolio is progressing:




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