Tracking Thomas Gayner's Markel Portfolio – Q1 2020 Update

• Gayner’s portfolio decreased from $7.20B to $5.32B 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 decreased ~25% from $7.20B to $5.32B 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, CarMax Corporation, Brookfield Asset Management, Liberty Broadband, and Amazon.com.

Markel Corporation (MKL) is currently trading at around 1.3-times Book Value (BV) at ~$905 per share - BV is ~$705 as of Q1 2020.

Below is a spreadsheet that highlights the changes to the portfolio as of Q1 2020. Please check out our previous update to have an idea on how the portfolio is progressing:

  

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