Tracking Thomas Gayner's Markel Portfolio – Q2 2020 Update

• Gayner’s portfolio remained almost steady at $5.37B this quarter. 
• Markel dropped CarMax, Marriott Intl, Walgreens Boots Alliance, Automatic Data Processing, and Anthem Inc. during the quarter. 
• Berkshire Hathaway at ~11% of the portfolio is by far the largest position. 

Thomas Gayner’s Markel Investment Portfolio value remained almost steady $5.37B this 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, Brookfield Asset Management, Amazon.com, Home Depot, and Alphabet.

 

Markel Corporation (MKL) is currently trading at around 1.34-times Book Value (BV) at ~$1038 per share - BV is ~$780 as of Q2 2020.

 

Below is a spreadsheet that highlights the changes to the portfolio as of Q2 2020. 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.  

 

Tracking Charlie Munger's Daily Journal Portfolio – Q2 2020 Update

• Charlie Munger’s Daily Journal Portfolio continues to have just four positions. 
• The portfolio has been largely untouched since their first 13F filing for Q4 2013. 
• The overall portfolio value remained almost steady during the quarter. 

Charlie Munger’s Daily Journal portfolio value remained almost steady this quarter at ~$100M. Since their first 13F filing in Q4 2013, there has only been one change to the holdings: POSCO was reduced significantly in Q4 2014. After accounting for this sale, the portfolio has remained remarkably steady over the last six years. To know more about Charlie Munger, check out the book Poor Charlie's Almanack: The Wit and Wisdom of Charles T. Munger.

 

Regarding the origins of this portfolio in 2009, Charlie Munger said the following during Daily Journal’s (DJCO) 2018 AGM Q&A: “In addition to Daily Journal's businesses, we have a great bundle of securities and want to dispel again that this is not some minor version of Berkshire. We have a bundle, because we bought them at a time when we preferred to own them to holding cash and had a lot of extra liquidity on hand that came to us by accident. The chances of more gains like what we have done in the last four or five years is zero. Oh, well we will have a big gain next quarter, because of a deferred tax reduction from the Trump tax code change, so we will look like a genius for one more quarter, I suppose.” The cost-basis of the positions acquired at the time was $63.4M.

 

The spreadsheet below shows Charlie Munger's Daily Journal 13F stock holdings as of Q2 2020. Please visit our previous updates to get an idea on how the portfolio has progressed:

 

 

 

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 .