- Gayner’s portfolio increased ~6% from $5.02B to $5.30B during the quarter.
- Markel dropped Exxon Mobil.
- Berkshire Hathaway at ~12% of the portfolio is by far the largest position.
Thomas Gayner’s Markel Investment Portfolio increased 5.45%
from $5.02B to $5.30B 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 $1085 per share - BV is around $640.
Positions being built actively include Oaktree Capital
Management (OAK), Watsco Inc. (WSO), and Blackstone Group (BX). Regulatory
filings since the quarter ended show Markel owning 8.45M shares (6.1% of the
business). This is compared to just 180K shares in the 13F. The stock traded
between $31 and $35 during the quarter and currently is in the middle of that
range at ~$33.
Below is a spreadsheet that highlights the changes to the
portfolio as of Q4 2017. 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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