·
Gayner’s portfolio increased from $5.45B to
$5.93B during the quarter.
·
Markel disposed 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 value increased
~9% from $5.45B to $5.93B 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 1.6-times
Book Value (BV) at $1080 per share - BV is around $670.
Positions being built actively include Analog Devices (ADI),
Watsco Inc. (WSO), and Blackstone Group (BX).
Below is a spreadsheet that highlights the changes to the
portfolio as of Q3 2018. 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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