- Gayner’s portfolio decreased from $5.93B to $5.23B during the quarter.
- Markel increased Rollins while reducing UnitedHealth during the quarter.
- Berkshire Hathaway at ~12% of the portfolio is by far the largest position.
Thomas Gayner’s Markel Investment Portfolio value decreased
~12% from $5.93B to $5.23B 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 Diageo plc (DEO).
Markel Corporation (MKL) is currently trading at around 1.5-times
Book Value (BV) at $1020 per share - BV is around $700.
Below is a spreadsheet that highlights the changes to the
portfolio as of Q4 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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