Tom Gayner13F | |
Markel Gayner Asset Management Corp | |
Last update 2024-05-03 | 133 Stocks (5 new) |
Value $10.14 Bil | Turnover 1 % |
Portfolio Report |
Tom Gayner Profile
Thomas Gayner is Co-Chief Executive Officer of Markel Corporation. He oversees the investing activities for the company, as well as the Markel Ventures diverse industrial and service businesses. Gayner joined Markel in 1990 to form Markel Gayner Asset Management which provided equity investment counsel for Markel Corporation as well as outside clients.
Prior to joining Markel, Mr. Gayner served as vice president of Davenport & Co of Virginia and as a Certified Public Accountant with PriceWaterhouseCoopers LLP.
Gayner serves as the Chairman of the Board of the Davis Series Mutual Funds and on the boards of the Colfax Corporation, Graham Holdings, Cable One and Markel. He is a trustee of The Community Foundation of Richmond, Bon Secours Health System, and a member of the Investment Advisory Committee of the Virginia Retirement System. He is a graduate of the University of Virginia and The Lawrenceville School.
Prior to joining Markel, Mr. Gayner served as vice president of Davenport & Co of Virginia and as a Certified Public Accountant with PriceWaterhouseCoopers LLP.
Gayner serves as the Chairman of the Board of the Davis Series Mutual Funds and on the boards of the Colfax Corporation, Graham Holdings, Cable One and Markel. He is a trustee of The Community Foundation of Richmond, Bon Secours Health System, and a member of the Investment Advisory Committee of the Virginia Retirement System. He is a graduate of the University of Virginia and The Lawrenceville School.
Tom Gayner Investing Philosophy
Gayner outlined in Markel's 2019 Letter to Shareholders a four-part discipline:
First, Markel looks for businesses earning good rates of return that use only modest leverage to do so.
Second, the firm looks for management teams with equal measure of talent and integrity.
Third, Markel looks for businesses with opportunities to reinvest its capital and grow organically or by acquisition, and/or with capital discipline to repurchase shares or pay dividends.
And fourth, the firm looks to acquire these holdings at fair prices: The long term returns should be similar to the underlying growth in intrinsic value of the company itself.
First, Markel looks for businesses earning good rates of return that use only modest leverage to do so.
Second, the firm looks for management teams with equal measure of talent and integrity.
Third, Markel looks for businesses with opportunities to reinvest its capital and grow organically or by acquisition, and/or with capital discipline to repurchase shares or pay dividends.
And fourth, the firm looks to acquire these holdings at fair prices: The long term returns should be similar to the underlying growth in intrinsic value of the company itself.
Tom Gayner Portfolio and Latest Trades
Ticker |
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Ticker |
SRCL |
DE |
LPLA |
TSN |
URI |
APD |
FIX |
FERG |
WSO |
CHH |
DG |
FDX |
GPK |
ODFL |
TMO |
UNH |
AON |
CABO |
CAT |
THG |
HCA |
HSY |
NSP |
LAMR |
LIN |
LOW |
MAR |
MMC |
MSFT |
NVR |
RNR |
TGT |
VRSK |
YUM |
IFF |
ADI |
KMX |
DEO |
IQV |
META |
NKE |
OI |
ROL |
SCHW |
SMG |
SBUX |
UBER |
AAPL |
CMCSA |
ATVI |
LPLA |
LBRDA |
DE |
LBRDK |
BK |
DG |
ADI |
FERG |
TSN |
TGT |
ODFL |
WSO |
CABO |
CHH |
SCHW |
URI |
VNT |
LLYVA |
EFX |
FDX |
GPK |
THG |
ICE |
LIN |
LOW |
TMO |
UNH |
LBTYA |
LLYVK |
ALL |
AON |
KMX |
HCA |
IQV |
JPM |
MMC |
META |
MSFT |
NVR |
RNR |
UBER |
VRSK |
AMZN |
AAPL |
CAT |
DEO |
LAMR |
ROL |
COF |
CE |
Ticker | | Company | Date | Action | Impact % | Price Range | Price | Price Change from Avrg% | Comment | Current Shares | Share Change |
---|---|---|---|---|---|---|---|---|---|---|---|
Ticker | | Company | Date | Action | Impact % | Price Range | Price | Price Change from Avrg% | Comment | Current Shares | Share Change |
SRCL | Stericycle Inc | 2024-03-31 | Reduce | -0.34% | 47.21 ($50.31) 55.65 | $57.78 | 14.85% | Reduce -94.32% | 38,000 | -630,700 | |
DE | Deere & Co | 2024-03-31 | Add | +0.11% | 356.78 ($383.27) 410.74 | $381.53 | -0.45% | Add 3.26% | 823,800 | 26,000 | |
LPLA | LPL Financial Holdings Inc | 2024-03-31 | Add | +0.07% | 230.75 ($252.41) 273.77 | $288.92 | 14.46% | Add 6.54% | 454,291 | 27,905 | |
TSN | Tyson Foods Inc | 2024-03-31 | Add | +0.05% | 51.61 ($54.79) 58.81 | $56.12 | 2.43% | Add 11.47% | 777,500 | 80,000 | |
URI | United Rentals Inc | 2024-03-31 | Add | +0.05% | 541.39 ($641.68) 721.11 | $639.22 | -0.38% | Add 72.22% | 15,500 | 6,500 | |
APD | Air Products & Chemicals Inc | 2024-03-31 | New Buy | +0.04% | 215.38 ($245.03) 273.47 | $272.07 | 11.04% | New holding | 15,000 | 15,000 | |
FIX | Comfort Systems USA Inc | 2024-03-31 | Add | +0.04% | 195.89 ($255.45) 323.29 | $322.40 | 26.21% | Add 1200% | 13,000 | 12,000 | |
FERG | Ferguson PLC | 2024-03-31 | Add | +0.04% | 184.06 ($199.25) 221.27 | $196.37 | -1.45% | Add 49.35% | 57,500 | 19,000 | |
WSO | Watsco Inc | 2024-03-31 | Add | +0.04% | 377.91 ($401.75) 439.5 | $481.29 | 19.80% | Add 1.71% | 566,250 | 9,500 | |
CHH | Choice Hotels International Inc | 2024-03-31 | Add | +0.03% | 109.6 ($119.55) 130.05 | $117.24 | -1.93% | Add 37.4% | 84,500 | 23,000 | |
DG | Dollar General Corp | 2024-03-31 | Add | +0.03% | 130.67 ($142.16) 161.22 | $127.50 | -10.31% | Add 3.21% | 675,250 | 21,000 | |
FDX | FedEx Corp | 2024-03-31 | Add | +0.03% | 236.39 ($250.17) 289.74 | $252.52 | 0.94% | Add 7.35% | 168,000 | 11,500 | |
GPK | Graphic Packaging Holding Co | 2024-03-31 | Add | +0.03% | 24.35 ($26.15) 29.18 | $27.37 | 4.67% | Add 98.04% | 240,824 | 119,223 | |
ODFL | Old Dominion Freight Line Inc | 2024-03-31 | Add | +0.03% | 188.93 ($208.57) 223.12 | $174.67 | -16.25% | Add 7.14% | 195,000 | 13,000 | |
TMO | Thermo Fisher Scientific Inc | 2024-03-31 | Add | +0.03% | 528.82 ($561.14) 599.43 | $557.21 | -0.70% | Add 26.02% | 24,700 | 5,100 | |
UNH | UnitedHealth Group Inc | 2024-03-31 | Add | +0.03% | 472.6 ($508.38) 545.42 | $484.52 | -4.69% | Add 46.36% | 16,100 | 5,100 | |
AON | Aon PLC | 2024-03-31 | Add | +0.02% | 288.02 ($310.03) 333.79 | $296.59 | -4.34% | Add 4.46% | 110,050 | 4,700 | |
CABO | Cable One Inc | 2024-03-31 | Add | +0.02% | 421.69 ($492.4) 572.87 | $356.47 | -27.61% | Add 8.82% | 48,100 | 3,900 | |
CAT | Caterpillar Inc | 2024-03-31 | Add | +0.02% | 278.63 ($319.61) 366.43 | $329.13 | 2.98% | Add 1.48% | 307,600 | 4,500 | |
THG | The Hanover Insurance Group Inc | 2024-03-31 | Add | +0.02% | 122.2 ($129.77) 136.58 | $124.10 | -4.37% | Add 6.07% | 227,000 | 13,000 | |
HCA | HCA Healthcare Inc | 2024-03-31 | Add | +0.02% | 272.08 ($305.59) 333.53 | $338.37 | 10.73% | Add 51.56% | 21,432 | 7,291 | |
HSY | The Hershey Co | 2024-03-31 | New Buy | +0.02% | 184 ($192.9) 202.31 | $182.00 | -5.65% | New holding | 9,500 | 9,500 | |
NSP | Insperity Inc | 2024-03-31 | New Buy | +0.02% | 92.29 ($106.31) 118.76 | $94.01 | -11.57% | New holding | 16,876 | 16,876 | |
LAMR | Lamar Advertising Co | 2024-03-31 | Add | +0.02% | 101.03 ($109.64) 120.58 | $114.94 | 4.83% | Add 24.19% | 77,000 | 15,000 | |
LIN | Linde PLC | 2024-03-31 | Add | +0.02% | 400.63 ($433) 474.89 | $442.80 | 2.26% | Add 4.2% | 131,500 | 5,300 | |
LOW | Lowe's Companies Inc | 2024-03-31 | Add | +0.02% | 210.55 ($229.88) 261 | $227.53 | -1.02% | Add 0.99% | 663,480 | 6,500 | |
MAR | Marriott International Inc | 2024-03-31 | New Buy | +0.02% | 219.04 ($242.17) 255.27 | $243.98 | 0.75% | New holding | 9,000 | 9,000 | |
MMC | Marsh & McLennan Companies Inc | 2024-03-31 | Add | +0.02% | 190.17 ($199.3) 207.9 | $215.00 | 7.88% | Add 1.39% | 694,000 | 9,500 | |
MSFT | Microsoft Corp | 2024-03-31 | Add | +0.02% | 367.75 ($404.82) 429.37 | $445.70 | 10.10% | Add 0.87% | 502,830 | 4,350 | |
NVR | NVR Inc | 2024-03-31 | Add | +0.02% | 6857.43 ($7428.56) 8099.96 | $7,514.88 | 1.16% | Add 2.02% | 11,349 | 225 | |
RNR | RenaissanceRe Holdings Ltd | 2024-03-31 | Add | +0.02% | 200.14 ($221.88) 237.84 | $225.94 | 1.83% | Add 15.7% | 70,000 | 9,500 | |
TGT | Target Corp | 2024-03-31 | Add | +0.02% | 137.4 ($152.13) 177.21 | $143.38 | -5.75% | Add 9.92% | 133,000 | 12,000 | |
VRSK | Verisk Analytics Inc | 2024-03-31 | Add | +0.02% | 231.21 ($240.2) 250.66 | $268.09 | 11.61% | Add 5.39% | 127,200 | 6,500 | |
YUM | Yum Brands Inc | 2024-03-31 | New Buy | +0.02% | 126.33 ($133.53) 140.74 | $134.15 | 0.46% | New holding | 16,152 | 16,152 | |
IFF | International Flavors & Fragrances Inc | 2024-03-31 | Sold Out | -0.02% | 73.21 ($80.3) 85.99 | $96.17 | 19.76% | Sold Out | 0 | -23,000 | |
ADI | Analog Devices Inc | 2024-03-31 | Add | +0.01% | 184.69 ($192.27) 201.37 | $229.42 | 19.32% | Add 0.3% | 1,167,471 | 3,500 | |
KMX | CarMax Inc | 2024-03-31 | Add | +0.01% | 67.45 ($75.64) 87.11 | $71.36 | -5.66% | Add 11.76% | 123,500 | 13,000 | |
DEO | Diageo PLC | 2024-03-31 | Add | +0.01% | 137.5 ($146.35) 154.69 | $131.43 | -10.19% | Add 0.42% | 1,360,408 | 5,700 | |
IQV | IQVIA Holdings Inc | 2024-03-31 | Add | +0.01% | 208.23 ($233.46) 259.1 | $214.19 | -8.25% | Add 10.07% | 55,726 | 5,100 | |
META | Meta Platforms Inc | 2024-03-31 | Add | +0.01% | 344.47 ($446.07) 512.19 | $501.64 | 12.46% | Add 1.13% | 267,681 | 3,000 | |
NKE | Nike Inc | 2024-03-31 | Add | +0.01% | 92.58 ($101.72) 107.18 | $95.57 | -6.05% | Add 1.9% | 375,900 | 7,000 | |
OI | O-I Glass Inc | 2024-03-31 | Add | +0.01% | 14.37 ($15.81) 17.26 | $11.31 | -28.46% | Add 14.92% | 539,100 | 70,000 | |
ROL | Rollins Inc | 2024-03-31 | Add | +0.01% | 40.95 ($44.09) 47.01 | $49.35 | 11.93% | Add 1.35% | 1,426,275 | 19,000 | |
SCHW | Charles Schwab Corp | 2024-03-31 | Add | +0.01% | 61.89 ($65.86) 72.38 | $72.70 | 10.39% | Add 1.42% | 1,353,766 | 19,000 | |
SMG | The Scotts Miracle Gro Co | 2024-03-31 | Add | +0.01% | 53.53 ($62.12) 74.59 | $64.38 | 3.64% | Add 7.69% | 168,000 | 12,000 | |
SBUX | Starbucks Corp | 2024-03-31 | Add | +0.01% | 90.12 ($93.01) 97.3 | $79.73 | -14.28% | Add 1.69% | 541,318 | 9,000 | |
UBER | Uber Technologies Inc | 2024-03-31 | Add | +0.01% | 57.58 ($71.78) 81.39 | $70.30 | -2.06% | Add 28.89% | 58,000 | 13,000 | |
AAPL | Apple Inc | 2024-03-31 | Add | 0% | 169 ($181.83) 195.18 | $209.56 | 15.25% | Add 0.11% | 1,227,190 | 1,300 | |
CMCSA | Comcast Corp | 2024-03-31 | Add | 0% | 41.24 ($43.14) 46.73 | $37.88 | -12.19% | Add 1.08% | 1,072,241 | 11,500 | |
ATVI | Activision Blizzard Inc | 2023-12-31 | Sold Out | -0.74% | 93.67 ($94.24) 94.47 | $94.42 | 0.19% | Sold Out | 0 | -650,600 | |
LPLA | LPL Financial Holdings Inc | 2023-12-31 | Add | +0.31% | 209.89 ($224.79) 239.77 | $288.92 | 28.53% | Add 41.53% | 426,386 | 125,122 | |
LBRDA | Liberty Broadband Corp | 2023-12-31 | Sold Out | -0.22% | 74.69 ($83.87) 94.28 | $50.81 | -39.42% | Sold Out | 0 | -196,750 | |
DE | Deere & Co | 2023-12-31 | Add | +0.17% | 359.39 ($377.05) 401.64 | $381.53 | 1.19% | Add 5.14% | 797,800 | 39,000 | |
LBRDK | Liberty Broadband Corp | 2023-12-31 | Sold Out | -0.17% | 74.76 ($83.95) 94.32 | $50.87 | -39.40% | Sold Out | 0 | -149,859 | |
BK | Bank of New York Mellon Corp | 2023-12-31 | Reduce | -0.13% | 41.18 ($46.06) 52.22 | $58.84 | 27.75% | Reduce -66.74% | 121,500 | -243,750 | |
DG | Dollar General Corp | 2023-12-31 | Add | +0.09% | 101.83 ($121.3) 135.95 | $127.50 | 5.11% | Add 10.84% | 654,250 | 64,000 | |
ADI | Analog Devices Inc | 2023-12-31 | Add | +0.08% | 155.88 ($178.58) 200.88 | $229.42 | 28.47% | Add 3.13% | 1,163,971 | 35,300 | |
FERG | Ferguson PLC | 2023-12-31 | Add | +0.07% | 150.2 ($168.69) 193.26 | $196.37 | 16.41% | Add 541.67% | 38,500 | 32,500 | |
TSN | Tyson Foods Inc | 2023-12-31 | Add | +0.07% | 45.17 ($48.56) 53.75 | $56.12 | 15.57% | Add 20.78% | 697,500 | 120,000 | |
TGT | Target Corp | 2023-12-31 | Add | +0.06% | 105.01 ($122.07) 142.54 | $143.38 | 17.46% | Add 45.78% | 121,000 | 38,000 | |
ODFL | Old Dominion Freight Line Inc | 2023-12-31 | Add | +0.05% | 184.23 ($198.35) 212.88 | $174.67 | -11.94% | Add 14.47% | 182,000 | 11,500 | |
WSO | Watsco Inc | 2023-12-31 | Add | +0.05% | 340.51 ($387.45) 429.01 | $481.29 | 24.22% | Add 2.02% | 556,750 | 11,000 | |
CABO | Cable One Inc | 2023-12-31 | Add | +0.04% | 519.61 ($570.94) 664.95 | $356.47 | -37.56% | Add 17.24% | 44,200 | 6,500 | |
CHH | Choice Hotels International Inc | 2023-12-31 | Add | +0.04% | 110.16 ($114.31) 124.9 | $117.24 | 2.56% | Add 86.36% | 61,500 | 28,500 | |
SCHW | Charles Schwab Corp | 2023-12-31 | Add | +0.04% | 49.33 ($57.75) 70.98 | $72.70 | 25.89% | Add 4.54% | 1,334,766 | 58,000 | |
URI | United Rentals Inc | 2023-12-31 | Add | +0.04% | 399.02 ($471.7) 580.47 | $639.22 | 35.51% | Add 200% | 9,000 | 6,000 | |
VNT | Vontier Corp | 2023-12-31 | Sold Out | -0.04% | 29.03 ($32.54) 35.19 | $39.19 | 20.44% | Sold Out | 0 | -110,853 | |
LLYVA | Liberty Live Group | 2023-12-31 | Sold Out | -0.04% | 29.52 ($33.2) 36.79 | $35.20 | 6.02% | Sold Out | 0 | -98,000 | |
EFX | Equifax Inc | 2023-12-31 | Add | +0.03% | 162.68 ($202.83) 250.41 | $239.77 | 18.21% | Add 11.38% | 97,850 | 10,000 | |
FDX | FedEx Corp | 2023-12-31 | Add | +0.03% | 227.93 ($254.05) 281.92 | $252.52 | -0.60% | Add 7.93% | 156,500 | 11,500 | |
GPK | Graphic Packaging Holding Co | 2023-12-31 | New Buy | +0.03% | 20.17 ($22.41) 24.81 | $27.37 | 22.13% | New holding | 121,601 | 121,601 | |
THG | The Hanover Insurance Group Inc | 2023-12-31 | Add | +0.03% | 109.4 ($118.89) 128.18 | $124.10 | 4.38% | Add 13.23% | 214,000 | 25,000 | |
ICE | Intercontinental Exchange Inc | 2023-12-31 | Reduce | -0.03% | 104.72 ($113.38) 128.6 | $137.11 | 20.93% | Reduce -84.52% | 5,120 | -27,957 | |
LIN | Linde PLC | 2023-12-31 | Add | +0.03% | 364.38 ($394.4) 426.72 | $442.80 | 12.27% | Add 4.73% | 126,200 | 5,700 | |
LOW | Lowe's Companies Inc | 2023-12-31 | Add | +0.03% | 183.62 ($202.7) 225.59 | $227.53 | 12.25% | Add 1.78% | 656,980 | 11,500 | |
TMO | Thermo Fisher Scientific Inc | 2023-12-31 | Add | +0.03% | 431.41 ($484.03) 532.94 | $557.21 | 15.12% | Add 44.12% | 19,600 | 6,000 | |
UNH | UnitedHealth Group Inc | 2023-12-31 | Add | +0.03% | 509.47 ($533.34) 552.97 | $484.52 | -9.15% | Add 120% | 11,000 | 6,000 | |
LBTYA | Liberty Global Ltd | 2023-12-31 | Sold Out | -0.03% | 15.11 ($16.2) 17.77 | $17.20 | 6.17% | Sold Out | 0 | -168,000 | |
LLYVK | Liberty Live Group | 2023-12-31 | Sold Out | -0.03% | 30.1 ($34.02) 37.57 | $36.11 | 6.14% | Sold Out | 0 | -80,000 | |
ALL | Allstate Corp | 2023-12-31 | Add | +0.02% | 109.91 ($130.39) 144.36 | $162.59 | 24.70% | Add 9.18% | 154,550 | 13,000 | |
AON | Aon PLC | 2023-12-31 | Add | +0.02% | 288.19 ($320.1) 335.32 | $296.59 | -7.34% | Add 5.83% | 105,350 | 5,800 | |
KMX | CarMax Inc | 2023-12-31 | Add | +0.02% | 60.39 ($67.22) 78.55 | $71.36 | 6.16% | Add 31.55% | 110,500 | 26,500 | |
HCA | HCA Healthcare Inc | 2023-12-31 | Add | +0.02% | 221.81 ($247.16) 275.85 | $338.37 | 36.90% | Add 75.66% | 14,141 | 6,091 | |
IQV | IQVIA Holdings Inc | 2023-12-31 | Add | +0.02% | 177.16 ($205.32) 232.73 | $214.19 | 4.32% | Add 15.52% | 50,626 | 6,800 | |
JPM | JPMorgan Chase & Co | 2023-12-31 | Add | +0.02% | 135.69 ($151.54) 170.3 | $198.67 | 31.10% | Add 4.55% | 252,550 | 11,000 | |
MMC | Marsh & McLennan Companies Inc | 2023-12-31 | Add | +0.02% | 184.9 ($193.23) 201.86 | $215.00 | 11.27% | Add 1.78% | 684,500 | 12,000 | |
META | Meta Platforms Inc | 2023-12-31 | Add | +0.02% | 288.35 ($325.65) 358.32 | $501.64 | 54.04% | Add 2.24% | 264,681 | 5,800 | |
MSFT | Microsoft Corp | 2023-12-31 | Add | +0.02% | 313.39 ($355.93) 382.7 | $445.70 | 25.22% | Add 1.22% | 498,480 | 6,000 | |
NVR | NVR Inc | 2023-12-31 | Add | +0.02% | 5377.29 ($6168) 7024.82 | $7,514.88 | 21.84% | Add 2.77% | 11,124 | 300 | |
RNR | RenaissanceRe Holdings Ltd | 2023-12-31 | Add | +0.02% | 192.67 ($207.88) 226.97 | $225.94 | 8.69% | Add 23.47% | 60,500 | 11,500 | |
UBER | Uber Technologies Inc | 2023-12-31 | Add | +0.02% | 40.62 ($52.31) 63.28 | $70.30 | 34.39% | Add 114.29% | 45,000 | 24,000 | |
VRSK | Verisk Analytics Inc | 2023-12-31 | Add | +0.02% | 222.25 ($236.72) 247.6 | $268.09 | 13.25% | Add 5.23% | 120,700 | 6,000 | |
AMZN | Amazon.com Inc | 2023-12-31 | Add | +0.01% | 119.57 ($140.18) 154.07 | $186.10 | 32.76% | Add 0.29% | 2,030,760 | 5,800 | |
AAPL | Apple Inc | 2023-12-31 | Add | +0.01% | 166.89 ($184.64) 198.11 | $209.56 | 13.50% | Add 0.33% | 1,225,890 | 4,000 | |
CAT | Caterpillar Inc | 2023-12-31 | Add | +0.01% | 226.05 ($259.41) 298.12 | $329.13 | 26.88% | Add 1.34% | 303,100 | 4,000 | |
DEO | Diageo PLC | 2023-12-31 | Add | +0.01% | 138.93 ($147.65) 159.96 | $131.43 | -10.99% | Add 0.33% | 1,354,708 | 4,500 | |
LAMR | Lamar Advertising Co | 2023-12-31 | Add | +0.01% | 78.53 ($94.03) 111.14 | $114.94 | 22.24% | Add 22.77% | 62,000 | 11,500 | |
ROL | Rollins Inc | 2023-12-31 | Add | +0.01% | 32.92 ($38.92) 43.77 | $49.35 | 26.80% | Add 1.74% | 1,407,275 | 24,000 | |
COF | Capital One Financial Corp | 2023-12-31 | Add | 0% | 88.97 ($107.87) 132.02 | $138.13 | 28.05% | Add 1.11% | 91,000 | 1,000 | |
CE | Celanese Corp | 2023-12-31 | Add | 0% | 112.94 ($130.43) 158.5 | $138.05 | 5.84% | Add 1.3% | 77,800 | 1,000 |
Total 432
Tom Gayner News
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