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Tom Gayner13F | |
Markel Gayner Asset Management Corp | |
Last update 2024-08-02 | 134 Stocks (2 new) |
Value $10.17 Bil | Turnover 2 % |
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 |
FNV |
CVS |
ODFL |
YUM |
DE |
LPLA |
APD |
LIN |
EA |
FDX |
HCA |
URI |
CHH |
DG |
GPK |
NSP |
LOW |
MAR |
MMC |
TMO |
CABO |
FERG |
THG |
HSY |
LAMR |
META |
MSFT |
SBUX |
UNH |
VRSK |
WSO |
SRCL |
AON |
KMX |
CAT |
DEO |
IQV |
NKE |
NVR |
OI |
ROL |
SCHW |
UBER |
ULS |
ADI |
AAPL |
CMCSA |
TSN |
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 |
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 |
FNV | Franco-Nevada Corp | 2024-06-30 | New Buy | +0.29% | 116.08 ($121.52) 129.07 | $117.88 | -3.00% | New holding | 245,000 | 245,000 | |
CVS | CVS Health Corp | 2024-06-30 | Reduce | -0.22% | 53.63 ($62.55) 79.56 | $57.75 | -7.67% | Reduce -85.84% | 47,000 | -285,000 | |
ODFL | Old Dominion Freight Line Inc | 2024-06-30 | Add | +0.15% | 168.53 ($188.59) 224.69 | $184.82 | -2.00% | Add 43.33% | 279,500 | 84,500 | |
YUM | Yum Brands Inc | 2024-06-30 | Add | +0.09% | 131.96 ($137.64) 143.19 | $133.87 | -2.74% | Add 435.55% | 86,502 | 70,350 | |
DE | Deere & Co | 2024-06-30 | Add | +0.08% | 364.98 ($390.01) 414.02 | $381.56 | -2.17% | Add 2.62% | 845,350 | 21,550 | |
LPLA | LPL Financial Holdings Inc | 2024-06-30 | Add | +0.08% | 256.41 ($271.44) 288.82 | $211.43 | -22.11% | Add 6.05% | 481,791 | 27,500 | |
APD | Air Products & Chemicals Inc | 2024-06-30 | Add | +0.06% | 227.76 ($253.65) 285.31 | $268.71 | 5.94% | Add 153.33% | 38,000 | 23,000 | |
LIN | Linde PLC | 2024-06-30 | Add | +0.05% | 419.62 ($440) 464.7 | $456.85 | 3.83% | Add 9.13% | 143,500 | 12,000 | |
EA | Electronic Arts Inc | 2024-06-30 | Reduce | -0.04% | 125.24 ($131.75) 141.23 | $144.01 | 9.31% | Reduce -38.37% | 49,800 | -31,000 | |
FDX | FedEx Corp | 2024-06-30 | Add | +0.04% | 245.11 ($261.58) 299.84 | $283.04 | 8.20% | Add 7.74% | 181,000 | 13,000 | |
HCA | HCA Healthcare Inc | 2024-06-30 | Add | +0.04% | 297 ($324.92) 343.29 | $387.98 | 19.41% | Add 63.8% | 35,105 | 13,673 | |
URI | United Rentals Inc | 2024-06-30 | Add | +0.04% | 616.21 ($664.6) 712.69 | $681.10 | 2.48% | Add 41.94% | 22,000 | 6,500 | |
CHH | Choice Hotels International Inc | 2024-06-30 | Add | +0.03% | 109.76 ($117.91) 126.22 | $122.91 | 4.24% | Add 30.77% | 110,500 | 26,000 | |
DG | Dollar General Corp | 2024-06-30 | Add | +0.03% | 124.12 ($139.65) 159.55 | $82.58 | -40.87% | Add 3.26% | 697,250 | 22,000 | |
GPK | Graphic Packaging Holding Co | 2024-06-30 | Add | +0.03% | 25.85 ($27.62) 29.4 | $29.07 | 5.25% | Add 38.99% | 334,725 | 93,901 | |
NSP | Insperity Inc | 2024-06-30 | Add | +0.03% | 91.21 ($101.29) 109.52 | $86.74 | -14.36% | Add 213.5% | 52,906 | 36,030 | |
LOW | Lowe's Companies Inc | 2024-06-30 | Add | +0.03% | 214.27 ($228.13) 249.28 | $243.81 | 6.87% | Add 1.88% | 675,980 | 12,500 | |
MAR | Marriott International Inc | 2024-06-30 | Add | +0.03% | 228.38 ($240.03) 258.55 | $227.60 | -5.18% | Add 144.44% | 22,000 | 13,000 | |
MMC | Marsh & McLennan Companies Inc | 2024-06-30 | Add | +0.03% | 196.29 ($205.42) 215.75 | $227.85 | 10.92% | Add 1.8% | 706,500 | 12,500 | |
TMO | Thermo Fisher Scientific Inc | 2024-06-30 | Add | +0.03% | 541.52 ($572.88) 599.02 | $611.33 | 6.71% | Add 19.03% | 29,400 | 4,700 | |
CABO | Cable One Inc | 2024-06-30 | Add | +0.02% | 338 ($382.57) 424.31 | $345.23 | -9.76% | Add 11.85% | 53,800 | 5,700 | |
FERG | Ferguson Enterprises Inc | 2024-06-30 | Add | +0.02% | 190.98 ($209.74) 223.85 | $190.20 | -9.32% | Add 22.61% | 70,500 | 13,000 | |
THG | The Hanover Insurance Group Inc | 2024-06-30 | Add | +0.02% | 120.84 ($130.04) 137.56 | $145.56 | 11.93% | Add 5.73% | 240,000 | 13,000 | |
HSY | The Hershey Co | 2024-06-30 | Add | +0.02% | 182 ($193.48) 209.51 | $199.80 | 3.27% | Add 126.32% | 21,500 | 12,000 | |
LAMR | Lamar Advertising Co | 2024-06-30 | Add | +0.02% | 110.64 ($116.37) 121.82 | $122.56 | 5.32% | Add 22.08% | 94,000 | 17,000 | |
META | Meta Platforms Inc | 2024-06-30 | Add | +0.02% | 430.17 ($486.09) 527.34 | $500.40 | 2.94% | Add 1.23% | 270,981 | 3,300 | |
MSFT | Microsoft Corp | 2024-06-30 | Add | +0.02% | 389.33 ($422.32) 452.85 | $401.81 | -4.86% | Add 0.92% | 507,480 | 4,650 | |
SBUX | Starbucks Corp | 2024-06-30 | Add | +0.02% | 72.5 ($81.44) 91.53 | $91.15 | 11.92% | Add 4.99% | 568,318 | 27,000 | |
UNH | UnitedHealth Group Inc | 2024-06-30 | Add | +0.02% | 439.2 ($490.13) 524.63 | $596.88 | 21.78% | Add 29.28% | 20,814 | 4,714 | |
VRSK | Verisk Analytics Inc | 2024-06-30 | Add | +0.02% | 217.96 ($244.72) 272.27 | $271.75 | 11.05% | Add 5.11% | 133,700 | 6,500 | |
WSO | Watsco Inc | 2024-06-30 | Add | +0.02% | 396.92 ($457.1) 491.01 | $448.66 | -1.85% | Add 0.88% | 571,250 | 5,000 | |
SRCL | Stericycle Inc | 2024-06-30 | Sold Out | -0.02% | 44.3 ($51.35) 59.2 | $61.61 | 19.98% | Sold Out | 0 | -38,000 | |
AON | Aon PLC | 2024-06-30 | Add | +0.01% | 275.82 ($295.67) 329.64 | $348.03 | 17.71% | Add 3.54% | 113,950 | 3,900 | |
KMX | CarMax Inc | 2024-06-30 | Add | +0.01% | 67.21 ($72.06) 85.94 | $79.38 | 10.16% | Add 10.53% | 136,500 | 13,000 | |
CAT | Caterpillar Inc | 2024-06-30 | Add | +0.01% | 321.47 ($346.74) 379.3 | $329.36 | -5.01% | Add 1.27% | 311,500 | 3,900 | |
DEO | Diageo PLC | 2024-06-30 | Add | +0.01% | 126.08 ($137.77) 149.08 | $126.43 | -8.23% | Add 0.46% | 1,366,708 | 6,300 | |
IQV | IQVIA Holdings Inc | 2024-06-30 | Add | +0.01% | 211.18 ($227.18) 248.87 | $243.07 | 6.99% | Add 5.38% | 58,726 | 3,000 | |
NKE | Nike Inc | 2024-06-30 | Add | +0.01% | 75.37 ($92.94) 97.18 | $80.63 | -13.25% | Add 3.46% | 388,900 | 13,000 | |
NVR | NVR Inc | 2024-06-30 | Add | +0.01% | 7335.26 ($7647.13) 8026.27 | $9,068.54 | 18.59% | Add 1.59% | 11,529 | 180 | |
OI | O-I Glass Inc | 2024-06-30 | Add | +0.01% | 10.98 ($13.51) 17.25 | $12.47 | -7.70% | Add 25.04% | 674,100 | 135,000 | |
ROL | Rollins Inc | 2024-06-30 | Add | +0.01% | 42.44 ($46.16) 49.92 | $49.59 | 7.43% | Add 0.91% | 1,439,275 | 13,000 | |
SCHW | Charles Schwab Corp | 2024-06-30 | Add | +0.01% | 70.03 ($73.87) 78.9 | $62.90 | -14.85% | Add 0.96% | 1,366,766 | 13,000 | |
UBER | Uber Technologies Inc | 2024-06-30 | Add | +0.01% | 63.52 ($69.5) 77.16 | $69.58 | 0.12% | Add 22.41% | 71,000 | 13,000 | |
ULS | UL Solutions Inc | 2024-06-30 | New Buy | +0.01% | 33.58 ($37.86) 42.19 | $48.58 | 28.31% | New holding | 36,000 | 36,000 | |
ADI | Analog Devices Inc | 2024-06-30 | Add | 0% | 183.36 ($213.37) 240.16 | $213.64 | 0.13% | Add 0.02% | 1,167,671 | 200 | |
AAPL | Apple Inc | 2024-06-30 | Add | 0% | 165 ($186.49) 216.67 | $220.86 | 18.43% | Add 0.01% | 1,227,290 | 100 | |
CMCSA | Comcast Corp | 2024-06-30 | Add | 0% | 36.9 ($39.13) 42.28 | $39.63 | 1.28% | Add 0.84% | 1,081,241 | 9,000 | |
TSN | Tyson Foods Inc | 2024-06-30 | Add | 0% | 53.86 ($58.46) 62.02 | $65.87 | 12.68% | Add 1.03% | 785,500 | 8,000 | |
SRCL | Stericycle Inc | 2024-03-31 | Reduce | -0.34% | 47.21 ($50.31) 55.65 | $61.61 | 22.46% | Reduce -94.32% | 38,000 | -630,700 | |
DE | Deere & Co | 2024-03-31 | Add | +0.11% | 356.78 ($383.27) 410.74 | $381.56 | -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 | $211.43 | -16.24% | Add 6.54% | 454,291 | 27,905 | |
TSN | Tyson Foods Inc | 2024-03-31 | Add | +0.05% | 51.61 ($54.79) 58.81 | $65.87 | 20.22% | Add 11.47% | 777,500 | 80,000 | |
URI | United Rentals Inc | 2024-03-31 | Add | +0.05% | 541.39 ($641.68) 721.11 | $681.10 | 6.14% | 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 | $268.71 | 9.66% | New holding | 15,000 | 15,000 | |
FIX | Comfort Systems USA Inc | 2024-03-31 | Add | +0.04% | 195.89 ($255.45) 323.29 | $302.61 | 18.46% | Add 1200% | 13,000 | 12,000 | |
FERG | Ferguson PLC | 2024-03-31 | Add | +0.04% | 184.06 ($199.25) 221.27 | $190.20 | -4.54% | Add 49.35% | 57,500 | 19,000 | |
WSO | Watsco Inc | 2024-03-31 | Add | +0.04% | 377.91 ($401.75) 439.5 | $448.66 | 11.68% | Add 1.71% | 566,250 | 9,500 | |
CHH | Choice Hotels International Inc | 2024-03-31 | Add | +0.03% | 109.6 ($119.55) 130.05 | $122.91 | 2.81% | Add 37.4% | 84,500 | 23,000 | |
DG | Dollar General Corp | 2024-03-31 | Add | +0.03% | 130.67 ($142.16) 161.22 | $82.58 | -41.91% | Add 3.21% | 675,250 | 21,000 | |
FDX | FedEx Corp | 2024-03-31 | Add | +0.03% | 236.39 ($250.17) 289.74 | $283.04 | 13.14% | Add 7.35% | 168,000 | 11,500 | |
GPK | Graphic Packaging Holding Co | 2024-03-31 | Add | +0.03% | 24.35 ($26.15) 29.18 | $29.07 | 11.17% | 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 | $184.82 | -11.39% | Add 7.14% | 195,000 | 13,000 | |
TMO | Thermo Fisher Scientific Inc | 2024-03-31 | Add | +0.03% | 528.82 ($561.14) 599.43 | $611.33 | 8.94% | Add 26.02% | 24,700 | 5,100 | |
UNH | UnitedHealth Group Inc | 2024-03-31 | Add | +0.03% | 472.6 ($508.38) 545.42 | $596.88 | 17.41% | Add 46.36% | 16,100 | 5,100 | |
AON | Aon PLC | 2024-03-31 | Add | +0.02% | 288.02 ($310.03) 333.79 | $348.03 | 12.26% | Add 4.46% | 110,050 | 4,700 | |
CABO | Cable One Inc | 2024-03-31 | Add | +0.02% | 421.69 ($492.4) 572.87 | $345.23 | -29.89% | Add 8.82% | 48,100 | 3,900 | |
CAT | Caterpillar Inc | 2024-03-31 | Add | +0.02% | 278.63 ($319.61) 366.43 | $329.36 | 3.05% | 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 | $145.56 | 12.17% | Add 6.07% | 227,000 | 13,000 | |
HCA | HCA Healthcare Inc | 2024-03-31 | Add | +0.02% | 272.08 ($305.59) 333.53 | $387.98 | 26.96% | Add 51.56% | 21,432 | 7,291 | |
HSY | The Hershey Co | 2024-03-31 | New Buy | +0.02% | 184 ($192.9) 202.31 | $199.80 | 3.58% | New holding | 9,500 | 9,500 | |
NSP | Insperity Inc | 2024-03-31 | New Buy | +0.02% | 92.29 ($106.31) 118.76 | $86.74 | -18.41% | New holding | 16,876 | 16,876 | |
LAMR | Lamar Advertising Co | 2024-03-31 | Add | +0.02% | 101.03 ($109.64) 120.58 | $122.56 | 11.78% | Add 24.19% | 77,000 | 15,000 | |
LIN | Linde PLC | 2024-03-31 | Add | +0.02% | 400.63 ($433) 474.89 | $456.85 | 5.51% | Add 4.2% | 131,500 | 5,300 | |
LOW | Lowe's Companies Inc | 2024-03-31 | Add | +0.02% | 210.55 ($229.88) 261 | $243.81 | 6.06% | Add 0.99% | 663,480 | 6,500 | |
MAR | Marriott International Inc | 2024-03-31 | New Buy | +0.02% | 219.04 ($242.17) 255.27 | $227.60 | -6.02% | New holding | 9,000 | 9,000 | |
MMC | Marsh & McLennan Companies Inc | 2024-03-31 | Add | +0.02% | 190.17 ($199.3) 207.9 | $227.85 | 14.33% | Add 1.39% | 694,000 | 9,500 | |
MSFT | Microsoft Corp | 2024-03-31 | Add | +0.02% | 367.75 ($404.82) 429.37 | $401.81 | -0.74% | Add 0.87% | 502,830 | 4,350 | |
NVR | NVR Inc | 2024-03-31 | Add | +0.02% | 6857.43 ($7428.56) 8099.96 | $9,068.54 | 22.08% | Add 2.02% | 11,349 | 225 | |
RNR | RenaissanceRe Holdings Ltd | 2024-03-31 | Add | +0.02% | 200.14 ($221.88) 237.84 | $258.27 | 16.40% | Add 15.7% | 70,000 | 9,500 | |
TGT | Target Corp | 2024-03-31 | Add | +0.02% | 137.4 ($152.13) 177.21 | $151.28 | -0.56% | Add 9.92% | 133,000 | 12,000 | |
VRSK | Verisk Analytics Inc | 2024-03-31 | Add | +0.02% | 231.21 ($240.2) 250.66 | $271.75 | 13.13% | Add 5.39% | 127,200 | 6,500 | |
YUM | Yum Brands Inc | 2024-03-31 | New Buy | +0.02% | 126.33 ($133.53) 140.74 | $133.87 | 0.25% | New holding | 16,152 | 16,152 | |
IFF | International Flavors & Fragrances Inc | 2024-03-31 | Sold Out | -0.02% | 73.21 ($80.3) 85.99 | $103.01 | 28.28% | Sold Out | 0 | -23,000 | |
ADI | Analog Devices Inc | 2024-03-31 | Add | +0.01% | 184.69 ($192.27) 201.37 | $213.64 | 11.11% | Add 0.3% | 1,167,471 | 3,500 | |
KMX | CarMax Inc | 2024-03-31 | Add | +0.01% | 67.45 ($75.64) 87.11 | $79.38 | 4.94% | Add 11.76% | 123,500 | 13,000 | |
DEO | Diageo PLC | 2024-03-31 | Add | +0.01% | 137.5 ($146.35) 154.69 | $126.43 | -13.61% | Add 0.42% | 1,360,408 | 5,700 | |
IQV | IQVIA Holdings Inc | 2024-03-31 | Add | +0.01% | 208.23 ($233.46) 259.1 | $243.07 | 4.12% | Add 10.07% | 55,726 | 5,100 | |
META | Meta Platforms Inc | 2024-03-31 | Add | +0.01% | 344.47 ($446.07) 512.19 | $500.40 | 12.18% | Add 1.13% | 267,681 | 3,000 | |
NKE | Nike Inc | 2024-03-31 | Add | +0.01% | 92.58 ($101.72) 107.18 | $80.63 | -20.73% | Add 1.9% | 375,900 | 7,000 | |
OI | O-I Glass Inc | 2024-03-31 | Add | +0.01% | 14.37 ($15.81) 17.26 | $12.47 | -21.13% | Add 14.92% | 539,100 | 70,000 | |
ROL | Rollins Inc | 2024-03-31 | Add | +0.01% | 40.95 ($44.09) 47.01 | $49.59 | 12.47% | Add 1.35% | 1,426,275 | 19,000 | |
SCHW | Charles Schwab Corp | 2024-03-31 | Add | +0.01% | 61.89 ($65.86) 72.38 | $62.90 | -4.49% | 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 | $67.82 | 9.18% | Add 7.69% | 168,000 | 12,000 | |
SBUX | Starbucks Corp | 2024-03-31 | Add | +0.01% | 90.12 ($93.01) 97.3 | $91.15 | -2.00% | Add 1.69% | 541,318 | 9,000 | |
UBER | Uber Technologies Inc | 2024-03-31 | Add | +0.01% | 57.58 ($71.78) 81.39 | $69.58 | -3.06% | Add 28.89% | 58,000 | 13,000 | |
AAPL | Apple Inc | 2024-03-31 | Add | 0% | 169 ($181.83) 195.18 | $220.86 | 21.47% | Add 0.11% | 1,227,190 | 1,300 | |
CMCSA | Comcast Corp | 2024-03-31 | Add | 0% | 41.24 ($43.14) 46.73 | $39.63 | -8.14% | 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 | $211.43 | -5.94% | Add 41.53% | 426,386 | 125,122 | |
LBRDA | Liberty Broadband Corp | 2023-12-31 | Sold Out | -0.22% | 74.69 ($83.87) 94.28 | $59.52 | -29.03% | Sold Out | 0 | -196,750 |
Total 427
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