
	Tom Gayner 13F
	Markel Gayner Asset Management Corp

	Last update 2024-11-01	132 Stocks (4 new)
	Value $11.11 Bil	Turnover 1 %
	Countries: Top Holdings: BRK.A(6.93%)BRK.B(6.35%)BN(4.17%)GOOG(4.14%)AMZN(3.41%) 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.

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.

Tom Gayner Portfolio and Latest Trades

Ticker
Ticker
WHR
FNV
DE
YUM
LPLA
EA
EFX
HCA
LIN
WSO
CBRL
APD
LOW
SOLV
CAT
DG
FDX
MAR
MMC
MSFT
NKE
ODFL
SBUX
TMO
URI
VRSK
CVS
ABNB
AON
CABO
DPZ
FERG
GPK
THG
HSY
LAMR
META
NVR
OI
UNH
BNT
BC
CHH
NSP
EL
ROL
SCHW
UBER
ULS
TSN
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

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
WHR	Whirlpool Corp	2024-09-30	Reduce	-0.12%	● 90.25 ($100.51) 112.34	$110.49	9.93%	Reduce -44.12%	157,619	-124,430
FNV	Franco-Nevada Corp	2024-09-30	Add	+0.11%	● 116.95 ($123.85) 131.12	$114.97	-7.17%	Add 41.02%	345,500	100,500
DE	Deere & Co	2024-09-30	Add	+0.09%	● 344.84 ($377.03) 418	$393.75	4.43%	Add 2.81%	869,100	23,750
YUM	Yum Brands Inc	2024-09-30	Add	+0.09%	● 125.95 ($132.93) 139.92	$134.61	1.26%	Add 80.92%	156,502	70,000
LPLA	LPL Financial Holdings Inc	2024-09-30	Add	+0.08%	● 193 ($225.33) 282.1	$317.24	40.79%	Add 8.01%	520,404	38,613
EA	Electronic Arts Inc	2024-09-30	Sold Out	-0.07%	● 137.32 ($145) 151.82	$162.87	12.32%	Sold Out	0	-49,800
EFX	Equifax Inc	2024-09-30	Reduce	-0.06%	● 236.42 ($282.04) 307.13	$267.77	-5.06%	Reduce -25.55%	72,850	-25,000
HCA	HCA Healthcare Inc	2024-09-30	Add	+0.06%	● 315.12 ($366.12) 406.43	$350.53	-4.26%	Add 45.08%	50,930	15,825
LIN	Linde PLC	2024-09-30	Add	+0.05%	● 428.94 ($456.28) 481.68	$455.59	-0.15%	Add 8.01%	155,000	11,500
WSO	Watsco Inc	2024-09-30	Add	+0.05%	● 448.66 ($480.65) 519.89	$533.36	10.97%	Add 1.97%	582,500	11,250
CBRL	Cracker Barrel Old Country Store Inc	2024-09-30	Sold Out	-0.05%	● 36.06 ($41.18) 46.56	$45.06	9.42%	Sold Out	0	-111,000
APD	Air Products & Chemicals Inc	2024-09-30	Add	+0.04%	● 247.34 ($273.47) 300.36	$311.12	13.77%	Add 36.84%	52,000	14,000
LOW	Lowe's Companies Inc	2024-09-30	Add	+0.04%	● 213.3 ($242.19) 270.85	$269.90	11.44%	Add 2.15%	690,480	14,500
SOLV	Solventum Corp	2024-09-30	Reduce	-0.04%	● 48.02 ($60.14) 72.34	$70.70	17.56%	Reduce -98.98%	750	-72,687
CAT	Caterpillar Inc	2024-09-30	Add	+0.03%	● 316.8 ($345.34) 391.12	$393.01	13.80%	Add 2.33%	318,750	7,250
DG	Dollar General Corp	2024-09-30	Add	+0.03%	● 80.41 ($109.62) 132.42	$75.12	-31.47%	Add 6.45%	742,250	45,000
FDX	FedEx Corp	2024-09-30	Add	+0.03%	● 254.64 ($290.39) 313.52	$287.27	-1.07%	Add 7.73%	195,000	14,000
MAR	Marriott International Inc	2024-09-30	Add	+0.03%	● 211.35 ($232.89) 255.11	$286.02	22.81%	Add 63.64%	36,000	14,000
MMC	Marsh & McLennan Companies Inc	2024-09-30	Add	+0.03%	● 210.25 ($221.98) 231.84	$225.17	1.44%	Add 2.26%	722,500	16,000
MSFT	Microsoft Corp	2024-09-30	Add	+0.03%	● 395.15 ($427.47) 467.56	$423.23	-0.99%	Add 1.48%	514,980	7,500
NKE	Nike Inc	2024-09-30	Add	+0.03%	● 71.09 ($78.43) 89.44	$76.66	-2.26%	Add 10.29%	428,900	40,000
ODFL	Old Dominion Freight Line Inc	2024-09-30	Add	+0.03%	● 178.41 ($194.53) 210.18	$226.32	16.34%	Add 5.55%	295,000	15,500
SBUX	Starbucks Corp	2024-09-30	Add	+0.03%	● 72.51 ($85.8) 99.28	$98.80	15.15%	Add 5.63%	600,318	32,000
TMO	Thermo Fisher Scientific Inc	2024-09-30	Add	+0.03%	● 531.86 ($591.96) 624.21	$540.75	-8.65%	Add 20.41%	35,400	6,000
URI	United Rentals Inc	2024-09-30	Add	+0.03%	● 627.41 ($719.26) 814.1	$868.36	20.73%	Add 17.95%	25,950	3,950
VRSK	Verisk Analytics Inc	2024-09-30	Add	+0.03%	● 260.31 ($270.71) 285.99	$287.92	6.36%	Add 8.41%	144,950	11,250
CVS	CVS Health Corp	2024-09-30	Sold Out	-0.03%	● 55.81 ($58.34) 63.18	$54.03	-7.39%	Sold Out	0	-47,000
ABNB	Airbnb Inc	2024-09-30	New Buy	+0.02%	● 113.01 ($129.67) 154.34	$133.20	2.72%	New holding	19,150	19,150
AON	Aon PLC	2024-09-30	Add	+0.02%	● 293.16 ($327.16) 351.06	$383.66	17.27%	Add 5.44%	120,150	6,200
CABO	Cable One Inc	2024-09-30	Add	+0.02%	● 314.77 ($357.98) 418.85	$402.25	12.37%	Add 11.62%	60,050	6,250
DPZ	Domino's Pizza Inc	2024-09-30	New Buy	+0.02%	● 402.52 ($434.56) 505.35	$440.60	1.39%	New holding	4,500	4,500
FERG	Ferguson Enterprises Inc	2024-09-30	Add	+0.02%	● 185.87 ($202.58) 222.65	$205.83	1.60%	Add 19.86%	84,500	14,000
GPK	Graphic Packaging Holding Co	2024-09-30	Add	+0.02%	● 25.27 ($28.45) 30.5	$29.10	2.28%	Add 17.93%	394,725	60,000
THG	The Hanover Insurance Group Inc	2024-09-30	Add	+0.02%	● 123.93 ($137.35) 149.58	$164.04	19.43%	Add 5.83%	254,000	14,000
HSY	The Hershey Co	2024-09-30	Add	+0.02%	● 182.45 ($194.4) 203.25	$181.50	-6.64%	Add 67.44%	36,000	14,500
LAMR	Lamar Advertising Co	2024-09-30	Add	+0.02%	● 110.9 ($122.12) 135.58	$128.94	5.58%	Add 18.09%	111,000	17,000
META	Meta Platforms Inc	2024-09-30	Add	+0.02%	● 453.41 ($514.55) 572.44	$584.82	13.66%	Add 1.57%	275,231	4,250
NVR	NVR Inc	2024-09-30	Add	+0.02%	● 7421.51 ($8729.84) 9811.8	$9,114.26	4.40%	Add 1.52%	11,704	175
OI	O-I Glass Inc	2024-09-30	Add	+0.02%	● 10.2 ($11.98) 13.42	$13.00	8.51%	Add 20.77%	814,100	140,000
UNH	UnitedHealth Group Inc	2024-09-30	Add	+0.02%	● 488.01 ($565.61) 604.18	$614.67	8.67%	Add 15.61%	24,064	3,250
BNT	Brookfield Wealth Solutions Ltd	2024-09-30	Sold Out	-0.02%	● 41.75 ($47.32) 53.48	$57.84	22.23%	Sold Out	0	-60,101
BC	Brunswick Corp	2024-09-30	New Buy	+0.01%	● 69.46 ($77.66) 84.53	$80.40	3.53%	New holding	14,000	14,000
CHH	Choice Hotels International Inc	2024-09-30	Add	+0.01%	● 117.06 ($125.31) 133.72	$144.34	15.19%	Add 4.52%	115,500	5,000
NSP	Insperity Inc	2024-09-30	Add	+0.01%	● 85.48 ($92.62) 103.18	$76.90	-16.97%	Add 32.58%	70,143	17,237
EL	The Estee Lauder Companies Inc	2024-09-30	New Buy	+0.01%	● 84.2 ($94.8) 106.5	$62.74	-33.82%	New holding	14,000	14,000
ROL	Rollins Inc	2024-09-30	Add	+0.01%	● 45.93 ($49.38) 51.4	$51.08	3.44%	Add 0.97%	1,453,275	14,000
SCHW	Charles Schwab Corp	2024-09-30	Reduce	-0.01%	● 61.74 ($65.69) 76.08	$78.19	19.03%	Reduce -1.17%	1,350,800	-15,966
UBER	Uber Technologies Inc	2024-09-30	Add	+0.01%	● 58.48 ($70.4) 77.44	$71.37	1.38%	Add 23.94%	88,000	17,000
ULS	UL Solutions Inc	2024-09-30	Sold Out	-0.01%	● 41.97 ($48.68) 55.15	$50.33	3.39%	Sold Out	0	-36,000
TSN	Tyson Foods Inc	2024-09-30	Add	0%	● 55.91 ($61.03) 65.87	$62.66	2.67%	Add 0.51%	789,500	4,000
FNV	Franco-Nevada Corp	2024-06-30	New Buy	+0.29%	● 116.08 ($121.52) 129.07	$114.97	-5.39%	New holding	245,000	245,000
CVS	CVS Health Corp	2024-06-30	Reduce	-0.22%	● 53.63 ($62.55) 79.56	$54.03	-13.62%	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	$226.32	20.01%	Add 43.33%	279,500	84,500
YUM	Yum Brands Inc	2024-06-30	Add	+0.09%	● 131.96 ($137.64) 143.19	$134.61	-2.20%	Add 435.55%	86,502	70,350
DE	Deere & Co	2024-06-30	Add	+0.08%	● 364.98 ($390.01) 414.02	$393.75	0.96%	Add 2.62%	845,350	21,550
LPLA	LPL Financial Holdings Inc	2024-06-30	Add	+0.08%	● 256.41 ($271.44) 288.82	$317.24	16.87%	Add 6.05%	481,791	27,500
APD	Air Products & Chemicals Inc	2024-06-30	Add	+0.06%	● 227.76 ($253.65) 285.31	$311.12	22.66%	Add 153.33%	38,000	23,000
LIN	Linde PLC	2024-06-30	Add	+0.05%	● 419.62 ($440) 464.7	$455.59	3.54%	Add 9.13%	143,500	12,000
EA	Electronic Arts Inc	2024-06-30	Reduce	-0.04%	● 125.24 ($131.75) 141.23	$162.87	23.62%	Reduce -38.37%	49,800	-31,000
FDX	FedEx Corp	2024-06-30	Add	+0.04%	● 245.11 ($261.58) 299.84	$287.27	9.82%	Add 7.74%	181,000	13,000
HCA	HCA Healthcare Inc	2024-06-30	Add	+0.04%	● 297 ($324.92) 343.29	$350.53	7.88%	Add 63.8%	35,105	13,673
URI	United Rentals Inc	2024-06-30	Add	+0.04%	● 616.21 ($664.6) 712.69	$868.36	30.66%	Add 41.94%	22,000	6,500
CHH	Choice Hotels International Inc	2024-06-30	Add	+0.03%	● 109.76 ($117.91) 126.22	$144.34	22.42%	Add 30.77%	110,500	26,000
DG	Dollar General Corp	2024-06-30	Add	+0.03%	● 124.12 ($139.65) 159.55	$75.12	-46.21%	Add 3.26%	697,250	22,000
GPK	Graphic Packaging Holding Co	2024-06-30	Add	+0.03%	● 25.85 ($27.62) 29.4	$29.10	5.36%	Add 38.99%	334,725	93,901
NSP	Insperity Inc	2024-06-30	Add	+0.03%	● 91.21 ($101.29) 109.52	$76.90	-24.08%	Add 213.5%	52,906	36,030
LOW	Lowe's Companies Inc	2024-06-30	Add	+0.03%	● 214.27 ($228.13) 249.28	$269.90	18.31%	Add 1.88%	675,980	12,500
MAR	Marriott International Inc	2024-06-30	Add	+0.03%	● 228.38 ($240.03) 258.55	$286.02	19.16%	Add 144.44%	22,000	13,000
MMC	Marsh & McLennan Companies Inc	2024-06-30	Add	+0.03%	● 196.29 ($205.42) 215.75	$225.17	9.61%	Add 1.8%	706,500	12,500
TMO	Thermo Fisher Scientific Inc	2024-06-30	Add	+0.03%	● 541.52 ($572.88) 599.02	$540.75	-5.61%	Add 19.03%	29,400	4,700
CABO	Cable One Inc	2024-06-30	Add	+0.02%	● 338 ($382.57) 424.31	$402.25	5.14%	Add 11.85%	53,800	5,700
FERG	Ferguson Enterprises Inc	2024-06-30	Add	+0.02%	● 190.98 ($209.74) 223.85	$205.83	-1.86%	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	$164.04	26.15%	Add 5.73%	240,000	13,000
HSY	The Hershey Co	2024-06-30	Add	+0.02%	● 182 ($193.48) 209.51	$181.50	-6.19%	Add 126.32%	21,500	12,000
LAMR	Lamar Advertising Co	2024-06-30	Add	+0.02%	● 110.64 ($116.37) 121.82	$128.94	10.80%	Add 22.08%	94,000	17,000
META	Meta Platforms Inc	2024-06-30	Add	+0.02%	● 430.17 ($486.09) 527.34	$584.82	20.31%	Add 1.23%	270,981	3,300
MSFT	Microsoft Corp	2024-06-30	Add	+0.02%	● 389.33 ($422.32) 452.85	$423.23	0.22%	Add 0.92%	507,480	4,650
SBUX	Starbucks Corp	2024-06-30	Add	+0.02%	● 72.5 ($81.44) 91.53	$98.80	21.32%	Add 4.99%	568,318	27,000
UNH	UnitedHealth Group Inc	2024-06-30	Add	+0.02%	● 439.2 ($490.13) 524.63	$614.67	25.41%	Add 29.28%	20,814	4,714
VRSK	Verisk Analytics Inc	2024-06-30	Add	+0.02%	● 217.96 ($244.72) 272.27	$287.92	17.65%	Add 5.11%	133,700	6,500
WSO	Watsco Inc	2024-06-30	Add	+0.02%	● 396.92 ($457.1) 491.01	$533.36	16.68%	Add 0.88%	571,250	5,000
SRCL	Stericycle Inc	2024-06-30	Sold Out	-0.02%	● 44.3 ($51.35) 59.2	$61.98	20.70%	Sold Out	0	-38,000
AON	Aon PLC	2024-06-30	Add	+0.01%	● 275.82 ($295.67) 329.64	$383.66	29.76%	Add 3.54%	113,950	3,900
KMX	CarMax Inc	2024-06-30	Add	+0.01%	● 67.21 ($72.06) 85.94	$76.69	6.43%	Add 10.53%	136,500	13,000
CAT	Caterpillar Inc	2024-06-30	Add	+0.01%	● 321.47 ($346.74) 379.3	$393.01	13.34%	Add 1.27%	311,500	3,900
DEO	Diageo PLC	2024-06-30	Add	+0.01%	● 126.08 ($137.77) 149.08	$119.68	-13.13%	Add 0.46%	1,366,708	6,300
IQV	IQVIA Holdings Inc	2024-06-30	Add	+0.01%	● 211.18 ($227.18) 248.87	$213.57	-5.99%	Add 5.38%	58,726	3,000
NKE	Nike Inc	2024-06-30	Add	+0.01%	● 75.37 ($92.94) 97.18	$76.66	-17.52%	Add 3.46%	388,900	13,000
NVR	NVR Inc	2024-06-30	Add	+0.01%	● 7335.26 ($7647.13) 8026.27	$9,114.26	19.19%	Add 1.59%	11,529	180
OI	O-I Glass Inc	2024-06-30	Add	+0.01%	● 10.98 ($13.51) 17.25	$13.00	-3.77%	Add 25.04%	674,100	135,000
ROL	Rollins Inc	2024-06-30	Add	+0.01%	● 42.44 ($46.16) 49.92	$51.08	10.66%	Add 0.91%	1,439,275	13,000
SCHW	Charles Schwab Corp	2024-06-30	Add	+0.01%	● 70.03 ($73.87) 78.9	$78.19	5.85%	Add 0.96%	1,366,766	13,000
UBER	Uber Technologies Inc	2024-06-30	Add	+0.01%	● 63.52 ($69.5) 77.16	$71.37	2.69%	Add 22.41%	71,000	13,000
ULS	UL Solutions Inc	2024-06-30	New Buy	+0.01%	● 33.58 ($37.86) 42.19	$50.33	32.94%	New holding	36,000	36,000
ADI	Analog Devices Inc	2024-06-30	Add	0%	● 183.36 ($213.37) 240.16	$219.55	2.90%	Add 0.02%	1,167,671	200
AAPL	Apple Inc	2024-06-30	Add	0%	● 165 ($186.49) 216.67	$224.23	20.24%	Add 0.01%	1,227,290	100
CMCSA	Comcast Corp	2024-06-30	Add	0%	● 36.9 ($39.13) 42.28	$44.05	12.57%	Add 0.84%	1,081,241	9,000
TSN	Tyson Foods Inc	2024-06-30	Add	0%	● 53.86 ($58.46) 62.02	$62.66	7.18%	Add 1.03%	785,500	8,000
SRCL	Stericycle Inc	2024-03-31	Reduce	-0.34%	● 47.21 ($50.31) 55.65	$61.98	23.20%	Reduce -94.32%	38,000	-630,700
DE	Deere & Co	2024-03-31	Add	+0.11%	● 356.78 ($383.27) 410.74	$393.75	2.73%	Add 3.26%	823,800	26,000

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