
	Tom Gayner 13F
	Markel Gayner Asset Management Corp

	Last update 2024-02-22	128 Stocks (2 new)
	Value $9.20 Bil	Turnover 2 %
	Countries: Top Holdings: BRK.A(6.57%)BRK.B(5.94%)GOOG(4.21%)BN(3.80%)DE(3.47%) 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
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
FIX
DIS
EMN
LPLA
LSXMK
LSXMA
DG
CABO
TSN
ODFL
SONY
HCSG
CHH
FDX
THG
LLYVA
TGT
AON
IQV
LLYVK
LIN
LOW
MMC
RNR
TMO
UNH
V
WSO
ALL
COF
CAT
CE
HCA
JPM
LAMR
LBRDK
META
MSFT
NVR
SCHW
URI
VRSK
SKWD
GOOGL
AMZN
ADI
AAPL
KMX
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
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	$261.02	16.12%	Add 41.53%	426,386	125,122
LBRDA	Liberty Broadband Corp	2023-12-31	Sold Out	-0.22%	● 74.69 ($83.87) 94.28	$48.37	-42.33%	Sold Out	0	-196,750
DE	Deere & Co	2023-12-31	Add	+0.17%	● 359.39 ($377.05) 401.64	$393.53	4.37%	Add 5.14%	797,800	39,000
LBRDK	Liberty Broadband Corp	2023-12-31	Sold Out	-0.17%	● 74.76 ($83.95) 94.32	$48.27	-42.51%	Sold Out	0	-149,859
BK	Bank of New York Mellon Corp	2023-12-31	Reduce	-0.13%	● 41.18 ($46.06) 52.22	$53.76	16.72%	Reduce -66.74%	121,500	-243,750
DG	Dollar General Corp	2023-12-31	Add	+0.09%	● 101.83 ($121.3) 135.95	$145.12	19.64%	Add 10.84%	654,250	64,000
ADI	Analog Devices Inc	2023-12-31	Add	+0.08%	● 155.88 ($178.58) 200.88	$191.92	7.47%	Add 3.13%	1,163,971	35,300
FERG	Ferguson PLC	2023-12-31	Add	+0.07%	● 150.2 ($168.69) 193.26	$215.54	27.77%	Add 541.67%	38,500	32,500
TSN	Tyson Foods Inc	2023-12-31	Add	+0.07%	● 45.17 ($48.56) 53.75	$58.05	19.54%	Add 20.78%	697,500	120,000
TGT	Target Corp	2023-12-31	Add	+0.06%	● 105.01 ($122.07) 142.54	$163.19	33.69%	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	$220.80	11.32%	Add 14.47%	182,000	11,500
WSO	Watsco Inc	2023-12-31	Add	+0.05%	● 340.51 ($387.45) 429.01	$413.37	6.69%	Add 2.02%	556,750	11,000
CABO	Cable One Inc	2023-12-31	Add	+0.04%	● 519.61 ($570.94) 664.95	$387.17	-32.19%	Add 17.24%	44,200	6,500
CHH	Choice Hotels International Inc	2023-12-31	Add	+0.04%	● 110.16 ($114.31) 124.9	$118.63	3.78%	Add 86.36%	61,500	28,500
SCHW	Charles Schwab Corp	2023-12-31	Add	+0.04%	● 49.33 ($57.75) 70.98	$72.72	25.92%	Add 4.54%	1,334,766	58,000
URI	United Rentals Inc	2023-12-31	Add	+0.04%	● 399.02 ($471.7) 580.47	$657.18	39.32%	Add 200%	9,000	6,000
VNT	Vontier Corp	2023-12-31	Sold Out	-0.04%	● 29.03 ($32.54) 35.19	$40.64	24.89%	Sold Out	0	-110,853
LLYVA	Liberty Live Group	2023-12-31	Sold Out	-0.04%	● 29.52 ($33.2) 36.79	$36.32	9.40%	Sold Out	0	-98,000
EFX	Equifax Inc	2023-12-31	Add	+0.03%	● 162.68 ($202.83) 250.41	$240.02	18.34%	Add 11.38%	97,850	10,000
FDX	FedEx Corp	2023-12-31	Add	+0.03%	● 227.93 ($254.05) 281.92	$264.66	4.18%	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	$27.48	22.65%	New holding	121,601	121,601
THG	The Hanover Insurance Group Inc	2023-12-31	Add	+0.03%	● 109.4 ($118.89) 128.18	$129.24	8.70%	Add 13.23%	214,000	25,000
ICE	Intercontinental Exchange Inc	2023-12-31	Reduce	-0.03%	● 104.72 ($113.38) 128.6	$130.50	15.10%	Reduce -84.52%	5,120	-27,957
LIN	Linde PLC	2023-12-31	Add	+0.03%	● 364.38 ($394.4) 426.72	$444.71	12.76%	Add 4.73%	126,200	5,700
LOW	Lowe's Companies Inc	2023-12-31	Add	+0.03%	● 183.62 ($202.7) 225.59	$228.73	12.84%	Add 1.78%	656,980	11,500
TMO	Thermo Fisher Scientific Inc	2023-12-31	Add	+0.03%	● 431.41 ($484.03) 532.94	$554.63	14.59%	Add 44.12%	19,600	6,000
UNH	UnitedHealth Group Inc	2023-12-31	Add	+0.03%	● 509.47 ($533.34) 552.97	$471.24	-11.64%	Add 120%	11,000	6,000
LBTYA	Liberty Global Ltd	2023-12-31	Sold Out	-0.03%	● 15.11 ($16.2) 17.77	$16.43	1.45%	Sold Out	0	-168,000
LLYVK	Liberty Live Group	2023-12-31	Sold Out	-0.03%	● 30.1 ($34.02) 37.57	$37.52	10.29%	Sold Out	0	-80,000
ALL	Allstate Corp	2023-12-31	Add	+0.02%	● 109.91 ($130.39) 144.36	$165.01	26.55%	Add 9.18%	154,550	13,000
AON	Aon PLC	2023-12-31	Add	+0.02%	● 288.19 ($320.1) 335.32	$304.93	-4.74%	Add 5.83%	105,350	5,800
KMX	CarMax Inc	2023-12-31	Add	+0.02%	● 60.39 ($67.22) 78.55	$69.93	4.03%	Add 31.55%	110,500	26,500
HCA	HCA Healthcare Inc	2023-12-31	Add	+0.02%	● 221.81 ($247.16) 275.85	$314.44	27.22%	Add 75.66%	14,141	6,091
IQV	IQVIA Holdings Inc	2023-12-31	Add	+0.02%	● 177.16 ($205.32) 232.73	$229.79	11.92%	Add 15.52%	50,626	6,800
JPM	JPMorgan Chase & Co	2023-12-31	Add	+0.02%	● 135.69 ($151.54) 170.3	$181.11	19.51%	Add 4.55%	252,550	11,000
MMC	Marsh & McLennan Companies Inc	2023-12-31	Add	+0.02%	● 184.9 ($193.23) 201.86	$196.84	1.87%	Add 1.78%	684,500	12,000
META	Meta Platforms Inc	2023-12-31	Add	+0.02%	● 288.35 ($325.65) 358.32	$501.70	54.06%	Add 2.24%	264,681	5,800
MSFT	Microsoft Corp	2023-12-31	Add	+0.02%	● 313.39 ($355.93) 382.7	$415.88	16.84%	Add 1.22%	498,480	6,000
NVR	NVR Inc	2023-12-31	Add	+0.02%	● 5377.29 ($6168) 7024.82	$7,674.99	24.43%	Add 2.77%	11,124	300
RNR	RenaissanceRe Holdings Ltd	2023-12-31	Add	+0.02%	● 192.67 ($207.88) 226.97	$215.48	3.66%	Add 23.47%	60,500	11,500
UBER	Uber Technologies Inc	2023-12-31	Add	+0.02%	● 40.62 ($52.31) 63.28	$73.97	41.42%	Add 114.29%	45,000	24,000
VRSK	Verisk Analytics Inc	2023-12-31	Add	+0.02%	● 222.25 ($236.72) 247.6	$222.54	-5.99%	Add 5.23%	120,700	6,000
AMZN	Amazon.com Inc	2023-12-31	Add	+0.01%	● 119.57 ($140.18) 154.07	$183.82	31.13%	Add 0.29%	2,030,760	5,800
AAPL	Apple Inc	2023-12-31	Add	+0.01%	● 166.89 ($184.64) 198.11	$169.71	-8.09%	Add 0.33%	1,225,890	4,000
CAT	Caterpillar Inc	2023-12-31	Add	+0.01%	● 226.05 ($259.41) 298.12	$361.03	39.17%	Add 1.34%	303,100	4,000
DEO	Diageo PLC	2023-12-31	Add	+0.01%	● 138.93 ($147.65) 159.96	$136.48	-7.57%	Add 0.33%	1,354,708	4,500
LAMR	Lamar Advertising Co	2023-12-31	Add	+0.01%	● 78.53 ($94.03) 111.14	$111.65	18.74%	Add 22.77%	62,000	11,500
ROL	Rollins Inc	2023-12-31	Add	+0.01%	● 32.92 ($38.92) 43.77	$43.35	11.38%	Add 1.74%	1,407,275	24,000
COF	Capital One Financial Corp	2023-12-31	Add	0%	● 88.97 ($107.87) 132.02	$136.88	26.90%	Add 1.11%	91,000	1,000
CE	Celanese Corp	2023-12-31	Add	0%	● 112.94 ($130.43) 158.5	$154.92	18.78%	Add 1.3%	77,800	1,000
FIX	Comfort Systems USA Inc	2023-12-31	New Buy	0%	● 152.12 ($184.77) 209.24	$304.10	64.58%	New holding	1,000	1,000
DIS	The Walt Disney Co	2023-12-31	Add	0%	● 79.32 ($88.16) 96.06	$113.92	29.22%	Add 0.1%	2,031,665	2,000
EMN	Eastman Chemical Co	2023-12-31	Add	0%	● 69.03 ($79.7) 90.72	$96.47	21.04%	Add 2.74%	74,950	2,000
LPLA	LPL Financial Holdings Inc	2023-09-30	Add	+0.50%	● 218.49 ($232.22) 247.52	$261.02	12.40%	Add 137.11%	301,264	174,205
LSXMK	Liberty SiriusXM Group	2023-09-30	Sold Out	-0.20%	● 22.53 ($24.29) 26.86	$24.47	0.74%	Sold Out	0	-522,000
LSXMA	Liberty SiriusXM Group	2023-09-30	Sold Out	-0.17%	● 22.1 ($23.67) 25.56	$24.61	3.97%	Sold Out	0	-426,000
DG	Dollar General Corp	2023-09-30	Add	+0.10%	● 104.34 ($149.07) 170.59	$145.12	-2.65%	Add 15.91%	590,250	81,000
CABO	Cable One Inc	2023-09-30	Add	+0.08%	● 602.05 ($658.64) 740.94	$387.17	-41.22%	Add 41.2%	37,700	11,000
TSN	Tyson Foods Inc	2023-09-30	Add	+0.08%	● 49.93 ($53.26) 56.46	$58.05	8.99%	Add 28.33%	577,500	127,500
ODFL	Old Dominion Freight Line Inc	2023-09-30	Add	+0.06%	● 183.03 ($202.29) 217.94	$220.80	9.15%	Add 17.78%	159,000	12,000
SONY	Sony Group Corp	2023-09-30	Reduce	-0.05%	● 81.05 ($87.25) 95.1	$83.09	-4.77%	Reduce -41.74%	67,000	-47,996
HCSG	Healthcare Services Group Inc	2023-09-30	Sold Out	-0.05%	● 10.42 ($12.44) 14.94	$11.63	-6.55%	Sold Out	0	-308,000
CHH	Choice Hotels International Inc	2023-09-30	Add	+0.04%	● 117.2 ($125.8) 134.3	$118.63	-5.70%	Add 560%	33,000	28,000
FDX	FedEx Corp	2023-09-30	Add	+0.04%	● 247.55 ($259.97) 269.95	$264.66	1.80%	Add 9.02%	145,000	12,000
THG	The Hanover Insurance Group Inc	2023-09-30	Add	+0.04%	● 104.25 ($110.15) 114.26	$129.24	17.33%	Add 19.62%	189,000	31,000
LLYVA	Liberty Live Group	2023-09-30	New Buy	+0.04%	● 30.71 ($32.83) 35.73	$36.32	10.63%	New holding	98,000	98,000
TGT	Target Corp	2023-09-30	Add	+0.04%	● 109.48 ($126.96) 136.47	$163.19	28.54%	Add 53.7%	83,000	29,000
AON	Aon PLC	2023-09-30	Add	+0.03%	● 314.14 ($330.85) 343.21	$304.93	-7.84%	Add 6.99%	99,550	6,500
IQV	IQVIA Holdings Inc	2023-09-30	Add	+0.03%	● 196.75 ($217.13) 231.96	$229.79	5.83%	Add 37.71%	43,826	12,000
LLYVK	Liberty Live Group	2023-09-30	New Buy	+0.03%	● 30.79 ($33.12) 37.68	$37.52	13.29%	New holding	80,000	80,000
LIN	Linde PLC	2023-09-30	Add	+0.03%	● 364.51 ($380.59) 391.04	$444.71	16.85%	Add 5.33%	120,500	6,100
LOW	Lowe's Companies Inc	2023-09-30	Add	+0.03%	● 206.96 ($224.96) 235.09	$228.73	1.68%	Add 2.06%	645,480	13,000
MMC	Marsh & McLennan Companies Inc	2023-09-30	Add	+0.03%	● 183.99 ($191.66) 198.55	$196.84	2.71%	Add 1.97%	672,500	13,000
RNR	RenaissanceRe Holdings Ltd	2023-09-30	Add	+0.03%	● 176.98 ($192.38) 205.89	$215.48	12.01%	Add 36.11%	49,000	13,000
TMO	Thermo Fisher Scientific Inc	2023-09-30	Add	+0.03%	● 498.29 ($532.87) 574.41	$554.63	4.08%	Add 65.85%	13,600	5,400
UNH	UnitedHealth Group Inc	2023-09-30	New Buy	+0.03%	● 447.75 ($492.14) 510.93	$471.24	-4.25%	New holding	5,000	5,000
V	Visa Inc	2023-09-30	Add	+0.03%	● 229.5 ($240.37) 248.11	$271.81	13.08%	Add 1.01%	999,285	10,015
WSO	Watsco Inc	2023-09-30	Add	+0.03%	● 341.03 ($361.55) 380.37	$413.37	14.33%	Add 1.21%	545,750	6,500
ALL	Allstate Corp	2023-09-30	Add	+0.02%	● 101.18 ($109.12) 115.24	$165.01	51.22%	Add 10.11%	141,550	13,000
COF	Capital One Financial Corp	2023-09-30	Add	+0.02%	● 95.49 ($106.9) 117.96	$136.88	28.05%	Add 16.88%	90,000	13,000
CAT	Caterpillar Inc	2023-09-30	Add	+0.02%	● 240.58 ($271.28) 288.65	$361.03	33.08%	Add 2.08%	299,100	6,100
CE	Celanese Corp	2023-09-30	Add	+0.02%	● 112.16 ($122.94) 129	$154.92	26.01%	Add 17.61%	76,800	11,500
HCA	HCA Healthcare Inc	2023-09-30	New Buy	+0.02%	● 245.98 ($273.63) 298.35	$314.44	14.91%	New holding	8,050	8,050
JPM	JPMorgan Chase & Co	2023-09-30	Add	+0.02%	● 143.21 ($149.9) 158	$181.11	20.82%	Add 5.69%	241,550	13,000
LAMR	Lamar Advertising Co	2023-09-30	Add	+0.02%	● 81.92 ($91.81) 103.31	$111.65	21.61%	Add 46.38%	50,500	16,000
LBRDK	Liberty Broadband Corp	2023-09-30	Reduce	-0.02%	● 80.38 ($89.2) 95.23	$48.27	-45.89%	Reduce -12.93%	149,859	-22,254
META	Meta Platforms Inc	2023-09-30	Add	+0.02%	● 283.25 ($301.3) 325.48	$501.70	66.51%	Add 2.41%	258,881	6,100
MSFT	Microsoft Corp	2023-09-30	Add	+0.02%	● 312.14 ($330.44) 359.49	$415.88	25.86%	Add 1.34%	492,480	6,500
NVR	NVR Inc	2023-09-30	Add	+0.02%	● 5888.47 ($6210.32) 6509.35	$7,674.99	23.58%	Add 2.9%	10,824	305
SCHW	Charles Schwab Corp	2023-09-30	Add	+0.02%	● 54.2 ($60.44) 67.94	$72.72	20.32%	Add 2.45%	1,276,766	30,500
URI	United Rentals Inc	2023-09-30	New Buy	+0.02%	● 428.28 ($457.73) 491.17	$657.18	43.57%	New holding	3,000	3,000
VRSK	Verisk Analytics Inc	2023-09-30	Add	+0.02%	● 222.5 ($235.7) 248.49	$222.54	-5.58%	Add 5.23%	114,700	5,700
SKWD	Skyward Specialty Insurance Group Inc	2023-09-30	Sold Out	-0.02%	● 23.22 ($24.91) 28.47	$35.62	42.99%	Sold Out	0	-60,064
GOOGL	Alphabet Inc	2023-09-30	Add	+0.01%	● 116.45 ($129.36) 138.21	$154.79	19.66%	Add 0.91%	555,000	5,000
AMZN	Amazon.com Inc	2023-09-30	Add	+0.01%	● 125.98 ($134) 144.85	$183.82	37.18%	Add 0.3%	2,024,960	6,100
ADI	Analog Devices Inc	2023-09-30	Add	+0.01%	● 172.34 ($184.4) 199.53	$191.92	4.08%	Add 0.54%	1,128,671	6,100
AAPL	Apple Inc	2023-09-30	Add	+0.01%	● 170.43 ($183.38) 196.45	$169.71	-7.45%	Add 0.49%	1,221,890	5,900
KMX	CarMax Inc	2023-09-30	Add	+0.01%	● 69.01 ($81.89) 85.83	$69.93	-14.60%	Add 21.74%	84,000	15,000
DE	Deere & Co	2023-09-30	Add	+0.01%	● 377.38 ($412.38) 446.33	$393.53	-4.57%	Add 0.4%	758,800	3,000

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