Insights into the Investment Moves of Markel Corporation's Co-CEO
Tom Gayner (Trades, Portfolio), Co-Chief Executive Officer of Markel Corporation, recently submitted his 13F report for the third quarter of 2023. Gayner, who joined Markel in 1990, oversees the company's investing activities and the Markel Ventures diverse industrial and service businesses. Prior to Markel, he served as vice president of Davenport & Co of Virginia and as a Certified Public Accountant with PriceWaterhouseCoopers LLP. Gayner's investment philosophy is outlined in Markel's 2019 Letter to Shareholders, emphasizing a four-part discipline: seeking businesses with good returns and modest leverage, management teams with talent and integrity, opportunities for capital reinvestment and growth, and acquiring holdings at fair prices.
New Additions to the Portfolio
In the third quarter of 2023, Gayner added a total of six stocks to his portfolio. The most significant addition was Liberty Live Group (LLYVA, Financial), with 98,000 shares, accounting for 0.04% of the portfolio and a total value of $3.13 million. The second largest addition was Liberty Live Group (LLYVK, Financial), consisting of 80,000 shares, representing approximately 0.03% of the portfolio, with a total value of $2.57 million. The third largest addition was UnitedHealth Group Inc (UNH, Financial), with 5,000 shares, accounting for 0.03% of the portfolio and a total value of $2.52 million.
Key Position Increases
Gayner also increased stakes in a total of 44 stocks. The most notable increase was in LPL Financial Holdings Inc (LPLA, Financial), with an additional 174,205 shares, bringing the total to 301,264 shares. This adjustment represents a significant 137.11% increase in share count, a 0.5% impact on the current portfolio, and a total value of $71.6 million. The second largest increase was in Dollar General Corp (DG, Financial), with an additional 81,000 shares, bringing the total to 590,250. This adjustment represents a significant 15.91% increase in share count, with a total value of $62.4 million.
Complete Exits
Gayner completely exited four holdings in the third quarter of 2023. These include Liberty SiriusXM Group (LSXMK, Financial), where all 522,000 shares were sold, resulting in a -0.2% impact on the portfolio, and Liberty SiriusXM Group (LSXMA, Financial), where all 426,000 shares were liquidated, causing a -0.17% impact on the portfolio.
Position Reductions
Gayner also reduced positions in four stocks. The most significant changes include Sony Group Corp (SONY, Financial), where 47,996 shares were sold, resulting in a -41.74% decrease in shares and a -0.05% impact on the portfolio. The stock traded at an average price of $87.25 during the quarter and has returned -3.82% over the past three months and 14.09% year-to-date. Gayner also reduced his stake in Liberty Broadband Corp (LBRDK, Financial) by 22,254 shares, resulting in a -12.93% reduction in shares and a -0.02% impact on the portfolio. The stock traded at an average price of $89.2 during the quarter and has returned -6.72% over the past three months and 11.20% year-to-date.
Portfolio Overview
At the end of the third quarter of 2023, Gayner's portfolio included 133 stocks. The top holdings included 7.15% in Berkshire Hathaway Inc (BRK.A, Financial), 6.48% in Berkshire Hathaway Inc (BRK.B, Financial), 4.38% in Alphabet Inc (GOOG, Financial), 3.46% in Deere & Co (DE, Financial), and 3.36% in The Home Depot Inc (HD, Financial).
The holdings are mainly concentrated in nine of all the 11 industries: Financial Services, Industrials, Consumer Cyclical, Communication Services, Technology, Consumer Defensive, Healthcare, Basic Materials, and Real Estate.
This article, generated by GuruFocus, is designed to provide general insights and is not tailored financial advice. Our commentary is rooted in historical data and analyst projections, utilizing an impartial methodology, and is not intended to serve as specific investment guidance. It does not formulate a recommendation to purchase or divest any stock and does not consider individual investment objectives or financial circumstances. Our objective is to deliver long-term, fundamental data-driven analysis. Be aware that our analysis might not incorporate the most recent, price-sensitive company announcements or qualitative information. GuruFocus holds no position in the stocks mentioned herein.
