
	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
BAM
ATVI
REGN
LPLA
DG
SRCL
LPLA
REGN
LMT
SEIC
FNV
LPLA
ESAB
DG
CVS
LBRDA
TPL
GOOGL
LSXMK
LBRDK
NFLX
DE
ATVI
LSXMA
ODFL
ENOV
CABO
WSO
BK
ENOV
WHR
WSO
DE
FNV
HCSG
DG
MRVL
DE
YUM
DG
YUM
TSN
CABO
ADI
ODFL
DE
LPLA
LPLA
V
TSN
FERG
LPLA
EA
ODFL
PYPL
ODFL
APD
ODFL
EFX
TGT
CCK
HCA
TGT
FDX
WSO
CBRL
LIN
URI
ODFL
LIN
CMCSA
TSN
META
WSO
COF
HCSG
SCHW
DG
SONY
WSO
IQV
HCSG
COF
FIX
SOLV
META
LLYVA
URI
SCHW
CHH
CABO
ADI
FDX
VNT
TGT
FDX
LLYVA
APD
META
THG

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
BAM	Brookfield Asset Management Ltd	2022-12-31	New Buy	+0.84%	● 27.11 ($30.09) 33.01	$57.16	89.96%	New holding	2,193,958	2,193,958
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
REGN	Regeneron Pharmaceuticals Inc	2022-12-31	Reduce	-0.51%	● 705.89 ($737.86) 766.39	$750.22	1.68%	Reduce -62.02%	30,500	-49,800
LPLA	LPL Financial Holdings Inc	2023-09-30	Add	+0.50%	● 218.49 ($232.22) 247.52	$325.15	40.02%	Add 137.11%	301,264	174,205
DG	Dollar General Corp	2023-06-30	Add	+0.47%	● 153.05 ($197.94) 222.43	$77.27	-60.96%	Add 82.36%	509,250	230,000
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
LPLA	LPL Financial Holdings Inc	2023-12-31	Add	+0.31%	● 209.89 ($224.79) 239.77	$325.15	44.65%	Add 41.53%	426,386	125,122
REGN	Regeneron Pharmaceuticals Inc	2023-03-31	Sold Out	-0.30%	● 680.49 ($754.21) 826.97	$750.22	-0.53%	Sold Out	0	-30,500
LMT	Lockheed Martin Corp	2022-12-31	Add	+0.30%	● 389.41 ($464.67) 496.23	$529.41	13.93%	Add 418.85%	56,363	45,500
SEIC	SEI Investments Co	2023-06-30	Reduce	-0.30%	● 56.5 ($58.18) 59.62	$82.63	42.02%	Reduce -70.6%	173,200	-416,000
FNV	Franco-Nevada Corp	2024-06-30	New Buy	+0.29%	● 116.08 ($121.52) 129.07	$122.62	0.91%	New holding	245,000	245,000
LPLA	LPL Financial Holdings Inc	2023-06-30	Add	+0.28%	● 180.95 ($200.28) 217.9	$325.15	62.35%	Add 545.95%	127,059	107,389
ESAB	ESAB Corp	2023-06-30	Sold Out	-0.26%	● 55.52 ($60.62) 66.54	$129.08	112.93%	Sold Out	0	-348,356
DG	Dollar General Corp	2023-03-31	Add	+0.25%	● 202.85 ($224.49) 248.56	$77.27	-65.58%	Add 50.74%	279,250	94,000
CVS	CVS Health Corp	2024-06-30	Reduce	-0.22%	● 53.63 ($62.55) 79.56	$59.85	-4.32%	Reduce -85.84%	47,000	-285,000
LBRDA	Liberty Broadband Corp	2023-12-31	Sold Out	-0.22%	● 74.69 ($83.87) 94.28	$84.67	0.95%	Sold Out	0	-196,750
TPL	Texas Pacific Land Corp	2022-12-31	Sold Out	-0.21%	● 622 ($795.13) 905.02	$1,600.09	101.24%	Sold Out	0	-7,900
GOOGL	Alphabet Inc	2023-03-31	Add	+0.21%	● 86.2 ($95.94) 107.74	$168.95	76.10%	Add 42.9%	533,000	160,000
LSXMK	Liberty SiriusXM Group	2023-09-30	Sold Out	-0.20%	● 22.53 ($24.29) 26.86	$22.29	-8.23%	Sold Out	0	-522,000
LBRDK	Liberty Broadband Corp	2023-12-31	Sold Out	-0.17%	● 74.76 ($83.95) 94.32	$85.14	1.42%	Sold Out	0	-149,859
NFLX	Netflix Inc	2023-03-31	Sold Out	-0.17%	● 292.76 ($330.93) 367.96	$886.81	167.98%	Sold Out	0	-43,000
DE	Deere & Co	2023-12-31	Add	+0.17%	● 359.39 ($377.05) 401.64	$465.90	23.56%	Add 5.14%	797,800	39,000
ATVI	Activision Blizzard Inc	2022-12-31	Add	+0.17%	● 71.1 ($74.26) 77.36	$94.42	27.15%	Add 36.82%	620,600	167,000
LSXMA	Liberty SiriusXM Group	2023-09-30	Sold Out	-0.17%	● 22.1 ($23.67) 25.56	$22.29	-5.83%	Sold Out	0	-426,000
ODFL	Old Dominion Freight Line Inc	2024-06-30	Add	+0.15%	● 168.53 ($188.59) 224.69	$225.14	19.38%	Add 43.33%	279,500	84,500
ENOV	Enovis Corp	2022-12-31	Reduce	-0.14%	● 44.83 ($51.61) 57.43	$48.81	-5.43%	Reduce -52.86%	178,356	-200,000
CABO	Cable One Inc	2022-12-31	Add	+0.14%	● 620.99 ($745.25) 887	$420.22	-43.61%	Add 128.21%	26,700	15,000
WSO	Watsco Inc	2022-12-31	Add	+0.13%	● 238.59 ($262.94) 283.23	$551.60	109.78%	Add 8.22%	500,250	38,000
BK	Bank of New York Mellon Corp	2023-12-31	Reduce	-0.13%	● 41.18 ($46.06) 52.22	$81.87	77.75%	Reduce -66.74%	121,500	-243,750
ENOV	Enovis Corp	2023-03-31	Sold Out	-0.13%	● 49.5 ($57.95) 65.92	$48.81	-15.77%	Sold Out	0	-178,356
WHR	Whirlpool Corp	2024-09-30	Reduce	-0.12%	● 90.25 ($100.51) 112.34	$111.42	10.85%	Reduce -44.12%	157,619	-124,430
WSO	Watsco Inc	2023-03-31	Add	+0.12%	● 255.38 ($293.75) 324.1	$551.60	87.78%	Add 5.7%	528,750	28,500
DE	Deere & Co	2024-03-31	Add	+0.11%	● 356.78 ($383.27) 410.74	$465.90	21.56%	Add 3.26%	823,800	26,000
FNV	Franco-Nevada Corp	2024-09-30	Add	+0.11%	● 116.95 ($123.85) 131.12	$122.62	-0.99%	Add 41.02%	345,500	100,500
HCSG	Healthcare Services Group Inc	2023-03-31	Reduce	-0.11%	● 12 ($13.17) 14.47	$12.34	-6.30%	Reduce -57.68%	508,000	-692,500
DG	Dollar General Corp	2023-09-30	Add	+0.10%	● 104.34 ($149.07) 170.59	$77.27	-48.17%	Add 15.91%	590,250	81,000
MRVL	Marvell Technology Inc	2023-06-30	Sold Out	-0.09%	● 36.91 ($48.5) 65.51	$92.69	91.11%	Sold Out	0	-160,000
DE	Deere & Co	2024-09-30	Add	+0.09%	● 344.84 ($377.03) 418	$465.90	23.57%	Add 2.81%	869,100	23,750
YUM	Yum Brands Inc	2024-09-30	Add	+0.09%	● 125.95 ($132.93) 139.92	$138.94	4.52%	Add 80.92%	156,502	70,000
DG	Dollar General Corp	2023-12-31	Add	+0.09%	● 101.83 ($121.3) 135.95	$77.27	-36.30%	Add 10.84%	654,250	64,000
YUM	Yum Brands Inc	2024-06-30	Add	+0.09%	● 131.96 ($137.64) 143.19	$138.94	0.94%	Add 435.55%	86,502	70,350
TSN	Tyson Foods Inc	2023-09-30	Add	+0.08%	● 49.93 ($53.26) 56.46	$64.50	21.10%	Add 28.33%	577,500	127,500
CABO	Cable One Inc	2023-09-30	Add	+0.08%	● 602.05 ($658.64) 740.94	$420.22	-36.20%	Add 41.2%	37,700	11,000
ADI	Analog Devices Inc	2023-12-31	Add	+0.08%	● 155.88 ($178.58) 200.88	$218.05	22.10%	Add 3.13%	1,163,971	35,300
ODFL	Old Dominion Freight Line Inc	2023-06-30	Add	+0.08%	● 149.22 ($162.05) 187.88	$225.14	38.93%	Add 33.66%	135,000	17,000
DE	Deere & Co	2024-06-30	Add	+0.08%	● 364.98 ($390.01) 414.02	$465.90	19.46%	Add 2.62%	845,350	21,550
LPLA	LPL Financial Holdings Inc	2024-06-30	Add	+0.08%	● 256.41 ($271.44) 288.82	$325.15	19.79%	Add 6.05%	481,791	27,500
LPLA	LPL Financial Holdings Inc	2024-09-30	Add	+0.08%	● 193 ($225.33) 282.1	$325.15	44.30%	Add 8.01%	520,404	38,613
V	Visa Inc	2023-06-30	Add	+0.07%	● 221.03 ($228.82) 237.48	$315.08	37.70%	Add 2.59%	989,270	24,950
TSN	Tyson Foods Inc	2023-12-31	Add	+0.07%	● 45.17 ($48.56) 53.75	$64.50	32.83%	Add 20.78%	697,500	120,000
FERG	Ferguson PLC	2023-12-31	Add	+0.07%	● 150.2 ($168.69) 193.26	$215.93	28.00%	Add 541.67%	38,500	32,500
LPLA	LPL Financial Holdings Inc	2024-03-31	Add	+0.07%	● 230.75 ($252.41) 273.77	$325.15	28.82%	Add 6.54%	454,291	27,905
EA	Electronic Arts Inc	2024-09-30	Sold Out	-0.07%	● 137.32 ($145) 151.82	$163.67	12.88%	Sold Out	0	-49,800
ODFL	Old Dominion Freight Line Inc	2022-12-31	Add	+0.07%	● 128.83 ($142.05) 159.05	$225.14	58.49%	Add 92.31%	75,000	18,000
PYPL	PayPal Holdings Inc	2023-06-30	Sold Out	-0.06%	● 59.37 ($68.3) 77.33	$86.77	27.04%	Sold Out	0	-59,877
ODFL	Old Dominion Freight Line Inc	2023-03-31	Add	+0.06%	● 140.74 ($167.43) 185.71	$225.14	34.47%	Add 34.67%	101,000	13,000
APD	Air Products & Chemicals Inc	2024-06-30	Add	+0.06%	● 227.76 ($253.65) 285.31	$334.33	31.81%	Add 153.33%	38,000	23,000
ODFL	Old Dominion Freight Line Inc	2023-09-30	Add	+0.06%	● 183.03 ($202.29) 217.94	$225.14	11.30%	Add 17.78%	159,000	12,000
EFX	Equifax Inc	2024-09-30	Reduce	-0.06%	● 236.42 ($282.04) 307.13	$261.56	-7.26%	Reduce -25.55%	72,850	-25,000
TGT	Target Corp	2023-12-31	Add	+0.06%	● 105.01 ($122.07) 142.54	$132.31	8.39%	Add 45.78%	121,000	38,000
CCK	Crown Holdings Inc	2022-12-31	Add	+0.06%	● 66.76 ($79.7) 85.01	$92.09	15.55%	Add 47.11%	178,000	57,000
HCA	HCA Healthcare Inc	2024-09-30	Add	+0.06%	● 315.12 ($366.12) 406.43	$327.22	-10.62%	Add 45.08%	50,930	15,825
TGT	Target Corp	2023-03-31	Add	+0.05%	● 151.73 ($164.41) 181.02	$132.31	-19.52%	Add 313.33%	31,000	23,500
FDX	FedEx Corp	2022-12-31	Add	+0.05%	● 150.14 ($166.18) 182.22	$302.67	82.13%	Add 22.29%	107,000	19,500
WSO	Watsco Inc	2023-06-30	Add	+0.05%	● 301.84 ($338.76) 381.47	$551.60	62.83%	Add 1.99%	539,250	10,500
CBRL	Cracker Barrel Old Country Store Inc	2024-09-30	Sold Out	-0.05%	● 36.06 ($41.18) 46.56	$55.56	34.92%	Sold Out	0	-111,000
LIN	Linde PLC	2024-06-30	Add	+0.05%	● 419.62 ($440) 464.7	$460.99	4.77%	Add 9.13%	143,500	12,000
URI	United Rentals Inc	2024-03-31	Add	+0.05%	● 541.39 ($641.68) 721.11	$866.00	34.96%	Add 72.22%	15,500	6,500
ODFL	Old Dominion Freight Line Inc	2023-12-31	Add	+0.05%	● 184.23 ($198.35) 212.88	$225.14	13.51%	Add 14.47%	182,000	11,500
LIN	Linde PLC	2024-09-30	Add	+0.05%	● 428.94 ($456.28) 481.68	$460.99	1.03%	Add 8.01%	155,000	11,500
CMCSA	Comcast Corp	2022-12-31	Add	+0.05%	● 28.68 ($33.08) 36.71	$43.19	30.56%	Add 12.55%	930,572	103,763
TSN	Tyson Foods Inc	2024-03-31	Add	+0.05%	● 51.61 ($54.79) 58.81	$64.50	17.72%	Add 11.47%	777,500	80,000
META	Meta Platforms Inc	2022-12-31	Add	+0.05%	● 88.91 ($117.43) 140.28	$574.32	389.07%	Add 15.29%	228,017	30,236
WSO	Watsco Inc	2023-12-31	Add	+0.05%	● 340.51 ($387.45) 429.01	$551.60	42.37%	Add 2.02%	556,750	11,000
COF	Capital One Financial Corp	2023-03-31	Add	+0.05%	● 89.71 ($104.67) 121.82	$192.01	83.44%	Add 513.33%	46,000	38,500
HCSG	Healthcare Services Group Inc	2023-09-30	Sold Out	-0.05%	● 10.42 ($12.44) 14.94	$12.34	-0.80%	Sold Out	0	-308,000
SCHW	Charles Schwab Corp	2023-06-30	Add	+0.05%	● 47.37 ($52.38) 57.14	$82.76	58.00%	Add 6.82%	1,246,266	79,594
DG	Dollar General Corp	2022-12-31	Add	+0.05%	● 236.34 ($247.29) 260.44	$77.27	-68.75%	Add 8.81%	185,250	15,000
SONY	Sony Group Corp	2023-09-30	Reduce	-0.05%	● 16.21 ($17.45) 19.02	$20.05	14.90%	Reduce -41.74%	335,000	-47,996
WSO	Watsco Inc	2024-09-30	Add	+0.05%	● 448.66 ($480.65) 519.89	$551.60	14.76%	Add 1.97%	582,500	11,250
IQV	IQVIA Holdings Inc	2023-06-30	Add	+0.05%	● 183.66 ($200.75) 224.77	$200.84	0.04%	Add 117.11%	31,826	17,167
HCSG	Healthcare Services Group Inc	2023-06-30	Reduce	-0.04%	● 13.4 ($14.48) 15.61	$12.34	-14.78%	Reduce -39.37%	308,000	-200,000
COF	Capital One Financial Corp	2023-06-30	Add	+0.04%	● 85.63 ($100.06) 113.65	$192.01	91.89%	Add 67.39%	77,000	31,000
FIX	Comfort Systems USA Inc	2024-03-31	Add	+0.04%	● 195.89 ($255.45) 323.29	$493.27	93.10%	Add 1200%	13,000	12,000
SOLV	Solventum Corp	2024-09-30	Reduce	-0.04%	● 48.02 ($60.14) 72.34	$71.51	18.91%	Reduce -98.98%	750	-72,687
META	Meta Platforms Inc	2023-06-30	Add	+0.04%	● 207.55 ($246.21) 288.73	$574.32	133.26%	Add 4.33%	252,781	10,500
LLYVA	Liberty Live Group	2023-09-30	New Buy	+0.04%	● 30.71 ($32.83) 35.73	$71.69	118.37%	New holding	98,000	98,000
URI	United Rentals Inc	2023-12-31	Add	+0.04%	● 399.02 ($471.7) 580.47	$866.00	83.59%	Add 200%	9,000	6,000
SCHW	Charles Schwab Corp	2023-12-31	Add	+0.04%	● 49.33 ($57.75) 70.98	$82.76	43.31%	Add 4.54%	1,334,766	58,000
CHH	Choice Hotels International Inc	2023-09-30	Add	+0.04%	● 117.2 ($125.8) 134.3	$151.24	20.22%	Add 560%	33,000	28,000
CABO	Cable One Inc	2023-12-31	Add	+0.04%	● 519.61 ($570.94) 664.95	$420.22	-26.40%	Add 17.24%	44,200	6,500
ADI	Analog Devices Inc	2022-12-31	Add	+0.04%	● 136.73 ($156.09) 175.49	$218.05	39.70%	Add 1.74%	1,109,071	19,000
FDX	FedEx Corp	2023-09-30	Add	+0.04%	● 247.55 ($259.97) 269.95	$302.67	16.42%	Add 9.02%	145,000	12,000
VNT	Vontier Corp	2023-12-31	Sold Out	-0.04%	● 29.03 ($32.54) 35.19	$39.26	20.65%	Sold Out	0	-110,853
TGT	Target Corp	2023-09-30	Add	+0.04%	● 109.48 ($126.96) 136.47	$132.31	4.21%	Add 53.7%	83,000	29,000
FDX	FedEx Corp	2023-06-30	Add	+0.04%	● 217.29 ($228.84) 249.98	$302.67	32.26%	Add 10.83%	133,000	13,000
LLYVA	Liberty Live Group	2023-12-31	Sold Out	-0.04%	● 29.52 ($33.2) 36.79	$71.69	115.93%	Sold Out	0	-98,000
APD	Air Products & Chemicals Inc	2024-03-31	New Buy	+0.04%	● 215.38 ($245.03) 273.47	$334.33	36.44%	New holding	15,000	15,000
META	Meta Platforms Inc	2023-03-31	Add	+0.04%	● 124.74 ($170.3) 211.94	$574.32	237.24%	Add 6.26%	242,281	14,264
THG	The Hanover Insurance Group Inc	2023-09-30	Add	+0.04%	● 104.25 ($110.15) 114.26	$165.01	49.80%	Add 19.62%	189,000	31,000

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