Insights into the Investment Shifts of a Prominent Value Investor

Tom Gayner (Trades, Portfolio), the Co-Chief Executive Officer of Markel Corporation, has recently disclosed his investment activities for the third quarter of 2024 through the latest 13F filing. With a career that began at Markel in 1990, Gayner has developed a reputation for a disciplined investment strategy that focuses on companies with strong returns, modest leverage, reputable management, and the potential for reinvestment. His approach emphasizes acquiring these businesses at fair prices, aiming for long-term growth in intrinsic value.

Summary of New Buys

During the third quarter, Tom Gayner (Trades, Portfolio) expanded his portfolio by adding four new stocks. Noteworthy new positions include:

• Airbnb Inc (NASDAQ:ABNB) with 19,150 shares, making up 0.02% of the portfolio and valued at $2.43 million.
• Domino's Pizza Inc (NYSE:DPZ) with 4,500 shares, also representing 0.02% of the portfolio, valued at $1.94 million.
• Brunswick Corp (NYSE:BC) with 14,000 shares, accounting for 0.01% of the portfolio, valued at $1.17 million.

Key Position Increases

Gayner also made significant increases to several existing positions:

• Franco-Nevada Corp (NYSE:FNV) saw an addition of 100,500 shares, bringing the total to 345,500 shares. This adjustment increased the share count by 41.02% and had a 0.11% impact on the current portfolio, with a total value of $42.93 million.
• Deere & Co (NYSE:DE) with an additional 23,750 shares, bringing the total to 869,100 shares. This represents a 2.81% increase in share count, with a total value of $362.70 million.

Summary of Sold Out Positions

Tom Gayner (Trades, Portfolio) completely exited several holdings in this quarter:

• Electronic Arts Inc (NASDAQ:EA), where all 49,800 shares were sold, impacting the portfolio by -0.07%.
• Cracker Barrel Old Country Store Inc (NASDAQ:CBRL), with all 111,000 shares liquidated, causing a -0.05% impact on the portfolio.

Key Position Reductions

Reductions were also made in several key holdings:

• Whirlpool Corp (NYSE:WHR) was reduced by 124,430 shares, a -44.12% decrease, impacting the portfolio by -0.12%. The stock traded at an average price of $100.51 during the quarter and has seen a 6.40% return over the past three months, despite a -10.78% return year-to-date.
• Equifax Inc (NYSE:EFX) saw a reduction of 25,000 shares, a -25.55% decrease, impacting the portfolio by -0.06%. The stock traded at an average price of $282.04 during the quarter and has returned -6.16% over the past three months and 7.39% year-to-date.

Portfolio Overview

As of the third quarter of 2024, Tom Gayner (Trades, Portfolio)'s portfolio included 132 stocks. The top holdings were 6.93% in Berkshire Hathaway Inc (NYSE:BRK.A), 6.35% in Berkshire Hathaway Inc (NYSE:BRK.B), 4.17% in Brookfield Corp (NYSE:BN), 4.14% in Alphabet Inc (NASDAQ:GOOG), and 3.41% in Amazon.com Inc (NASDAQ:AMZN). The holdings are mainly concentrated in 9 of all the 11 industries: Financial Services, Industrials, Consumer Cyclical, Technology, Communication Services, Consumer Defensive, Healthcare, Basic Materials, and Real Estate.

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