tom gayner

The 13f filings, detailing asset changes for the third quarter of 2012 are trickling in gradually. Tom Gayner reported his portfolio for the third quarter of 2012 to the SEC today. His firm, Markel Corporation (NYSE:MKL), added $154 million in Q3, taking the publicly disclosed assets to over $2.34 billion. The highlights from the third quarter are:

Top Holdings

Markel’s largest holdings are in CarMax, Inc (NYSE:KMX), which is 6.23 percent of the portfolio, Berkshire Hathaway Inc. (NYSE:BRK.A) (NYSE:BRK.B), Class A, 6.15 percent, Diageo plc (NYSE: DEO) 5.95 percent, Berkshire Hathaway class B (NYSE: BRK.B) 5.89 percent and Fairfax Financial Holdings Limited (TSE:FFH), which makes up 4.62 percent.

New Holdings

During Q3, new positions were initiated in 9 equities. 81,500 shares of Alliance Holdings GP, L.P. (NASDAQ:AHGP) were bought at $47.95; 135,000 shares of Peabody Energy Corporation (NYSE:BTU) were purchased at $22.99; and 75,000 shares of Mattel Inc were added to the portfolio. Markel also bought 19,200 shares of The Procter & Gamble Company (NYSE:PG).

Stakes in Moody’s Corporation (NYSE:MCO), Norfolk Southern Corp. (NYSE:NSC) , Alpha Natural Resources, Inc. (NYSE:ANR), Natural Resource Partners LP (NYSE:NRP), and CONSOL Energy Inc. (NYSE:CNX) were also purchased.


The largest addition to an existing position in the top ten holdings was made in Walgreens Company (NYSE:WAG), with an increase of 147 percent. Walgreens Company (NYSE:WAG) is Markel’s 9th largest holding and takes 3.35 percent of the portfolio. Shares in Archer Daniels Midland Company (NYSE:ADM) were also increased by 27 percent. Other additions were made in  Brown-Forman Corporation (NYSE:BF.B), United Parcel Service, Inc. (NYSE:UPS), Johnson & Johnson (NYSE:JNJ) and a small addition in Berkshire Hathaway Class A.

Markel has been expanding stakes in Berkshire and Archer-Daniels since Q2 2012.


Except for an 88 percent reduction in the shares of Fidelity National Financial Inc (NYSE:FNF), a 3.8 percent reduction in SYSCO Corporation (NYSE:SYY) and a 1.77 percent decrease in holdings in Washington Real Estate Investment Trust (NYSE:WRE), there were no other major sales executed in the public portfolio of Markel. Some of the other holdings were decreased by less than 1 percent.

Markel has been selling Fidelity since Q2, the stake was reduced by 79 percent in the last quarter, this further sale has left 16,300 shares of FNF that are still held by the fund, which is only 0.01 percent of the long portfolio.