Insights into Tom Gayner (Trades, Portfolio)'s Fourth Quarter 2024 Portfolio Adjustments

• Warning! GuruFocus has detected 1 Warning Sign with BOM:541153.

Tom Gayner (Trades, Portfolio) recently submitted the 13F filing for the fourth quarter of 2024, providing insights into his investment moves during this period. 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. 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.

Summary of New Buy

Tom Gayner (Trades, Portfolio) added a total of 4 stocks, among them:

• The most significant addition was Acuity Brands Inc (NYSE:AYI), with 3,000 shares, accounting for 0.01% of the portfolio and a total value of $876,390.
• The second largest addition to the portfolio was CME Group Inc (NASDAQ:CME), consisting of 3,000 shares, representing approximately 0.01% of the portfolio, with a total value of $696,690.
• The third largest addition was Huntington Ingalls Industries Inc (NYSE:HII), with 4,000 shares, accounting for 0.01% of the portfolio and a total value of $755,880.

Key Position Increases

Tom Gayner (Trades, Portfolio) also increased stakes in a total of 43 stocks, among them:

• The most notable increase was Franco-Nevada Corp (NYSE:FNV), with an additional 137,750 shares, bringing the total to 483,250 shares. This adjustment represents a significant 39.87% increase in share count, a 0.14% impact on the current portfolio, with a total value of $56,825,370.
• The second largest increase was Airbnb Inc (NASDAQ:ABNB), with an additional 96,160 shares, bringing the total to 115,310. This adjustment represents a significant 502.14% increase in share count, with a total value of $15,152,890.

Summary of Sold Out

Tom Gayner (Trades, Portfolio) completely exited 4 of the holdings in the fourth quarter of 2024, as detailed below:

• Whirlpool Corp (NYSE:WHR): Tom Gayner (Trades, Portfolio) sold all 157,619 shares, resulting in a -0.15% impact on the portfolio.
• American Tower Corp (NYSE:AMT): Tom Gayner (Trades, Portfolio) liquidated all 51,910 shares, causing a -0.11% impact on the portfolio.

Key Position Reduces

Tom Gayner (Trades, Portfolio) also reduced positions in 2 stocks. The most significant changes include:

• Reduced Comcast Corp (NASDAQ:CMCSA) by 119,361 shares, resulting in a -11.04% decrease in shares and a -0.05% impact on the portfolio. The stock traded at an average price of $41.5 during the quarter and has returned -21.65% over the past 3 months and -7.74% year-to-date.
• Reduced Cable One Inc (NYSE:CABO) by 9,150 shares, resulting in a -15.24% reduction in shares and a -0.03% impact on the portfolio. The stock traded at an average price of $374.5 during the quarter and has returned -27.15% over the past 3 months and -22.77% year-to-date.

Portfolio Overview

At the fourth quarter of 2024, Tom Gayner (Trades, Portfolio)'s portfolio included 132 stocks, with top holdings including 6.69% in Berkshire Hathaway Inc (NYSE:BRK.A), 6.12% in Berkshire Hathaway Inc (NYSE:BRK.B), 4.62% in Alphabet Inc (NASDAQ:GOOG), 4.41% in Brookfield Corp (NYSE:BN), and 3.93% in Amazon.com Inc (NASDAQ:AMZN).

The holdings are mainly concentrated in 9 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.

This article first appeared on GuruFocus.