Tom Gayner

Tom Gayner’s 2026-Q2 filing shows a portfolio that stays true to his value discipline while leaning into quality compounders. Alphabet is the largest position at 6.6% of the $13.1 billion fund, a bet on durable cash flows at a reasonable price. Deere, Berkshire Hathaway, and Amazon follow, each between 3.4% and 4.2%. The Berkshire stake is spread across three separate class A holdings, which together make it the second-largest exposure in the book. That is a familiar anchor for Gayner, who has long cited the company as a model for capital allocation. The rest of the top ten reveals a tilt toward financials and industrials. Brookfield Corp, Goldman Sachs preferred shares, and Analog Devices round out the list, alongside Apple. The Goldman preferred is an unusual pick for a value manager, but it fits Gayner’s preference for income with downside protection. The portfolio is concentrated, with the top ten positions accounting for roughly 37% of assets. That is a higher concentration than most peers, and it reflects a willingness to hold large stakes in businesses he understands deeply. Gayner’s style diverges from other value investors in his tolerance for technology names. Alphabet and Amazon are not classic value stocks, but he treats them as businesses with wide moats and reasonable valuations. The absence of energy or healthcare names in the top ten is also notable. He is not chasing sectors or rotating for short-term gains. The portfolio is built around a small set of high-quality companies, with a clear preference for those that generate strong returns on capital. The filing shows patience, not activity.