FedEx Corp Exit and Portfolio Adjustments

This article first appeared on GuruFocus.

Tom Gayner (Trades, Portfolio) recently submitted the 13F filing for the fourth quarter of 2025, 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.

Tom Gayner (Trades, Portfolio) added a total of 1 stock, among them:

• The most significant addition was Brown & Brown Inc (NYSE:BRO), with 11,000 shares, accounting for 0.01% of the portfolio and a total value of $876,700.

Tom Gayner (Trades, Portfolio) also increased stakes in a total of 41 stocks, among them:

• The most notable increase was Novo Nordisk AS (NYSE:NVO), with an additional 501,125 shares, bringing the total to 2,869,774 shares. This adjustment represents a significant 21.16% increase in share count, a 0.2% impact on the current portfolio, with a total value of $146,014,100.

• The second largest increase was Franco-Nevada Corp (NYSE:FNV), with an additional 78,000 shares, bringing the total to 683,500. This adjustment represents a significant 12.88% increase in share count, with a total value of $141,675,880.