In the fourth quarter, Tom Gayner sold Markel’s entire FedEx Corp position as part of a strategic shift driven by valuation concerns and evolving market conditions.

Gayner simultaneously trimmed stakes in several large-cap industrial and technology names to free up capital for higher-priority allocations.

Proceeds from the disposals were redeployed into core insurance and reinsurance equities, aiming to enhance underwriting capacity and capture attractive dividend yields.

The moves underscore a return to Markel’s insurance-centric investment approach, prioritizing balance-sheet strength and long-term underwriting performance over broader market exposure.