Tom Gayner Markel Group
Tom Gayner is the CEO of Markel Group and long-time steward of its public equity portfolio. Often compared to a smaller-scale Berkshire-style model, Markel combines insurance operations with a carefully selected book of common stocks. Gayner is known for a patient, owner-oriented philosophy and for writing clearly about compounding, culture, and long-term business ownership.
Top Buys
| Rank | Stock | Value |
|---|---|---|
| 1 |
Mercado Libre
MELI
|
+$31.7M |
| 2 |
Franco-Nevada
FNV
|
+$15.2M |
| 3 |
Enterprise Products Partners
EPD
|
+$13.8M |
| 4 |
Watsco Inc
WSO
|
+$6.26M |
| 5 |
Zoetis
ZTS
|
+$6.23M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
ScottsMiracle-Gro
SMG
|
+$10.2M |
| 2 |
Analog Devices
ADI
|
+$9.33M |
| 3 |
Meta Platforms (Facebook)
META
|
+$8.65M |
| 4 |
UnitedHealth
UNH
|
+$5.06M |
| 5 |
Comcast
CMCSA
|
+$4.12M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Financials | 40.79% |
| 2 | Industrials | 16.65% |
| 3 | Communication Services | 11.71% |
| 4 | Consumer Discretionary | 10.64% |
| 5 | Technology | 9.9% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
1
Alphabet (Google) Class C
GOOG
$4.18T
| $972M | 7.4% |
2,749,860
| – | – |
|
2
Berkshire Hathaway Class A
BRK.A
$1.06T
| $834M | 6.35% |
1,114
| – | – |
|
|
3
Berkshire Hathaway Class B
BRK.B
$1.06T
| $767M | 5.84% |
1,531,971
| – | – |
|
4
Deere & Co
DE
$175B
| $557M | 4.24% |
877,900
| – | – |
|
5
Brookfield
BN
$93.1B
| $557M | 4.24% |
13,073,609
| – | – |
|
6
Amazon
AMZN
$2.79T
| $484M | 3.69% |
2,030,760
| – | – |
|
|
7
Analog Devices
ADI
$182B
| $397M | 3.02% |
999,671
-23,574
| -2% | -$9.33M |
|
8
Goldman Sachs
GS
$303B
| $363M | 2.77% |
359,360
| – | – |
|
9
Apple
AAPL
$4.51T
| $355M | 2.7% |
1,227,290
| – | – |
|
10
Caterpillar
CAT
$381B
| $350M | 2.67% |
328,650
| – | – |
|
11
Visa
V
$693B
| $348M | 2.65% |
1,013,912
+9,581
| +1% | +$3.08M |
|
12
Home Depot
HD
$335B
| $325M | 2.48% |
922,500
+2,500
| +0.3% | +$813K |
|
|
13
Watsco Inc
WSO
$12.9B
| $249M | 1.9% |
597,750
+15,581
| +3% | +$6.26M |
|
14
Texas Instruments
TXN
$241B
| $216M | 1.64% |
724,000
| – | – |
|
15
Blackrock
BLK
$179B
| $212M | 1.61% |
220,200
| – | – |
|
|
16
Alphabet (Google) Class A
GOOGL
$4.22T
| $204M | 1.56% |
572,000
| – | – |
|
17
Microsoft
MSFT
$3.59T
| $201M | 1.53% |
537,630
| – | – |
|
18
Walt Disney
DIS
$186B
| $196M | 1.49% |
2,031,665
| – | – |
|
19
American Express
AXP
$227B
| $166M | 1.26% |
490,450
| – | – |
|
20
Lowe's Companies
LOW
$121B
| $166M | 1.26% |
751,980
+13,500
| +2% | +$3.07M |
|
21
Progressive
PGR
$127B
| $165M | 1.25% |
753,750
| – | – |
|
|
22
Franco-Nevada
FNV
$51.3B
| $161M | 1.23% |
773,500
+65,000
| +9% | +$15.2M |
|
23
LPL Financial
LPLA
$28.5B
| $158M | 1.2% |
559,951
| – | – |
|
24
Johnson & Johnson
JNJ
$651B
| $155M | 1.18% |
610,800
| – | – |
|
25
Blackstone
BX
$108B
| $145M | 1.1% |
1,229,000
| – | – |
|
Similar funds
Tom Gayner's Q2 2026 Portfolio in Review
As of Q2 2026, Tom Gayner held 132 positions worth $13.1B, up 10% from $11.9B the previous quarter. Its ten largest holdings account for 43% of the portfolio.
Trading was light in Q2 2026: portfolio turnover was 3.8%. Tom Gayner opened 3 new positions and exited 2, leaving the 132-position portfolio largely intact.
By sector, the portfolio is most concentrated in Financials at 41% of assets, down from 43% a quarter earlier, followed by Industrials and Communication Services.
- Tom Gayner's largest Q2 2026 buy was Zoetis: 66,195 shares worth $4.76M.
- Tom Gayner added most to Mercado Libre in Q2 2026, an estimated $31.7M increase.
- Tom Gayner's biggest Q2 2026 reduction was Analog Devices, cutting an estimated $9.33M.
- Tom Gayner fully exited ScottsMiracle-Gro in Q2 2026, selling an estimated $10.2M.
- Tom Gayner's ten largest holdings make up 43% of its $13.1B portfolio in Q2 2026.
- Tom Gayner opened 3 new positions and closed 2 in Q2 2026.
- Tom Gayner's portfolio value rose 10% quarter-over-quarter to $13.1B.
Based on Markel Group's 13F filing for Q2 2026, filed 31 Jul 2026.