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 | |
|---|---|---|---|---|---|---|
26
RLI Corp
RLI
$6B
| $141M | 1.08% |
2,394,544
| – | – |
|
27
General Dynamics
GD
$104B
| $139M | 1.05% |
391,000
| – | – |
|
|
NVO
28
Novo Nordisk
NVO
$207B
| $138M | 1.05% |
2,869,774
| – | – |
|
29
KKR & Co
KKR
$97.4B
| $133M | 1.01% |
1,451,800
| – | – |
|
|
30
Meta Platforms (Facebook)
META
$1.4T
| $132M | 1% |
234,163
-14,140
| -6% | -$8.65M |
|
|
SCHW
31
Charles Schwab
SCHW
$194B
| $129M | 0.98% |
1,394,800
+11,000
| +0.8% | +$1M |
|
|
MRSH
32
Marsh
MRSH
$91.6B
| $127M | 0.97% |
763,500
| – | – |
|
33
Apollo Global Management
APO
$78.4B
| $120M | 0.91% |
1,012,500
| – | – |
|
34
Archer Daniels Midland
ADM
$38.7B
| $115M | 0.88% |
1,505,800
| – | – |
|
35
Linde
LIN
$225B
| $112M | 0.85% |
215,600
+11,000
| +5% | +$5.57M |
|
36
Diageo
DEO
$52.6B
| $110M | 0.84% |
1,372,208
| – | – |
|
37
Mastercard
MA
$509B
| $107M | 0.81% |
207,540
| – | – |
|
38
Dollar General
DG
$27.2B
| $100M | 0.76% |
869,250
| – | – |
|
39
Brookfield Asset Management
BAM
$83.5B
| $98.4M | 0.75% |
2,193,953
| – | – |
|
40
HEICO Corp Class A
HEI.A
$36.5B
| $97.9M | 0.75% |
379,644
| – | – |
|
41
Moody's
MCO
$87.2B
| $96.9M | 0.74% |
213,890
| – | – |
|
42
Old Dominion Freight Line
ODFL
$42.8B
| $93M | 0.71% |
429,150
| – | – |
|
43
Norfolk Southern
NSC
$78.8B
| $88.9M | 0.68% |
282,500
| – | – |
|
44
Illinois Tool Works
ITW
$80.4B
| $88.6M | 0.67% |
327,500
| – | – |
|
45
JPMorgan Chase
JPM
$935B
| $82.7M | 0.63% |
252,550
| – | – |
|
46
NVR
NVR
$16.9B
| $82.4M | 0.63% |
12,097
+10
| +0.1% | +$63.5K |
|
47
MSCI
MSCI
$41B
| $80M | 0.61% |
142,850
| – | – |
|
48
Rockwell Automation
ROK
$48.5B
| $76.7M | 0.58% |
154,900
| – | – |
|
49
Ecolab
ECL
$78.9B
| $76.4M | 0.58% |
274,300
| – | – |
|
|
SUNB
50
Sunbelt Rentals Holdings
SUNB
$31.5B
| $72.9M | 0.56% |
974,361
+11,000
| +1% | +$825K |
|
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.