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 |
Airbnb
ABNB
|
+$9.18M |
| 2 |
Franco-Nevada
FNV
|
+$5.88M |
| 3 |
Linde
LIN
|
+$5.85M |
| 4 |
Archer Daniels Midland
ADM
|
+$3.72M |
| 5 |
Ferguson
FERG
|
+$2.95M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
Cable One
CABO
|
+$11.4M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Financials | 47.76% |
| 2 | Industrials | 13.98% |
| 3 | Consumer Discretionary | 11.43% |
| 4 | Technology | 8.52% |
| 5 | Communication Services | 8.26% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
26
Apollo Global Management
APO
$78.4B
| $139M | 1.23% |
1,012,500
| – | – |
|
27
American Express
AXP
$227B
| $130M | 1.16% |
484,250
| – | – |
|
28
Texas Instruments
TXN
$241B
| $130M | 1.16% |
724,000
| – | – |
|
29
Mastercard
MA
$509B
| $114M | 1.01% |
207,540
| – | – |
|
30
Caterpillar
CAT
$381B
| $108M | 0.96% |
328,050
+3,250
| +1% | +$1.16M |
|
|
SCHW
31
Charles Schwab
SCHW
$194B
| $107M | 0.95% |
1,364,800
+1,000
| +0.1% | +$78.5K |
|
32
General Dynamics
GD
$104B
| $107M | 0.95% |
391,000
| – | – |
|
33
Brookfield Asset Management
BAM
$83.5B
| $106M | 0.94% |
2,193,953
| – | – |
|
34
Johnson & Johnson
JNJ
$651B
| $101M | 0.9% |
610,800
| – | – |
|
35
Moody's
MCO
$87.2B
| $99.6M | 0.88% |
213,890
| – | – |
|
36
Alphabet (Google) Class A
GOOGL
$4.22T
| $86.1M | 0.76% |
557,000
+2,000
| +0.4% | +$363K |
|
37
NVR
NVR
$16.9B
| $86.1M | 0.76% |
11,884
+70
| +0.6% | +$532K |
|
|
38
Linde
LIN
$225B
| $84.3M | 0.75% |
181,000
+13,000
| +8% | +$5.85M |
|
|
39
Franco-Nevada
FNV
$51.3B
| $82.8M | 0.73% |
525,250
+42,000
| +9% | +$5.88M |
|
40
Illinois Tool Works
ITW
$80.4B
| $81.2M | 0.72% |
327,500
| – | – |
|
41
MSCI
MSCI
$41B
| $80.8M | 0.72% |
142,850
| – | – |
|
42
HEICO Corp Class A
HEI.A
$36.5B
| $80.1M | 0.71% |
379,644
| – | – |
|
43
Rollins
ROL
$17.8B
| $79M | 0.7% |
1,462,275
| – | – |
|
44
S&P Global
SPGI
$127B
| $76.6M | 0.68% |
150,690
| – | – |
|
45
Dollar General
DG
$27.2B
| $76.4M | 0.68% |
869,250
+33,500
| +4% | +$2.54M |
|
|
46
Archer Daniels Midland
ADM
$38.7B
| $74.5M | 0.66% |
1,551,300
+77,000
| +5% | +$3.72M |
|
47
Ecolab
ECL
$78.9B
| $69.5M | 0.62% |
274,300
| – | – |
|
48
JPMorgan Chase
JPM
$935B
| $62M | 0.55% |
252,550
| – | – |
|
49
Starbucks
SBUX
$122B
| $61.2M | 0.54% |
623,818
+6,500
| +1% | +$672K |
|
50
Carlyle Group
CG
$17.6B
| $57.8M | 0.51% |
1,327,000
| – | – |
|
Similar funds
Tom Gayner's Q1 2025 Portfolio in Review
As of Q1 2025, Tom Gayner held 135 positions worth $11.3B, down 0.73% from $11.3B the previous quarter. Its ten largest holdings account for 41% of the portfolio.
Trading was light in Q1 2025: portfolio turnover was 2.2%. Tom Gayner opened 3 new positions and made no exits, leaving the 135-position portfolio largely intact.
By sector, the portfolio is most concentrated in Financials at 48% of assets, up from 46% a quarter earlier, followed by Industrials and Consumer Discretionary.
- Tom Gayner's largest Q1 2025 buy was Cboe Global Markets: 6,000 shares worth $1.36M.
- Tom Gayner added most to Airbnb in Q1 2025, an estimated $9.18M increase.
- Tom Gayner's biggest Q1 2025 reduction was Cable One, cutting an estimated $11.4M.
- Tom Gayner's ten largest holdings make up 41% of its $11.3B portfolio in Q1 2025.
- Tom Gayner opened 3 new positions and closed 0 in Q1 2025.
- Tom Gayner's portfolio value fell 0.73% quarter-over-quarter to $11.3B.
Based on Markel Group's 13F filing for Q1 2025, filed 2 May 2025.