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 |
CSX Corp
CSX
|
+$7.51M |
| 2 |
Union Pacific
UNP
|
+$6.65M |
| 3 |
Franco-Nevada
FNV
|
+$6.49M |
| 4 |
NVO
Novo Nordisk
NVO
|
+$6.44M |
| 5 |
Norfolk Southern
NSC
|
+$5.56M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
3M
MMM
|
+$18M |
| 2 |
O-I Glass
OI
|
+$6.98M |
| 3 |
Celanese
CE
|
+$4.5M |
| 4 |
Archer Daniels Midland
ADM
|
+$3.98M |
| 5 |
Graphic Packaging
GPK
|
+$3.67M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Financials | 45.94% |
| 2 | Industrials | 13.28% |
| 3 | Consumer Discretionary | 11.31% |
| 4 | Communication Services | 10.51% |
| 5 | Technology | 9.24% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
26
Alphabet (Google) Class A
GOOGL
$4.22T
| $139M | 1.13% |
572,000
| – | – |
|
|
27
Franco-Nevada
FNV
$51.3B
| $135M | 1.1% |
605,500
+36,000
| +6% | +$6.49M |
|
28
Apollo Global Management
APO
$78.4B
| $135M | 1.1% |
1,012,500
| – | – |
|
29
General Dynamics
GD
$104B
| $133M | 1.08% |
391,000
| – | – |
|
30
Texas Instruments
TXN
$241B
| $133M | 1.08% |
724,000
| – | – |
|
|
NVO
31
Novo Nordisk
NVO
$207B
| $131M | 1.07% |
2,368,649
+110,061
| +5% | +$6.44M |
|
32
Diageo
DEO
$52.6B
| $130M | 1.06% |
1,366,708
| – | – |
|
|
SCHW
33
Charles Schwab
SCHW
$194B
| $130M | 1.06% |
1,364,800
| – | – |
|
34
Brookfield Asset Management
BAM
$83.5B
| $125M | 1.01% |
2,193,953
| – | – |
|
35
Mastercard
MA
$509B
| $118M | 0.96% |
207,540
| – | – |
|
36
Johnson & Johnson
JNJ
$651B
| $113M | 0.92% |
610,800
| – | – |
|
37
Moody's
MCO
$87.2B
| $102M | 0.83% |
213,890
| – | – |
|
38
HEICO Corp Class A
HEI.A
$36.5B
| $96.5M | 0.78% |
379,644
| – | – |
|
39
NVR
NVR
$16.9B
| $95.6M | 0.78% |
11,897
| – | – |
|
40
Linde
LIN
$225B
| $91.6M | 0.74% |
192,850
+6,250
| +3% | +$2.96M |
|
|
41
Archer Daniels Midland
ADM
$38.7B
| $90M | 0.73% |
1,505,800
-68,000
| -4% | -$3.98M |
|
42
Dollar General
DG
$27.2B
| $89.8M | 0.73% |
869,250
| – | – |
|
43
Rollins
ROL
$17.8B
| $86.7M | 0.7% |
1,475,775
+6,500
| +0.4% | +$370K |
|
44
Illinois Tool Works
ITW
$80.4B
| $85.4M | 0.69% |
327,500
| – | – |
|
45
Carlyle Group
CG
$17.6B
| $83.2M | 0.68% |
1,327,000
| – | – |
|
46
MSCI
MSCI
$41B
| $81.1M | 0.66% |
142,850
| – | – |
|
47
JPMorgan Chase
JPM
$935B
| $79.7M | 0.65% |
252,550
| – | – |
|
|
48
Norfolk Southern
NSC
$78.8B
| $77.1M | 0.63% |
256,500
+20,000
| +8% | +$5.56M |
|
49
Ecolab
ECL
$78.9B
| $75.1M | 0.61% |
274,300
| – | – |
|
50
S&P Global
SPGI
$127B
| $73.3M | 0.6% |
150,690
| – | – |
|
Similar funds
Tom Gayner's Q3 2025 Portfolio in Review
As of Q3 2025, Tom Gayner held 140 positions worth $12.3B, up 4.2% from $11.8B the previous quarter. Its ten largest holdings account for 41% of the portfolio.
Tom Gayner's Q3 2025 filing shows 3 new, 27 increased, 2 reduced and 11 closed positions. Its largest new stake was Canadian National Railway: 25,000 shares worth $2.36M. The largest sale was 3M, an estimated $18M.
By sector, the portfolio is most concentrated in Financials at 46% of assets, down from 47% a quarter earlier, followed by Industrials and Consumer Discretionary.
- Tom Gayner's largest Q3 2025 buy was Canadian National Railway: 25,000 shares worth $2.36M.
- Tom Gayner added most to CSX Corp in Q3 2025, an estimated $7.51M increase.
- Tom Gayner's biggest Q3 2025 reduction was Archer Daniels Midland, cutting an estimated $3.98M.
- Tom Gayner fully exited 3M in Q3 2025, selling an estimated $18M.
- Tom Gayner's ten largest holdings make up 41% of its $12.3B portfolio in Q3 2025.
- Tom Gayner opened 3 new positions and closed 11 in Q3 2025.
- Tom Gayner's portfolio value rose 4.2% quarter-over-quarter to $12.3B.
Based on Markel Group's 13F filing for Q3 2025, filed 31 Oct 2025.