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 |
SUNB
Sunbelt Rentals Holdings
SUNB
|
+$67.6M |
| 2 |
Mercado Libre
MELI
|
+$10.5M |
| 3 |
Enterprise Products Partners
EPD
|
+$7.15M |
| 4 |
Franco-Nevada
FNV
|
+$6.18M |
| 5 |
CSX Corp
CSX
|
+$3.53M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
S&P Global
SPGI
|
+$15.3M |
| 2 |
Target
TGT
|
+$13M |
| 3 |
Choice Hotels
CHH
|
+$11M |
| 4 |
UnitedHealth
UNH
|
+$2.32M |
| 5 |
TransUnion
TRU
|
+$172K |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Financials | 42.52% |
| 2 | Industrials | 15.55% |
| 3 | Communication Services | 11.15% |
| 4 | Consumer Discretionary | 10.76% |
| 5 | Technology | 9.14% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
26
Texas Instruments
TXN
$241B
| $141M | 1.18% |
724,000
| – | – |
|
27
RLI Corp
RLI
$6B
| $137M | 1.14% |
2,394,544
| – | – |
|
28
KKR & Co
KKR
$97.4B
| $134M | 1.12% |
1,451,800
| – | – |
|
29
General Dynamics
GD
$104B
| $134M | 1.12% |
391,000
| – | – |
|
|
MRSH
30
Marsh
MRSH
$91.6B
| $132M | 1.11% |
763,500
+1,750
| +0.2% | +$315K |
|
|
SCHW
31
Charles Schwab
SCHW
$194B
| $130M | 1.09% |
1,383,800
+8,000
| +0.6% | +$785K |
|
32
Apollo Global Management
APO
$78.4B
| $113M | 0.94% |
1,012,500
| – | – |
|
33
Archer Daniels Midland
ADM
$38.7B
| $109M | 0.92% |
1,505,800
| – | – |
|
|
NVO
34
Novo Nordisk
NVO
$207B
| $105M | 0.88% |
2,869,774
| – | – |
|
35
Mastercard
MA
$509B
| $104M | 0.87% |
207,540
| – | – |
|
36
Dollar General
DG
$27.2B
| $103M | 0.86% |
869,250
| – | – |
|
37
Diageo
DEO
$52.6B
| $102M | 0.86% |
1,372,208
+500
| +0% | +$43.6K |
|
38
Linde
LIN
$225B
| $101M | 0.85% |
204,600
+4,500
| +2% | +$2.12M |
|
39
Brookfield Asset Management
BAM
$83.5B
| $97.5M | 0.82% |
2,193,953
| – | – |
|
40
Moody's
MCO
$87.2B
| $93.3M | 0.78% |
213,890
| – | – |
|
41
Illinois Tool Works
ITW
$80.4B
| $85.2M | 0.71% |
327,500
| – | – |
|
42
Old Dominion Freight Line
ODFL
$42.8B
| $83.9M | 0.7% |
429,150
+7,500
| +2% | +$1.4M |
|
43
Norfolk Southern
NSC
$78.8B
| $81.1M | 0.68% |
282,500
+9,000
| +3% | +$2.68M |
|
44
HEICO Corp Class A
HEI.A
$36.5B
| $80.1M | 0.67% |
379,644
| – | – |
|
45
Rollins
ROL
$17.8B
| $80M | 0.67% |
1,498,025
+9,000
| +0.6% | +$536K |
|
46
NVR
NVR
$16.9B
| $79.7M | 0.67% |
12,087
+80
| +0.7% | +$583K |
|
47
MSCI
MSCI
$41B
| $77M | 0.64% |
142,850
| – | – |
|
48
JPMorgan Chase
JPM
$935B
| $74.3M | 0.62% |
252,550
| – | – |
|
49
Ecolab
ECL
$78.9B
| $73M | 0.61% |
274,300
| – | – |
|
50
Carlyle Group
CG
$17.6B
| $64.2M | 0.54% |
1,327,000
| – | – |
|
Similar funds
Tom Gayner's Q1 2026 Portfolio in Review
As of Q1 2026, Tom Gayner held 132 positions worth $11.9B, down 4.8% from $12.5B the previous quarter. Its ten largest holdings account for 42% of the portfolio.
Tom Gayner's Q1 2026 filing shows 4 new, 43 increased, 2 reduced and 3 closed positions. Its largest new stake was Sunbelt Rentals Holdings: 963,361 shares worth $62.7M. The largest sale was S&P Global, an estimated $15.3M.
By sector, the portfolio is most concentrated in Financials at 43% of assets, down from 45% a quarter earlier, followed by Industrials and Communication Services.
- Tom Gayner's largest Q1 2026 buy was Sunbelt Rentals Holdings: 963,361 shares worth $62.7M.
- Tom Gayner added most to Franco-Nevada in Q1 2026, an estimated $6.18M increase.
- Tom Gayner's biggest Q1 2026 reduction was S&P Global, cutting an estimated $15.3M.
- Tom Gayner fully exited Target in Q1 2026, selling an estimated $13M.
- Tom Gayner's ten largest holdings make up 42% of its $11.9B portfolio in Q1 2026.
- Tom Gayner opened 4 new positions and closed 3 in Q1 2026.
- Tom Gayner's portfolio value fell 4.8% quarter-over-quarter to $11.9B.
Based on Markel Group's 13F filing for Q1 2026, filed 1 May 2026.