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 |
NVO
Novo Nordisk
NVO
|
+$25.6M |
| 2 |
Franco-Nevada
FNV
|
+$15.8M |
| 3 |
Old Dominion Freight Line
ODFL
|
+$9.02M |
| 4 |
CSX Corp
CSX
|
+$5.55M |
| 5 |
Norfolk Southern
NSC
|
+$4.92M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
FedEx
FDX
|
+$50.2M |
| 2 |
Analog Devices
ADI
|
+$36.3M |
| 3 |
Meta Platforms (Facebook)
META
|
+$21.4M |
| 4 |
TransUnion
TRU
|
+$8.14M |
| 5 |
Adobe
ADBE
|
+$4.94M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Financials | 45.4% |
| 2 | Industrials | 12.9% |
| 3 | Communication Services | 11.8% |
| 4 | Consumer Discretionary | 10.86% |
| 5 | Technology | 8.99% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
|
51
Old Dominion Freight Line
ODFL
$42.8B
| $66.1M | 0.53% |
421,650
+62,900
| +18% | +$9.02M |
|
52
Rockwell Automation
ROK
$48.5B
| $60.3M | 0.48% |
154,900
| – | – |
|
|
ITIC
53
Investors Title Co
ITIC
$546M
| $53.2M | 0.42% |
213,300
| – | – |
|
54
Starbucks
SBUX
$122B
| $52.5M | 0.42% |
623,818
| – | – |
|
55
Tyson Foods
TSN
$20.6B
| $51.8M | 0.41% |
884,500
+36,000
| +4% | +$1.98M |
|
56
Hanover Insurance
THG
$7.77B
| $51.4M | 0.41% |
281,000
| – | – |
|
57
Aon
AON
$75.3B
| $47.3M | 0.38% |
134,050
+4,250
| +3% | +$1.48M |
|
58
Accenture
ACN
$113B
| $42.8M | 0.34% |
159,400
| – | – |
|
59
Hagerty
HGTY
$1.34B
| $41.8M | 0.33% |
3,108,000
| – | – |
|
60
RTX Corp
RTX
$283B
| $41.1M | 0.33% |
224,000
| – | – |
|
61
HCA Healthcare
HCA
$92.9B
| $37.7M | 0.3% |
80,680
+5,467
| +7% | +$2.54M |
|
62
Ferguson
FERG
$46.9B
| $36.4M | 0.29% |
163,500
+16,500
| +11% | +$3.94M |
|
63
Thermo Fisher Scientific
TMO
$233B
| $36.4M | 0.29% |
62,800
+7,000
| +13% | +$3.96M |
|
64
Factset
FDS
$10.7B
| $35.4M | 0.28% |
121,873
+5,153
| +4% | +$1.45M |
|
65
Verisk Analytics
VRSK
$24.4B
| $34.9M | 0.28% |
155,950
| – | – |
|
66
Yum! Brands
YUM
$41.8B
| $34.3M | 0.27% |
226,451
| – | – |
|
67
Costco
COST
$420B
| $33.8M | 0.27% |
39,150
| – | – |
|
68
Union Pacific
UNP
$183B
| $32.7M | 0.26% |
141,278
+14,500
| +11% | +$3.31M |
|
69
Airbnb
ABNB
$110B
| $32.6M | 0.26% |
240,289
+13,156
| +6% | +$1.64M |
|
70
Allstate
ALL
$64.2B
| $32.2M | 0.26% |
154,550
| – | – |
|
71
T. Rowe Price
TROW
$23.8B
| $32.1M | 0.26% |
314,000
| – | – |
|
72
Lockheed Martin
LMT
$130B
| $31.2M | 0.25% |
64,513
+2,250
| +4% | +$1.08M |
|
73
Sherwin-Williams
SHW
$84.1B
| $30.5M | 0.24% |
94,172
| – | – |
|
74
Comcast
CMCSA
$95.3B
| $28.8M | 0.23% |
961,880
| – | – |
|
75
Nike
NKE
$60.5B
| $28.5M | 0.23% |
447,400
| – | – |
|
Similar funds
Tom Gayner's Q4 2025 Portfolio in Review
As of Q4 2025, Tom Gayner held 130 positions worth $12.5B, up 1.8% from $12.3B the previous quarter. Its ten largest holdings account for 42% of the portfolio.
Trading was light in Q4 2025: portfolio turnover was 2.3%. Tom Gayner opened 1 new position and exited 2, leaving the 130-position portfolio largely intact.
By sector, the portfolio is most concentrated in Financials at 45% of assets, down from 46% a quarter earlier, followed by Industrials and Communication Services.
- Tom Gayner's largest Q4 2025 buy was Brown & Brown: 11,000 shares worth $877K.
- Tom Gayner added most to Novo Nordisk in Q4 2025, an estimated $25.6M increase.
- Tom Gayner's biggest Q4 2025 reduction was Analog Devices, cutting an estimated $36.3M.
- Tom Gayner fully exited FedEx in Q4 2025, selling an estimated $50.2M.
- Tom Gayner's ten largest holdings make up 42% of its $12.5B portfolio in Q4 2025.
- Tom Gayner opened 1 new position and closed 2 in Q4 2025.
- Tom Gayner's portfolio value rose 1.8% quarter-over-quarter to $12.5B.
Based on Markel Group's 13F filing for Q4 2025, filed 6 Feb 2026.