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
|
+$7.39M |
| 2 |
Franco-Nevada
FNV
|
+$7.33M |
| 3 |
Adobe
ADBE
|
+$5.39M |
| 4 |
Old Dominion Freight Line
ODFL
|
+$4.67M |
| 5 |
Airbnb
ABNB
|
+$3.57M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
3M
MMM
|
+$25.1M |
| 2 |
Watsco Inc
WSO
|
+$11.8M |
| 3 |
Graphic Packaging
GPK
|
+$6.64M |
| 4 |
O-I Glass
OI
|
+$5.12M |
| 5 |
Cable One
CABO
|
+$3.16M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Financials | 46.64% |
| 2 | Industrials | 13.73% |
| 3 | Consumer Discretionary | 11.36% |
| 4 | Communication Services | 9.31% |
| 5 | Technology | 9.14% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
76
United Rentals
URI
$68.4B
| $23.5M | 0.2% |
31,150
| – | – |
|
77
Brown-Forman Class A
BF.A
$13.3B
| $23.2M | 0.2% |
843,000
| – | – |
|
78
Union Pacific
UNP
$183B
| $22.4M | 0.19% |
97,278
+11,500
| +13% | +$2.55M |
|
79
Paychex
PAYX
$44.3B
| $21.8M | 0.18% |
150,000
| – | – |
|
80
Philip Morris
PM
$293B
| $20.9M | 0.18% |
114,500
| – | – |
|
81
Thermo Fisher Scientific
TMO
$233B
| $20.1M | 0.17% |
49,550
+4,550
| +10% | +$1.9M |
|
82
Spotify
SPOT
$110B
| $19.9M | 0.17% |
25,900
| – | – |
|
83
Crown Holdings
CCK
$13B
| $19.5M | 0.17% |
189,500
| – | – |
|
84
Capital One
COF
$134B
| $19.4M | 0.16% |
91,000
| – | – |
|
85
Lamar Advertising Co
LAMR
$15.3B
| $19.2M | 0.16% |
158,000
+21,000
| +15% | +$2.44M |
|
86
Equifax
EFX
$22.6B
| $18.9M | 0.16% |
72,850
| – | – |
|
87
Air Products & Chemicals
APD
$67.9B
| $18.3M | 0.16% |
65,000
| – | – |
|
|
88
3M
MMM
$92.3B
| $18M | 0.15% |
118,250
-175,500
| -60% | -$25.1M |
|
89
Carrier Global
CARR
$49.8B
| $17.2M | 0.15% |
235,000
| – | – |
|
90
RenaissanceRe
RNR
$13.4B
| $17M | 0.14% |
70,000
| – | – |
|
91
Marriott International
MAR
$92.9B
| $16.5M | 0.14% |
60,250
+8,250
| +16% | +$2.07M |
|
92
Wells Fargo
WFC
$254B
| $16.4M | 0.14% |
204,450
| – | – |
|
93
SEI Investments
SEIC
$13.1B
| $15.6M | 0.13% |
173,200
| – | – |
|
94
Choice Hotels
CHH
$4.93B
| $14.7M | 0.12% |
115,500
| – | – |
|
95
Target
TGT
$75.1B
| $13.1M | 0.11% |
133,000
| – | – |
|
|
96
Brown-Forman Class B
BF.B
$13.1B
| $12.8M | 0.11% |
474,187
| – | – |
|
97
PepsiCo
PEP
$196B
| $12.7M | 0.11% |
96,210
| – | – |
|
98
Shopify
SHOP
$192B
| $11.9M | 0.1% |
102,750
| – | – |
|
99
Uber
UBER
$161B
| $11.5M | 0.1% |
123,500
+1,500
| +1% | +$123K |
|
100
Otis Worldwide
OTIS
$27.2B
| $11.3M | 0.1% |
114,620
| – | – |
|
Similar funds
Tom Gayner's Q2 2025 Portfolio in Review
As of Q2 2025, Tom Gayner held 138 positions worth $11.8B, up 5% from $11.3B the previous quarter. Its ten largest holdings account for 40% of the portfolio.
Trading was light in Q2 2025: portfolio turnover was 2.9%. Tom Gayner opened 3 new positions and exited 1, leaving the 138-position portfolio largely intact.
By sector, the portfolio is most concentrated in Financials at 47% of assets, down from 48% a quarter earlier, followed by Industrials and Consumer Discretionary.
- Tom Gayner's largest Q2 2025 buy was Adobe: 14,000 shares worth $5.42M.
- Tom Gayner added most to Novo Nordisk in Q2 2025, an estimated $7.39M increase.
- Tom Gayner's biggest Q2 2025 reduction was 3M, cutting an estimated $25.1M.
- Tom Gayner fully exited Cable One in Q2 2025, selling an estimated $3.16M.
- Tom Gayner's ten largest holdings make up 40% of its $11.8B portfolio in Q2 2025.
- Tom Gayner opened 3 new positions and closed 1 in Q2 2025.
- Tom Gayner's portfolio value rose 5% quarter-over-quarter to $11.8B.
Based on Markel Group's 13F filing for Q2 2025, filed 1 Aug 2025.