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 | |
|---|---|---|---|---|---|---|
76
Airbnb
ABNB
$110B
| $27.6M | 0.22% |
227,133
+15,130
| +7% | +$1.96M |
|
77
Thermo Fisher Scientific
TMO
$233B
| $27.1M | 0.22% |
55,800
+6,250
| +13% | +$2.91M |
|
78
Cisco
CSCO
$438B
| $24.3M | 0.2% |
355,500
+6,000
| +2% | +$409K |
|
79
Brown-Forman Class A
BF.A
$13.3B
| $22.7M | 0.18% |
843,000
| – | – |
|
80
Lamar Advertising Co
LAMR
$15.3B
| $20.8M | 0.17% |
170,000
+12,000
| +8% | +$1.49M |
|
81
Capital One
COF
$134B
| $19.3M | 0.16% |
91,000
| – | – |
|
82
Marriott International
MAR
$92.9B
| $19.1M | 0.15% |
73,250
+13,000
| +22% | +$3.49M |
|
83
Paychex
PAYX
$44.3B
| $19M | 0.15% |
150,000
| – | – |
|
84
Equifax
EFX
$22.6B
| $18.7M | 0.15% |
72,850
| – | – |
|
85
Philip Morris
PM
$293B
| $18.6M | 0.15% |
114,500
| – | – |
|
86
Crown Holdings
CCK
$13B
| $18.3M | 0.15% |
189,500
| – | – |
|
87
Spotify
SPOT
$110B
| $18.1M | 0.15% |
25,900
| – | – |
|
88
RenaissanceRe
RNR
$13.4B
| $17.8M | 0.14% |
70,000
| – | – |
|
89
Air Products & Chemicals
APD
$67.9B
| $17.7M | 0.14% |
65,000
| – | – |
|
90
Wells Fargo
WFC
$254B
| $17.1M | 0.14% |
204,450
| – | – |
|
91
Shopify
SHOP
$192B
| $15.3M | 0.12% |
102,750
| – | – |
|
92
SEI Investments
SEIC
$13.1B
| $14.7M | 0.12% |
173,200
| – | – |
|
93
Carrier Global
CARR
$49.8B
| $14M | 0.11% |
235,000
| – | – |
|
94
PepsiCo
PEP
$196B
| $13.5M | 0.11% |
96,210
| – | – |
|
|
BNY
95
Bank of New York Mellon
BNY
$108B
| $13.2M | 0.11% |
121,500
| – | – |
|
|
96
Brown-Forman Class B
BF.B
$13.1B
| $12.8M | 0.1% |
474,187
| – | – |
|
97
Choice Hotels
CHH
$4.93B
| $12.3M | 0.1% |
115,500
| – | – |
|
98
Uber
UBER
$161B
| $12.1M | 0.1% |
123,500
| – | – |
|
99
Target
TGT
$75.1B
| $11.9M | 0.1% |
133,000
| – | – |
|
100
Hexcel
HXL
$7.1B
| $11.9M | 0.1% |
189,000
| – | – |
|
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.