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 |
Airbnb
ABNB
|
+$9.18M |
| 2 |
Franco-Nevada
FNV
|
+$5.88M |
| 3 |
Linde
LIN
|
+$5.85M |
| 4 |
Archer Daniels Midland
ADM
|
+$3.72M |
| 5 |
Ferguson
FERG
|
+$2.95M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
Cable One
CABO
|
+$11.4M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Financials | 47.76% |
| 2 | Industrials | 13.98% |
| 3 | Consumer Discretionary | 11.43% |
| 4 | Technology | 8.52% |
| 5 | Communication Services | 8.26% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
101
Insperity
NSP
$2.02B
| $11.8M | 0.1% |
131,728
| – | – |
|
102
CarMax
KMX
$8.82B
| $10.6M | 0.09% |
136,500
| – | – |
|
103
IQVIA
IQV
$42.8B
| $10.4M | 0.09% |
58,726
| – | – |
|
104
Hexcel
HXL
$7.1B
| $10.3M | 0.09% |
189,000
| – | – |
|
|
BNY
105
Bank of New York Mellon
BNY
$108B
| $10.2M | 0.09% |
121,500
| – | – |
|
106
O-I Glass
OI
$1.1B
| $10M | 0.09% |
874,100
+50,000
| +6% | +$569K |
|
107
Shopify
SHOP
$192B
| $9.81M | 0.09% |
102,750
| – | – |
|
108
Hershey
HSY
$37.5B
| $9.32M | 0.08% |
54,500
+9,500
| +21% | +$1.56M |
|
109
ScottsMiracle-Gro
SMG
$3.55B
| $9.22M | 0.08% |
168,000
| – | – |
|
110
Uber
UBER
$161B
| $8.89M | 0.08% |
122,000
+13,000
| +12% | +$937K |
|
111
Sony
SONY
$140B
| $8.51M | 0.08% |
335,000
| – | – |
|
112
TransUnion
TRU
$16.2B
| $8.39M | 0.07% |
101,050
| – | – |
|
113
Eastman Chemical
EMN
$8.47B
| $6.6M | 0.06% |
74,950
| – | – |
|
114
Graham Holdings Company
GHC
$4.94B
| $5M | 0.04% |
5,200
| – | – |
|
115
Celanese
CE
$5.14B
| $4.62M | 0.04% |
81,300
| – | – |
|
116
W.R. Berkley
WRB
$25.5B
| $4.32M | 0.04% |
60,750
| – | – |
|
117
Comfort Systems
FIX
$58.3B
| $4.19M | 0.04% |
13,000
| – | – |
|
118
Huntington Ingalls Industries
HII
$11.8B
| $3.67M | 0.03% |
18,000
+14,000
| +350% | +$2.66M |
|
|
119
Cable One
CABO
$129M
| $3.16M | 0.03% |
11,900
-39,000
| -77% | -$11.4M |
|
120
Willis Towers Watson
WTW
$31.8B
| $2.92M | 0.03% |
8,627
| – | – |
|
121
Ball Corp
BALL
$16.8B
| $2.66M | 0.02% |
51,000
| – | – |
|
122
Acuity Brands
AYI
$10.3B
| $2.57M | 0.02% |
9,750
+6,750
| +225% | +$2.04M |
|
123
MGM Resorts International
MGM
$11B
| $2.53M | 0.02% |
85,500
+45,500
| +114% | +$1.53M |
|
124
Domino's
DPZ
$11.3B
| $2.53M | 0.02% |
5,500
| – | – |
|
125
CME Group
CME
$98.9B
| $2.52M | 0.02% |
9,500
+6,500
| +217% | +$1.6M |
|
Similar funds
Tom Gayner's Q1 2025 Portfolio in Review
As of Q1 2025, Tom Gayner held 135 positions worth $11.3B, down 0.73% from $11.3B the previous quarter. Its ten largest holdings account for 41% of the portfolio.
Trading was light in Q1 2025: portfolio turnover was 2.2%. Tom Gayner opened 3 new positions and made no exits, leaving the 135-position portfolio largely intact.
By sector, the portfolio is most concentrated in Financials at 48% of assets, up from 46% a quarter earlier, followed by Industrials and Consumer Discretionary.
- Tom Gayner's largest Q1 2025 buy was Cboe Global Markets: 6,000 shares worth $1.36M.
- Tom Gayner added most to Airbnb in Q1 2025, an estimated $9.18M increase.
- Tom Gayner's biggest Q1 2025 reduction was Cable One, cutting an estimated $11.4M.
- Tom Gayner's ten largest holdings make up 41% of its $11.3B portfolio in Q1 2025.
- Tom Gayner opened 3 new positions and closed 0 in Q1 2025.
- Tom Gayner's portfolio value fell 0.73% quarter-over-quarter to $11.3B.
Based on Markel Group's 13F filing for Q1 2025, filed 2 May 2025.