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 | |
|---|---|---|---|---|---|---|
101
Comfort Systems
FIX
$58.3B
| $10.7M | 0.09% |
13,000
| – | – |
|
102
Otis Worldwide
OTIS
$27.2B
| $10.5M | 0.09% |
114,620
| – | – |
|
103
Hershey
HSY
$37.5B
| $10.2M | 0.08% |
54,500
| – | – |
|
|
104
CSX Corp
CSX
$95.6B
| $10.1M | 0.08% |
285,000
+220,000
| +338% | +$7.51M |
|
105
Sony
SONY
$140B
| $9.64M | 0.08% |
335,000
| – | – |
|
106
ScottsMiracle-Gro
SMG
$3.55B
| $9.57M | 0.08% |
168,000
| – | – |
|
107
UnitedHealth
UNH
$350B
| $9.15M | 0.07% |
26,500
| – | – |
|
108
IQVIA
IQV
$42.8B
| $8.91M | 0.07% |
46,900
-2,742
| -6% | -$499K |
|
109
CME Group
CME
$98.9B
| $8.65M | 0.07% |
32,000
+9,500
| +42% | +$2.58M |
|
110
TransUnion
TRU
$16.2B
| $8.47M | 0.07% |
101,050
| – | – |
|
111
Cboe Global Markets
CBOE
$31.4B
| $6.99M | 0.06% |
28,500
+9,500
| +50% | +$2.28M |
|
112
Insperity
NSP
$2.02B
| $6.48M | 0.05% |
131,728
| – | – |
|
113
CarMax
KMX
$8.82B
| $6.12M | 0.05% |
136,500
| – | – |
|
114
Graham Holdings Company
GHC
$4.94B
| $6.12M | 0.05% |
5,200
| – | – |
|
115
Huntington Ingalls Industries
HII
$11.8B
| $5.9M | 0.05% |
20,500
| – | – |
|
116
Applied Materials
AMAT
$391B
| $5.37M | 0.04% |
26,250
+9,750
| +59% | +$1.77M |
|
117
Adobe
ADBE
$109B
| $4.94M | 0.04% |
14,000
| – | – |
|
118
Eastman Chemical
EMN
$8.47B
| $4.73M | 0.04% |
74,950
| – | – |
|
119
W.R. Berkley
WRB
$25.5B
| $4.65M | 0.04% |
60,750
| – | – |
|
120
Eagle Materials
EXP
$6.35B
| $3.44M | 0.03% |
14,750
+5,750
| +64% | +$1.3M |
|
121
Acuity Brands
AYI
$10.3B
| $3.36M | 0.03% |
9,750
| – | – |
|
122
MGM Resorts International
MGM
$11B
| $3.03M | 0.02% |
87,500
| – | – |
|
123
Sysco
SYY
$40.2B
| $2.51M | 0.02% |
30,500
+6,500
| +27% | +$520K |
|
124
Domino's
DPZ
$11.3B
| $2.37M | 0.02% |
5,500
| – | – |
|
125
Canadian National Railway
CNI
$78.5B
| $2.36M | 0.02% |
+25,000
| New | +$2.41M |
|
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.