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 | |
|---|---|---|---|---|---|---|
126
Willis Towers Watson
WTW
$31.8B
| $2.64M | 0.02% |
8,627
| – | – |
|
127
Domino's
DPZ
$11.3B
| $2.48M | 0.02% |
5,500
| – | – |
|
128
Gartner
IT
$12.4B
| $2.3M | 0.02% |
5,700
| – | – |
|
129
Intuit
INTU
$100B
| $2.14M | 0.02% |
2,720
| – | – |
|
130
CSX Corp
CSX
$95.6B
| $2.12M | 0.02% |
+65,000
| New | +$1.96M |
|
131
Eagle Materials
EXP
$6.35B
| $1.82M | 0.02% |
9,000
+5,500
| +157% | +$1.19M |
|
132
Sysco
SYY
$40.2B
| $1.82M | 0.02% |
24,000
+15,000
| +167% | +$1.09M |
|
133
Brunswick
BC
$5.24B
| $1.63M | 0.01% |
29,500
| – | – |
|
134
CoStar Group
CSGP
$13.1B
| $1.5M | 0.01% |
18,600
| – | – |
|
135
Estee Lauder
EL
$36.9B
| $1.21M | 0.01% |
15,000
| – | – |
|
136
Intercontinental Exchange
ICE
$90.5B
| $939K | 0.01% |
5,120
| – | – |
|
137
AB InBev
BUD
$155B
| $756K | 0.01% |
11,000
| – | – |
|
|
138
Cable One
CABO
$129M
| – | – |
-11,900
| Closed | -$3.16M |
|
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.