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 | |
|---|---|---|---|---|---|---|
126
Canadian Pacific Kansas City
CP
$85B
| $2.31M | 0.02% |
+31,000
| New | +$2.37M |
|
127
Brunswick
BC
$5.24B
| $2.12M | 0.02% |
33,500
+4,000
| +14% | +$248K |
|
128
Intercontinental Exchange
ICE
$90.5B
| $947K | 0.01% |
5,620
+500
| +10% | +$89.3K |
|
129
ExxonMobil
XOM
$679B
| $338K | ﹤0.01% |
+3,000
| New | +$334K |
|
130
Ball Corp
BALL
$16.8B
| – | – |
-51,000
| Closed | -$2.86M |
|
131
AB InBev
BUD
$155B
| – | – |
-11,000
| Closed | -$756K |
|
|
132
Celanese
CE
$5.14B
| – | – |
-81,300
| Closed | -$4.5M |
|
133
CoStar Group
CSGP
$13.1B
| – | – |
-18,600
| Closed | -$1.5M |
|
134
Estee Lauder
EL
$36.9B
| – | – |
-15,000
| Closed | -$1.21M |
|
|
135
Graphic Packaging
GPK
$3.54B
| – | – |
-174,000
| Closed | -$3.67M |
|
136
Intuit
INTU
$100B
| – | – |
-2,720
| Closed | -$2.14M |
|
137
Gartner
IT
$12.4B
| – | – |
-5,700
| Closed | -$2.3M |
|
|
138
3M
MMM
$92.3B
| – | – |
-118,250
| Closed | -$18M |
|
|
139
O-I Glass
OI
$1.1B
| – | – |
-473,700
| Closed | -$6.98M |
|
140
Willis Towers Watson
WTW
$31.8B
| – | – |
-8,627
| Closed | -$2.64M |
|
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.