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 | |
|---|---|---|---|---|---|---|
1
Berkshire Hathaway Class A
BRK.A
$1.06T
| $889M | 7.9% |
1,114
| – | – |
|
|
2
Berkshire Hathaway Class B
BRK.B
$1.06T
| $816M | 7.25% |
1,531,971
| – | – |
|
3
Brookfield
BN
$93.1B
| $457M | 4.06% |
13,073,612
| – | – |
|
4
Alphabet (Google) Class C
GOOG
$4.18T
| $430M | 3.81% |
2,749,860
| – | – |
|
5
Deere & Co
DE
$175B
| $412M | 3.66% |
877,700
+2,750
| +0.3% | +$1.29M |
|
6
Amazon
AMZN
$2.79T
| $386M | 3.43% |
2,030,760
| – | – |
|
7
Visa
V
$693B
| $350M | 3.11% |
999,285
| – | – |
|
8
Home Depot
HD
$335B
| $337M | 2.99% |
920,000
| – | – |
|
9
Watsco Inc
WSO
$12.9B
| $300M | 2.67% |
590,500
| – | – |
|
10
Apple
AAPL
$4.51T
| $273M | 2.42% |
1,227,290
| – | – |
|
11
Analog Devices
ADI
$182B
| $235M | 2.09% |
1,167,671
| – | – |
|
12
Progressive
PGR
$127B
| $213M | 1.89% |
753,750
| – | – |
|
13
Blackrock
BLK
$179B
| $208M | 1.85% |
220,200
| – | – |
|
14
Walt Disney
DIS
$186B
| $201M | 1.78% |
2,031,665
| – | – |
|
15
Goldman Sachs
GS
$303B
| $196M | 1.74% |
359,360
| – | – |
|
16
Microsoft
MSFT
$3.59T
| $196M | 1.74% |
522,730
+3,250
| +0.6% | +$1.33M |
|
17
RLI Corp
RLI
$6B
| $192M | 1.71% |
2,394,544
| – | – |
|
|
MRSH
18
Marsh
MRSH
$91.6B
| $181M | 1.61% |
743,500
+8,000
| +1% | +$1.82M |
|
19
LPL Financial
LPLA
$28.5B
| $176M | 1.57% |
539,104
+6,700
| +1% | +$2.33M |
|
20
Blackstone
BX
$108B
| $172M | 1.53% |
1,229,000
| – | – |
|
21
KKR & Co
KKR
$97.4B
| $168M | 1.49% |
1,451,800
| – | – |
|
22
Lowe's Companies
LOW
$121B
| $165M | 1.47% |
708,230
+6,750
| +1% | +$1.66M |
|
23
Meta Platforms (Facebook)
META
$1.4T
| $161M | 1.43% |
280,081
+1,700
| +0.6% | +$1.1M |
|
|
NVO
24
Novo Nordisk
NVO
$207B
| $149M | 1.33% |
2,150,000
| – | – |
|
25
Diageo
DEO
$52.6B
| $143M | 1.27% |
1,366,708
| – | – |
|
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.