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 | |
|---|---|---|---|---|---|---|
1
Berkshire Hathaway Class A
BRK.A
$1.06T
| $812M | 6.86% |
1,114
| – | – |
|
|
2
Berkshire Hathaway Class B
BRK.B
$1.06T
| $744M | 6.29% |
1,531,971
| – | – |
|
3
Brookfield
BN
$93.1B
| $539M | 4.56% |
13,073,612
| – | – |
|
4
Alphabet (Google) Class C
GOOG
$4.18T
| $488M | 4.12% |
2,749,860
| – | – |
|
5
Deere & Co
DE
$175B
| $446M | 3.77% |
877,900
+200
| +0% | +$97.9K |
|
6
Amazon
AMZN
$2.79T
| $446M | 3.77% |
2,030,760
| – | – |
|
7
Visa
V
$693B
| $355M | 3% |
999,285
| – | – |
|
8
Home Depot
HD
$335B
| $337M | 2.85% |
920,000
| – | – |
|
9
Analog Devices
ADI
$182B
| $278M | 2.35% |
1,167,671
| – | – |
|
10
Microsoft
MSFT
$3.59T
| $262M | 2.22% |
527,480
+4,750
| +0.9% | +$2.06M |
|
11
Goldman Sachs
GS
$303B
| $254M | 2.15% |
359,360
| – | – |
|
12
Walt Disney
DIS
$186B
| $252M | 2.13% |
2,031,665
| – | – |
|
13
Apple
AAPL
$4.51T
| $252M | 2.13% |
1,227,290
| – | – |
|
|
14
Watsco Inc
WSO
$12.9B
| $250M | 2.11% |
565,169
-25,331
| -4% | -$11.8M |
|
15
Blackrock
BLK
$179B
| $231M | 1.95% |
220,200
| – | – |
|
16
Meta Platforms (Facebook)
META
$1.4T
| $207M | 1.75% |
280,281
+200
| +0.1% | +$124K |
|
17
LPL Financial
LPLA
$28.5B
| $204M | 1.73% |
544,604
+5,500
| +1% | +$1.93M |
|
18
Progressive
PGR
$127B
| $201M | 1.7% |
753,750
| – | – |
|
19
KKR & Co
KKR
$97.4B
| $193M | 1.63% |
1,451,800
| – | – |
|
20
Blackstone
BX
$108B
| $184M | 1.55% |
1,229,000
| – | – |
|
21
RLI Corp
RLI
$6B
| $173M | 1.46% |
2,394,544
| – | – |
|
|
MRSH
22
Marsh
MRSH
$91.6B
| $164M | 1.38% |
748,750
+5,250
| +0.7% | +$1.19M |
|
23
Lowe's Companies
LOW
$121B
| $159M | 1.35% |
717,230
+9,000
| +1% | +$2.01M |
|
|
NVO
24
Novo Nordisk
NVO
$207B
| $156M | 1.32% |
2,258,588
+108,588
| +5% | +$7.39M |
|
25
American Express
AXP
$227B
| $154M | 1.31% |
484,250
| – | – |
|
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.