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 | |
|---|---|---|---|---|---|---|
1
Berkshire Hathaway Class A
BRK.A
$1.06T
| $840M | 6.82% |
1,114
| – | – |
|
|
2
Berkshire Hathaway Class B
BRK.B
$1.06T
| $770M | 6.25% |
1,531,971
| – | – |
|
3
Alphabet (Google) Class C
GOOG
$4.18T
| $670M | 5.44% |
2,749,860
| – | – |
|
4
Brookfield
BN
$93.1B
| $598M | 4.85% |
13,073,612
| – | – |
|
5
Amazon
AMZN
$2.79T
| $446M | 3.62% |
2,030,760
| – | – |
|
6
Deere & Co
DE
$175B
| $401M | 3.26% |
877,900
| – | – |
|
7
Home Depot
HD
$335B
| $373M | 3.03% |
920,000
| – | – |
|
8
Visa
V
$693B
| $341M | 2.77% |
999,285
| – | – |
|
9
Apple
AAPL
$4.51T
| $313M | 2.54% |
1,227,290
| – | – |
|
10
Analog Devices
ADI
$182B
| $287M | 2.33% |
1,167,671
| – | – |
|
11
Goldman Sachs
GS
$303B
| $286M | 2.32% |
359,360
| – | – |
|
12
Microsoft
MSFT
$3.59T
| $276M | 2.24% |
532,080
+4,600
| +0.9% | +$2.35M |
|
13
Blackrock
BLK
$179B
| $257M | 2.08% |
220,200
| – | – |
|
14
Walt Disney
DIS
$186B
| $233M | 1.89% |
2,031,665
| – | – |
|
15
Watsco Inc
WSO
$12.9B
| $228M | 1.85% |
565,169
| – | – |
|
16
Blackstone
BX
$108B
| $210M | 1.7% |
1,229,000
| – | – |
|
17
Meta Platforms (Facebook)
META
$1.4T
| $206M | 1.67% |
280,281
| – | – |
|
18
KKR & Co
KKR
$97.4B
| $189M | 1.53% |
1,451,800
| – | – |
|
19
Progressive
PGR
$127B
| $186M | 1.51% |
753,750
| – | – |
|
20
LPL Financial
LPLA
$28.5B
| $184M | 1.49% |
553,321
+8,717
| +2% | +$3.16M |
|
21
Lowe's Companies
LOW
$121B
| $183M | 1.48% |
726,730
+9,500
| +1% | +$2.33M |
|
22
American Express
AXP
$227B
| $161M | 1.31% |
484,250
| – | – |
|
23
Caterpillar
CAT
$381B
| $157M | 1.27% |
328,650
| – | – |
|
24
RLI Corp
RLI
$6B
| $156M | 1.27% |
2,394,544
| – | – |
|
|
MRSH
25
Marsh
MRSH
$91.6B
| $152M | 1.23% |
755,000
+6,250
| +0.8% | +$1.29M |
|
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.