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
|
+$25.6M |
| 2 |
Franco-Nevada
FNV
|
+$15.8M |
| 3 |
Old Dominion Freight Line
ODFL
|
+$9.02M |
| 4 |
CSX Corp
CSX
|
+$5.55M |
| 5 |
Norfolk Southern
NSC
|
+$4.92M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
FedEx
FDX
|
+$50.2M |
| 2 |
Analog Devices
ADI
|
+$36.3M |
| 3 |
Meta Platforms (Facebook)
META
|
+$21.4M |
| 4 |
TransUnion
TRU
|
+$8.14M |
| 5 |
Adobe
ADBE
|
+$4.94M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Financials | 45.4% |
| 2 | Industrials | 12.9% |
| 3 | Communication Services | 11.8% |
| 4 | Consumer Discretionary | 10.86% |
| 5 | Technology | 8.99% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
1
Alphabet (Google) Class C
GOOG
$4.18T
| $863M | 6.88% |
2,749,860
| – | – |
|
2
Berkshire Hathaway Class A
BRK.A
$1.06T
| $841M | 6.7% |
1,114
| – | – |
|
|
3
Berkshire Hathaway Class B
BRK.B
$1.06T
| $770M | 6.14% |
1,531,971
| – | – |
|
4
Brookfield
BN
$93.1B
| $600M | 4.78% |
13,073,609
-3
| -0% | -$137 |
|
5
Amazon
AMZN
$2.79T
| $469M | 3.74% |
2,030,760
| – | – |
|
6
Deere & Co
DE
$175B
| $409M | 3.26% |
877,900
| – | – |
|
7
Visa
V
$693B
| $350M | 2.79% |
999,285
| – | – |
|
8
Apple
AAPL
$4.51T
| $334M | 2.66% |
1,227,290
| – | – |
|
9
Home Depot
HD
$335B
| $317M | 2.52% |
920,000
| – | – |
|
10
Goldman Sachs
GS
$303B
| $316M | 2.52% |
359,360
| – | – |
|
|
11
Analog Devices
ADI
$182B
| $278M | 2.21% |
1,023,245
-144,426
| -12% | -$36.3M |
|
12
Microsoft
MSFT
$3.59T
| $259M | 2.07% |
535,680
+3,600
| +0.7% | +$1.8M |
|
13
Blackrock
BLK
$179B
| $236M | 1.88% |
220,200
| – | – |
|
14
Walt Disney
DIS
$186B
| $231M | 1.84% |
2,031,665
| – | – |
|
15
LPL Financial
LPLA
$28.5B
| $200M | 1.59% |
559,951
+6,630
| +1% | +$2.34M |
|
16
Watsco Inc
WSO
$12.9B
| $195M | 1.55% |
577,669
+12,500
| +2% | +$4.46M |
|
17
Blackstone
BX
$108B
| $189M | 1.51% |
1,229,000
| – | – |
|
18
Caterpillar
CAT
$381B
| $188M | 1.5% |
328,650
| – | – |
|
19
KKR & Co
KKR
$97.4B
| $185M | 1.48% |
1,451,800
| – | – |
|
20
American Express
AXP
$227B
| $181M | 1.44% |
488,500
+4,250
| +0.9% | +$1.52M |
|
|
21
Alphabet (Google) Class A
GOOGL
$4.22T
| $179M | 1.43% |
572,000
| – | – |
|
22
Lowe's Companies
LOW
$121B
| $177M | 1.41% |
734,480
+7,750
| +1% | +$1.86M |
|
23
Progressive
PGR
$127B
| $172M | 1.37% |
753,750
| – | – |
|
|
24
Meta Platforms (Facebook)
META
$1.4T
| $164M | 1.31% |
248,303
-31,978
| -11% | -$21.4M |
|
25
RLI Corp
RLI
$6B
| $153M | 1.22% |
2,394,544
| – | – |
|
Similar funds
Tom Gayner's Q4 2025 Portfolio in Review
As of Q4 2025, Tom Gayner held 130 positions worth $12.5B, up 1.8% from $12.3B the previous quarter. Its ten largest holdings account for 42% of the portfolio.
Trading was light in Q4 2025: portfolio turnover was 2.3%. Tom Gayner opened 1 new position and exited 2, leaving the 130-position portfolio largely intact.
By sector, the portfolio is most concentrated in Financials at 45% of assets, down from 46% a quarter earlier, followed by Industrials and Communication Services.
- Tom Gayner's largest Q4 2025 buy was Brown & Brown: 11,000 shares worth $877K.
- Tom Gayner added most to Novo Nordisk in Q4 2025, an estimated $25.6M increase.
- Tom Gayner's biggest Q4 2025 reduction was Analog Devices, cutting an estimated $36.3M.
- Tom Gayner fully exited FedEx in Q4 2025, selling an estimated $50.2M.
- Tom Gayner's ten largest holdings make up 42% of its $12.5B portfolio in Q4 2025.
- Tom Gayner opened 1 new position and closed 2 in Q4 2025.
- Tom Gayner's portfolio value rose 1.8% quarter-over-quarter to $12.5B.
Based on Markel Group's 13F filing for Q4 2025, filed 6 Feb 2026.