Tom Gayner (Markel Group) portfolio and holdings
Tom GaynerLong-term holders
An insurance-based group often called a "baby Berkshire". It invests the money from its insurance business in stocks for the long term.
13F portfolio value$12.8B
Holdings145
Top 10 weight43.5%
Since last quarter17 new, 27 added, 8 reduced, 2 sold out
This quarter's moves (Q3 2026)
In Q3 2026 (Jul–Sep), Markel Group opened 17 new positions (Exxonmobil Holdings Corporation, Zebra Technologies Corporation, Mobility Global Inc, and others) and sold out of 2 (Exxon Mobil, Brown & Brown, Inc.).
By value, the biggest additions were Zoetis Inc., Watsco, Inc., Franco-Nevada Corporation, and others, and the biggest reductions were Airbnb, Inc., Meta Platforms, Inc., Alphabet Inc., and others.
The largest holding is Alphabet Inc. at 7.3% of the portfolio; the top five make up 28.2%.
NewExxonmobil Holdings Corporation, Zebra Technologies Corporation, Mobility Global Inc, Silicon Laboratories Inc., and othersAddedZoetis Inc., Watsco, Inc., Franco-Nevada Corporation, The Home Depot, Inc., and othersReducedAirbnb, Inc., Meta Platforms, Inc., Alphabet Inc., Yum! Brands, Inc., and othersSold outExxon Mobil, Brown & Brown, Inc.
Profile
Markel is an insurer founded in 1930. Tom Gayner joined in 1990 to run its stock investments and has been sole CEO since 2023. Like Berkshire, it puts insurance money to work in stocks and in buying whole businesses.
Track record
- Built Markel Ventures, which buys whole non-insurance businesses, into one of the group's pillars
- Its portfolio centers on high-quality companies held for the long term, including Berkshire Hathaway
Based on public statements by the investor or firm and news reports.
By sector
Financial Services 40.8%Industrials 15.8%Communication Services 11.7%Technology 11.2%Consumer Cyclical 9.4%Consumer Defensive 3.9%Basic Materials 3.4%Healthcare 3.1%Real Estate 0.3%
Holdings
Values use quarter-end prices. Changes compare with the previous quarter (end of Jun 2026).
| # | Stock | Value | Weight | Shares | Change | Change % | % of shares out |
|---|---|---|---|---|---|---|---|
| 1 | GOOGAlphabet Inc. | $937M | 7.30% | 2,749,860 | — | — | 0.02% |
| 2 | BRK-ABerkshire Hathaway Inc. | $832M | 6.48% | 1,114 | — | — | 0.08% |
| 3 | BRK-BBerkshire Hathaway Inc. | $763M | 5.94% | 1,531,971 | — | — | 0.07% |
| 4 | DEDeere & Company | $578M | 4.50% | 861,150 | Reduced−16,750 | −1.9% | 0.32% |
| 5 | AMZNAmazon.com, Inc. | $506M | 3.94% | 2,030,760 | — | — | 0.02% |
| 6 | BNBrookfield Corporation | $477M | 3.71% | 13,073,609 | — | — | 0.59% |
| 7 | AAPLApple Inc. | $409M | 3.18% | 1,227,290 | — | — | 0.01% |
| 8 | ADIAnalog Devices, Inc. | $397M | 3.09% | 999,671 | — | — | 0.21% |
| 9 | VVisa Inc. | $364M | 2.84% | 1,013,912 | — | — | 0.05% |
| 10 | GSThe Goldman Sachs Group, Inc. | $324M | 2.52% | 359,360 | — | — | 0.12% |
| 11 | MSFTMicrosoft Corporation | $276M | 2.15% | 537,630 | — | — | 0.01% |
| 12 | CATCaterpillar Inc. | $266M | 2.08% | 328,650 | — | — | 0.07% |
| 13 | HDThe Home Depot, Inc. | $265M | 2.07% | 932,000 | Added+9,500 | +1.0% | 0.09% |
| 14 | BLKBlackRock, Inc. | $233M | 1.82% | 220,200 | — | — | 0.14% |
| 15 | DISThe Walt Disney Company | $214M | 1.67% | 2,039,165 | Added+7,500 | +0.4% | 0.12% |
| 16 | TXNTexas Instruments Incorporated | $203M | 1.58% | 724,000 | — | — | 0.08% |
| 17 | WSOWatsco, Inc. | $189M | 1.47% | 623,010 | Added+25,260 | +4.2% | 1.50% |
| 18 | FNVFranco-Nevada Corporation | $187M | 1.46% | 787,000 | Added+13,500 | +1.7% | 0.41% |
| 19 | GOOGLAlphabet Inc. | $179M | 1.39% | 519,975 | Reduced−52,025 | −9.1% | 0.00% |
| 20 | LPLALPL Financial Holdings Inc. | $173M | 1.35% | 566,132 | Added+6,181 | +1.1% | 0.73% |
| 21 | JNJJohnson & Johnson | $162M | 1.26% | 610,800 | — | — | 0.03% |
| 22 | PGRThe Progressive Corporation | $156M | 1.22% | 753,750 | — | — | 0.13% |
| 23 | METAMeta Platforms, Inc. | $152M | 1.18% | 209,163 | Reduced−25,000 | −10.7% | 0.01% |
| 24 | AXPAmerican Express Company | $149M | 1.16% | 490,450 | — | — | 0.07% |
| 25 | LOWLowe's Companies, Inc. | $140M | 1.09% | 761,480 | Added+9,500 | +1.3% | 0.14% |
| 26 | BXBlackstone Inc. | $138M | 1.07% | 1,229,000 | — | — | 0.11% |
| 27 | SCHWThe Charles Schwab Corporation | $136M | 1.06% | 1,394,800 | — | — | 0.08% |
| 28 | RLIRLI Corp. | $134M | 1.04% | 2,421,922 | Added+27,378 | +1.1% | 2.64% |
| 29 | KKRKKR & Co. Inc. | $133M | 1.03% | 1,451,800 | — | — | 0.16% |
| 30 | MRSHMarsh & McLennan Companies, Inc. | $130M | 1.02% | 763,500 | — | — | 0.16% |
| 31 | GDGeneral Dynamics Corporation | $130M | 1.01% | 391,000 | — | — | 0.14% |
| 32 | ADMArcher-Daniels-Midland Company | $120M | 0.93% | 1,505,800 | — | — | 0.31% |
| 33 | APOApollo Global Management, Inc. | $118M | 0.92% | 1,012,500 | — | — | 0.17% |
| 34 | DEODiageo plc | $117M | 0.91% | 1,372,208 | — | — | 0.25% |
| 35 | MAMastercard Incorporated | $114M | 0.89% | 207,540 | — | — | 0.02% |
| 36 | NVONovo Nordisk A/S | $109M | 0.85% | 2,869,774 | — | — | 0.07% |
| 37 | LINLinde plc | $105M | 0.82% | 220,600 | Added+5,000 | +2.3% | 0.05% |
| 38 | DGDollar General Corporation | $104M | 0.81% | 869,250 | — | — | 0.39% |
| 39 | MCOMoody's Corporation | $97.1M | 0.76% | 213,890 | — | — | 0.12% |
| 40 | BAMBrookfield Asset Management Ltd. | $96.9M | 0.75% | 2,173,953 | Reduced−20,000 | −0.9% | 0.14% |
| 41 | NSCNorfolk Southern Corporation | $87.3M | 0.68% | 282,500 | — | — | 0.13% |
| 42 | HEI-AHEICO Corporation | $86.7M | 0.68% | 379,644 | — | — | 0.20% |
| 43 | ITWIllinois Tool Works Inc. | $84.3M | 0.66% | 327,500 | — | — | 0.12% |
| 44 | JPMJPMorgan Chase & Co. | $83.6M | 0.65% | 252,550 | — | — | 0.01% |
| 45 | MSCIMSCI Inc. | $76.9M | 0.60% | 142,850 | — | — | 0.20% |
| 46 | ECLEcolab Inc. | $75.3M | 0.59% | 274,300 | — | — | 0.10% |
| 47 | NVRNVR, Inc. | $74.9M | 0.58% | 12,167 | Added+70 | +0.6% | 0.45% |
| 48 | ODFLOld Dominion Freight Line, Inc. | $74.6M | 0.58% | 429,150 | — | — | 0.21% |
| 49 | SUNBSunbelt Rentals Holdings Inc | $72M | 0.56% | 983,207 | Added+8,846 | +0.9% | 0.24% |
| 50 | ROKRockwell Automation, Inc. | $67.4M | 0.53% | 154,900 | — | — | 0.14% |
| 51 | ITICInvestors Title Company | $60.3M | 0.47% | 213,300 | — | — | 11.30% |
| 52 | THGThe Hanover Insurance Group, Inc. | $60.2M | 0.47% | 281,000 | — | — | 0.82% |
| 53 | SBUXStarbucks Corporation | $58.6M | 0.46% | 623,818 | — | — | 0.05% |
| 54 | CGThe Carlyle Group Inc. | $52.6M | 0.41% | 1,327,000 | — | — | 0.37% |
| 55 | TMOThermo Fisher Scientific Inc. | $50M | 0.39% | 74,100 | Added+1,000 | +1.4% | 0.02% |
| 56 | ROLRollins, Inc. | $47.6M | 0.37% | 1,581,025 | Added+64,500 | +4.3% | 0.33% |
| 57 | SPGIS&P Global Inc. | $46.4M | 0.36% | 117,690 | — | — | 0.04% |
| 58 | TSNTyson Foods, Inc. | $46.2M | 0.36% | 913,500 | — | — | 0.26% |
| 59 | UNPUnion Pacific Corporation | $45.2M | 0.35% | 166,028 | Added+5,000 | +3.1% | 0.03% |
| 60 | HGTYHagerty, Inc. | $41.8M | 0.33% | 3,108,000 | — | — | 0.90% |
| 61 | MELIMercadoLibre, Inc. | $41.8M | 0.33% | 24,200 | Added+200 | +0.8% | 0.05% |
| 62 | RTXRTX Corporation | $41.6M | 0.32% | 224,000 | — | — | 0.02% |
| 63 | FERGFerguson plc | $41M | 0.32% | 184,200 | Added+4,000 | +2.2% | 0.10% |
| 64 | CSCOCisco Systems, Inc. | $38.3M | 0.30% | 355,500 | — | — | 0.01% |
| 65 | AONAon plc | $37.6M | 0.29% | 135,800 | — | — | 0.06% |
| 66 | FDSFactSet Research Systems Inc. | $36.5M | 0.28% | 135,376 | — | — | 0.38% |
| 67 | HCAHCA Healthcare, Inc. | $36.3M | 0.28% | 84,972 | Added+606 | +0.7% | 0.04% |
| 68 | MARMarriott International, Inc. | $35.5M | 0.28% | 99,750 | Added+250 | +0.3% | 0.04% |
| 69 | ALLThe Allstate Corporation | $34.3M | 0.27% | 154,550 | — | — | 0.06% |
| 70 | LMTLockheed Martin Corporation | $33.2M | 0.26% | 65,213 | — | — | 0.03% |
| 71 | TROWT. Rowe Price Group, Inc. | $32.7M | 0.25% | 314,000 | — | — | 0.15% |
| 72 | URIUnited Rentals, Inc. | $31.2M | 0.24% | 31,150 | — | — | 0.05% |
| 73 | COSTCostco Wholesale Corporation | $30.7M | 0.24% | 33,748 | Reduced−5,402 | −13.8% | 0.01% |
| 74 | SHWThe Sherwin-Williams Company | $30.4M | 0.24% | 94,172 | — | — | 0.04% |
| 75 | ZTSZoetis Inc. | $29.7M | 0.23% | 425,296 | Added+359,101 | +542.5% | 0.10% |
| 76 | ACNAccenture plc | $29.2M | 0.23% | 159,400 | — | — | 0.03% |
| 77 | LAMRLamar Advertising Company | $27.8M | 0.22% | 193,000 | — | — | 0.19% |
| 78 | CSXCSX Corporation | $27.8M | 0.22% | 597,500 | Added+13,000 | +2.2% | 0.03% |
| 79 | VRSKVerisk Analytics, Inc. | $26.2M | 0.20% | 155,950 | — | — | 0.12% |
| 80 | APDAir Products and Chemicals, Inc. | $25.8M | 0.20% | 92,750 | Added+4,250 | +4.8% | 0.04% |
| 81 | CCKCrown Holdings, Inc. | $23.2M | 0.18% | 220,000 | — | — | 0.20% |
| 82 | BF-ABrown-Forman Corporation | $22.6M | 0.18% | 843,000 | — | — | 0.19% |
| 83 | RNRRenaissanceRe Holdings Ltd. | $22.3M | 0.17% | 70,000 | — | — | 0.17% |
| 84 | PMPhilip Morris International Inc. | $21.8M | 0.17% | 114,500 | — | — | 0.01% |
| 85 | EPDEnterprise Products Partners L.P. | $21.8M | 0.17% | 612,000 | Added+43,000 | +7.6% | 0.03% |
| 86 | FIXComfort Systems USA, Inc. | $21.5M | 0.17% | 13,000 | — | — | 0.04% |
| 87 | YUMYum! Brands, Inc. | $19.4M | 0.15% | 142,059 | Reduced−103,154 | −42.1% | 0.05% |
| 88 | AMATApplied Materials, Inc. | $18.6M | 0.14% | 36,350 | — | — | 0.00% |
| 89 | BNYBank of New York Mellon Corp | $18M | 0.14% | 124,500 | — | — | 0.02% |
| 90 | SEICSEI Investments Company | $17.8M | 0.14% | 173,200 | — | — | 0.15% |
| 91 | COFCapital One Financial Corporation | $17.6M | 0.14% | 91,000 | — | — | 0.01% |
| 92 | WFCWells Fargo & Company | $16.4M | 0.13% | 204,450 | — | — | 0.01% |
| 93 | HXLHexcel Corporation | $15.9M | 0.12% | 189,000 | — | — | 0.25% |
| 94 | NKENIKE, Inc. | $15.8M | 0.12% | 447,400 | — | — | 0.03% |
| 95 | SHOPShopify Inc. | $15.2M | 0.12% | 102,750 | — | — | 0.01% |
| 96 | PAYXPaychex, Inc. | $14.8M | 0.12% | 150,000 | — | — | 0.04% |
| 97 | CARRCarrier Global Corporation | $13.2M | 0.10% | 240,000 | Added+5,000 | +2.1% | 0.03% |
| 98 | CMECME Group Inc. | $13M | 0.10% | 49,750 | — | — | 0.01% |
| 99 | SPOTSpotify Technology S.A. | $12.6M | 0.10% | 25,900 | — | — | 0.01% |
| 100 | IQVIQVIA Holdings Inc. | $12.6M | 0.10% | 46,900 | — | — | 0.03% |
| 101 | BF-BBrown-Forman Corporation | $12.4M | 0.10% | 474,187 | — | — | 0.10% |
| 102 | PEPPepsiCo, Inc. | $12.2M | 0.09% | 96,210 | — | — | 0.01% |
| 103 | —Cboe Global Mkts Inc | $12M | 0.09% | 43,700 | — | — | — |
| 104 | HSYThe Hershey Company | $11.8M | 0.09% | 75,000 | — | — | 0.04% |
| 105 | ABNBAirbnb, Inc. | $11.8M | 0.09% | 73,355 | Reduced−169,034 | −69.7% | 0.01% |
| 106 | EFXEquifax Inc. | $10M | 0.08% | 72,850 | — | — | 0.06% |
| 107 | XOMExxonmobil Holdings Corporation | $9.8M | 0.08% | 60,400 | New | 0.00% | |
| 108 | UBERUber Technologies, Inc. | $9.8M | 0.08% | 142,500 | — | — | 0.01% |
| 109 | OTISOtis Worldwide Corporation | $9.4M | 0.07% | 145,620 | Added+12,000 | +9.0% | 0.04% |
| 110 | NSPInsperity, Inc. | $8.4M | 0.07% | 181,336 | — | — | 0.48% |
| 111 | SONYSony Group Corporation | $7.9M | 0.06% | 335,000 | — | — | 0.01% |
| 112 | KMXCarMax, Inc. | $7.5M | 0.06% | 136,500 | — | — | 0.10% |
| 113 | HIIHuntington Ingalls Industries, Inc. | $7.3M | 0.06% | 27,500 | — | — | 0.07% |
| 114 | CPCanadian Pacific Kansas City Ltd. | $6.8M | 0.05% | 79,500 | Added+6,500 | +8.9% | 0.01% |
| 115 | CNICanadian National Railway Company | $6.4M | 0.05% | 53,500 | — | — | 0.01% |
| 116 | CMCSAComcast Corporation | $6.3M | 0.05% | 288,334 | Reduced−513,740 | −64.1% | 0.01% |
| 117 | GHCGraham Holdings Company | $5.9M | 0.05% | 5,200 | — | — | 0.12% |
| 118 | EMNEastman Chemical Company | $4.9M | 0.04% | 74,950 | — | — | 0.07% |
| 119 | NFLXNetflix, Inc. | $4.7M | 0.04% | 67,500 | Added+27,500 | +68.8% | 0.00% |
| 120 | ICEIntercontinental Exchange, Inc. | $4.4M | 0.03% | 28,870 | — | — | 0.01% |
| 121 | WRBW. R. Berkley Corporation | $4.1M | 0.03% | 60,750 | — | — | 0.02% |
| 122 | WYWeyerhaeuser Company | $3.8M | 0.03% | 202,000 | Added+82,000 | +68.3% | 0.03% |
| 123 | BCBrunswick Corporation | $3.3M | 0.03% | 51,250 | — | — | 0.08% |
| 124 | AYIAcuity Brands, Inc. | $3M | 0.02% | 9,750 | — | — | 0.03% |
| 125 | MGMMGM Resorts International | $2.7M | 0.02% | 87,500 | — | — | 0.03% |
| 126 | EXPEagle Materials Inc. | $2.5M | 0.02% | 14,750 | — | — | 0.05% |
| 127 | SYYSysco Corporation | $2.4M | 0.02% | 30,500 | — | — | 0.01% |
| 128 | ZBRAZebra Technologies Corporation | $2.4M | 0.02% | 6,300 | New | 0.01% | |
| 129 | MBGLMobility Global Inc | $2M | 0.02% | 117,690 | New | 0.04% | |
| 130 | SLABSilicon Laboratories Inc. | $1.8M | 0.01% | 8,292 | New | 0.02% | |
| 131 | TYLTyler Technologies, Inc. | $1.7M | 0.01% | 5,400 | New | 0.01% | |
| 132 | VGZVista Gold Corp. | $1.7M | 0.01% | 615,000 | New | 0.42% | |
| 133 | DPZDomino's Pizza, Inc. | $1.6M | 0.01% | 5,500 | — | — | 0.02% |
| 134 | WSCWillScot Holdings Corporation | $1.5M | 0.01% | 90,000 | New | 0.05% | |
| 135 | XPOXPO Logistics, Inc. | $1.5M | 0.01% | 8,674 | New | 0.01% | |
| 136 | XYLXylem Inc. | $1.2M | 0.01% | 12,283 | New | 0.01% | |
| 137 | WTSWatts Water Technologies, Inc. | $1.2M | 0.01% | 3,377 | New | 0.01% | |
| 138 | UFPIUFP Industries, Inc. | $1.1M | 0.01% | 14,000 | Added+10,000 | +250.0% | 0.03% |
| 139 | VVVValvoline Inc. | $1M | 0.01% | 33,760 | New | 0.03% | |
| 140 | XPELXPEL, Inc. | $922K | 0.01% | 20,872 | New | 0.08% | |
| 141 | TOSTToast, Inc. | $783K | 0.01% | 27,000 | New | 0.01% | |
| 142 | XRNChiron Real Estate Inc. | $752K | 0.01% | 21,631 | New | 0.16% | |
| 143 | SITESiteOne Landscape Supply, Inc. | $719K | 0.01% | 7,956 | New | 0.02% | |
| 144 | CPRTCopart, Inc. | $273K | 0.00% | 10,000 | New | 0.00% | |
| 145 | VMCVulcan Materials Company | $234K | 0.00% | 958 | New | 0.00% |
Sold out
Held at the end of Jun 2026 but not at the end of Sep 2026. Value and shares are as of the previous quarter.
| Stock | Previous value | Shares |
|---|---|---|
| —Exxon Mobil Corp | $7.7M | 56,100 |
| BROBrown & Brown, Inc. | $898K | 14,000 |
13F portfolio value over time
$11.3B24/12
$11.3B25/03
$11.8B25/06
$12.3B25/09
$12.5B25/12
$11.9B26/03
$13.1B26/06
$12.8B26/09
Total value of the holdings reported on Form 13F at each quarter end.
FAQ
What is Tom Gayner's largest holding?
In the 13F as of the end of Sep 2026, the largest holding is Alphabet Inc., worth $937M or 7.3% of the portfolio.
What did Tom Gayner buy recently?
New positions in Q3 2026 (Jul–Sep): Exxonmobil Holdings Corporation, Zebra Technologies Corporation, Mobility Global Inc, Silicon Laboratories Inc., Tyler Technologies, Inc., and others.
What did Tom Gayner sell?
Positions sold out in Q3 2026 (Jul–Sep): Exxon Mobil, Brown & Brown, Inc..
How many stocks are held, and how large is the portfolio?
As of the end of Sep 2026, 145 holdings worth $12.8B in total (U.S.-listed securities reported on Form 13F).
When will the next holdings be disclosed?
Form 13F is due within 45 days of each quarter end. The next one is due around Feb 14, 2027, and this page updates automatically once it is filed.
Source: Form 13F filed with the U.S. Securities and Exchange Commission. This is not a recommendation to buy or sell any security.