Tom Gayner
Markel Group
Insurance-based value investor
$13.13B
Portfolio Value
130
Holdings
Q2 '26
Period
2026-07-31
Filed
About Tom Gayner
Thomas S. Gayner (born 1961) is an American investor and CEO of Markel Group (formerly Markel Corporation), often described as a 'mini Berkshire Hathaway.' He has managed Markel's investment portfolio since 1990 and became CEO in 2023.
Investment Philosophy
Long-term value investing focused on profitable businesses with good returns on capital, run by honest and talented management, available at fair prices, with reinvestment opportunities. Rarely sells positions. Combines insurance operations with equity investing, similar to Berkshire Hathaway's model.
Notable Facts
- •CEO of Markel Group, often called 'baby Berkshire'
- •Has managed Markel's equity portfolio since 1990
- •Known for attending and speaking at value investing conferences
- •Markel's stock has compounded at strong rates under his investment leadership
Simulated 13F Return
Total Return
+9.88%
Q1 '25 → Q4 '25
Annualized
+13.33%/yr
S&P: +26.24%/yr
Alpha (vs S&P)
-9.3%
3 quarters tracked
1-Year Return
—
⚠️ Approximation only. 13F filings are delayed ~45 days. Options, shorts, and intra-quarter trades not captured.
📈 Recent Activity
Changes from previous quarter
Sold Out (2)
📊 Sector Breakdown
Portfolio allocation by sector
💼 Holdings
130 of 130 positions · $13.13B
This quarter: 3 new positions, increased 23, reduced 4, sold 2. Net buyer.
| # | Stock | % Portfolio▼ | Activity | Shares | Reported Price | Value | Current Price | +/- Reported | 52w Low | 52w High | SEC | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 1 | GOOGALPHABET INC | 7.4% | Held | 2749860 | $353.33 | $971.6M | — | — | — | — | 📄 | |
| 2 | BRK.ABerkshire Hathaway Inc. Class A | 6.4% | Held | 1114 | $748850.00 | $834.2M | — | — | — | — | 📄 | |
| 3 | BRK.BBerkshire Hathaway Inc. Class B | 5.8% | Held | 1531971 | $500.39 | $766.6M | — | — | — | — | 📄 | |
| 4 | DEDEERE & CO | 4.2% | Held | 877900 | $634.33 | $556.9M | — | — | — | — | 📄 | |
| 5 | BNBROOKFIELD CORP | 4.2% | Held | 13073609 | $42.59 | $556.8M | — | — | — | — | 📄 | |
| 6 | AMZNAMAZON COM INC | 3.7% | Held | 2030760 | $238.34 | $484.0M | — | — | — | — | 📄 | |
| 7 | ADIANALOG DEVICES INC | 3.0% | Add 2.30% | 999671 | $397.17 | $397.0M | — | — | — | — | 📄 | |
| 8 | GSGOLDMAN SACHS GROUP INC | 2.8% | Held | 359360 | $1011.37 | $363.4M | — | — | — | — | 📄 | |
| 9 | AAPLAPPLE INC | 2.7% | Held | 1227290 | $289.36 | $355.1M | — | — | — | — | 📄 | |
| 10 | CATCATERPILLAR INC | 2.7% | Held | 328650 | $1064.90 | $350.0M | — | — | — | — | 📄 | |
| 11 | VVISA INC | 2.6% | Add 0.95% | 1013912 | $343.09 | $347.9M | — | — | — | — | 📄 | |
| 12 | HDHOME DEPOT INC | 2.5% | Add 0.27% | 922500 | $352.68 | $325.3M | — | — | — | — | 📄 | |
| 13 | WSOWATSCO INC | 1.9% | Add 2.68% | 597750 | $416.73 | $249.1M | — | — | — | — | 📄 | |
| 14 | TXNTEXAS INSTRS INC | 1.6% | Held | 724000 | $298.07 | $215.8M | — | — | — | — | 📄 | |
| 15 | BLKBLACKROCK INC | 1.6% | Held | 220200 | $961.56 | $211.7M | — | — | — | — | 📄 | |
| 16 | GOOGLALPHABET INC | 1.6% | Held | 572000 | $357.37 | $204.4M | — | — | — | — | 📄 | |
| 17 | MSFTMICROSOFT CORP | 1.5% | Held | 537630 | $373.02 | $200.5M | — | — | — | — | 📄 | |
| 18 | DISDISNEY WALT CO | 1.5% | Held | 2031665 | $96.25 | $195.5M | — | — | — | — | 📄 | |
| 19 | AXPAMERICAN EXPRESS CO | 1.3% | Held | 490450 | $338.25 | $165.9M | — | — | — | — | 📄 | |
| 20 | LOWLOWES COS INC | 1.3% | Add 1.83% | 751980 | $220.49 | $165.8M | — | — | — | — | 📄 | |
| 21 | PGRPROGRESSIVE CORP | 1.3% | Held | 753750 | $218.45 | $164.7M | — | — | — | — | 📄 | |
| 22 | FNVFRANCO NEV CORP | 1.2% | Add 9.17% | 773500 | $208.44 | $161.2M | — | — | — | — | 📄 | |
| 23 | LPLALPL FINL HLDGS INC | 1.2% | Held | 559951 | $281.68 | $157.7M | — | — | — | — | 📄 | |
| 24 | JNJJOHNSON & JOHNSON | 1.2% | Held | 610800 | $253.97 | $155.1M | — | — | — | — | 📄 | |
| 25 | BXBLACKSTONE INC | 1.1% | Held | 1229000 | $117.67 | $144.6M | — | — | — | — | 📄 |