What Tom Gayner Bought in Q4 2025
Markel Group · Quarterly 13F recap as filed with the SEC.
Period: 2025-12-31 · Filed · Historical
$12.54B
Total Value
128
Holdings
1
New Buys
4
Reduced
In Q4 2025, Tom Gayner reported 128 long equity positions worth $12.54B in their Markel Group 13F filing, including 1 new positions (largest: BROWN & BROWN INC at $877K) and 41 increased positions.
| Rank | Ticker | Company | Shares | Value | % Portfolio | Change |
|---|---|---|---|---|---|---|
| 1 | GOOG | ALPHABET INC | 2749860 | $862.9M | 6.88% | — |
| 2 | BRK.A | Berkshire Hathaway Inc. Class A | 1114 | $840.8M | 6.70% | — |
| 3 | BRK.B | Berkshire Hathaway Inc. Class B | 1531971 | $770.0M | 6.14% | — |
| 4 | BN | BROOKFIELD CORP | 13073609 | $599.9M | 4.78% | 50.0% |
| 5 | AMZN | AMAZON COM INC | 2030760 | $468.7M | 3.74% | — |
| 6 | DE | DEERE & CO | 877900 | $408.7M | 3.26% | — |
| 7 | V | VISA INC | 999285 | $350.5M | 2.79% | — |
| 8 | AAPL | APPLE INC | 1227290 | $333.7M | 2.66% | — |
| 9 | HD | HOME DEPOT INC | 920000 | $316.6M | 2.52% | — |
| 10 | GS | GOLDMAN SACHS GROUP INC | 359360 | $315.9M | 2.52% | — |
| 11 | ADI | ANALOG DEVICES INC | 1023245 | $277.5M | 2.21% | -12.4% |
| 12 | MSFT | MICROSOFT CORP | 535680 | $259.1M | 2.07% | +0.7% |
| 13 | BLK | BLACKROCK INC | 220200 | $235.7M | 1.88% | — |
| 14 | DIS | DISNEY WALT CO | 2031665 | $231.1M | 1.84% | — |
| 15 | LPLA | LPL FINL HLDGS INC | 559951 | $200.0M | 1.59% | +1.2% |
| 16 | WSO | WATSCO INC | 577669 | $194.6M | 1.55% | +2.2% |
| 17 | BX | BLACKSTONE INC | 1229000 | $189.4M | 1.51% | — |
| 18 | CAT | CATERPILLAR INC | 328650 | $188.3M | 1.50% | — |
| 19 | KKR | KKR & CO INC | 1451800 | $185.1M | 1.48% | — |
| 20 | AXP | AMERICAN EXPRESS CO | 488500 | $180.7M | 1.44% | +0.9% |
| 21 | GOOGL | ALPHABET INC | 572000 | $179.0M | 1.43% | — |
| 22 | LOW | LOWES COS INC | 734480 | $177.1M | 1.41% | +1.1% |
| 23 | PGR | PROGRESSIVE CORP | 753750 | $171.6M | 1.37% | — |
| 24 | META | META PLATFORMS INC | 248303 | $163.9M | 1.31% | -11.4% |
| 25 | RLI | RLI CORP | 2394544 | $153.2M | 1.22% | — |
| 26 | APO | APOLLO GLOBAL MGMT INC | 1012500 | $146.6M | 1.17% | — |
| 27 | NVO | NOVO-NORDISK A S | 2869774 | $146.0M | 1.16% | +21.2% |
| 28 | FNV | FRANCO NEV CORP | 683500 | $141.7M | 1.13% | +12.9% |
| 29 | MRSH | MARSH & MCLENNAN COS INC | 761750 | $141.3M | 1.13% | +0.9% |
| 30 | SCHW | SCHWAB CHARLES CORP | 1375800 | $137.5M | 1.10% | +0.8% |
| 31 | GD | GENERAL DYNAMICS CORP | 391000 | $131.6M | 1.05% | — |
| 32 | JNJ | JOHNSON & JOHNSON | 610800 | $126.4M | 1.01% | — |
| 33 | TXN | TEXAS INSTRS INC | 724000 | $125.6M | 1.00% | — |
| 34 | MA | MASTERCARD INCORPORATED | 207540 | $118.5M | 0.94% | — |
| 35 | DEO | DIAGEO PLC | 1371708 | $118.3M | 0.94% | +0.4% |
| 36 | DG | DOLLAR GEN CORP NEW | 869250 | $115.4M | 0.92% | — |
| 37 | BAM | BROOKFIELD ASSET MANAGMT LTD | 2193953 | $114.9M | 0.92% | — |
| 38 | MCO | MOODYS CORP | 213890 | $109.3M | 0.87% | — |
| 39 | HEI-A | HEICO CORP NEW | 379644 | $95.8M | 0.76% | — |
| 40 | ROL | ROLLINS INC | 1489025 | $89.4M | 0.71% | +0.9% |
| 41 | NVR | NVR INC | 12007 | $87.6M | 0.70% | +0.9% |
| 42 | ADM | ARCHER DANIELS MIDLAND CO | 1505800 | $86.6M | 0.69% | — |
| 43 | LIN | LINDE PLC | 200100 | $85.3M | 0.68% | +3.8% |
| 44 | MSCI | MSCI INC | 142850 | $82.0M | 0.65% | — |
| 45 | JPM | JPMORGAN CHASE & CO. | 252550 | $81.4M | 0.65% | — |
| 46 | ITW | ILLINOIS TOOL WKS INC | 327500 | $80.7M | 0.64% | — |
| 47 | NSC | NORFOLK SOUTHN CORP | 273500 | $79.0M | 0.63% | +6.6% |
| 48 | SPGI | S&P GLOBAL INC | 150690 | $78.7M | 0.63% | — |
| 49 | CG | Carlyle Group | 1327000 | $78.4M | 0.63% | — |
| 50 | ECL | ECOLAB INC | 274300 | $72.0M | 0.57% | — |
| 51 | ODFL | OLD DOMINION FREIGHT LINE IN | 421650 | $66.1M | 0.53% | +17.5% |
| 52 | ROK | ROCKWELL AUTOMATION INC | 154900 | $60.3M | 0.48% | — |
| 53 | ITIC | INVESTORS TITLE CO NC | 213300 | $53.2M | 0.42% | — |
| 54 | SBUX | STARBUCKS CORP | 623818 | $52.5M | 0.42% | — |
| 55 | TSN | TYSON FOODS INC | 884500 | $51.8M | 0.41% | +4.2% |
| 56 | THG | HANOVER INS GROUP INC | 281000 | $51.4M | 0.41% | — |
| 57 | AON | AON PLC | 134050 | $47.3M | 0.38% | +3.3% |
| 58 | ACN | ACCENTURE PLC IRELAND | 159400 | $42.8M | 0.34% | — |
| 59 | HGTY | HAGERTY INC | 3108000 | $41.8M | 0.33% | — |
| 60 | RTX | RTX CORPORATION | 224000 | $41.1M | 0.33% | — |
| 61 | HCA | HCA HEALTHCARE INC | 80680 | $37.7M | 0.30% | +7.3% |
| 62 | FERG | FERGUSON ENTERPRISES INC | 163500 | $36.4M | 0.29% | +11.2% |
| 63 | TMO | THERMO FISHER SCIENTIFIC INC | 62800 | $36.4M | 0.29% | +12.5% |
| 64 | FDS | FACTSET RESH SYS INC | 121873 | $35.4M | 0.28% | +4.4% |
| 65 | VRSK | VERISK ANALYTICS INC | 155950 | $34.9M | 0.28% | — |
| 66 | YUM | YUM BRANDS INC | 226451 | $34.3M | 0.27% | — |
| 67 | COST | COSTCO WHSL CORP NEW | 39150 | $33.8M | 0.27% | — |
| 68 | UNP | UNION PAC CORP | 141278 | $32.7M | 0.26% | +11.4% |
| 69 | ABNB | AIRBNB INC | 240289 | $32.6M | 0.26% | +5.8% |
| 70 | ALL-PJ | ALLSTATE CORP | 154550 | $32.2M | 0.26% | — |
| 71 | TROW | PRICE T ROWE GROUP INC | 314000 | $32.1M | 0.26% | — |
| 72 | LMT | LOCKHEED MARTIN CORP | 64513 | $31.2M | 0.25% | +3.6% |
| 73 | SHW | SHERWIN WILLIAMS CO | 94172 | $30.5M | 0.24% | — |
| 74 | CMCSA | Comcast Corporation | 961880 | $28.8M | 0.23% | — |
| 75 | NKE | NIKE INC | 447400 | $28.5M | 0.23% | — |
| 76 | MAR | MARRIOTT INTL INC NEW | 89750 | $27.8M | 0.22% | +22.5% |
| 77 | CSCO | CISCO SYS INC | 355500 | $27.4M | 0.22% | — |
| 78 | URI | UNITED RENTALS INC | 31150 | $25.2M | 0.20% | — |
| 79 | LAMR | LAMAR ADVERTISING CO NEW | 185000 | $23.4M | 0.19% | +8.8% |
| 80 | BF-B | BROWN FORMAN CORP | 843000 | $22.2M | 0.18% | — |
| 81 | COF | Capital One Financial | 91000 | $22.1M | 0.18% | — |
| 82 | CCK | CROWN HLDGS INC | 212000 | $21.8M | 0.17% | +11.9% |
| 83 | RNR-PG | RENAISSANCERE HLDGS LTD | 70000 | $19.7M | 0.16% | — |
| 84 | WFC | WELLS FARGO CO NEW | 204450 | $19.1M | 0.15% | — |
| 85 | PM | PHILIP MORRIS INTL INC | 114500 | $18.4M | 0.15% | — |
| 86 | APD | AIR PRODS & CHEMS INC | 71500 | $17.7M | 0.14% | +10.0% |
| 87 | PAYX | PAYCHEX INC | 150000 | $16.8M | 0.13% | — |
| 88 | SHOP | SHOPIFY INC | 102750 | $16.5M | 0.13% | — |
| 89 | CSX | CSX CORP | 440000 | $15.9M | 0.13% | +54.4% |
| 90 | EFX | EQUIFAX INC | 72850 | $15.8M | 0.13% | — |
| 91 | SPOT | SPOTIFY TECHNOLOGY S A | 25900 | $15.0M | 0.12% | — |
| 92 | SEIC | SEI INVTS CO | 173200 | $14.2M | 0.11% | — |
| 93 | BNY | BANK NEW YORK MELLON CORP | 121500 | $14.1M | 0.11% | — |
| 94 | HXL | HEXCEL CORP NEW | 189000 | $14.0M | 0.11% | — |
| 95 | PEP | PEPSICO INC | 96210 | $13.8M | 0.11% | — |
| 96 | TGT | TARGET CORP | 133000 | $13.0M | 0.10% | — |
| 97 | CME | CME GROUP INC | 45750 | $12.5M | 0.10% | +43.0% |
| 98 | CARR | CARRIER GLOBAL CORPORATION | 235000 | $12.4M | 0.10% | — |
| 99 | BF-B | BROWN FORMAN CORP | 474187 | $12.4M | 0.10% | — |
| 100 | HSY | HERSHEY CO | 67500 | $12.3M | 0.10% | +23.9% |
| 101 | FIX | COMFORT SYS USA INC | 13000 | $12.1M | 0.10% | — |
| 102 | UBER | UBER TECHNOLOGIES INC | 140000 | $11.4M | 0.09% | +13.4% |
| 103 | CHH | CHOICE HOTELS INTL INC | 115500 | $11.0M | 0.09% | — |
| 104 | IQV | IQVIA HLDGS INC | 46900 | $10.6M | 0.08% | — |
| 105 | CBOE | CBOE GLOBAL MKTS INC | 41750 | $10.5M | 0.08% | +46.5% |
| 106 | OTIS | OTIS WORLDWIDE CORP | 114620 | $10.0M | 0.08% | — |
| 107 | SMG | SCOTTS MIRACLE-GRO CO | 168000 | $9.8M | 0.08% | — |
| 108 | AMAT | APPLIED MATLS INC | 34100 | $8.8M | 0.07% | +29.9% |
| 109 | UNH | UNITEDHEALTH GROUP INC | 26500 | $8.7M | 0.07% | — |
| 110 | HII | HUNTINGTON INGALLS INDS INC | 25500 | $8.7M | 0.07% | +24.4% |
| 111 | SNEJF | SONY GROUP CORP | 335000 | $8.6M | 0.07% | — |
| 112 | NSP | INSPERITY INC | 152873 | $5.9M | 0.05% | +16.1% |
| 113 | GHC | GRAHAM HLDGS CO | 5200 | $5.7M | 0.05% | — |
| 114 | KMX | CARMAX INC | 136500 | $5.3M | 0.04% | — |
| 115 | EMN | EASTMAN CHEM CO | 74950 | $4.8M | 0.04% | — |
| 116 | XOM | EXXON MOBIL CORP | 38000 | $4.6M | 0.04% | +1166.7% |
| 117 | CNI | CANADIAN NATL RY CO | 44500 | $4.4M | 0.04% | +78.0% |
| 118 | WRB | BERKLEY W R CORP | 60750 | $4.3M | 0.03% | — |
| 119 | CP | CANADIAN PACIFIC KANSAS CITY | 50500 | $3.7M | 0.03% | +62.9% |
| 120 | BC | BRUNSWICK CORP | 47750 | $3.5M | 0.03% | +42.5% |
| 121 | AYI | ACUITY INC | 9750 | $3.5M | 0.03% | — |
| 122 | ICE | Intercontinental Exchange | 20870 | $3.4M | 0.03% | 271.4% |
| 123 | MGM | MGM RESORTS INTERNATIONAL | 87500 | $3.2M | 0.03% | — |
| 124 | EXP | EAGLE MATLS INC | 14750 | $3.0M | 0.02% | — |
| 125 | DPZ | DOMINOS PIZZA INC | 5500 | $2.3M | 0.02% | — |
| 126 | SYY | SYSCO CORP | 30500 | $2.2M | 0.02% | — |
| 127 | BRO | BROWN & BROWN INC | 11000 | $877K | 0.01% | NEW |
| 128 | TRU | TRANSUNION | 2000 | $172K | 0.00% | +-98.0% |