Great investors · Tom Gayner · Q4 2024
What Tom Gayner bought and sold in Q4 2024
Markel Group 13F portfolio as of Dec 31, 2024: 132 positions worth $11.3 bn. Largest: BRK/A, GOOG, BN, AMZN. Filed with the SEC on Feb 7, 2025.
The 13F is filed by Markel Group, not by Tom Gayner personally: these are the whole firm's positions. A “position” is a distinct security in the filing (by CUSIP); share classes of the same company are shown added together.
Buys in Q4 2024
No purchase of 0.5 points of the portfolio or more this quarter.
Sells in Q4 2024
No sale of 0.5 points of the portfolio or more this quarter.
Only moves of 0.5 points of the portfolio or more are listed, measured as “traded weight” (what was bought or sold, excluding price effects). Smaller changes exist and are not listed: a position may have gone up or down without appearing above.
The full 13F, line by line
Markel Group's Q4 2024 13F lists 132 lines of US-listed securities worth $11.3 bn; the largest is BRK/A at 6.69% of the portfolio. It was accepted by the SEC on Feb 7, 2025 at 4:40 PM ET.
Against the previous quarter, it opened 5 positions (RTX, MGM, AYI and HII and 1 more), closed 5 (RTX, WHR, AMT and DNB and 1 more), added to 36 (ABNB, FNV, NSP and YUM and 32 more) and trimmed 2 (CMCSA and CABO). 89 lines show the same number of shares.
| # | Company | Shares | Value | Weight | Change in shares |
|---|---|---|---|---|---|
| 1 | Berkshire Hathaway BRK/A | 1,114 | $759M | 6.69% | no change |
| 2 | Berkshire Hathaway BRK/B | 1.5 M | $694M | 6.12% | no change |
| 3 | Alphabet GOOG | 2.7 M | $524M | 4.62% | no change |
| 4 | Brookfield BN | 8.7 M | $501M | 4.41% | no change |
| 5 | Amazon.com AMZN | 2.0 M | $446M | 3.93% | no change |
| 6 | Deere DE | 874,950 | $371M | 3.27% | no change |
| 7 | Home Depot HD | 920,000 | $358M | 3.15% | no change |
| 8 | Visa V | 999,285 | $316M | 2.78% | no change |
| 9 | Apple AAPL | 1.2 M | $307M | 2.71% | no change |
| 10 | Watsco WSO | 590,500 | $280M | 2.47% | +1.4% |
| 11 | Analog Devices ADI | 1.2 M | $248M | 2.19% | no change |
| 12 | Walt Disney DIS | 2.0 M | $226M | 1.99% | no change |
| 13 | BlackRock BLK | 220,200 | $226M | 1.99% | no change |
| 14 | Microsoft MSFT | 519,480 | $219M | 1.93% | no change |
| 15 | KKR KKR | 1.5 M | $215M | 1.89% | no change |
| 16 | Blackstone BX | 1.2 M | $212M | 1.87% | no change |
| 17 | Goldman Sachs Group GS | 359,360 | $206M | 1.81% | no change |
| 18 | RLI RLI | 1.2 M | $197M | 1.74% | no change |
| 19 | Novo Nordisk A/s NVO | 2.2 M | $185M | 1.63% | no change |
| 20 | Progressive PGR | 753,750 | $181M | 1.59% | no change |
| 21 | LPL Financial Holdings LPLA | 532,404 | $174M | 1.53% | +2.3% |
| 22 | Diageo DEO | 1.4 M | $174M | 1.53% | no change |
| 23 | Lowe's LOW | 701,480 | $173M | 1.53% | +1.6% |
| 24 | Apollo Global Management APO | 1.0 M | $167M | 1.47% | no change |
| 25 | Meta Platforms META | 278,381 | $163M | 1.44% | +1.1% |
| 26 | Marsh & Mclennan Companies MRSH | 735,500 | $156M | 1.38% | +1.8% |
| 27 | American Express AXP | 484,250 | $144M | 1.27% | no change |
| 28 | Texas Instruments TXN | 724,000 | $136M | 1.20% | no change |
| 29 | Brookfield Asset Management BAM | 2.2 M | $119M | 1.05% | no change |
| 30 | Caterpillar CAT | 324,800 | $118M | 1.04% | +1.9% |
| 31 | Mastercard MA | 207,540 | $109M | 0.96% | no change |
| 32 | Alphabet GOOGL | 555,000 | $105M | 0.93% | no change |
| 33 | General Dynamics GD | 391,000 | $103M | 0.91% | no change |
| 34 | Moody's MCO | 213,890 | $101M | 0.89% | no change |
| 35 | Charles Schwab SCHW | 1.4 M | $101M | 0.89% | no change |
| 36 | NVR NVR | 11,814 | $96.6M | 0.85% | no change |
| 37 | Johnson & Johnson JNJ | 610,800 | $88.3M | 0.78% | no change |
| 38 | MSCI MSCI | 142,850 | $85.7M | 0.76% | no change |
| 39 | Illinois Tool Works ITW | 327,500 | $83.0M | 0.73% | no change |
| 40 | S&P Global SPGI | 150,690 | $75.0M | 0.66% | no change |
| 41 | Archer-Daniels-Midland ADM | 1.5 M | $74.5M | 0.66% | no change |
| 42 | Heico HEI/A | 379,644 | $70.6M | 0.62% | no change |
| 43 | Linde LIN | 168,000 | $70.3M | 0.62% | +8.4% |
| 44 | Rollins ROL | 1.5 M | $67.8M | 0.60% | no change |
| 45 | Carlyle Group CG | 1.3 M | $67.0M | 0.59% | no change |
| 46 | Ecolab ECL | 274,300 | $64.3M | 0.57% | no change |
| 47 | Dollar General DG | 835,750 | $63.4M | 0.56% | +13% |
| 48 | JPMorgan Chase JPM | 252,550 | $60.5M | 0.53% | no change |
| 49 | FedEx FDX | 206,500 | $58.1M | 0.51% | +5.9% |
| 50 | Franco Nevada FNV | 483,250 | $56.8M | 0.50% | +40% |
| 51 | Starbucks SBUX | 617,318 | $56.3M | 0.50% | +2.8% |
| 52 | Accenture ACN | 159,400 | $56.1M | 0.49% | no change |
| 53 | Factset Research Systems FDS | 116,720 | $56.1M | 0.49% | no change |
| 54 | Norfolk Southern NSC | 229,500 | $53.9M | 0.47% | no change |
| 55 | Old Dominion Freight Line ODFL | 300,700 | $53.0M | 0.47% | +1.9% |
| 56 | Investors Title ITIC | 213,300 | $50.5M | 0.45% | no change |
| 57 | Tyson Foods TSN | 798,500 | $45.9M | 0.40% | +1.1% |
| 58 | Aon AON | 126,200 | $45.3M | 0.40% | +5% |
| 59 | Rockwell Automation ROK | 154,900 | $44.3M | 0.39% | no change |
| 60 | Verisk Analytics VRSK | 155,950 | $43.0M | 0.38% | +7.6% |
| 61 | Hanover Insurance Group THG | 267,000 | $41.3M | 0.36% | +5.1% |
| 62 | 3m MMM | 293,750 | $37.9M | 0.33% | no change |
| 63 | Comcast CMCSA | 961,880 | $36.1M | 0.32% | −11% |
| 64 | Costco Wholesale COST | 39,150 | $35.9M | 0.32% | no change |
| 65 | T. Rowe Price TROW | 314,000 | $35.5M | 0.31% | no change |
| 66 | Nike NKE | 432,400 | $32.7M | 0.29% | no change |
| 67 | Sherwin-williams SHW | 94,172 | $32.0M | 0.28% | no change |
| 68 | Brown Forman BF/A | 843,000 | $31.8M | 0.28% | no change |
| 69 | Hagerty HGTY | 3.1 M | $30.0M | 0.26% | +3.6% |
| 70 | Allstate ALL | 154,550 | $29.8M | 0.26% | no change |
| 71 | Yum! Brands YUM | 205,502 | $27.6M | 0.24% | +31% |
| 72 | Lockheed Martin LMT | 56,363 | $27.4M | 0.24% | no change |
| 73 | RTX RTX | 224,000 | $25.9M | 0.23% | new |
| 74 | Thermo Fisher Scientific TMO | 41,100 | $21.4M | 0.19% | +16% |
| 75 | Paychex PAYX | 150,000 | $21.0M | 0.19% | no change |
| 76 | United Rentals URI | 29,650 | $20.9M | 0.18% | +14% |
| 77 | Cisco Systems CSCO | 342,000 | $20.2M | 0.18% | no change |
| 78 | Union Pacific UNP | 85,778 | $19.6M | 0.17% | no change |
| 79 | Air Products and Chemicals APD | 64,500 | $18.7M | 0.16% | +24% |
| 80 | Equifax EFX | 72,850 | $18.6M | 0.16% | no change |
| 81 | Cable One CABO | 50,900 | $18.4M | 0.16% | −15% |
| 82 | Ferguson Enterprises FERG | 106,000 | $18.4M | 0.16% | +25% |
| 83 | Brown Forman BF/B | 474,187 | $18.0M | 0.16% | no change |
| 84 | Target TGT | 133,000 | $18.0M | 0.16% | no change |
| 85 | Renaissancere Holdings RNR | 70,000 | $17.4M | 0.15% | no change |
| 86 | HCA Healthcare HCA | 56,580 | $17.0M | 0.15% | +11% |
| 87 | Choice Hotels International CHH | 115,500 | $16.4M | 0.14% | no change |
| 88 | Capital One Financial COF | 91,000 | $16.2M | 0.14% | no change |
| 89 | Carrier Global CARR | 235,000 | $16.0M | 0.14% | no change |
| 90 | Crown Holdings CCK | 189,500 | $15.7M | 0.14% | no change |
| 91 | Airbnb ABNB | 115,310 | $15.2M | 0.13% | +502% |
| 92 | Lamar Advertising LAMR | 124,000 | $15.1M | 0.13% | +12% |
| 93 | Pepsico PEP | 96,210 | $14.6M | 0.13% | no change |
| 94 | Wells Fargo WFC | 204,450 | $14.4M | 0.13% | no change |
| 95 | SEI Investments SEIC | 173,200 | $14.3M | 0.13% | no change |
| 96 | Philip Morris International PM | 114,500 | $13.8M | 0.12% | no change |
| 97 | UnitedHealth Group UNH | 26,714 | $13.5M | 0.12% | +11% |
| 98 | Marriott International MAR | 47,000 | $13.1M | 0.12% | +31% |
| 99 | Hexcel HXL | 189,000 | $11.9M | 0.10% | no change |
| 100 | Graphic Packaging Holding GPK | 427,225 | $11.6M | 0.10% | +8.2% |
The 100 largest lines are shown. The other 32 add up to 1.52% of the portfolio; full 13F of Markel Group →
Positions it closed (5)
- RTX was 0.24% · 224,000 shares
- Whirlpool WHRwas 0.15% · 157,619 shares
- American Tower AMTwas 0.11% · 51,910 shares
- DUN & Bradstreet Hldgs DNBwas 0.01% · 115,000 shares
- Solventum SOLVwas 0.00% · 750 shares
One row per line of the filing (by CUSIP): share classes of the same company are listed separately here. “Change in shares” compares the count with the previous quarter, split-adjusted; the value is the one reported in the 13F at quarter end, not today's price.
Original documents: Markel Group's 13F filings on EDGAR (SEC) ↗
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Source: 13F filings with the SEC. A 13F shows the portfolio at quarter-end and is filed up to 45 days later: these are not real-time positions. Not investment advice.