Great investors · Tom Gayner · Q1 2025
What Tom Gayner bought and sold in Q1 2025
Markel Group 13F portfolio as of Mar 31, 2025: 135 positions worth $11.3 bn. Largest: BRK/A, BN, GOOG, DE. Filed with the SEC on May 2, 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 Q1 2025
No purchase of 0.5 points of the portfolio or more this quarter.
Sells in Q1 2025
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 Q1 2025 13F lists 135 lines of US-listed securities worth $11.3 bn; the largest is BRK/A at 7.90% of the portfolio. It was accepted by the SEC on May 2, 2025 at 4:38 PM ET.
Against the previous quarter, it opened 3 positions (CBOE, EXP and SYY), closed none, added to 32 (ABNB, HII, FNV and LIN and 28 more) and trimmed 1 (CABO). 99 lines show the same number of shares.
| # | Company | Shares | Value | Weight | Change in shares |
|---|---|---|---|---|---|
| 1 | Berkshire Hathaway BRK/A | 1,114 | $889M | 7.90% | no change |
| 2 | Berkshire Hathaway BRK/B | 1.5 M | $816M | 7.25% | no change |
| 3 | Brookfield BN | 8.7 M | $457M | 4.06% | no change |
| 4 | Alphabet GOOG | 2.7 M | $430M | 3.81% | no change |
| 5 | Deere DE | 877,700 | $412M | 3.66% | no change |
| 6 | Amazon.com AMZN | 2.0 M | $386M | 3.43% | no change |
| 7 | Visa V | 999,285 | $350M | 3.11% | no change |
| 8 | Home Depot HD | 920,000 | $337M | 2.99% | no change |
| 9 | Watsco WSO | 590,500 | $300M | 2.67% | no change |
| 10 | Apple AAPL | 1.2 M | $273M | 2.42% | no change |
| 11 | Analog Devices ADI | 1.2 M | $235M | 2.09% | no change |
| 12 | Progressive PGR | 753,750 | $213M | 1.89% | no change |
| 13 | BlackRock BLK | 220,200 | $208M | 1.85% | no change |
| 14 | Walt Disney DIS | 2.0 M | $201M | 1.78% | no change |
| 15 | Goldman Sachs Group GS | 359,360 | $196M | 1.74% | no change |
| 16 | Microsoft MSFT | 522,730 | $196M | 1.74% | no change |
| 17 | RLI RLI | 2.4 M | $192M | 1.71% | no change |
| 18 | Marsh & Mclennan Companies MRSH | 743,500 | $181M | 1.61% | +1.1% |
| 19 | LPL Financial Holdings LPLA | 539,104 | $176M | 1.57% | +1.3% |
| 20 | Blackstone BX | 1.2 M | $172M | 1.53% | no change |
| 21 | KKR KKR | 1.5 M | $168M | 1.49% | no change |
| 22 | Lowe's LOW | 708,230 | $165M | 1.47% | no change |
| 23 | Meta Platforms META | 280,081 | $161M | 1.43% | no change |
| 24 | Novo Nordisk A/s NVO | 2.2 M | $149M | 1.33% | no change |
| 25 | Diageo DEO | 1.4 M | $143M | 1.27% | no change |
| 26 | Apollo Global Management APO | 1.0 M | $139M | 1.23% | no change |
| 27 | American Express AXP | 484,250 | $130M | 1.16% | no change |
| 28 | Texas Instruments TXN | 724,000 | $130M | 1.16% | no change |
| 29 | Mastercard MA | 207,540 | $114M | 1.01% | no change |
| 30 | Caterpillar CAT | 328,050 | $108M | 0.96% | +1% |
| 31 | Charles Schwab SCHW | 1.4 M | $107M | 0.95% | no change |
| 32 | General Dynamics GD | 391,000 | $107M | 0.95% | no change |
| 33 | Brookfield Asset Management BAM | 2.2 M | $106M | 0.94% | no change |
| 34 | Johnson & Johnson JNJ | 610,800 | $101M | 0.90% | no change |
| 35 | Moody's MCO | 213,890 | $99.6M | 0.88% | no change |
| 36 | Alphabet GOOGL | 557,000 | $86.1M | 0.76% | no change |
| 37 | NVR NVR | 11,884 | $86.1M | 0.76% | no change |
| 38 | Linde LIN | 181,000 | $84.3M | 0.75% | +7.7% |
| 39 | Franco Nevada FNV | 525,250 | $82.8M | 0.73% | +8.7% |
| 40 | Illinois Tool Works ITW | 327,500 | $81.2M | 0.72% | no change |
| 41 | MSCI MSCI | 142,850 | $80.8M | 0.72% | no change |
| 42 | Heico HEI/A | 379,644 | $80.1M | 0.71% | no change |
| 43 | Rollins ROL | 1.5 M | $79.0M | 0.70% | no change |
| 44 | S&P Global SPGI | 150,690 | $76.6M | 0.68% | no change |
| 45 | Dollar General DG | 869,250 | $76.4M | 0.68% | +4% |
| 46 | Archer-Daniels-Midland ADM | 1.6 M | $74.5M | 0.66% | +5.2% |
| 47 | Ecolab ECL | 274,300 | $69.5M | 0.62% | no change |
| 48 | JPMorgan Chase JPM | 252,550 | $62.0M | 0.55% | no change |
| 49 | Starbucks SBUX | 623,818 | $61.2M | 0.54% | +1.1% |
| 50 | Carlyle Group CG | 1.3 M | $57.8M | 0.51% | no change |
| 51 | Norfolk Southern NSC | 229,500 | $54.4M | 0.48% | no change |
| 52 | Factset Research Systems FDS | 116,720 | $53.1M | 0.47% | no change |
| 53 | FedEx FDX | 213,000 | $51.9M | 0.46% | +3.1% |
| 54 | Old Dominion Freight Line ODFL | 313,200 | $51.8M | 0.46% | +4.2% |
| 55 | Aon AON | 129,450 | $51.7M | 0.46% | +2.6% |
| 56 | Investors Title ITIC | 213,300 | $51.4M | 0.46% | no change |
| 57 | Tyson Foods TSN | 798,500 | $51.0M | 0.45% | no change |
| 58 | Accenture ACN | 159,400 | $49.7M | 0.44% | no change |
| 59 | Hanover Insurance Group THG | 280,000 | $48.7M | 0.43% | +4.9% |
| 60 | Verisk Analytics VRSK | 155,950 | $46.4M | 0.41% | no change |
| 61 | 3m MMM | 293,750 | $43.1M | 0.38% | no change |
| 62 | Rockwell Automation ROK | 154,900 | $40.0M | 0.36% | no change |
| 63 | Costco Wholesale COST | 39,150 | $37.0M | 0.33% | no change |
| 64 | Comcast CMCSA | 961,880 | $35.5M | 0.32% | no change |
| 65 | Yum! Brands YUM | 225,451 | $35.5M | 0.32% | +9.7% |
| 66 | Sherwin-williams SHW | 94,172 | $32.9M | 0.29% | no change |
| 67 | Allstate ALL | 154,550 | $32.0M | 0.28% | no change |
| 68 | RTX RTX | 224,000 | $29.7M | 0.26% | no change |
| 69 | T. Rowe Price TROW | 314,000 | $28.8M | 0.26% | no change |
| 70 | Nike NKE | 445,400 | $28.3M | 0.25% | +3% |
| 71 | Brown Forman BF/A | 843,000 | $28.2M | 0.25% | no change |
| 72 | Hagerty HGTY | 3.1 M | $28.1M | 0.25% | no change |
| 73 | Lockheed Martin LMT | 61,463 | $27.5M | 0.24% | +9% |
| 74 | Paychex PAYX | 150,000 | $23.1M | 0.21% | no change |
| 75 | Thermo Fisher Scientific TMO | 45,000 | $22.4M | 0.20% | +9.5% |
| 76 | Airbnb ABNB | 183,820 | $22.0M | 0.19% | +59% |
| 77 | HCA Healthcare HCA | 62,001 | $21.4M | 0.19% | +9.6% |
| 78 | Cisco Systems CSCO | 342,000 | $21.1M | 0.19% | no change |
| 79 | Union Pacific UNP | 85,778 | $20.3M | 0.18% | no change |
| 80 | Ferguson Enterprises FERG | 123,000 | $19.7M | 0.18% | +16% |
| 81 | United Rentals URI | 31,150 | $19.5M | 0.17% | +5.1% |
| 82 | Air Products and Chemicals APD | 65,000 | $19.2M | 0.17% | no change |
| 83 | Philip Morris International PM | 114,500 | $18.2M | 0.16% | no change |
| 84 | Equifax EFX | 72,850 | $17.7M | 0.16% | no change |
| 85 | Crown Holdings CCK | 189,500 | $16.9M | 0.15% | no change |
| 86 | Renaissancere Holdings RNR | 70,000 | $16.8M | 0.15% | no change |
| 87 | Capital One Financial COF | 91,000 | $16.3M | 0.14% | no change |
| 88 | Brown Forman BF/B | 474,187 | $16.1M | 0.14% | no change |
| 89 | Lamar Advertising LAMR | 137,000 | $15.6M | 0.14% | +10% |
| 90 | Choice Hotels International CHH | 115,500 | $15.3M | 0.14% | no change |
| 91 | Carrier Global CARR | 235,000 | $14.9M | 0.13% | no change |
| 92 | Wells Fargo WFC | 204,450 | $14.7M | 0.13% | no change |
| 93 | UnitedHealth Group UNH | 28,014 | $14.7M | 0.13% | +4.9% |
| 94 | Pepsico PEP | 96,210 | $14.4M | 0.13% | no change |
| 95 | Spotify Technology SPOT | 25,900 | $14.2M | 0.13% | no change |
| 96 | Target TGT | 133,000 | $13.9M | 0.12% | no change |
| 97 | SEI Investments SEIC | 173,200 | $13.4M | 0.12% | no change |
| 98 | Marriott International MAR | 52,000 | $12.4M | 0.11% | +11% |
| 99 | Graphic Packaging Holding GPK | 461,225 | $12.0M | 0.11% | +8% |
| 100 | Otis Worldwide OTIS | 114,620 | $11.8M | 0.11% | no change |
The 100 largest lines are shown. The other 35 add up to 1.57% of the portfolio; full 13F of Markel Group →
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) ↗
Follow Tom Gayner and see their Q4 2026 13F once it is filed
Free. We email you (if you turn it on) and in Following you see what each manager you follow bought and sold.
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.