Great investors · Tom Gayner · Q2 2025
What Tom Gayner bought and sold in Q2 2025
Markel Group 13F portfolio as of Jun 30, 2025: 137 positions worth $11.8 bn. Largest: BRK/A, BN, GOOG, DE. Filed with the SEC on Aug 1, 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 Q2 2025
No purchase of 0.5 points of the portfolio or more this quarter.
Sells in Q2 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 Q2 2025 13F lists 137 lines of US-listed securities worth $11.8 bn; the largest is BRK/A at 6.86% of the portfolio. It was accepted by the SEC on Aug 1, 2025 at 4:38 PM ET.
Against the previous quarter, it opened 3 positions (ADBE, AMAT and CSX), closed 1 (CABO), added to 26 (CBOE, CME, NVO and FNV and 22 more) and trimmed 6 (MMM, WSO, OI and GPK and 2 more). 102 lines show the same number of shares.
| # | Company | Shares | Value | Weight | Change in shares |
|---|---|---|---|---|---|
| 1 | Berkshire Hathaway BRK/A | 1,114 | $812M | 6.86% | no change |
| 2 | Berkshire Hathaway BRK/B | 1.5 M | $744M | 6.29% | no change |
| 3 | Brookfield BN | 8.7 M | $539M | 4.56% | no change |
| 4 | Alphabet GOOG | 2.7 M | $488M | 4.12% | no change |
| 5 | Deere DE | 877,900 | $446M | 3.77% | no change |
| 6 | Amazon.com AMZN | 2.0 M | $446M | 3.77% | no change |
| 7 | Visa V | 999,285 | $355M | 3.00% | no change |
| 8 | Home Depot HD | 920,000 | $337M | 2.85% | no change |
| 9 | Analog Devices ADI | 1.2 M | $278M | 2.35% | no change |
| 10 | Microsoft MSFT | 527,480 | $262M | 2.22% | no change |
| 11 | Goldman Sachs Group GS | 359,360 | $254M | 2.15% | no change |
| 12 | Walt Disney DIS | 2.0 M | $252M | 2.13% | no change |
| 13 | Apple AAPL | 1.2 M | $252M | 2.13% | no change |
| 14 | Watsco WSO | 565,169 | $250M | 2.11% | −4.3% |
| 15 | BlackRock BLK | 220,200 | $231M | 1.95% | no change |
| 16 | Meta Platforms META | 280,281 | $207M | 1.75% | no change |
| 17 | LPL Financial Holdings LPLA | 544,604 | $204M | 1.73% | +1% |
| 18 | Progressive PGR | 753,750 | $201M | 1.70% | no change |
| 19 | KKR KKR | 1.5 M | $193M | 1.63% | no change |
| 20 | Blackstone BX | 1.2 M | $184M | 1.55% | no change |
| 21 | RLI RLI | 2.4 M | $173M | 1.46% | no change |
| 22 | Marsh & Mclennan Companies MRSH | 748,750 | $164M | 1.38% | no change |
| 23 | Lowe's LOW | 717,230 | $159M | 1.35% | +1.3% |
| 24 | Novo Nordisk A/s NVO | 2.3 M | $156M | 1.32% | +5.1% |
| 25 | American Express AXP | 484,250 | $154M | 1.31% | no change |
| 26 | Texas Instruments TXN | 724,000 | $150M | 1.27% | no change |
| 27 | Apollo Global Management APO | 1.0 M | $144M | 1.21% | no change |
| 28 | Diageo DEO | 1.4 M | $138M | 1.17% | no change |
| 29 | Caterpillar CAT | 328,650 | $128M | 1.08% | no change |
| 30 | Charles Schwab SCHW | 1.4 M | $125M | 1.05% | no change |
| 31 | Brookfield Asset Management BAM | 2.2 M | $121M | 1.03% | no change |
| 32 | Mastercard MA | 207,540 | $117M | 0.99% | no change |
| 33 | General Dynamics GD | 391,000 | $114M | 0.96% | no change |
| 34 | Moody's MCO | 213,890 | $107M | 0.91% | no change |
| 35 | Alphabet GOOGL | 572,000 | $101M | 0.85% | +2.7% |
| 36 | Dollar General DG | 869,250 | $99.4M | 0.84% | no change |
| 37 | Heico HEI/A | 379,644 | $98.2M | 0.83% | no change |
| 38 | Franco Nevada FNV | 569,500 | $93.4M | 0.79% | +8.4% |
| 39 | Johnson & Johnson JNJ | 610,800 | $93.3M | 0.79% | no change |
| 40 | NVR NVR | 11,897 | $87.9M | 0.74% | no change |
| 41 | Linde LIN | 186,600 | $87.5M | 0.74% | +3.1% |
| 42 | Archer-Daniels-Midland ADM | 1.6 M | $83.1M | 0.70% | +1.5% |
| 43 | Rollins ROL | 1.5 M | $82.9M | 0.70% | no change |
| 44 | MSCI MSCI | 142,850 | $82.4M | 0.70% | no change |
| 45 | Illinois Tool Works ITW | 327,500 | $81.0M | 0.68% | no change |
| 46 | S&P Global SPGI | 150,690 | $79.5M | 0.67% | no change |
| 47 | Ecolab ECL | 274,300 | $73.9M | 0.62% | no change |
| 48 | JPMorgan Chase JPM | 252,550 | $73.2M | 0.62% | no change |
| 49 | Carlyle Group CG | 1.3 M | $68.2M | 0.58% | no change |
| 50 | Norfolk Southern NSC | 236,500 | $60.5M | 0.51% | +3.1% |
| 51 | Starbucks SBUX | 623,818 | $57.2M | 0.48% | no change |
| 52 | Old Dominion Freight Line ODFL | 342,450 | $55.6M | 0.47% | +9.3% |
| 53 | Factset Research Systems FDS | 116,720 | $52.2M | 0.44% | no change |
| 54 | Rockwell Automation ROK | 154,900 | $51.5M | 0.43% | no change |
| 55 | Verisk Analytics VRSK | 155,950 | $48.6M | 0.41% | no change |
| 56 | FedEx FDX | 213,000 | $48.4M | 0.41% | no change |
| 57 | Hanover Insurance Group THG | 281,000 | $47.7M | 0.40% | no change |
| 58 | Accenture ACN | 159,400 | $47.6M | 0.40% | no change |
| 59 | Aon AON | 129,800 | $46.3M | 0.39% | no change |
| 60 | Tyson Foods TSN | 816,000 | $45.6M | 0.39% | +2.2% |
| 61 | Investors Title ITIC | 213,300 | $45.1M | 0.38% | no change |
| 62 | Costco Wholesale COST | 39,150 | $38.8M | 0.33% | no change |
| 63 | Comcast CMCSA | 961,880 | $34.3M | 0.29% | no change |
| 64 | Yum! Brands YUM | 226,451 | $33.6M | 0.28% | no change |
| 65 | RTX RTX | 224,000 | $32.7M | 0.28% | no change |
| 66 | Sherwin-williams SHW | 94,172 | $32.3M | 0.27% | no change |
| 67 | Nike NKE | 447,400 | $31.8M | 0.27% | no change |
| 68 | Hagerty HGTY | 3.1 M | $31.4M | 0.27% | no change |
| 69 | Allstate ALL | 154,550 | $31.1M | 0.26% | no change |
| 70 | T. Rowe Price TROW | 314,000 | $30.3M | 0.26% | no change |
| 71 | Ferguson Enterprises FERG | 134,500 | $29.3M | 0.25% | +9.3% |
| 72 | Lockheed Martin LMT | 62,263 | $28.8M | 0.24% | +1.3% |
| 73 | Airbnb ABNB | 212,003 | $28.1M | 0.24% | +15% |
| 74 | HCA Healthcare HCA | 68,963 | $26.4M | 0.22% | +11% |
| 75 | Cisco Systems CSCO | 349,500 | $24.2M | 0.21% | +2.2% |
| 76 | United Rentals URI | 31,150 | $23.5M | 0.20% | no change |
| 77 | Brown Forman BF/A | 843,000 | $23.2M | 0.20% | no change |
| 78 | Union Pacific UNP | 97,278 | $22.4M | 0.19% | +13% |
| 79 | Paychex PAYX | 150,000 | $21.8M | 0.18% | no change |
| 80 | Philip Morris International PM | 114,500 | $20.9M | 0.18% | no change |
| 81 | Thermo Fisher Scientific TMO | 49,550 | $20.1M | 0.17% | +10% |
| 82 | Spotify Technology SPOT | 25,900 | $19.9M | 0.17% | no change |
| 83 | Crown Holdings CCK | 189,500 | $19.5M | 0.17% | no change |
| 84 | Capital One Financial COF | 91,000 | $19.4M | 0.16% | no change |
| 85 | Lamar Advertising LAMR | 158,000 | $19.2M | 0.16% | +15% |
| 86 | Equifax EFX | 72,850 | $18.9M | 0.16% | no change |
| 87 | Air Products and Chemicals APD | 65,000 | $18.3M | 0.16% | no change |
| 88 | 3m MMM | 118,250 | $18.0M | 0.15% | −60% |
| 89 | Carrier Global CARR | 235,000 | $17.2M | 0.15% | no change |
| 90 | Renaissancere Holdings RNR | 70,000 | $17.0M | 0.14% | no change |
| 91 | Marriott International MAR | 60,250 | $16.5M | 0.14% | +16% |
| 92 | Wells Fargo WFC | 204,450 | $16.4M | 0.14% | no change |
| 93 | SEI Investments SEIC | 173,200 | $15.6M | 0.13% | no change |
| 94 | Choice Hotels International CHH | 115,500 | $14.7M | 0.12% | no change |
| 95 | Target TGT | 133,000 | $13.1M | 0.11% | no change |
| 96 | Brown Forman BF/B | 474,187 | $12.8M | 0.11% | no change |
| 97 | Pepsico PEP | 96,210 | $12.7M | 0.11% | no change |
| 98 | Shopify SHOP | 102,750 | $11.9M | 0.10% | no change |
| 99 | UBER Technologies UBER | 123,500 | $11.5M | 0.10% | +1.2% |
| 100 | Otis Worldwide OTIS | 114,620 | $11.3M | 0.10% | no change |
The 100 largest lines are shown. The other 37 add up to 1.55% of the portfolio; full 13F of Markel Group →
Positions it closed (1)
- Cable One CABOwas 0.03% · 11,900 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.