Great investors · Tom Gayner · Q3 2025
What Tom Gayner bought and sold in Q3 2025
Markel Group 13F portfolio as of Sep 30, 2025: 129 positions worth $12.3 bn. Largest: BRK/A, GOOG, BN, AMZN. Filed with the SEC on Oct 31, 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 Q3 2025
No purchase of 0.5 points of the portfolio or more this quarter.
Sells in Q3 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 Q3 2025 13F lists 129 lines of US-listed securities worth $12.3 bn; the largest is BRK/A at 6.82% of the portfolio. It was accepted by the SEC on Oct 31, 2025 at 4:34 PM ET.
Against the previous quarter, it opened 3 positions (CNI, CP and XOM), closed 11 (MMM, OI, CE and GPK and 7 more), added to 24 (CSX, UNP, FNV and NSC and 20 more) and trimmed 2 (ADM and IQV). 100 lines show the same number of shares.
| # | Company | Shares | Value | Weight | Change in shares |
|---|---|---|---|---|---|
| 1 | Berkshire Hathaway BRK/A | 1,114 | $840M | 6.82% | no change |
| 2 | Berkshire Hathaway BRK/B | 1.5 M | $770M | 6.25% | no change |
| 3 | Alphabet GOOG | 2.7 M | $670M | 5.44% | no change |
| 4 | Brookfield BN | 8.7 M | $598M | 4.85% | no change |
| 5 | Amazon.com AMZN | 2.0 M | $446M | 3.62% | no change |
| 6 | Deere DE | 877,900 | $401M | 3.26% | no change |
| 7 | Home Depot HD | 920,000 | $373M | 3.03% | no change |
| 8 | Visa V | 999,285 | $341M | 2.77% | no change |
| 9 | Apple AAPL | 1.2 M | $313M | 2.54% | no change |
| 10 | Analog Devices ADI | 1.2 M | $287M | 2.33% | no change |
| 11 | Goldman Sachs Group GS | 359,360 | $286M | 2.32% | no change |
| 12 | Microsoft MSFT | 532,080 | $276M | 2.24% | no change |
| 13 | BlackRock BLK | 220,200 | $257M | 2.08% | no change |
| 14 | Walt Disney DIS | 2.0 M | $233M | 1.89% | no change |
| 15 | Watsco WSO | 565,169 | $228M | 1.85% | no change |
| 16 | Blackstone BX | 1.2 M | $210M | 1.70% | no change |
| 17 | Meta Platforms META | 280,281 | $206M | 1.67% | no change |
| 18 | KKR KKR | 1.5 M | $189M | 1.53% | no change |
| 19 | Progressive PGR | 753,750 | $186M | 1.51% | no change |
| 20 | LPL Financial Holdings LPLA | 553,321 | $184M | 1.49% | +1.6% |
| 21 | Lowe's LOW | 726,730 | $183M | 1.48% | +1.3% |
| 22 | American Express AXP | 484,250 | $161M | 1.31% | no change |
| 23 | Caterpillar CAT | 328,650 | $157M | 1.27% | no change |
| 24 | RLI RLI | 2.4 M | $156M | 1.27% | no change |
| 25 | Marsh & Mclennan Companies MRSH | 755,000 | $152M | 1.23% | no change |
| 26 | Alphabet GOOGL | 572,000 | $139M | 1.13% | no change |
| 27 | Franco Nevada FNV | 605,500 | $135M | 1.10% | +6.3% |
| 28 | Apollo Global Management APO | 1.0 M | $135M | 1.10% | no change |
| 29 | General Dynamics GD | 391,000 | $133M | 1.08% | no change |
| 30 | Texas Instruments TXN | 724,000 | $133M | 1.08% | no change |
| 31 | Novo Nordisk A/s NVO | 2.4 M | $131M | 1.07% | +4.9% |
| 32 | Diageo DEO | 1.4 M | $130M | 1.06% | no change |
| 33 | Charles Schwab SCHW | 1.4 M | $130M | 1.06% | no change |
| 34 | Brookfield Asset Management BAM | 2.2 M | $125M | 1.01% | no change |
| 35 | Mastercard MA | 207,540 | $118M | 0.96% | no change |
| 36 | Johnson & Johnson JNJ | 610,800 | $113M | 0.92% | no change |
| 37 | Moody's MCO | 213,890 | $102M | 0.83% | no change |
| 38 | Heico HEI/A | 379,644 | $96.5M | 0.78% | no change |
| 39 | NVR NVR | 11,897 | $95.6M | 0.78% | no change |
| 40 | Linde LIN | 192,850 | $91.6M | 0.74% | +3.3% |
| 41 | Archer-Daniels-Midland ADM | 1.5 M | $90.0M | 0.73% | −4.3% |
| 42 | Dollar General DG | 869,250 | $89.8M | 0.73% | no change |
| 43 | Rollins ROL | 1.5 M | $86.7M | 0.70% | no change |
| 44 | Illinois Tool Works ITW | 327,500 | $85.4M | 0.69% | no change |
| 45 | Carlyle Group CG | 1.3 M | $83.2M | 0.68% | no change |
| 46 | MSCI MSCI | 142,850 | $81.1M | 0.66% | no change |
| 47 | JPMorgan Chase JPM | 252,550 | $79.7M | 0.65% | no change |
| 48 | Norfolk Southern NSC | 256,500 | $77.1M | 0.63% | +8.5% |
| 49 | Ecolab ECL | 274,300 | $75.1M | 0.61% | no change |
| 50 | S&P Global SPGI | 150,690 | $73.3M | 0.60% | no change |
| 51 | Investors Title ITIC | 213,300 | $57.1M | 0.46% | no change |
| 52 | Rockwell Automation ROK | 154,900 | $54.1M | 0.44% | no change |
| 53 | Starbucks SBUX | 623,818 | $52.8M | 0.43% | no change |
| 54 | Hanover Insurance Group THG | 281,000 | $51.0M | 0.41% | no change |
| 55 | Old Dominion Freight Line ODFL | 358,750 | $50.5M | 0.41% | +4.8% |
| 56 | FedEx FDX | 213,000 | $50.2M | 0.41% | no change |
| 57 | Aon AON | 129,800 | $46.3M | 0.38% | no change |
| 58 | Tyson Foods TSN | 848,500 | $46.1M | 0.37% | +4% |
| 59 | Accenture ACN | 159,400 | $39.3M | 0.32% | no change |
| 60 | Verisk Analytics VRSK | 155,950 | $39.2M | 0.32% | no change |
| 61 | RTX RTX | 224,000 | $37.5M | 0.30% | no change |
| 62 | Hagerty HGTY | 3.1 M | $37.5M | 0.30% | no change |
| 63 | Costco Wholesale COST | 39,150 | $36.2M | 0.29% | no change |
| 64 | Yum! Brands YUM | 226,451 | $34.4M | 0.28% | no change |
| 65 | Factset Research Systems FDS | 116,720 | $33.4M | 0.27% | no change |
| 66 | Allstate ALL | 154,550 | $33.2M | 0.27% | no change |
| 67 | Ferguson Enterprises FERG | 147,000 | $33.0M | 0.27% | +9.3% |
| 68 | Sherwin-williams SHW | 94,172 | $32.6M | 0.26% | no change |
| 69 | T. Rowe Price TROW | 314,000 | $32.2M | 0.26% | no change |
| 70 | HCA Healthcare HCA | 75,213 | $32.1M | 0.26% | +9.1% |
| 71 | Nike NKE | 447,400 | $31.2M | 0.25% | no change |
| 72 | Lockheed Martin LMT | 62,263 | $31.1M | 0.25% | no change |
| 73 | Comcast CMCSA | 961,880 | $30.2M | 0.25% | no change |
| 74 | Union Pacific UNP | 126,778 | $30.0M | 0.24% | +30% |
| 75 | United Rentals URI | 31,150 | $29.7M | 0.24% | no change |
| 76 | Airbnb ABNB | 227,133 | $27.6M | 0.22% | +7.1% |
| 77 | Thermo Fisher Scientific TMO | 55,800 | $27.1M | 0.22% | +13% |
| 78 | Cisco Systems CSCO | 355,500 | $24.3M | 0.20% | +1.7% |
| 79 | Brown Forman BF/A | 843,000 | $22.7M | 0.18% | no change |
| 80 | Lamar Advertising LAMR | 170,000 | $20.8M | 0.17% | +7.6% |
| 81 | Capital One Financial COF | 91,000 | $19.3M | 0.16% | no change |
| 82 | Marriott International MAR | 73,250 | $19.1M | 0.15% | +22% |
| 83 | Paychex PAYX | 150,000 | $19.0M | 0.15% | no change |
| 84 | Equifax EFX | 72,850 | $18.7M | 0.15% | no change |
| 85 | Philip Morris International PM | 114,500 | $18.6M | 0.15% | no change |
| 86 | Crown Holdings CCK | 189,500 | $18.3M | 0.15% | no change |
| 87 | Spotify Technology SPOT | 25,900 | $18.1M | 0.15% | no change |
| 88 | Renaissancere Holdings RNR | 70,000 | $17.8M | 0.14% | no change |
| 89 | Air Products and Chemicals APD | 65,000 | $17.7M | 0.14% | no change |
| 90 | Wells Fargo WFC | 204,450 | $17.1M | 0.14% | no change |
| 91 | Shopify SHOP | 102,750 | $15.3M | 0.12% | no change |
| 92 | SEI Investments SEIC | 173,200 | $14.7M | 0.12% | no change |
| 93 | Carrier Global CARR | 235,000 | $14.0M | 0.11% | no change |
| 94 | Pepsico PEP | 96,210 | $13.5M | 0.11% | no change |
| 95 | Bank of New York Mellon BNY | 121,500 | $13.2M | 0.11% | no change |
| 96 | Brown Forman BF/B | 474,187 | $12.8M | 0.10% | no change |
| 97 | Choice Hotels International CHH | 115,500 | $12.3M | 0.10% | no change |
| 98 | UBER Technologies UBER | 123,500 | $12.1M | 0.10% | no change |
| 99 | Target TGT | 133,000 | $11.9M | 0.10% | no change |
| 100 | Hexcel HXL | 189,000 | $11.9M | 0.10% | no change |
The 100 largest lines are shown. The other 29 add up to 1.38% of the portfolio; full 13F of Markel Group →
Positions it closed (11)
- 3m MMMwas 0.15% · 118,250 shares
- O-i Glass OIwas 0.06% · 473,700 shares
- Celanese CEwas 0.04% · 81,300 shares
- Graphic Packaging Holding GPKwas 0.03% · 174,000 shares
- BALL BALLwas 0.02% · 51,000 shares
- Willis Towers Watson WTWwas 0.02% · 8,627 shares
- Gartner ITwas 0.02% · 5,700 shares
- Intuit INTUwas 0.02% · 2,720 shares
- CoStar Group CSGPwas 0.01% · 18,600 shares
- Estée Lauder ELwas 0.01% · 15,000 shares
- Anheuser-Busch InBev BUDwas 0.01% · 11,000 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.