Great investors · Tom Gayner · Q4 2025
What Tom Gayner bought and sold in Q4 2025
Markel Group 13F portfolio as of Dec 31, 2025: 128 positions worth $12.5 bn. Largest: BRK/A, GOOG, BN, AMZN. Filed with the SEC on Feb 6, 2026.
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 2025
No purchase of 0.5 points of the portfolio or more this quarter.
Sells in Q4 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 Q4 2025 13F lists 128 lines of US-listed securities worth $12.5 bn; the largest is GOOG at 6.88% of the portfolio. It was accepted by the SEC on Feb 6, 2026 at 4:36 PM ET.
Against the previous quarter, it opened 1 position (BRO), closed 2 (FDX and ADBE), added to 34 (XOM, NVO, FNV and ODFL and 30 more) and trimmed 3 (ADI, META and TRU). 90 lines show the same number of shares.
| # | Company | Shares | Value | Weight | Change in shares |
|---|---|---|---|---|---|
| 1 | Alphabet GOOG | 2.7 M | $863M | 6.88% | no change |
| 2 | Berkshire Hathaway BRK/A | 1,114 | $841M | 6.70% | no change |
| 3 | Berkshire Hathaway BRK/B | 1.5 M | $770M | 6.14% | no change |
| 4 | Brookfield BN | 13.1 M | $600M | 4.78% | no change |
| 5 | Amazon.com AMZN | 2.0 M | $469M | 3.74% | no change |
| 6 | Deere DE | 877,900 | $409M | 3.26% | no change |
| 7 | Visa V | 999,285 | $350M | 2.79% | no change |
| 8 | Apple AAPL | 1.2 M | $334M | 2.66% | no change |
| 9 | Home Depot HD | 920,000 | $317M | 2.52% | no change |
| 10 | Goldman Sachs Group GS | 359,360 | $316M | 2.52% | no change |
| 11 | Analog Devices ADI | 1.0 M | $278M | 2.21% | −12% |
| 12 | Microsoft MSFT | 535,680 | $259M | 2.07% | no change |
| 13 | BlackRock BLK | 220,200 | $236M | 1.88% | no change |
| 14 | Walt Disney DIS | 2.0 M | $231M | 1.84% | no change |
| 15 | LPL Financial Holdings LPLA | 559,951 | $200M | 1.59% | +1.2% |
| 16 | Watsco WSO | 577,669 | $195M | 1.55% | +2.2% |
| 17 | Blackstone BX | 1.2 M | $189M | 1.51% | no change |
| 18 | Caterpillar CAT | 328,650 | $188M | 1.50% | no change |
| 19 | KKR KKR | 1.5 M | $185M | 1.48% | no change |
| 20 | American Express AXP | 488,500 | $181M | 1.44% | no change |
| 21 | Alphabet GOOGL | 572,000 | $179M | 1.43% | no change |
| 22 | Lowe's LOW | 734,480 | $177M | 1.41% | +1.1% |
| 23 | Progressive PGR | 753,750 | $172M | 1.37% | no change |
| 24 | Meta Platforms META | 248,303 | $164M | 1.31% | −11% |
| 25 | RLI RLI | 2.4 M | $153M | 1.22% | no change |
| 26 | Apollo Global Management APO | 1.0 M | $147M | 1.17% | no change |
| 27 | Novo Nordisk A/s NVO | 2.9 M | $146M | 1.16% | +21% |
| 28 | Franco Nevada FNV | 683,500 | $142M | 1.13% | +13% |
| 29 | Marsh & Mclennan Companies MRSH | 761,750 | $141M | 1.13% | no change |
| 30 | Charles Schwab SCHW | 1.4 M | $137M | 1.10% | no change |
| 31 | General Dynamics GD | 391,000 | $132M | 1.05% | no change |
| 32 | Johnson & Johnson JNJ | 610,800 | $126M | 1.01% | no change |
| 33 | Texas Instruments TXN | 724,000 | $126M | 1.00% | no change |
| 34 | Mastercard MA | 207,540 | $118M | 0.94% | no change |
| 35 | Diageo DEO | 1.4 M | $118M | 0.94% | no change |
| 36 | Dollar General DG | 869,250 | $115M | 0.92% | no change |
| 37 | Brookfield Asset Management BAM | 2.2 M | $115M | 0.92% | no change |
| 38 | Moody's MCO | 213,890 | $109M | 0.87% | no change |
| 39 | Heico HEI/A | 379,644 | $95.8M | 0.76% | no change |
| 40 | Rollins ROL | 1.5 M | $89.4M | 0.71% | no change |
| 41 | NVR NVR | 12,007 | $87.6M | 0.70% | no change |
| 42 | Archer-Daniels-Midland ADM | 1.5 M | $86.6M | 0.69% | no change |
| 43 | Linde LIN | 200,100 | $85.3M | 0.68% | +3.8% |
| 44 | MSCI MSCI | 142,850 | $82.0M | 0.65% | no change |
| 45 | JPMorgan Chase JPM | 252,550 | $81.4M | 0.65% | no change |
| 46 | Illinois Tool Works ITW | 327,500 | $80.7M | 0.64% | no change |
| 47 | Norfolk Southern NSC | 273,500 | $79.0M | 0.63% | +6.6% |
| 48 | S&P Global SPGI | 150,690 | $78.7M | 0.63% | no change |
| 49 | Carlyle Group CG | 1.3 M | $78.4M | 0.63% | no change |
| 50 | Ecolab ECL | 274,300 | $72.0M | 0.57% | no change |
| 51 | Old Dominion Freight Line ODFL | 421,650 | $66.1M | 0.53% | +18% |
| 52 | Rockwell Automation ROK | 154,900 | $60.3M | 0.48% | no change |
| 53 | Investors Title ITIC | 213,300 | $53.2M | 0.42% | no change |
| 54 | Starbucks SBUX | 623,818 | $52.5M | 0.42% | no change |
| 55 | Tyson Foods TSN | 884,500 | $51.8M | 0.41% | +4.2% |
| 56 | Hanover Insurance Group THG | 281,000 | $51.4M | 0.41% | no change |
| 57 | Aon AON | 134,050 | $47.3M | 0.38% | +3.3% |
| 58 | Accenture ACN | 159,400 | $42.8M | 0.34% | no change |
| 59 | Hagerty HGTY | 3.1 M | $41.8M | 0.33% | no change |
| 60 | RTX RTX | 224,000 | $41.1M | 0.33% | no change |
| 61 | HCA Healthcare HCA | 80,680 | $37.7M | 0.30% | +7.3% |
| 62 | Ferguson Enterprises FERG | 163,500 | $36.4M | 0.29% | +11% |
| 63 | Thermo Fisher Scientific TMO | 62,800 | $36.4M | 0.29% | +13% |
| 64 | Factset Research Systems FDS | 121,873 | $35.4M | 0.28% | +4.4% |
| 65 | Verisk Analytics VRSK | 155,950 | $34.9M | 0.28% | no change |
| 66 | Yum! Brands YUM | 226,451 | $34.3M | 0.27% | no change |
| 67 | Costco Wholesale COST | 39,150 | $33.8M | 0.27% | no change |
| 68 | Union Pacific UNP | 141,278 | $32.7M | 0.26% | +11% |
| 69 | Airbnb ABNB | 240,289 | $32.6M | 0.26% | +5.8% |
| 70 | Allstate ALL | 154,550 | $32.2M | 0.26% | no change |
| 71 | T. Rowe Price TROW | 314,000 | $32.1M | 0.26% | no change |
| 72 | Lockheed Martin LMT | 64,513 | $31.2M | 0.25% | +3.6% |
| 73 | Sherwin-williams SHW | 94,172 | $30.5M | 0.24% | no change |
| 74 | Comcast CMCSA | 961,880 | $28.8M | 0.23% | no change |
| 75 | Nike NKE | 447,400 | $28.5M | 0.23% | no change |
| 76 | Marriott International MAR | 89,750 | $27.8M | 0.22% | +23% |
| 77 | Cisco Systems CSCO | 355,500 | $27.4M | 0.22% | no change |
| 78 | United Rentals URI | 31,150 | $25.2M | 0.20% | no change |
| 79 | Lamar Advertising LAMR | 185,000 | $23.4M | 0.19% | +8.8% |
| 80 | Brown Forman BF/A | 843,000 | $22.2M | 0.18% | no change |
| 81 | Capital One Financial COF | 91,000 | $22.1M | 0.18% | no change |
| 82 | Crown Holdings CCK | 212,000 | $21.8M | 0.17% | +12% |
| 83 | Renaissancere Holdings RNR | 70,000 | $19.7M | 0.16% | no change |
| 84 | Wells Fargo WFC | 204,450 | $19.1M | 0.15% | no change |
| 85 | Philip Morris International PM | 114,500 | $18.4M | 0.15% | no change |
| 86 | Air Products and Chemicals APD | 71,500 | $17.7M | 0.14% | +10% |
| 87 | Paychex PAYX | 150,000 | $16.8M | 0.13% | no change |
| 88 | Shopify SHOP | 102,750 | $16.5M | 0.13% | no change |
| 89 | CSX CSX | 440,000 | $16.0M | 0.13% | +54% |
| 90 | Equifax EFX | 72,850 | $15.8M | 0.13% | no change |
| 91 | Spotify Technology SPOT | 25,900 | $15.0M | 0.12% | no change |
| 92 | SEI Investments SEIC | 173,200 | $14.2M | 0.11% | no change |
| 93 | Bank of New York Mellon BNY | 121,500 | $14.1M | 0.11% | no change |
| 94 | Hexcel HXL | 189,000 | $14.0M | 0.11% | no change |
| 95 | Pepsico PEP | 96,210 | $13.8M | 0.11% | no change |
| 96 | Target TGT | 133,000 | $13.0M | 0.10% | no change |
| 97 | CME Group CME | 45,750 | $12.5M | 0.10% | +43% |
| 98 | Carrier Global CARR | 235,000 | $12.4M | 0.10% | no change |
| 99 | Brown Forman BF/B | 474,187 | $12.4M | 0.10% | no change |
| 100 | Hershey HSY | 67,500 | $12.3M | 0.10% | +24% |
The 100 largest lines are shown. The other 28 add up to 1.36% 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) ↗
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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.