Markel Group

In its 13F for Q1 2025 (holdings as of March 31, 2025, filed May 2, 2025), Tom Gayner's Markel Group reported 135 stock positions worth $11.3 billion. Its top holding was Berkshire Hathaway Class A (BRK.A) at 7.9% of the portfolio, followed by Berkshire Hathaway Class B (BRK.B, 7.2%) and Brookfield (BN, 4.1%). Compared with Q4 2024, it opened 3 new positions, added to 40 and reduced 1. The biggest buy was Deere (DE, shares +0%) and the biggest sale Cable One (CABO, shares −77%).

Most Recent 13F
Q2 2026
Notable People
Tom Gayner
Location
Glen Allen, VA
CIK
0001096343
Portfolio Value
$11.3B (Q1 2025)
SEC Filing
0001096343-25-000062 ↗ filed May 2, 2025

Holdings Value

0$5.0B$10.0B$15.0B Q1 2024: $10.1B Q1 2024 Q2 2024: $10.2B Q2 2024 Q3 2024: $11.1B Q3 2024 Q4 2024: $11.3B Q4 2024 Q1 2025: $11.3B $11.3B Q1 2025 Q2 2025: $11.8B Q2 2025 Q3 2025: $12.3B Q3 2025 Q4 2025: $12.5B Q4 2025 Q1 2026: $11.9B Q1 2026 Q2 2026: $13.1B Q2 2026

Holdings 135 stocks · $11.3B
BRK.A Berkshire Hathaway Inc. Class A 7.90% 1,114 $889.5M No change
BRK.B Berkshire Hathaway Inc. Class B 7.25% 1,531,971 $815.9M No change
BN Brookfield Corp. 4.06% 8,715,741 $456.8M No change
GOOG Alphabet Inc. Class C 3.81% 2,749,860 $429.6M No change
DE Deere & Co. 3.66% 877,700 $411.9M Add +0.3%
AMZN Amazon.com Inc. 3.43% 2,030,760 $386.4M No change
V Visa Inc. Class A 3.11% 999,285 $350.2M No change
HD Home Depot Inc. 2.99% 920,000 $337.2M No change
WSO Watsco Inc. 2.67% 590,500 $300.2M No change
AAPL Apple Inc. 2.42% 1,227,290 $272.6M No change
ADI Analog Devices Inc. 2.09% 1,167,671 $235.5M No change
PGR Progressive Corp. 1.89% 753,750 $213.3M No change
BLK BlackRock Inc. 1.85% 220,200 $208.4M No change
DIS The Walt Disney Co. filed as DISNEY WALT CO 1.78% 2,031,665 $200.5M No change
GS Goldman Sachs Group Inc. 1.74% 359,360 $196.3M No change
MSFT Microsoft Corp. 1.74% 522,730 $196.2M Add +0.6%
RLI Rli Corp. 1.71% 2,394,544 $192.4M No change
MRSH Marsh & McLennan Cos 1.61% 743,500 $181.4M Add +1.1%
LPLA LPL Financial Holdings Inc. 1.57% 539,104 $176.4M Add +1.3%
BX Blackstone Inc. 1.53% 1,229,000 $171.8M No change
KKR KKR & Co. Inc. 1.49% 1,451,800 $167.8M No change
LOW Lowe's Cos Inc. 1.47% 708,230 $165.2M Add +1.0%
META Meta Platforms Inc. Class A 1.43% 280,081 $161.4M Add +0.6%
NVO Novo-Nordisk A/S-Spons ADR 1.33% 2,150,000 $149.3M No change
DEO Diageo PLC-Sponsored ADR 1.27% 1,366,708 $143.2M No change
APO Apollo Global Management Inc. 1.23% 1,012,500 $138.7M No change
AXP American Express Co. 1.16% 484,250 $130.3M No change
TXN Texas Instruments Inc. 1.16% 724,000 $130.1M No change
MA Mastercard Inc. Class A 1.01% 207,540 $113.8M No change
CAT Caterpillar Inc. 0.96% 328,050 $108.2M Add +1.0%
SCHW Schwab (charles) Corp. 0.95% 1,364,800 $106.8M Add +0.1%
GD General Dynamics Corp. 0.95% 391,000 $106.6M No change
BAM Brookfield Asset Mgmt-A 0.94% 2,193,953 $106.3M No change
JNJ Johnson & Johnson 0.90% 610,800 $101.3M No change
MCO Moody's Corp. 0.88% 213,890 $99.6M No change
GOOGL Alphabet Inc. Class A 0.76% 557,000 $86.1M Add +0.4%
NVR NVR Inc. 0.76% 11,884 $86.1M Add +0.6%
LIN Linde PLC 0.75% 181,000 $84.3M Add +7.7%
FNV Franco-Nevada Corp. 0.73% 525,250 $82.8M Add +8.7%
ITW Illinois Tool Works 0.72% 327,500 $81.2M No change
MSCI MSCI Inc. 0.72% 142,850 $80.8M No change
HEI.A Heico Corp. Class A 0.71% 379,644 $80.1M No change
ROL Rollins Inc. 0.70% 1,462,275 $79.0M No change
SPGI S&P Global Inc. 0.68% 150,690 $76.6M No change
DG Dollar General Corp. 0.68% 869,250 $76.4M Add +4.0%
ADM Archer-Daniels-Midland Co. 0.66% 1,551,300 $74.5M Add +5.2%
ECL Ecolab Inc. 0.62% 274,300 $69.5M No change
JPM JPMorgan Chase & Co. 0.55% 252,550 $62.0M No change
SBUX Starbucks Corp. 0.54% 623,818 $61.2M Add +1.1%
CG The Carlyle Group Inc. 0.51% 1,327,000 $57.8M No change
NSC Norfolk Southern Corp. 0.48% 229,500 $54.4M No change
FDS Factset Research Systems Inc. 0.47% 116,720 $53.1M No change
FDX FedEx Corp. 0.46% 213,000 $51.9M Add +3.1%
ODFL Old Dominion Freight Line 0.46% 313,200 $51.8M Add +4.2%
AON Aon PLC Class A 0.46% 129,450 $51.7M Add +2.6%
ITIC Investors Title Co. 0.46% 213,300 $51.4M No change
TSN Tyson Foods Inc. Class A 0.45% 798,500 $51.0M No change
ACN Accenture PLC Class A 0.44% 159,400 $49.7M No change
THG Hanover Insurance Group Inc./ 0.43% 280,000 $48.7M Add +4.9%
VRSK Verisk Analytics Inc. 0.41% 155,950 $46.4M No change
MMM 3M Co. 0.38% 293,750 $43.1M No change
ROK Rockwell Automation Inc. 0.36% 154,900 $40.0M No change
COST Costco Wholesale Corp. 0.33% 39,150 $37.0M No change
CMCSA Comcast Corp. Class A 0.32% 961,880 $35.5M No change
YUM Yum! Brands Inc. 0.32% 225,451 $35.5M Add +9.7%
SHW The Sherwin-Williams Co. 0.29% 94,172 $32.9M No change
ALL Allstate Corp. 0.28% 154,550 $32.0M No change
RTX RTX Corp. 0.26% 224,000 $29.7M No change
TROW T Rowe Price Group Inc. filed as PRICE T ROWE GROUP INC 0.26% 314,000 $28.8M No change
NKE Nike Inc. Class B 0.25% 445,400 $28.3M Add +3.0%
BF.A Brown-Forman Corp. Class A 0.25% 843,000 $28.2M No change
HGTY Hagerty Inc. Class A 0.25% 3,108,000 $28.1M No change
LMT Lockheed Martin Corp. 0.24% 61,463 $27.5M Add +9.1%
PAYX Paychex Inc. 0.21% 150,000 $23.1M No change
TMO Thermo Fisher Scientific Inc. 0.20% 45,000 $22.4M Add +9.5%
ABNB Airbnb Inc. Class A 0.20% 183,820 $22.0M Add +59.4%
HCA HCA Healthcare Inc. 0.19% 62,001 $21.4M Add +9.6%
CSCO Cisco Systems Inc. 0.19% 342,000 $21.1M No change
UNP Union Pacific Corp. 0.18% 85,778 $20.3M No change
FERG Ferguson Enterprises Inc. 0.17% 123,000 $19.7M Add +16.0%
URI United Rentals Inc. 0.17% 31,150 $19.5M Add +5.1%
APD Air Products & Chemicals Inc. 0.17% 65,000 $19.2M Add +0.8%
PM Philip Morris International 0.16% 114,500 $18.2M No change
EFX Equifax Inc. 0.16% 72,850 $17.7M No change
CCK Crown Holdings Inc. 0.15% 189,500 $16.9M No change
RNR Renaissancere Holdings Ltd. 0.15% 70,000 $16.8M No change
COF Capital One Financial Corp. 0.14% 91,000 $16.3M No change
BF.B Brown-Forman Corp. Class B 0.14% 474,187 $16.1M No change
LAMR Lamar Advertising Co. Class A 0.14% 137,000 $15.6M Add +10.5%
CHH Choice Hotels Intl Inc. 0.14% 115,500 $15.3M No change
CARR Carrier Global Corp. 0.13% 235,000 $14.9M No change
WFC Wells Fargo & Co. 0.13% 204,450 $14.7M No change
UNH Unitedhealth Group Inc. 0.13% 28,014 $14.7M Add +4.9%
PEP Pepsico Inc. 0.13% 96,210 $14.4M No change
SPOT Spotify Technology SA 0.13% 25,900 $14.2M No change
TGT Target Corp. 0.12% 133,000 $13.9M No change
SEIC Sei Investments Company 0.12% 173,200 $13.4M No change
MAR Marriott International Class A 0.11% 52,000 $12.4M Add +10.6%
GPK Graphic Packaging Holding Co. 0.11% 461,225 $12.0M Add +8.0%
OTIS Otis Worldwide Corp. 0.10% 114,620 $11.8M No change

Show all 135 holdings

Portfolio Sells Q4 2024 → Q1 2025
CABO Cable One Inc. Reduce -76.6% 0.03% −0.13

Portfolio Buys Q4 2024 → Q1 2025
DE Deere & Co. Add +0.3% 3.66% +0.39
FNV Franco-Nevada Corp. Add +8.7% 0.73% +0.23
MRSH Marsh & McLennan Cos Add +1.1% 1.61% +0.23
LIN Linde PLC Add +7.7% 0.75% +0.13
DG Dollar General Corp. Add +4.0% 0.68% +0.12
YUM Yum! Brands Inc. Add +9.7% 0.32% +0.07
THG Hanover Insurance Group Inc./ Add +4.9% 0.43% +0.07
ABNB Airbnb Inc. Class A Add +59.4% 0.20% +0.06
AON Aon PLC Class A Add +2.6% 0.46% +0.06
SCHW Schwab (charles) Corp. Add +0.1% 0.95% +0.06
SBUX Starbucks Corp. Add +1.1% 0.54% +0.05
HCA HCA Healthcare Inc. Add +9.6% 0.19% +0.04
LPLA LPL Financial Holdings Inc. Add +1.3% 1.57% +0.03
HII Huntington Ingalls Industrie Add +350.0% 0.03% +0.03
UBER Uber Technologies Inc. Add +11.9% 0.08% +0.02
CME Cme Group Inc. Add +216.7% 0.02% +0.02
HSY The Hershey Co. Add +21.1% 0.08% +0.02
AYI Acuity Inc. Add +225.0% 0.02% +0.02
FERG Ferguson Enterprises Inc. Add +16.0% 0.17% +0.01
CBOE Cboe Global Markets Inc. New 0.01% +0.01
UNH Unitedhealth Group Inc. Add +4.9% 0.13% +0.01
TMO Thermo Fisher Scientific Inc. Add +9.5% 0.20% +0.01
MGM MGM Resorts International Add +113.8% 0.02% +0.01
OI O-I Glass Inc. Add +6.1% 0.09% +0.01
EXP Eagle Materials Inc. New 0.01% +0.01
SYY Sysco Corp. New 0.01% +0.01
BC Brunswick Corp. Add +96.7% 0.01% +0.01
APD Air Products & Chemicals Inc. Add +0.8% 0.17% +0.01
LAMR Lamar Advertising Co. Class A Add +10.5% 0.14% +0.01
ADM Archer-Daniels-Midland Co. Add +5.2% 0.66% +0.00
GPK Graphic Packaging Holding Co. Add +8.0% 0.11% +0.00
LMT Lockheed Martin Corp. Add +9.1% 0.24% +0.00
META Meta Platforms Inc. Class A Add +0.6% 1.43% −0.00
MAR Marriott International Class A Add +10.6% 0.11% −0.01
ODFL Old Dominion Freight Line Add +4.2% 0.46% −0.01
URI United Rentals Inc. Add +5.1% 0.17% −0.01
NKE Nike Inc. Class B Add +3.0% 0.25% −0.04
FDX FedEx Corp. Add +3.1% 0.46% −0.05
LOW Lowe's Cos Inc. Add +1.0% 1.47% −0.06
CAT Caterpillar Inc. Add +1.0% 0.96% −0.08
NVR NVR Inc. Add +0.6% 0.76% −0.09
GOOGL Alphabet Inc. Class A Add +0.4% 0.76% −0.16
MSFT Microsoft Corp. Add +0.6% 1.74% −0.19

All Filings

QuarterPositions13F Reported ValueTop Holdings
Q2 2026 130$13.1BGOOG, BRK.A, BRK.B, DE, BN
Q1 2026 129$11.9BBRK.A, GOOG, BRK.B, BN, DE
Q4 2025 128$12.5BGOOG, BRK.A, BRK.B, BN, AMZN
Q3 2025 129$12.3BBRK.A, BRK.B, GOOG, BN, AMZN
Q2 2025 137$11.8BBRK.A, BRK.B, BN, GOOG, DE
Q1 2025 135$11.3BBRK.A, BRK.B, BN, GOOG, DE
Q4 2024 132$11.3BBRK.A, BRK.B, GOOG, BN, AMZN
Q3 2024 132$11.1BBRK.A, BRK.B, BN, GOOG, AMZN
Q2 2024 133$10.2BBRK.A, BRK.B, GOOG, AMZN, BN
Q1 2024 131$10.1BBRK.A, BRK.B, GOOG, AMZN, BN