Markel Group

In its 13F for Q2 2025 (holdings as of June 30, 2025, filed August 1, 2025), Tom Gayner's Markel Group reported 137 stock positions worth $11.8 billion. Its top holding was Berkshire Hathaway Class A (BRK.A) at 6.9% of the portfolio, followed by Berkshire Hathaway Class B (BRK.B, 6.3%) and Brookfield (BN, 4.6%). Compared with Q1 2025, it opened 3 new positions, sold out of 1, added to 37 and reduced 6. The biggest buy was Microsoft (MSFT, shares +1%) and the biggest sale Watsco (WSO, shares −4%).

Most Recent 13F
Q2 2026
Notable People
Tom Gayner
Location
Glen Allen, VA
CIK
0001096343
Portfolio Value
$11.8B (Q2 2025)
SEC Filing
0001096343-25-000124 ↗ filed Aug 1, 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 Q1 2025 Q2 2025: $11.8B $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 137 stocks · $11.8B
BRK.A Berkshire Hathaway Inc. Class A 6.86% 1,114 $811.9M No change
BRK.B Berkshire Hathaway Inc. Class B 6.29% 1,531,971 $744.2M No change
BN Brookfield Corp. 4.56% 8,715,741 $539.1M No change
GOOG Alphabet Inc. Class C 4.12% 2,749,860 $487.8M No change
DE Deere & Co. 3.77% 877,900 $446.4M Add +0.0%
AMZN Amazon.com Inc. 3.77% 2,030,760 $445.5M No change
V Visa Inc. Class A 3.00% 999,285 $354.8M No change
HD Home Depot Inc. 2.85% 920,000 $337.3M No change
ADI Analog Devices Inc. 2.35% 1,167,671 $277.9M No change
MSFT Microsoft Corp. 2.22% 527,480 $262.4M Add +0.9%
GS Goldman Sachs Group Inc. 2.15% 359,360 $254.3M No change
DIS The Walt Disney Co. filed as DISNEY WALT CO 2.13% 2,031,665 $251.9M No change
AAPL Apple Inc. 2.13% 1,227,290 $251.8M No change
WSO Watsco Inc. 2.11% 565,169 $249.6M Reduce -4.3%
BLK BlackRock Inc. 1.95% 220,200 $231.0M No change
META Meta Platforms Inc. Class A 1.75% 280,281 $206.9M Add +0.1%
LPLA LPL Financial Holdings Inc. 1.73% 544,604 $204.2M Add +1.0%
PGR Progressive Corp. 1.70% 753,750 $201.1M No change
KKR KKR & Co. Inc. 1.63% 1,451,800 $193.1M No change
BX Blackstone Inc. 1.55% 1,229,000 $183.8M No change
RLI Rli Corp. 1.46% 2,394,544 $172.9M No change
MRSH Marsh & McLennan Cos 1.38% 748,750 $163.7M Add +0.7%
LOW Lowe's Cos Inc. 1.35% 717,230 $159.1M Add +1.3%
NVO Novo-Nordisk A/S-Spons ADR 1.32% 2,258,588 $155.9M Add +5.0%
AXP American Express Co. 1.31% 484,250 $154.5M No change
TXN Texas Instruments Inc. 1.27% 724,000 $150.3M No change
APO Apollo Global Management Inc. 1.21% 1,012,500 $143.6M No change
DEO Diageo PLC-Sponsored ADR 1.17% 1,366,708 $137.8M No change
CAT Caterpillar Inc. 1.08% 328,650 $127.6M Add +0.2%
SCHW Schwab (charles) Corp. 1.05% 1,364,800 $124.5M No change
BAM Brookfield Asset Mgmt-A 1.03% 2,193,953 $121.3M No change
MA Mastercard Inc. Class A 0.99% 207,540 $116.6M No change
GD General Dynamics Corp. 0.96% 391,000 $114.0M No change
MCO Moody's Corp. 0.91% 213,890 $107.3M No change
GOOGL Alphabet Inc. Class A 0.85% 572,000 $100.8M Add +2.7%
DG Dollar General Corp. 0.84% 869,250 $99.4M No change
HEI.A Heico Corp. Class A 0.83% 379,644 $98.2M No change
FNV Franco-Nevada Corp. 0.79% 569,500 $93.4M Add +8.4%
JNJ Johnson & Johnson 0.79% 610,800 $93.3M No change
NVR NVR Inc. 0.74% 11,897 $87.9M Add +0.1%
LIN Linde PLC 0.74% 186,600 $87.5M Add +3.1%
ADM Archer-Daniels-Midland Co. 0.70% 1,573,800 $83.1M Add +1.4%
ROL Rollins Inc. 0.70% 1,469,275 $82.9M Add +0.5%
MSCI MSCI Inc. 0.70% 142,850 $82.4M No change
ITW Illinois Tool Works 0.68% 327,500 $81.0M No change
SPGI S&P Global Inc. 0.67% 150,690 $79.5M No change
ECL Ecolab Inc. 0.62% 274,300 $73.9M No change
JPM JPMorgan Chase & Co. 0.62% 252,550 $73.2M No change
CG The Carlyle Group Inc. 0.58% 1,327,000 $68.2M No change
NSC Norfolk Southern Corp. 0.51% 236,500 $60.5M Add +3.0%
SBUX Starbucks Corp. 0.48% 623,818 $57.2M No change
ODFL Old Dominion Freight Line 0.47% 342,450 $55.6M Add +9.3%
FDS Factset Research Systems Inc. 0.44% 116,720 $52.2M No change
ROK Rockwell Automation Inc. 0.43% 154,900 $51.5M No change
VRSK Verisk Analytics Inc. 0.41% 155,950 $48.6M No change
FDX FedEx Corp. 0.41% 213,000 $48.4M No change
THG Hanover Insurance Group Inc./ 0.40% 281,000 $47.7M Add +0.4%
ACN Accenture PLC Class A 0.40% 159,400 $47.6M No change
AON Aon PLC Class A 0.39% 129,800 $46.3M Add +0.3%
TSN Tyson Foods Inc. Class A 0.39% 816,000 $45.6M Add +2.2%
ITIC Investors Title Co. 0.38% 213,300 $45.1M No change
COST Costco Wholesale Corp. 0.33% 39,150 $38.8M No change
CMCSA Comcast Corp. Class A 0.29% 961,880 $34.3M No change
YUM Yum! Brands Inc. 0.28% 226,451 $33.6M Add +0.4%
RTX RTX Corp. 0.28% 224,000 $32.7M No change
SHW The Sherwin-Williams Co. 0.27% 94,172 $32.3M No change
NKE Nike Inc. Class B 0.27% 447,400 $31.8M Add +0.5%
HGTY Hagerty Inc. Class A 0.27% 3,108,000 $31.4M No change
ALL Allstate Corp. 0.26% 154,550 $31.1M No change
TROW T Rowe Price Group Inc. filed as PRICE T ROWE GROUP INC 0.26% 314,000 $30.3M No change
FERG Ferguson Enterprises Inc. 0.25% 134,500 $29.3M Add +9.3%
LMT Lockheed Martin Corp. 0.24% 62,263 $28.8M Add +1.3%
ABNB Airbnb Inc. Class A 0.24% 212,003 $28.1M Add +15.3%
HCA HCA Healthcare Inc. 0.22% 68,963 $26.4M Add +11.2%
CSCO Cisco Systems Inc. 0.20% 349,500 $24.2M Add +2.2%
URI United Rentals Inc. 0.20% 31,150 $23.5M No change
BF.A Brown-Forman Corp. Class A 0.20% 843,000 $23.2M No change
UNP Union Pacific Corp. 0.19% 97,278 $22.4M Add +13.4%
PAYX Paychex Inc. 0.18% 150,000 $21.8M No change
PM Philip Morris International 0.18% 114,500 $20.9M No change
TMO Thermo Fisher Scientific Inc. 0.17% 49,550 $20.1M Add +10.1%
SPOT Spotify Technology SA 0.17% 25,900 $19.9M No change
CCK Crown Holdings Inc. 0.17% 189,500 $19.5M No change
COF Capital One Financial Corp. 0.16% 91,000 $19.4M No change
LAMR Lamar Advertising Co. Class A 0.16% 158,000 $19.2M Add +15.3%
EFX Equifax Inc. 0.16% 72,850 $18.9M No change
APD Air Products & Chemicals Inc. 0.15% 65,000 $18.3M No change
MMM 3M Co. 0.15% 118,250 $18.0M Reduce -59.7%
CARR Carrier Global Corp. 0.15% 235,000 $17.2M No change
RNR Renaissancere Holdings Ltd. 0.14% 70,000 $17.0M No change
MAR Marriott International Class A 0.14% 60,250 $16.5M Add +15.9%
WFC Wells Fargo & Co. 0.14% 204,450 $16.4M No change
SEIC Sei Investments Company 0.13% 173,200 $15.6M No change
CHH Choice Hotels Intl Inc. 0.12% 115,500 $14.7M No change
TGT Target Corp. 0.11% 133,000 $13.1M No change
BF.B Brown-Forman Corp. Class B 0.11% 474,187 $12.8M No change
PEP Pepsico Inc. 0.11% 96,210 $12.7M No change
SHOP Shopify Inc. Class A 0.10% 102,750 $11.9M No change
UBER Uber Technologies Inc. 0.10% 123,500 $11.5M Add +1.2%
OTIS Otis Worldwide Corp. 0.10% 114,620 $11.3M No change

Show all 137 holdings

Portfolio Sells Q1 2025 → Q2 2025
WSO Watsco Inc. Reduce -4.3% 2.11% −0.56
MMM 3M Co. Reduce -59.7% 0.15% −0.23
GPK Graphic Packaging Holding Co. Reduce -62.3% 0.03% −0.08
UNH Unitedhealth Group Inc. Reduce -5.4% 0.07% −0.06
OI O-I Glass Inc. Reduce -45.8% 0.06% −0.03
CABO Cable One Inc. Sold out 0.00% −0.03
IQV Iqvia Holdings Inc. Reduce -15.5% 0.07% −0.03

Portfolio Buys Q1 2025 → Q2 2025
MSFT Microsoft Corp. Add +0.9% 2.22% +0.48
META Meta Platforms Inc. Class A Add +0.1% 1.75% +0.32
LPLA LPL Financial Holdings Inc. Add +1.0% 1.73% +0.16
CAT Caterpillar Inc. Add +0.2% 1.08% +0.12
DE Deere & Co. Add +0.0% 3.77% +0.12
GOOGL Alphabet Inc. Class A Add +2.7% 0.85% +0.09
FERG Ferguson Enterprises Inc. Add +9.3% 0.25% +0.07
FNV Franco-Nevada Corp. Add +8.4% 0.79% +0.05
ADBE Adobe Inc. New 0.05% +0.05
ABNB Airbnb Inc. Class A Add +15.3% 0.24% +0.04
ADM Archer-Daniels-Midland Co. Add +1.4% 0.70% +0.04
HCA HCA Healthcare Inc. Add +11.2% 0.22% +0.03
CME Cme Group Inc. Add +136.8% 0.05% +0.03
MAR Marriott International Class A Add +15.9% 0.14% +0.03
NSC Norfolk Southern Corp. Add +3.0% 0.51% +0.03
AMAT Applied Materials Inc. New 0.03% +0.03
CBOE Cboe Global Markets Inc. Add +216.7% 0.04% +0.03
LAMR Lamar Advertising Co. Class A Add +15.3% 0.16% +0.02
UBER Uber Technologies Inc. Add +1.2% 0.10% +0.02
CSX CSX Corp. New 0.02% +0.02
CSCO Cisco Systems Inc. Add +2.2% 0.20% +0.02
NKE Nike Inc. Class B Add +0.5% 0.27% +0.02
ODFL Old Dominion Freight Line Add +9.3% 0.47% +0.01
SYY Sysco Corp. Add +166.7% 0.02% +0.01
UNP Union Pacific Corp. Add +13.4% 0.19% +0.01
HII Huntington Ingalls Industrie Add +13.9% 0.04% +0.01
EXP Eagle Materials Inc. Add +157.1% 0.02% +0.01
MGM MGM Resorts International Add +2.3% 0.03% +0.00
LMT Lockheed Martin Corp. Add +1.3% 0.24% 0.00
ROL Rollins Inc. Add +0.5% 0.70% −0.00
NVO Novo-Nordisk A/S-Spons ADR Add +5.0% 1.32% −0.01
LIN Linde PLC Add +3.1% 0.74% −0.01
NVR NVR Inc. Add +0.1% 0.74% −0.02
THG Hanover Insurance Group Inc./ Add +0.4% 0.40% −0.03
TMO Thermo Fisher Scientific Inc. Add +10.1% 0.17% −0.03
YUM Yum! Brands Inc. Add +0.4% 0.28% −0.03
TSN Tyson Foods Inc. Class A Add +2.2% 0.39% −0.07
AON Aon PLC Class A Add +0.3% 0.39% −0.07
LOW Lowe's Cos Inc. Add +1.3% 1.35% −0.12
MRSH Marsh & McLennan Cos Add +0.7% 1.38% −0.23

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