Markel Group

In its 13F for Q3 2025 (holdings as of September 30, 2025, filed October 31, 2025), Tom Gayner's Markel Group reported 129 stock positions worth $12.3 billion. Its top holding was Berkshire Hathaway Class A (BRK.A) at 6.8% of the portfolio, followed by Berkshire Hathaway Class B (BRK.B, 6.3%) and Alphabet Class C (GOOG, 5.4%). Compared with Q2 2025, it opened 3 new positions, sold out of 11, added to 27 and reduced 2. The biggest buy was Franco-Nevada (FNV, shares +6%) and the biggest sale an exit from 3M (MMM).

Most Recent 13F
Q2 2026
Notable People
Tom Gayner
Location
Glen Allen, VA
CIK
0001096343
Portfolio Value
$12.3B (Q3 2025)
SEC Filing
0001628280-25-047842 ↗ filed Oct 31, 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 Q2 2025 Q3 2025: $12.3B $12.3B Q3 2025 Q4 2025: $12.5B Q4 2025 Q1 2026: $11.9B Q1 2026 Q2 2026: $13.1B Q2 2026

Holdings 129 stocks · $12.3B
BRK.A Berkshire Hathaway Inc. Class A 6.82% 1,114 $840.2M No change
BRK.B Berkshire Hathaway Inc. Class B 6.25% 1,531,971 $770.2M No change
GOOG Alphabet Inc. Class C 5.44% 2,749,860 $669.7M No change
BN Brookfield Corp. 4.85% 8,715,741 $597.7M No change
AMZN Amazon.com Inc. 3.62% 2,030,760 $445.9M No change
DE Deere & Co. 3.26% 877,900 $401.4M No change
HD Home Depot Inc. 3.03% 920,000 $372.8M No change
V Visa Inc. Class A 2.77% 999,285 $341.1M No change
AAPL Apple Inc. 2.54% 1,227,290 $312.5M No change
ADI Analog Devices Inc. 2.33% 1,167,671 $286.9M No change
GS Goldman Sachs Group Inc. 2.32% 359,360 $286.2M No change
MSFT Microsoft Corp. 2.24% 532,080 $275.6M Add +0.9%
BLK BlackRock Inc. 2.08% 220,200 $256.7M No change
DIS The Walt Disney Co. filed as DISNEY WALT CO 1.89% 2,031,665 $232.6M No change
WSO Watsco Inc. 1.85% 565,169 $228.5M No change
BX Blackstone Inc. 1.70% 1,229,000 $210.0M No change
META Meta Platforms Inc. Class A 1.67% 280,281 $205.8M No change
KKR KKR & Co. Inc. 1.53% 1,451,800 $188.7M No change
PGR Progressive Corp. 1.51% 753,750 $186.1M No change
LPLA LPL Financial Holdings Inc. 1.49% 553,321 $184.1M Add +1.6%
LOW Lowe's Cos Inc. 1.48% 726,730 $182.6M Add +1.3%
AXP American Express Co. 1.31% 484,250 $160.8M No change
CAT Caterpillar Inc. 1.27% 328,650 $156.8M No change
RLI Rli Corp. 1.27% 2,394,544 $156.2M No change
MRSH Marsh & McLennan Cos 1.23% 755,000 $152.2M Add +0.8%
GOOGL Alphabet Inc. Class A 1.13% 572,000 $139.1M No change
FNV Franco-Nevada Corp. 1.10% 605,500 $135.0M Add +6.3%
APO Apollo Global Management Inc. 1.10% 1,012,500 $134.9M No change
GD General Dynamics Corp. 1.08% 391,000 $133.3M No change
TXN Texas Instruments Inc. 1.08% 724,000 $133.0M No change
NVO Novo-Nordisk A/S-Spons ADR 1.07% 2,368,649 $131.4M Add +4.9%
DEO Diageo PLC-Sponsored ADR 1.06% 1,366,708 $130.4M No change
SCHW Schwab (charles) Corp. 1.06% 1,364,800 $130.3M No change
BAM Brookfield Asset Mgmt-A 1.01% 2,193,953 $124.9M No change
MA Mastercard Inc. Class A 0.96% 207,540 $118.1M No change
JNJ Johnson & Johnson 0.92% 610,800 $113.3M No change
MCO Moody's Corp. 0.83% 213,890 $101.9M No change
HEI.A Heico Corp. Class A 0.78% 379,644 $96.5M No change
NVR NVR Inc. 0.78% 11,897 $95.6M No change
LIN Linde PLC 0.74% 192,850 $91.6M Add +3.4%
ADM Archer-Daniels-Midland Co. 0.73% 1,505,800 $90.0M Reduce -4.3%
DG Dollar General Corp. 0.73% 869,250 $89.8M No change
ROL Rollins Inc. 0.70% 1,475,775 $86.7M Add +0.4%
ITW Illinois Tool Works 0.69% 327,500 $85.4M No change
CG The Carlyle Group Inc. 0.68% 1,327,000 $83.2M No change
MSCI MSCI Inc. 0.66% 142,850 $81.1M No change
JPM JPMorgan Chase & Co. 0.65% 252,550 $79.7M No change
NSC Norfolk Southern Corp. 0.63% 256,500 $77.1M Add +8.5%
ECL Ecolab Inc. 0.61% 274,300 $75.1M No change
SPGI S&P Global Inc. 0.60% 150,690 $73.3M No change
ITIC Investors Title Co. 0.46% 213,300 $57.1M No change
ROK Rockwell Automation Inc. 0.44% 154,900 $54.1M No change
SBUX Starbucks Corp. 0.43% 623,818 $52.8M No change
THG Hanover Insurance Group Inc./ 0.41% 281,000 $51.0M No change
ODFL Old Dominion Freight Line 0.41% 358,750 $50.5M Add +4.8%
FDX FedEx Corp. 0.41% 213,000 $50.2M No change
AON Aon PLC Class A 0.38% 129,800 $46.3M No change
TSN Tyson Foods Inc. Class A 0.37% 848,500 $46.1M Add +4.0%
ACN Accenture PLC Class A 0.32% 159,400 $39.3M No change
VRSK Verisk Analytics Inc. 0.32% 155,950 $39.2M No change
RTX RTX Corp. 0.30% 224,000 $37.5M No change
HGTY Hagerty Inc. Class A 0.30% 3,108,000 $37.5M No change
COST Costco Wholesale Corp. 0.29% 39,150 $36.2M No change
YUM Yum! Brands Inc. 0.28% 226,451 $34.4M No change
FDS Factset Research Systems Inc. 0.27% 116,720 $33.4M No change
ALL Allstate Corp. 0.27% 154,550 $33.2M No change
FERG Ferguson Enterprises Inc. 0.27% 147,000 $33.0M Add +9.3%
SHW The Sherwin-Williams Co. 0.26% 94,172 $32.6M No change
TROW T Rowe Price Group Inc. filed as PRICE T ROWE GROUP INC 0.26% 314,000 $32.2M No change
HCA HCA Healthcare Inc. 0.26% 75,213 $32.1M Add +9.1%
NKE Nike Inc. Class B 0.25% 447,400 $31.2M No change
LMT Lockheed Martin Corp. 0.25% 62,263 $31.1M No change
CMCSA Comcast Corp. Class A 0.25% 961,880 $30.2M No change
UNP Union Pacific Corp. 0.24% 126,778 $30.0M Add +30.3%
URI United Rentals Inc. 0.24% 31,150 $29.7M No change
ABNB Airbnb Inc. Class A 0.22% 227,133 $27.6M Add +7.1%
TMO Thermo Fisher Scientific Inc. 0.22% 55,800 $27.1M Add +12.6%
CSCO Cisco Systems Inc. 0.20% 355,500 $24.3M Add +1.7%
BF.A Brown-Forman Corp. Class A 0.18% 843,000 $22.7M No change
LAMR Lamar Advertising Co. Class A 0.17% 170,000 $20.8M Add +7.6%
COF Capital One Financial Corp. 0.16% 91,000 $19.3M No change
MAR Marriott International Class A 0.15% 73,250 $19.1M Add +21.6%
PAYX Paychex Inc. 0.15% 150,000 $19.0M No change
EFX Equifax Inc. 0.15% 72,850 $18.7M No change
PM Philip Morris International 0.15% 114,500 $18.6M No change
CCK Crown Holdings Inc. 0.15% 189,500 $18.3M No change
SPOT Spotify Technology SA 0.15% 25,900 $18.1M No change
RNR Renaissancere Holdings Ltd. 0.14% 70,000 $17.8M No change
APD Air Products & Chemicals Inc. 0.14% 65,000 $17.7M No change
WFC Wells Fargo & Co. 0.14% 204,450 $17.1M No change
SHOP Shopify Inc. Class A 0.12% 102,750 $15.3M No change
SEIC Sei Investments Company 0.12% 173,200 $14.7M No change
CARR Carrier Global Corp. 0.11% 235,000 $14.0M No change
PEP Pepsico Inc. 0.11% 96,210 $13.5M No change
BNY Bank of New York Mellon Corp. filed as BANK NEW YORK MELLON CORP 0.11% 121,500 $13.2M No change
BF.B Brown-Forman Corp. Class B 0.10% 474,187 $12.8M No change
CHH Choice Hotels Intl Inc. 0.10% 115,500 $12.3M No change
UBER Uber Technologies Inc. 0.10% 123,500 $12.1M No change
TGT Target Corp. 0.10% 133,000 $11.9M No change
HXL Hexcel Corp. 0.10% 189,000 $11.9M No change

Show all 129 holdings

Portfolio Sells Q2 2025 → Q3 2025
MMM 3M Co. Sold out 0.00% −0.15
OI O-I Glass Inc. Sold out 0.00% −0.06
CE Celanese Corp. Sold out 0.00% −0.04
GPK Graphic Packaging Holding Co. Sold out 0.00% −0.03
BALL Ball Corp. Sold out 0.00% −0.02
WTW Willis Towers Watson PLC Sold out 0.00% −0.02
IT Gartner Inc. Sold out 0.00% −0.02
INTU Intuit Inc. Sold out 0.00% −0.02
CSGP Costar Group Inc. Sold out 0.00% −0.01
EL Estee Lauder Companies Class A Sold out 0.00% −0.01
BUD Anheuser-Busch Inbev-SPN ADR Sold out 0.00% −0.01
IQV Iqvia Holdings Inc. Reduce -5.5% 0.07% +0.01
ADM Archer-Daniels-Midland Co. Reduce -4.3% 0.73% +0.03

Portfolio Buys Q2 2025 → Q3 2025
FNV Franco-Nevada Corp. Add +6.3% 1.10% +0.31
LOW Lowe's Cos Inc. Add +1.3% 1.48% +0.14
NSC Norfolk Southern Corp. Add +8.5% 0.63% +0.11
CSX CSX Corp. Add +338.5% 0.08% +0.06
UNP Union Pacific Corp. Add +30.3% 0.24% +0.05
TMO Thermo Fisher Scientific Inc. Add +12.6% 0.22% +0.05
HCA HCA Healthcare Inc. Add +9.1% 0.26% +0.04
FERG Ferguson Enterprises Inc. Add +9.3% 0.27% +0.02
CBOE Cboe Global Markets Inc. Add +50.0% 0.06% +0.02
CNI Canadian Natl Railway Co. New 0.02% +0.02
CP Canadian Pacific Kansas City New 0.02% +0.02
MSFT Microsoft Corp. Add +0.9% 2.24% +0.02
AMAT Applied Materials Inc. Add +59.1% 0.04% +0.02
CME Cme Group Inc. Add +42.2% 0.07% +0.02
MAR Marriott International Class A Add +21.6% 0.15% +0.02
EXP Eagle Materials Inc. Add +63.9% 0.03% +0.01
LAMR Lamar Advertising Co. Class A Add +7.6% 0.17% +0.01
SYY Sysco Corp. Add +27.1% 0.02% +0.01
BC Brunswick Corp. Add +13.6% 0.02% +0.00
LIN Linde PLC Add +3.4% 0.74% +0.00
XOM Exxon Mobil Corp. New 0.00% +0.00
ROL Rollins Inc. Add +0.4% 0.70% +0.00
ICE Intercontinental Exchange Inc. Add +9.8% 0.01% −0.00
CSCO Cisco Systems Inc. Add +1.7% 0.20% −0.01
TSN Tyson Foods Inc. Class A Add +4.0% 0.37% −0.01
ABNB Airbnb Inc. Class A Add +7.1% 0.22% −0.01
ODFL Old Dominion Freight Line Add +4.8% 0.41% −0.06
MRSH Marsh & McLennan Cos Add +0.8% 1.23% −0.15
LPLA LPL Financial Holdings Inc. Add +1.6% 1.49% −0.23
NVO Novo-Nordisk A/S-Spons ADR Add +4.9% 1.07% −0.25

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