Thomas Gayner - Markel Group Portfolio Q3'2025: Top Holdings & Recent Changes

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Thomas Gayner - Markel Group continues to compound capital through a disciplined mix of high‑quality operating businesses and public equities. His Q3’2025 portfolio shows a measured 10.9% turnover on a $12.3B equity book, with incremental additions to durable compounders like Microsoft, Novo Nordisk, and Norfolk Southern alongside a small trim in Archer-Daniels-Midland.

Explore the full Markel Group Q3 2025 portfolio on ValueSense

Portfolio Overview: Quality at Scale, Turnover on the Margins

Portfolio Highlights (Q3’2025): - Market Value: $12.3B
- Top 10 Holdings: 40.9%
- Portfolio Size: 129 -8
- Average Holding Period: 28 quarters
- Turnover: 10.9%

The Markel Group portfolio balances meaningful concentration with broad diversification. With the top 10 positions representing 40.9% of assets across 129 holdings, Gayner anchors capital in a core set of high‑conviction names while maintaining a long tail of smaller positions that reflect optionality and idea testing.

An average holding period of 28 quarters underscores Markel’s identity as a long‑term compounding vehicle rather than a trading operation. At the same time, a 10.9% turnover in Q3’2025 shows that Gayner is far from static—he is willing to adjust weights, prune exposure, and lean into opportunities as relative value shifts, all within the framework of a patient owner mindset.

The modest net reduction in position count (129, down 8) suggests quiet portfolio quality upgrades: selling lower‑conviction ideas and recycling capital into higher‑quality or better‑priced compounders. For investors studying the Markel equity book, this quarter is less about bold swings and more about incremental optimization.

Top Holdings: Wide‑Moat Platforms and Steady Compounders

The Q3’2025 Markel portfolio is anchored by world‑class franchises while recent changes cluster in second‑tier but still meaningful positions.

Among the unchanged giants, Berkshire Hathaway Inc. (BRK-A) sits at 6.8% of the portfolio with $840.2M in value, complemented by another 6.3% in Berkshire Hathaway Inc. (BRK-B) at $770.2M. Together, Berkshire exposure is a core pillar of Markel’s equity strategy, mirroring Gayner’s admiration for Buffett‑style capital allocation.

Big Tech and asset‑light platforms also feature prominently. Alphabet Inc. (GOOG) accounts for 5.4% $669.7M, while Amazon.com, Inc. (AMZN) holds 3.6% $445.9M. Both positions were No change this quarter, reinforcing a long‑term view on digital advertising, cloud computing, and e‑commerce economics.

In real assets and alternative asset management, Brookfield Corporation (BN) is a 4.9% stake worth $597.7M, also unchanged. Industrial and consumer exposure comes through 3.3% in Deere & Company (DE) $401.4M and 3.0% in The Home Depot, Inc. (HD) $372.8M, both long‑duration plays on construction, housing, and agricultural equipment demand. Payments and tech hardware are represented by 2.8% in Visa Inc. (V) $341.1M and 2.5% in Apple Inc. (AAPL) at $312.5M—again, no trades reported, emphasizing durable conviction.

The most notable activity occurred just outside the top‑10. Microsoft Corporation (MSFT), at 2.2% of the portfolio and $275.6M, was increased with an Add 0.87% move, signaling continued confidence in Microsoft’s compounding prospects across cloud, productivity, and AI. Financial distribution and advice platform LPL Financial Holdings Inc. (LPLA) at 1.5% $184.1M saw an Add 1.60%, while home‑improvement peer Lowe's Companies, Inc. (LOW)—also 1.5% at $182.6M—was increased by Add 1.32%, suggesting a constructive view on resilient U.S. consumer spending and contractor demand.

In professional services and risk management, Marsh & McLennan Companies, Inc. (MMC) stands at 1.2% $152.2M after an Add 0.83%, while industrial gas and specialty chemicals leader Linde plc (LIN) was boosted by Add 3.35% to 0.7% $91.6M. Markel also leaned into real‑asset and healthcare‑adjacent compounders: gold‑royalty leader Franco-Nevada Corporation (FNV) at 1.1% $135.0M had a meaningful Add 6.32%, and obesity/diabetes franchise powerhouse Novo Nordisk A/S (NVO) at 1.1% $131.4M saw an Add 4.87%.

Not every position moved higher. Agricultural trading and processing firm Archer-Daniels-Midland Company (ADM) was trimmed by Reduce 4.32% to 0.7% $90.0M, likely reflecting either valuation discipline or relative‑opportunity reallocation. Meanwhile, pest‑control services company Rollins, Inc. (ROL) was modestly increased (Add 0.44%) to 0.7% $86.7M, and rail operator Norfolk Southern Corporation (NSC) received a sizeable Add 8.46% to 0.6% $77.1M, highlighting Gayner’s ongoing belief in the long‑term economics of North American railroads.

Across these 10–15 names, the pattern is clear: incremental adds to high‑ROIC, asset‑light, or infrastructure‑like compounders, a single notable reduction in ADM, and continued reliance on an unchanged core of dominant platforms.

What the Portfolio Reveals About Gayner’s Current Strategy

Several strategic themes emerge from the Q3’2025 positioning:

• Quality and durability over speculative growth
  Additions cluster in companies with proven cash‑flow durability—MSFT, MMC, LIN, FNV, and NVO—rather than early‑stage or unproven growth names.
• Diversified sector exposure with a bias to moats
  The portfolio spans technology, financials, industrials, consumer, healthcare, and real assets, but consistently favors businesses with network effects, switching costs, or irreplaceable assets (e.g., GOOG, V, FNV).
• Geographically global, but U.S.-centric
  Most holdings are U.S.‑listed companies, with select international exposure via names like NVO and FNV, reflecting a bias toward markets with strong governance and deep liquidity.
• Steady dividend and buyback support
  Many of Gayner’s preferred companies return capital through dividends and/or buybacks (e.g., DE, HD, MSFT), reinforcing a total‑return mindset that blends income and capital appreciation.
• Risk management through position sizing
  Even where Gayner is adding aggressively—such as Add 8.46% in NSC or Add 6.32% in FNV—the resulting weights remain in the 0.6–1.1% range, showing respect for idiosyncratic risk and valuation uncertainty in more cyclical or commodity‑linked exposures.

Portfolio Concentration Analysis

The top‑10 list is striking for its stability: every one of these positions is marked “No change” for Q3’2025. That 40.9% of capital is concentrated in just nine disclosed names here (with one top‑10 slot not shown in the JSON) underscores a barbell approach—deep conviction in a core portfolio, with more active adjustments happening in the next tier of holdings.

This structure lets Gayner express long‑horizon convictions in giants like Berkshire, Alphabet, Amazon, and Apple while fine‑tuning risk, factor exposure, and opportunity sets in mid‑sized positions like MSFT, FNV, and NSC. For followers, it’s a reminder that the signal often lies both in what doesn’t change at the top and where small but repeated adds or trims are occurring further down the book.

Investment Lessons from Thomas Gayner’s Approach

• Own businesses you’d be happy to hold for decades
  An average 28‑quarter holding period and numerous “No change” positions in core names show Gayner’s preference for buying enduring franchises and letting compounding do the heavy lifting.
• Concentrate where conviction and quality are highest
  Allocating nearly 7% to Berkshire (plus 6.3% more via BRK-B) and 5.4% to GOOG reflects a willingness to be meaningfully overweight in a few best ideas.
• Use incremental moves to manage valuation and risk
  Small “Add” moves in names like MSFT, LPLA, LOW, and NVO, along with a measured “Reduce 4.32%” in ADM, highlight the value of gradual, price‑sensitive rebalancing rather than binary in‑or‑out decisions.
• Blend asset‑light platforms with real‑asset and infrastructure plays
  From Visa and Apple to Deere, Franco‑Nevada, and Norfolk Southern, the portfolio combines digital moats with hard‑asset leverage to global trade, agriculture, and transportation.
• Respect downside risk even in good businesses
  Keeping cyclical or commodity‑sensitive names like ADM and NSC at sub‑1% weights—even after adding to NSC—illustrates disciplined position sizing where uncertainty is higher.

Looking Ahead: What Comes Next?

Given the stability of the top‑10 and selective adds in Tier‑2 holdings, several implications emerge for the next few quarters:

• Room to keep averaging into compounders
  Modest increases in MSFT, NVO, FNV, and NSC may foreshadow further incremental buying if valuations remain attractive relative to long‑term fundamentals.
• Potential continued pruning in cyclicals
  The Reduce 4.32% in ADM could indicate a broader willingness to trim more cyclical or commodity‑exposed holdings to fund adds in higher‑quality or structurally advantaged businesses.
• Steady dependence on mega‑cap platforms
  With unchanged stakes in GOOG, AMZN, and AAPL, Markel appears content to let these compounding machines run, suggesting limited appetite for major top‑down de‑risking unless fundamentals or valuations shift dramatically.
• Selective global diversification
  Adds in NVO and FNV highlight a continued search for non‑U.S. or globally diversified cash‑flow streams that still meet Markel’s quality and governance thresholds.

For investors following the Markel Group 13F, future quarters will likely bring more of the same: low drama, consistent execution, and thoughtful calibration rather than headline‑grabbing swings.

FAQ about Thomas Gayner – Markel Group Portfolio

Q: What were the key changes in Thomas Gayner’s Q3’2025 portfolio?

The most notable changes were Add moves in mid‑sized positions such as Microsoft (Add 0.87%), LPL Financial (Add 1.60%), Lowe’s (Add 1.32%), Franco‑Nevada (Add 6.32%), Novo Nordisk (Add 4.87%), Linde (Add 3.35%), Rollins (Add 0.44%), and Norfolk Southern (Add 8.46%), along with a Reduce 4.32% trim in Archer-Daniels-Midland. The top‑10 core—Berkshire, Alphabet, Brookfield, Amazon, Deere, Home Depot, Visa, and Apple—remained unchanged.

Q: How concentrated is the Markel Group equity portfolio?

The equity book totals $12.3B with 129 positions, and the top 10 holdings make up 40.9% of the portfolio. This reflects a philosophy of concentrating in a handful of high‑conviction ideas while maintaining broader diversification across dozens of smaller stakes to manage risk and keep optionality.

Q: What does the average holding period say about Gayner’s strategy?

With an average holding period of 28 quarters, Gayner clearly operates as a long‑term owner rather than a trader. Many marquee positions—such as Berkshire, Alphabet, Amazon, and Apple—show no quarterly changes, underscoring a preference to let compounding work over time.

Q: Which sectors or themes stand out in the latest holdings?

Key themes include mega‑cap technology and platforms (GOOG, AMZN, MSFT, AAPL), financial and asset‑management exposure (BRK, BN, LPLA), industrial and infrastructure plays (DE, NSC), resilient consumer (HD, LOW, ROL), healthcare growth via NVO, and real‑asset exposure through FNV.

Q: How can I track or follow Thomas Gayner’s Markel Group portfolio?

You can follow Gayner’s holdings via quarterly 13F filings, which U.S. institutional managers must submit to the SEC within 45 days of quarter‑end. Because of this 45‑day reporting lag, the data reflects past positions, not real‑time trades. Platforms like ValueSense aggregate these filings, visualize trends, and provide analysis—visit the dedicated page at Markel Group's portfolio to monitor changes over time and drill into each holding.

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