
	Tom Gayner 13F
	Markel Gayner Asset Management Corp

	Last update 2025-05-02	135 Stocks (3 new)
	Value $11.26 Bil	Turnover 1 %
	Countries: Top Holdings: BRK.A(7.90%)BRK.B(7.25%)BN(4.06%)GOOG(3.81%)DE(3.66%) SEC Filings Portfolio Report

Tom Gayner Profile

Thomas Gayner is Co-Chief Executive Officer of Markel Corporation. He oversees the investing activities for the company, as well as the Markel Ventures diverse industrial and service businesses. Gayner joined Markel in 1990 to form Markel Gayner Asset Management which provided equity investment counsel for Markel Corporation as well as outside clients.
Prior to joining Markel, Mr. Gayner served as vice president of Davenport & Co of Virginia and as a Certified Public Accountant with PriceWaterhouseCoopers LLP.
Gayner serves as the Chairman of the Board of the Davis Series Mutual Funds and on the boards of the Colfax Corporation, Graham Holdings, Cable One and Markel. He is a trustee of The Community Foundation of Richmond, Bon Secours Health System, and a member of the Investment Advisory Committee of the Virginia Retirement System. He is a graduate of the University of Virginia and The Lawrenceville School.

Tom Gayner Investing Philosophy

Gayner outlined in Markel's 2019 Letter to Shareholders a four-part discipline:
First, Markel looks for businesses earning good rates of return that use only modest leverage to do so.
Second, the firm looks for management teams with equal measure of talent and integrity.
Third, Markel looks for businesses with opportunities to reinvest its capital and grow organically or by acquisition, and/or with capital discipline to repurchase shares or pay dividends.
And fourth, the firm looks to acquire these holdings at fair prices: The long term returns should be similar to the underlying growth in intrinsic value of the company itself.

Tom Gayner Portfolio and Latest Trades

Ticker
Ticker
CABO
ABNB
FNV
LIN
ADM
DG
YUM
FERG
THG
HCA
HII
LMT
LPLA
MMC
ODFL
TMO
AYI
AON
CAT
CBOE
CME
DE
EXP
FDX
GPK
HSY
LAMR
LOW
MAR
META
MGM
MSFT
NKE
OI
SBUX
SYY
UBER
URI
UNH
APD
GOOGL
BC
NVR
SCHW
WHR
FNV
ABNB
AMT
DG
YUM
CMCSA
LIN
NSP
APD
CABO
FDX
FERG
LPLA
MAR
TMO
VRSK
WSO
AON
CAT
DE
THG
LOW
MMC
META
MSFT
URI
AYI
CME
GPK
HGTY
HCA
HSY
HII
LAMR
MGM
NVR
ODFL
SCHW
SBUX
UBER
UNH
DNB
ADM
BC
CE
DPZ
EL
NKE
OI
ROL
TSN
SOLV
WHR
FNV
DE

Ticker	Company	Date	Action	Impact %	Price Range	Price	Price Change from Avrg%	Comment	Current Shares	Share Change
Ticker	Company	Date	Action	Impact %	Price Range	Price	Price Change from Avrg%	Comment	Current Shares	Share Change
CABO	Cable One Inc	2025-03-31	Reduce Reduce	-0.12%	● 226.48 ($292.22) 373.32	$135.81	-53.52%	Reduce -76.62%	11,900	-39,000
ABNB	Airbnb Inc	2025-03-31	Add Add	+0.07%	● 119.38 ($133.97) 161.42	$132.34	-1.22%	Add 59.41%	183,820	68,510
FNV	Franco-Nevada Corp	2025-03-31	Add Add	+0.06%	● 120.72 ($139.9) 157.56	$163.92	17.17%	Add 8.69%	525,250	42,000
LIN	Linde PLC	2025-03-31	Add Add	+0.05%	● 412.91 ($450.21) 468.77	$469.18	4.21%	Add 7.74%	181,000	13,000
ADM	Archer-Daniels-Midland Co	2025-03-31	Add Add	+0.03%	● 45.22 ($48.36) 52.17	$52.78	9.14%	Add 5.22%	1,551,300	77,000
DG	Dollar General Corp	2025-03-31	Add Add	+0.03%	● 68.44 ($75.71) 87.93	$114.38	51.08%	Add 4.01%	869,250	33,500
YUM	Yum Brands Inc	2025-03-31	Add Add	+0.03%	● 123.25 ($144.05) 162.53	$148.18	2.87%	Add 9.71%	225,451	19,949
FERG	Ferguson Enterprises Inc	2025-03-31	Add Add	+0.02%	● 155.08 ($173.36) 185.81	$217.75	25.61%	Add 16.04%	123,000	17,000
THG	The Hanover Insurance Group Inc	2025-03-31	Add Add	+0.02%	● 147.13 ($161.88) 174.61	$169.87	4.94%	Add 4.87%	280,000	13,000
HCA	HCA Healthcare Inc	2025-03-31	Add Add	+0.02%	● 296.7 ($321.62) 345.55	$383.10	19.12%	Add 9.58%	62,001	5,421
HII	Huntington Ingalls Industries Inc	2025-03-31	Add Add	+0.02%	● 159.75 ($189.77) 208.61	$241.46	27.24%	Add 350%	18,000	14,000
LMT	Lockheed Martin Corp	2025-03-31	Add Add	+0.02%	● 423.19 ($460.32) 506.29	$463.14	0.61%	Add 9.05%	61,463	5,100
LPLA	LPL Financial Holdings Inc	2025-03-31	Add Add	+0.02%	● 308.87 ($348.21) 383.33	$374.97	7.69%	Add 1.26%	539,104	6,700
MMC	Marsh & McLennan Companies Inc	2025-03-31	Add Add	+0.02%	● 208.48 ($226.88) 244.03	$218.64	-3.63%	Add 1.09%	743,500	8,000
ODFL	Old Dominion Freight Line Inc	2025-03-31	Add Add	+0.02%	● 161.13 ($181.79) 209.29	$162.30	-10.72%	Add 4.16%	313,200	12,500
TMO	Thermo Fisher Scientific Inc	2025-03-31	Add Add	+0.02%	● 497.6 ($541.6) 606.74	$405.46	-25.14%	Add 9.49%	45,000	3,900
AYI	Acuity Inc	2025-03-31	Add Add	+0.01%	● 257.8 ($302.42) 337.07	$298.34	-1.35%	Add 225%	9,750	6,750
AON	Aon PLC	2025-03-31	Add Add	+0.01%	● 348.44 ($383.42) 409.32	$356.76	-6.95%	Add 2.58%	129,450	3,250
CAT	Caterpillar Inc	2025-03-31	Add Add	+0.01%	● 326.75 ($356.21) 407.63	$388.21	8.98%	Add 1%	328,050	3,250
CBOE	Cboe Global Markets Inc	2025-03-31	New Buy New Buy	+0.01%	● 190.84 ($207.42) 226.29	$233.21	12.43%	New holding	6,000	6,000
CME	CME Group Inc	2025-03-31	Add Add	+0.01%	● 225.82 ($246.67) 266.54	$275.62	11.74%	Add 216.67%	9,500	6,500
DE	Deere & Co	2025-03-31	Add Add	+0.01%	● 408.57 ($467.8) 509.27	$508.49	8.70%	Add 0.31%	877,700	2,750
EXP	Eagle Materials Inc	2025-03-31	New Buy New Buy	+0.01%	● 207.49 ($237.11) 262.13	$202.11	-14.76%	New holding	3,500	3,500
FDX	FedEx Corp	2025-03-31	Add Add	+0.01%	● 230.33 ($259.24) 281.53	$227.31	-12.32%	Add 3.15%	213,000	6,500
GPK	Graphic Packaging Holding Co	2025-03-31	Add Add	+0.01%	● 25.27 ($26.75) 28.3	$21.07	-21.23%	Add 7.96%	461,225	34,000
HSY	The Hershey Co	2025-03-31	Add Add	+0.01%	● 144.74 ($163.72) 186.36	$165.95	1.36%	Add 21.11%	54,500	9,500
LAMR	Lamar Advertising Co	2025-03-31	Add Add	+0.01%	● 110.65 ($121.77) 132.9	$121.38	-0.32%	Add 10.48%	137,000	13,000
LOW	Lowe's Companies Inc	2025-03-31	Add Add	+0.01%	● 222.66 ($246.05) 268.42	$221.87	-9.83%	Add 0.96%	708,230	6,750
MAR	Marriott International Inc	2025-03-31	Add Add	+0.01%	● 237.01 ($271.8) 304.45	$273.21	0.52%	Add 10.64%	52,000	5,000
META	Meta Platforms Inc	2025-03-31	Add Add	+0.01%	● 576.36 ($645.17) 736.67	$738.09	14.40%	Add 0.61%	280,081	1,700
MGM	MGM Resorts International	2025-03-31	Add Add	+0.01%	● 29.64 ($33.6) 40.37	$34.39	2.35%	Add 113.75%	85,500	45,500
MSFT	Microsoft Corp	2025-03-31	Add Add	+0.01%	● 375.39 ($407.71) 447.2	$497.41	22.00%	Add 0.63%	522,730	3,250
NKE	Nike Inc	2025-03-31	Add Add	+0.01%	● 63.29 ($73.61) 81.72	$71.04	-3.49%	Add 3.01%	445,400	13,000
OI	O-I Glass Inc	2025-03-31	Add Add	+0.01%	● 10.17 ($11.37) 12.26	$14.74	29.64%	Add 6.07%	874,100	50,000
SBUX	Starbucks Corp	2025-03-31	Add Add	+0.01%	● 92.17 ($103.37) 115.81	$91.63	-11.36%	Add 1.05%	623,818	6,500
SYY	Sysco Corp	2025-03-31	New Buy New Buy	+0.01%	● 70 ($73.3) 77.13	$75.74	3.33%	New holding	9,000	9,000
UBER	Uber Technologies Inc	2025-03-31	Add Add	+0.01%	● 63.17 ($72.04) 81.49	$93.30	29.51%	Add 11.93%	122,000	13,000
URI	United Rentals Inc	2025-03-31	Add Add	+0.01%	● 594.17 ($687.44) 789.56	$753.40	9.60%	Add 5.06%	31,150	1,500
UNH	UnitedHealth Group Inc	2025-03-31	Add Add	+0.01%	● 461.52 ($511.2) 548.18	$311.97	-38.97%	Add 4.87%	28,014	1,300
APD	Air Products & Chemicals Inc	2025-03-31	Add Add	0%	● 283.24 ($308.4) 338.07	$282.06	-8.54%	Add 0.78%	65,000	500
GOOGL	Alphabet Inc	2025-03-31	Add Add	0%	● 154.33 ($181.36) 206.38	$176.23	-2.83%	Add 0.36%	557,000	2,000
BC	Brunswick Corp	2025-03-31	Add Add	0%	● 53.49 ($62.66) 70.51	$55.24	-11.84%	Add 96.67%	29,500	14,500
NVR	NVR Inc	2025-03-31	Add Add	0%	● 7062.02 ($7605.45) 8382.63	$7,385.66	-2.89%	Add 0.59%	11,884	70
SCHW	Charles Schwab Corp	2025-03-31	Add Add	0%	● 71.24 ($78.48) 83.64	$91.24	16.26%	Add 0.07%	1,364,800	1,000
WHR	Whirlpool Corp	2024-12-31	Sold Out Sold Out	-0.15%	● 99.28 ($110.39) 124.45	$101.42	-8.13%	Sold Out	0	-157,619
FNV	Franco-Nevada Corp	2024-12-31	Add Add	+0.14%	● 113.26 ($123.67) 137.15	$163.92	32.55%	Add 39.87%	483,250	137,750
ABNB	Airbnb Inc	2024-12-31	Add Add	+0.11%	● 125.29 ($134.85) 147.37	$132.34	-1.86%	Add 502.14%	115,310	96,160
AMT	American Tower Corp	2024-12-31	Sold Out Sold Out	-0.11%	● 179.4 ($206.81) 231.88	$221.02	6.87%	Sold Out	0	-51,910
DG	Dollar General Corp	2024-12-31	Add Add	+0.06%	● 73.27 ($78.71) 84.35	$114.38	45.32%	Add 12.6%	835,750	93,500
YUM	Yum Brands Inc	2024-12-31	Add Add	+0.06%	● 130.36 ($135.2) 139.54	$148.18	9.60%	Add 31.31%	205,502	49,000
CMCSA	Comcast Corp	2024-12-31	Reduce Reduce	-0.05%	● 37.39 ($41.5) 45.14	$35.69	-14.00%	Reduce -11.04%	961,880	-119,361
LIN	Linde PLC	2024-12-31	Add Add	+0.05%	● 417.66 ($455.41) 486.45	$469.18	3.02%	Add 8.39%	168,000	13,000
NSP	Insperity Inc	2024-12-31	Add Add	+0.04%	● 72.51 ($80.85) 88.91	$60.12	-25.64%	Add 87.8%	131,728	61,585
APD	Air Products & Chemicals Inc	2024-12-31	Add Add	+0.03%	● 285.5 ($314.38) 335.62	$282.06	-10.28%	Add 24.04%	64,500	12,500
CABO	Cable One Inc	2024-12-31	Reduce Reduce	-0.03%	● 316.06 ($374.5) 425.99	$135.81	-63.74%	Reduce -15.24%	50,900	-9,150
FDX	FedEx Corp	2024-12-31	Add Add	+0.03%	● 260.5 ($279.34) 305.15	$227.31	-18.63%	Add 5.9%	206,500	11,500
FERG	Ferguson Enterprises Inc	2024-12-31	Add Add	+0.03%	● 173.57 ($198.58) 222.84	$217.75	9.65%	Add 25.44%	106,000	21,500
LPLA	LPL Financial Holdings Inc	2024-12-31	Add Add	+0.03%	● 231.07 ($296.76) 335.91	$374.97	26.35%	Add 2.31%	532,404	12,000
MAR	Marriott International Inc	2024-12-31	Add Add	+0.03%	● 248.82 ($275.01) 292.59	$273.21	-0.65%	Add 30.56%	47,000	11,000
TMO	Thermo Fisher Scientific Inc	2024-12-31	Add Add	+0.03%	● 501.29 ($548.8) 612.72	$405.46	-26.12%	Add 16.1%	41,100	5,700
VRSK	Verisk Analytics Inc	2024-12-31	Add Add	+0.03%	● 262.86 ($278.44) 294.75	$311.50	11.87%	Add 7.59%	155,950	11,000
WSO	Watsco Inc	2024-12-31	Add Add	+0.03%	● 466.42 ($506.62) 568.78	$441.62	-12.83%	Add 1.37%	590,500	8,000
AON	Aon PLC	2024-12-31	Add Add	+0.02%	● 343.91 ($368.01) 393.31	$356.76	-3.06%	Add 5.04%	126,200	6,050
CAT	Caterpillar Inc	2024-12-31	Add Add	+0.02%	● 360.37 ($387.75) 416.88	$388.21	0.12%	Add 1.9%	324,800	6,050
DE	Deere & Co	2024-12-31	Add Add	+0.02%	● 389.45 ($421.31) 466	$508.49	20.69%	Add 0.67%	874,950	5,850
THG	The Hanover Insurance Group Inc	2024-12-31	Add Add	+0.02%	● 144.81 ($155.16) 165.01	$169.87	9.48%	Add 5.12%	267,000	13,000
LOW	Lowe's Companies Inc	2024-12-31	Add Add	+0.02%	● 244.52 ($266.98) 284.05	$221.87	-16.90%	Add 1.59%	701,480	11,000
MMC	Marsh & McLennan Companies Inc	2024-12-31	Add Add	+0.02%	● 209.89 ($221.84) 233.24	$218.64	-1.44%	Add 1.8%	735,500	13,000
META	Meta Platforms Inc	2024-12-31	Add Add	+0.02%	● 554.08 ($587.14) 632.68	$738.09	25.71%	Add 1.14%	278,381	3,150
MSFT	Microsoft Corp	2024-12-31	Add Add	+0.02%	● 406.35 ($426.03) 454.46	$497.41	16.75%	Add 0.87%	519,480	4,500
URI	United Rentals Inc	2024-12-31	Add Add	+0.02%	● 704.44 ($812.92) 880.32	$753.40	-7.32%	Add 14.26%	29,650	3,700
AYI	Acuity Brands Inc	2024-12-31	New Buy New Buy	+0.01%	● 292.13 ($312.39) 333.45	$298.34	-4.50%	New holding	3,000	3,000
CME	CME Group Inc	2024-12-31	New Buy New Buy	+0.01%	● 221.17 ($230.03) 246.02	$275.62	19.82%	New holding	3,000	3,000
GPK	Graphic Packaging Holding Co	2024-12-31	Add Add	+0.01%	● 26.79 ($28.9) 30.35	$21.07	-27.09%	Add 8.23%	427,225	32,500
HGTY	Hagerty Inc	2024-12-31	Add Add	+0.01%	● 9.57 ($10.89) 11.95	$10.11	-7.16%	Add 3.6%	3,108,000	108,000
HCA	HCA Healthcare Inc	2024-12-31	Add Add	+0.01%	● 297.52 ($348.6) 415.54	$383.10	9.90%	Add 11.09%	56,580	5,650
HSY	The Hershey Co	2024-12-31	Add Add	+0.01%	● 168.67 ($179.13) 193.65	$165.95	-7.36%	Add 25%	45,000	9,000
HII	Huntington Ingalls Industries Inc	2024-12-31	New Buy New Buy	+0.01%	● 184.96 ($215.29) 261.87	$241.46	12.16%	New holding	4,000	4,000
LAMR	Lamar Advertising Co	2024-12-31	Add Add	+0.01%	● 121.37 ($130.69) 138.11	$121.38	-7.12%	Add 11.71%	124,000	13,000
MGM	MGM Resorts International	2024-12-31	New Buy New Buy	+0.01%	● 33.44 ($37.79) 41.99	$34.39	-9.00%	New holding	40,000	40,000
NVR	NVR Inc	2024-12-31	Add Add	+0.01%	● 8101.21 ($9094.16) 9924.4	$7,385.66	-18.79%	Add 0.94%	11,814	110
ODFL	Old Dominion Freight Line Inc	2024-12-31	Add Add	+0.01%	● 176.4 ($203.88) 231.84	$162.30	-20.39%	Add 1.93%	300,700	5,700
SCHW	Charles Schwab Corp	2024-12-31	Add Add	+0.01%	● 63.35 ($75) 82.85	$91.24	21.65%	Add 0.96%	1,363,800	13,000
SBUX	Starbucks Corp	2024-12-31	Add Add	+0.01%	● 87.44 ($96.73) 102.5	$91.63	-5.27%	Add 2.83%	617,318	17,000
UBER	Uber Technologies Inc	2024-12-31	Add Add	+0.01%	● 59.93 ($71.36) 86.34	$93.30	30.75%	Add 23.86%	109,000	21,000
UNH	UnitedHealth Group Inc	2024-12-31	Add Add	+0.01%	● 485.52 ($567.94) 625.25	$311.97	-45.07%	Add 11.01%	26,714	2,650
DNB	Dun & Bradstreet Holdings Inc	2024-12-31	Sold Out Sold Out	-0.01%	● 10.78 ($11.96) 12.75	$9.09	-24.00%	Sold Out	0	-115,000
ADM	Archer-Daniels Midland Co	2024-12-31	Add Add	0%	● 49.38 ($54.02) 59.23	$52.78	-2.30%	Add 0.75%	1,474,300	11,000
BC	Brunswick Corp	2024-12-31	Add Add	0%	● 64.5 ($78.35) 85.95	$55.24	-29.50%	Add 7.14%	15,000	1,000
CE	Celanese Corp	2024-12-31	Add Add	0%	● 67.03 ($95.49) 136.67	$55.33	-42.06%	Add 4.5%	81,300	3,500
DPZ	Domino's Pizza Inc	2024-12-31	Add Add	0%	● 408.75 ($437.07) 476.19	$450.60	3.10%	Add 22.22%	5,500	1,000
EL	The Estee Lauder Companies Inc	2024-12-31	Add Add	0%	● 62.74 ($78.68) 97.12	$80.80	2.69%	Add 7.14%	15,000	1,000
NKE	Nike Inc	2024-12-31	Add Add	0%	● 73.36 ($78.38) 83.94	$71.04	-9.36%	Add 0.82%	432,400	3,500
OI	O-I Glass Inc	2024-12-31	Add Add	0%	● 9.95 ($12.14) 13.37	$14.74	21.42%	Add 1.23%	824,100	10,000
ROL	Rollins Inc	2024-12-31	Add Add	0%	● 46.35 ($48.95) 51.59	$56.42	15.26%	Add 0.62%	1,462,275	9,000
TSN	Tyson Foods Inc	2024-12-31	Add Add	0%	● 57.14 ($60.42) 64.54	$55.94	-7.41%	Add 1.14%	798,500	9,000
SOLV	Solventum Corp	2024-12-31	Sold Out Sold Out	0%	● 66.05 ($70.05) 75.07	$75.84	8.27%	Sold Out	0	-750
WHR	Whirlpool Corp	2024-09-30	Reduce Reduce	-0.12%	● 90.25 ($100.51) 112.34	$101.42	0.91%	Reduce -44.12%	157,619	-124,430
FNV	Franco-Nevada Corp	2024-09-30	Add Add	+0.11%	● 116.95 ($123.85) 131.12	$163.92	32.35%	Add 41.02%	345,500	100,500
DE	Deere & Co	2024-09-30	Add Add	+0.09%	● 344.84 ($377.03) 418	$508.49	34.87%	Add 2.81%	869,100	23,750

100/Page

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