Tom Gayner's Strategic Moves: Significant Reduction in 3M Co Holdings\n\nIn This Article: \n\nExploring the Latest 13F Filing for Q2 2025\n\nTom Gayner (Trades, Portfolio) recently submitted the 13F filing for the second quarter of 2025, providing insights into his investment moves during this period. 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. 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.\n\nTom Gayner's Strategic Moves: Significant Reduction in 3M Co Holdings\n\nSummary of New Buy\n\nTom Gayner (Trades, Portfolio) added a total of 3 stocks, among them:\n\nThe most significant addition was Adobe Inc (NASDAQ:ADBE), with 14,000 shares, accounting for 0.05% of the portfolio and a total value of $5.42 million.\n\nThe second largest addition to the portfolio was Applied Materials Inc (NASDAQ:AMAT), consisting of 16,500 shares, representing approximately 0.03% of the portfolio, with a total value of $3.02 million.\n\nThe third largest addition was CSX Corp (NASDAQ:CSX), with 65,000 shares, accounting for 0.02% of the portfolio and a total value of $2.12 million.\n\nKey Position Increases\n\nTom Gayner (Trades, Portfolio) also increased stakes in a total of 37 stocks, among them:\n\nThe most notable increase was Franco-Nevada Corp (NYSE:FNV), with an additional 44,250 shares, bringing the total to 569,500 shares. This adjustment represents a significant 8.42% increase in share count, a 0.06% impact on the current portfolio, with a total value of $93.35 million.\n\nThe second largest increase was Novo Nordisk AS (NYSE:NVO), with an additional 108,588 shares, bringing the total to 2,258,588. This adjustment represents a significant 5.05% increase in share count, with a total value of $155.89 million.\n\nSummary of Sold Out\n\nTom Gayner (Trades, Portfolio) completely exited 1 holding in the second quarter of 2025, as detailed below:\n\nCable One Inc (NYSE:CABO): Tom Gayner (Trades, Portfolio) sold all 11,900 shares, resulting in a -0.03% impact on the portfolio.\n\nKey Position Reduces\n\nTom Gayner (Trades, Portfolio) also reduced positions in 6 stocks. The most significant changes include:\n\nReduced 3M Co (NYSE:MMM) by 175,500 shares, resulting in a -59.74% decrease in shares and a -0.23% impact on the portfolio. The stock traded at an average price of $142.98 during the quarter and has returned 5.23% over the past 3 months and 12.97% year-to-date.\n\nReduced Watsco Inc (NYSE:WSO) by 25,331 shares, resulting in a -4.29% reduction in shares and a -0.11% impact on the portfolio. The stock traded at an average price of $464.6 during the quarter and has returned -5.11% over the past 3 months and -6.60% year-to-date.\n\nPortfolio Overview\n\nAt the second quarter of 2025, Tom Gayner (Trades, Portfolio)'s portfolio included 137 stocks, with top holdings including 6.86% in Berkshire Hathaway Inc (NYSE:BRK.A), 6.29% in Berkshire Hathaway Inc (NYSE:BRK.B), 4.56% in Brookfield Corp (NYSE:BN), 4.12% in Alphabet Inc (NASDAQ:GOOG), and 3.77% in Amazon.com Inc (NASDAQ:AMZN).\n\nThe holdings are mainly concentrated in 9 of the 11 industries: Financial Services, Industrials, Consumer Cyclical, Communication Services, Technology, Consumer Defensive, Basic Materials, Healthcare, and Real Estate.\n\nThis article, generated by GuruFocus, is designed to provide general insights and is not tailored financial advice. Our commentary is rooted in historical data and analyst projections, utilizing an impartial methodology, and is not intended to serve as specific investment guidance. It does not formulate a recommendation to purchase or divest any stock and does not consider individual investment objectives or financial circumstances. Our objective is to deliver long-term, fundamental data-driven analysis. Be aware that our analysis might not incorporate the most recent, price-sensitive company announcements or qualitative information. GuruFocus holds no position in the stocks mentioned herein.

Tom Gayner's Strategic Moves: Significant Reduction in 3M Co Holdings

Tom Gayner, Co-Chief Executive Officer of Markel Corporation, submitted the 13F filing for Q2 2025, detailing his investment activities. He added shares in Adobe Inc, Applied Materials Inc, and CSX Corp, increased positions in Franco-Nevada Corp and Novo Nordisk AS, sold all shares of Cable One Inc, and reduced holdings in 3M Co and Watsco Inc. His portfolio includes major holdings in Berkshire Hathaway, Alphabet, and Amazon.