Tom Gayner Top Portfolio Trims: Packaging, Industrials, and Healthcare

Here’s a breakdown of Tom Gayner’s (Markel Group Inc.) Top 5 Sells by % Change as of June 30, 2025, based on latest 13F filings data, with strategic commentary aligned to his long-term value investing style:

Top 5 Sells by % Change – Q2 2025

Markel Group Inc. (Tom Gayner)
Total Portfolio Value: $11.83 billion
Top 10 Holdings Concentration: 39.80%

1. Graphic Packaging Holding Co (GPK)

Value: $3.67 million
Shares Sold: –287,225
% Change in Shares: ▼ 62.27%
Remaining Shares: 174,000

Possible Reason for Sale:
This large reduction suggests a deprioritization of a relatively small position. Graphic Packaging operates in a cyclical, low-margin business (paperboard packaging), which may have faced cost inflation pressures or margin compression. Gayner could be reallocating capital to higher-quality compounders or trimming less scalable ideas.

2. 3M Co (MMM)

Value: $18.00 million
Shares Sold: –175,500
% Change in Shares: ▼ 59.74%
Remaining Shares: 118,250

Possible Reason for Sale:
3M has been dealing with legal liabilities (earplug litigation and PFAS environmental issues), which have weighed on its share price and outlook. This substantial trim suggests Markel is reducing exposure to headline and balance sheet risk, even if the stock still offers deep value on a trailing basis.

3. O-I Glass Inc (OI)

Value: $6.98 million
Shares Sold: –400,400
% Change in Shares: ▼ 45.81%
Remaining Shares: 473,700

Possible Reason for Sale:
OI Glass operates in a capital-intensive, competitive industry with limited pricing power. The reduction could reflect a reassessment of growth prospects or an opportunistic trim after a potential short-term rally. It’s also a small position relative to Markel’s overall portfolio.

4. IQVIA Holdings Inc (IQV)

Value: $7.82 million
Shares Sold: –9,084
% Change in Shares: ▼ 15.47%
Remaining Shares: 49,642

Possible Reason for Sale:
IQVIA is a high-quality healthcare data and services company, but may have faced valuation headwinds or short-term pressure in demand from biotech clients. The partial trim suggests a position sizing decision, not a loss of conviction — possibly taking some profit off the table in a richly valued name.

5. UnitedHealth Group Inc (UNH)

Value: $8.27 million
Shares Sold: –1,514
% Change in Shares: ▼ 5.40%
Remaining Shares: 26,500

Possible Reason for Sale:
This is a minor trim of a top-tier healthcare franchise. UNH remains a compounder with durable growth, but the move may be tied to portfolio balancing or trimming due to strong recent performance. Given its low position weight, this could be a tactical adjustment rather than a strategic shift.

Strategy Insight:

Tom Gayner, like Warren Buffett, focuses on quality businesses with long-term growth runways, and he tends to hold for years unless fundamentals change. These top 5 sales suggest a blend of:

Risk management (e.g., 3M)
Cleaning up smaller or cyclical positions (e.g., GPK, OI)
Trimming winners or right-sizing allocations (e.g., IQVIA, UNH)

This activity reflects prudent capital allocation in a potentially overvalued or uncertain market environment.