Thomas Gayner - Markel Group
Markel Group
Latest 13F filing
Q1 2026
filed May 1, 2026
Portfolio value
$11.94B
Positions
129
Top 10 concentration
42.0%
QoQ change
-4.8%
$-605.47M
Activity vs. Q4 2025
4
New positions
43
Added to
80
Unchanged
2
Reduced
32
Exited
Portfolio composition — Q1 2026
- BRK/ABERKSHIRE HATHAWAY INC DEL6.7%
- GOOGALPHABET INC6.6%
- BRK/BBERKSHIRE HATHAWAY INC DEL6.1%
- BNBROOKFIELD CORP4.4%
- DEDEERE & CO4.1%
- AMZNAMAZON COM INC3.5%
- ADIANALOG DEVICES INC2.7%
- AAPLAPPLE INC2.6%
- GSGOLDMAN SACHS GROUP INC2.5%
- VVISA INC2.5%
- Other119 more positions58.0%
Top buys
New & added positions, by size
Holdings as of Q1 2026
| # | Ticker | Issuer | Shares | Value | % Portfolio | Reported price | Action | Δ Shares |
|---|---|---|---|---|---|---|---|---|
| 1 | BRK/A | BERKSHIRE HATHAWAY INC DEL | 1,114 | $800.01M | 6.70% | $718140.00 | — | 0% |
| 2 | GOOG | ALPHABET INC | 2,749,860 | $788.82M | 6.61% | $286.86 | — | 0% |
| 3 | BRK/B | BERKSHIRE HATHAWAY INC DEL | 1,531,971 | $734.12M | 6.15% | $479.20 | — | 0% |
| 4 | BN | BROOKFIELD CORP | 13,073,609 | $529.09M | 4.43% | $40.47 | — | 0% |
| 5 | DE | DEERE & CO | 877,900 | $494.52M | 4.14% | $563.30 | — | 0% |
| 6 | AMZN | AMAZON COM INC | 2,030,760 | $422.95M | 3.54% | $208.27 | — | 0% |
| 7 | ADI | ANALOG DEVICES INC | 1,023,245 | $325.54M | 2.73% | $318.14 | — | 0% |
| 8 | AAPL | APPLE INC | 1,227,290 | $311.47M | 2.61% | $253.79 | — | 0% |
| 9 | GS | GOLDMAN SACHS GROUP INC | 359,360 | $304.01M | 2.55% | $845.99 | — | 0% |
| 10 | V | VISA INC | 1,004,331 | $303.55M | 2.54% | $302.24 | ADD | +0.5% |
| 11 | HD | HOME DEPOT INC | 920,000 | $302.58M | 2.53% | $328.89 | — | 0% |
| 12 | CAT | CATERPILLAR INC | 328,650 | $232.84M | 1.95% | $708.46 | — | 0% |
| 13 | WSO | WATSCO INC | 582,169 | $211.79M | 1.77% | $363.79 | ADD | +0.8% |
| 14 | BLK | BLACKROCK INC | 220,200 | $211.77M | 1.77% | $961.71 | — | 0% |
| 15 | MSFT | MICROSOFT CORP | 537,630 | $199.01M | 1.67% | $370.17 | ADD | +0.4% |
| 16 | DIS | DISNEY WALT CO | 2,031,665 | $195.81M | 1.64% | $96.38 | — | 0% |
| 17 | FNV | FRANCO NEV CORP | 708,500 | $175.03M | 1.47% | $247.05 | ADD | +3.7% |
| 18 | LOW | LOWES COS INC | 738,480 | $174.49M | 1.46% | $236.28 | ADD | +0.5% |
| 19 | LPLA | LPL FINL HLDGS INC | 559,951 | $168.45M | 1.41% | $300.83 | — | 0% |
| 20 | GOOGL | ALPHABET INC | 572,000 | $164.48M | 1.38% | $287.56 | — | 0% |
| 21 | PGR | PROGRESSIVE CORP | 753,750 | $149.42M | 1.25% | $198.24 | — | 0% |
| 22 | JNJ | JOHNSON & JOHNSON | 610,800 | $149.30M | 1.25% | $244.44 | — | 0% |
| 23 | AXP | AMERICAN EXPRESS CO | 490,450 | $148.35M | 1.24% | $302.48 | ADD | +0.4% |
| 24 | META | META PLATFORMS INC | 248,303 | $142.06M | 1.19% | $572.13 | — | 0% |
| 25 | BX | BLACKSTONE INC | 1,229,000 | $141.32M | 1.18% | $114.99 | — | 0% |
| 26 | TXN | TEXAS INSTRS INC | 724,000 | $140.56M | 1.18% | $194.14 | — | 0% |
| 27 | RLI | RLI CORP | 2,394,544 | $136.58M | 1.14% | $57.04 | — | 0% |
| 28 | KKR | KKR & CO INC | 1,451,800 | $134.29M | 1.12% | $92.50 | — | 0% |
| 29 | GD | GENERAL DYNAMICS CORP | 391,000 | $134.20M | 1.12% | $343.22 | — | 0% |
| 30 | MRSH | MARSH & MCLENNAN COS INC | 763,500 | $132.43M | 1.11% | $173.45 | ADD | +0.2% |
| 31 | SCHW | SCHWAB CHARLES CORP | 1,383,800 | $130.05M | 1.09% | $93.98 | ADD | +0.6% |
| 32 | APO | APOLLO GLOBAL MGMT INC | 1,012,500 | $112.81M | 0.94% | $111.42 | — | 0% |
| 33 | ADM | ARCHER DANIELS MIDLAND CO | 1,505,800 | $109.46M | 0.92% | $72.69 | — | 0% |
| 34 | NVO | NOVO-NORDISK A S | 2,869,774 | $105.46M | 0.88% | $36.75 | — | 0% |
| 35 | MA | MASTERCARD INCORPORATED | 207,540 | $103.70M | 0.87% | $499.66 | — | 0% |
| 36 | DG | DOLLAR GEN CORP NEW | 869,250 | $103.21M | 0.86% | $118.73 | — | 0% |
| 37 | DEO | DIAGEO PLC | 1,372,208 | $102.16M | 0.86% | $74.45 | ADD | +0.0% |
| 38 | LIN | LINDE PLC | 204,600 | $101.43M | 0.85% | $495.76 | ADD | +2.2% |
| 39 | BAM | BROOKFIELD ASSET MANAGMT LTD | 2,193,953 | $97.52M | 0.82% | $44.45 | — | 0% |
| 40 | MCO | MOODYS CORP | 213,890 | $93.31M | 0.78% | $436.25 | — | 0% |
| 41 | ITW | ILLINOIS TOOL WKS INC | 327,500 | $85.24M | 0.71% | $260.29 | — | 0% |
| 42 | ODFL | OLD DOMINION FREIGHT LINE IN | 429,150 | $83.86M | 0.70% | $195.40 | ADD | +1.8% |
| 43 | NSC | NORFOLK SOUTHN CORP | 282,500 | $81.08M | 0.68% | $287.00 | ADD | +3.3% |
| 44 | HEI/A | HEICO CORP NEW | 379,644 | $80.14M | 0.67% | $211.09 | — | 0% |
| 45 | ROL | ROLLINS INC | 1,498,025 | $80.01M | 0.67% | $53.41 | ADD | +0.6% |
| 46 | NVR | NVR INC | 12,087 | $79.65M | 0.67% | $6589.83 | ADD | +0.7% |
| 47 | MSCI | MSCI INC | 142,850 | $77.00M | 0.64% | $539.01 | — | 0% |
| 48 | JPM | JPMORGAN CHASE & CO. | 252,550 | $74.29M | 0.62% | $294.16 | — | 0% |
| 49 | ECL | ECOLAB INC | 274,300 | $72.97M | 0.61% | $266.02 | — | 0% |
| 50 | CG | CARLYLE GROUP INC | 1,327,000 | $64.21M | 0.54% | $48.39 | — | 0% |
| 51 | SUNB | SUNBELT RENTALS HOLDINGS INC | 963,361 | $62.71M | 0.53% | $65.09 | NEW | — |
| 52 | TSN | TYSON FOODS INC | 889,500 | $56.99M | 0.48% | $64.07 | ADD | +0.6% |
| 53 | SBUX | STARBUCKS CORP | 623,818 | $55.89M | 0.47% | $89.59 | — | 0% |
| 54 | ROK | ROCKWELL AUTOMATION INC | 154,900 | $55.59M | 0.47% | $358.88 | — | 0% |
| 55 | SPGI | S&P GLOBAL INC | 117,690 | $50.06M | 0.42% | $425.34 | REDUCE | -21.9% |
| 56 | THG | HANOVER INS GROUP INC | 281,000 | $48.71M | 0.41% | $173.35 | — | 0% |
| 57 | ITIC | INVESTORS TITLE CO NC | 213,300 | $46.36M | 0.39% | $217.34 | — | 0% |
| 58 | AON | AON PLC | 135,800 | $43.83M | 0.37% | $322.78 | ADD | +1.3% |
| 59 | RTX | RTX CORPORATION | 224,000 | $43.21M | 0.36% | $192.90 | — | 0% |
| 60 | FERG | FERGUSON ENTERPRISES INC | 170,700 | $39.82M | 0.33% | $233.26 | ADD | +4.4% |
| 61 | LMT | LOCKHEED MARTIN CORP | 65,213 | $39.41M | 0.33% | $604.39 | ADD | +1.1% |
| 62 | COST | COSTCO WHSL CORP NEW | 39,150 | $39.01M | 0.33% | $996.43 | — | 0% |
| 63 | HCA | HCA HEALTHCARE INC | 82,430 | $39.01M | 0.33% | $473.24 | ADD | +2.2% |
| 64 | YUM | YUM BRANDS INC | 245,213 | $38.13M | 0.32% | $155.48 | ADD | +8.3% |
| 65 | UNP | UNION PAC CORP | 150,278 | $36.46M | 0.31% | $242.62 | ADD | +6.4% |
| 66 | TMO | THERMO FISHER SCIENTIFIC INC | 67,100 | $32.98M | 0.28% | $491.53 | ADD | +6.8% |
| 67 | HGTY | HAGERTY INC | 3,108,000 | $32.73M | 0.27% | $10.53 | — | 0% |
| 68 | ALL | ALLSTATE CORP | 154,550 | $32.04M | 0.27% | $207.34 | — | 0% |
| 69 | ACN | ACCENTURE PLC IRELAND | 159,400 | $31.61M | 0.26% | $198.29 | — | 0% |
| 70 | MAR | MARRIOTT INTL INC NEW | 93,750 | $30.66M | 0.26% | $327.07 | ADD | +4.5% |
| 71 | ABNB | AIRBNB INC | 242,389 | $30.61M | 0.26% | $126.28 | ADD | +0.9% |
| 72 | SHW | SHERWIN WILLIAMS CO | 94,172 | $30.19M | 0.25% | $320.55 | — | 0% |
| 73 | VRSK | VERISK ANALYTICS INC | 155,950 | $29.59M | 0.25% | $189.75 | — | 0% |
| 74 | FDS | FACTSET RESH SYS INC | 135,376 | $29.38M | 0.25% | $216.99 | ADD | +11.1% |
| 75 | TROW | PRICE T ROWE GROUP INC | 314,000 | $28.30M | 0.24% | $90.14 | — | 0% |
| 76 | CMCSA | COMCAST CORP NEW | 961,880 | $27.62M | 0.23% | $28.71 | — | 0% |
| 77 | CSCO | CISCO SYS INC | 355,500 | $27.58M | 0.23% | $77.59 | — | 0% |
| 78 | LAMR | LAMAR ADVERTISING CO NEW | 193,000 | $24.45M | 0.20% | $126.66 | ADD | +4.3% |
| 79 | NKE | NIKE INC | 447,400 | $23.63M | 0.20% | $52.82 | — | 0% |
| 80 | URI | UNITED RENTALS INC | 31,150 | $22.69M | 0.19% | $728.56 | — | 0% |
| 81 | BF/A | BROWN FORMAN CORP | 843,000 | $22.58M | 0.19% | $26.79 | — | 0% |
| 82 | CCK | CROWN HLDGS INC | 220,000 | $22.05M | 0.18% | $100.25 | ADD | +3.8% |
| 83 | APD | AIR PRODS & CHEMS INC | 75,500 | $21.93M | 0.18% | $290.49 | ADD | +5.6% |
| 84 | CSX | CSX CORP | 530,000 | $21.76M | 0.18% | $41.05 | ADD | +20.5% |
| 85 | RNR | RENAISSANCERE HLDGS LTD | 70,000 | $20.81M | 0.17% | $297.23 | — | 0% |
| 86 | PM | PHILIP MORRIS INTL INC | 114,500 | $18.93M | 0.16% | $165.34 | — | 0% |
| 87 | FIX | COMFORT SYS USA INC | 13,000 | $17.93M | 0.15% | $1378.99 | — | 0% |
| 88 | COF | CAPITAL ONE FINL CORP | 91,000 | $16.60M | 0.14% | $182.43 | — | 0% |
| 89 | WFC | WELLS FARGO CO NEW | 204,450 | $16.28M | 0.14% | $79.61 | — | 0% |
| 90 | HSY | HERSHEY CO | 75,000 | $15.59M | 0.13% | $207.89 | ADD | +11.1% |
| 91 | HXL | HEXCEL CORP NEW | 189,000 | $15.30M | 0.13% | $80.93 | — | 0% |
| 92 | PEP | PEPSICO INC | 96,210 | $14.94M | 0.13% | $155.29 | — | 0% |
| 93 | BK | BANK NEW YORK MELLON CORP | 124,500 | $14.77M | 0.12% | $118.63 | ADD | +2.5% |
| 94 | CME | CME GROUP INC | 49,750 | $14.69M | 0.12% | $295.35 | ADD | +8.7% |
| 95 | PAYX | PAYCHEX INC | 150,000 | $13.82M | 0.12% | $92.12 | — | 0% |
| 96 | SEIC | SEI INVTS CO | 173,200 | $13.59M | 0.11% | $78.47 | — | 0% |
| 97 | CARR | CARRIER GLOBAL CORPORATION | 235,000 | $13.23M | 0.11% | $56.31 | — | 0% |
| 98 | EFX | EQUIFAX INC | 72,850 | $13.12M | 0.11% | $180.07 | — | 0% |
| 99 | SPOT | SPOTIFY TECHNOLOGY S A | 25,900 | $12.56M | 0.11% | $484.91 | — | 0% |
| 100 | BF/B | BROWN FORMAN CORP | 474,187 | $12.54M | 0.11% | $26.44 | — | 0% |
| 101 | AMAT | APPLIED MATLS INC | 36,350 | $12.42M | 0.10% | $341.79 | ADD | +6.6% |
| 102 | CBOE | CBOE GLOBAL MKTS INC | 43,700 | $12.28M | 0.10% | $281.07 | ADD | +4.7% |
| 103 | SHOP | SHOPIFY INC | 102,750 | $12.19M | 0.10% | $118.62 | — | 0% |
| 104 | HII | HUNTINGTON INGALLS INDS INC | 27,500 | $10.45M | 0.09% | $379.90 | ADD | +7.8% |
| 105 | UBER | UBER TECHNOLOGIES INC | 142,500 | $10.25M | 0.09% | $71.93 | ADD | +1.8% |
| 106 | SMG | SCOTTS MIRACLE-GRO CO | 168,000 | $10.22M | 0.09% | $60.81 | — | 0% |
| 107 | MELI | MERCADOLIBRE INC | 5,450 | $9.42M | 0.08% | $1729.02 | NEW | — |
| 108 | OTIS | OTIS WORLDWIDE CORP | 114,620 | $8.83M | 0.07% | $77.08 | — | 0% |
| 109 | IQV | IQVIA HLDGS INC | 46,900 | $8.00M | 0.07% | $170.54 | — | 0% |
| 110 | XOM | EXXON MOBIL CORP | 47,000 | $7.97M | 0.07% | $169.66 | ADD | +23.7% |
| 111 | EPD | ENTERPRISE PRODS PARTNERS L | 202,000 | $7.64M | 0.06% | $37.84 | NEW | — |
| 112 | SONY | SONY GROUP CORP | 335,000 | $6.93M | 0.06% | $20.70 | — | 0% |
| 113 | EMN | EASTMAN CHEM CO | 74,950 | $5.72M | 0.05% | $76.32 | — | 0% |
| 114 | KMX | CARMAX INC | 136,500 | $5.68M | 0.05% | $41.58 | — | 0% |
| 115 | CNI | CANADIAN NATL RY CO | 53,500 | $5.50M | 0.05% | $102.77 | ADD | +20.2% |
| 116 | GHC | GRAHAM HLDGS CO | 5,200 | $5.50M | 0.05% | $1057.26 | — | 0% |
| 117 | UNH | UNITEDHEALTH GROUP INC | 18,700 | $5.06M | 0.04% | $270.59 | REDUCE | -29.4% |
| 118 | NSP | INSPERITY INC | 181,336 | $4.90M | 0.04% | $27.04 | ADD | +18.6% |
| 119 | CP | CANADIAN PACIFIC KANSAS CITY | 59,500 | $4.68M | 0.04% | $78.66 | ADD | +17.8% |
| 120 | ICE | INTERCONTINENTAL EXCHANGE IN | 28,870 | $4.54M | 0.04% | $157.28 | ADD | +38.3% |
| 121 | WRB | BERKLEY W R CORP | 60,750 | $4.03M | 0.03% | $66.28 | — | 0% |
| 122 | BC | BRUNSWICK CORP | 51,250 | $3.73M | 0.03% | $72.76 | ADD | +7.3% |
| 123 | MGM | MGM RESORTS INTERNATIONAL | 87,500 | $3.24M | 0.03% | $37.01 | — | 0% |
| 124 | EXP | EAGLE MATLS INC | 14,750 | $2.79M | 0.02% | $189.45 | — | 0% |
| 125 | AYI | ACUITY INC | 9,750 | $2.73M | 0.02% | $280.22 | — | 0% |
| 126 | SYY | SYSCO CORP | 30,500 | $2.18M | 0.02% | $71.33 | — | 0% |
| 127 | DPZ | DOMINOS PIZZA INC | 5,500 | $1.97M | 0.02% | $358.79 | — | 0% |
| 128 | BRO | BROWN & BROWN INC | 14,000 | $912.94K | 0.01% | $65.21 | ADD | +27.3% |
| 129 | WY | WEYERHAEUSER CO MTN BE | 17,500 | $427.52K | 0.00% | $24.43 | NEW | — |
Positions exited in Q1 2026
| Ticker | Issuer | Prior shares |
|---|---|---|
| AMT | AMERICAN TOWER CORP NEW | 0 |
| BLKCHF | BLACKROCK INC | 0 |
| DNB | DUN & BRADSTREET HLDGS INC | 0 |
| — | RTX CORPORATION | 0 |
| SOLV | SOLVENTUM CORP | 0 |
| — | BROOKFIELD REINS LTD | 0 |
| EA | ELECTRONIC ARTS INC | 0 |
| CBRL | CRACKER BARREL OLD CTRY STOR | 0 |
| — | HAGERTY INC | 0 |
| FERG | FERGUSON PLC NEW | 0 |
| ULS | UL SOLUTIONS INC | 0 |
| WHR | WHIRLPOOL CORP | 0 |
| WTW | WILLIS TOWERS WATSON PLC LTD | 0 |
| SRCLEUR | STERICYCLE INC | 0 |
| CHH | CHOICE HOTELS INTL INC | 115,500 |
| TGT | TARGET CORP | 133,000 |
| TRU | TRANSUNION | 2,000 |
| CVS | CVS HEALTH CORP | 0 |
| ADBE | ADOBE INC | 0 |
| FDX | FEDEX CORP | 0 |
| IFF | INTERNATIONAL FLAVORS&FRAGRA | 0 |
| BUD | ANHEUSER BUSCH INBEV SA/NV | 0 |
| MMM | 3M CO | 0 |
| BALL | BALL CORP | 0 |
| CSGP | COSTAR GROUP INC | 0 |
| CE | CELANESE CORP DEL | 0 |
| GPK | GRAPHIC PACKAGING HLDG CO | 0 |
| IT | GARTNER INC | 0 |
| EL | LAUDER ESTEE COS INC | 0 |
| INTU | INTUIT | 0 |
| OI | O-I GLASS INC | 0 |
| CABO | CABLE ONE INC | 0 |
Source: SEC EDGAR 13F-HR filing May 1, 2026. Reported prices are derived from the filing's value-to-shares ratio (effectively the quarter-end mark). Filings are published with a 45-day delay. CIK 0001096343.