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Tom Gayner - Markel Group

Markel Group, with equity portfolio overseen by Tom Gayner.

Portfolio Value

$11.94B

Positions

129

Top 10 Weight

42.00%

Largest Position

6.70%

As of

Q1 2026

Filed

May 1, 2026

BERKSHIRE HATHAWAY INC DEL6.70%ALPHABET INC6.61%BERKSHIRE HATHAWAY INC DEL6.15%BROOKFIELD CORP4.43%DEERE & CO4.14%hover the bar for the rest

Strategy Snapshot

  • › Portfolio value fell 4.8% quarter-over-quarter to $11.94B.
  • › Moderately diversified portfolio — the top 10 holdings make up 42.0% of assets.
  • › This quarter: 4 new buys, 43 adds, 2 trims, 3 full exits — net buyer.
  • › Biggest new buy: SUNBELT RENTALS HOLDINGS INC (SUNB) ($62.71M).
  • › Biggest exit: TARGET CORP ($13.00M position closed).

Changes since Q4 2025

New Buys

  • SUNBELT RENTALS HOLDINGS INC (SUNB)$62.71M
  • MERCADOLIBRE INC (MELI)$9.42M
  • ENTERPRISE PRODS PARTNERS L (EPD)$7.64M
  • WEYERHAEUSER CO MTN BE (WY)$427.5K

Added To / Trimmed

  • S&P GLOBAL INC (SPGI)-21.9%
  • FRANCO NEV CORP (FNV)++3.7%
  • CSX CORP (CSX)++20.5%
  • FACTSET RESH SYS INC (FDS)++11.1%
  • YUM BRANDS INC (YUM)++8.3%
  • NORFOLK SOUTHN CORP (NSC)++3.3%
  • Linde Plc++2.2%
  • UNION PAC CORP (UNP)++6.4%
  • THERMO FISHER SCIENTIFIC INC (TMO)++6.8%
  • UNITEDHEALTH GROUP INC (UNH)-29.4%

Exited

  • TARGET CORP$13.00M
  • CHOICE HOTELS INTL INC (CHH)$11.00M
  • TRANSUNION (TRU)$171.5K

Current Holdings

Showing top 50 of 129 positions by value. View full filing on SEC EDGAR

#SecurityValue% of PortfolioAvg Buy PricePriceGainvs 52W HighThis QtrLast Activity
1BERKSHIRE HATHAWAY INC DEL$800.01M
6.70%
~$612241.00———UNCHBUY Q2 2024
2ALPHABET INC

GOOG

$788.82M
6.61%
~$183.42$358.16+95.3%−11.4%UNCHBUY Q2 2024
3BERKSHIRE HATHAWAY INC DEL$734.12M
6.15%
~$406.80———UNCHBUY Q2 2024
4BROOKFIELD CORP

BN

$529.09M
4.43%
~$42.99$45.21+5.2%−8.8%UNCHBUY Q4 2025
5DEERE & CO

DE

$494.52M
4.14%
~$375.48$577.48+53.8%−14.3%UNCHBUY Q2 2025
6AMAZON COM INC$422.95M
3.54%
~$193.25———UNCHBUY Q2 2024
7ANALOG DEVICES INC$325.54M
2.73%
~$228.26———UNCHSELL Q4 2025
8APPLE INC$311.47M
2.61%
~$210.62———UNCHBUY Q2 2024
9Goldman Sachs Group Inc

GS

$304.01M
2.55%
~$452.32$1062.75+135.0%−3.2%UNCHBUY Q2 2024
10VISA INC

V

$303.55M
2.54%
~$262.67$322.39+22.7%−10.5%+0.5%BUY Q1 2026
11HOME DEPOT INC

HD

$302.58M
2.53%
~$344.24$328.39−4.6%−23.0%UNCHBUY Q2 2024
12CATERPILLAR INC

CAT

$232.84M
1.95%
~$334.99$910.57+171.8%−3.8%UNCHBUY Q2 2025
13WATSCO INC

WSO

$211.79M
1.77%
~$460.43$380.46−17.4%−23.1%+0.8%BUY Q1 2026
14BLACKROCK INC

BLK

$211.77M
1.77%
~$1025.11$1032.00+0.7%−15.4%UNCHBUY Q4 2024
15MICROSOFT CORP

MSFT

$199.01M
1.67%
~$447.09$390.74−12.6%−29.7%+0.4%BUY Q1 2026
16DISNEY WALT CO

DIS

$195.81M
1.64%
~$99.29$100.04+0.8%−19.8%UNCHBUY Q2 2024
17FRANCO NEV CORP

FNV

$175.03M
1.47%
~$143.91$209.46+45.5%−26.7%+3.7%BUY Q1 2026
18LOWES COS INC

LOW

$174.49M
1.46%
~$222.68$220.78−0.9%−24.7%+0.5%BUY Q1 2026
19LPL FINL HLDGS INC

LPLA

$168.45M
1.41%
~$280.36$295.66+5.5%−26.7%UNCHBUY Q4 2025
20ALPHABET INC

GOOGL

$164.48M
1.38%
~$181.90$359.68+97.7%−12.0%UNCHBUY Q2 2025
21PROGRESSIVE CORP

PGR

$149.42M
1.25%
~$207.71$203.11−2.2%−24.7%UNCHBUY Q2 2024
22JOHNSON & JOHNSON

JNJ

$149.30M
1.25%
~$146.16$240.87+64.8%−4.3%UNCHBUY Q2 2024
23AMERICAN EXPRESS CO$148.35M
1.24%
~$233.03———+0.4%BUY Q1 2026
24META PLATFORMS INC

META

$142.06M
1.19%
~$506.77$566.98+11.9%−28.8%UNCHSELL Q4 2025
25BLACKSTONE INC

BX

$141.32M
1.18%
~$123.80$122.79−0.8%−35.4%UNCHBUY Q2 2024
26TEXAS INSTRS INC

TXN

$140.56M
1.18%
~$194.53$301.12+54.8%−9.2%UNCHBUY Q2 2024
27RLI CORP

RLI

$136.58M
1.14%
~$110.51$54.35−50.8%−26.6%UNCHBUY Q1 2025
28KKR & CO INC

KKR

$134.29M
1.12%
~$105.24$96.24−8.6%−37.5%UNCHBUY Q2 2024
29GENERAL DYNAMICS CORP

GD

$134.20M
1.12%
~$290.14$360.22+24.2%−2.6%UNCHBUY Q2 2024
30MARSH & MCLENNAN COS INC

MRSH

$132.43M
1.11%
~$211.03$168.68−20.1%−23.4%+0.2%BUY Q1 2026
31SCHWAB CHARLES CORP

SCHW

$130.05M
1.09%
~$74.02$91.10+23.1%−15.3%+0.6%BUY Q1 2026
32APOLLO GLOBAL MGMT INC

APO

$112.81M
0.94%
~$118.07$133.88+13.4%−14.9%UNCHBUY Q2 2024
33ARCHER DANIELS MIDLAND CO$109.46M
0.92%
~$59.66———UNCHSELL Q3 2025
34NOVO-NORDISK A S

NVO

$105.46M
0.88%
~$120.56$43.88−63.6%−44.0%UNCHBUY Q4 2025
35MASTERCARD INC

MA

$103.70M
0.87%
~$441.16$489.98+11.1%−18.6%UNCHBUY Q2 2024
36DOLLAR GEN CORP NEW

DG

$103.21M
0.86%
~$121.99$114.80−5.9%−27.4%UNCHBUY Q1 2025
37DIAGEO P L C

DEO

$102.16M
0.86%
~$125.92$81.79−35.0%−29.7%+0.0%BUY Q1 2026
38Linde Plc$101.43M
0.85%
~$444.12———+2.2%BUY Q1 2026
39BROOKFIELD ASSET MANAGMT LTD

BAM

$97.52M
0.82%
~$38.05$47.13+23.9%−26.5%UNCHBUY Q2 2024
40MOODYS CORP

MCO

$93.31M
0.78%
~$420.93$447.85+6.4%−18.1%UNCHBUY Q2 2024
41ILLINOIS TOOL WKS INC

ITW

$85.24M
0.71%
~$236.96$257.43+8.6%−15.1%UNCHBUY Q2 2024
42OLD DOMINION FREIGHT LINE IN

ODFL

$83.86M
0.70%
~$172.16$245.75+42.7%−2.5%+1.8%BUY Q1 2026
43NORFOLK SOUTHN CORP

NSC

$81.08M
0.68%
~$228.54$313.91+37.4%−3.7%+3.3%BUY Q1 2026
44HEICO CORP NEW

HEI-A

$80.14M
0.67%
~$177.52$247.09+39.2%−11.6%UNCHBUY Q2 2024
45ROLLINS INC

ROL

$80.01M
0.67%
~$49.00$47.19−3.7%−28.7%+0.6%BUY Q1 2026
46NVR INC

NVR

$79.65M
0.67%
~$7614.61$6374.93−16.3%−26.0%+0.7%BUY Q1 2026
47MSCI INC

MSCI

$77.00M
0.64%
~$481.75$599.12+24.4%−7.1%UNCHBUY Q2 2024
48JPMORGAN CHASE & CO

JPM

$74.29M
0.62%
~$202.26$320.72+58.6%−4.9%UNCHBUY Q2 2024
49ECOLAB INC

ECL

$72.97M
0.61%
~$238.00$265.41+11.5%−14.2%UNCHBUY Q2 2024
50CARLYLE GROUP INC

CG

$64.21M
0.54%
~$40.15$45.75+13.9%−34.5%UNCHBUY Q2 2024

~ Avg buy price is estimated from quarterly 13F snapshots; actual trade dates and prices are not disclosed in filings. Gain compares the current market price to that estimated cost. vs 52W High shows how far the price sits below its 52-week high. Quotes via Yahoo Finance, may be delayed.

Filing History

PeriodValue TrendPortfolio ValuePositionsFiled
Q1 2026
$11.94B129May 1, 2026
Q4 2025
$12.54B128Feb 6, 2026
Q3 2025
$12.32B129Oct 31, 2025
Q2 2025
$11.83B137Aug 1, 2025
Q1 2025
$11.26B135May 2, 2025
Q4 2024
$11.34B132Feb 7, 2025
Q3 2024
$11.11B132Nov 1, 2024
Q2 2024
$10.17B134Aug 2, 2024