Thomas Gayner, Markel Group

Portfolio USD 13,130,485,000 across 130 positions as of 2026 Q2; history from 2006 Q4. Source: quarterly 13F filings via dataroma.com.

Positions, 2026 Q2

• GOOG Alphabet Inc. CL C: 7.4% of portfolio, USD 971,608,000, hold
• BRK.A Berkshire Hathaway CL A: 6.4% of portfolio, USD 834,219,000, hold
• BRK.B Berkshire Hathaway CL B: 5.8% of portfolio, USD 766,583,000, hold
• DE Deere & Co.: 4.2% of portfolio, USD 556,878,000, hold
• BN Brookfield Corp.: 4.2% of portfolio, USD 556,805,000, hold
• AMZN Amazon.com Inc.: 3.7% of portfolio, USD 484,011,000, hold
• ADI Analog Devices: 3.0% of portfolio, USD 397,040,000, reduce -2.3%
• GS Goldman Sachs Group: 2.8% of portfolio, USD 363,446,000, hold
• AAPL Apple Inc.: 2.7% of portfolio, USD 355,128,000, hold
• CAT Caterpillar Inc.: 2.7% of portfolio, USD 349,979,000, hold
• V Visa Inc.: 2.7% of portfolio, USD 347,863,000, add +0.95%
• HD Home Depot: 2.5% of portfolio, USD 325,347,000, add +0.27%
• WSO Watsco Inc.: 1.9% of portfolio, USD 249,100,000, add +2.68%
• TXN Texas Instruments: 1.6% of portfolio, USD 215,802,000, hold
• BLK BlackRock Inc.: 1.6% of portfolio, USD 211,736,000, hold
• GOOGL Alphabet Inc.: 1.6% of portfolio, USD 204,416,000, hold
• MSFT Microsoft Corp.: 1.5% of portfolio, USD 200,546,000, hold
• DIS Walt Disney Co.: 1.5% of portfolio, USD 195,547,000, hold
• AXP American Express: 1.3% of portfolio, USD 165,895,000, hold
• LOW Lowe's Cos.: 1.3% of portfolio, USD 165,804,000, add +1.83%
• PGR Progressive Corp.: 1.3% of portfolio, USD 164,657,000, hold
• FNV Franco Nevada Corp.: 1.2% of portfolio, USD 161,228,000, add +9.17%
• LPLA LPL Financial Holdings Inc.: 1.2% of portfolio, USD 157,727,000, hold
• JNJ Johnson & Johnson: 1.2% of portfolio, USD 155,125,000, hold
• BX Blackstone Group: 1.1% of portfolio, USD 144,617,000, hold
• RLI RLI Corp.: 1.1% of portfolio, USD 141,446,000, hold
• GD General Dynamics: 1.1% of portfolio, USD 138,508,000, hold
• NVO Novo Nordisk A S: 1.1% of portfolio, USD 137,577,000, hold
• KKR KKR & Co. L.P.: 1.0% of portfolio, USD 133,246,000, hold
• META Meta Platforms Inc.: 1.0% of portfolio, USD 131,902,000, reduce -5.69%
• SCHW Charles Schwab Corp.: 1.0% of portfolio, USD 128,698,000, add +0.79%
• MRSH Marsh: 1.0% of portfolio, USD 127,253,000, hold
• APO Apollo Global Management: 0.9% of portfolio, USD 119,789,000, hold
• ADM Archer-Daniels-Midland: 0.9% of portfolio, USD 115,044,000, hold
• LIN Linde plc: 0.9% of portfolio, USD 111,883,000, add +5.38%
• DEO Diageo ADR: 0.8% of portfolio, USD 110,299,000, hold
• MA Mastercard Inc.: 0.8% of portfolio, USD 106,593,000, hold
• DG Dollar General: 0.8% of portfolio, USD 100,059,000, hold
• BAM Brookfield Asset Management: 0.8% of portfolio, USD 98,399,000, hold
• HEI.A HEICO Corp. CL A: 0.8% of portfolio, USD 97,914,000, hold
• MCO Moody's Corp.: 0.7% of portfolio, USD 96,875,000, hold
• ODFL Old Dominion Freight Line: 0.7% of portfolio, USD 92,954,000, hold
• NSC Norfolk Southern Corp.: 0.7% of portfolio, USD 88,872,000, hold
• ITW Illinois Tool Works: 0.7% of portfolio, USD 88,579,000, hold
• JPM JPMorgan Chase & Co.: 0.6% of portfolio, USD 82,667,000, hold
• NVR NVR Inc.: 0.6% of portfolio, USD 82,421,000, add +0.08%
• MSCI MSCI Inc.: 0.6% of portfolio, USD 80,002,000, hold
• ROK Rockwell Automation Inc.: 0.6% of portfolio, USD 76,688,000, hold
• ECL Ecolab Inc.: 0.6% of portfolio, USD 76,423,000, hold
• SUNB Sunbelt Rentals Holdings Inc: 0.6% of portfolio, USD 72,892,000, add +1.14%
• SBUX Starbucks Corp.: 0.5% of portfolio, USD 63,748,000, hold
• ROL Rollins Inc.: 0.5% of portfolio, USD 63,300,000, add +1.23%
• THG Hanover Insurance Group: 0.5% of portfolio, USD 60,168,000, hold
• ITIC Investors Title Co.: 0.4% of portfolio, USD 58,376,000, hold
• CG Carlyle Group: 0.4% of portfolio, USD 55,880,000, hold
• TSN Tyson Foods: 0.4% of portfolio, USD 52,298,000, add +2.7%
• SPGI S&P Global Inc.: 0.4% of portfolio, USD 47,930,000, hold
• AON Aon Plc: 0.3% of portfolio, USD 45,044,000, hold
• UNP Union Pacific: 0.3% of portfolio, USD 43,799,000, add +7.15%
• FERG Ferguson Enterprises Inc.: 0.3% of portfolio, USD 42,767,000, add +5.57%
• RTX RTX Corp.: 0.3% of portfolio, USD 42,499,000, hold
• CSCO Cisco Systems: 0.3% of portfolio, USD 41,757,000, hold
• MELI Mercadolibre Inc.: 0.3% of portfolio, USD 40,737,000, add +340.37%
• YUM Yum! Brands Inc.: 0.3% of portfolio, USD 39,200,000, hold
• MAR Marriott Int'l.: 0.3% of portfolio, USD 36,874,000, add +6.13%
• ALL Allstate Corp.: 0.3% of portfolio, USD 36,774,000, hold
• TMO Thermo Fisher Scientific: 0.3% of portfolio, USD 36,649,000, add +8.94%
• COST Costco Co.: 0.3% of portfolio, USD 36,624,000, hold
• HGTY Hagerty Inc.: 0.3% of portfolio, USD 35,897,000, hold
• TROW T. Rowe Price Group: 0.3% of portfolio, USD 35,699,000, hold
• URI United Rentals: 0.3% of portfolio, USD 35,290,000, hold
• ABNB Airbnb Inc.: 0.3% of portfolio, USD 34,686,000, hold
• LMT Lockheed Martin Corp.: 0.3% of portfolio, USD 33,223,000, hold
• HCA HCA Healthcare Inc.: 0.3% of portfolio, USD 32,893,000, add +2.35%
• SHW Sherwin-Williams: 0.3% of portfolio, USD 32,425,000, hold
• FDS FactSet Research Systems: 0.2% of portfolio, USD 31,147,000, hold
• LAMR Lamar Advertising Co.: 0.2% of portfolio, USD 30,104,000, hold
• VRSK Verisk Analytics Inc.: 0.2% of portfolio, USD 27,998,000, hold
• CSX CSX Corp.: 0.2% of portfolio, USD 27,781,000, add +10.28%
• AMAT Applied Materials: 0.2% of portfolio, USD 26,281,000, hold
• APD Air Products & Chemicals: 0.2% of portfolio, USD 25,946,000, add +17.22%
• FIX Comfort Systems USA Inc.: 0.2% of portfolio, USD 25,765,000, hold
• CCK Crown Holdings: 0.2% of portfolio, USD 24,600,000, hold
• BF.A Brown-Forman Corp. CL A: 0.2% of portfolio, USD 23,064,000, hold
• RNR RenaissanceRe Holdings Ltd.: 0.2% of portfolio, USD 22,183,000, hold
• EPD Enterprise Products Partners LP: 0.2% of portfolio, USD 20,916,000, add +181.68%
• PM Philip Morris Intl.: 0.2% of portfolio, USD 20,714,000, hold
• ACN Accenture: 0.2% of portfolio, USD 19,836,000, hold
• CMCSA Comcast Corp.: 0.2% of portfolio, USD 19,691,000, reduce -16.61%
• HXL Hexcel Corp.: 0.1% of portfolio, USD 18,911,000, hold
• NKE NIKE Inc.: 0.1% of portfolio, USD 18,365,000, hold
• COF Capital One Financial: 0.1% of portfolio, USD 18,257,000, hold
• BNY Bank of New York Mellon Corp.: 0.1% of portfolio, USD 18,004,000, hold
• CARR Carrier Global Corp.: 0.1% of portfolio, USD 17,237,000, hold
• WFC Wells Fargo: 0.1% of portfolio, USD 16,895,000, hold
• SEIC SEI Investments: 0.1% of portfolio, USD 15,191,000, hold
• PAYX Paychex Inc.: 0.1% of portfolio, USD 14,749,000, hold
• HSY Hershey Co.: 0.1% of portfolio, USD 13,159,000, hold
• PEP PepsiCo Inc.: 0.1% of portfolio, USD 13,027,000, hold
• BF.B Brown-Forman Corp.: 0.1% of portfolio, USD 12,637,000, hold
• SPOT Spotify Technology S.A.: 0.1% of portfolio, USD 11,891,000, hold
• SHOP Shopify Inc.: 0.1% of portfolio, USD 11,732,000, hold
• EFX Equifax Inc.: 0.1% of portfolio, USD 11,563,000, hold
• CME CME Group: 0.1% of portfolio, USD 10,986,000, hold
• CBOE CBOE Holdings Inc.: 0.1% of portfolio, USD 10,605,000, hold
• UBER Uber Technologies Inc.: 0.1% of portfolio, USD 10,283,000, hold
• OTIS Otis Worldwide Corp.: 0.1% of portfolio, USD 9,568,000, add +16.58%
• IQV IQVIA Holdings Inc.: 0.1% of portfolio, USD 9,062,000, hold
• HII Huntington Ingalls Industries: 0.1% of portfolio, USD 7,697,000, hold
• XOM ExxonMobil Holdings Corp.: 0.1% of portfolio, USD 7,670,000, add +19.36%
• NSP Insperity Inc.: 0.1% of portfolio, USD 7,491,000, hold
• KMX CarMax Inc.: 0.1% of portfolio, USD 7,219,000, hold
• SONY Sony Group Corp.: 0.1% of portfolio, USD 6,720,000, hold
• CNI Canadian Natl Railway Co.: 0.1% of portfolio, USD 6,379,000, hold
• CP Canadian Pacific Kansas City: 0.1% of portfolio, USD 6,325,000, add +22.69%
• GHC Graham Holdings Co.: 0.1% of portfolio, USD 5,935,000, hold
• EMN Eastman Chemical: <0.1% of portfolio, USD 5,020,000, hold
• ZTS Zoetis Inc.: <0.1% of portfolio, USD 4,757,000, new
• BC Brunswick Corp.: <0.1% of portfolio, USD 4,317,000, hold
• WRB W.R. Berkley Corp.: <0.1% of portfolio, USD 4,285,000, hold
• MGM MGM Resorts International: <0.1% of portfolio, USD 4,183,000, hold
• AYI Acuity Brands Inc.: <0.1% of portfolio, USD 3,672,000, hold
• ICE Intercontinental Exchange Inc.: <0.1% of portfolio, USD 3,554,000, hold
• EXP Eagle Materials Inc.: <0.1% of portfolio, USD 3,319,000, hold
• WY Weyerhaeuser Co.: <0.1% of portfolio, USD 2,873,000, add +585.71%
• NFLX Netflix Inc.: <0.1% of portfolio, USD 2,856,000, new
• SYY Sysco Corp.: <0.1% of portfolio, USD 2,549,000, hold
• DPZ Dominos Pizza Inc.: <0.1% of portfolio, USD 1,628,000, hold
• BRO Brown & Brown Inc.: <0.1% of portfolio, USD 898,000, hold
• UFPI UFP Industries Inc.: 0.0% of portfolio, USD 363,000, new

Portfolio value, all published quarters

• 2006 Q4: USD 1,891,816,266
• 2007 Q1: USD 1,865,928,266
• 2007 Q2: USD 1,938,804,360
• 2007 Q3: USD 1,976,714,200
• 2007 Q4: USD 1,956,675,294
• 2008 Q1: USD 1,809,881,306
• 2008 Q2: USD 1,516,372,978
• 2008 Q3: USD 1,533,438,511
• 2008 Q4: USD 1,126,147,056
• 2009 Q1: USD 991,613,717
• 2009 Q2: USD 1,108,009,460
• 2009 Q3: USD 1,342,143,968
• 2009 Q4: USD 1,414,292,350
• 2010 Q1: USD 1,615,393,772
• 2010 Q2: USD 1,468,172,180
• 2010 Q3: USD 1,657,705,382
• 2010 Q4: USD 1,790,979,025
• 2011 Q1: USD 1,845,753,714
• 2011 Q2: USD 1,883,622,286
• 2011 Q3: USD 1,633,466,450
• 2011 Q4: USD 1,894,670,184
• 2012 Q1: USD 2,169,313,315
• 2012 Q2: USD 2,186,058,172
• 2012 Q3: USD 2,341,941,637
• 2012 Q4: USD 2,401,425,570
• 2013 Q1: USD 2,693,278,156
• 2013 Q2: USD 2,796,140,211
• 2013 Q3: USD 2,916,552,595
• 2013 Q4: USD 3,165,425,799
• 2014 Q1: USD 3,256,752,779
• 2014 Q2: USD 3,507,287,050
• 2014 Q3: USD 3,546,665,282
• 2014 Q4: USD 3,789,387,131
• 2015 Q1: USD 3,955,658,160
• 2015 Q2: USD 4,004,418,158
• 2015 Q3: USD 3,793,152,764
• 2015 Q4: USD 3,694,789,768
• 2016 Q1: USD 3,726,583,706
• 2016 Q2: USD 3,792,550,892
• 2016 Q3: USD 3,878,876,218
• 2016 Q4: USD 4,147,067,096
• 2017 Q1: USD 4,438,644,574
• 2017 Q2: USD 4,687,407,498
• 2017 Q3: USD 5,021,879,371
• 2017 Q4: USD 5,296,160,632
• 2018 Q1: USD 5,257,762,744
• 2018 Q2: USD 5,449,515,084
• 2018 Q3: USD 5,932,106,831
• 2018 Q4: USD 5,232,310,275
• 2019 Q1: USD 5,970,587,358
• 2019 Q2: USD 6,498,439,630
• 2019 Q3: USD 6,621,119,145
• 2019 Q4: USD 7,206,536,841
• 2020 Q1: USD 5,315,744,295
• 2020 Q2: USD 5,371,956,542
• 2020 Q3: USD 5,895,567,406
• 2020 Q4: USD 6,710,408,021
• 2021 Q1: USD 7,223,815,583
• 2021 Q2: USD 7,898,252,944
• 2021 Q3: USD 7,911,819,956
• 2021 Q4: USD 8,736,262,525
• 2022 Q1: USD 8,428,833,051
• 2022 Q2: USD 6,995,495,852
• 2022 Q3: USD 6,777,011,548
• 2022 Q4: USD 7,459,812,108
• 2023 Q1: USD 7,859,261,266
• 2023 Q2: USD 8,401,333,058
• 2023 Q3: USD 8,282,089,382
• 2023 Q4: USD 9,195,995,994
• 2024 Q1: USD 10,139,013,487
• 2024 Q2: USD 10,163,501,693
• 2024 Q3: USD 11,108,212,418
• 2024 Q4: USD 11,348,699,262
• 2025 Q1: USD 11,264,752,840
• 2025 Q2: USD 11,825,573,985
• 2025 Q3: USD 12,320,983,494
• 2025 Q4: USD 12,540,596,244
• 2026 Q1: USD 11,937,692,800
• 2026 Q2: USD 13,130,485,000