# Thomas Gayner — Markel Group Portfolio USD 13,130,485,000 · 130 positions · 2026 Q2 · history from 2006 Q4. Source: quarterly 13F filings via dataroma.com. Page: https://gigainvestors.com/MKL ## Positions (2026 Q2) | Ticker | Company | % of portfolio | Value | This quarter | Holders | |---|---|---:|---:|---|---:| | GOOG | Alphabet Inc. CL C | 7.4% | USD 971,608,000 | hold | | | BRK.A | Berkshire Hathaway CL A | 6.4% | USD 834,219,000 | hold | | | BRK.B | Berkshire Hathaway CL B | 5.8% | USD 766,583,000 | hold | | | DE | Deere & Co. | 4.2% | USD 556,878,000 | hold | | | BN | Brookfield Corp. | 4.2% | USD 556,805,000 | hold | | | AMZN | Amazon.com Inc. | 3.7% | USD 484,011,000 | hold | | | ADI | Analog Devices | 3.0% | USD 397,040,000 | -2.3% | | | GS | Goldman Sachs Group | 2.8% | USD 363,446,000 | hold | | | AAPL | Apple Inc. | 2.7% | USD 355,128,000 | hold | | | CAT | Caterpillar Inc. | 2.7% | USD 349,979,000 | hold | | | V | Visa Inc. | 2.7% | USD 347,863,000 | +0.95% | | | HD | Home Depot | 2.5% | USD 325,347,000 | +0.27% | | | WSO | Watsco Inc. | 1.9% | USD 249,100,000 | +2.68% | | | TXN | Texas Instruments | 1.6% | USD 215,802,000 | hold | | | BLK | BlackRock Inc. | 1.6% | USD 211,736,000 | hold | | | GOOGL | Alphabet Inc. | 1.6% | USD 204,416,000 | hold | | | MSFT | Microsoft Corp. | 1.5% | USD 200,546,000 | hold | | | DIS | Walt Disney Co. | 1.5% | USD 195,547,000 | hold | | | AXP | American Express | 1.3% | USD 165,895,000 | hold | | | LOW | Lowe's Cos. | 1.3% | USD 165,804,000 | +1.83% | | | PGR | Progressive Corp. | 1.3% | USD 164,657,000 | hold | | | FNV | Franco Nevada Corp. | 1.2% | USD 161,228,000 | +9.17% | | | LPLA | LPL Financial Holdings Inc. | 1.2% | USD 157,727,000 | hold | | | JNJ | Johnson & Johnson | 1.2% | USD 155,125,000 | hold | | | BX | Blackstone Group | 1.1% | USD 144,617,000 | hold | | | RLI | RLI Corp. | 1.1% | USD 141,446,000 | hold | | | GD | General Dynamics | 1.1% | USD 138,508,000 | hold | | | NVO | Novo Nordisk A S | 1.1% | USD 137,577,000 | hold | | | KKR | KKR & Co. L.P. | 1.0% | USD 133,246,000 | hold | | | META | Meta Platforms Inc. | 1.0% | USD 131,902,000 | -5.69% | | | SCHW | Charles Schwab Corp. | 1.0% | USD 128,698,000 | +0.79% | | | MRSH | Marsh | 1.0% | USD 127,253,000 | hold | | | APO | Apollo Global Management | 0.9% | USD 119,789,000 | hold | | | ADM | Archer-Daniels-Midland | 0.9% | USD 115,044,000 | hold | | | LIN | Linde plc | 0.9% | USD 111,883,000 | +5.38% | | | DEO | Diageo ADR | 0.8% | USD 110,299,000 | hold | | | MA | Mastercard Inc. | 0.8% | USD 106,593,000 | hold | | | DG | Dollar General | 0.8% | USD 100,059,000 | hold | | | BAM | Brookfield Asset Management | 0.8% | USD 98,399,000 | hold | | | HEI.A | HEICO Corp. CL A | 0.8% | USD 97,914,000 | hold | | | MCO | Moody's Corp. | 0.7% | USD 96,875,000 | hold | | | ODFL | Old Dominion Freight Line | 0.7% | USD 92,954,000 | hold | | | NSC | Norfolk Southern Corp. | 0.7% | USD 88,872,000 | hold | | | ITW | Illinois Tool Works | 0.7% | USD 88,579,000 | hold | | | JPM | JPMorgan Chase & Co. | 0.6% | USD 82,667,000 | hold | | | NVR | NVR Inc. | 0.6% | USD 82,421,000 | +0.08% | | | MSCI | MSCI Inc. | 0.6% | USD 80,002,000 | hold | | | ROK | Rockwell Automation Inc. | 0.6% | USD 76,688,000 | hold | | | ECL | Ecolab Inc. | 0.6% | USD 76,423,000 | hold | | | SUNB | Sunbelt Rentals Holdings Inc | 0.6% | USD 72,892,000 | +1.14% | | | SBUX | Starbucks Corp. | 0.5% | USD 63,748,000 | hold | | | ROL | Rollins Inc. | 0.5% | USD 63,300,000 | +1.23% | | | THG | Hanover Insurance Group | 0.5% | USD 60,168,000 | hold | | | ITIC | Investors Title Co. | 0.4% | USD 58,376,000 | hold | | | CG | Carlyle Group | 0.4% | USD 55,880,000 | hold | | | TSN | Tyson Foods | 0.4% | USD 52,298,000 | +2.7% | | | SPGI | S&P Global Inc. | 0.4% | USD 47,930,000 | hold | | | AON | Aon Plc | 0.3% | USD 45,044,000 | hold | | | UNP | Union Pacific | 0.3% | USD 43,799,000 | +7.15% | | | FERG | Ferguson Enterprises Inc. | 0.3% | USD 42,767,000 | +5.57% | | | RTX | RTX Corp. | 0.3% | USD 42,499,000 | hold | | | CSCO | Cisco Systems | 0.3% | USD 41,757,000 | hold | | | MELI | Mercadolibre Inc. | 0.3% | USD 40,737,000 | +340.37% | | | YUM | Yum! Brands Inc. | 0.3% | USD 39,200,000 | hold | | | MAR | Marriott Int'l. | 0.3% | USD 36,874,000 | +6.13% | | | ALL | Allstate Corp. | 0.3% | USD 36,774,000 | hold | | | TMO | Thermo Fisher Scientific | 0.3% | USD 36,649,000 | +8.94% | | | COST | Costco Co. | 0.3% | USD 36,624,000 | hold | | | HGTY | Hagerty Inc. | 0.3% | USD 35,897,000 | hold | | | TROW | T. Rowe Price Group | 0.3% | USD 35,699,000 | hold | | | URI | United Rentals | 0.3% | USD 35,290,000 | hold | | | ABNB | Airbnb Inc. | 0.3% | USD 34,686,000 | hold | | | LMT | Lockheed Martin Corp. | 0.3% | USD 33,223,000 | hold | | | HCA | HCA Healthcare Inc. | 0.3% | USD 32,893,000 | +2.35% | | | SHW | Sherwin-Williams | 0.3% | USD 32,425,000 | hold | | | FDS | FactSet Research Systems | 0.2% | USD 31,147,000 | hold | | | LAMR | Lamar Advertising Co. | 0.2% | USD 30,104,000 | hold | | | VRSK | Verisk Analytics Inc. | 0.2% | USD 27,998,000 | hold | | | CSX | CSX Corp. | 0.2% | USD 27,781,000 | +10.28% | | | AMAT | Applied Materials | 0.2% | USD 26,281,000 | hold | | | APD | Air Products & Chemicals | 0.2% | USD 25,946,000 | +17.22% | | | FIX | Comfort Systems USA Inc. | 0.2% | USD 25,765,000 | hold | | | CCK | Crown Holdings | 0.2% | USD 24,600,000 | hold | | | BF.A | Brown-Forman Corp. CL A | 0.2% | USD 23,064,000 | hold | | | RNR | RenaissanceRe Holdings Ltd. | 0.2% | USD 22,183,000 | hold | | | EPD | Enterprise Products Partners LP | 0.2% | USD 20,916,000 | +181.68% | | | PM | Philip Morris Intl. | 0.2% | USD 20,714,000 | hold | | | ACN | Accenture | 0.2% | USD 19,836,000 | hold | | | CMCSA | Comcast Corp. | 0.2% | USD 19,691,000 | -16.61% | | | HXL | Hexcel Corp. | 0.1% | USD 18,911,000 | hold | | | NKE | NIKE Inc. | 0.1% | USD 18,365,000 | hold | | | COF | Capital One Financial | 0.1% | USD 18,257,000 | hold | | | BNY | Bank of New York Mellon Corp. | 0.1% | USD 18,004,000 | hold | | | CARR | Carrier Global Corp. | 0.1% | USD 17,237,000 | hold | | | WFC | Wells Fargo | 0.1% | USD 16,895,000 | hold | | | SEIC | SEI Investments | 0.1% | USD 15,191,000 | hold | | | PAYX | Paychex Inc. | 0.1% | USD 14,749,000 | hold | | | HSY | Hershey Co. | 0.1% | USD 13,159,000 | hold | | | PEP | PepsiCo Inc. | 0.1% | USD 13,027,000 | hold | | | BF.B | Brown-Forman Corp. | 0.1% | USD 12,637,000 | hold | | | SPOT | Spotify Technology S.A. | 0.1% | USD 11,891,000 | hold | | | SHOP | Shopify Inc. | 0.1% | USD 11,732,000 | hold | | | EFX | Equifax Inc. | 0.1% | USD 11,563,000 | hold | | | CME | CME Group | 0.1% | USD 10,986,000 | hold | | | CBOE | CBOE Holdings Inc. | 0.1% | USD 10,605,000 | hold | | | UBER | Uber Technologies Inc. | 0.1% | USD 10,283,000 | hold | | | OTIS | Otis Worldwide Corp. | 0.1% | USD 9,568,000 | +16.58% | | | IQV | IQVIA Holdings Inc. | 0.1% | USD 9,062,000 | hold | | | HII | Huntington Ingalls Industries | 0.1% | USD 7,697,000 | hold | | | XOM | ExxonMobil Holdings Corp. | 0.1% | USD 7,670,000 | +19.36% | | | NSP | Insperity Inc. | 0.1% | USD 7,491,000 | hold | | | KMX | CarMax Inc. | 0.1% | USD 7,219,000 | hold | | | SONY | Sony Group Corp. | 0.1% | USD 6,720,000 | hold | | | CNI | Canadian Natl Railway Co. | 0.1% | USD 6,379,000 | hold | | | CP | Canadian Pacific Kansas City | 0.1% | USD 6,325,000 | +22.69% | | | GHC | Graham Holdings Co. | 0.1% | USD 5,935,000 | hold | | | EMN | Eastman Chemical | <0.1% | USD 5,020,000 | hold | | | ZTS | Zoetis Inc. | <0.1% | USD 4,757,000 | new | | | BC | Brunswick Corp. | <0.1% | USD 4,317,000 | hold | | | WRB | W.R. Berkley Corp. | <0.1% | USD 4,285,000 | hold | | | MGM | MGM Resorts International | <0.1% | USD 4,183,000 | hold | | | AYI | Acuity Brands Inc. | <0.1% | USD 3,672,000 | hold | | | ICE | Intercontinental Exchange Inc. | <0.1% | USD 3,554,000 | hold | | | EXP | Eagle Materials Inc. | <0.1% | USD 3,319,000 | hold | | | WY | Weyerhaeuser Co. | <0.1% | USD 2,873,000 | +585.71% | | | NFLX | Netflix Inc. | <0.1% | USD 2,856,000 | new | | | SYY | Sysco Corp. | <0.1% | USD 2,549,000 | hold | | | DPZ | Dominos Pizza Inc. | <0.1% | USD 1,628,000 | hold | | | BRO | Brown & Brown Inc. | <0.1% | USD 898,000 | hold | | | UFPI | UFP Industries Inc. | 0.0% | USD 363,000 | new | | ## Moves this quarter (32) - ADI Analog Devices: -2.3% (USD 397,040,000) - V Visa Inc.: +0.95% (USD 347,863,000) - HD Home Depot: +0.27% (USD 325,347,000) - WSO Watsco Inc.: +2.68% (USD 249,100,000) - LOW Lowe's Cos.: +1.83% (USD 165,804,000) - FNV Franco Nevada Corp.: +9.17% (USD 161,228,000) - META Meta Platforms Inc.: -5.69% (USD 131,902,000) - SCHW Charles Schwab Corp.: +0.79% (USD 128,698,000) - LIN Linde plc: +5.38% (USD 111,883,000) - NVR NVR Inc.: +0.08% (USD 82,421,000) - SUNB Sunbelt Rentals Holdings Inc: +1.14% (USD 72,892,000) - ROL Rollins Inc.: +1.23% (USD 63,300,000) - TSN Tyson Foods: +2.7% (USD 52,298,000) - UNP Union Pacific: +7.15% (USD 43,799,000) - FERG Ferguson Enterprises Inc.: +5.57% (USD 42,767,000) - MELI Mercadolibre Inc.: +340.37% (USD 40,737,000) - MAR Marriott Int'l.: +6.13% (USD 36,874,000) - TMO Thermo Fisher Scientific: +8.94% (USD 36,649,000) - HCA HCA Healthcare Inc.: +2.35% (USD 32,893,000) - CSX CSX Corp.: +10.28% (USD 27,781,000) - APD Air Products & Chemicals: +17.22% (USD 25,946,000) - EPD Enterprise Products Partners LP: +181.68% (USD 20,916,000) - CMCSA Comcast Corp.: -16.61% (USD 19,691,000) - SMG Scotts Miracle-Gro Co.: sold (USD 10,216,080) - OTIS Otis Worldwide Corp.: +16.58% (USD 9,568,000) - XOM ExxonMobil Holdings Corp.: +19.36% (USD 7,670,000) - CP Canadian Pacific Kansas City: +22.69% (USD 6,325,000) - UNH United Health Group Inc.: sold (USD 5,060,033) - ZTS Zoetis Inc.: new (USD 4,757,000) - WY Weyerhaeuser Co.: +585.71% (USD 2,873,000) - NFLX Netflix Inc.: new (USD 2,856,000) - UFPI UFP Industries Inc.: new (USD 363,000) ## Portfolio value by quarter - 2006 Q4: USD 1,891,816,266 (30 positions) - 2007 Q1: USD 1,865,928,266 (33 positions) - 2007 Q2: USD 1,938,804,360 (34 positions) - 2007 Q3: USD 1,976,714,200 (34 positions) - 2007 Q4: USD 1,956,675,294 (34 positions) - 2008 Q1: USD 1,809,881,306 (38 positions) - 2008 Q2: USD 1,516,372,978 (39 positions) - 2008 Q3: USD 1,533,438,511 (39 positions) - 2008 Q4: USD 1,126,147,056 (38 positions) - 2009 Q1: USD 991,613,717 (38 positions) - 2009 Q2: USD 1,108,009,460 (39 positions) - 2009 Q3: USD 1,342,143,968 (37 positions) - 2009 Q4: USD 1,414,292,350 (38 positions) - 2010 Q1: USD 1,615,393,772 (38 positions) - 2010 Q2: USD 1,468,172,180 (38 positions) - 2010 Q3: USD 1,657,705,382 (38 positions) - 2010 Q4: USD 1,790,979,025 (39 positions) - 2011 Q1: USD 1,845,753,714 (40 positions) - 2011 Q2: USD 1,883,622,286 (40 positions) - 2011 Q3: USD 1,633,466,450 (45 positions) - 2011 Q4: USD 1,894,670,184 (47 positions) - 2012 Q1: USD 2,169,313,315 (50 positions) - 2012 Q2: USD 2,186,058,172 (50 positions) - 2012 Q3: USD 2,341,941,637 (48 positions) - 2012 Q4: USD 2,401,425,570 (48 positions) - 2013 Q1: USD 2,693,278,156 (52 positions) - 2013 Q2: USD 2,796,140,211 (56 positions) - 2013 Q3: USD 2,916,552,595 (57 positions) - 2013 Q4: USD 3,165,425,799 (61 positions) - 2014 Q1: USD 3,256,752,779 (60 positions) - 2014 Q2: USD 3,507,287,050 (61 positions) - 2014 Q3: USD 3,546,665,282 (61 positions) - 2014 Q4: USD 3,789,387,131 (63 positions) - 2015 Q1: USD 3,955,658,160 (63 positions) - 2015 Q2: USD 4,004,418,158 (67 positions) - 2015 Q3: USD 3,793,152,764 (70 positions) - 2015 Q4: USD 3,694,789,768 (74 positions) - 2016 Q1: USD 3,726,583,706 (78 positions) - 2016 Q2: USD 3,792,550,892 (82 positions) - 2016 Q3: USD 3,878,876,218 (82 positions) - 2016 Q4: USD 4,147,067,096 (85 positions) - 2017 Q1: USD 4,438,644,574 (86 positions) - 2017 Q2: USD 4,687,407,498 (89 positions) - 2017 Q3: USD 5,021,879,371 (91 positions) - 2017 Q4: USD 5,296,160,632 (91 positions) - 2018 Q1: USD 5,257,762,744 (95 positions) - 2018 Q2: USD 5,449,515,084 (100 positions) - 2018 Q3: USD 5,932,106,831 (101 positions) - 2018 Q4: USD 5,232,310,275 (105 positions) - 2019 Q1: USD 5,970,587,358 (105 positions) - 2019 Q2: USD 6,498,439,630 (110 positions) - 2019 Q3: USD 6,621,119,145 (110 positions) - 2019 Q4: USD 7,206,536,841 (112 positions) - 2020 Q1: USD 5,315,744,295 (112 positions) - 2020 Q2: USD 5,371,956,542 (112 positions) - 2020 Q3: USD 5,895,567,406 (112 positions) - 2020 Q4: USD 6,710,408,021 (114 positions) - 2021 Q1: USD 7,223,815,583 (118 positions) - 2021 Q2: USD 7,898,252,944 (124 positions) - 2021 Q3: USD 7,911,819,956 (125 positions) - 2021 Q4: USD 8,736,262,525 (120 positions) - 2022 Q1: USD 8,428,833,051 (126 positions) - 2022 Q2: USD 6,995,495,852 (131 positions) - 2022 Q3: USD 6,777,011,548 (131 positions) - 2022 Q4: USD 7,459,812,108 (134 positions) - 2023 Q1: USD 7,859,261,266 (131 positions) - 2023 Q2: USD 8,401,333,058 (131 positions) - 2023 Q3: USD 8,282,089,382 (133 positions) - 2023 Q4: USD 9,195,995,994 (128 positions) - 2024 Q1: USD 10,139,013,487 (132 positions) - 2024 Q2: USD 10,163,501,693 (134 positions) - 2024 Q3: USD 11,108,212,418 (132 positions) - 2024 Q4: USD 11,348,699,262 (132 positions) - 2025 Q1: USD 11,264,752,840 (135 positions) - 2025 Q2: USD 11,825,573,985 (137 positions) - 2025 Q3: USD 12,320,983,494 (129 positions) - 2025 Q4: USD 12,540,596,244 (128 positions) - 2026 Q1: USD 11,937,692,800 (129 positions) - 2026 Q2: USD 13,130,485,000 (130 positions)