Super investor portfolio
Thomas Gayner portfolio
Latest holdings of Markel Group as of Q2 2026: 130 positions worth $13.1B, decoded into plain English.
Markel Group · Richmond, Virginia · since 1990
SEC 13F · period Q2 2026 · filed 31 Jul 2026 · View filing5-min briefing
Portfolio summary and charts
The 30-second read
30 sec- Alphabet (Class C) (GOOG) is the largest position at 7.4% of a $13.1B portfolio.
- Biggest buy: added most to Mercadolibre, about $31M of new money.
- Biggest sale: sold out of Scotts Miracle-Gro, about $10M.
- Diversified conviction: the top 10 holdings make up 43%, and the portfolio behaves like 37 equal-sized bets.
Portfolio value
$13.1B
+10.0% vs Q1 2026
Positions
130
3 new · 2 sold out
Top-10 weight
43%
Diversified conviction
Behaves like
37 bets
Effective number of positions
Turnover
0%
Portfolio traded this quarter
01 · Holdings map
Every box is a position, sized by its weight
NewAddedTrimmedUnchanged
What this meansAlphabet (Class C) alone is 7% of the portfolio, and the top three make up 20%. Colors show what changed since last quarter, so you can spot fresh conviction at a glance.
02 · Sector allocation
Where the money is
Financials 36%Industrials 17%Communication 12%Technology 11%Consumer Discretionary 10%Real Estate 4%Consumer Staples 4%Materials 3%Other positions 3%
What this meansFinancials is the biggest slice at 36% of the portfolio.
03 · Concentration curve
How focused is the portfolio?
Thomas GaynerEqual-weight benchmark
What this meansThe steeper the gold curve rises above the dashed line, the more the portfolio depends on a few big bets. It behaves like 37 equal-sized positions.
04 · Quarter activityQ1 2026 → Q2 2026
Biggest buys and sells
Bought / addedSold / trimmed
What this meansThe largest move was adding to Mercadolibre, worth about $31M. Values are estimated at quarter-end prices.
05 · Portfolio valueQ2 2024 → Q2 2026
Two years of reported value
What this meansValue changes with both market prices and new money in or out. It moved from $10.2B to $13.1B over 9 quarters.
06 · Position historyShare of portfolio by quarter
How today’s top positions grew over time
GOOGBRK.ADEBNAMZNADIEverything else
What this meansWide, steady bands are long-term core holdings; bands that appear suddenly are recent bets.
07 · Holdings
All 130 positions
| # | Stock | Sector | % of portfolio | Activity | Shares | Value |
|---|---|---|---|---|---|---|
| 1 | GOOG Alphabet (Class C) | Communication | 7.40% | Hold | 2,749,860 | $972M |
| 2 | BRK.A Berkshire Hathaway (Class A) | Financials | 6.35% | Hold | 1,114 | $834M |
| 3 | BRK.B Berkshire Hathaway (Class B) | Financials | 5.84% | Hold | 1,531,971 | $767M |
| 4 | DE Deere | Industrials | 4.24% | Hold | 877,900 | $557M |
| 5 | BN Brookfield | Real Estate | 4.24% | Hold | 13,073,609 | $557M |
| 6 | AMZN Amazon | Consumer Discretionary | 3.69% | Hold | 2,030,760 | $484M |
| 7 | ADI Analog Devices | Technology | 3.02% | Trimmed −2% | 999,671 | $397M |
| 8 | GS Goldman Sachs | Financials | 2.77% | Hold | 359,360 | $363M |
| 9 | AAPL Apple | Technology | 2.70% | Hold | 1,227,290 | $355M |
| 10 | CAT Caterpillar | Industrials | 2.67% | Hold | 328,650 | $350M |
| 11 | V Visa | Financials | 2.65% | Added +1% | 1,013,912 | $348M |
| 12 | HD Home Depot | Consumer Discretionary | 2.48% | Hold | 922,500 | $325M |
| 13 | WSO Watsco | Industrials | 1.90% | Added +3% | 597,750 | $249M |
| 14 | TXN Texas Instruments | Technology | 1.64% | Hold | 724,000 | $216M |
| 15 | BLK BlackRock | Financials | 1.61% | Hold | 220,200 | $212M |
| 16 | GOOGL Alphabet (Class A) | Communication | 1.56% | Hold | 572,000 | $204M |
| 17 | MSFT Microsoft | Technology | 1.53% | Hold | 537,630 | $201M |
| 18 | DIS Walt Disney | Communication | 1.49% | Hold | 2,031,665 | $196M |
| 19 | AXP American Express | Financials | 1.26% | Hold | 490,450 | $166M |
| 20 | LOW Lowe's Companies | Consumer Discretionary | 1.26% | Added +2% | 751,980 | $166M |
| 21 | PGR Progressive | Financials | 1.25% | Hold | 753,750 | $165M |
| 22 | FNV Franco Nevada | Materials | 1.23% | Added +9% | 773,500 | $161M |
| 23 | LPLA LPL Financial | Financials | 1.20% | Hold | 559,951 | $158M |
| 24 | JNJ Johnson & Johnson | Health Care | 1.18% | Hold | 610,800 | $155M |
| 25 | BX Blackstone | Financials | 1.10% | Hold | 1,229,000 | $145M |
| 26 | RLI Rli | Financials | 1.08% | Hold | 2,394,544 | $141M |
| 27 | GD General Dynamics | Industrials | 1.05% | Hold | 391,000 | $139M |
| 28 | NVO Novo Nordisk A S | Health Care | 1.05% | Hold | 2,869,774 | $138M |
| 29 | KKR KKR | Financials | 1.01% | Hold | 1,451,800 | $133M |
| 30 | META Meta Platforms | Communication | 1.00% | Trimmed −6% | 234,163 | $132M |
| 31 | SCHW Schwab Charles | Financials | 0.98% | Added +1% | 1,394,800 | $129M |
| 32 | MRSH Marsh & Mclennan Companies | Financials | 0.97% | Hold | 763,500 | $127M |
| 33 | APO Apollo Global Management | Financials | 0.91% | Hold | 1,012,500 | $120M |
| 34 | ADM Archer-Daniels-Midland | Consumer Staples | 0.88% | Hold | 1,505,800 | $115M |
| 35 | LIN Linde | Materials | 0.85% | Added +5% | 215,600 | $112M |
| 36 | DEO Diageo | Consumer Staples | 0.84% | Hold | 1,372,208 | $110M |
| 37 | MA Mastercard | Financials | 0.81% | Hold | 207,540 | $107M |
| 38 | DG Dollar General | Consumer Staples | 0.76% | Hold | 869,250 | $100M |
| 39 | BAM Brookfield Asset Management | Financials | 0.75% | Hold | 2,193,953 | $98M |
| 40 | HEI.A Heico | Industrials | 0.75% | Hold | 379,644 | $98M |
| 41 | MCO Moody's | Financials | 0.74% | Hold | 213,890 | $97M |
| 42 | ODFL Old Dominion Freight Line | Industrials | 0.71% | Hold | 429,150 | $93M |
| 43 | NSC Norfolk Southern | Industrials | 0.68% | Hold | 282,500 | $89M |
| 44 | ITW Illinois Tool Works | Industrials | 0.67% | Hold | 327,500 | $89M |
| 45 | JPM JPMorgan Chase | Financials | 0.63% | Hold | 252,550 | $83M |
| 46 | NVR NVR | Consumer Discretionary | 0.63% | Hold | 12,097 | $82M |
| 47 | MSCI MSCI | Financials | 0.61% | Hold | 142,850 | $80M |
| 48 | ROK Rockwell Automation | Technology | 0.58% | Hold | 154,900 | $77M |
| 49 | ECL Ecolab | Consumer Staples | 0.58% | Hold | 274,300 | $76M |
| 50 | SUNB Sunbelt Rentals | Industrials | 0.56% | Added +1% | 974,361 | $73M |
| 51 | SBUX Starbucks | Consumer Discretionary | 0.49% | Hold | 623,818 | $64M |
| 52 | ROL Rollins | Industrials | 0.48% | Added +1% | 1,516,525 | $63M |
| 53 | THG Hanover Insurance | Financials | 0.46% | Hold | 281,000 | $60M |
| 54 | ITIC Investors Title | Financials | 0.44% | Hold | 213,300 | $58M |
| 55 | CG Carlyle | Financials | 0.43% | Hold | 1,327,000 | $56M |
| 56 | TSN Tyson Foods | Consumer Staples | 0.40% | Added +3% | 913,500 | $52M |
| 57 | SPGI S&P Global | Financials | 0.37% | Hold | 117,690 | $48M |
| 58 | AON Aon | Financials | 0.34% | Hold | 135,800 | $45M |
| 59 | UNP Union Pacific | Industrials | 0.33% | Added +7% | 161,028 | $44M |
| 60 | FERG Ferguson Enterprises | Industrials | 0.33% | Added +6% | 180,200 | $43M |
| 61 | RTX RTX | Industrials | 0.32% | Hold | 224,000 | $42M |
| 62 | CSCO Cisco Systems | Technology | 0.32% | Hold | 355,500 | $42M |
| 63 | MELI Mercadolibre | Industrials | 0.31% | Added +340% | 24,000 | $41M |
| 64 | YUM Yum Brands | Consumer Discretionary | 0.30% | Hold | 245,213 | $39M |
| 65 | MAR Marriott International | Consumer Discretionary | 0.28% | Added +6% | 99,500 | $37M |
| 66 | ALL Allstate | Financials | 0.28% | Hold | 154,550 | $37M |
| 67 | TMO Thermo Fisher Scientific | Technology | 0.28% | Added +9% | 73,100 | $37M |
| 68 | COST Costco Wholesale | Consumer Staples | 0.28% | Hold | 39,150 | $37M |
| 69 | HGTY Hagerty | Financials | 0.27% | Hold | 3,108,000 | $36M |
| 70 | TROW Price T Rowe | Financials | 0.27% | Hold | 314,000 | $36M |
| 71 | URI United Rentals | Industrials | 0.27% | Hold | 31,150 | $35M |
| 72 | ABNB Airbnb | Consumer Discretionary | 0.26% | Hold | 242,389 | $35M |
| 73 | LMT Lockheed Martin | Industrials | 0.25% | Hold | 65,213 | $33M |
| 74 | HCA HCA Healthcare | Health Care | 0.25% | Added +2% | 84,366 | $33M |
| 75 | SHW Sherwin Williams | Consumer Discretionary | 0.25% | Hold | 94,172 | $32M |
| 76 | FDS Factset Research Systems | Technology | 0.24% | Hold | 135,376 | $31M |
| 77 | LAMR Lamar Advertising | Real Estate | 0.23% | Hold | 193,000 | $30M |
| 78 | VRSK Verisk Analytics | Technology | 0.21% | Hold | 155,950 | $28M |
| 79 | CSX CSX | Industrials | 0.21% | Added +10% | 584,500 | $28M |
| 80 | AMAT Applied Materials | Technology | 0.20% | Hold | 36,350 | $26M |
| 81 | APD Air Products & Chemicals | Materials | 0.20% | Added +17% | 88,500 | $26M |
| 82 | FIX Comfort Systems USA | Industrials | 0.20% | Hold | 13,000 | $26M |
| 83 | CCK Crown | Industrials | 0.19% | Hold | 220,000 | $25M |
| 84 | BF.A Brown Forman (Class A) | Consumer Staples | 0.18% | Hold | 843,000 | $23M |
| 85 | RNR Renaissancere | Financials | 0.17% | Hold | 70,000 | $22M |
| 86 | EPD Enterprise Products Partners | Energy | 0.16% | Added +182% | 569,000 | $21M |
| 87 | PM Philip Morris International | Consumer Staples | 0.16% | Hold | 114,500 | $21M |
| 88 | Accenture Accenture PLC Ireland | Other | 0.15% | Hold | 159,400 | $20M |
| 89 | CMCSA Comcast | Communication | 0.15% | Trimmed −17% | 802,074 | $20M |
| 90 | HXL Hexcel | Materials | 0.14% | Hold | 189,000 | $19M |
| 91 | NKE NIKE | Materials | 0.14% | Hold | 447,400 | $18M |
| 92 | COF Capital One Financial | Financials | 0.14% | Hold | 91,000 | $18M |
| 93 | BNY Bank of New York Mellon | Financials | 0.14% | Hold | 124,500 | $18M |
| 94 | CARR Carrier Global | Industrials | 0.13% | Hold | 235,000 | $17M |
| 95 | WFC Wells Fargo | Financials | 0.13% | Hold | 204,450 | $17M |
| 96 | SEIC Sei Investments | Financials | 0.12% | Hold | 173,200 | $15M |
| 97 | PAYX Paychex | Industrials | 0.11% | Hold | 150,000 | $15M |
| 98 | HSY Hershey | Consumer Staples | 0.10% | Hold | 75,000 | $13M |
| 99 | PEP Pepsico | Consumer Staples | 0.10% | Hold | 96,210 | $13M |
| 100 | BF.B Brown Forman (Class B) | Consumer Staples | 0.10% | Hold | 474,187 | $13M |
| 101 | SPOT Spotify Technology | Communication | 0.09% | Hold | 25,900 | $12M |
| 102 | SHOP Shopify | Technology | 0.09% | Hold | 102,750 | $12M |
| 103 | EFX Equifax | Industrials | 0.09% | Hold | 72,850 | $12M |
| 104 | CME CME | Financials | 0.08% | Hold | 49,750 | $11M |
| 105 | CBOE Cboe Global Markets | Financials | 0.08% | Hold | 43,700 | $11M |
| 106 | UBER Uber Technologies | Industrials | 0.08% | Hold | 142,500 | $10M |
| 107 | OTIS Otis Worldwide | Technology | 0.07% | Added +17% | 133,620 | $10M |
| 108 | IQV Iqvia | Industrials | 0.07% | Hold | 46,900 | $9M |
| 109 | HII Huntington Ingalls Industries | Industrials | 0.06% | Hold | 27,500 | $8M |
| 110 | Exxon Exxon Mobil | Other | 0.06% | Added +19% | 56,100 | $8M |
| 111 | NSP Insperity | Industrials | 0.06% | Hold | 181,336 | $7M |
| 112 | KMX Carmax | Consumer Discretionary | 0.05% | Hold | 136,500 | $7M |
| 113 | SONY Sony | Technology | 0.05% | Hold | 335,000 | $7M |
| 114 | CNI Canadian National Railway | Industrials | 0.05% | Hold | 53,500 | $6M |
| 115 | CP Canadian Pacific Kansas City | Industrials | 0.05% | Added +23% | 73,000 | $6M |
| 116 | GHC Graham | Consumer Discretionary | 0.05% | Hold | 5,200 | $6M |
| 117 | EMN Eastman Chemical | Materials | 0.04% | Hold | 74,950 | $5M |
| 118 | ZTS Zoetis | Health Care | 0.04% | New | 66,195 | $5M |
| 119 | BC Brunswick | Industrials | 0.03% | Hold | 51,250 | $4M |
| 120 | WRB Berkley W R | Financials | 0.03% | Hold | 60,750 | $4M |
| 121 | MGM MGM Resorts International | Consumer Discretionary | 0.03% | Hold | 87,500 | $4M |
| 122 | AYI Acuity Inc. (De) | Technology | 0.03% | Hold | 9,750 | $4M |
| 123 | ICE Intercontinental Exchange | Financials | 0.03% | Hold | 28,870 | $4M |
| 124 | EXP Eagle Materials | Materials | 0.03% | Hold | 14,750 | $3M |
| 125 | WY Weyerhaeuser | Real Estate | 0.02% | Added +586% | 120,000 | $3M |
| 126 | NFLX Netflix | Communication | 0.02% | New | 40,000 | $3M |
| 127 | SYY Sysco | Consumer Staples | 0.02% | Hold | 30,500 | $3M |
| 128 | DPZ Dominos Pizza | Consumer Staples | 0.01% | Hold | 5,500 | $2M |
| 129 | BRO Brown & Brown | Financials | 0.01% | Hold | 14,000 | $898K |
| 130 | UFPI Ufp Industries | Materials | 0.00% | New | 4,000 | $363K |
Values as reported at quarter end (30 Jun 2026). Activity compares share counts with the Q1 2026 filing. Source: SEC filing 0001096343-26-000065 · all filings on EDGAR.
08 · Sold out this quarter
Positions closed
- SMGScotts Miracle-Gro$10M at Q1 2026
- UNHUnitedhealth$5M at Q1 2026
09 · About the investor
Thomas Gayner
Tom Gayner is CEO of Markel Group, a specialty insurer and holding company that is often compared to Berkshire. He has run the equity portfolio for decades using four simple filters.
Philosophy in brief
- Profitable businesses with good returns and little debt.
- Management teams with equal talent and integrity.
- Reinvestment opportunities, at a fair price.
How to read this page
The 13F shows US-listed long positions at quarter end, filed up to 45 days later. It does not show short positions, cash, bonds (except convertibles) or most non-US holdings, so treat it as one view of the strategy, not the whole picture.
10 · Other smart moneyPoliticians and insiders
Who else is trading these holdings
- 01GOOG Alphabet (Class C)11 congressional trades disclosed (7 buys)7.4% of portfolio
- 03BRK.B Berkshire Hathaway (Class B)21 congressional trades disclosed (12 buys) · insiders bought $250K in Q3 20265.8% of portfolio
- 04DE Deere4 congressional trades disclosed (3 buys)4.2% of portfolio
- 06AMZN Amazon16 congressional trades disclosed (7 buys)3.7% of portfolio
- 07ADI Analog Devices11 congressional trades disclosed (3 buys)3.0% of portfolio
- 08GS Goldman Sachs10 congressional trades disclosed (7 buys)2.8% of portfolio
- 09AAPL Apple44 congressional trades disclosed (18 buys)2.7% of portfolio
- 10CAT Caterpillar3 congressional trades disclosed (2 buys)2.7% of portfolio
11 · Similar portfolios
Investors who think alike
Cosine similarity of position weights (100 = identical portfolios). Chips show the biggest shared holdings.
Coming soon · QWERTx Pro
Professionally managed portfolios, built around your life.
We are building QWERTx Pro: portfolios matched to your risk profile and time horizon, managed by experienced financial advisors. Join the waitlist to hear first when it launches.
