Tom Gayner

Markel Group. Portfolio reported in the 13F as of June 30, 2026.

$13.1B

reported value

130

positions

28.1%

in the top 5

+$77.1M

last quarter balance

How the portfolio is split

Weight of each sector on the reported value.

Financial Services
Industrials
Consumer Cyclical
Communication Services
Technology
Other and unclassified

Q2 2026

21.6%

15.1%

10.6%

10.1%

9.7%

33.0%

Q1 2026

22.5%

14.1%

10.7%

9.7%

34.2%

Q4 2025

24.9%

11.9%

10.8%

10.3%

33.6%

Q3 2025

25.0%

12.3%

11.3%

9.2%

33.3%

How much they buy and sell

Estimate of the money put in and taken out each quarter. The balance tells whether they are investing or cashing in.

Purchases
Sales

+$29.8M

Q3 2025

+$217.2M

Q4 2025

+$93.0M

Q1 2026

+$77.1M

Q2 2026

Positions over the last 4 quarters

Weight of each position in the portfolio. The last column estimates how much they bought or sold compared with the previous quarter.

CompanyBought / sold

Alphabet Inc.
GOOG Communication Services
0
Q3 2025
5.4%
Q4 2025
6.9%
Q1 2026
6.6%
Q2 2026
7.4%
BERKSHIRE HATHAWAY INC DEL
BRK/Anot in our list
0
Q3 2025
6.8%
Q4 2025
6.7%
Q1 2026
6.7%
Q2 2026
6.4%
BERKSHIRE HATHAWAY INC DEL
BRK/Bnot in our list
0
Q3 2025
6.3%
Q4 2025
6.1%
Q1 2026
6.1%
Q2 2026
5.8%
Deere & Co
DE Industrials
0
Q3 2025
3.3%
Q4 2025
3.3%
Q1 2026
4.1%
Q2 2026
4.2%
BROOKFIELD CORP
BNnot in our list
0
Q3 2025
4.9%
Q4 2025
4.8%
Q1 2026
4.4%
Q2 2026
4.2%
Amazon.com, Inc.
AMZN Consumer Cyclical
0
Q3 2025
3.6%
Q4 2025
3.7%
Q1 2026
3.5%
Q2 2026
3.7%
Analog Devices, Inc.
ADI Technology
-$9.4M
-2.3%
Q3 2025
2.3%
Q4 2025
2.2%
Q1 2026
2.7%
Q2 2026
3.0%
Goldman Sachs Group Inc
GS Financial Services
0
Q3 2025
2.3%
Q4 2025
2.5%
Q1 2026
2.5%
Q2 2026
2.8%
Apple Inc.
AAPL Technology
0
Q3 2025
2.5%
Q4 2025
2.7%
Q1 2026
2.6%
Q2 2026
2.7%
Caterpillar Inc
CAT Industrials
0
Q3 2025
1.3%
Q4 2025
1.5%
Q1 2026
2.0%
Q2 2026
2.7%
Visa Inc.
V Financial Services
+$3.3M
+1.0%
Q3 2025
2.8%
Q4 2025
2.8%
Q1 2026
2.5%
Q2 2026
2.6%
Home Depot Inc
HD Consumer Cyclical
+$881.7K
+0.3%
Q3 2025
3.0%
Q4 2025
2.5%
Q1 2026
2.5%
Q2 2026
2.5%
Watsco Inc
WSO Industrials
+$6.5M
+2.7%
Q3 2025
1.9%
Q4 2025
1.6%
Q1 2026
1.8%
Q2 2026
1.9%
Texas Instruments Incorporated
TXN Technology
0
Q3 2025
1.1%
Q4 2025
1.0%
Q1 2026
1.2%
Q2 2026
1.6%
BlackRock Inc
BLK Financial Services
0
Q3 2025
2.1%
Q4 2025
1.9%
Q1 2026
1.8%
Q2 2026
1.6%
ALPHABET INC
GOOGLnot in our list
0
Q3 2025
1.1%
Q4 2025
1.4%
Q1 2026
1.4%
Q2 2026
1.6%
Microsoft Corporation
MSFT Technology
0
Q3 2025
2.2%
Q4 2025
2.1%
Q1 2026
1.7%
Q2 2026
1.5%
Walt Disney Co
DIS Communication Services
0
Q3 2025
1.9%
Q4 2025
1.8%
Q1 2026
1.6%
Q2 2026
1.5%
American Express Co
AXP Financial Services
0
Q3 2025
1.3%
Q4 2025
1.4%
Q1 2026
1.2%
Q2 2026
1.3%
Lowe's Companies Inc
LOW Consumer Cyclical
+$3.0M
+1.8%
Q3 2025
1.5%
Q4 2025
1.4%
Q1 2026
1.5%
Q2 2026
1.3%
Progressive Corp
PGR Financial Services
0
Q3 2025
1.5%
Q4 2025
1.4%
Q1 2026
1.3%
Q2 2026
1.3%
FRANCO NEV CORP
FNVnot in our list
+$13.5M
+9.2%
Q3 2025
1.1%
Q4 2025
1.1%
Q1 2026
1.5%
Q2 2026
1.2%
LPL Financial Holdings Inc.
LPLA Financial Services
0
Q3 2025
1.5%
Q4 2025
1.6%
Q1 2026
1.4%
Q2 2026
1.2%
Johnson & Johnson
JNJ Healthcare
0
Q3 2025
0.9%
Q4 2025
1.0%
Q1 2026
1.3%
Q2 2026
1.2%
Blackstone Inc
BX Financial Services
0
Q3 2025
1.7%
Q4 2025
1.5%
Q1 2026
1.2%
Q2 2026
1.1%
RLI CORP
RLInot in our list
0
Q3 2025
1.3%
Q4 2025
1.2%
Q1 2026
1.1%
Q2 2026
1.1%
General Dynamics Corp
GD Industrials
0
Q3 2025
1.1%
Q4 2025
1.0%
Q1 2026
1.1%
Q2 2026
1.1%
NOVO NORDISK A/S
NVO Healthcare
0
Q3 2025
1.1%
Q4 2025
1.2%
Q1 2026
0.9%
Q2 2026
1.0%
KKR & Co Inc
KKR Financial Services
0
Q3 2025
1.5%
Q4 2025
1.5%
Q1 2026
1.1%
Q2 2026
1.0%
Meta Platforms, Inc.
META Communication Services
-$8.0M
-5.7%
Q3 2025
1.7%
Q4 2025
1.3%
Q1 2026
1.2%
Q2 2026
1.0%
Charles Schwab Corp
SCHW Financial Services
+$1.0M
+0.8%
Q3 2025
1.1%
Q4 2025
1.1%
Q1 2026
1.1%
Q2 2026
1.0%
Marsh & McLennan Companies, Inc.
MRSH Financial Services
0
Q3 2025
1.2%
Q4 2025
1.1%
Q1 2026
1.1%
Q2 2026
1.0%
Apollo Global Management Inc
APO Financial Services
0
Q3 2025
1.1%
Q4 2025
1.2%
Q1 2026
0.9%
Q2 2026
0.9%
Archer-Daniels-Midland Co
ADM Consumer Defensive
0
Q3 2025
0.7%
Q4 2025
0.7%
Q1 2026
0.9%
Q2 2026
0.9%
LINDE PLC
not in our list
+$5.7M
+5.4%
Q3 2025
0.7%
Q4 2025
0.7%
Q1 2026
0.8%
Q2 2026
0.9%
DIAGEO PLC
DGEDnot in our list
0
Q3 2025
1.1%
Q4 2025
0.9%
Q1 2026
0.9%
Q2 2026
0.8%
Mastercard Inc
MA Financial Services
0
Q3 2025
1.0%
Q4 2025
0.9%
Q1 2026
0.9%
Q2 2026
0.8%
Dollar General Corp
DG Consumer Defensive
0
Q3 2025
0.7%
Q4 2025
0.9%
Q1 2026
0.9%
Q2 2026
0.8%
BROOKFIELD ASSET MANAGEMENT LTD
BAM Financial Services
0
Q3 2025
1.0%
Q4 2025
0.9%
Q1 2026
0.8%
Q2 2026
0.7%
HEICO CORP NEW
HEI/Anot in our list
0
Q3 2025
0.8%
Q4 2025
0.8%
Q1 2026
0.7%
Q2 2026
0.7%
Moody's Corp
MCO Financial Services
0
Q3 2025
0.8%
Q4 2025
0.9%
Q1 2026
0.8%
Q2 2026
0.7%
Old Dominion Freight Line, Inc.
ODFL Industrials
0
Q3 2025
0.4%
Q4 2025
0.5%
Q1 2026
0.7%
Q2 2026
0.7%
Norfolk Southern Corp
NSC Industrials
0
Q3 2025
0.6%
Q4 2025
0.6%
Q1 2026
0.7%
Q2 2026
0.7%
Illinois Tool Works Inc
ITW Industrials
0
Q3 2025
0.7%
Q4 2025
0.6%
Q1 2026
0.7%
Q2 2026
0.7%
JPMorgan Chase & Co
JPM Financial Services
0
Q3 2025
0.6%
Q4 2025
0.6%
Q1 2026
0.6%
Q2 2026
0.6%
NVR Inc
NVR Consumer Cyclical
+$68.1K
+0.1%
Q3 2025
0.8%
Q4 2025
0.7%
Q1 2026
0.7%
Q2 2026
0.6%
MSCI Inc
MSCI Financial Services
0
Q3 2025
0.7%
Q4 2025
0.7%
Q1 2026
0.6%
Q2 2026
0.6%
Rockwell Automation Inc
ROK Industrials
0
Q3 2025
0.4%
Q4 2025
0.5%
Q1 2026
0.5%
Q2 2026
0.6%
Ecolab Inc
ECL Basic Materials
0
Q3 2025
0.6%
Q4 2025
0.6%
Q1 2026
0.6%
Q2 2026
0.6%
SUNBELT RENTALS HOLDINGS INC
SUNBnot in our list
+$822.9K
+1.1%
Q3 2025
–
Q4 2025
–
Q1 2026
0.5%
Q2 2026
0.6%

Data from 13F filings with the SEC. The 13F lists only US stocks held long: no short positions, foreign stocks not listed in the US or cash. It is filed up to 45 days after the quarter ends and some positions may stay confidential. Purchases and sales are estimates: the difference in shares between two quarters times the quarter-end price.