Markel Group

In its 13F for Q4 2025 (holdings as of December 31, 2025, filed February 6, 2026), Tom Gayner's Markel Group reported 128 stock positions worth $12.5 billion. Its top holding was Alphabet Class C (GOOG) at 6.9% of the portfolio, followed by Berkshire Hathaway Class A (BRK.A, 6.7%) and Berkshire Hathaway Class B (BRK.B, 6.1%). Compared with Q3 2025, it opened 1 new position, sold out of 2, added to 41 and reduced 3. The biggest buy was American Express (AXP, shares +1%) and the biggest sale an exit from FedEx (FDX).

Most Recent 13F
Q2 2026
Notable People
Tom Gayner
Location
Glen Allen, VA
CIK
0001096343
Portfolio Value
$12.5B (Q4 2025)
SEC Filing
0001096343-26-000011 ↗ filed Feb 6, 2026

Holdings Value

0$5.0B$10.0B$15.0B Q1 2024: $10.1B Q1 2024 Q2 2024: $10.2B Q2 2024 Q3 2024: $11.1B Q3 2024 Q4 2024: $11.3B Q4 2024 Q1 2025: $11.3B Q1 2025 Q2 2025: $11.8B Q2 2025 Q3 2025: $12.3B Q3 2025 Q4 2025: $12.5B $12.5B Q4 2025 Q1 2026: $11.9B Q1 2026 Q2 2026: $13.1B Q2 2026

Holdings 128 stocks · $12.5B
GOOG Alphabet Inc. Class C 6.88% 2,749,860 $862.9M No change
BRK.A Berkshire Hathaway Inc. Class A 6.70% 1,114 $840.8M No change
BRK.B Berkshire Hathaway Inc. Class B 6.14% 1,531,971 $770.0M No change
BN Brookfield Corp. 4.78% 13,073,609 $599.9M No change
AMZN Amazon.com Inc. 3.74% 2,030,760 $468.7M No change
DE Deere & Co. 3.26% 877,900 $408.7M No change
V Visa Inc. Class A 2.79% 999,285 $350.5M No change
AAPL Apple Inc. 2.66% 1,227,290 $333.7M No change
HD Home Depot Inc. 2.52% 920,000 $316.6M No change
GS Goldman Sachs Group Inc. 2.52% 359,360 $315.9M No change
ADI Analog Devices Inc. 2.21% 1,023,245 $277.5M Reduce -12.4%
MSFT Microsoft Corp. 2.07% 535,680 $259.1M Add +0.7%
BLK BlackRock Inc. 1.88% 220,200 $235.7M No change
DIS The Walt Disney Co. filed as DISNEY WALT CO 1.84% 2,031,665 $231.1M No change
LPLA LPL Financial Holdings Inc. 1.59% 559,951 $200.0M Add +1.2%
WSO Watsco Inc. 1.55% 577,669 $194.6M Add +2.2%
BX Blackstone Inc. 1.51% 1,229,000 $189.4M No change
CAT Caterpillar Inc. 1.50% 328,650 $188.3M No change
KKR KKR & Co. Inc. 1.48% 1,451,800 $185.1M No change
AXP American Express Co. 1.44% 488,500 $180.7M Add +0.9%
GOOGL Alphabet Inc. Class A 1.43% 572,000 $179.0M No change
LOW Lowe's Cos Inc. 1.41% 734,480 $177.1M Add +1.1%
PGR Progressive Corp. 1.37% 753,750 $171.6M No change
META Meta Platforms Inc. Class A 1.31% 248,303 $163.9M Reduce -11.4%
RLI Rli Corp. 1.22% 2,394,544 $153.2M No change
APO Apollo Global Management Inc. 1.17% 1,012,500 $146.6M No change
NVO Novo-Nordisk A/S-Spons ADR 1.16% 2,869,774 $146.0M Add +21.2%
FNV Franco-Nevada Corp. 1.13% 683,500 $141.7M Add +12.9%
MRSH Marsh & McLennan Cos 1.13% 761,750 $141.3M Add +0.9%
SCHW Schwab (charles) Corp. 1.10% 1,375,800 $137.5M Add +0.8%
GD General Dynamics Corp. 1.05% 391,000 $131.6M No change
JNJ Johnson & Johnson 1.01% 610,800 $126.4M No change
TXN Texas Instruments Inc. 1.00% 724,000 $125.6M No change
MA Mastercard Inc. Class A 0.94% 207,540 $118.5M No change
DEO Diageo PLC-Sponsored ADR 0.94% 1,371,708 $118.3M Add +0.4%
DG Dollar General Corp. 0.92% 869,250 $115.4M No change
BAM Brookfield Asset Mgmt-A 0.92% 2,193,953 $114.9M No change
MCO Moody's Corp. 0.87% 213,890 $109.3M No change
HEI.A Heico Corp. Class A 0.76% 379,644 $95.8M No change
ROL Rollins Inc. 0.71% 1,489,025 $89.4M Add +0.9%
NVR NVR Inc. 0.70% 12,007 $87.6M Add +0.9%
ADM Archer-Daniels-Midland Co. 0.69% 1,505,800 $86.6M No change
LIN Linde PLC 0.68% 200,100 $85.3M Add +3.8%
MSCI MSCI Inc. 0.65% 142,850 $82.0M No change
JPM JPMorgan Chase & Co. 0.65% 252,550 $81.4M No change
ITW Illinois Tool Works 0.64% 327,500 $80.7M No change
NSC Norfolk Southern Corp. 0.63% 273,500 $79.0M Add +6.6%
SPGI S&P Global Inc. 0.63% 150,690 $78.7M No change
CG The Carlyle Group Inc. 0.63% 1,327,000 $78.4M No change
ECL Ecolab Inc. 0.57% 274,300 $72.0M No change
ODFL Old Dominion Freight Line 0.53% 421,650 $66.1M Add +17.5%
ROK Rockwell Automation Inc. 0.48% 154,900 $60.3M No change
ITIC Investors Title Co. 0.42% 213,300 $53.2M No change
SBUX Starbucks Corp. 0.42% 623,818 $52.5M No change
TSN Tyson Foods Inc. Class A 0.41% 884,500 $51.8M Add +4.2%
THG Hanover Insurance Group Inc./ 0.41% 281,000 $51.4M No change
AON Aon PLC Class A 0.38% 134,050 $47.3M Add +3.3%
ACN Accenture PLC Class A 0.34% 159,400 $42.8M No change
HGTY Hagerty Inc. Class A 0.33% 3,108,000 $41.8M No change
RTX RTX Corp. 0.33% 224,000 $41.1M No change
HCA HCA Healthcare Inc. 0.30% 80,680 $37.7M Add +7.3%
FERG Ferguson Enterprises Inc. 0.29% 163,500 $36.4M Add +11.2%
TMO Thermo Fisher Scientific Inc. 0.29% 62,800 $36.4M Add +12.5%
FDS Factset Research Systems Inc. 0.28% 121,873 $35.4M Add +4.4%
VRSK Verisk Analytics Inc. 0.28% 155,950 $34.9M No change
YUM Yum! Brands Inc. 0.27% 226,451 $34.3M No change
COST Costco Wholesale Corp. 0.27% 39,150 $33.8M No change
UNP Union Pacific Corp. 0.26% 141,278 $32.7M Add +11.4%
ABNB Airbnb Inc. Class A 0.26% 240,289 $32.6M Add +5.8%
ALL Allstate Corp. 0.26% 154,550 $32.2M No change
TROW T Rowe Price Group Inc. filed as PRICE T ROWE GROUP INC 0.26% 314,000 $32.1M No change
LMT Lockheed Martin Corp. 0.25% 64,513 $31.2M Add +3.6%
SHW The Sherwin-Williams Co. 0.24% 94,172 $30.5M No change
CMCSA Comcast Corp. Class A 0.23% 961,880 $28.8M No change
NKE Nike Inc. Class B 0.23% 447,400 $28.5M No change
MAR Marriott International Class A 0.22% 89,750 $27.8M Add +22.5%
CSCO Cisco Systems Inc. 0.22% 355,500 $27.4M No change
URI United Rentals Inc. 0.20% 31,150 $25.2M No change
LAMR Lamar Advertising Co. Class A 0.19% 185,000 $23.4M Add +8.8%
BF.A Brown-Forman Corp. Class A 0.18% 843,000 $22.2M No change
COF Capital One Financial Corp. 0.18% 91,000 $22.1M No change
CCK Crown Holdings Inc. 0.17% 212,000 $21.8M Add +11.9%
RNR Renaissancere Holdings Ltd. 0.16% 70,000 $19.7M No change
WFC Wells Fargo & Co. 0.15% 204,450 $19.1M No change
PM Philip Morris International 0.15% 114,500 $18.4M No change
APD Air Products & Chemicals Inc. 0.14% 71,500 $17.7M Add +10.0%
PAYX Paychex Inc. 0.13% 150,000 $16.8M No change
SHOP Shopify Inc. Class A 0.13% 102,750 $16.5M No change
CSX CSX Corp. 0.13% 440,000 $15.9M Add +54.4%
EFX Equifax Inc. 0.13% 72,850 $15.8M No change
SPOT Spotify Technology SA 0.12% 25,900 $15.0M No change
SEIC Sei Investments Company 0.11% 173,200 $14.2M No change
BNY Bank of New York Mellon Corp. filed as BANK NEW YORK MELLON CORP 0.11% 121,500 $14.1M No change
HXL Hexcel Corp. 0.11% 189,000 $14.0M No change
PEP Pepsico Inc. 0.11% 96,210 $13.8M No change
TGT Target Corp. 0.10% 133,000 $13.0M No change
CME Cme Group Inc. 0.10% 45,750 $12.5M Add +43.0%
CARR Carrier Global Corp. 0.10% 235,000 $12.4M No change
BF.B Brown-Forman Corp. Class B 0.10% 474,187 $12.4M No change
HSY The Hershey Co. 0.10% 67,500 $12.3M Add +23.9%

Show all 128 holdings

Portfolio Sells Q3 2025 → Q4 2025
FDX FedEx Corp. Sold out 0.00% −0.41
META Meta Platforms Inc. Class A Reduce -11.4% 1.31% −0.36
ADI Analog Devices Inc. Reduce -12.4% 2.21% −0.12
TRU Transunion Reduce -98.0% 0.00% −0.07
ADBE Adobe Inc. Sold out 0.00% −0.04

Portfolio Buys Q3 2025 → Q4 2025
AXP American Express Co. Add +0.9% 1.44% +0.14
ODFL Old Dominion Freight Line Add +17.5% 0.53% +0.12
LPLA LPL Financial Holdings Inc. Add +1.2% 1.59% +0.10
NVO Novo-Nordisk A/S-Spons ADR Add +21.2% 1.16% +0.10
TMO Thermo Fisher Scientific Inc. Add +12.5% 0.29% +0.07
MAR Marriott International Class A Add +22.5% 0.22% +0.07
CSX CSX Corp. Add +54.4% 0.13% +0.04
HCA HCA Healthcare Inc. Add +7.3% 0.30% +0.04
TSN Tyson Foods Inc. Class A Add +4.2% 0.41% +0.04
SCHW Schwab (charles) Corp. Add +0.8% 1.10% +0.04
ABNB Airbnb Inc. Class A Add +5.8% 0.26% +0.04
FNV Franco-Nevada Corp. Add +12.9% 1.13% +0.03
XOM Exxon Mobil Corp. Add +1166.7% 0.04% +0.03
CME Cme Group Inc. Add +43.0% 0.10% +0.03
CBOE Cboe Global Markets Inc. Add +46.5% 0.08% +0.03
AMAT Applied Materials Inc. Add +29.9% 0.07% +0.03
CCK Crown Holdings Inc. Add +11.9% 0.17% +0.03
FERG Ferguson Enterprises Inc. Add +11.2% 0.29% +0.02
HII Huntington Ingalls Industrie Add +24.4% 0.07% +0.02
ICE Intercontinental Exchange Inc. Add +271.4% 0.03% +0.02
LAMR Lamar Advertising Co. Class A Add +8.8% 0.19% +0.02
UNP Union Pacific Corp. Add +11.4% 0.26% +0.02
CNI Canadian Natl Railway Co. Add +78.0% 0.04% +0.02
HSY The Hershey Co. Add +23.9% 0.10% +0.02
BC Brunswick Corp. Add +42.5% 0.03% +0.01
CP Canadian Pacific Kansas City Add +62.9% 0.03% +0.01
FDS Factset Research Systems Inc. Add +4.4% 0.28% +0.01
ROL Rollins Inc. Add +0.9% 0.71% +0.01
BRO Brown & Brown Inc. New 0.01% +0.01
NSC Norfolk Southern Corp. Add +6.6% 0.63% +0.00
AON Aon PLC Class A Add +3.3% 0.38% +0.00
APD Air Products & Chemicals Inc. Add +10.0% 0.14% −0.00
LMT Lockheed Martin Corp. Add +3.6% 0.25% −0.00
NSP Insperity Inc. Add +16.1% 0.05% −0.01
UBER Uber Technologies Inc. Add +13.4% 0.09% −0.01
LIN Linde PLC Add +3.8% 0.68% −0.06
LOW Lowe's Cos Inc. Add +1.1% 1.41% −0.07
NVR NVR Inc. Add +0.9% 0.70% −0.08
MRSH Marsh & McLennan Cos Add +0.9% 1.13% −0.11
DEO Diageo PLC-Sponsored ADR Add +0.4% 0.94% −0.12
MSFT Microsoft Corp. Add +0.7% 2.07% −0.17
WSO Watsco Inc. Add +2.2% 1.55% −0.30

All Filings

QuarterPositions13F Reported ValueTop Holdings
Q2 2026 130$13.1BGOOG, BRK.A, BRK.B, DE, BN
Q1 2026 129$11.9BBRK.A, GOOG, BRK.B, BN, DE
Q4 2025 128$12.5BGOOG, BRK.A, BRK.B, BN, AMZN
Q3 2025 129$12.3BBRK.A, BRK.B, GOOG, BN, AMZN
Q2 2025 137$11.8BBRK.A, BRK.B, BN, GOOG, DE
Q1 2025 135$11.3BBRK.A, BRK.B, BN, GOOG, DE
Q4 2024 132$11.3BBRK.A, BRK.B, GOOG, BN, AMZN
Q3 2024 132$11.1BBRK.A, BRK.B, BN, GOOG, AMZN
Q2 2024 133$10.2BBRK.A, BRK.B, GOOG, AMZN, BN
Q1 2024 131$10.1BBRK.A, BRK.B, GOOG, AMZN, BN