Markel Group

In its 13F for Q1 2026 (holdings as of March 31, 2026, filed May 1, 2026), Tom Gayner's Markel Group reported 129 stock positions worth $11.9 billion. Its top holding was Berkshire Hathaway Class A (BRK.A) at 6.7% of the portfolio, followed by Alphabet Class C (GOOG, 6.6%) and Berkshire Hathaway Class B (BRK.B, 6.1%). Compared with Q4 2025, it opened 4 new positions, sold out of 3, added to 43 and reduced 2. The biggest buy was a new position in Sunbelt Rentals (SUNB) and the biggest sale S&P Global (SPGI, shares −22%).

Most Recent 13F
Q2 2026
Notable People
Tom Gayner
Location
Glen Allen, VA
CIK
0001096343
Portfolio Value
$11.9B (Q1 2026)
SEC Filing
0001096343-26-000044 ↗ filed May 1, 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 Q4 2025 Q1 2026: $11.9B $11.9B Q1 2026 Q2 2026: $13.1B Q2 2026

Holdings 129 stocks · $11.9B
BRK.A Berkshire Hathaway Inc. Class A 6.70% 1,114 $800.0M No change
GOOG Alphabet Inc. Class C 6.61% 2,749,860 $788.8M No change
BRK.B Berkshire Hathaway Inc. Class B 6.15% 1,531,971 $734.1M No change
BN Brookfield Corp. 4.43% 13,073,609 $529.1M No change
DE Deere & Co. 4.14% 877,900 $494.5M No change
AMZN Amazon.com Inc. 3.54% 2,030,760 $422.9M No change
ADI Analog Devices Inc. 2.73% 1,023,245 $325.5M No change
AAPL Apple Inc. 2.61% 1,227,290 $311.5M No change
GS Goldman Sachs Group Inc. 2.55% 359,360 $304.0M No change
V Visa Inc. Class A 2.54% 1,004,331 $303.5M Add +0.5%
HD Home Depot Inc. 2.53% 920,000 $302.6M No change
CAT Caterpillar Inc. 1.95% 328,650 $232.8M No change
WSO Watsco Inc. 1.77% 582,169 $211.8M Add +0.8%
BLK BlackRock Inc. 1.77% 220,200 $211.8M No change
MSFT Microsoft Corp. 1.67% 537,630 $199.0M Add +0.4%
DIS The Walt Disney Co. filed as DISNEY WALT CO 1.64% 2,031,665 $195.8M No change
FNV Franco-Nevada Corp. 1.47% 708,500 $175.0M Add +3.7%
LOW Lowe's Cos Inc. 1.46% 738,480 $174.5M Add +0.5%
LPLA LPL Financial Holdings Inc. 1.41% 559,951 $168.5M No change
GOOGL Alphabet Inc. Class A 1.38% 572,000 $164.5M No change
PGR Progressive Corp. 1.25% 753,750 $149.4M No change
JNJ Johnson & Johnson 1.25% 610,800 $149.3M No change
AXP American Express Co. 1.24% 490,450 $148.4M Add +0.4%
META Meta Platforms Inc. Class A 1.19% 248,303 $142.1M No change
BX Blackstone Inc. 1.18% 1,229,000 $141.3M No change
TXN Texas Instruments Inc. 1.18% 724,000 $140.6M No change
RLI Rli Corp. 1.14% 2,394,544 $136.6M No change
KKR KKR & Co. Inc. 1.12% 1,451,800 $134.3M No change
GD General Dynamics Corp. 1.12% 391,000 $134.2M No change
MRSH Marsh & McLennan Cos 1.11% 763,500 $132.4M Add +0.2%
SCHW Schwab (charles) Corp. 1.09% 1,383,800 $130.0M Add +0.6%
APO Apollo Global Management Inc. 0.94% 1,012,500 $112.8M No change
ADM Archer-Daniels-Midland Co. 0.92% 1,505,800 $109.5M No change
NVO Novo-Nordisk A/S-Spons ADR 0.88% 2,869,774 $105.5M No change
MA Mastercard Inc. Class A 0.87% 207,540 $103.7M No change
DG Dollar General Corp. 0.86% 869,250 $103.2M No change
DEO Diageo PLC-Sponsored ADR 0.86% 1,372,208 $102.2M Add +0.0%
LIN Linde PLC 0.85% 204,600 $101.4M Add +2.3%
BAM Brookfield Asset Mgmt-A 0.82% 2,193,953 $97.5M No change
MCO Moody's Corp. 0.78% 213,890 $93.3M No change
ITW Illinois Tool Works 0.71% 327,500 $85.2M No change
ODFL Old Dominion Freight Line 0.70% 429,150 $83.9M Add +1.8%
NSC Norfolk Southern Corp. 0.68% 282,500 $81.1M Add +3.3%
HEI.A Heico Corp. Class A 0.67% 379,644 $80.1M No change
ROL Rollins Inc. 0.67% 1,498,025 $80.0M Add +0.6%
NVR NVR Inc. 0.67% 12,087 $79.7M Add +0.7%
MSCI MSCI Inc. 0.64% 142,850 $77.0M No change
JPM JPMorgan Chase & Co. 0.62% 252,550 $74.3M No change
ECL Ecolab Inc. 0.61% 274,300 $73.0M No change
CG The Carlyle Group Inc. 0.54% 1,327,000 $64.2M No change
SUNB Sunbelt Rentals Holdings Inc. 0.53% 963,361 $62.7M New
TSN Tyson Foods Inc. Class A 0.48% 889,500 $57.0M Add +0.6%
SBUX Starbucks Corp. 0.47% 623,818 $55.9M No change
ROK Rockwell Automation Inc. 0.47% 154,900 $55.6M No change
SPGI S&P Global Inc. 0.42% 117,690 $50.1M Reduce -21.9%
THG Hanover Insurance Group Inc./ 0.41% 281,000 $48.7M No change
ITIC Investors Title Co. 0.39% 213,300 $46.4M No change
AON Aon PLC Class A 0.37% 135,800 $43.8M Add +1.3%
RTX RTX Corp. 0.36% 224,000 $43.2M No change
FERG Ferguson Enterprises Inc. 0.33% 170,700 $39.8M Add +4.4%
LMT Lockheed Martin Corp. 0.33% 65,213 $39.4M Add +1.1%
COST Costco Wholesale Corp. 0.33% 39,150 $39.0M No change
HCA HCA Healthcare Inc. 0.33% 82,430 $39.0M Add +2.2%
YUM Yum! Brands Inc. 0.32% 245,213 $38.1M Add +8.3%
UNP Union Pacific Corp. 0.31% 150,278 $36.5M Add +6.4%
TMO Thermo Fisher Scientific Inc. 0.28% 67,100 $33.0M Add +6.8%
HGTY Hagerty Inc. Class A 0.27% 3,108,000 $32.7M No change
ALL Allstate Corp. 0.27% 154,550 $32.0M No change
ACN Accenture PLC Class A 0.26% 159,400 $31.6M No change
MAR Marriott International Class A 0.26% 93,750 $30.7M Add +4.5%
ABNB Airbnb Inc. Class A 0.26% 242,389 $30.6M Add +0.9%
SHW The Sherwin-Williams Co. 0.25% 94,172 $30.2M No change
VRSK Verisk Analytics Inc. 0.25% 155,950 $29.6M No change
FDS Factset Research Systems Inc. 0.25% 135,376 $29.4M Add +11.1%
TROW T Rowe Price Group Inc. filed as PRICE T ROWE GROUP INC 0.24% 314,000 $28.3M No change
CMCSA Comcast Corp. Class A 0.23% 961,880 $27.6M No change
CSCO Cisco Systems Inc. 0.23% 355,500 $27.6M No change
LAMR Lamar Advertising Co. Class A 0.20% 193,000 $24.4M Add +4.3%
NKE Nike Inc. Class B 0.20% 447,400 $23.6M No change
URI United Rentals Inc. 0.19% 31,150 $22.7M No change
BF.A Brown-Forman Corp. Class A 0.19% 843,000 $22.6M No change
CCK Crown Holdings Inc. 0.18% 220,000 $22.1M Add +3.8%
APD Air Products & Chemicals Inc. 0.18% 75,500 $21.9M Add +5.6%
CSX CSX Corp. 0.18% 530,000 $21.8M Add +20.4%
RNR Renaissancere Holdings Ltd. 0.17% 70,000 $20.8M No change
PM Philip Morris International 0.16% 114,500 $18.9M No change
FIX Comfort Systems USA Inc. 0.15% 13,000 $17.9M No change
COF Capital One Financial Corp. 0.14% 91,000 $16.6M No change
WFC Wells Fargo & Co. 0.14% 204,450 $16.3M No change
HSY The Hershey Co. 0.13% 75,000 $15.6M Add +11.1%
HXL Hexcel Corp. 0.13% 189,000 $15.3M No change
PEP Pepsico Inc. 0.13% 96,210 $14.9M No change
BNY Bank of New York Mellon Corp. filed as BANK NEW YORK MELLON CORP 0.12% 124,500 $14.8M Add +2.5%
CME Cme Group Inc. 0.12% 49,750 $14.7M Add +8.7%
PAYX Paychex Inc. 0.12% 150,000 $13.8M No change
SEIC Sei Investments Company 0.11% 173,200 $13.6M No change
CARR Carrier Global Corp. 0.11% 235,000 $13.2M No change
EFX Equifax Inc. 0.11% 72,850 $13.1M No change
SPOT Spotify Technology SA 0.11% 25,900 $12.6M No change
BF.B Brown-Forman Corp. Class B 0.10% 474,187 $12.5M No change
AMAT Applied Materials Inc. 0.10% 36,350 $12.4M Add +6.6%
CBOE Cboe Global Markets Inc. 0.10% 43,700 $12.3M Add +4.7%
SHOP Shopify Inc. Class A 0.10% 102,750 $12.2M No change
HII Huntington Ingalls Industrie 0.09% 27,500 $10.4M Add +7.8%
UBER Uber Technologies Inc. 0.09% 142,500 $10.3M Add +1.8%
SMG Scotts Miracle-Gro Co. 0.09% 168,000 $10.2M No change
MELI MercadoLibre Inc. 0.08% 5,450 $9.4M New
OTIS Otis Worldwide Corp. 0.07% 114,620 $8.8M No change
IQV Iqvia Holdings Inc. 0.07% 46,900 $8.0M No change
XOM Exxon Mobil Corp. 0.07% 47,000 $8.0M Add +23.7%
EPD Enterprise Products Partners 0.06% 202,000 $7.6M New
SONY Sony Group Corp. - SP ADR 0.06% 335,000 $6.9M No change
EMN Eastman Chemical Co. 0.05% 74,950 $5.7M No change
KMX Carmax Inc. 0.05% 136,500 $5.7M No change
CNI Canadian Natl Railway Co. 0.05% 53,500 $5.5M Add +20.2%
GHC Graham Holdings Co. Class B 0.05% 5,200 $5.5M No change
UNH Unitedhealth Group Inc. 0.04% 18,700 $5.1M Reduce -29.4%
NSP Insperity Inc. 0.04% 181,336 $4.9M Add +18.6%
CP Canadian Pacific Kansas City 0.04% 59,500 $4.7M Add +17.8%
ICE Intercontinental Exchange Inc. 0.04% 28,870 $4.5M Add +38.3%
WRB WR Berkley Corp. filed as BERKLEY W R CORP 0.03% 60,750 $4.0M No change
BC Brunswick Corp. 0.03% 51,250 $3.7M Add +7.3%
MGM MGM Resorts International 0.03% 87,500 $3.2M No change
EXP Eagle Materials Inc. 0.02% 14,750 $2.8M No change
AYI Acuity Inc. 0.02% 9,750 $2.7M No change
SYY Sysco Corp. 0.02% 30,500 $2.2M No change
DPZ Domino's Pizza Inc. 0.02% 5,500 $2.0M No change
BRO Brown & Brown Inc. 0.01% 14,000 $913K Add +27.3%
WY Weyerhaeuser Co. 0.00% 17,500 $428K New

Portfolio Sells Q4 2025 → Q1 2026
SPGI S&P Global Inc. Reduce -21.9% 0.42% −0.21
TGT Target Corp. Sold out 0.00% −0.10
CHH Choice Hotels Intl Inc. Sold out 0.00% −0.09
UNH Unitedhealth Group Inc. Reduce -29.4% 0.04% −0.03
TRU Transunion Sold out 0.00% −0.00

Portfolio Buys Q4 2025 → Q1 2026
SUNB Sunbelt Rentals Holdings Inc. New 0.53% +0.53
FNV Franco-Nevada Corp. Add +3.7% 1.47% +0.34
WSO Watsco Inc. Add +0.8% 1.77% +0.22
ODFL Old Dominion Freight Line Add +1.8% 0.70% +0.18
LIN Linde PLC Add +2.3% 0.85% +0.17
LMT Lockheed Martin Corp. Add +1.1% 0.33% +0.08
MELI MercadoLibre Inc. New 0.08% +0.08
EPD Enterprise Products Partners New 0.06% +0.06
TSN Tyson Foods Inc. Class A Add +0.6% 0.48% +0.06
CSX CSX Corp. Add +20.4% 0.18% +0.06
NSC Norfolk Southern Corp. Add +3.3% 0.68% +0.05
LOW Lowe's Cos Inc. Add +0.5% 1.46% +0.05
YUM Yum! Brands Inc. Add +8.3% 0.32% +0.05
UNP Union Pacific Corp. Add +6.4% 0.31% +0.04
FERG Ferguson Enterprises Inc. Add +4.4% 0.33% +0.04
APD Air Products & Chemicals Inc. Add +5.6% 0.18% +0.04
MAR Marriott International Class A Add +4.5% 0.26% +0.03
AMAT Applied Materials Inc. Add +6.6% 0.10% +0.03
HSY The Hershey Co. Add +11.1% 0.13% +0.03
XOM Exxon Mobil Corp. Add +23.7% 0.07% +0.03
HCA HCA Healthcare Inc. Add +2.2% 0.33% +0.03
CME Cme Group Inc. Add +8.7% 0.12% +0.02
CBOE Cboe Global Markets Inc. Add +4.7% 0.10% +0.02
HII Huntington Ingalls Industrie Add +7.8% 0.09% +0.02
LAMR Lamar Advertising Co. Class A Add +4.3% 0.20% +0.02
BNY Bank of New York Mellon Corp. Add +2.5% 0.12% +0.01
ICE Intercontinental Exchange Inc. Add +38.3% 0.04% +0.01
CNI Canadian Natl Railway Co. Add +20.2% 0.05% +0.01
CCK Crown Holdings Inc. Add +3.8% 0.18% +0.01
CP Canadian Pacific Kansas City Add +17.8% 0.04% +0.01
WY Weyerhaeuser Co. New 0.00% +0.00
BC Brunswick Corp. Add +7.3% 0.03% +0.00
BRO Brown & Brown Inc. Add +27.3% 0.01% +0.00
ABNB Airbnb Inc. Class A Add +0.9% 0.26% −0.00
UBER Uber Technologies Inc. Add +1.8% 0.09% −0.01
NSP Insperity Inc. Add +18.6% 0.04% −0.01
SCHW Schwab (charles) Corp. Add +0.6% 1.09% −0.01
AON Aon PLC Class A Add +1.3% 0.37% −0.01
TMO Thermo Fisher Scientific Inc. Add +6.8% 0.28% −0.01
MRSH Marsh & McLennan Cos Add +0.2% 1.11% −0.02
NVR NVR Inc. Add +0.7% 0.67% −0.03
FDS Factset Research Systems Inc. Add +11.1% 0.25% −0.04
ROL Rollins Inc. Add +0.6% 0.67% −0.04
DEO Diageo PLC-Sponsored ADR Add +0.0% 0.86% −0.09
AXP American Express Co. Add +0.4% 1.24% −0.20
V Visa Inc. Class A Add +0.5% 2.54% −0.25
MSFT Microsoft Corp. Add +0.4% 1.67% −0.40

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