Thomas Gayner
Portfolio value$13.1B
Positions130
QuarterQ2 2026ended 2026-06-30
Filed07/312026
Markel Group Inc.'s Q2 2026 13F, filed Jul 31, 2026, reports 130 positions worth $13.1B. The ten largest are 42.9% of the book, led by Alphabet (Class C) at 7.4%, Berkshire Hathaway Inc Del at 6.4% and Berkshire Hathaway at 5.8%. Against Q1 2026: 3 bought, 24 added to, 3 reduced, 2 sold; the largest moves were added MercadoLibre (+340%) and added Franco Nev Corp (+9%).
Where the money is
GOOGBRK/ABRK/BDEBN120 other
Holdings
| Ticker | Issuer | Weight | Value | Q-end → now | Price vs model | Change |
|---|---|---|---|---|---|---|
| GOOG | Alphabet INC | 7.4% | $971.6M2.7M sh | 353.33 → −5% | 49% overvalued | held |
| BRK/A | Berkshire Hathaway INC Del | 6.4% | $834.2M1,114 sh | 748,850.00 | — | held |
| BRK/B | Berkshire Hathaway INC Del | 5.8% | $766.6M1.5M sh | 500.39 → +6% | 21% overvalued | held |
| DE | Deere & CO | 4.2% | $556.9M877,900 sh | 634.33 → +1% | 80% overvalued | held |
| BN | Brookfield Corp | 4.2% | $556.8M13.1M sh | 42.59 | — | held |
| AMZN | Amazon Com INC | 3.7% | $484.0M2.0M sh | 238.34 → +5% | 182% overvalued | held |
| ADI | Analog Devices INC | 3.0% | $397.0M999,671 sh | 397.17 → −0% | 99% overvalued | reduced −2% |
| GS | Goldman Sachs Group INC | 2.8% | $363.4M359,360 sh | 1,011.37 → −13% | at model | held |
| AAPL | Apple INC | 2.7% | $355.1M1.2M sh | 289.36 → +19% | 114% overvalued | held |
| CAT | Caterpillar INC | 2.7% | $350.0M328,650 sh | 1,064.90 → −31% | 180% overvalued | held |
| V | Visa INC | 2.6% | $347.9M1.0M sh | 343.09 → +17% | 40% overvalued | added +1% |
| HD | Home Depot INC | 2.5% | $325.3M922,500 sh | 352.68 → −12% | 34% overvalued | added +0% |
| WSO | Watsco INC | 1.9% | $249.1M597,750 sh | 416.73 | — | added +3% |
| TXN | Texas Instrs INC | 1.6% | $215.8M724,000 sh | 298.07 → −7% | 131% overvalued | held |
| BLK | Blackrock INC | 1.6% | $211.7M220,200 sh | 961.56 → +18% | 23% overvalued | held |
| GOOGL | Alphabet INC | 1.6% | $204.4M572,000 sh | 357.37 → −5% | 51% overvalued | held |
| MSFT | Microsoft Corp | 1.5% | $200.5M537,630 sh | 373.02 → +42% | 10% overvalued | held |
| DIS | Disney Walt CO | 1.5% | $195.5M2.0M sh | 96.25 → +15% | 9% undervalued | held |
| AXP | American Express CO | 1.3% | $165.9M490,450 sh | 338.25 → −7% | 23% overvalued | held |
| LOW | Lowes Cos INC | 1.3% | $165.8M751,980 sh | 220.49 → −10% | 12% undervalued | added +2% |
| PGR | Progressive Corp | 1.3% | $164.7M753,750 sh | 218.45 → +0% | 11% undervalued | held |
| FNV | Franco Nev Corp | 1.2% | $161.2M773,500 sh | 208.44 | — | added +9% |
| LPLA | Lpl Finl Hldgs INC | 1.2% | $157.7M559,951 sh | 281.68 | — | held |
| JNJ | Johnson & Johnson | 1.2% | $155.1M610,800 sh | 253.97 → +1% | 36% undervalued | held |
| BX | Blackstone INC | 1.1% | $144.6M1.2M sh | 117.67 → −9% | 13% undervalued | held |
| RLI | Rli Corp | 1.1% | $141.4M2.4M sh | 59.07 | — | held |
| GD | General Dynamics Corp | 1.1% | $138.5M391,000 sh | 354.24 → −3% | 12% undervalued | held |
| NVO | Novo-nordisk A S | 1.0% | $137.6M2.9M sh | 47.94 | — | held |
| KKR | Kkr & CO INC | 1.0% | $133.2M1.5M sh | 91.78 → −6% | 17% undervalued | held |
| META | Meta Platforms INC | 1.0% | $131.9M234,163 sh | 563.29 → +26% | 10% overvalued | reduced −6% |
| SCHW | Schwab Charles Corp | 1.0% | $128.7M1.4M sh | 92.27 → −0% | 43% undervalued | added +1% |
| MRSH | Marsh & Mclennan Cos INC | 1.0% | $127.3M763,500 sh | 166.67 → +13% | 17% undervalued | held |
| APO | Apollo Global Mgmt INC | 0.9% | $119.8M1.0M sh | 118.31 → −6% | 44% undervalued | held |
| ADM | Archer Daniels Midland CO | 0.9% | $115.0M1.5M sh | 76.40 → +8% | 68% overvalued | held |
| LIN | Linde PLC | 0.9% | $111.9M215,600 sh | 518.94 → −4% | 72% overvalued | added +5% |
| DEO | Diageo PLC | 0.8% | $110.3M1.4M sh | 80.38 | — | held |
| MA | Mastercard Incorporated | 0.8% | $106.6M207,540 sh | 513.60 → +20% | 15% overvalued | held |
| DG | Dollar Gen Corp | 0.8% | $100.1M869,250 sh | 115.11 → +17% | 20% undervalued | held |
| BAM | Brookfield Asset Managmt LTD | 0.7% | $98.4M2.2M sh | 44.85 | — | held |
| HEI/A | Heico Corp New | 0.7% | $97.9M379,644 sh | 257.91 | — | held |
| MCO | Moodys Corp | 0.7% | $96.9M213,890 sh | 452.92 → +7% | 100% overvalued | held |
| ODFL | Old Dominion Freight Line In | 0.7% | $93.0M429,150 sh | 216.60 → −13% | 135% overvalued | held |
| NSC | Norfolk Southn Corp | 0.7% | $88.9M282,500 sh | 314.59 → +4% | 54% overvalued | held |
| ITW | Illinois Tool Wks INC | 0.7% | $88.6M327,500 sh | 270.47 → +1% | 64% overvalued | held |
| JPM | Jpmorgan Chase & CO | 0.6% | $82.7M252,550 sh | 327.33 → +4% | 11% overvalued | held |
| NVR | Nvr INC | 0.6% | $82.4M12,097 sh | 6,813.40 → −13% | 31% undervalued | added +0% |
| MSCI | Msci INC | 0.6% | $80.0M142,850 sh | 560.04 → +2% | 65% overvalued | held |
| ROK | Rockwell Automation INC | 0.6% | $76.7M154,900 sh | 495.08 → −14% | 168% overvalued | held |
| ECL | Ecolab INC | 0.6% | $76.4M274,300 sh | 278.61 → +4% | 90% overvalued | held |
| SUNB | Sunbelt Rentals Holdings INC | 0.6% | $72.9M974,361 sh | 74.81 | — | added +1% |
| SBUX | Starbucks Corp | 0.5% | $63.7M623,818 sh | 102.19 → −5% | 391% overvalued | held |
| ROL | Rollins INC | 0.5% | $63.3M1.5M sh | 41.74 → −20% | 25% overvalued | added +1% |
| THG | Hanover Ins Group INC | 0.5% | $60.2M281,000 sh | 214.12 | — | held |
| ITIC | Investors Title CO Nc | 0.4% | $58.4M213,300 sh | 273.68 | — | held |
| CG | Carlyle Group INC | 0.4% | $55.9M1.3M sh | 42.11 | — | held |
| TSN | Tyson Foods INC | 0.4% | $52.3M913,500 sh | 57.25 → −4% | 18% overvalued | added +3% |
| SPGI | S&p Global INC | 0.4% | $47.9M117,690 sh | 407.26 → +5% | 39% overvalued | held |
| AON | Aon PLC | 0.3% | $45.0M135,800 sh | 331.69 → −12% | 19% undervalued | held |
| UNP | Union Pac Corp | 0.3% | $43.8M161,028 sh | 272.00 → +6% | 23% overvalued | added +7% |
| FERG | Ferguson Enterprises INC | 0.3% | $42.8M180,200 sh | 237.33 → −2% | 37% overvalued | added +6% |
| RTX | Rtx Corporation | 0.3% | $42.5M224,000 sh | 189.73 → +2% | 9% overvalued | held |
| CSCO | Cisco Sys INC | 0.3% | $41.8M355,500 sh | 117.46 → −9% | 62% overvalued | held |
| MELI | Mercadolibre INC | 0.3% | $40.7M24,000 sh | 1,697.39 → +8% | 861% overvalued | added +340% |
| YUM | Yum Brands INC | 0.3% | $39.2M245,213 sh | 159.86 → −6% | 14% undervalued | held |
| MAR | Marriott Intl INC New | 0.3% | $36.9M99,500 sh | 370.59 → +5% | 115% overvalued | added +6% |
| ALL | Allstate Corp | 0.3% | $36.8M154,550 sh | 237.94 → +4% | 8% undervalued | held |
| TMO | Thermo Fisher Scientific INC | 0.3% | $36.6M73,100 sh | 501.36 → +38% | 78% overvalued | added +9% |
| COST | Costco Wholesale Corporation | 0.3% | $36.6M39,150 sh | 935.47 → +6% | 145% overvalued | held |
| HGTY | Hagerty INC | 0.3% | $35.9M3.1M sh | 11.55 | — | held |
| TROW | Price T Rowe Group INC | 0.3% | $35.7M314,000 sh | 113.69 → −11% | 36% undervalued | held |
| URI | United Rentals INC | 0.3% | $35.3M31,150 sh | 1,132.89 → −9% | 4% undervalued | held |
| ABNB | Airbnb INC | 0.3% | $34.7M242,389 sh | 143.10 → +21% | 93% overvalued | held |
| LMT | Lockheed Martin Corp | 0.3% | $33.2M65,213 sh | 509.46 → +8% | 14% overvalued | held |
| HCA | Hca Healthcare INC | 0.3% | $32.9M84,366 sh | 389.89 → +18% | 29% undervalued | added +2% |
| SHW | Sherwin Williams CO | 0.2% | $32.4M94,172 sh | 344.32 → −3% | 76% overvalued | held |
| FDS | Factset Resh Sys INC | 0.2% | $31.1M135,376 sh | 230.08 → +31% | 18% overvalued | held |
| LAMR | Lamar Advertising CO | 0.2% | $30.1M193,000 sh | 155.98 | — | held |
| VRSK | Verisk Analytics INC | 0.2% | $28.0M155,950 sh | 179.53 → +6% | 11% overvalued | held |
| CSX | Csx Corp | 0.2% | $27.8M584,500 sh | 47.53 → +2% | 94% overvalued | added +10% |
| AMAT | Applied Matls INC | 0.2% | $26.3M36,350 sh | 723.00 → −43% | 89% overvalued | held |
| APD | Air Products And Chemicals I | 0.2% | $25.9M88,500 sh | 293.18 → +2% | 9% overvalued | added +17% |
| FIX | Comfort Sys Usa INC | 0.2% | $25.8M13,000 sh | 1,981.95 → −27% | 66% overvalued | held |
| CCK | Crown Hldgs INC | 0.2% | $24.6M220,000 sh | 111.82 | — | held |
| BF/A | Brown Forman Corp | 0.2% | $23.1M843,000 sh | 27.36 | — | held |
| RNR | Renaissancere Hldgs LTD | 0.2% | $22.2M70,000 sh | 316.90 | — | held |
| EPD | Enterprise Prods Partners L | 0.2% | $20.9M569,000 sh | 36.76 | — | added +182% |
| PM | Philip Morris Intl INC | 0.2% | $20.7M114,500 sh | 180.91 → +13% | 19% overvalued | held |
| ACN | Accenture PLC Ireland | 0.2% | $19.8M159,400 sh | 124.44 → +85% | 13% undervalued | held |
| CMCSA | Comcast Corp New | 0.1% | $19.7M802,074 sh | 24.55 → −11% | 83% undervalued | reduced −17% |
| HXL | Hexcel Corp New | 0.1% | $18.9M189,000 sh | 100.06 | — | held |
| NKE | Nike INC | 0.1% | $18.4M447,400 sh | 41.05 → −10% | 16% overvalued | held |
| COF | Capital One Finl Corp | 0.1% | $18.3M91,000 sh | 200.62 → +1% | 10% overvalued | held |
| BNY | Bank New York Mellon Corp | 0.1% | $18.0M124,500 sh | 144.61 → −1% | 57% overvalued | held |
| CARR | Carrier Global Corporation | 0.1% | $17.2M235,000 sh | 73.35 → −25% | 51% overvalued | held |
| WFC | Wells Fargo & CO | 0.1% | $16.9M204,450 sh | 82.64 → +1% | 6% undervalued | held |
| SEIC | Sei Invts CO | 0.1% | $15.2M173,200 sh | 87.71 | — | held |
| PAYX | Paychex INC | 0.1% | $14.7M150,000 sh | 98.33 → +14% | 10% overvalued | held |
| HSY | Hershey CO | 0.1% | $13.2M75,000 sh | 175.45 → −3% | 22% overvalued | held |
| PEP | Pepsico INC | 0.1% | $13.0M96,210 sh | 135.40 → −3% | 3% undervalued | held |
| BF/B | Brown Forman Corp | 0.1% | $12.6M474,187 sh | 26.65 → +8% | 9% undervalued | held |
Source: the manager's Form 13F-HR on SEC EDGAR, kept as immutable quarterly snapshots; changes compare two consecutive filings. A 13F is filed up to 45 days after quarter end and covers US-listed long positions only. Tickers come from a self-maintained CUSIP map; a position without one shows its CUSIP. Method notes in where the numbers come from.