---
title: Thomas Gayner (Markel Group Inc.) — 13F holdings
canonical: https://sweetvaluelab.com/investors/thomas-gayner
cik: 0001096343
quarter: 2026-06-30
filed: 2026-07-31
---
# Thomas Gayner — Markel Group Inc.

Latest 13F for the quarter ended Jun 30, 2026, filed Jul 31, 2026: 130 positions worth $13.1B. Against the quarter ended Mar 31, 2026: 3 bought, 24 added to, 100 unchanged, 3 reduced, 2 sold. The top five are 28% of the portfolio, the top ten 43%; 96 of the positions have a research page on this site.

## Holdings

| Ticker | Issuer | Shares | Value | % of portfolio | Change this quarter |
| --- | --- | ---: | ---: | ---: | --- |
| GOOG | ALPHABET INC | 2,749,860 | $971.6M | 7.4% | held (0%) |
| BRK/A | BERKSHIRE HATHAWAY INC DEL | 1,114 | $834.2M | 6.4% | held (0%) |
| BRK/B | BERKSHIRE HATHAWAY INC DEL | 1,531,971 | $766.6M | 5.8% | held (0%) |
| DE | DEERE & CO | 877,900 | $556.9M | 4.2% | held (0%) |
| BN | BROOKFIELD CORP | 13,073,609 | $556.8M | 4.2% | held (0%) |
| AMZN | AMAZON COM INC | 2,030,760 | $484.0M | 3.7% | held (0%) |
| ADI | ANALOG DEVICES INC | 999,671 | $397.0M | 3.0% | reduced (-2%) |
| GS | GOLDMAN SACHS GROUP INC | 359,360 | $363.4M | 2.8% | held (0%) |
| AAPL | APPLE INC | 1,227,290 | $355.1M | 2.7% | held (0%) |
| CAT | CATERPILLAR INC | 328,650 | $350.0M | 2.7% | held (0%) |
| V | VISA INC | 1,013,912 | $347.9M | 2.6% | added (+1%) |
| HD | HOME DEPOT INC | 922,500 | $325.3M | 2.5% | added (+0%) |
| WSO | WATSCO INC | 597,750 | $249.1M | 1.9% | added (+3%) |
| TXN | TEXAS INSTRS INC | 724,000 | $215.8M | 1.6% | held (0%) |
| BLK | BLACKROCK INC | 220,200 | $211.7M | 1.6% | held (0%) |
| GOOGL | ALPHABET INC | 572,000 | $204.4M | 1.6% | held (0%) |
| MSFT | MICROSOFT CORP | 537,630 | $200.5M | 1.5% | held (0%) |
| DIS | DISNEY WALT CO | 2,031,665 | $195.5M | 1.5% | held (0%) |
| AXP | AMERICAN EXPRESS CO | 490,450 | $165.9M | 1.3% | held (0%) |
| LOW | LOWES COS INC | 751,980 | $165.8M | 1.3% | added (+2%) |
| PGR | PROGRESSIVE CORP | 753,750 | $164.7M | 1.3% | held (0%) |
| FNV | FRANCO NEV CORP | 773,500 | $161.2M | 1.2% | added (+9%) |
| LPLA | LPL FINL HLDGS INC | 559,951 | $157.7M | 1.2% | held (0%) |
| JNJ | JOHNSON & JOHNSON | 610,800 | $155.1M | 1.2% | held (0%) |
| BX | BLACKSTONE INC | 1,229,000 | $144.6M | 1.1% | held (0%) |
| RLI | RLI CORP | 2,394,544 | $141.4M | 1.1% | held (0%) |
| GD | GENERAL DYNAMICS CORP | 391,000 | $138.5M | 1.1% | held (0%) |
| NVO | NOVO-NORDISK A S | 2,869,774 | $137.6M | 1.0% | held (0%) |
| KKR | KKR & CO INC | 1,451,800 | $133.2M | 1.0% | held (0%) |
| META | META PLATFORMS INC | 234,163 | $131.9M | 1.0% | reduced (-6%) |
| SCHW | SCHWAB CHARLES CORP | 1,394,800 | $128.7M | 1.0% | added (+1%) |
| MRSH | MARSH & MCLENNAN COS INC | 763,500 | $127.3M | 1.0% | held (0%) |
| APO | APOLLO GLOBAL MGMT INC | 1,012,500 | $119.8M | 0.9% | held (0%) |
| ADM | ARCHER DANIELS MIDLAND CO | 1,505,800 | $115.0M | 0.9% | held (0%) |
| LIN | LINDE PLC | 215,600 | $111.9M | 0.9% | added (+5%) |
| DEO | DIAGEO PLC | 1,372,208 | $110.3M | 0.8% | held (0%) |
| MA | MASTERCARD INCORPORATED | 207,540 | $106.6M | 0.8% | held (0%) |
| DG | DOLLAR GEN CORP | 869,250 | $100.1M | 0.8% | held (0%) |
| BAM | BROOKFIELD ASSET MANAGMT LTD | 2,193,953 | $98.4M | 0.7% | held (0%) |
| HEI/A | HEICO CORP NEW | 379,644 | $97.9M | 0.7% | held (0%) |
| MCO | MOODYS CORP | 213,890 | $96.9M | 0.7% | held (0%) |
| ODFL | OLD DOMINION FREIGHT LINE IN | 429,150 | $93.0M | 0.7% | held (0%) |
| NSC | NORFOLK SOUTHN CORP | 282,500 | $88.9M | 0.7% | held (0%) |
| ITW | ILLINOIS TOOL WKS INC | 327,500 | $88.6M | 0.7% | held (0%) |
| JPM | JPMORGAN CHASE & CO | 252,550 | $82.7M | 0.6% | held (0%) |
| NVR | NVR INC | 12,097 | $82.4M | 0.6% | added (+0%) |
| MSCI | MSCI INC | 142,850 | $80.0M | 0.6% | held (0%) |
| ROK | ROCKWELL AUTOMATION INC | 154,900 | $76.7M | 0.6% | held (0%) |
| ECL | ECOLAB INC | 274,300 | $76.4M | 0.6% | held (0%) |
| SUNB | SUNBELT RENTALS HOLDINGS INC | 974,361 | $72.9M | 0.6% | added (+1%) |
| SBUX | STARBUCKS CORP | 623,818 | $63.7M | 0.5% | held (0%) |
| ROL | ROLLINS INC | 1,516,525 | $63.3M | 0.5% | added (+1%) |
| THG | HANOVER INS GROUP INC | 281,000 | $60.2M | 0.5% | held (0%) |
| ITIC | INVESTORS TITLE CO NC | 213,300 | $58.4M | 0.4% | held (0%) |
| CG | CARLYLE GROUP INC | 1,327,000 | $55.9M | 0.4% | held (0%) |
| TSN | TYSON FOODS INC | 913,500 | $52.3M | 0.4% | added (+3%) |
| SPGI | S&P GLOBAL INC | 117,690 | $47.9M | 0.4% | held (0%) |
| AON | AON PLC | 135,800 | $45.0M | 0.3% | held (0%) |
| UNP | UNION PAC CORP | 161,028 | $43.8M | 0.3% | added (+7%) |
| FERG | FERGUSON ENTERPRISES INC | 180,200 | $42.8M | 0.3% | added (+6%) |
| RTX | RTX CORPORATION | 224,000 | $42.5M | 0.3% | held (0%) |
| CSCO | CISCO SYS INC | 355,500 | $41.8M | 0.3% | held (0%) |
| MELI | MERCADOLIBRE INC | 24,000 | $40.7M | 0.3% | added (+340%) |
| YUM | YUM BRANDS INC | 245,213 | $39.2M | 0.3% | held (0%) |
| MAR | MARRIOTT INTL INC NEW | 99,500 | $36.9M | 0.3% | added (+6%) |
| ALL | ALLSTATE CORP | 154,550 | $36.8M | 0.3% | held (0%) |
| TMO | THERMO FISHER SCIENTIFIC INC | 73,100 | $36.6M | 0.3% | added (+9%) |
| COST | COSTCO WHOLESALE CORPORATION | 39,150 | $36.6M | 0.3% | held (0%) |
| HGTY | HAGERTY INC | 3,108,000 | $35.9M | 0.3% | held (0%) |
| TROW | PRICE T ROWE GROUP INC | 314,000 | $35.7M | 0.3% | held (0%) |
| URI | UNITED RENTALS INC | 31,150 | $35.3M | 0.3% | held (0%) |
| ABNB | AIRBNB INC | 242,389 | $34.7M | 0.3% | held (0%) |
| LMT | LOCKHEED MARTIN CORP | 65,213 | $33.2M | 0.3% | held (0%) |
| HCA | HCA HEALTHCARE INC | 84,366 | $32.9M | 0.3% | added (+2%) |
| SHW | SHERWIN WILLIAMS CO | 94,172 | $32.4M | 0.2% | held (0%) |
| FDS | FACTSET RESH SYS INC | 135,376 | $31.1M | 0.2% | held (0%) |
| LAMR | LAMAR ADVERTISING CO | 193,000 | $30.1M | 0.2% | held (0%) |
| VRSK | VERISK ANALYTICS INC | 155,950 | $28.0M | 0.2% | held (0%) |
| CSX | CSX CORP | 584,500 | $27.8M | 0.2% | added (+10%) |
| AMAT | APPLIED MATLS INC | 36,350 | $26.3M | 0.2% | held (0%) |
| APD | AIR PRODUCTS AND CHEMICALS I | 88,500 | $25.9M | 0.2% | added (+17%) |
| FIX | COMFORT SYS USA INC | 13,000 | $25.8M | 0.2% | held (0%) |
| CCK | CROWN HLDGS INC | 220,000 | $24.6M | 0.2% | held (0%) |
| BF/A | BROWN FORMAN CORP | 843,000 | $23.1M | 0.2% | held (0%) |
| RNR | RENAISSANCERE HLDGS LTD | 70,000 | $22.2M | 0.2% | held (0%) |
| EPD | ENTERPRISE PRODS PARTNERS L | 569,000 | $20.9M | 0.2% | added (+182%) |
| PM | PHILIP MORRIS INTL INC | 114,500 | $20.7M | 0.2% | held (0%) |
| ACN | ACCENTURE PLC IRELAND | 159,400 | $19.8M | 0.2% | held (0%) |
| CMCSA | COMCAST CORP NEW | 802,074 | $19.7M | 0.1% | reduced (-17%) |
| HXL | HEXCEL CORP NEW | 189,000 | $18.9M | 0.1% | held (0%) |
| NKE | NIKE INC | 447,400 | $18.4M | 0.1% | held (0%) |
| COF | CAPITAL ONE FINL CORP | 91,000 | $18.3M | 0.1% | held (0%) |
| BNY | BANK NEW YORK MELLON CORP | 124,500 | $18.0M | 0.1% | held (0%) |
| CARR | CARRIER GLOBAL CORPORATION | 235,000 | $17.2M | 0.1% | held (0%) |
| WFC | WELLS FARGO & CO | 204,450 | $16.9M | 0.1% | held (0%) |
| SEIC | SEI INVTS CO | 173,200 | $15.2M | 0.1% | held (0%) |
| PAYX | PAYCHEX INC | 150,000 | $14.7M | 0.1% | held (0%) |
| HSY | HERSHEY CO | 75,000 | $13.2M | 0.1% | held (0%) |
| PEP | PEPSICO INC | 96,210 | $13.0M | 0.1% | held (0%) |
| BF/B | BROWN FORMAN CORP | 474,187 | $12.6M | 0.1% | held (0%) |
| SPOT | SPOTIFY TECHNOLOGY S A | 25,900 | $11.9M | 0.1% | held (0%) |
| SHOP | SHOPIFY INC | 102,750 | $11.7M | 0.1% | held (0%) |
| EFX | EQUIFAX INC | 72,850 | $11.6M | 0.1% | held (0%) |
| CME | CME GROUP INC | 49,750 | $11.0M | 0.1% | held (0%) |
| CBOE | CBOE GLOBAL MKTS INC | 43,700 | $10.6M | 0.1% | held (0%) |
| UBER | UBER TECHNOLOGIES INC | 142,500 | $10.3M | 0.1% | held (0%) |
| OTIS | OTIS WORLDWIDE CORP | 133,620 | $9.6M | 0.1% | added (+17%) |
| IQV | IQVIA HLDGS INC | 46,900 | $9.1M | 0.1% | held (0%) |
| HII | HUNTINGTON INGALLS INDS INC | 27,500 | $7.7M | 0.1% | held (0%) |
| XOM | EXXON MOBIL CORP | 56,100 | $7.7M | 0.1% | added (+19%) |
| NSP | INSPERITY INC | 181,336 | $7.5M | 0.1% | held (0%) |
| KMX | CARMAX INC | 136,500 | $7.2M | 0.1% | held (0%) |
| SONY | SONY GROUP CORP | 335,000 | $6.7M | 0.1% | held (0%) |
| CNI | CANADIAN NATL RY CO | 53,500 | $6.4M | 0.0% | held (0%) |
| CP | CANADIAN PACIFIC KANSAS CITY | 73,000 | $6.3M | 0.0% | added (+23%) |
| GHC | GRAHAM HLDGS CO | 5,200 | $5.9M | 0.0% | held (0%) |
| EMN | EASTMAN CHEM CO | 74,950 | $5.0M | 0.0% | held (0%) |
| ZTS | ZOETIS INC | 66,195 | $4.8M | 0.0% | bought |
| BC | BRUNSWICK CORP | 51,250 | $4.3M | 0.0% | held (0%) |
| WRB | BERKLEY W R CORP | 60,750 | $4.3M | 0.0% | held (0%) |
| MGM | MGM RESORTS INTERNATIONAL | 87,500 | $4.2M | 0.0% | held (0%) |
| AYI | ACUITY INC | 9,750 | $3.7M | 0.0% | held (0%) |
| ICE | INTERCONTINENTAL EXCHANGE IN | 28,870 | $3.6M | 0.0% | held (0%) |
| EXP | EAGLE MATLS INC | 14,750 | $3.3M | 0.0% | held (0%) |
| WY | WEYERHAEUSER CO | 120,000 | $2.9M | 0.0% | added (+586%) |
| NFLX | NETFLIX INC. | 40,000 | $2.9M | 0.0% | bought |
| SYY | SYSCO CORP | 30,500 | $2.5M | 0.0% | held (0%) |
| DPZ | DOMINOS PIZZA INC | 5,500 | $1.6M | 0.0% | held (0%) |
| BRO | BROWN & BROWN INC | 14,000 | $898,100 | 0.0% | held (0%) |
| UFPI | UFP INDUSTRIES INC | 4,000 | $362,960 | 0.0% | bought |

## Largest moves this quarter

| Ticker | Issuer | Shares now | Shares before | Change | Bought / sold at reported prices | Value |
| --- | --- | ---: | ---: | --- | ---: | ---: |
| MELI | MERCADOLIBRE INC | 24,000 | 5,450 | added (+340%) | +$31.5M | $40.7M |
| FNV | FRANCO NEV CORP | 773,500 | 708,500 | added (+9%) | +$13.5M | $161.2M |
| EPD | ENTERPRISE PRODS PARTNERS L | 569,000 | 202,000 | added (+182%) | +$13.5M | $20.9M |
| SMG | SCOTTS MIRACLE-GRO CO | 0 | 168,000 | sold | −$10.2M | $0 |
| ADI | ANALOG DEVICES INC | 999,671 | 1,023,245 | reduced (-2%) | −$9.4M | $397.0M |
| META | META PLATFORMS INC | 234,163 | 248,303 | reduced (-6%) | −$8.0M | $131.9M |
| WSO | WATSCO INC | 597,750 | 582,169 | added (+3%) | +$6.5M | $249.1M |

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Source: https://sweetvaluelab.com/investors/thomas-gayner (SweetValueLab, free, no account). Holdings from SEC Form 13F-HR filings; tickers resolved from CUSIPs. Values as reported by the filer. Research and educational data, not investment advice; nothing here is a recommendation to buy, sell or hold any security.