Thomas Gayner
Q2 2026 versus Q1 2026: 3 bought, 24 added to, 3 reduced, 2 sold. By dollars, the largest buy was MercadoLibre, $31.5M more at the quarter-end price; the largest sale Scotts Miracle-Gro Co, $10.2M less. Net, $77.1M more bought than sold. What every tracked investor did in Q2 2026.
Every move, largest first
| Ticker | Issuer | Move | Shares Q1 2026 → Q2 2026 | Bought / sold | Of the portfolio | Weight now | Price vs model |
|---|---|---|---|---|---|---|---|
| MELI | Mercadolibre INC | added +340% | 5,450 → 24,000 | +$31.5M | +0.24% | 0.3% | 861% overvalued |
| FNV | Franco Nev Corp | added +9% | 708,500 → 773,500 | +$13.5M | +0.10% | 1.2% | — |
| EPD | Enterprise Prods Partners L | added +182% | 202,000 → 569,000 | +$13.5M | +0.10% | 0.2% | — |
| SMG | Scotts Miracle-gro CO | sold | 168,000 → 0 | −$10.2M | −0.08% | — | — |
| ADI | Analog Devices INC | reduced −2% | 1.0M → 999,671 | −$9.4M | −0.07% | 3.0% | 99% overvalued |
| META | Meta Platforms INC | reduced −6% | 248,303 → 234,163 | −$8.0M | −0.06% | 1.0% | 10% overvalued |
| WSO | Watsco INC | added +3% | 582,169 → 597,750 | +$6.5M | +0.05% | 1.9% | — |
| LIN | Linde PLC | added +5% | 204,600 → 215,600 | +$5.7M | +0.04% | 0.9% | 72% overvalued |
| UNH | Unitedhealth Group INC | sold | 18,700 → 0 | −$5.1M | −0.04% | — | — |
| ZTS | Zoetis INC | bought | — → 66,195 | +$4.8M | +0.04% | 0.0% | 37% undervalued |
| CMCSA | Comcast Corp New | reduced −17% | 961,880 → 802,074 | −$3.9M | −0.03% | 0.1% | 83% undervalued |
| APD | Air Products And Chemicals I | added +17% | 75,500 → 88,500 | +$3.8M | +0.03% | 0.2% | 9% overvalued |
| V | Visa INC | added +1% | 1.0M → 1.0M | +$3.3M | +0.03% | 2.6% | 40% overvalued |
| TMO | Thermo Fisher Scientific INC | added +9% | 67,100 → 73,100 | +$3.0M | +0.02% | 0.3% | 78% overvalued |
| LOW | Lowes Cos INC | added +2% | 738,480 → 751,980 | +$3.0M | +0.02% | 1.3% | 12% undervalued |
| UNP | Union Pac Corp | added +7% | 150,278 → 161,028 | +$2.9M | +0.02% | 0.3% | 23% overvalued |
| NFLX | Netflix Inc. | bought | — → 40,000 | +$2.9M | +0.02% | 0.0% | 39% overvalued |
| CSX | Csx Corp | added +10% | 530,000 → 584,500 | +$2.6M | +0.02% | 0.2% | 94% overvalued |
| WY | Weyerhaeuser CO | added +586% | 17,500 → 120,000 | +$2.5M | +0.02% | 0.0% | 3% overvalued |
| FERG | Ferguson Enterprises INC | added +6% | 170,700 → 180,200 | +$2.3M | +0.02% | 0.3% | 37% overvalued |
| MAR | Marriott Intl INC New | added +6% | 93,750 → 99,500 | +$2.1M | +0.02% | 0.3% | 115% overvalued |
| TSN | Tyson Foods INC | added +3% | 889,500 → 913,500 | +$1.4M | +0.01% | 0.4% | 18% overvalued |
| OTIS | Otis Worldwide Corp | added +17% | 114,620 → 133,620 | +$1.4M | +0.01% | 0.1% | 2% overvalued |
| XOM | Exxon Mobil Corp | added +19% | 47,000 → 56,100 | +$1.2M | +0.01% | 0.1% | 13% overvalued |
| CP | Canadian Pacific Kansas City | added +23% | 59,500 → 73,000 | +$1.2M | +0.01% | 0.0% | — |
| SCHW | Schwab Charles Corp | added +1% | 1.4M → 1.4M | +$1.0M | +0.01% | 1.0% | 43% undervalued |
| HD | Home Depot INC | added +0% | 920,000 → 922,500 | +$881,700 | +0.01% | 2.5% | 34% overvalued |
| SUNB | Sunbelt Rentals Holdings INC | added +1% | 963,361 → 974,361 | +$822,910 | +0.01% | 0.6% | — |
| ROL | Rollins INC | added +1% | 1.5M → 1.5M | +$772,190 | +0.01% | 0.5% | 25% overvalued |
| HCA | Hca Healthcare INC | added +2% | 82,430 → 84,366 | +$754,827 | +0.01% | 0.3% | 29% undervalued |
| UFPI | Ufp Industries INC | bought | — → 4,000 | +$362,960 | +0.00% | 0.0% | — |
| NVR | Nvr INC | added +0% | 12,087 → 12,097 | +$68,134 | +0.00% | 0.6% | 31% undervalued |
Bought / sold is the change in shares × the quarter's reported price (value ÷ shares in the filing); a position sold out is priced at the quarter before, since it has no price in this one. “Of the portfolio” is that amount against this quarter's reported book.
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.