Tom Gayner portfolio

Markel Group · 13F for Q3 2026, filed Oct 30, 2026

Markel Group, the insurer Tom Gayner leads, reported 145 positions worth $12.8B as of Sep 30, 2026. The largest were Alphabet Inc. (7.3%), Berkshire Hathaway Inc (6.5%) and Berkshire Hathaway Inc (5.9%). Against Q2 2026: 17 new, 27 added to, 8 reduced, 2 sold out.

The filing on sec.gov · Every fund · What a 13F shows

Reported value: $12.8Bas of Sep 30
Positions: 14517 new, 2 sold out
Largest position: GOOG7.3% of the portfolio
Top 10 positions: 44%of reported value

What Tom Gayner bought

Largest 8 of 44

Position	Change	Value
ZTSZoetis Inc.	+542.5%	$25.1M
Exxonmobil Holdings Ord	New	$9.8M
WSOWatsco Inc	+4.2%	$7.6M
FNVFRANCO NEVADA Corp	+1.8%	$3.2M
HDHome Depot, Inc.	+1.0%	$2.7M
LINLinde Plc	+2.3%	$2.4M
ZBRAZebra Technologies Corp	New	$2.4M
Mobility Global Inc	New	$2.0M

What Tom Gayner sold

Largest 8 of 10

Position	Change	Value
ABNBAirbnb, Inc.	−69.7%	$27.2M
METAMETA Platforms, Inc.	−10.7%	$18.1M
GOOGLAlphabet Inc.	−9.1%	$17.9M
YUMYUM Brands Inc	−42.1%	$14.1M
DEDeere & Co	−1.9%	$11.2M
CMCSAComcast Corp	−64.0%	$11.2M
Exxon Mobil Corp	Sold out	$7.7M
COSTCostco Wholesale Corp	−13.8%	$4.9M

Every position, largest first

145 positions, Q3 2026

#	Position	Portfolio	Value	Shares	Change
1	GOOGAlphabet Inc.	7.30%	$937M	2,749,860	No change
2	BRK-ABerkshire Hathaway Inc	6.48%	$832M	1,114	No change
3	BRK-BBerkshire Hathaway Inc	5.94%	$763M	1,531,971	No change
4	DEDeere & Co	4.50%	$578M	861,150	−1.9%
5	AMZNAmazon.com, Inc.	3.94%	$506M	2,030,760	No change
6	BNBROOKFIELD Corp	3.71%	$477M	13,073,609	No change
7	AAPLApple Inc.	3.18%	$409M	1,227,290	No change
8	ADIAnalog Devices Inc	3.09%	$397M	999,671	No change
9	VVisa Inc.	2.84%	$364M	1,013,912	No change
10	GSGoldman Sachs Group Inc	2.52%	$324M	359,360	No change
11	MSFTMicrosoft Corporation	2.15%	$276M	537,630	No change
12	CATCaterpillar Inc	2.08%	$266M	328,650	No change
13	HDHome Depot, Inc.	2.07%	$265M	932,000	+1.0%
14	BLKBlackRock, Inc.	1.82%	$233M	220,200	No change
15	DISWalt Disney Co	1.67%	$214M	2,039,165	+0.4%
16	TXNTexas Instruments Inc	1.58%	$203M	724,000	No change
17	WSOWatsco Inc	1.47%	$189M	623,010	+4.2%
18	FNVFRANCO NEVADA Corp	1.46%	$187M	787,000	+1.8%
19	GOOGLAlphabet Inc.	1.39%	$179M	519,975	−9.1%
20	LPLALPL Financial Holdings Inc.	1.35%	$173M	566,132	+1.1%
21	JNJJohnson & Johnson	1.26%	$162M	610,800	No change
22	PGRProgressive Corp	1.22%	$156M	753,750	No change
23	METAMETA Platforms, Inc.	1.18%	$152M	209,163	−10.7%
24	AXPAmerican Express Co	1.16%	$149M	490,450	No change
25	LOWLowes Companies Inc	1.09%	$140M	761,480	+1.3%

120 more positions

#	Position	Portfolio	Value	Shares	Change
26	BXBlackstone Inc.	1.07%	$138M	1,229,000	No change
27	SCHWSchwab Charles Corp	1.06%	$136M	1,394,800	No change
28	RLIRLI Corp	1.04%	$134M	2,421,922	+1.1%
29	KKRKKR & Co. Inc.	1.03%	$133M	1,451,800	No change
30	MRSHMarsh & Mclennan Companies, Inc.	1.02%	$130M	763,500	No change
31	GDGeneral Dynamics Corp	1.01%	$130M	391,000	No change
32	ADMArcher-Daniels-Midland Co	0.93%	$120M	1,505,800	No change
33	APOApollo Global Management, Inc.	0.92%	$118M	1,012,500	No change
34	DEODiageo Plc	0.91%	$117M	1,372,208	No change
35	MAMastercard Inc	0.89%	$114M	207,540	No change
36	NVONovo Nordisk A S	0.85%	$109M	2,869,774	No change
37	LINLinde Plc	0.82%	$105M	220,600	+2.3%
38	DGDollar General Corp	0.81%	$104M	869,250	No change
39	MCOMoodys Corp	0.76%	$97.1M	213,890	No change
40	BAMBrookfield Asset Management Ltd.	0.75%	$96.9M	2,173,953	−0.9%
41	NSCNorfolk Southern Corp	0.68%	$87.3M	282,500	No change
42	HEI-AHeico Corp	0.68%	$86.7M	379,644	No change
43	ITWIllinois Tool Works Inc	0.66%	$84.3M	327,500	No change
44	JPMJPMorgan Chase & Co	0.65%	$83.6M	252,550	No change
45	MSCIMSCI Inc.	0.60%	$76.9M	142,850	No change
46	ECLEcolab Inc.	0.59%	$75.3M	274,300	No change
47	NVRNVR Inc	0.58%	$74.9M	12,167	+0.6%
48	ODFLOld Dominion Freight Line, Inc.	0.58%	$74.6M	429,150	No change
49	SUNBSunbelt Rentals Holdings, Inc.	0.56%	$72.0M	983,207	+0.9%
50	ROKRockwell Automation, Inc	0.53%	$67.4M	154,900	No change
51	ITICInvestors Title Co	0.47%	$60.3M	213,300	No change
52	THGHanover Insurance Group, Inc.	0.47%	$60.2M	281,000	No change
53	SBUXStarbucks Corp	0.46%	$58.6M	623,818	No change
54	CGCarlyle Group Inc.	0.41%	$52.6M	1,327,000	No change
55	TMOThermo Fisher Scientific Inc.	0.39%	$50.0M	74,100	+1.4%
56	ROLRollins Inc	0.37%	$47.6M	1,581,025	+4.3%
57	SPGIS&P Global Inc.	0.36%	$46.4M	117,690	No change
58	TSNTyson Foods, Inc.	0.36%	$46.2M	913,500	No change
59	UNPUnion Pacific Corp	0.35%	$45.2M	166,028	+3.1%
60	HGTYHagerty, Inc.	0.33%	$41.8M	3,108,000	No change
61	MELIMercadolibre Inc	0.33%	$41.8M	24,200	+0.8%
62	RTXRTX Corp	0.32%	$41.6M	224,000	No change
63	FERGFerguson Enterprises Inc.	0.32%	$41.0M	184,200	+2.2%
64	CSCOCisco Systems, Inc.	0.30%	$38.3M	355,500	No change
65	AONAON plc	0.29%	$37.6M	135,800	No change
66	FDSFactset Research Systems Inc	0.28%	$36.5M	135,376	No change
67	HCAHCA Healthcare, Inc.	0.28%	$36.3M	84,972	+0.7%
68	MARMarriott International Inc	0.28%	$35.5M	99,750	+0.3%
69	ALLAllstate Corp	0.27%	$34.3M	154,550	No change
70	LMTLockheed Martin Corp	0.26%	$33.2M	65,213	No change
71	TROWPrice T Rowe Group Inc	0.25%	$32.7M	314,000	No change
72	URIUnited Rentals, Inc.	0.24%	$31.2M	31,150	No change
73	COSTCostco Wholesale Corp	0.24%	$30.7M	33,748	−13.8%
74	SHWSherwin Williams Co	0.24%	$30.4M	94,172	No change
75	ZTSZoetis Inc.	0.23%	$29.7M	425,296	+542.5%
76	ACNAccenture plc	0.23%	$29.2M	159,400	No change
77	LAMRLamar Advertising Co	0.22%	$27.8M	193,000	No change
78	CSXCSX Corp	0.22%	$27.8M	597,500	+2.2%
79	VRSKVerisk Analytics, Inc.	0.20%	$26.2M	155,950	No change
80	APDAir Products & Chemicals, Inc.	0.20%	$25.8M	92,750	+4.8%
81	CCKCrown Holdings, Inc.	0.18%	$23.2M	220,000	No change
82	BF-ABrown Forman Corp	0.18%	$22.6M	843,000	No change
83	RNRRenaissancere Holdings Ltd	0.17%	$22.3M	70,000	No change
84	PMPhilip Morris International Inc.	0.17%	$21.8M	114,500	No change
85	EPDEnterprise Products Partners L.P.	0.17%	$21.8M	612,000	+7.6%
86	FIXComfort Systems Usa Inc	0.17%	$21.5M	13,000	No change
87	YUMYUM Brands Inc	0.15%	$19.4M	142,059	−42.1%
88	AMATApplied Materials Inc	0.14%	$18.6M	36,350	No change
89	BNYBank of New York Mellon Corp	0.14%	$18.0M	124,500	No change
90	SEICSei Investments Co	0.14%	$17.8M	173,200	No change
91	COFCapital One Financial Corp	0.14%	$17.6M	91,000	No change
92	WFCWells Fargo & Company	0.13%	$16.4M	204,450	No change
93	HXLHexcel Corp	0.12%	$15.9M	189,000	No change
94	NKENIKE, Inc.	0.12%	$15.8M	447,400	No change
95	SHOPShopify Inc.	0.12%	$15.2M	102,750	No change
96	PAYXPaychex Inc	0.12%	$14.8M	150,000	No change
97	CARRCARRIER GLOBAL Corp	0.10%	$13.2M	240,000	+2.1%
98	CMECME Group Inc.	0.10%	$13.0M	49,750	No change
99	SPOTSpotify Technology S.A.	0.10%	$12.6M	25,900	No change
100	IQVIqvia Holdings Inc.	0.10%	$12.6M	46,900	No change
101	BF-BBrown Forman Corp	0.10%	$12.4M	474,187	No change
102	PEPPepsiCo Inc	0.09%	$12.2M	96,210	No change
103	CBOECBOE Global Markets, Inc.	0.09%	$12.0M	43,700	No change
104	HSYHershey Co	0.09%	$11.8M	75,000	No change
105	ABNBAirbnb, Inc.	0.09%	$11.8M	73,355	−69.7%
106	EFXEquifax Inc	0.08%	$10.0M	72,850	No change
107	Exxonmobil Holdings Ord	0.08%	$9.8M	60,400	New
108	UBERUBER Technologies, Inc	0.08%	$9.8M	142,500	No change
109	OTISOTIS Worldwide Corp	0.07%	$9.4M	145,620	+9.0%
110	NSPInsperity, Inc.	0.07%	$8.4M	181,336	No change
111	SONYSONY Group Corp	0.06%	$7.9M	335,000	No change
112	KMXCarmax Inc	0.06%	$7.5M	136,500	No change
113	HIIHuntington Ingalls Industries, Inc.	0.06%	$7.3M	27,500	No change
114	CPCanadian Pacific Kansas City Ltd	0.05%	$6.8M	79,500	+8.9%
115	CNICanadian National Railway Co	0.05%	$6.4M	53,500	No change
116	CMCSAComcast Corp	0.05%	$6.3M	288,334	−64.0%
117	GHCGraham Holdings Co	0.05%	$5.9M	5,200	No change
118	EMNEastman Chemical Co	0.04%	$4.9M	74,950	No change
119	NFLXNetflix Inc	0.04%	$4.7M	67,500	+68.8%
120	ICEIntercontinental Exchange, Inc.	0.03%	$4.4M	28,870	No change
121	WRBBerkley W R Corp	0.03%	$4.1M	60,750	No change
122	WYWeyerhaeuser Co	0.03%	$3.8M	202,000	+68.3%
123	BCBrunswick Corp	0.03%	$3.3M	51,250	No change
124	AYIAcuity Inc. (De)	0.02%	$3.0M	9,750	No change
125	MGMMGM Resorts International	0.02%	$2.7M	87,500	No change
126	EXPEagle Materials Inc	0.02%	$2.5M	14,750	No change
127	SYYSysco Corp	0.02%	$2.4M	30,500	No change
128	ZBRAZebra Technologies Corp	0.02%	$2.4M	6,300	New
129	Mobility Global Inc	0.02%	$2.0M	117,690	New
130	SLABSilicon Laboratories Inc.	0.01%	$1.8M	8,292	New
131	TYLTyler Technologies Inc	0.01%	$1.7M	5,400	New
132	VGZVista Gold Corp	0.01%	$1.7M	615,000	New
133	DPZDominos Pizza Inc	0.01%	$1.6M	5,500	No change
134	WSCWillScot Holdings Corp	0.01%	$1.5M	90,000	New
135	XPOXPO, Inc.	0.01%	$1.5M	8,674	New
136	XYLXylem Inc.	0.01%	$1.2M	12,283	New
137	WTSWatts Water Technologies Inc	0.01%	$1.2M	3,377	New
138	UFPIUfp Industries Inc	0.01%	$1.1M	14,000	+250.0%
139	VVVValvoline Inc	0.01%	$1.0M	33,760	New
140	XPELXPEL, Inc.	0.01%	$922K	20,872	New
141	TOSTToast, Inc.	0.01%	$783K	27,000	New
142	XRNChiron Real Estate Inc.	0.01%	$752K	21,631	New
143	SITESiteOne Landscape Supply, Inc.	0.01%	$719K	7,956	New
144	CPRTCopart Inc	0.00%	$273K	10,000	New
145	VMCVulcan Materials CO	0.00%	$234K	958	New

What a 13F shows

This is Markel Group’s Form 13F for the quarter ended Sep 30, 2026, filed with the SEC on Oct 30, 2026 as MARKEL GROUP INC.. A 13F lists long positions in US-listed securities on the quarter’s last day: shares, convertible bonds, puts and calls. It does not list short positions, cash, private holdings or most securities listed abroad, and a position may have changed since.

Options are shown as options, never added to the shares of the stock they are written on. A change is the share count against the fund's filing for Q2 2026; the estimated value of a change uses the price the filing's own figures imply. Where a count moved with a stock split, no change is shown.