SEC 13F Intelligence

Notable Investors / Q1 2026

Tom Gayner’s Portfolio — MARKEL GROUP INC.

CEO, Markel Group

CIK 0001096343 · 4521 HIGHWOODS PARKWAY, GLEN ALLEN, VA, 23060-6148 · 8047470136

About Tom Gayner

Tom Gayner is CEO of Markel Group, the specialty insurer long described as a 'baby Berkshire,' where he has directed the public equity portfolio for three decades with a simple filter: profitable businesses with good returns on capital, honest management, reinvestment runway, and a fair price.

Markel's 13F is a diversified compounders portfolio — Berkshire Hathaway itself, Brookfield, Alphabet, Deere, home-builders — bought steadily and essentially never sold, funded by insurance float in the classic model.

Portfolio data below is from MARKEL GROUP INC.’s SEC 13F filings. View the full filer page →

Reported Value
$11.9B
Q1 2026
Positions
205
Filings on Record
32
2019–present window
Filed
May 1, 2026
original filing

Summary

Markel Group Inc. reported $11.9B in U.S.-listed holdings across 205 positions for Q1 2026.

Its largest position, GOOG, represents 5.9% of the portfolio.

Compared with Q4 2025, the fund opened 4 new positions and exited 3.

Portfolio Metrics

Turnover
+4.1%
vs prior filed quarter
Top-10 Concentration
+34.9%
share of reported value
Largest Position
+5.9%
Alphabet
New / Exited
4 / 3
positions this quarter

Methodology: turnover is min(value bought, value sold) ÷ average reported value across the two quarters — value-based, so market moves inflate it slightly versus a share-based measure. Concentration and largest position are shares of the filing’s total reported value, options excluded. New/exited counts compare against the prior filed quarter. All figures derive solely from the fund’s 13F filings.

Reported Value by Quarter

13F Reported Value
Q4 ’18: $5.2BQ4 ’18Q1 ’19: $6.0BQ2 ’19: $6.5BQ3 ’19: $6.6BQ4 ’19: $7.2BQ4 ’19Q1 ’20: $5.3BQ2 ’20: $5.4BQ3 ’20: $5.9BQ4 ’20: $6.7BQ4 ’20Q1 ’21: $7.2BQ2 ’21: $7.9BQ3 ’21: $7.9BQ4 ’21: $8.7BQ4 ’21Q1 ’22: $8.4BQ2 ’22: $7.0BQ3 ’22: $6.8BQ4 ’22: $7.5BQ4 ’22Q1 ’23: $7.9BQ2 ’23: $8.4BQ3 ’23: $8.3BQ4 ’23: $9.2BQ4 ’23Q1 ’24: $10.1BQ2 ’24: $10.2BQ3 ’24: $11.1BQ4 ’24: $11.3BQ4 ’24Q1 ’25: $11.3BQ2 ’25: $11.8BQ3 ’25: $12.3BQ4 ’25: $12.5BQ4 ’25Q1 ’26: $11.9Bfilingsflow.com

Portfolio Composition

By security type
Common Stock: 96.2%ADR: 1.8%Other: 1.8%REIT: 0.2%MLP: 0.1%
  • Common Stock · 96.2% · $11.5B
  • ADR · 1.8% · $215M
  • Other · 1.8% · $210M
  • REIT · 0.2% · $25M
  • MLP · 0.1% · $8M

Quarter-over-Quarter Changes full breakdown →

vs Q4 2025 (amended baseline)

IssuerMoveShare ΔShares nowValue ΔValue now
SUNBSUNBELT RENTALS HOLDINGS INCNEW+963.4K963.4K+$63M$63M
MLB1MERCADOLIBRE INCNEW+5.5K5.5K+$9M$9M
EPDENTERPRISE PRODS PARTNERS LNEW+202.0K202.0K+$8M$8M
WYWEYERHAEUSER CO MTN BENEW+17.5K17.5K+$427,525$427,525
DYHTARGET CORPSOLD OUT−133.0K0−$13M$0
CHHCHOICE HOTELS INTL INCSOLD OUT−115.5K0−$11M$0
TRUTRANSUNIONSOLD OUT−2.0K0−$171,500$0
ICEINTERCONTINENTAL EXCHANGE INADDED+8.0K28.9K+$1M$5M

Value changes conflate price moves with buying and selling — share changes are the real signal. Share counts are not split-adjusted.

Holdings — Q1 2026

43 positions
Export to Excel
#IssuerClass% PortfolioValue ↓Shares
1BRK/BBERKSHIRE HATHAWAY INC DELCL B NEW · CL A12.85%$1.5B1.53M
2GOOGALPHABET INCCAP STK CL C · CAP STK CL A7.81%$933M3.25M
3BNBROOKFIELD CORPhistory →CL A LTD VT SH4.43%$529M13.07M
4DEDEERE & COhistory →COM4.14%$495M877.9K
5AMZNAMAZON COM INChistory →COM3.28%$392M1.88M
6ADIANALOG DEVICES INChistory →COM2.70%$322M1.01M
7HDHOME DEPOT INChistory →COM2.53%$303M920.0K
8AAPLAPPLE INChistory →COM2.51%$299M1.18M
9GSGOLDMAN SACHS GROUP INChistory →COM2.38%$284M335.7K
10VVISA INChistory →COM CL A2.35%$281M928.2K
11CATCATERPILLAR INChistory →COM1.89%$226M318.6K
12BLKBLACKROCK INChistory →COM1.68%$200M208.2K
13WSOWATSCO INChistory →COM1.65%$197M540.6K
14MSFTMICROSOFT CORPhistory →COM1.59%$190M514.0K
15FNVFRANCO NEV CORPhistory →COM1.47%$175M708.5K
16LPLALPL FINL HLDGS INChistory →COM1.41%$168M557.7K
17LOWLOWES COS INChistory →COM1.34%$160M676.7K
18DISDISNEY WALT COhistory →COM1.27%$152M1.58M
19AXPAMERICAN EXPRESS COhistory →COM1.22%$145M480.4K
20JNJJOHNSON & JOHNSONhistory →COM1.20%$143M584.1K
21TXNTEXAS INSTRS INChistory →COM1.18%$141M724.0K
22PGRPROGRESSIVE CORPhistory →COM1.15%$138M693.8K
23BXBLACKSTONE INChistory →COM1.15%$137M1.19M
24KKRKKR & CO INChistory →COM1.11%$133M1.43M
25METAMETA PLATFORMS INChistory →CL A1.09%$130M226.7K
26MRSHMARSH & MCLENNAN COS INChistory →COM1.08%$129M743.0K
27RLIRLI CORPhistory →COM1.05%$126M2.20M
28GDGENERAL DYNAMICS CORPhistory →COM1.00%$119M347.0K
29SCHWSCHWAB CHARLES CORPhistory →COM0.99%$118M1.25M
30APOAPOLLO GLOBAL MGMT INChistory →COM0.92%$110M990.0K
31DGDOLLAR GEN CORP NEWhistory →COM0.86%$103M865.8K
32LINDE PLCSHS0.82%$98M197.2K
33ADMARCHER DANIELS MIDLAND COhistory →COM0.81%$97M1.34M
34MAMASTERCARD INCORPORATEDhistory →CL A0.78%$94M187.6K
35DUTMOODYS CORPhistory →COM0.70%$84M192.8K
36ODFLOLD DOMINION FREIGHT LINE INhistory →COM0.69%$83M423.1K
37ITWILLINOIS TOOL WKS INChistory →COM0.68%$81M310.6K
38NVRNVR INChistory →COM0.66%$78M11.9K
39HEI/AHEICO CORP NEWhistory →CL A0.65%$78M367.4K
40ROLROLLINS INChistory →COM0.64%$77M1.44M
41MSCIMSCI INChistory →COM0.64%$76M141.8K
42JPMJPMORGAN CHASE & CO.history →COM0.62%$74M252.6K
43NSCNORFOLK SOUTHN CORPhistory →COM0.61%$73M253.5K

Filing History

QuarterReported ValuePositionsFiledTypeLinks
Q1 2026$11.9B205May 1, 202613F-HRchanges · EDGAR ↗
Q4 2025$12.5B205Feb 6, 202613F-HRchanges · EDGAR ↗
Q3 2025$12.3B208Oct 31, 202513F-HRchanges · EDGAR ↗
Q2 2025$11.8B218Aug 1, 202513F-HRchanges · EDGAR ↗
Q1 2025$11.3B217May 2, 202513F-HRchanges · EDGAR ↗
Q4 2024$11.3B214Feb 7, 202513F-HRchanges · EDGAR ↗
Q3 2024$11.1B216Nov 1, 202413F-HRchanges · EDGAR ↗
Q2 2024$10.2B222Aug 2, 202413F-HRchanges · EDGAR ↗
Q1 2024$10.1B219May 3, 202413F-HRchanges · EDGAR ↗
Q4 2023$9.2B216Feb 2, 202413F-HRchanges · EDGAR ↗
Q3 2023$8.3B226Nov 3, 202313F-HRchanges · EDGAR ↗
Q2 2023$8.4B226Aug 4, 202313F-HRchanges · EDGAR ↗
Q1 2023$7.9B226Apr 28, 202313F-HRchanges · EDGAR ↗
Q4 2022$7.5B231Feb 3, 202313F-HRchanges · EDGAR ↗
Q3 2022$6.8B211Nov 4, 202213F-HRchanges · EDGAR ↗
Q2 2022$7.0B212Aug 5, 202213F-HRchanges · EDGAR ↗
Q1 2022$8.4B204Apr 29, 202213F-HRchanges · EDGAR ↗
Q4 2021$8.7B200Feb 4, 202213F-HRchanges · EDGAR ↗
Q3 2021$7.9B210Nov 5, 202113F-HRchanges · EDGAR ↗
Q2 2021$7.9B212Aug 6, 202113F-HRchanges · EDGAR ↗
Q1 2021$7.2B205Apr 30, 202113F-HRchanges · EDGAR ↗
Q4 2020$6.7B203Feb 5, 202113F-HRchanges · EDGAR ↗
Q3 2020$5.9B201Oct 30, 202013F-HRchanges · EDGAR ↗
Q2 2020$5.4B201Aug 3, 202013F-HRchanges · EDGAR ↗
Q1 2020$5.3B234May 1, 202013F-HRchanges · EDGAR ↗
Q4 2019$7.2B245Feb 7, 202013F-HRchanges · EDGAR ↗
Q3 2019$6.6B243Nov 1, 201913F-HRchanges · EDGAR ↗
Q2 2019$6.5B247Aug 2, 201913F-HRchanges · EDGAR ↗
Q1 2019$6.0B243May 3, 201913F-HRchanges · EDGAR ↗
Q4 2018$5.2B242Feb 8, 201913F-HRchanges · EDGAR ↗

Other Included Managers

This filing reports holdings on behalf of 1 additional manager.

  • Markel-Gayner Asset Management LLC028-06056

13F filings are due up to 45 days after quarter end, so holdings shown here lag the fund’s current book. Source: original SEC filing on EDGAR ↗.