Markel Group

Q1 2026 13F · by Tom Gayner, CEO

As of: Mar 31, 2026
Filed: May 1, 2026
US stock: $11.9B · prev $12.5B
Positions: 129 · prev 128
Options notional: $0
Documents: 1· no amendments

Picture100.0% US stock

Full picture · of what this 13F reports is US stock

US stock listed on a US exchange 100.0%
Foreign stock not listed in the US 0.0%
Notes debt, at principal 0.0%
Puts at notional value 0.0%
Calls at notional value 0.0%

Moves52 since the prior filing

+1.2 pp in · −0.4 pp out

New 4 +0.67 pp
Added 43 +0.57 pp
Trimmed 2 −0.24 pp
Exited 3 −0.19 pp

The book

Focused · behaves like 38 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Low turnover · 1.4% a year, more than 30 years per position

Low
Moderate
High

Top 5 positions28% of US stock

BRK.A Berkshire Hathaway Inc. held held6.7%
GOOG Alphabet Inc. Class C held held6.6%
BRK.B BERKSHIRE HATHAWAY Class B held held6.2%
BN Brookfield Corporation held held4.4%
DE Deere & Company held held4.1%

Positions129 in this filing · 3 exited


BRK.ABerkshire Hathaway Inc.	6.70%	1,114	$800M	held	—	45 q
GOOGAlphabet Inc. Class C	6.61%	2,749,860	$789M	held	—	45 q
BRK.BBERKSHIRE HATHAWAY Class B	6.15%	1,531,971	$734M	held	—	45 q
BNBrookfield Corporation	4.43%	13,073,609	$529M	held	—	14 q
DEDeere & Company	4.14%	877,900	$495M	held	—	45 q
AMZNAmazon.Com Inc	3.54%	2,030,760	$423M	held	—	42 q
ADIAnalog Devices, Inc.	2.73%	1,023,245	$326M	held	—	41 q
AAPLApple Inc.	2.61%	1,227,290	$311M	held	—	44 q
GSGoldman Sachs Group Inc.	2.55%	359,360	$304M	held	—	41 q
VVISA Inc.	2.54%	1,004,331	$304M	added+1%	−0.25 pp	45 q
HDHome Depot, Inc.	2.53%	920,000	$303M	held	—	45 q
CATCaterpillar Inc.	1.95%	328,650	$233M	held	—	45 q
BLKBlackrock, Inc.	1.77%	220,200	$212M	held	—	6 q
WSOWatsco, Inc.	1.77%	582,169	$212M	added+1%	+0.22 pp	45 q
MSFTMicrosoft Corp	1.67%	537,630	$199M	added0%	−0.40 pp	42 q
DISThe Walt Disney Company	1.64%	2,031,665	$196M	held	—	45 q
FNVFranco-Nevada Corporation	1.47%	708,500	$175M	added+4%	+0.34 pp	8 q
LOWLowe's Companies Inc.	1.46%	738,480	$174M	added+1%	+0.05 pp	45 q
LPLALPL Financial Holdings Inc.	1.41%	559,951	$168M	held	—	14 q
GOOGLAlphabet Inc. Class A	1.38%	572,000	$164M	held	—	42 q
JNJJohnson & Johnson	1.25%	610,800	$149M	held	—	45 q
PGRProgressive Corporation	1.25%	753,750	$149M	held	—	33 q
AXPAmerican Express Company	1.24%	490,450	$148M	added0%	−0.20 pp	45 q
METAMeta Platforms, Inc. Class A	1.19%	248,303	$142M	held	—	42 q
BXBlackstone Inc.	1.18%	1,229,000	$141M	held	—	45 q
TXNTexas Instruments Incorporated	1.18%	724,000	$141M	held	—	41 q
RLIRLI Corp.	1.14%	2,394,544	$137M	held	—	45 q
GDGeneral Dynamics Corporation	1.12%	391,000	$134M	held	—	45 q
KKRKKR & Co. Inc.	1.12%	1,451,800	$134M	held	—	31 q
MRSHMarsh	1.11%	763,500	$132M	added0%	−0.02 pp	45 q
SCHWThe Charles Schwab Corporation	1.09%	1,383,800	$130M	added+1%	−0.01 pp	45 q
APOApollo Global Management, Inc.	0.94%	1,012,500	$113M	held	—	17 q
ADMArcher Daniels Midland Company	0.92%	1,505,800	$109M	held	—	45 q
NVONovo-Nordisk A/S	0.88%	2,869,774	$105M	held	—	45 q
MAMastercard Incorporated	0.87%	207,540	$104M	held	—	45 q
DEODiageo plc	0.86%	1,372,208	$102M	added0%	−0.08 pp	45 q
DGDollar General Corp.	0.86%	869,250	$103M	held	—	19 q
LINLinde plc	0.85%	204,600	$101M	added+2%	+0.17 pp	13 q
BAMBrookfield Asset Management Ltd.	0.82%	2,193,953	$98M	held	—	14 q
MCOMoody's Corporation	0.78%	213,890	$93M	held	—	45 q
ITWIllinois Tool Works Inc.	0.71%	327,500	$85M	held	—	45 q
ODFLOld Dominion Freight Line	0.70%	429,150	$84M	added+2%	+0.17 pp	16 q
NSCNorfolk Southern Corp.	0.68%	282,500	$81M	added+3%	+0.05 pp	45 q
HEI.AHeico Corp Cl A	0.67%	379,644	$80M	held	—	40 q
NVRNVR, Inc.	0.67%	12,087	$80M	added+1%	−0.03 pp	30 q
ROLRollins, Inc.	0.67%	1,498,025	$80M	added+1%	−0.04 pp	45 q
MSCIMSCI, Inc.	0.64%	142,850	$77M	held	—	45 q
JPMJPMorgan Chase & Co.	0.62%	252,550	$74M	held	—	44 q
ECLEcolab, Inc.	0.61%	274,300	$73M	held	—	45 q
CGThe Carlyle Group Inc.	0.54%	1,327,000	$64M	held	—	25 q
SUNBSunbelt Rentals Holdings, Inc.	0.53%	963,361	$63M	new	+0.53 pp	new
TSNTyson Foods, Inc.	0.48%	889,500	$57M	added+1%	+0.07 pp	38 q
ROKRockwell Automation, Inc.	0.47%	154,900	$56M	held	—	44 q
SBUXStarbucks Corp	0.47%	623,818	$56M	held	—	38 q
SPGIS&P Global Inc.	0.42%	117,690	$50M	trimmed−22%	−0.21 pp	40 q
THGThe Hanover Insurance Group, Inc.	0.41%	281,000	$49M	held	—	17 q
ITICInvestors Title Co	0.39%	213,300	$46M	held	—	45 q
AONAon plc Class A	0.37%	135,800	$44M	added+1%	−0.01 pp	22 q
RTXRTX Corporation	0.36%	224,000	$43M	held	—	6 q
COSTCostco Wholesale Corp	0.33%	39,150	$39M	held	—	45 q
FERGFerguson Enterprises Inc.	0.33%	170,700	$40M	added+4%	+0.04 pp	7 q
HCAHCA Healthcare, Inc.	0.33%	82,430	$39M	added+2%	+0.03 pp	11 q
LMTLockheed Martin Corp.	0.33%	65,213	$39M	added+1%	+0.08 pp	21 q
YUMYum! Brands, Inc.	0.32%	245,213	$38M	added+8%	+0.05 pp	9 q
UNPUnion Pacific Corp.	0.31%	150,278	$36M	added+6%	+0.05 pp	42 q
TMOThermo Fisher Scientific, Inc.	0.28%	67,100	$33M	added+7%	−0.01 pp	18 q
ALLThe Allstate Corporation	0.27%	154,550	$32M	held	—	22 q
HGTYHagerty, Inc.	0.27%	3,108,000	$33M	held	—	12 q
ABNBAirbnb, Inc. Class A	0.26%	242,389	$31M	added+1%	0.00 pp	7 q
MARMarriott International Class A	0.26%	93,750	$31M	added+4%	+0.04 pp	9 q
ACNAccenture PLC	0.26%	159,400	$32M	held	—	45 q
FDSFactset Research Systems	0.25%	135,376	$29M	added+11%	−0.03 pp	45 q
SHWThe Sherwin-Williams Company	0.25%	94,172	$30M	held	—	30 q
VRSKVerisk Analytics, Inc.	0.25%	155,950	$30M	held	—	45 q
TROWT Rowe Price Group Inc	0.24%	314,000	$28M	held	—	45 q
CSCOCisco Systems, Inc. (DE)	0.23%	355,500	$28M	held	—	41 q
CMCSAComcast Corp	0.23%	961,880	$28M	held	—	40 q
LAMRLamar Advertising Co	0.20%	193,000	$24M	added+4%	+0.01 pp	25 q
NKENike, Inc.	0.20%	447,400	$24M	held	—	45 q
BF.ABrown-Forman Corporation Class A	0.19%	843,000	$23M	held	—	45 q
URIUnited Rentals, Inc.	0.19%	31,150	$23M	held	—	11 q
APDAir Products & Chemicals, Inc.	0.18%	75,500	$22M	added+6%	+0.04 pp	9 q
CSXCSX Corporation	0.18%	530,000	$22M	added+20%	+0.05 pp	4 q
CCKCrown Holdings Inc.	0.18%	220,000	$22M	added+4%	+0.01 pp	31 q
RNRRenaissanceRe Holdings Ltd.	0.17%	70,000	$21M	held	—	15 q
PMPhilip Morris International Inc.	0.16%	114,500	$19M	held	—	45 q
FIXComfort Systems USA, Inc.	0.15%	13,000	$18M	held	—	10 q
COFCapital One Financial	0.14%	91,000	$17M	held	—	14 q
WFCWells Fargo & Co.	0.14%	204,450	$16M	held	—	32 q
HSYThe Hershey Company	0.13%	75,000	$16M	added+11%	+0.03 pp	9 q
HXLHexcel Corporation	0.13%	189,000	$15M	held	—	38 q
PEPPepsiCo, Inc.	0.13%	96,210	$15M	held	—	45 q
BNYBank of New York Mellon Corporation	0.12%	124,500	$15M	added+2%	+0.01 pp	28 q
CMECME Group Inc.	0.12%	49,750	$15M	added+9%	+0.02 pp	6 q
PAYXPaychex Inc	0.12%	150,000	$14M	held	—	45 q
BF.BBrown-Forman Corporation Class B	0.11%	474,187	$13M	held	—	45 q
CARRCarrier Global Corporation	0.11%	235,000	$13M	held	—	24 q
EFXEquifax, Incorporated	0.11%	72,850	$13M	held	—	30 q
SEICSEI Investments Co	0.11%	173,200	$14M	held	—	45 q
SPOTSpotify Technology S.A.	0.11%	25,900	$13M	held	—	19 q
AMATApplied Materials Inc	0.10%	36,350	$12M	added+7%	+0.03 pp	4 q
CBOECboe Global Markets, Inc.	0.10%	43,700	$12M	added+5%	+0.02 pp	5 q
SHOPShopify Inc. Class A subordinate voting shares	0.10%	102,750	$12M	held	—	17 q
HIIHuntington Ingalls Industries, Inc.	0.09%	27,500	$10M	added+8%	+0.02 pp	6 q
SMGThe Scotts Miracle-Gro Company	0.09%	168,000	$10M	held	—	17 q
UBERUber Technologies, Inc.	0.09%	142,500	$10M	added+2%	0.00 pp	12 q
MELIMercado Libre, Inc	0.08%	5,450	$9M	new	+0.08 pp	new
XOMExxon Mobil Corp	0.07%	47,000	$8M	added+24%	+0.03 pp	3 q
IQVIQVIA Holdings Inc.	0.07%	46,900	$8M	held	—	13 q
OTISOtis Worldwide Corporation	0.07%	114,620	$9M	held	—	24 q
EPDEnterprise Products Partners L.P.	0.06%	202,000	$8M	new	+0.06 pp	new
SONYSony Group Corporation	0.06%	335,000	$7M	held	—	17 q
CNICanadian National Railway	0.05%	53,500	$5M	added+20%	+0.01 pp	3 q
KMXCarMax Inc.	0.05%	136,500	$6M	held	—	14 q
EMNEastman Chemical Company	0.05%	74,950	$6M	held	—	25 q
GHCGraham Holdings Company	0.05%	5,200	$5M	held	—	45 q
CPCanadian Pacific Kansas City Limited	0.04%	59,500	$5M	added+18%	+0.01 pp	3 q
NSPInsperity, Inc	0.04%	181,336	$5M	added+19%	−0.01 pp	9 q
ICEIntercontinental Exchange Inc.	0.04%	28,870	$5M	added+38%	+0.01 pp	21 q
UNHUNITEDHEALTH GROUP INCORPORATED (Delaware)	0.04%	18,700	$5M	trimmed−29%	−0.03 pp	11 q
WRBW.R. Berkley Corporation	0.03%	60,750	$4M	held	—	36 q
BCBrunswick Corporation	0.03%	51,250	$4M	added+7%	0.00 pp	7 q
MGMMgm Resorts International	0.03%	87,500	$3M	held	—	6 q
AYIAcuity Inc.	0.02%	9,750	$3M	held	—	6 q
DPZDomino's Pizza Inc.	0.02%	5,500	$2M	held	—	7 q
EXPEagle Materials, Inc.	0.02%	14,750	$3M	held	—	5 q
SYYSysco Corporation	0.02%	30,500	$2M	held	—	5 q
BROBrown & Brown, Inc.	0.01%	14,000	$912,940	added+27%	0.00 pp	2 q
WYWeyerhaeuser Company	0.00%	17,500	$427,525	new	0.00 pp	new
TGTTarget Corporation	—	−133,000	—	exited	−0.10 pp	—
CHHChoice Hotels Intnl.	—	−115,500	—	exited	−0.09 pp	—
TRUTransUnion	—	−2,000	—	exited	0.00 pp	—