Markel Group

Q2 2026 13F · by Tom Gayner, CEO

As of: Jun 30, 2026
Filed: Jul 31, 2026
US stock: $13.1B · prev $11.9B
Positions: 130 · prev 129
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%

Moves32 since the prior filing

−0.2 pp in · −0.1 pp out

New 3 +0.06 pp
Added 24 −0.28 pp
Trimmed 3 +0.02 pp
Exited 2 −0.13 pp

The book

Focused · behaves like 37 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Low turnover · 1.1% a year, more than 30 years per position

Low
Moderate
High

Top 5 positions28% of US stock

Positions130 in this filing · 2 exited


GOOGAlphabet Inc. Class C	7.40%	2,749,860	$972M	held	—	46 q
BRK.ABerkshire Hathaway Inc.	6.35%	1,114	$834M	held	—	46 q
BRK.BBERKSHIRE HATHAWAY Class B	5.84%	1,531,971	$767M	held	—	46 q
BNBrookfield Corporation	4.24%	13,073,609	$557M	held	—	15 q
DEDeere & Company	4.24%	877,900	$557M	held	—	46 q
AMZNAmazon.Com Inc	3.69%	2,030,760	$484M	held	—	43 q
ADIAnalog Devices, Inc.	3.02%	999,671	$397M	trimmed−2%	+0.29 pp	42 q
GSGoldman Sachs Group Inc.	2.77%	359,360	$363M	held	—	42 q
AAPLApple Inc.	2.70%	1,227,290	$355M	held	—	45 q
CATCaterpillar Inc.	2.67%	328,650	$350M	held	—	46 q
VVISA Inc.	2.65%	1,013,912	$348M	added+1%	+0.11 pp	46 q
HDHome Depot, Inc.	2.48%	922,500	$325M	added0%	−0.05 pp	46 q
WSOWatsco, Inc.	1.90%	597,750	$249M	added+3%	+0.13 pp	46 q
TXNTexas Instruments Incorporated	1.64%	724,000	$216M	held	—	42 q
BLKBlackrock, Inc.	1.61%	220,200	$212M	held	—	7 q
GOOGLAlphabet Inc. Class A	1.56%	572,000	$204M	held	—	43 q
MSFTMicrosoft Corp	1.53%	537,630	$201M	held	—	43 q
DISThe Walt Disney Company	1.49%	2,031,665	$196M	held	—	46 q
AXPAmerican Express Company	1.26%	490,450	$166M	held	—	46 q
LOWLowe's Companies Inc.	1.26%	751,980	$166M	added+2%	−0.20 pp	46 q
PGRProgressive Corporation	1.25%	753,750	$165M	held	—	34 q
FNVFranco-Nevada Corporation	1.23%	773,500	$161M	added+9%	−0.24 pp	9 q
LPLALPL Financial Holdings Inc.	1.20%	559,951	$158M	held	—	15 q
JNJJohnson & Johnson	1.18%	610,800	$155M	held	—	46 q
BXBlackstone Inc.	1.10%	1,229,000	$145M	held	—	46 q
RLIRLI Corp.	1.08%	2,394,544	$141M	held	—	46 q
GDGeneral Dynamics Corporation	1.05%	391,000	$139M	held	—	46 q
NVONovo-Nordisk A/S	1.05%	2,869,774	$138M	held	—	46 q
KKRKKR & Co. Inc.	1.01%	1,451,800	$133M	held	—	32 q
METAMeta Platforms, Inc. Class A	1.00%	234,163	$132M	trimmed−6%	−0.19 pp	43 q
SCHWThe Charles Schwab Corporation	0.98%	1,394,800	$129M	added+1%	−0.11 pp	46 q
MRSHMarsh	0.97%	763,500	$127M	held	—	46 q
APOApollo Global Management, Inc.	0.91%	1,012,500	$120M	held	—	18 q
ADMArcher Daniels Midland Company	0.88%	1,505,800	$115M	held	—	46 q
LINLinde plc	0.85%	215,600	$112M	added+5%	0.00 pp	14 q
DEODiageo plc	0.84%	1,372,208	$110M	held	—	46 q
MAMastercard Incorporated	0.81%	207,540	$107M	held	—	46 q
DGDollar General Corp.	0.76%	869,250	$100M	held	—	20 q
BAMBrookfield Asset Management Ltd.	0.75%	2,193,953	$98M	held	—	15 q
HEI.AHeico Corp Cl A	0.75%	379,644	$98M	held	—	41 q
MCOMoody's Corporation	0.74%	213,890	$97M	held	—	46 q
ODFLOld Dominion Freight Line	0.71%	429,150	$93M	held	—	17 q
NSCNorfolk Southern Corp.	0.68%	282,500	$89M	held	—	46 q
ITWIllinois Tool Works Inc.	0.67%	327,500	$89M	held	—	46 q
JPMJPMorgan Chase & Co.	0.63%	252,550	$83M	held	—	45 q
NVRNVR, Inc.	0.63%	12,097	$82M	added0%	−0.04 pp	31 q
MSCIMSCI, Inc.	0.61%	142,850	$80M	held	—	46 q
ECLEcolab, Inc.	0.58%	274,300	$76M	held	—	46 q
ROKRockwell Automation, Inc.	0.58%	154,900	$77M	held	—	45 q
SUNBSunbelt Rentals Holdings, Inc.	0.56%	974,361	$73M	added+1%	+0.03 pp	2 q
SBUXStarbucks Corp	0.49%	623,818	$64M	held	—	39 q
ROLRollins, Inc.	0.48%	1,516,525	$63M	added+1%	−0.19 pp	46 q
THGThe Hanover Insurance Group, Inc.	0.46%	281,000	$60M	held	—	18 q
ITICInvestors Title Co	0.44%	213,300	$58M	held	—	46 q
CGThe Carlyle Group Inc.	0.43%	1,327,000	$56M	held	—	26 q
TSNTyson Foods, Inc.	0.40%	913,500	$52M	added+3%	−0.08 pp	39 q
SPGIS&P Global Inc.	0.37%	117,690	$48M	held	—	41 q
AONAon plc Class A	0.34%	135,800	$45M	held	—	23 q
FERGFerguson Enterprises Inc.	0.33%	180,200	$43M	added+6%	0.00 pp	8 q
UNPUnion Pacific Corp.	0.33%	161,028	$44M	added+7%	+0.02 pp	43 q
CSCOCisco Systems, Inc. (DE)	0.32%	355,500	$42M	held	—	42 q
RTXRTX Corporation	0.32%	224,000	$42M	held	—	7 q
MELIMercado Libre, Inc	0.31%	24,000	$41M	added×4.4	+0.23 pp	2 q
YUMYum! Brands, Inc.	0.30%	245,213	$39M	held	—	10 q
ALLThe Allstate Corporation	0.28%	154,550	$37M	held	—	23 q
COSTCostco Wholesale Corp	0.28%	39,150	$37M	held	—	46 q
MARMarriott International Class A	0.28%	99,500	$37M	added+6%	+0.02 pp	10 q
TMOThermo Fisher Scientific, Inc.	0.28%	73,100	$37M	added+9%	0.00 pp	19 q
HGTYHagerty, Inc.	0.27%	3,108,000	$36M	held	—	13 q
TROWT Rowe Price Group Inc	0.27%	314,000	$36M	held	—	46 q
URIUnited Rentals, Inc.	0.27%	31,150	$35M	held	—	12 q
ABNBAirbnb, Inc. Class A	0.26%	242,389	$35M	held	—	8 q
HCAHCA Healthcare, Inc.	0.25%	84,366	$33M	added+2%	−0.08 pp	12 q
LMTLockheed Martin Corp.	0.25%	65,213	$33M	held	—	22 q
SHWThe Sherwin-Williams Company	0.25%	94,172	$32M	held	—	31 q
FDSFactset Research Systems	0.24%	135,376	$31M	held	—	46 q
LAMRLamar Advertising Co	0.23%	193,000	$30M	held	—	26 q
CSXCSX Corporation	0.21%	584,500	$28M	added+10%	+0.03 pp	5 q
VRSKVerisk Analytics, Inc.	0.21%	155,950	$28M	held	—	46 q
APDAir Products & Chemicals, Inc.	0.20%	88,500	$26M	added+17%	+0.02 pp	10 q
AMATApplied Materials Inc	0.20%	36,350	$26M	held	—	5 q
FIXComfort Systems USA, Inc.	0.20%	13,000	$26M	held	—	11 q
CCKCrown Holdings Inc.	0.19%	220,000	$25M	held	—	32 q
BF.ABrown-Forman Corporation Class A	0.18%	843,000	$23M	held	—	46 q
RNRRenaissanceRe Holdings Ltd.	0.17%	70,000	$22M	held	—	16 q
EPDEnterprise Products Partners L.P.	0.16%	569,000	$21M	added×2.8	+0.10 pp	2 q
PMPhilip Morris International Inc.	0.16%	114,500	$21M	held	—	46 q
CMCSAComcast Corp	0.15%	802,074	$20M	trimmed−17%	−0.08 pp	41 q
ACNAccenture PLC	0.15%	159,400	$20M	held	—	46 q
BNYBank of New York Mellon Corporation	0.14%	124,500	$18M	held	—	29 q
COFCapital One Financial	0.14%	91,000	$18M	held	—	15 q
HXLHexcel Corporation	0.14%	189,000	$19M	held	—	39 q
NKENike, Inc.	0.14%	447,400	$18M	held	—	46 q
CARRCarrier Global Corporation	0.13%	235,000	$17M	held	—	25 q
WFCWells Fargo & Co.	0.13%	204,450	$17M	held	—	33 q
SEICSEI Investments Co	0.12%	173,200	$15M	held	—	46 q
PAYXPaychex Inc	0.11%	150,000	$15M	held	—	46 q
BF.BBrown-Forman Corporation Class B	0.10%	474,187	$13M	held	—	46 q
HSYThe Hershey Company	0.10%	75,000	$13M	held	—	10 q
PEPPepsiCo, Inc.	0.10%	96,210	$13M	held	—	46 q
EFXEquifax, Incorporated	0.09%	72,850	$12M	held	—	31 q
SHOPShopify Inc. Class A subordinate voting shares	0.09%	102,750	$12M	held	—	18 q
SPOTSpotify Technology S.A.	0.09%	25,900	$12M	held	—	20 q
CBOECboe Global Markets, Inc.	0.08%	43,700	$11M	held	—	6 q
CMECME Group Inc.	0.08%	49,750	$11M	held	—	7 q
UBERUber Technologies, Inc.	0.08%	142,500	$10M	held	—	13 q
IQVIQVIA Holdings Inc.	0.07%	46,900	$9M	held	—	14 q
OTISOtis Worldwide Corporation	0.07%	133,620	$10M	added+17%	0.00 pp	25 q
XOMExxon Mobil Corp	0.06%	56,100	$8M	added+19%	−0.01 pp	4 q
HIIHuntington Ingalls Industries, Inc.	0.06%	27,500	$8M	held	—	7 q
NSPInsperity, Inc	0.06%	181,336	$7M	held	—	10 q
CNICanadian National Railway	0.05%	53,500	$6M	held	—	4 q
CPCanadian Pacific Kansas City Limited	0.05%	73,000	$6M	added+23%	+0.01 pp	4 q
KMXCarMax Inc.	0.05%	136,500	$7M	held	—	15 q
GHCGraham Holdings Company	0.05%	5,200	$6M	held	—	46 q
SONYSony Group Corporation	0.05%	335,000	$7M	held	—	18 q
EMNEastman Chemical Company	0.04%	74,950	$5M	held	—	26 q
ZTSZoetis Inc.	0.04%	66,195	$5M	new	+0.04 pp	new
AYIAcuity Inc.	0.03%	9,750	$4M	held	—	7 q
WRBW.R. Berkley Corporation	0.03%	60,750	$4M	held	—	37 q
BCBrunswick Corporation	0.03%	51,250	$4M	held	—	8 q
EXPEagle Materials, Inc.	0.03%	14,750	$3M	held	—	6 q
ICEIntercontinental Exchange Inc.	0.03%	28,870	$4M	held	—	22 q
MGMMgm Resorts International	0.03%	87,500	$4M	held	—	7 q
NFLXNetFlix Inc	0.02%	40,000	$3M	new	+0.02 pp	new
SYYSysco Corporation	0.02%	30,500	$3M	held	—	6 q
WYWeyerhaeuser Company	0.02%	120,000	$3M	added×6.9	+0.02 pp	2 q
BROBrown & Brown, Inc.	0.01%	14,000	$898,100	held	—	3 q
DPZDomino's Pizza Inc.	0.01%	5,500	$2M	held	—	8 q
UFPIUFP Industries, Inc.	0.00%	4,000	$362,960	new	0.00 pp	new
SMGThe Scotts Miracle-Gro Company	—	−168,000	—	exited	−0.09 pp	—
UNHUNITEDHEALTH GROUP INCORPORATED (Delaware)	—	−18,700	—	exited	−0.04 pp	—