Thomas Gayner - Markel Group
Period:    Q1 2026
Portfolio date:    31 Mar 2026
No. of stocks:    129
Portfolio value:    $11,938,885,174
Holdings Activity Buys Sells    History
History Stock % of
Portfolio
Recent
Activity
Shares Avg. Buy
Price*
Value Current
Price
+/-
Since
Buy
52
Week
Low
52
Week
High
BRK.A - Berkshire Hathaway CL A 6.70 1,114 $191,751.59 $800,007,960 $744,850.00 288.45% $685,150.00 $775,000.00
GOOG - Alphabet Inc. 6.61 2,749,860 $45.21 $788,824,840 $350.67 675.64% $180.20 $404.23
BRK.B - Berkshire Hathaway CL B 6.15 1,531,971 $82.84 $734,120,503 $496.85 499.74% $455.19 $516.85
BN - Brookfield Corp. 4.43 13,073,609 $20.97 $529,088,957 $43.36 106.74% $37.87 $49.40
DE - Deere & Co. 4.14 877,900 $128.87 $494,521,070 $585.64 354.45% $429.14 $670.49
AMZN - Amazon.com, Inc. 3.54 2,030,760 $51.79 $422,946,385 $247.31 377.53% $196.00 $278.56
ADI - Analog Devices, Inc. 2.73 1,023,245 $102.49 $325,535,164 $386.01 276.62% $215.48 $445.91
AAPL - Apple Inc. 2.61 1,227,290 $44.70 $311,473,930 $317.31 609.85% $200.70 $323.45
GS - The Goldman Sachs Group, Inc. 2.55 359,360 $213.38 $304,014,965 $1,045.91 390.15% $677.66 $1,125.00
V - Visa Inc. 2.54 Add 0.50% 1,004,331 $58.65 $303,549,001 $357.75 510.01% $293.28 $365.02
HD - The Home Depot, Inc. 2.53 920,000 $36.19 $302,578,801 $337.11 831.44% $286.95 $418.06
CAT - Caterpillar Inc. 1.95 328,650 $101.46 $232,835,379 $931.47 818.06% $397.92 $1,073.46
WSO - Watsco, Inc. 1.77 Add 0.78% 582,169 $559.68 $211,787,262 $393.71 -29.65% $317.96 $483.07
BLK - BlackRock, Inc. 1.77 220,200 $354.83 $211,768,543 $1,031.56 190.72% $912.25 $1,200.54
MSFT - Microsoft Corp. 1.67 Add 0.36% 537,630 $116.41 $199,014,496 $390.99 235.88% $349.20 $551.05
DIS - The Walt Disney Co. 1.64 2,031,665 $48.68 $195,811,874 $96.00 97.22% $91.49 $121.64
FNV - Franco-Nevada Corp. 1.47 Add 3.66% 708,500 $143.91 $175,034,926 $200.49 39.31% $152.31 $284.60
LOW - Lowe's Companies, Inc. 1.46 Add 0.54% 738,480 $69.06 $174,488,053 $207.70 200.76% $203.40 $291.66
LPLA - LPL Financial Holdings Inc. 1.41 559,951 $240.60 $168,450,059 $321.06 33.44% $260.15 $402.11
GOOGL - Alphabet Inc. 1.38 572,000 $81.48 $164,484,320 $352.51 332.66% $175.98 $408.37
PGR - The Progressive Corp. 1.25 753,750 $71.47 $149,423,400 $234.48 228.06% $187.78 $239.38
JNJ - Johnson & Johnson 1.25 610,800 $68.77 $149,303,952 $257.77 274.85% $151.03 $269.43
AXP - American Express Co. 1.24 Add 0.40% 490,450 $71.33 $148,351,316 $354.43 396.89% $285.29 $384.36
META - Meta Platforms, Inc. 1.19 248,303 $186.13 $142,061,595 $656.73 252.83% $519.78 $793.65
BX - Blackstone Inc. 1.18 1,229,000 $31.57 $141,322,710 $122.04 286.51% $100.80 $184.54
TXN - Texas Instruments Inc. 1.18 724,000 $80.83 $140,557,359 $298.57 269.38% $150.97 $334.03
RLI - RLI Corp. 1.14 2,394,544 $14.23 $136,584,790 $61.46 332.03% $45.26 $65.53
KKR - KKR & Co. Inc. 1.12 1,451,800 $28.40 $134,291,502 $96.91 241.26% $82.51 $152.85
GD - General Dynamics Corp. 1.12 391,000 $89.95 $134,199,019 $372.78 314.41% $288.85 $380.71
MRSH - Marsh & McLennan Companies, Inc. 1.11 Add 0.23% 763,500 $82.77 $132,429,077 $181.53 119.31% $156.60 $212.25
SCHW - The Charles Schwab Corp. 1.09 Add 0.58% 1,383,800 $31.21 $130,049,523 $102.38 228.00% $83.96 $106.76
APO - Apollo Global Management, Inc. 0.94 1,012,500 $61.99 $112,812,750 $118.83 91.69% $99.14 $154.80
ADM - Archer-Daniels-Midland Co. 0.92 1,505,800 $31.61 $109,456,602 $82.04 159.52% $50.63 $85.37
NVO - Novo Nordisk A/S 0.88 2,869,774 $18.74 $105,464,196 $49.28 163.03% $34.58 $68.49
MA - Mastercard Inc. 0.87 207,540 $99.72 $103,699,436 $537.70 439.22% $463.74 $598.04
DG - Dollar General Corp. 0.86 869,250 $159.54 $103,206,052 $123.44 -22.63% $93.78 $156.68
DEO - Diageo plc 0.86 Add 0.04% 1,372,208 $89.58 $102,160,886 $82.50 -7.90% $71.73 $112.30
LIN - Linde plc 0.85 Add 2.25% 204,600 $396.59 $101,432,496 $524.06 32.14% $385.26 $548.20
BAM - Brookfield Asset Management Ltd. 0.82 2,193,953 $28.67 $97,521,212 $46.63 62.64% $41.77 $61.81
MCO - Moody's Corp. 0.78 213,890 $79.36 $93,309,514 $495.72 524.64% $400.46 $544.40
ITW - Illinois Tool Works Inc. 0.71 327,500 $85.75 $85,244,976 $271.50 216.63% $234.38 $299.44
ODFL - Old Dominion Freight Line, Inc. 0.70 Add 1.78% 429,150 $169.18 $83,855,910 $232.90 37.67% $125.43 $252.03
NSC - Norfolk Southern Corp. 0.68 Add 3.29% 282,500 $115.27 $81,077,500 $327.59 184.20% $252.80 $329.05
HEI.A - HEICO CL A 0.67 379,644 $59.12 $80,139,052 $249.30 321.68% $199.25 $279.52
ROL - Rollins, Inc. 0.67 Add 0.60% 1,498,025 $19.53 $80,009,516 $44.92 130.05% $41.50 $65.72
NVR - NVR, Inc. 0.67 Add 0.67% 12,087 $3,908.12 $79,651,275 $6,437.99 64.73% $5,501.01 $8,618.28
MSCI - MSCI Inc. 0.64 142,850 $67.55 $76,997,578 $620.23 818.20% $497.32 $644.68
JPM - JPMorgan Chase & Co. 0.62 252,550 $84.14 $74,290,108 $334.53 297.58% $276.43 $341.91
ECL - Ecolab Inc. 0.61 274,300 $119.05 $72,969,286 $271.85 128.35% $242.49 $307.61
CG - The Carlyle Group Inc. 0.54 1,327,000 $22.29 $64,213,530 $44.14 97.99% $39.60 $68.44
SUNB - Sunbelt Rentals Holdings, Inc. 0.53 Buy 963,361 $65.09 $62,705,167 $73.82 13.41% $60.40 $85.79
TSN - Tyson Foods, Inc. 0.48 Add 0.57% 889,500 $61.25 $56,990,265 $57.92 -5.44% $49.30 $68.90
SBUX - Starbucks Corp. 0.47 623,818 $64.83 $55,887,855 $107.34 65.57% $76.49 $108.25
ROK - Rockwell Automation, Inc. 0.47 154,900 $147.75 $55,590,512 $460.45 211.64% $301.18 $497.36
SPGI - S&P Global Inc. 0.42 Reduce 21.90% 117,690 $107.49 $50,058,265 $437.84 307.34% $359.36 $543.27
THG - The Hanover Insurance Group, Inc. 0.41 281,000 $135.25 $48,711,350 $216.86 60.34% $159.40 $225.29
ITIC - Investors Title Co. 0.39 213,300 $39.10 $46,358,621 $279.20 614.04% $191.48 $284.40
AON - Aon plc 0.37 Add 1.31% 135,800 $251.50 $43,833,524 $367.35 46.06% $303.79 $379.20
RTX - RTX Corp. 0.36 224,000 $115.72 $43,209,600 $196.39 69.71% $141.31 $213.61
FERG - Ferguson Enterprises Inc. 0.33 Add 4.40% 170,700 $198.18 $39,817,482 $233.19 17.67% $204.50 $269.59
LMT - Lockheed Martin Corp. 0.33 Add 1.09% 65,213 $464.75 $39,414,086 $520.68 12.03% $399.34 $687.50
COST - Costco Wholesale Corp. 0.33 39,150 $61.64 $39,010,235 $926.43 1,402.89% $841.69 $1,096.50
HCA - HCA Healthcare, Inc. 0.33 Add 2.17% 82,430 $353.82 $39,009,174 $390.74 10.43% $327.78 $554.58
YUM - Yum! Brands, Inc. 0.32 Add 8.29% 245,213 $139.13 $38,125,718 $161.68 16.21% $135.39 $170.14
UNP - Union Pacific Corp. 0.31 Add 6.37% 150,278 $147.16 $36,460,448 $289.13 96.48% $207.45 $290.38
TMO - Thermo Fisher Scientific Inc. 0.28 Add 6.85% 67,100 $531.61 $32,981,664 $528.51 -0.58% $401.89 $642.71
HGTY - Hagerty, Inc. 0.27 3,108,000 $9.37 $32,727,240 $12.47 33.08% $8.81 $14.00
ALL - The Allstate Corp. 0.27 154,550 $129.98 $32,044,397 $256.45 97.30% $185.28 $257.67
ACN - Accenture plc 0.26 159,400 $58.01 $31,607,425 $138.52 138.79% $116.75 $285.21
MAR - Marriott International, Inc. 0.26 Add 4.46% 93,750 $269.02 $30,662,813 $362.87 34.89% $251.53 $410.98
ABNB - Airbnb, Inc. 0.26 Add 0.87% 242,389 $127.34 $30,608,884 $146.33 14.91% $110.81 $150.19
SHW - The Sherwin-Williams Co. 0.25 94,172 $140.60 $30,186,834 $328.97 133.98% $289.86 $376.95
VRSK - Verisk Analytics, Inc. 0.25 155,950 $156.27 $29,591,513 $193.73 23.97% $155.52 $303.69
FDS - FactSet Research Systems Inc. 0.25 Add 11.08% 135,376 $138.35 $29,375,238 $263.11 90.18% $183.16 $445.80
TROW - T. Rowe Price Group, Inc. 0.24 314,000 $73.59 $28,303,960 $113.65 54.43% $84.21 $121.17
CMCSA - Comcast Corp. 0.23 961,880 $34.81 $27,615,574 $23.97 -31.14% $21.83 $32.20
CSCO - Cisco Systems, Inc. 0.23 355,500 $31.46 $27,583,245 $119.25 279.06% $64.42 $129.88
LAMR - Lamar Advertising Co. 0.20 Add 4.32% 193,000 $112.23 $24,445,380 $157.23 40.10% $108.21 $162.96
NKE - NIKE, Inc. 0.20 447,400 $37.61 $23,631,668 $43.76 16.35% $40.00 $78.03
URI - United Rentals, Inc. 0.19 31,150 $655.22 $22,694,644 $1,085.34 65.65% $700.14 $1,143.69
BF.A - Brown-Forman CL A 0.19 843,000 $11.92 $22,583,969 $26.67 123.67% $22.81 $30.87
CCK - Crown Holdings, Inc. 0.18 Add 3.77% 220,000 $72.97 $22,055,000 $109.74 50.39% $88.37 $115.83
APD - Air Products and Chemicals, Inc. 0.18 Add 5.59% 75,500 $268.58 $21,931,995 $301.96 12.43% $224.64 $314.87
CSX - CSX Corp. 0.18 Add 20.45% 530,000 $36.31 $21,756,500 $49.64 36.70% $31.48 $49.90
RNR - RenaissanceRe Holdings Ltd. 0.17 70,000 $197.04 $20,806,100 $320.66 62.73% $230.39 $329.57
PM - Philip Morris International Inc. 0.16 114,500 $51.27 $18,931,431 $180.19 251.43% $138.43 $191.46
FIX - Comfort Systems USA, Inc. 0.15 13,000 $309.09 $17,926,870 $1,732.03 460.36% $512.84 $2,073.18
COF - Capital One Financial Corp. 0.14 91,000 $100.91 $16,601,130 $203.02 101.19% $174.23 $257.54
WFC - Wells Fargo & Co. 0.14 204,450 $48.70 $16,276,265 $87.67 80.01% $72.78 $96.73
HSY - The Hershey Co. 0.13 Add 11.11% 75,000 $185.44 $15,591,750 $175.24 -5.50% $156.60 $237.65
HXL - Hexcel Corp. 0.13 189,000 $62.54 $15,295,770 $99.20 58.61% $57.52 $102.47
PEP - PepsiCo, Inc. 0.13 96,210 $73.26 $14,940,451 $138.49 89.03% $128.66 $168.19
BNY - The Bank of New York Mellon Cor 0.12 Add 2.47% 124,500 $44.35 $14,769,435 $151.27 241.10% $91.65 $155.08
CME - CME Group Inc. 0.12 Add 8.74% 49,750 $271.50 $14,693,663 $245.10 -9.72% $218.31 $319.82
PAYX - Paychex, Inc. 0.12 150,000 $30.32 $13,818,000 $110.75 265.27% $84.36 $143.34
SEIC - SEI Investments Co. 0.11 173,200 $42.53 $13,591,004 $96.18 126.14% $74.64 $96.73
CARR - Carrier Global Corp. 0.11 235,000 $23.65 $13,232,850 $68.61 190.12% $49.85 $80.15
EFX - Equifax Inc. 0.11 72,850 $158.44 $13,118,100 $172.61 8.94% $150.75 $269.54
SPOT - Spotify Technology S.A. 0.11 25,900 $131.29 $12,559,169 $479.84 265.47% $405.00 $748.30
BF.B - Brown-Forman CL B 0.11 474,187 $31.81 $12,537,504 $26.25 -17.47% $22.41 $31.11
AMAT - Applied Materials, Inc. 0.10 Add 6.60% 36,350 $214.67 $12,424,067 $575.39 168.03% $153.78 $739.67
CBOE - Cboe Global Markets, Inc. 0.10 Add 4.67% 43,700 $242.41 $12,282,760 $277.13 14.32% $227.15 $370.40
SHOP - Shopify Inc. 0.10 102,750 $40.04 $12,188,205 $124.74 211.51% $94.00 $182.19
HII - Huntington Ingalls Industries, Inc. 0.09 Add 7.84% 27,500 $242.77 $10,447,250 $284.86 17.34% $246.74 $458.02
UBER - Uber Technologies, Inc. 0.09 Add 1.79% 142,500 $66.87 $10,250,025 $74.26 11.05% $67.19 $101.99
SMG - The Scotts Miracle-Gro Co. 0.09 168,000 $57.91 $10,216,081 $63.91 10.36% $50.49 $71.55
MELI - MercadoLibre, Inc. 0.08 Buy 5,450 $1,729.02 $9,423,159 $1,867.30 8.00% $1,495.00 $2,548.50
OTIS - Otis Worldwide Corp. 0.07 114,620 $57.20 $8,834,910 $73.42 28.35% $69.16 $99.40
IQV - IQVIA Holdings Inc. 0.07 46,900 $215.11 $7,998,326 $207.55 -3.51% $154.50 $247.05
XOM - ExxonMobil Holdings Corp. 0.07 Add 23.68% 47,000 $129.30 $7,974,020 $144.51 11.76% $102.27 $175.22
EPD - Enterprise Products Partners L.P. 0.06 Buy 202,000 $37.84 $7,643,680 $38.31 1.24% $28.61 $40.17
SONY - Sony Group Corp. 0.06 335,000 $16.05 $6,934,500 $20.68 28.84% $19.32 $30.34
EMN - Eastman Chemical Co. 0.05 74,950 $83.37 $5,720,184 $67.21 -19.38% $54.09 $81.56
KMX - CarMax, Inc. 0.05 136,500 $71.43 $5,675,670 $54.87 -23.18% $30.26 $66.23
CNI - Canadian National Railway Co. 0.05 Add 20.22% 53,500 $97.38 $5,498,195 $125.31 28.68% $89.68 $126.12
GHC - Graham Holdings Co. 0.05 5,200 $400.82 $5,497,752 $1,184.31 195.47% $877.67 $1,220.73
UNH - UnitedHealth Group Inc. 0.04 Reduce 29.43% 18,700 $518.49 $5,060,034 $429.09 -17.24% $228.48 $434.30
NSP - Insperity, Inc. 0.04 Add 18.62% 181,336 $71.77 $4,903,326 $48.39 -32.58% $18.24 $57.26
CP - Canadian Pacific Kansas City Ltd. 0.04 Add 17.82% 59,500 $74.84 $4,680,270 $91.35 22.06% $68.13 $91.56
ICE - Intercontinental Exchange, Inc. 0.04 Add 38.33% 28,870 $150.11 $4,540,674 $137.67 -8.29% $121.79 $186.96
WRB - W. R. Berkley Corp. 0.03 60,750 $20.09 $4,026,510 $73.84 267.62% $62.31 $76.93
BC - Brunswick Corp. 0.03 Add 7.33% 51,250 $69.94 $3,728,950 $76.95 10.02% $54.30 $89.29
MGM - MGM Resorts International 0.03 87,500 $32.04 $3,238,375 $47.24 47.45% $29.19 $51.59
EXP - Eagle Materials Inc. 0.02 14,750 $218.87 $2,794,388 $205.14 -6.27% $171.79 $245.53
AYI - Acuity Inc. 0.02 9,750 $272.21 $2,732,145 $325.36 19.53% $256.86 $379.66
SYY - Sysco Corp. 0.02 30,500 $76.94 $2,175,565 $83.46 8.47% $67.23 $90.56
DPZ - Domino's Pizza, Inc. 0.02 5,500 $428.25 $1,973,345 $309.85 -27.65% $282.00 $486.62
BRO - Brown & Brown, Inc. 0.01 Add 27.27% 14,000 $76.60 $912,940 $69.21 -9.64% $53.81 $107.27
WY - Weyerhaeuser Co. 0.00 Buy 17,500 $24.43 $427,525 $23.41 -4.18% $20.60 $27.28
* Avg. Buy Price is an estimated cost basis: the share-weighted average of the quarter-end prices reported when this manager first bought or later added to the position (average-cost method, reset after a full exit). 13F filings disclose only quarter-end holdings, not actual trade prices, so this approximates — but does not exactly equal — what was paid.
Sector % analysis
Financial Services 42.52
Industrials 15.55
Communication Services 11.15
Consumer Cyclical 10.76
Technology 9.14
Consumer Defensive 4.17
Basic Materials 3.52
Healthcare 2.85
Real Estate 0.21
Energy 0.13