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Markel Group

Markel Group

Markel Group (Thomas S. Gayner) latest 13F portfolio: 130 holdings worth $13.1B as of Q2 2026.

Backtested since 2020: mirroring Markel Group's reported 13F equity holdings each quarter would have returned +169.7% versus +197.4%for the S&P 500 (+17.2% annualized). See the Performance tab for the full equity curve.

Investor:  Thomas S. Gayner

Number of Assets:  130

Reporting Period:   Q2 - 2026

Holdings at Report:   $13,130,490,727

Return $ Since Report:   +$549,139,263

Return % Since Report:   +4.18%

13F Holdings

Company
Position
Activity
Shares
Port. %
Rep. Price
Curr. Price
Rep. Value
Curr. Value
Return Value
Return %
The Bank Of New York Mellon Corp. (BK)
Equity
0%
124,500
0.14%
$144.61
$15.01
$18,003,945
$1,868,745
-$16,135,200
-89.62%
Carmax Inc. (KMX)
Equity
0%
136,500
0.05%
$52.89
$58.18
$7,219,485
$7,941,570
+$722,085
+10.00%
Carrier Global Corp. (CARR)
Equity
0%
235,000
0.13%
$73.35
$64.01
$17,237,250
$15,042,350
-$2,194,900
-12.73%
Accenture PLC (ACN)
Equity
0%
159,400
0.15%
$124.44
$175.72
$19,835,735
$28,009,768
+$8,174,033
+41.21%
Acuity Inc. (AYI)
Equity
0%
9,750
0.03%
$376.66
$359.58
$3,672,435
$3,505,905
-$166,530
-4.53%
Alphabet Inc. (GOOG)
Equity
0%
2,749,860
7.40%
$353.33
$353.47
$971,608,033
$971,993,014
+$384,981
+0.04%
Archer-Daniels-Midland Company (ADM)
Equity
0%
1,505,800
0.88%
$76.40
$76.59
$115,043,119
$115,329,222
+$286,103
+0.25%
Canadian Pacific Kansas City Limited (CP)
Equity
+22.69%
73,000
0.05%
$86.65
$91.62
$6,325,450
$6,688,260
+$362,810
+5.74%
Crown Holdings Inc. (CCK)
Equity
0%
220,000
0.19%
$111.82
$120.69
$24,600,400
$26,551,800
+$1,951,400
+7.93%
Csx Corp. (CSX)
Equity
+10.28%
584,500
0.21%
$47.53
$50.27
$27,781,285
$29,382,815
+$1,601,530
+5.76%
Equifax Inc. (EFX)
Equity
0%
72,850
0.09%
$158.72
$182.56
$11,562,752
$13,299,496
+$1,736,744
+15.02%
Hagerty Inc. (HGTY)
Equity
0%
3,108,000
0.27%
$11.55
$13.61
$35,897,400
$42,299,880
+$6,402,480
+17.84%
Hexcel Corp. (HXL)
Equity
0%
189,000
0.14%
$100.06
$103.43
$18,911,340
$19,548,270
+$636,930
+3.37%
The Home Depot Inc. (HD)
Equity
+0.27%
922,500
2.48%
$352.68
$355.62
$325,347,299
$328,059,450
+$2,712,151
+0.83%
Huntington Ingalls Industries Inc. (HII)
Equity
0%
27,500
0.06%
$279.89
$324.48
$7,696,975
$8,923,200
+$1,226,225
+15.93%
Johnson & Johnson (JNJ)
Equity
0%
610,800
1.18%
$253.97
$259.24
$155,124,875
$158,343,792
+$3,218,917
+2.08%
JP Morgan Chase & Co. (JPM)
Equity
0%
252,550
0.63%
$327.33
$357.52
$82,667,192
$90,291,676
+$7,624,484
+9.22%
Meta Platforms Inc. (META)
Equity
-5.69%
234,163
1.00%
$563.29
$592.10
$131,901,676
$138,647,912
+$6,746,236
+5.11%
MGM Resorts International (MGM)
Equity
0%
87,500
0.03%
$47.81
$44.47
$4,183,375
$3,891,125
-$292,250
-6.99%
Shopify Inc. (SHOP)
Equity
0%
102,750
0.09%
$114.18
$151.57
$11,731,995
$15,573,818
+$3,841,823
+32.75%
Texas Instruments Inc. (TXN)
Equity
0%
724,000
1.64%
$298.07
$286.08
$215,802,680
$207,121,920
-$8,680,760
-4.02%
Thermo Fisher Scientific Inc. (TMO)
Equity
+8.94%
73,100
0.28%
$501.36
$594.00
$36,649,416
$43,421,400
+$6,771,984
+18.48%
Yum! Brands Inc. (YUM)
Equity
0%
245,213
0.30%
$159.86
$150.76
$39,199,750
$36,968,312
-$2,231,438
-5.69%
Air Products And Chemicals Inc. (APD)
Equity
+17.22%
88,500
0.20%
$293.18
$303.44
$25,946,430
$26,854,440
+$908,010
+3.50%
W. R. Berkley Corp. (WRB)
Equity
0%
60,750
0.03%
$70.53
$71.60
$4,284,699
$4,349,700
+$65,001
+1.52%
Capital One Financial Corp. (COF)
Equity
0%
91,000
0.14%
$200.62
$217.76
$18,256,420
$19,816,160
+$1,559,740
+8.54%
The Carlyle Group Inc. (CG)
Equity
0%
1,327,000
0.43%
$42.11
$47.79
$55,879,970
$63,417,330
+$7,537,360
+13.49%
Caterpillar Inc. (CAT)
Equity
0%
328,650
2.67%
$1,064.90
$842.19
$349,979,385
$276,785,744
-$73,193,642
-20.91%
CBOE Global Markets Inc. (CBOE)
Equity
0%
43,700
0.08%
$242.67
$286.58
$10,604,680
$12,523,546
+$1,918,866
+18.09%
Deere & Company (DE)
Equity
0%
877,900
4.24%
$634.33
$620.83
$556,878,306
$545,026,657
-$11,851,649
-2.13%
Exxon Mobil Corp. (XOM)
Equity
+19.36%
56,100
0.06%
$136.72
$153.04
$7,669,992
$8,585,544
+$915,552
+11.94%
The Hanover Insurance Group Inc. (THG)
Equity
0%
281,000
0.46%
$214.12
$229.08
$60,167,720
$64,371,480
+$4,203,760
+6.99%
The Hershey Company (HSY)
Equity
0%
75,000
0.10%
$175.45
$182.35
$13,158,750
$13,676,250
+$517,500
+3.93%
Airbnb Inc. (ABNB)
Equity
0%
242,389
0.26%
$143.10
$178.07
$34,685,867
$43,162,209
+$8,476,342
+24.44%
Berkshire Hathaway Inc. (BRK-A)
Equity
0%
1,114
6.35%
$748,850.00
$780,086.00
$834,218,900
$869,015,804
+$34,796,904
+4.17%
Blackrock Inc. (BLK)
Equity
0%
220,200
1.61%
$961.56
$1,136.39
$211,735,512
$250,233,078
+$38,497,566
+18.18%
Blackstone Inc. (BX)
Equity
0%
1,229,000
1.10%
$117.67
$137.13
$144,616,429
$168,532,770
+$23,916,341
+16.54%
Brookfield Asset Management Ltd. (BAM)
Equity
0%
2,193,953
0.75%
$44.85
$52.49
$98,398,791
$115,160,593
+$16,761,802
+17.03%
Brookfield Corp. (BN)
Equity
0%
13,073,609
4.24%
$42.59
$44.08
$556,805,009
$576,284,685
+$19,479,676
+3.50%
Brown & Brown Inc. (BRO)
Equity
0%
14,000
0.01%
$64.15
$71.43
$898,100
$1,000,020
+$101,920
+11.35%
Cisco Systems Inc. (CSCO)
Equity
0%
355,500
0.32%
$117.46
$121.43
$41,757,030
$43,168,365
+$1,411,335
+3.38%
CME Group Inc. (CME)
Equity
0%
49,750
0.08%
$220.83
$263.66
$10,986,293
$13,117,085
+$2,130,792
+19.40%
Diageo PLC (DEO)
Equity
0%
1,372,208
0.84%
$80.38
$96.35
$110,298,080
$132,212,241
+$21,914,161
+19.87%
Dollar General Corp. (DG)
Equity
0%
869,250
0.76%
$115.11
$126.59
$100,059,367
$110,038,358
+$9,978,991
+9.97%
Domino's Pizza Inc. (DPZ)
Equity
0%
5,500
0.01%
$296.04
$350.95
$1,628,220
$1,930,225
+$302,005
+18.55%
Factset Research Systems Inc. (FDS)
Equity
0%
135,376
0.24%
$230.08
$285.57
$31,147,311
$38,659,324
+$7,512,013
+24.12%
Ferguson Enterprises Inc. (FERG)
Equity
+5.57%
180,200
0.33%
$237.33
$256.69
$42,766,866
$46,255,538
+$3,488,672
+8.16%
Intercontinental Exchange Inc. (ICE)
Equity
0%
28,870
0.03%
$123.11
$150.30
$3,554,186
$4,339,161
+$784,975
+22.09%
Linde PLC (LIN)
Equity
+5.38%
215,600
0.85%
$518.94
$489.98
$111,883,464
$105,639,688
-$6,243,776
-5.58%
Lockheed Martin Corp. (LMT)
Equity
0%
65,213
0.25%
$509.46
$587.95
$33,223,415
$38,341,983
+$5,118,568
+15.41%
The Allstate Corp. (ALL)
Equity
0%
154,550
0.28%
$237.94
$267.00
$36,773,627
$41,264,850
+$4,491,223
+12.21%
Berkshire Hathaway Inc. (BRK-B)
Equity
0%
1,531,971
5.84%
$500.39
$521.80
$766,582,969
$799,382,468
+$32,799,499
+4.28%
Brown-Forman Corp. (BF-A)
Equity
0%
843,000
0.18%
$27.36
$29.06
$23,064,480
$24,497,580
+$1,433,100
+6.21%
Brunswick Corp. (BC)
Equity
0%
51,250
0.03%
$84.24
$81.55
$4,317,300
$4,179,438
-$137,863
-3.19%
Comcast Corp. (CMCSA)
Equity
-16.61%
802,074
0.15%
$24.55
$25.36
$19,690,917
$20,340,597
+$649,680
+3.30%
Comfort Systems Usa Inc. (FIX)
Equity
0%
13,000
0.20%
$1,981.95
$1,694.55
$25,765,350
$22,029,150
-$3,736,200
-14.50%
Eagle Materials Inc. (EXP)
Equity
0%
14,750
0.03%
$225.00
$214.29
$3,318,750
$3,160,778
-$157,973
-4.76%
Franco-Nevada Corp. (FNV)
Equity
+9.17%
773,500
1.23%
$208.44
$238.65
$161,228,340
$184,595,775
+$23,367,435
+14.49%
HCA Healthcare Inc. (HCA)
Equity
+2.35%
84,366
0.25%
$389.89
$413.36
$32,893,460
$34,873,530
+$1,980,070
+6.02%
Heico Corp. (HEI-A)
Equity
0%
379,644
0.75%
$257.91
$266.31
$97,913,984
$101,102,994
+$3,189,010
+3.26%
Investors Title Company (ITIC)
Equity
0%
213,300
0.44%
$273.68
$289.84
$58,375,945
$61,822,872
+$3,446,927
+5.90%
Lowe'S Companies Inc. (LOW)
Equity
+1.83%
751,980
1.26%
$220.49
$223.35
$165,804,070
$167,954,733
+$2,150,663
+1.30%
Lpl Financial Holdings Inc. (LPLA)
Equity
0%
559,951
1.20%
$281.68
$362.63
$157,726,999
$203,055,031
+$45,328,032
+28.74%
Marriott International Inc. (MAR)
Equity
+6.13%
99,500
0.28%
$370.59
$353.91
$36,873,706
$35,214,045
-$1,659,661
-4.50%
Philip Morris International Inc. (PM)
Equity
0%
114,500
0.16%
$180.91
$189.57
$20,714,195
$21,705,765
+$991,570
+4.79%
Starbucks Corp. (SBUX)
Equity
0%
623,818
0.49%
$102.19
$105.58
$63,747,961
$65,862,704
+$2,114,743
+3.32%
Sunbelt Rentals Holdings INC (SUNB)
Equity
+1.14%
974,361
0.56%
$74.81
$81.08
$72,891,947
$79,001,190
+$6,109,243
+8.38%
Union Pacific Corp. (UNP)
Equity
+7.15%
161,028
0.33%
$272.00
$293.13
$43,799,616
$47,202,138
+$3,402,522
+7.77%
United Rentals Inc. (URI)
Equity
0%
31,150
0.27%
$1,132.89
$1,162.84
$35,289,524
$36,222,466
+$932,942
+2.64%
Alphabet Inc. (GOOGL)
Equity
0%
572,000
1.56%
$357.37
$354.30
$204,415,640
$202,659,600
-$1,756,040
-0.86%
Amazon.com Inc. (AMZN)
Equity
0%
2,030,760
3.69%
$238.34
$274.48
$484,011,339
$557,403,005
+$73,391,666
+15.16%
American Express Company (AXP)
Equity
0%
490,450
1.26%
$338.25
$340.91
$165,894,715
$167,199,310
+$1,304,594
+0.79%
Analog Devices Inc. (ADI)
Equity
-2.30%
999,671
3.02%
$397.17
$389.93
$397,039,330
$389,801,713
-$7,237,617
-1.82%
Aon PLC (AON)
Equity
0%
135,800
0.34%
$331.69
$358.30
$45,043,503
$48,657,140
+$3,613,637
+8.02%
Apollo Global Management Inc. (APO)
Equity
0%
1,012,500
0.91%
$118.31
$127.44
$119,788,875
$129,033,000
+$9,244,125
+7.72%
Apple Inc. (AAPL)
Equity
0%
1,227,290
2.70%
$289.36
$313.33
$355,128,634
$384,546,776
+$29,418,142
+8.28%
Applied Materials Inc. (AMAT)
Equity
0%
36,350
0.20%
$723.00
$539.14
$26,281,050
$19,597,739
-$6,683,311
-25.43%
Brown-Forman Corp. (BF-B)
Equity
0%
474,187
0.10%
$26.65
$28.52
$12,637,084
$13,523,813
+$886,729
+7.02%
Canadian National Railway Company (CNI)
Equity
0%
53,500
0.05%
$119.24
$126.60
$6,379,340
$6,773,100
+$393,760
+6.17%
Costco Wholesale Corp. (COST)
Equity
0%
39,150
0.28%
$935.47
$947.82
$36,623,651
$37,107,153
+$483,502
+1.32%
Eastman Chemical Company (EMN)
Equity
0%
74,950
0.04%
$66.98
$73.64
$5,020,151
$5,519,318
+$499,167
+9.94%
Ecolab Inc. (ECL)
Equity
0%
274,300
0.58%
$278.61
$285.17
$76,422,723
$78,222,131
+$1,799,408
+2.35%
Enterprise Products Partners L.P. (EPD)
Equity
+181.68%
569,000
0.16%
$36.76
$37.75
$20,916,440
$21,479,750
+$563,310
+2.69%
General Dynamics Corp. (GD)
Equity
0%
391,000
1.05%
$354.24
$392.05
$138,507,840
$153,291,550
+$14,783,710
+10.67%
The Goldman Sachs Group Inc. (GS)
Equity
0%
359,360
2.77%
$1,011.37
$1,039.61
$363,445,924
$373,594,250
+$10,148,326
+2.79%
Graham Holdings Company (GHC)
Equity
0%
5,200
0.05%
$1,141.42
$1,185.71
$5,935,384
$6,165,692
+$230,308
+3.88%
Illinois Tool Works Inc. (ITW)
Equity
0%
327,500
0.67%
$270.47
$296.66
$88,578,926
$97,156,150
+$8,577,224
+9.68%
Insperity Inc. (NSP)
Equity
0%
181,336
0.06%
$41.31
$52.52
$7,490,989
$9,523,767
+$2,032,778
+27.14%
KKR & Co. Inc. (KKR)
Equity
0%
1,451,800
1.01%
$91.78
$102.81
$133,246,205
$149,259,558
+$16,013,353
+12.02%
Lamar Advertising Company (LAMR)
Equity
0%
193,000
0.23%
$155.98
$160.93
$30,104,140
$31,059,490
+$955,350
+3.17%
Microsoft Corp. (MSFT)
Equity
0%
537,630
1.53%
$373.02
$499.99
$200,546,744
$268,809,624
+$68,262,880
+34.04%
Moody's Corp. (MCO)
Equity
0%
213,890
0.74%
$452.92
$477.75
$96,875,059
$102,185,948
+$5,310,888
+5.48%
MSCI Inc. (MSCI)
Equity
0%
142,850
0.61%
$560.04
$563.17
$80,001,714
$80,448,835
+$447,121
+0.56%
Sony Group Corp. (SONY)
Equity
0%
335,000
0.05%
$20.06
$23.46
$6,720,100
$7,859,100
+$1,139,000
+16.95%
Tyson Foods Inc. (TSN)
Equity
+2.70%
913,500
0.40%
$57.25
$58.04
$52,297,875
$53,019,540
+$721,665
+1.38%
Uber Technologies Inc. (UBER)
Equity
0%
142,500
0.08%
$72.16
$75.02
$10,282,800
$10,690,350
+$407,550
+3.96%
Zoetis Inc. (ZTS)
Equity
+100%
66,195
0.04%
$71.86
$72.66
$4,756,773
$4,809,729
+$52,956
+1.11%
Iqvia Holdings Inc. (IQV)
Equity
0%
46,900
0.07%
$193.22
$238.70
$9,062,018
$11,195,030
+$2,133,012
+23.54%
Mastercard Inc. (MA)
Equity
0%
207,540
0.81%
$513.60
$562.95
$106,592,545
$116,834,643
+$10,242,098
+9.61%
Mercadolibre Inc. (MELI)
Equity
+340.37%
24,000
0.31%
$1,697.39
$1,820.69
$40,737,361
$43,696,560
+$2,959,199
+7.26%
T. Rowe Price Group Inc. (TROW)
Equity
0%
314,000
0.27%
$113.69
$114.02
$35,698,661
$35,802,280
+$103,619
+0.29%
The Progressive Corp. (PGR)
Equity
0%
753,750
1.25%
$218.45
$215.33
$164,656,689
$162,304,988
-$2,351,701
-1.43%
Renaissancere Holdings Ltd. (RNR)
Equity
0%
70,000
0.17%
$316.90
$321.87
$22,183,000
$22,530,900
+$347,900
+1.57%
Rli Corp. (RLI)
Equity
0%
2,394,544
1.08%
$59.07
$64.23
$141,445,715
$153,801,561
+$12,355,846
+8.74%
Rockwell Automation Inc. (ROK)
Equity
0%
154,900
0.58%
$495.08
$441.04
$76,687,892
$68,317,096
-$8,370,796
-10.92%
Rollins Inc. (ROL)
Equity
+1.23%
1,516,525
0.48%
$41.74
$37.74
$63,299,755
$57,233,654
-$6,066,102
-9.58%
RTX Corp. (RTX)
Equity
0%
224,000
0.32%
$189.73
$223.03
$42,499,520
$49,958,720
+$7,459,200
+17.55%
S&P Global Inc. (SPGI)
Equity
0%
117,690
0.37%
$407.26
$408.19
$47,930,429
$48,039,881
+$109,452
+0.23%
The Charles Schwab Corp. (SCHW)
Equity
+0.79%
1,394,800
0.98%
$92.27
$107.60
$128,698,196
$150,080,480
+$21,382,284
+16.61%
Sei Investments Company (SEIC)
Equity
0%
173,200
0.12%
$87.71
$104.70
$15,191,372
$18,134,040
+$2,942,668
+19.37%
The Sherwin-Williams Company (SHW)
Equity
0%
94,172
0.25%
$344.32
$369.73
$32,425,304
$34,818,214
+$2,392,910
+7.38%
Sysco Corp. (SYY)
Equity
0%
30,500
0.02%
$83.58
$84.29
$2,549,190
$2,570,845
+$21,655
+0.85%
Verisk Analytics Inc. (VRSK)
Equity
0%
155,950
0.21%
$179.53
$191.82
$27,997,704
$29,914,329
+$1,916,625
+6.85%
Visa Inc. (V)
Equity
+0.95%
1,013,912
2.65%
$343.09
$362.50
$347,863,069
$367,543,100
+$19,680,031
+5.66%
Watsco Inc. (WSO)
Equity
+2.68%
597,750
1.90%
$416.73
$330.10
$249,100,359
$197,317,275
-$51,783,084
-20.79%
Wells Fargo & Company (WFC)
Equity
0%
204,450
0.13%
$82.64
$87.25
$16,895,748
$17,838,263
+$942,515
+5.58%
Weyerhaeuser Company (WY)
Equity
+585.71%
120,000
0.02%
$23.94
$25.58
$2,872,800
$3,069,600
+$196,800
+6.85%
Nike Inc. (NKE)
Equity
0%
447,400
0.14%
$41.05
$41.70
$18,365,770
$18,656,580
+$290,810
+1.58%
Norfolk Southern Corp. (NSC)
Equity
0%
282,500
0.68%
$314.59
$334.36
$88,871,675
$94,456,700
+$5,585,025
+6.28%
Novo Nordisk As (NVO)
Equity
0%
2,869,774
1.05%
$47.94
$47.26
$137,576,966
$135,625,519
-$1,951,447
-1.42%
NVR Inc. (NVR)
Equity
+0.08%
12,097
0.63%
$6,813.40
$6,390.14
$82,421,700
$77,301,524
-$5,120,176
-6.21%
Old Dominion Freight Line Inc. (ODFL)
Equity
0%
429,150
0.71%
$216.60
$216.36
$92,953,890
$92,850,894
-$102,996
-0.11%
Otis Worldwide Corp. (OTIS)
Equity
+16.58%
133,620
0.07%
$71.60
$73.99
$9,567,192
$9,886,544
+$319,352
+3.34%
Paychex Inc. (PAYX)
Equity
0%
150,000
0.11%
$98.33
$120.04
$14,749,500
$18,006,000
+$3,256,500
+22.08%
Pepsico Inc. (PEP)
Equity
0%
96,210
0.10%
$135.40
$139.02
$13,026,834
$13,375,114
+$348,280
+2.67%
Spotify Technology S.A. (SPOT)
Equity
0%
25,900
0.09%
$459.13
$488.14
$11,891,467
$12,642,826
+$751,359
+6.32%
UFP Industries Inc. (UFPI)
Equity
+100%
4,000
0.00%
$90.74
$94.04
$362,960
$376,160
+$13,200
+3.64%
Marsh & Mclennan Companies Inc. (MMC)
Equity
0%
763,500
0.97%
$166.67
$171.94
$127,252,547
$131,276,190
+$4,023,643
+3.16%
The Walt Disney Company (DIS)
Equity
0%
2,031,665
1.49%
$96.25
$104.91
$195,547,757
$213,141,975
+$17,594,218
+9.00%
Netflix Inc. (NFLX)
Equity
+100%
40,000
0.02%
$71.40
$74.14
$2,856,000
$2,965,600
+$109,600
+3.84%