Thomas Gayner
Markel Group
Thomas Gayner (Markel Group) discloses a $11.94B portfolio across 129 US-listed positions in the latest 13F filing (2026Q1, filed May 1, 2026). The largest holding is BRK/A at 6.7% of the book. The biggest move of the quarter: opened a new position in SUNB ($63M). Latticework's clone backtest puts this 13F book at -2.0%/yr vs SPY over 12.0 years.
About Thomas Gayner
Thomas Gayner serves as CEO of Markel Group, the specialty insurer, and has managed the company's equity portfolio since 1990—a tenure that gives him an unusually long public track record by institutional standards. His approach is straightforward Buffett-adjacent compounding: buy good businesses at fair prices, hold them, and let the insurance float provide a cost-of-capital advantage that amplifies returns over time. The 129-position portfolio is broadly diversified for someone with a value orientation—top-5 weights sum to roughly 28%, with BRK/A, BRK/B, and Alphabet among the largest disclosed positions—so readers should not expect the concentrated single-idea bets typical of hedge-fund value managers. The 13F captures only the domestic long equity sleeve; Markel's full capital allocation includes private operating companies (Markel Ventures), international equities, and the insurance underwriting book itself, none of which appear in the filing. The clone backtest trails SPY by roughly 2% annually over twelve years, consistent with a strategy that prioritizes downside discipline over momentum capture.
2026Q1 brief
Thomas Gayner's $11.9B Markel portfolio remained remarkably stable in 2026Q1 — consistent with his long-duration, low-turnover style — but the most meaningful new position is SUNB (Sunbelt Rentals parent, 0.5%, ~$63M), a high-quality equipment rental franchise that fits his preference for durable businesses with reinvestment optionality. He also initiated small stakes in MELI and EPD, signaling nascent interest in Latin American e-commerce and midstream energy respectively. On the trim side, SPGI was reduced 21.9% and UNH cut nearly 30%, the latter echoing a pattern seen across multiple super-investors this quarter amid managed care headwinds. The exits from TGT (0.1%) and CHH (Choice Hotels, 0.09%) are modest but suggest declining conviction in consumer-facing names under macro pressure. The portfolio's anchor remains the BRK/A+BRK/B combined ~12.9% weighting alongside GOOG at 6.6%, reflecting concentrated bets on compounders. Railroads saw incremental adds — CSX (+20%) and CNI (+20%) — consistent with a quiet infrastructure tilt. Watch whether SUNB and MELI are meaningfully sized up in 2026Q2 as early signals of new high-conviction themes.
AI-generated. Not investment advice.
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Holdings (129) · click any column to sort
| #↑ | Ticker | Issuer | % Port. | This Q | History | Value |
|---|---|---|---|---|---|---|
| 1 | BRK/A | 6.7% | $800M | |||
| 2 | GOOG | 6.6% | $789M | |||
| 3 | BRK/B | 6.1% | $734M | |||
| 4 | BN | 4.4% | $529M | |||
| 5 | DE | 4.1% | $495M | |||
| 6 | AMZN | 3.5% | $423M | |||
| 7 | ADI | 2.7% | $326M | |||
| 8 | AAPL | 2.6% | $311M | |||
| 9 | GS | 2.5% | $304M | |||
| 10 | V | 2.5% | $304M | |||
| 11 | HD | 2.5% | $303M | |||
| 12 | CAT | 1.9% | $233M | |||
| 13 | WSO | 1.8% | $212M | |||
| 14 | BLK | 1.8% | $212M | |||
| 15 | MSFT | 1.7% | $199M | |||
| 16 | DIS | 1.6% | $196M | |||
| 17 | FNV | 1.5% | $175M | |||
| 18 | LOW | 1.5% | $174M | |||
| 19 | LPLA | 1.4% | $168M | |||
| 20 | GOOGL | 1.4% | $164M | |||
| 21 | PGR | 1.3% | $149M | |||
| 22 | JNJ | 1.3% | $149M | |||
| 23 | AXP | 1.2% | $148M | |||
| 24 | META | 1.2% | $142M | |||
| 25 | BX | 1.2% | $141M | |||
| 26 | TXN | 1.2% | $141M | |||
| 27 | RLI | 1.1% | $137M | |||
| 28 | KKR | 1.1% | $134M | |||
| 29 | GD | 1.1% | $134M | |||
| 30 | MRSH | 1.1% | $132M | |||
| 31 | SCHW | 1.1% | $130M | |||
| 32 | APO | 0.9% | $113M | |||
| 33 | ADM | 0.9% | $109M | |||
| 34 | NVO | 0.9% | $105M | |||
| 35 | MA | 0.9% | $104M | |||
| 36 | DG | 0.9% | $103M | |||
| 37 | DEO | 0.9% | $102M | |||
| 38 | LIN | 0.8% | $101M | |||
| 39 | BAM | 0.8% | $98M | |||
| 40 | MCO | 0.8% | $93M | |||
| 41 | ITW | 0.7% | $85M | |||
| 42 | ODFL | 0.7% | $84M | |||
| 43 | NSC | 0.7% | $81M | |||
| 44 | HEI/A | 0.7% | $80M | |||
| 45 | ROL | 0.7% | $80M | |||
| 46 | NVR | 0.7% | $80M | |||
| 47 | MSCI | 0.6% | $77M | |||
| 48 | JPM | 0.6% | $74M | |||
| 49 | ECL | 0.6% | $73M | |||
| 50 | CG | 0.5% | $64M | |||
| 51 | SUNB | 0.5% | $63M | |||
| 52 | TSN | 0.5% | $57M | |||
| 53 | SBUX | 0.5% | $56M | |||
| 54 | ROK | 0.5% | $56M | |||
| 55 | SPGI | 0.4% | $50M | |||
| 56 | THG | 0.4% | $49M | |||
| 57 | ITIC | 0.4% | $46M | |||
| 58 | AON | 0.4% | $44M | |||
| 59 | RTX | 0.4% | $43M | |||
| 60 | FERG | 0.3% | $40M | |||
| 61 | LMT | 0.3% | $39M | |||
| 62 | COST | 0.3% | $39M | |||
| 63 | HCA | 0.3% | $39M | |||
| 64 | YUM | 0.3% | $38M | |||
| 65 | UNP | 0.3% | $36M | |||
| 66 | TMO | 0.3% | $33M | |||
| 67 | HGTY | 0.3% | $33M | |||
| 68 | ALL | 0.3% | $32M | |||
| 69 | ACN | 0.3% | $32M | |||
| 70 | MAR | 0.3% | $31M | |||
| 71 | ABNB | 0.3% | $31M | |||
| 72 | SHW | 0.3% | $30M | |||
| 73 | VRSK | 0.2% | $30M | |||
| 74 | FDS | 0.2% | $29M | |||
| 75 | TROW | 0.2% | $28M | |||
| 76 | CMCSA | 0.2% | $28M | |||
| 77 | CSCO | 0.2% | $28M | |||
| 78 | LAMR | 0.2% | $24M | |||
| 79 | NKE | 0.2% | $24M | |||
| 80 | URI | 0.2% | $23M | |||
| 81 | BF/A | 0.2% | $23M | |||
| 82 | CCK | 0.2% | $22M | |||
| 83 | APD | 0.2% | $22M | |||
| 84 | CSX | 0.2% | $22M | |||
| 85 | G7496G103 | 0.2% | $21M | |||
| 86 | PM | 0.2% | $19M | |||
| 87 | FIX | 0.1% | $18M | |||
| 88 | COF | 0.1% | $17M | |||
| 89 | WFC | 0.1% | $16M | |||
| 90 | HSY | 0.1% | $16M | |||
| 91 | HXL | 0.1% | $15M | |||
| 92 | PEP | 0.1% | $15M | |||
| 93 | BK | 0.1% | $15M | |||
| 94 | CME | 0.1% | $15M | |||
| 95 | PAYX | 0.1% | $14M | |||
| 96 | SEIC | 0.1% | $14M | |||
| 97 | CARR | 0.1% | $13M | |||
| 98 | EFX | 0.1% | $13M | |||
| 99 | SPOT | 0.1% | $13M | |||
| 100 | BF/B | 0.1% | $13M | |||
| 101 | AMAT | 0.1% | $12M | |||
| 102 | CBOE | 0.1% | $12M | |||
| 103 | SHOP | 0.1% | $12M | |||
| 104 | HII | 0.1% | $10M | |||
| 105 | UBER | 0.1% | $10M | |||
| 106 | SMG | 0.1% | $10M | |||
| 107 | MELI | 0.1% | $9M | |||
| 108 | OTIS | 0.1% | $9M | |||
| 109 | IQV | 0.1% | $8M | |||
| 110 | XOM | 0.1% | $8M | |||
| 111 | EPD | 0.1% | $8M | |||
| 112 | SONY | 0.1% | $7M | |||
| 113 | EMN | <0.1% | $6M | |||
| 114 | KMX | <0.1% | $6M | |||
| 115 | CNI | <0.1% | $5M | |||
| 116 | GHC | <0.1% | $5M | |||
| 117 | UNH | <0.1% | $5M | |||
| 118 | NSP | <0.1% | $5M | |||
| 119 | CP | <0.1% | $5M | |||
| 120 | ICE | <0.1% | $5M | |||
| 121 | WRB | <0.1% | $4M | |||
| 122 | BC | <0.1% | $4M | |||
| 123 | MGM | <0.1% | $3M | |||
| 124 | EXP | <0.1% | $3M | |||
| 125 | AYI | <0.1% | $3M | |||
| 126 | SYY | <0.1% | $2M | |||
| 127 | DPZ | <0.1% | $2M | |||
| 128 | BRO | <0.1% | $913K | |||
| 129 | WY | <0.1% | $428K |
- port6.7%val$800MBerkshire Hathaway Inc-cl Athis Q hold·40q
- 2GOOGport6.6%val$789MAlphabet Inc-cl Cthis Q hold·40q
- port6.1%val$734MBerkshire Hathaway Inc-cl Bthis Q hold·40q
- 4BNport4.4%val$529MBrookfield Corpthis Q hold·14q
- 5DEport4.1%val$495MDeere & COthis Q hold·40q
- 6AMZNport3.5%val$423MAmazon.com Incthis Q hold·40q
- 7ADIport2.7%val$326MAnalog Devices Incthis Q hold·40q
- 8AAPLport2.6%val$311MApple Incthis Q hold·40q
- 9GSport2.5%val$304MGoldman Sachs Group Incthis Q hold·40q
- 10Vport2.5%val$304MVisa Inc-class A Sharesthis Q hold·40q
- 11HDport2.5%val$303MHome Depot Incthis Q hold·40q
- 12CATport1.9%val$233MCaterpillar Incthis Q hold·40q
- 13WSOport1.8%val$212MWatsco Incthis Q hold·40q
- 14BLKport1.8%val$212MBlackrock Incthis Q hold·6q
- 15MSFTport1.7%val$199MMicrosoft Corpthis Q hold·40q
- 16DISport1.6%val$196MWalt Disney Co/thethis Q hold·40q
- 17FNVport1.5%val$175MFranco-nevada Corpthis Q hold·8q
- 18LOWport1.5%val$174MLowe's Cos Incthis Q hold·40q
- 19LPLAport1.4%val$168MLpl Financial Holdings Incthis Q hold·14q
- 20GOOGLport1.4%val$164MAlphabet Inc-cl Athis Q hold·40q
- 21PGRport1.3%val$149MProgressive Corpthis Q hold·33q
- 22JNJport1.3%val$149MJohnson & Johnsonthis Q hold·40q
- 23AXPport1.2%val$148MAmerican Express COthis Q hold·40q
- 24METAport1.2%val$142MMeta Platforms Inc-class Athis Q hold·40q
- 25BXport1.2%val$141MBlackstone Incthis Q hold·27q
- 26TXNport1.2%val$141MTexas Instruments Incthis Q hold·40q
- 27RLIport1.1%val$137MRli Corpthis Q hold·40q
- 28KKRport1.1%val$134MKkr & CO Incthis Q hold·31q
- 29GDport1.1%val$134MGeneral Dynamics Corpthis Q hold·40q
- 30MRSHport1.1%val$132MMarsh & Mclennan Costhis Q hold·40q
- 31SCHWport1.1%val$130MSchwab (charles) Corpthis Q hold·40q
- 32APOport0.9%val$113MApollo Global Management Incthis Q hold·17q
- 33ADMport0.9%val$109MArcher-daniels-midland COthis Q hold·40q
- 34NVOport0.9%val$105MNovo-nordisk A/s-spons Adrthis Q hold·40q
- 35MAport0.9%val$104MMastercard Inc - Athis Q hold·40q
- 36DGport0.9%val$103MDollar General Corpthis Q hold·19q
- 37DEOport0.9%val$102MDiageo Plc-sponsored Adrthis Q hold·40q
- 38LINport0.8%val$101MLinde Plcthis Q hold·13q
- 39BAMport0.8%val$98MBrookfield Asset Mgmt-athis Q hold·14q
- 40MCOport0.8%val$93MMoody's Corpthis Q hold·40q
- 41ITWport0.7%val$85MIllinois Tool Worksthis Q hold·40q
- 42ODFLport0.7%val$84MOld Dominion Freight Linethis Q hold·16q
- 43NSCport0.7%val$81MNorfolk Southern Corpthis Q hold·40q
- 44HEI/Aport0.7%val$80MHeico Corp-class Athis Q hold·40q
- 45ROLport0.7%val$80MRollins Incthis Q hold·40q
- 46NVRport0.7%val$80MNvr Incthis Q hold·30q
- 47MSCIport0.6%val$77MMsci Incthis Q hold·40q
- 48JPMport0.6%val$74MJpmorgan Chase & COthis Q hold·40q
- 49ECLport0.6%val$73MEcolab Incthis Q hold·40q
- 50CGport0.5%val$64MCarlyle Group Inc/thethis Q hold·25q
- 51SUNBport0.5%val$63MSunbelt Rentals Holdings Incthis Q New·—1q
- 52TSNport0.5%val$57MTyson Foods Inc-cl Athis Q hold·38q
- 53SBUXport0.5%val$56MStarbucks Corpthis Q hold·38q
- 54ROKport0.5%val$56MRockwell Automation Incthis Q hold·40q
- 55SPGIport0.4%val$50MS&p Global Incthis Q -22%·40q
- 56THGport0.4%val$49MHanover Insurance Group Inc/this Q hold·17q
- 57ITICport0.4%val$46MInvestors Title COthis Q hold·40q
- 58AONport0.4%val$44MAon Plcthis Q hold·22q
- 59RTXport0.4%val$43MRtx Corpthis Q hold·23q
- 60FERGport0.3%val$40MFerguson Enterprises Incthis Q hold·7q
- 61LMTport0.3%val$39MLockheed Martin Corpthis Q hold·21q
- 62COSTport0.3%val$39MCostco Wholesale Corpthis Q hold·40q
- 63HCAport0.3%val$39MHca Healthcare Incthis Q hold·11q
- 64YUMport0.3%val$38MYum! Brands Incthis Q hold·9q
- 65UNPport0.3%val$36MUnion Pacific Corpthis Q hold·40q
- 66TMOport0.3%val$33MThermo Fisher Scientific Incthis Q hold·18q
- 67HGTYport0.3%val$33MHagerty Inc-athis Q hold·12q
- 68ALLport0.3%val$32MAllstate Corpthis Q hold·22q
- 69ACNport0.3%val$32MAccenture Plc Irelandthis Q hold·40q
- 70MARport0.3%val$31MMarriott International -cl Athis Q hold·25q
- 71ABNBport0.3%val$31MAirbnb Inc-class Athis Q hold·7q
- 72SHWport0.3%val$30MSherwin-williams Co/thethis Q hold·30q
- 73VRSKport0.2%val$30MVerisk Analytics Incthis Q hold·40q
- 74FDSport0.2%val$29MFactset Research Systems Incthis Q hold·40q
- 75TROWport0.2%val$28MT Rowe Price Group Incthis Q hold·40q
- 76CMCSAport0.2%val$28MComcast Corp-class Athis Q hold·40q
- 77CSCOport0.2%val$28MCisco Systems Incthis Q hold·40q
- 78LAMRport0.2%val$24MLamar Advertising Co-athis Q hold·25q
- 79NKEport0.2%val$24MNike Inc -cl Bthis Q hold·40q
- 80URIport0.2%val$23MUnited Rentals Incthis Q hold·11q
- 81BF/Aport0.2%val$23MBrown-forman Corp-class Athis Q hold·40q
- 82CCKport0.2%val$22MCrown Holdings Incthis Q hold·31q
- 83APDport0.2%val$22MAir Products & Chemicals Incthis Q hold·9q
- 84CSXport0.2%val$22MCsx Corpthis Q +20%·7q
- 85G7496G103port0.2%val$21MRenaissancere Hldgs Ltdthis Q hold·15q
- 86PMport0.2%val$19MPhilip Morris Internationalthis Q hold·40q
- 87FIXport0.1%val$18MComfort Systems Usa Incthis Q hold·10q
- 88COFport0.1%val$17MCapital One Financial Corpthis Q hold·17q
- 89WFCport0.1%val$16MWells Fargo & COthis Q hold·32q
- 90HSYport0.1%val$16MHershey Co/thethis Q hold·19q
- 91HXLport0.1%val$15MHexcel Corpthis Q hold·38q
- 92PEPport0.1%val$15MPepsico Incthis Q hold·40q
- 93BKport0.1%val$15MBank OF New York Mellon Corpthis Q hold·28q
- 94CMEport0.1%val$15MCme Group Incthis Q hold·19q
- 95PAYXport0.1%val$14MPaychex Incthis Q hold·40q
- 96SEICport0.1%val$14MSei Investments Companythis Q hold·40q
- 97CARRport0.1%val$13MCarrier Global Corpthis Q hold·24q
- 98EFXport0.1%val$13MEquifax Incthis Q hold·30q
- 99SPOTport0.1%val$13MSpotify Technology S Athis Q hold·19q
- 100BF/Bport0.1%val$13MBrown-forman Corp-class Bthis Q hold·40q
- 101AMATport0.1%val$12MApplied Materials Incthis Q hold·4q
- 102CBOEport0.1%val$12MCboe Global Markets Incthis Q hold·5q
- 103SHOPport0.1%val$12MShopify Inc - Class Athis Q hold·17q
- 104HIIport0.1%val$10MHuntington Ingalls Industriethis Q hold·6q
- 105UBERport0.1%val$10MUber Technologies Incthis Q hold·12q
- 106SMGport0.1%val$10MScotts Miracle-gro COthis Q hold·25q
- 107MELIport0.1%val$9MMercadolibre Incthis Q New·—1q
- 108OTISport0.1%val$9MOtis Worldwide Corpthis Q hold·24q
- 109IQVport0.1%val$8MIqvia Holdings Incthis Q hold·13q
- 110XOMport0.1%val$8MExxon Mobil Corpthis Q +24%·9q
- 111EPDport0.1%val$8MEnterprise Products Partnersthis Q New·—1q
- 112SONYport0.1%val$7MSony Group Corp - SP Adrthis Q hold·17q
- 113EMNport<0.1%val$6MEastman Chemical COthis Q hold·25q
- 114KMXport<0.1%val$6MCarmax Incthis Q hold·30q
- 115CNIport<0.1%val$5MCanadian Natl Railway COthis Q +20%·3q
- 116GHCport<0.1%val$5MGraham Holdings Co-class Bthis Q hold·40q
- 117UNHport<0.1%val$5MUnitedhealth Group Incthis Q -29%·26q
- 118NSPport<0.1%val$5MInsperity Incthis Q hold·9q
- 119CPport<0.1%val$5MCanadian Pacific Kansas Citythis Q hold·3q
- 120ICEport<0.1%val$5MIntercontinental Exchange INthis Q +38%·21q
- 121WRBport<0.1%val$4MWR Berkley Corpthis Q hold·36q
- 122BCport<0.1%val$4MBrunswick Corpthis Q hold·7q
- 123MGMport<0.1%val$3MMgm Resorts Internationalthis Q hold·6q
- 124EXPport<0.1%val$3MEagle Materials Incthis Q hold·5q
- 125AYIport<0.1%val$3MAcuity Incthis Q hold·6q
- 126SYYport<0.1%val$2MSysco Corpthis Q hold·5q
- 127DPZport<0.1%val$2MDomino's Pizza Incthis Q hold·7q
- 128BROport<0.1%val$913KBrown & Brown Incthis Q +27%·2q
- 129WYport<0.1%val$428KWeyerhaeuser COthis Q New·—1q
All activity (2026Q1)
| Ticker | Issuer | Move | % Port. | Δ Shares | Value |
|---|---|---|---|---|---|
| SPGI | S&p Global Inc | TRIM | 0.4% | -22% | $50M |
| SUNB | Sunbelt Rentals Holdings Inc | NEW | 0.5% | +100% | $63M |
| CSX | Csx Corp | ADD | 0.2% | +20% | $22M |
| TGT | Target Corp | EXIT | 0.1% | -100% | $0 |
| CHH | Choice Hotels Intl Inc | EXIT | 0.1% | -100% | $0 |
| MELI | Mercadolibre Inc | NEW | 0.1% | +100% | $9M |
| UNH | Unitedhealth Group Inc | TRIM | <0.1% | -29% | $5M |
| XOM | Exxon Mobil Corp | ADD | 0.1% | +24% | $8M |
| EPD | Enterprise Products Partners | NEW | 0.1% | +100% | $8M |
| CNI | Canadian Natl Railway CO | ADD | <0.1% | +20% | $5M |
| ICE | Intercontinental Exchange IN | ADD | <0.1% | +38% | $5M |
| BRO | Brown & Brown Inc | ADD | <0.1% | +27% | $913K |
| WY | Weyerhaeuser CO | NEW | <0.1% | +100% | $428K |
| TRU | Transunion | EXIT | <0.1% | -100% | $0 |
- TRIMSPGI0.4%S&p Global IncΔ -22%·$50M
- NEWSUNB0.5%Sunbelt Rentals Holdings IncΔ +100%·$63M
- ADDCSX0.2%Csx CorpΔ +20%·$22M
- EXITTGT0.1%Target CorpΔ -100%·$0
- EXITCHH0.1%Choice Hotels Intl IncΔ -100%·$0
- NEWMELI0.1%Mercadolibre IncΔ +100%·$9M
- TRIMUNH<0.1%Unitedhealth Group IncΔ -29%·$5M
- ADDXOM0.1%Exxon Mobil CorpΔ +24%·$8M
- NEWEPD0.1%Enterprise Products PartnersΔ +100%·$8M
- ADDCNI<0.1%Canadian Natl Railway COΔ +20%·$5M
- ADDICE<0.1%Intercontinental Exchange INΔ +38%·$5M
- ADDBRO<0.1%Brown & Brown IncΔ +27%·$913K
- NEWWY<0.1%Weyerhaeuser COΔ +100%·$428K
- EXITTRU<0.1%TransunionΔ -100%·$0
Frequently asked questions
- What stocks does Thomas Gayner own?
- As of 2026Q1, Thomas Gayner's 13F discloses 129 positions worth $11.94B. The top five holdings: BRK/A (6.7%), GOOG (6.6%), BRK/B (6.1%), BN (4.4%), DE (4.1%). 13F filings cover long US-listed equities only — cash, bonds, shorts, and non-US positions are not disclosed.
- What did Thomas Gayner buy this quarter?
- In 2026Q1, the filing shows 4 new positions and 5 additions to existing holdings. The largest positions touched by buying: SUNB, CSX, MELI, XOM, EPD.
- How big is Thomas Gayner's portfolio?
- $11.94B across 129 positions per the latest 13F (filed May 1, 2026). The top five holdings account for 28% of the disclosed book.
Explore more
Long US equity 13F-HR filings only — no shorts, no derivatives. SEC filings at EDGAR (CIK 0001096343). Not investment advice.