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Thomas Gayner

Markel Group

$13.13B
disclosed 13F portfolio · 130 positions
top-5 concentration28%
Q2 2026 · filed Jul 31, 2026

Thomas Gayner (Markel Group) discloses a $13.13B portfolio across 130 US-listed positions in the latest 13F filing (2026Q2, filed Jul 31, 2026). The largest holding is GOOG at 7.4% of the book. The biggest move of the quarter: added 340% to the MELI share count (position now $41M). Mechanically cloning this 13F returned 11.8%/yr over the past 12.2 years, versus 13.7%/yr for the S&P 500 across that identical 12.2-year window.

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Holdings (130) · click any column to sort

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  • port7.4%
    val$972M
    Alphabet Inc-cl C
    this Q hold·40q
  • port6.4%
    val$834M
    Berkshire Hathaway Inc-cl A
    this Q hold·40q
  • port5.8%
    val$767M
    Berkshire Hathaway Inc-cl B
    this Q hold·40q
  • port4.2%
    val$557M
    Deere & CO
    this Q hold·40q
  • port4.2%
    val$557M
    Brookfield Corp
    this Q hold·15q
  • port3.7%
    val$484M
    Amazon.com Inc
    this Q hold·40q
  • port3.0%
    val$397M
    Analog Devices Inc
    this Q hold·40q
  • port2.8%
    val$363M
    Goldman Sachs Group Inc
    this Q hold·40q
  • port2.7%
    val$355M
    Apple Inc
    this Q hold·40q
  • 10CAT
    port2.7%
    val$350M
    Caterpillar Inc
    this Q hold·40q
  • 11V
    port2.6%
    val$348M
    Visa Inc-class A Shares
    this Q hold·40q
  • 12HD
    port2.5%
    val$325M
    Home Depot Inc
    this Q hold·40q
  • 13WSO
    port1.9%
    val$249M
    Watsco Inc
    this Q hold·40q
  • 14TXN
    port1.6%
    val$216M
    Texas Instruments Inc
    this Q hold·40q
  • 15BLK
    port1.6%
    val$212M
    Blackrock Inc
    this Q hold·7q
  • port1.6%
    val$204M
    Alphabet Inc-cl A
    this Q hold·40q
  • port1.5%
    val$201M
    Microsoft Corp
    this Q hold·40q
  • 18DIS
    port1.5%
    val$196M
    Walt Disney Co/the
    this Q hold·40q
  • 19AXP
    port1.3%
    val$166M
    American Express CO
    this Q hold·40q
  • 20LOW
    port1.3%
    val$166M
    Lowe's Cos Inc
    this Q hold·40q
  • 21PGR
    port1.3%
    val$165M
    Progressive Corp
    this Q hold·34q
  • 22FNV
    port1.2%
    val$161M
    Franco-nevada Corp
    this Q hold·9q
  • port1.2%
    val$158M
    Lpl Financial Holdings Inc
    this Q hold·15q
  • 24JNJ
    port1.2%
    val$155M
    Johnson & Johnson
    this Q hold·40q
  • 25BX
    port1.1%
    val$145M
    Blackstone Inc
    this Q hold·28q
  • 26RLI
    port1.1%
    val$141M
    Rli Corp
    this Q hold·40q
  • 27GD
    port1.1%
    val$139M
    General Dynamics Corp
    this Q hold·40q
  • 28NVO
    port1.0%
    val$138M
    Novo-nordisk A/s-spons Adr
    this Q hold·40q
  • 29KKR
    port1.0%
    val$133M
    Kkr & CO Inc
    this Q hold·32q
  • port1.0%
    val$132M
    Meta Platforms Inc-class A
    this Q hold·40q
  • port1.0%
    val$129M
    Schwab (charles) Corp
    this Q hold·40q
  • port1.0%
    val$127M
    Marsh & Mclennan Cos
    this Q hold·40q
  • 33APO
    port0.9%
    val$120M
    Apollo Global Management Inc
    this Q hold·18q
  • 34ADM
    port0.9%
    val$115M
    Archer-daniels-midland CO
    this Q hold·40q
  • 35LIN
    port0.9%
    val$112M
    Linde Plc
    this Q hold·14q
  • 36DEO
    port0.8%
    val$110M
    Diageo Plc-sponsored Adr
    this Q hold·40q
  • 37MA
    port0.8%
    val$107M
    Mastercard Inc - A
    this Q hold·40q
  • 38DG
    port0.8%
    val$100M
    Dollar General Corp
    this Q hold·20q
  • 39BAM
    port0.7%
    val$98M
    Brookfield Asset Mgmt-a
    this Q hold·15q
  • port0.7%
    val$98M
    Heico Corp-class A
    this Q hold·40q
  • 41MCO
    port0.7%
    val$97M
    Moody's Corp
    this Q hold·40q
  • port0.7%
    val$93M
    Old Dominion Freight Line
    this Q hold·17q
  • 43NSC
    port0.7%
    val$89M
    Norfolk Southern Corp
    this Q hold·40q
  • 44ITW
    port0.7%
    val$89M
    Illinois Tool Works
    this Q hold·40q
  • 45JPM
    port0.6%
    val$83M
    Jpmorgan Chase & CO
    this Q hold·40q
  • 46NVR
    port0.6%
    val$82M
    Nvr Inc
    this Q hold·31q
  • port0.6%
    val$80M
    Msci Inc
    this Q hold·40q
  • 48ROK
    port0.6%
    val$77M
    Rockwell Automation Inc
    this Q hold·40q
  • 49ECL
    port0.6%
    val$76M
    Ecolab Inc
    this Q hold·40q
  • port0.6%
    val$73M
    Sunbelt Rentals Holdings Inc
    this Q hold·2q
  • port0.5%
    val$64M
    Starbucks Corp
    this Q hold·39q
  • 52ROL
    port0.5%
    val$63M
    Rollins Inc
    this Q hold·40q
  • 53THG
    port0.5%
    val$60M
    Hanover Insurance Group Inc/
    this Q hold·18q
  • port0.4%
    val$58M
    Investors Title CO
    this Q hold·40q
  • 55CG
    port0.4%
    val$56M
    Carlyle Group Inc/the
    this Q hold·26q
  • 56TSN
    port0.4%
    val$52M
    Tyson Foods Inc-cl A
    this Q hold·39q
  • port0.4%
    val$48M
    S&p Global Inc
    this Q hold·40q
  • 58AON
    port0.3%
    val$45M
    Aon Plc
    this Q hold·23q
  • 59UNP
    port0.3%
    val$44M
    Union Pacific Corp
    this Q hold·40q
  • port0.3%
    val$43M
    Ferguson Enterprises Inc
    this Q hold·8q
  • 61RTX
    port0.3%
    val$42M
    Rtx Corp
    this Q hold·24q
  • port0.3%
    val$42M
    Cisco Systems Inc
    this Q hold·40q
  • port0.3%
    val$41M
    Mercadolibre Inc
    this Q +340%·2q
  • 64YUM
    port0.3%
    val$39M
    Yum! Brands Inc
    this Q hold·10q
  • 65MAR
    port0.3%
    val$37M
    Marriott International -cl A
    this Q hold·25q
  • 66ALL
    port0.3%
    val$37M
    Allstate Corp
    this Q hold·23q
  • 67TMO
    port0.3%
    val$37M
    Thermo Fisher Scientific Inc
    this Q hold·19q
  • port0.3%
    val$37M
    Costco Wholesale Corp
    this Q hold·40q
  • port0.3%
    val$36M
    Hagerty Inc-a
    this Q hold·13q
  • port0.3%
    val$36M
    T Rowe Price Group Inc
    this Q hold·40q
  • 71URI
    port0.3%
    val$35M
    United Rentals Inc
    this Q hold·12q
  • port0.3%
    val$35M
    Airbnb Inc-class A
    this Q hold·8q
  • 73LMT
    port0.3%
    val$33M
    Lockheed Martin Corp
    this Q hold·22q
  • 74HCA
    port0.3%
    val$33M
    Hca Healthcare Inc
    this Q hold·12q
  • 75SHW
    port0.2%
    val$32M
    Sherwin-williams Co/the
    this Q hold·31q
  • 76FDS
    port0.2%
    val$31M
    Factset Research Systems Inc
    this Q hold·40q
  • port0.2%
    val$30M
    Lamar Advertising Co-a
    this Q hold·26q
  • port0.2%
    val$28M
    Verisk Analytics Inc
    this Q hold·40q
  • 79CSX
    port0.2%
    val$28M
    Csx Corp
    this Q hold·7q
  • port0.2%
    val$26M
    Applied Materials Inc
    this Q hold·5q
  • 81APD
    port0.2%
    val$26M
    Air Products & Chemicals Inc
    this Q hold·10q
  • 82FIX
    port0.2%
    val$26M
    Comfort Systems Usa Inc
    this Q hold·11q
  • 83CCK
    port0.2%
    val$25M
    Crown Holdings Inc
    this Q hold·32q
  • port0.2%
    val$23M
    Brown-forman Corp-class A
    this Q hold·40q
  • 85G7496G103
    port0.2%
    val$22M
    Renaissancere Hldgs Ltd
    this Q hold·16q
  • 86EPD
    port0.2%
    val$21M
    Enterprise Products Partners
    this Q +182%·2q
  • 87PM
    port0.2%
    val$21M
    Philip Morris International
    this Q hold·40q
  • 88ACN
    port0.2%
    val$20M
    Accenture Plc Ireland
    this Q hold·40q
  • port0.1%
    val$20M
    Comcast Corp-class A
    this Q hold·40q
  • 90HXL
    port0.1%
    val$19M
    Hexcel Corp
    this Q hold·39q
  • 91NKE
    port0.1%
    val$18M
    Nike Inc -cl B
    this Q hold·40q
  • 92COF
    port0.1%
    val$18M
    Capital One Financial Corp
    this Q hold·17q
  • 93BK
    port0.1%
    val$18M
    Bank OF New York Mellon Corp
    this Q hold·29q
  • port0.1%
    val$17M
    Carrier Global Corp
    this Q hold·25q
  • 95WFC
    port0.1%
    val$17M
    Wells Fargo & CO
    this Q hold·33q
  • port0.1%
    val$15M
    Sei Investments Company
    this Q hold·40q
  • port0.1%
    val$15M
    Paychex Inc
    this Q hold·40q
  • 98HSY
    port0.1%
    val$13M
    Hershey Co/the
    this Q hold·19q
  • 99PEP
    port0.1%
    val$13M
    Pepsico Inc
    this Q hold·40q
  • 100BF/B
    port0.1%
    val$13M
    Brown-forman Corp-class B
    this Q hold·40q
  • 101SPOT
    port0.1%
    val$12M
    Spotify Technology S A
    this Q hold·20q
  • 102SHOP
    port0.1%
    val$12M
    Shopify Inc - Class A
    this Q hold·18q
  • 103EFX
    port0.1%
    val$12M
    Equifax Inc
    this Q hold·31q
  • 104CME
    port0.1%
    val$11M
    Cme Group Inc
    this Q hold·19q
  • 105CBOE
    port0.1%
    val$11M
    Cboe Global Markets Inc
    this Q hold·6q
  • 106UBER
    port0.1%
    val$10M
    Uber Technologies Inc
    this Q hold·13q
  • 107OTIS
    port0.1%
    val$10M
    Otis Worldwide Corp
    this Q hold·25q
  • 108IQV
    port0.1%
    val$9M
    Iqvia Holdings Inc
    this Q hold·14q
  • 109HII
    port0.1%
    val$8M
    Huntington Ingalls Industrie
    this Q hold·7q
  • 110XOM
    port0.1%
    val$8M
    Exxon Mobil Corp
    this Q hold·9q
  • 111NSP
    port0.1%
    val$7M
    Insperity Inc
    this Q hold·10q
  • 112KMX
    port0.1%
    val$7M
    Carmax Inc
    this Q hold·30q
  • 113SONY
    port0.1%
    val$7M
    Sony Group Corp - SP Adr
    this Q hold·18q
  • 114CNI
    port<0.1%
    val$6M
    Canadian Natl Railway CO
    this Q hold·4q
  • 115CP
    port<0.1%
    val$6M
    Canadian Pacific Kansas City
    this Q +23%·4q
  • 116GHC
    port<0.1%
    val$6M
    Graham Holdings Co-class B
    this Q hold·40q
  • 117EMN
    port<0.1%
    val$5M
    Eastman Chemical CO
    this Q hold·26q
  • 118ZTS
    port<0.1%
    val$5M
    Zoetis Inc
    this Q New·1q
  • 119BC
    port<0.1%
    val$4M
    Brunswick Corp
    this Q hold·8q
  • 120WRB
    port<0.1%
    val$4M
    WR Berkley Corp
    this Q hold·37q
  • 121MGM
    port<0.1%
    val$4M
    Mgm Resorts International
    this Q hold·7q
  • 122AYI
    port<0.1%
    val$4M
    Acuity Inc
    this Q hold·7q
  • 123ICE
    port<0.1%
    val$4M
    Intercontinental Exchange IN
    this Q hold·22q
  • 124EXP
    port<0.1%
    val$3M
    Eagle Materials Inc
    this Q hold·6q
  • 125WY
    port<0.1%
    val$3M
    Weyerhaeuser CO
    this Q +586%·2q
  • 126NFLX
    port<0.1%
    val$3M
    Netflix Inc
    this Q New·5q
  • 127SYY
    port<0.1%
    val$3M
    Sysco Corp
    this Q hold·6q
  • 128DPZ
    port<0.1%
    val$2M
    Domino's Pizza Inc
    this Q hold·8q
  • 129BRO
    port<0.1%
    val$898K
    Brown & Brown Inc
    this Q hold·3q
  • 130UFPI
    port<0.1%
    val$363K
    Ufp Industries Inc
    this Q New·1q
2026Q2 moves, by size (9)(expand ↓)
  • ADDMELI
    0.3%
    Mercadolibre Inc
    Δ +340%·$41M
  • ADDEPD
    0.2%
    Enterprise Products Partners
    Δ +182%·$21M
  • EXITSMG
    0.1%
    Scotts Miracle-gro CO
    Δ -100%·$0
  • ADDCP
    <0.1%
    Canadian Pacific Kansas City
    Δ +23%·$6M
  • EXITUNH
    <0.1%
    Unitedhealth Group Inc
    Δ -100%·$0
  • NEWZTS
    <0.1%
    Zoetis Inc
    Δ +100%·$5M
  • NEWNFLX
    <0.1%
    Netflix Inc
    Δ +100%·$3M
  • ADDWY
    <0.1%
    Weyerhaeuser CO
    Δ +586%·$3M
  • NEWUFPI
    <0.1%
    Ufp Industries Inc
    Δ +100%·$363K

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.

2026Q2 brief

Thomas Gayner's $13.1B Markel portfolio added three new positions and made several meaningful additions in Q2 2026, while exiting just two names — consistent with his characteristically low-turnover, compounding style. The most telling move is a 340% add to MELI (now 0.31% of the portfolio), signaling growing conviction in Latin American e-commerce/fintech at a time few super-investors are leaning in. He also nearly tripled his EPD stake (+182%, now 0.16%), an unusual tilt toward midstream energy for a manager known for quality growth — worth watching as a potential inflation/income hedge. Exits from UNH (previously 0.04%) and SMG (0.09%) are modest in size but notable: the UNH departure comes amid well-publicized sector stress, suggesting Gayner saw the risk/reward deteriorate. New starter positions in ZTS, NFLX, and UFPI are all sub-0.04% and likely exploratory. The top of the book remains anchored in GOOG (7.4%), combined BRK (~12.2%), and DE (4.2%), keeping the portfolio concentrated but diversified by style. Watch whether MELI and EPD get meaningfully scaled up next quarter — those two moves feel like the beginning of something, not a one-off rebalance.

AI-generated. Not investment advice.

Filing history

Thomas Gayner's disclosed 13F portfolio value and position count by quarter — the trajectory across every SEC filing.

Disclosed portfolio value · Q3 2023Q2 2026now $13.13B · peak $13.13B (Q2 2026)
Q3 2023Q2 2024Q2 2025Q2 2026
QuarterPositionsPortfolio value
Q2 2026 — what changed →130
$13.13B
Q1 2026 — what changed →129
$11.94B
Q4 2025 — what changed →128
$12.54B
Q3 2025 — what changed →129
$12.32B
Q2 2025 — what changed →137
$11.83B
Q1 2025 — what changed →135
$11.26B
Q4 2024 holdings132
$11.34B
Q3 2024 holdings132
$11.11B
Q2 2024 holdings134
$10.17B
Q1 2024 holdings132
$10.14B
Q4 2023 holdings128
$9.20B
Q3 2023 holdings133
$8.28B

Values as disclosed at each quarter end. Older filings on EDGAR.

Multibaggers Thomas Gayner held

Stocks up 5x or more since Thomas Gayner first held them at conviction size — the holding record behind the returns. Longest unbroken run and largest book weight are shown for each.

  • AAPL19.9xAPPLE INC44q straight · peak 2.81% · still holds
  • MSCI14.6xMSCI INC49q straight · peak 1.05% · still holds
  • AMZN13.8xAMAZON.COM INC42q straight · peak 5.26% · still holds
  • PGR12.3xPROGRESSIVE CORP33q straight · peak 1.89% · still holds
  • CAT12.1xCATERPILLAR INC49q straight · peak 1.95% · still holds
  • ODFL12.1xOLD DOMINION FREIGHT LINE16q straight · peak 0.7% · still holds

Six biggest of 27. Price multiple since the first quarter we observed a conviction holding (2014Q1 at the earliest), not Thomas Gayner's realized return — entry price and trades between filings aren't disclosed. Peak weight is share of disclosed US 13F book. All 129 multibaggers the cohort held →

Frequently asked questions

What stocks does Thomas Gayner own?
As of 2026Q2, Thomas Gayner's 13F discloses 130 positions worth $13.13B. The top five holdings: GOOG (7.4%), BRK/A (6.4%), BRK/B (5.8%), DE (4.2%), BN (4.2%). 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 2026Q2, the filing shows 3 new positions and 4 additions to existing holdings. The largest positions touched by buying: MELI, EPD, CP, ZTS, WY.
How big is Thomas Gayner's portfolio?
$13.13B across 130 positions per the latest 13F (filed Jul 31, 2026). The top five holdings account for 28% of the disclosed book.

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Long US equity 13F-HR filings only — no shorts, no derivatives. SEC filings at EDGAR (CIK 0001096343). Not investment advice.