Thomas Gayner

Markel Group

2026Q1 · filed May 1, 2026129 positions · $11.94Btop-5 28%

2026Q1 brief

Thomas Gayner's $11.9B Markel portfolio was characteristically quiet, with activity concentrated in small incremental adds rather than any dramatic repositioning—true to his permanent-capital, low-turnover style. The most notable new position is SUNB (Sunbelt Rentals, 0.5%), a equipment-rental play that mirrors a theme also visible in Thomas Russo's book this quarter, suggesting converging conviction among long-horizon value investors on industrial rental economics. Gayner added modestly to railroads CSX (+20.5%) and CNI (+20.2%), deepening an infrastructure-and-compounding tilt. The exits of TGT (previously 0.1%) and CHH (Choice Hotels, 0.09%) are small but signal fading patience with consumer discretionary names under pressure. The trim in UNH (-29.4% to 0.04%) follows a sector-wide retreat from managed care visible across multiple 13F filers this period. The portfolio's mega-cap anchor remains intact—BRK/A+B combined at ~12.9%, GOOG at 6.6%—keeping concentration moderate at 28% for the top 5 across 129 positions. Watch whether SUNB is scaled meaningfully or remains a starter position next quarter.

AI-generated. Not investment advice.

Holdings (129) · click any column to sort

#↑	Ticker	Issuer	% Port.	This Q	History	Value
1	BRK/A	Berkshire Hathaway Inc-cl A	6.7%		40q held	$800M
2	GOOG	Alphabet Inc-cl C	6.6%		40q held	$789M
3	BRK/B	Berkshire Hathaway Inc-cl B	6.1%		40q held	$734M
4	BN	Brookfield Corp	4.4%		14q held	$529M
5	DE	Deere & CO	4.1%		40q held	$495M
6	AMZN	Amazon.com Inc	3.5%		40q held	$423M
7	ADI	Analog Devices Inc	2.7%		40q held	$326M
8	AAPL	Apple Inc	2.6%		40q held	$311M
9	GS	Goldman Sachs Group Inc	2.5%		40q held	$304M
10	V	Visa Inc-class A Shares	2.5%		40q held	$304M
11	HD	Home Depot Inc	2.5%		40q held	$303M
12	CAT	Caterpillar Inc	1.9%		40q held	$233M
13	WSO	Watsco Inc	1.8%		40q held	$212M
14	BLK	Blackrock Inc	1.8%		6q held	$212M
15	MSFT	Microsoft Corp	1.7%		40q held	$199M
16	DIS	Walt Disney Co/the	1.6%		40q held	$196M
17	FNV	Franco-nevada Corp	1.5%		8q held	$175M
18	LOW	Lowe's Cos Inc	1.5%		40q held	$174M
19	LPLA	Lpl Financial Holdings Inc	1.4%		14q held	$168M
20	GOOGL	Alphabet Inc-cl A	1.4%		40q held	$164M
21	PGR	Progressive Corp	1.3%		33q held	$149M
22	JNJ	Johnson & Johnson	1.3%		40q held	$149M
23	AXP	American Express CO	1.2%		40q held	$148M
24	META	Meta Platforms Inc-class A	1.2%		40q held	$142M
25	BX	Blackstone Inc	1.2%		27q held	$141M
26	TXN	Texas Instruments Inc	1.2%		40q held	$141M
27	RLI	Rli Corp	1.1%		40q held	$137M
28	KKR	Kkr & CO Inc	1.1%		31q held	$134M
29	GD	General Dynamics Corp	1.1%		40q held	$134M
30	MRSH	Marsh & Mclennan Cos	1.1%		40q held	$132M
31	SCHW	Schwab (charles) Corp	1.1%		40q held	$130M
32	APO	Apollo Global Management Inc	0.9%		17q held	$113M
33	ADM	Archer-daniels-midland CO	0.9%		40q held	$109M
34	NVO	Novo-nordisk A/s-spons Adr	0.9%		40q held	$105M
35	MA	Mastercard Inc - A	0.9%		40q held	$104M
36	DG	Dollar General Corp	0.9%		19q held	$103M
37	DEO	Diageo Plc-sponsored Adr	0.9%		40q held	$102M
38	LIN	Linde Plc	0.8%		13q held	$101M
39	BAM	Brookfield Asset Mgmt-a	0.8%		14q held	$98M
40	MCO	Moody's Corp	0.8%		40q held	$93M
41	ITW	Illinois Tool Works	0.7%		40q held	$85M
42	ODFL	Old Dominion Freight Line	0.7%		16q held	$84M
43	NSC	Norfolk Southern Corp	0.7%		40q held	$81M
44	HEI/A	Heico Corp-class A	0.7%		40q held	$80M
45	ROL	Rollins Inc	0.7%		40q held	$80M
46	NVR	Nvr Inc	0.7%		30q held	$80M
47	MSCI	Msci Inc	0.6%		40q held	$77M
48	JPM	Jpmorgan Chase & CO	0.6%		40q held	$74M
49	ECL	Ecolab Inc	0.6%		40q held	$73M
50	CG	Carlyle Group Inc/the	0.5%		25q held	$64M
51	SUNB	Sunbelt Rentals Holdings Inc	0.5%	New	— 1q held	$63M
52	TSN	Tyson Foods Inc-cl A	0.5%		38q held	$57M
53	SBUX	Starbucks Corp	0.5%		38q held	$56M
54	ROK	Rockwell Automation Inc	0.5%		40q held	$56M
55	SPGI	S&p Global Inc	0.4%	-22%	40q held	$50M
56	THG	Hanover Insurance Group Inc/	0.4%		17q held	$49M
57	ITIC	Investors Title CO	0.4%		40q held	$46M
58	AON	Aon Plc	0.4%		22q held	$44M
59	RTX	Rtx Corp	0.4%		23q held	$43M
60	FERG	Ferguson Enterprises Inc	0.3%		7q held	$40M
61	LMT	Lockheed Martin Corp	0.3%		21q held	$39M
62	COST	Costco Wholesale Corp	0.3%		40q held	$39M
63	HCA	Hca Healthcare Inc	0.3%		11q held	$39M
64	YUM	Yum! Brands Inc	0.3%		9q held	$38M
65	UNP	Union Pacific Corp	0.3%		40q held	$36M
66	TMO	Thermo Fisher Scientific Inc	0.3%		18q held	$33M
67	HGTY	Hagerty Inc-a	0.3%		12q held	$33M
68	ALL	Allstate Corp	0.3%		22q held	$32M
69	ACN	Accenture Plc Ireland	0.3%		40q held	$32M
70	MAR	Marriott International -cl A	0.3%		25q held	$31M
71	ABNB	Airbnb Inc-class A	0.3%		7q held	$31M
72	SHW	Sherwin-williams Co/the	0.3%		30q held	$30M
73	VRSK	Verisk Analytics Inc	0.2%		40q held	$30M
74	FDS	Factset Research Systems Inc	0.2%		40q held	$29M
75	TROW	T Rowe Price Group Inc	0.2%		40q held	$28M
76	CMCSA	Comcast Corp-class A	0.2%		40q held	$28M
77	CSCO	Cisco Systems Inc	0.2%		40q held	$28M
78	LAMR	Lamar Advertising Co-a	0.2%		25q held	$24M
79	NKE	Nike Inc -cl B	0.2%		40q held	$24M
80	URI	United Rentals Inc	0.2%		11q held	$23M
81	BF/A	Brown-forman Corp-class A	0.2%		40q held	$23M
82	CCK	Crown Holdings Inc	0.2%		31q held	$22M
83	APD	Air Products & Chemicals Inc	0.2%		9q held	$22M
84	CSX	Csx Corp	0.2%	+20%	7q held	$22M
85	G7496G103	Renaissancere Hldgs Ltd	0.2%		15q held	$21M
86	PM	Philip Morris International	0.2%		40q held	$19M
87	FIX	Comfort Systems Usa Inc	0.1%		10q held	$18M
88	COF	Capital One Financial Corp	0.1%		17q held	$17M
89	WFC	Wells Fargo & CO	0.1%		32q held	$16M
90	HSY	Hershey Co/the	0.1%		19q held	$16M
91	HXL	Hexcel Corp	0.1%		38q held	$15M
92	PEP	Pepsico Inc	0.1%		40q held	$15M
93	BK	Bank OF New York Mellon Corp	0.1%		28q held	$15M
94	CME	Cme Group Inc	0.1%		19q held	$15M
95	PAYX	Paychex Inc	0.1%		40q held	$14M
96	SEIC	Sei Investments Company	0.1%		40q held	$14M
97	CARR	Carrier Global Corp	0.1%		24q held	$13M
98	EFX	Equifax Inc	0.1%		30q held	$13M
99	SPOT	Spotify Technology S A	0.1%		19q held	$13M
100	BF/B	Brown-forman Corp-class B	0.1%		40q held	$13M
101	AMAT	Applied Materials Inc	0.1%		4q held	$12M
102	CBOE	Cboe Global Markets Inc	0.1%		5q held	$12M
103	SHOP	Shopify Inc - Class A	0.1%		17q held	$12M
104	HII	Huntington Ingalls Industrie	0.1%		6q held	$10M
105	UBER	Uber Technologies Inc	0.1%		12q held	$10M
106	SMG	Scotts Miracle-gro CO	0.1%		25q held	$10M
107	MELI	Mercadolibre Inc	0.1%	New	— 1q held	$9M
108	OTIS	Otis Worldwide Corp	0.1%		24q held	$9M
109	IQV	Iqvia Holdings Inc	0.1%		13q held	$8M
110	XOM	Exxon Mobil Corp	0.1%	+24%	9q held	$8M
111	EPD	Enterprise Products Partners	0.1%	New	— 1q held	$8M
112	SONY	Sony Group Corp - SP Adr	0.1%		17q held	$7M
113	EMN	Eastman Chemical CO	<0.1%		25q held	$6M
114	KMX	Carmax Inc	<0.1%		30q held	$6M
115	CNI	Canadian Natl Railway CO	<0.1%	+20%	3q held	$5M
116	GHC	Graham Holdings Co-class B	<0.1%		40q held	$5M
117	UNH	Unitedhealth Group Inc	<0.1%	-29%	26q held	$5M
118	NSP	Insperity Inc	<0.1%		9q held	$5M
119	CP	Canadian Pacific Kansas City	<0.1%		3q held	$5M
120	ICE	Intercontinental Exchange IN	<0.1%	+38%	21q held	$5M
121	WRB	WR Berkley Corp	<0.1%		36q held	$4M
122	BC	Brunswick Corp	<0.1%		7q held	$4M
123	MGM	Mgm Resorts International	<0.1%		6q held	$3M
124	EXP	Eagle Materials Inc	<0.1%		5q held	$3M
125	AYI	Acuity Inc	<0.1%		6q held	$3M
126	SYY	Sysco Corp	<0.1%		5q held	$2M
127	DPZ	Domino's Pizza Inc	<0.1%		7q held	$2M
128	BRO	Brown & Brown Inc	<0.1%	+27%	2q held	$913K
129	WY	Weyerhaeuser CO	<0.1%	New	— 1q held	$428K

Sort↑

1BRK/A
6.7%
$800M
Berkshire Hathaway Inc-cl A
this Q hold·40q
2GOOG
6.6%
$789M
Alphabet Inc-cl C
this Q hold·40q
3BRK/B
6.1%
$734M
Berkshire Hathaway Inc-cl B
this Q hold·40q
4BN
4.4%
$529M
Brookfield Corp
this Q hold·14q
5DE
4.1%
$495M
Deere & CO
this Q hold·40q
6AMZN
3.5%
$423M
Amazon.com Inc
this Q hold·40q
7ADI
2.7%
$326M
Analog Devices Inc
this Q hold·40q
8AAPL
2.6%
$311M
Apple Inc
this Q hold·40q
9GS
2.5%
$304M
Goldman Sachs Group Inc
this Q hold·40q
10V
2.5%
$304M
Visa Inc-class A Shares
this Q hold·40q
11HD
2.5%
$303M
Home Depot Inc
this Q hold·40q
12CAT
1.9%
$233M
Caterpillar Inc
this Q hold·40q
13WSO
1.8%
$212M
Watsco Inc
this Q hold·40q
14BLK
1.8%
$212M
Blackrock Inc
this Q hold·6q
15MSFT
1.7%
$199M
Microsoft Corp
this Q hold·40q
16DIS
1.6%
$196M
Walt Disney Co/the
this Q hold·40q
17FNV
1.5%
$175M
Franco-nevada Corp
this Q hold·8q
18LOW
1.5%
$174M
Lowe's Cos Inc
this Q hold·40q
19LPLA
1.4%
$168M
Lpl Financial Holdings Inc
this Q hold·14q
20GOOGL
1.4%
$164M
Alphabet Inc-cl A
this Q hold·40q
21PGR
1.3%
$149M
Progressive Corp
this Q hold·33q
22JNJ
1.3%
$149M
Johnson & Johnson
this Q hold·40q
23AXP
1.2%
$148M
American Express CO
this Q hold·40q
24META
1.2%
$142M
Meta Platforms Inc-class A
this Q hold·40q
25BX
1.2%
$141M
Blackstone Inc
this Q hold·27q
26TXN
1.2%
$141M
Texas Instruments Inc
this Q hold·40q
27RLI
1.1%
$137M
Rli Corp
this Q hold·40q
28KKR
1.1%
$134M
Kkr & CO Inc
this Q hold·31q
29GD
1.1%
$134M
General Dynamics Corp
this Q hold·40q
30MRSH
1.1%
$132M
Marsh & Mclennan Cos
this Q hold·40q
31SCHW
1.1%
$130M
Schwab (charles) Corp
this Q hold·40q
32APO
0.9%
$113M
Apollo Global Management Inc
this Q hold·17q
33ADM
0.9%
$109M
Archer-daniels-midland CO
this Q hold·40q
34NVO
0.9%
$105M
Novo-nordisk A/s-spons Adr
this Q hold·40q
35MA
0.9%
$104M
Mastercard Inc - A
this Q hold·40q
36DG
0.9%
$103M
Dollar General Corp
this Q hold·19q
37DEO
0.9%
$102M
Diageo Plc-sponsored Adr
this Q hold·40q
38LIN
0.8%
$101M
Linde Plc
this Q hold·13q
39BAM
0.8%
$98M
Brookfield Asset Mgmt-a
this Q hold·14q
40MCO
0.8%
$93M
Moody's Corp
this Q hold·40q
41ITW
0.7%
$85M
Illinois Tool Works
this Q hold·40q
42ODFL
0.7%
$84M
Old Dominion Freight Line
this Q hold·16q
43NSC
0.7%
$81M
Norfolk Southern Corp
this Q hold·40q
44HEI/A
0.7%
$80M
Heico Corp-class A
this Q hold·40q
45ROL
0.7%
$80M
Rollins Inc
this Q hold·40q
46NVR
0.7%
$80M
Nvr Inc
this Q hold·30q
47MSCI
0.6%
$77M
Msci Inc
this Q hold·40q
48JPM
0.6%
$74M
Jpmorgan Chase & CO
this Q hold·40q
49ECL
0.6%
$73M
Ecolab Inc
this Q hold·40q
50CG
0.5%
$64M
Carlyle Group Inc/the
this Q hold·25q
51SUNB
0.5%
$63M
Sunbelt Rentals Holdings Inc
this Q New·—1q
52TSN
0.5%
$57M
Tyson Foods Inc-cl A
this Q hold·38q
53SBUX
0.5%
$56M
Starbucks Corp
this Q hold·38q
54ROK
0.5%
$56M
Rockwell Automation Inc
this Q hold·40q
55SPGI
0.4%
$50M
S&p Global Inc
this Q -22%·40q
56THG
0.4%
$49M
Hanover Insurance Group Inc/
this Q hold·17q
57ITIC
0.4%
$46M
Investors Title CO
this Q hold·40q
58AON
0.4%
$44M
Aon Plc
this Q hold·22q
59RTX
0.4%
$43M
Rtx Corp
this Q hold·23q
60FERG
0.3%
$40M
Ferguson Enterprises Inc
this Q hold·7q
61LMT
0.3%
$39M
Lockheed Martin Corp
this Q hold·21q
62COST
0.3%
$39M
Costco Wholesale Corp
this Q hold·40q
63HCA
0.3%
$39M
Hca Healthcare Inc
this Q hold·11q
64YUM
0.3%
$38M
Yum! Brands Inc
this Q hold·9q
65UNP
0.3%
$36M
Union Pacific Corp
this Q hold·40q
66TMO
0.3%
$33M
Thermo Fisher Scientific Inc
this Q hold·18q
67HGTY
0.3%
$33M
Hagerty Inc-a
this Q hold·12q
68ALL
0.3%
$32M
Allstate Corp
this Q hold·22q
69ACN
0.3%
$32M
Accenture Plc Ireland
this Q hold·40q
70MAR
0.3%
$31M
Marriott International -cl A
this Q hold·25q
71ABNB
0.3%
$31M
Airbnb Inc-class A
this Q hold·7q
72SHW
0.3%
$30M
Sherwin-williams Co/the
this Q hold·30q
73VRSK
0.2%
$30M
Verisk Analytics Inc
this Q hold·40q
74FDS
0.2%
$29M
Factset Research Systems Inc
this Q hold·40q
75TROW
0.2%
$28M
T Rowe Price Group Inc
this Q hold·40q
76CMCSA
0.2%
$28M
Comcast Corp-class A
this Q hold·40q
77CSCO
0.2%
$28M
Cisco Systems Inc
this Q hold·40q
78LAMR
0.2%
$24M
Lamar Advertising Co-a
this Q hold·25q
79NKE
0.2%
$24M
Nike Inc -cl B
this Q hold·40q
80URI
0.2%
$23M
United Rentals Inc
this Q hold·11q
81BF/A
0.2%
$23M
Brown-forman Corp-class A
this Q hold·40q
82CCK
0.2%
$22M
Crown Holdings Inc
this Q hold·31q
83APD
0.2%
$22M
Air Products & Chemicals Inc
this Q hold·9q
84CSX
0.2%
$22M
Csx Corp
this Q +20%·7q
85G7496G103
0.2%
$21M
Renaissancere Hldgs Ltd
this Q hold·15q
86PM
0.2%
$19M
Philip Morris International
this Q hold·40q
87FIX
0.1%
$18M
Comfort Systems Usa Inc
this Q hold·10q
88COF
0.1%
$17M
Capital One Financial Corp
this Q hold·17q
89WFC
0.1%
$16M
Wells Fargo & CO
this Q hold·32q
90HSY
0.1%
$16M
Hershey Co/the
this Q hold·19q
91HXL
0.1%
$15M
Hexcel Corp
this Q hold·38q
92PEP
0.1%
$15M
Pepsico Inc
this Q hold·40q
93BK
0.1%
$15M
Bank OF New York Mellon Corp
this Q hold·28q
94CME
0.1%
$15M
Cme Group Inc
this Q hold·19q
95PAYX
0.1%
$14M
Paychex Inc
this Q hold·40q
96SEIC
0.1%
$14M
Sei Investments Company
this Q hold·40q
97CARR
0.1%
$13M
Carrier Global Corp
this Q hold·24q
98EFX
0.1%
$13M
Equifax Inc
this Q hold·30q
99SPOT
0.1%
$13M
Spotify Technology S A
this Q hold·19q
100BF/B
0.1%
$13M
Brown-forman Corp-class B
this Q hold·40q
101AMAT
0.1%
$12M
Applied Materials Inc
this Q hold·4q
102CBOE
0.1%
$12M
Cboe Global Markets Inc
this Q hold·5q
103SHOP
0.1%
$12M
Shopify Inc - Class A
this Q hold·17q
104HII
0.1%
$10M
Huntington Ingalls Industrie
this Q hold·6q
105UBER
0.1%
$10M
Uber Technologies Inc
this Q hold·12q
106SMG
0.1%
$10M
Scotts Miracle-gro CO
this Q hold·25q
107MELI
0.1%
$9M
Mercadolibre Inc
this Q New·—1q
108OTIS
0.1%
$9M
Otis Worldwide Corp
this Q hold·24q
109IQV
0.1%
$8M
Iqvia Holdings Inc
this Q hold·13q
110XOM
0.1%
$8M
Exxon Mobil Corp
this Q +24%·9q
111EPD
0.1%
$8M
Enterprise Products Partners
this Q New·—1q
112SONY
0.1%
$7M
Sony Group Corp - SP Adr
this Q hold·17q
113EMN
<0.1%
$6M
Eastman Chemical CO
this Q hold·25q
114KMX
<0.1%
$6M
Carmax Inc
this Q hold·30q
115CNI
<0.1%
$5M
Canadian Natl Railway CO
this Q +20%·3q
116GHC
<0.1%
$5M
Graham Holdings Co-class B
this Q hold·40q
117UNH
<0.1%
$5M
Unitedhealth Group Inc
this Q -29%·26q
118NSP
<0.1%
$5M
Insperity Inc
this Q hold·9q
119CP
<0.1%
$5M
Canadian Pacific Kansas City
this Q hold·3q
120ICE
<0.1%
$5M
Intercontinental Exchange IN
this Q +38%·21q
121WRB
<0.1%
$4M
WR Berkley Corp
this Q hold·36q
122BC
<0.1%
$4M
Brunswick Corp
this Q hold·7q
123MGM
<0.1%
$3M
Mgm Resorts International
this Q hold·6q
124EXP
<0.1%
$3M
Eagle Materials Inc
this Q hold·5q
125AYI
<0.1%
$3M
Acuity Inc
this Q hold·6q
126SYY
<0.1%
$2M
Sysco Corp
this Q hold·5q
127DPZ
<0.1%
$2M
Domino's Pizza Inc
this Q hold·7q
128BRO
<0.1%
$913K
Brown & Brown Inc
this Q +27%·2q
129WY
<0.1%
$428K
Weyerhaeuser CO
this 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

TRIMSPGI
0.4%
S&p Global Inc
Δ -22%·$50M
NEWSUNB
0.5%
Sunbelt Rentals Holdings Inc
Δ +100%·$63M
ADDCSX
0.2%
Csx Corp
Δ +20%·$22M
EXITTGT
0.1%
Target Corp
Δ -100%·$0
EXITCHH
0.1%
Choice Hotels Intl Inc
Δ -100%·$0
NEWMELI
0.1%
Mercadolibre Inc
Δ +100%·$9M
TRIMUNH
<0.1%
Unitedhealth Group Inc
Δ -29%·$5M
ADDXOM
0.1%
Exxon Mobil Corp
Δ +24%·$8M
NEWEPD
0.1%
Enterprise Products Partners
Δ +100%·$8M
ADDCNI
<0.1%
Canadian Natl Railway CO
Δ +20%·$5M
ADDICE
<0.1%
Intercontinental Exchange IN
Δ +38%·$5M
ADDBRO
<0.1%
Brown & Brown Inc
Δ +27%·$913K
NEWWY
<0.1%
Weyerhaeuser CO
Δ +100%·$428K
EXITTRU
<0.1%
Transunion
Δ -100%·$0

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