Tom Gayner
Markel Group
CEO of Markel Group, often called a 'baby Berkshire'. Invests the insurer's capital in quality companies for the long term.
13F portfolio value
Q2 2026
$13.13B
1-year growth
+11.0%
2-year growth
+29.2%
Positions
130
Top 10 share
42.9%
Quarterly turnover
0.3%
Last filed
Jul 31, 2026
Q2 2026: summary
MakklerAI- Markel’s 13F portfolio grew from $11.9B to $13.1B quarter over quarter, with 130 positions and 0.3% turnover.
- GOOG was the largest holding at 7.4%, up from 6.6% in the prior quarter; the top ten made up 42.9% of the portfolio.
- MELI shares increased 340.4% to $41M (0.3% weight), while FNV rose 9.2% to $161M (1.2%).
- SMG and UNH were exited; META was reduced 5.7% and ADI 2.3%. The filing also reported 22 additions and three reductions.
Portfolio value (13F)
$10.17BQ2 2024
$11.11BQ3 2024
$11.34BQ4 2024
$11.26BQ1 2025
$11.83BQ2 2025
$12.32BQ3 2025
$12.54BQ4 2025
$11.94BQ1 2026
$13.13BQ2 2026
| Quarter | Value | Positions | New | Added | Trimmed | Sold | Quarterly turnover |
|---|---|---|---|---|---|---|---|
| Q2 2026 | $13.13B | 130 | 3 | 22 | 3 | 2 | 0.3% |
| Q1 2026 | $11.94B | 129 | 4 | 39 | 2 | 3 | 0.3% |
| Q4 2025 | $12.54B | 128 | 1 | 41 | 3 | 2 | 1.0% |
| Q3 2025 | $12.32B | 129 | 3 | 26 | 2 | 11 | 0.4% |
| Q2 2025 | $11.83B | 137 | 3 | 28 | 6 | 1 | 0.5% |
| Q1 2025 | $11.26B | 135 | 3 | 37 | 1 | 0 | <0.1% |
| Q4 2024 | $11.34B | 132 | 6 | 43 | 2 | 6 | 2.5% |
| Q3 2024 | $11.11B | 132 | 6 | 37 | 4 | 8 | 0.8% |
| Q2 2024 | $10.17B | 134 | — | — | — | — | — |
Weight of the largest positions
The latest quarter's 10 largest positions, with their weights in earlier quarters.
| Stock | Q2 2024 | Q3 2024 | Q4 2024 | Q1 2025 | Q2 2025 | Q3 2025 | Q4 2025 | Q1 2026 | Q2 2026 |
|---|---|---|---|---|---|---|---|---|---|
| GOOG | 5.0% | 4.1% | 4.6% | 3.8% | 4.1% | 5.4% | 6.9% | 6.6% | 7.4% |
| BRK-A | 6.7% | 6.9% | 6.7% | 7.9% | 6.9% | 6.8% | 6.7% | 6.7% | 6.4% |
| BRK-B | 6.1% | 6.3% | 6.1% | 7.2% | 6.3% | 6.3% | 6.1% | 6.1% | 5.8% |
| DE | 3.1% | 3.3% | 3.3% | 3.7% | 3.8% | 3.3% | 3.3% | 4.1% | 4.2% |
| BN | 3.6% | 4.2% | 4.4% | 4.1% | 4.6% | 4.9% | 4.8% | 4.4% | 4.2% |
| AMZN | 3.9% | 3.4% | 3.9% | 3.4% | 3.8% | 3.6% | 3.7% | 3.5% | 3.7% |
| ADI | 2.6% | 2.4% | 2.2% | 2.1% | 2.3% | 2.3% | 2.2% | 2.7% | 3.0% |
| GS | 1.6% | 1.6% | 1.8% | 1.7% | 2.2% | 2.3% | 2.5% | 2.5% | 2.8% |
| AAPL | 2.5% | 2.6% | 2.7% | 2.4% | 2.1% | 2.5% | 2.7% | 2.6% | 2.7% |
| CAT | 1.0% | 1.1% | 1.0% | 1.0% | 1.1% | 1.3% | 1.5% | 2.0% | 2.7% |
| V | 2.6% | 2.5% | 2.8% | 3.1% | 3.0% | 2.8% | 2.8% | 2.5% | 2.6% |
| HD | 3.1% | 3.4% | 3.2% | 3.0% | 2.9% | 3.0% | 2.5% | 2.5% | 2.5% |
| WSO | 2.6% | 2.6% | 2.5% | 2.7% | 2.1% | 1.9% | 1.6% | 1.8% | 1.9% |
| TXN | 1.4% | 1.3% | 1.2% | 1.2% | 1.3% | 1.1% | 1.0% | 1.2% | 1.6% |
| BLK | — | — | 2.0% | 1.9% | 2.0% | 2.1% | 1.9% | 1.8% | 1.6% |
| GOOGL | 1.0% | 0.8% | 0.9% | 0.8% | 0.9% | 1.1% | 1.4% | 1.4% | 1.6% |
| MSFT | 2.2% | 2.0% | 1.9% | 1.7% | 2.2% | 2.2% | 2.1% | 1.7% | 1.5% |
| DIS | 2.0% | 1.8% | 2.0% | 1.8% | 2.1% | 1.9% | 1.8% | 1.6% | 1.5% |
| AXP | 1.1% | 1.2% | 1.3% | 1.2% | 1.3% | 1.3% | 1.4% | 1.2% | 1.3% |
| LOW | 1.5% | 1.7% | 1.5% | 1.5% | 1.3% | 1.5% | 1.4% | 1.5% | 1.3% |
| PGR | 1.5% | 1.7% | 1.6% | 1.9% | 1.7% | 1.5% | 1.4% | 1.3% | 1.3% |
| FNV | — | 0.4% | 0.5% | 0.7% | 0.8% | 1.1% | 1.1% | 1.5% | 1.2% |
| LPLA | 1.3% | 1.1% | 1.5% | 1.6% | 1.7% | 1.5% | 1.6% | 1.4% | 1.2% |
| JNJ | 0.9% | 0.9% | 0.8% | 0.9% | 0.8% | 0.9% | 1.0% | 1.3% | 1.2% |
| BX | 1.5% | 1.7% | 1.9% | 1.5% | 1.6% | 1.7% | 1.5% | 1.2% | 1.1% |
| RLI | 1.7% | 1.7% | 1.7% | 1.7% | 1.5% | 1.3% | 1.2% | 1.1% | 1.1% |
| GD | 1.1% | 1.1% | 0.9% | 0.9% | 1.0% | 1.1% | 1.0% | 1.1% | 1.1% |
| NVO | 3.0% | 2.3% | 1.6% | 1.3% | 1.3% | 1.1% | 1.2% | 0.9% | 1.0% |
| KKR | 1.5% | 1.7% | 1.9% | 1.5% | 1.6% | 1.5% | 1.5% | 1.1% | 1.0% |
| META | 1.3% | 1.4% | 1.4% | 1.4% | 1.7% | 1.7% | 1.3% | 1.2% | 1.0% |
| SCHW | 1.0% | 0.8% | 0.9% | 0.9% | 1.1% | 1.1% | 1.1% | 1.1% | 1.0% |
| MRSH | 1.5% | 1.5% | 1.4% | 1.6% | 1.4% | 1.2% | 1.1% | 1.1% | 1.0% |
| APO | 1.2% | 1.1% | 1.5% | 1.2% | 1.2% | 1.1% | 1.2% | 0.9% | 0.9% |
| ADM | 0.9% | 0.8% | 0.7% | 0.7% | 0.7% | 0.7% | 0.7% | 0.9% | 0.9% |
| LIN | 0.6% | 0.7% | 0.6% | 0.7% | 0.7% | 0.7% | 0.7% | 0.8% | 0.9% |
| DEO | 1.7% | 1.7% | 1.5% | 1.3% | 1.2% | 1.1% | 0.9% | 0.9% | 0.8% |
| MA | 0.9% | 0.9% | 1.0% | 1.0% | 1.0% | 1.0% | 0.9% | 0.9% | 0.8% |
| DG | 0.9% | 0.6% | 0.6% | 0.7% | 0.8% | 0.7% | 0.9% | 0.9% | 0.8% |
| BAM | 0.8% | 0.9% | 1.0% | 0.9% | 1.0% | 1.0% | 0.9% | 0.8% | 0.7% |
| HEI-A | 0.7% | 0.7% | 0.6% | 0.7% | 0.8% | 0.8% | 0.8% | 0.7% | 0.7% |
| MCO | 0.9% | 0.9% | 0.9% | 0.9% | 0.9% | 0.8% | 0.9% | 0.8% | 0.7% |
| ODFL | 0.5% | 0.5% | 0.5% | 0.5% | 0.5% | 0.4% | 0.5% | 0.7% | 0.7% |
| NSC | 0.5% | 0.5% | 0.5% | 0.5% | 0.5% | 0.6% | 0.6% | 0.7% | 0.7% |
| ITW | 0.8% | 0.8% | 0.7% | 0.7% | 0.7% | 0.7% | 0.6% | 0.7% | 0.7% |
| JPM | 0.5% | 0.5% | 0.5% | 0.6% | 0.6% | 0.6% | 0.6% | 0.6% | 0.6% |
| NVR | 0.9% | 1.0% | 0.9% | 0.8% | 0.7% | 0.8% | 0.7% | 0.7% | 0.6% |
| MSCI | 0.7% | 0.7% | 0.8% | 0.7% | 0.7% | 0.7% | 0.7% | 0.6% | 0.6% |
| ROK | 0.4% | 0.4% | 0.4% | — | 0.4% | 0.4% | 0.5% | 0.5% | 0.6% |
| ECL | 0.6% | 0.6% | 0.6% | 0.6% | 0.6% | 0.6% | 0.6% | 0.6% | 0.6% |
| SUNB | — | — | — | — | — | — | — | 0.5% | 0.6% |
| SBUX | 0.4% | 0.5% | 0.5% | 0.5% | 0.5% | 0.4% | 0.4% | 0.5% | 0.5% |
| ROL | 0.7% | 0.7% | 0.6% | 0.7% | 0.7% | 0.7% | 0.7% | 0.7% | 0.5% |
| THG | — | — | — | 0.4% | 0.4% | 0.4% | 0.4% | 0.4% | 0.5% |
| ITIC | 0.4% | 0.4% | 0.4% | 0.5% | — | 0.5% | 0.4% | 0.4% | 0.4% |
| CG | 0.5% | 0.5% | 0.6% | 0.5% | 0.6% | 0.7% | 0.6% | 0.5% | 0.4% |
| TSN | 0.4% | 0.4% | 0.4% | 0.5% | 0.4% | 0.4% | 0.4% | 0.5% | 0.4% |
| SPGI | 0.7% | 0.7% | 0.7% | 0.7% | 0.7% | 0.6% | 0.6% | 0.4% | 0.4% |
| AON | — | 0.4% | 0.4% | 0.5% | 0.4% | 0.4% | 0.4% | 0.4% | 0.3% |
| UNP | — | — | — | — | — | — | — | — | 0.3% |
| FERG | — | — | — | — | — | — | — | 0.3% | 0.3% |
MakklerAI
Ask MakklerAI about Tom Gayner's portfolio
Explore this quarter's moves and where each position stands against its estimated buy price and Makkler Fair Value. Answers are based on the 13F and today's prices.