Thomas Gayner - Markel Group Inc.
Period:    Q1 2026
Portfolio date:    31 Mar 2026
No. of stocks:    129
Portfolio value:    $11,938,885,174
Holdings Activity Buys Sells    History
History Stock % of
Portfolio
Recent
Activity
Shares Reported
Price*
Value Current
Price
+/-
Reported
Price
52
Week
Low
52
Week
High
BRK.A - Berkshire Hathaway CL A 6.70 1,114 $718,140.00 $800,007,960
GOOG - Alphabet Inc. CL C 6.61 2,749,860 $286.86 $788,824,840 $365.76 27.50% $163.33 $404.47
BRK.B - Berkshire Hathaway CL B 6.15 1,531,971 $479.20 $734,120,503
BN - Brookfield Corp. 4.43 13,073,609 $40.47 $529,088,957 $44.60 10.21% $37.93 $49.57
DE - Deere & Co. 4.14 877,900 $563.30 $494,521,070 $583.44 3.58% $433.00 $674.19
AMZN - Amazon.com Inc. 3.54 2,030,760 $208.27 $422,946,385 $246.03 18.13% $196.00 $278.56
ADI - Analog Devices 2.73 1,023,245 $318.14 $325,535,164 $401.39 26.17% $217.02 $439.70
AAPL - Apple Inc. 2.61 1,227,290 $253.79 $311,473,930 $307.34 21.10% $195.07 $316.94
GS - Goldman Sachs Group 2.55 359,360 $845.99 $304,014,965 $1,038.68 22.78% $592.90 $1,098.36
V - Visa Inc. 2.54 Add 0.50% 1,004,331 $302.24 $303,549,001 $323.57 7.06% $293.89 $375.51
HD - Home Depot 2.53 920,000 $328.89 $302,578,801 $310.78 -5.51% $289.10 $426.75
CAT - Caterpillar Inc. 1.95 328,650 $708.46 $232,835,379 $904.28 27.64% $345.85 $936.71
WSO - Watsco Inc. 1.77 Add 0.78% 582,169 $363.79 $211,787,262 $371.38 2.09% $323.05 $494.94
BLK - BlackRock Inc. 1.77 220,200 $961.71 $211,768,543 $995.60 3.52% $917.39 $1,219.94
MSFT - Microsoft Corp. 1.67 Add 0.36% 537,630 $370.17 $199,014,496 $416.67 12.56% $356.28 $555.45
DIS - Walt Disney Co. 1.64 2,031,665 $96.38 $195,811,874 $99.71 3.46% $92.19 $124.69
FNV - Franco Nevada Corp. 1.47 Add 3.66% 708,500 $247.05 $175,034,926 $218.74 -11.46% $152.89 $285.67
LOW - Lowe's Cos. 1.46 Add 0.54% 738,480 $236.28 $174,488,053 $210.74 -10.81% $203.40 $293.06
LPLA - LPL Financial Holdings Inc. 1.41 559,951 $300.83 $168,450,059 $288.49 -4.10% $260.15 $403.58
GOOGL - Alphabet Inc. 1.38 572,000 $287.56 $164,484,320 $368.53 28.16% $162.00 $408.61
PGR - Progressive Corp. 1.25 753,750 $198.24 $149,423,400 $204.02 2.92% $189.20 $283.95
JNJ - Johnson & Johnson 1.25 610,800 $244.44 $149,303,952 $232.77 -4.77% $149.04 $251.71
AXP - American Express 1.24 Add 0.40% 490,450 $302.48 $148,351,316 $310.66 2.70% $286.15 $387.49
META - Meta Platforms Inc. 1.19 248,303 $572.13 $142,061,595 $593.00 3.65% $520.26 $796.25
BX - Blackstone Group 1.18 1,229,000 $114.99 $141,322,710 $115.35 0.31% $101.73 $190.09
TXN - Texas Instruments 1.18 724,000 $194.14 $140,557,359 $285.06 46.83% $152.73 $331.51
RLI - RLI Corp. 1.14 2,394,544 $57.04 $136,584,790 $52.38 -8.17% $47.26 $76.41
KKR - KKR & Co. L.P. 1.12 1,451,800 $92.50 $134,291,502 $93.40 0.97% $82.67 $153.87
GD - General Dynamics 1.12 391,000 $343.22 $134,199,019 $346.44 0.94% $268.10 $369.70
MRSH - Marsh 1.11 Add 0.23% 763,500 $173.45 $132,429,077 $165.44 -4.62% $156.60 $233.50
SCHW - Charles Schwab Corp. 1.09 Add 0.58% 1,383,800 $93.98 $130,049,523 $88.84 -5.47% $83.96 $107.50
APO - Apollo Global Management 0.94 1,012,500 $111.42 $112,812,750 $128.03 14.91% $99.56 $157.28
ADM - Archer-Daniels-Midland 0.92 1,505,800 $72.69 $109,456,602 $80.92 11.32% $46.81 $85.37
NVO - Novo Nordisk A S 0.88 2,869,774 $36.75 $105,464,196 $42.96 16.90% $35.12 $81.44
MA - Mastercard Inc. 0.87 207,540 $499.66 $103,699,436 $491.08 -1.72% $464.52 $601.77
DG - Dollar General 0.86 869,250 $118.73 $103,206,052 $103.70 -12.66% $95.11 $158.23
DEO - Diageo ADR 0.86 Add 0.04% 1,372,208 $74.45 $102,160,886 $80.43 8.03% $72.45 $116.41
LIN - Linde plc 0.85 Add 2.25% 204,600 $495.76 $101,432,496 $507.90 2.45% $387.78 $521.28
BAM - Brookfield Asset Management 0.82 2,193,953 $44.45 $97,521,212 $46.18 3.89% $42.20 $64.10
MCO - Moody's Corp. 0.78 213,890 $436.25 $93,309,514 $451.35 3.46% $402.28 $546.88
ITW - Illinois Tool Works 0.71 327,500 $260.29 $85,244,976 $252.72 -2.91% $238.82 $303.16
ODFL - Old Dominion Freight Line 0.70 Add 1.78% 429,150 $195.40 $83,855,910 $242.57 24.14% $126.01 $249.14
NSC - Norfolk Southern Corp. 0.68 Add 3.29% 282,500 $287.00 $81,077,500 $313.45 9.22% $245.19 $326.00
HEI.A - HEICO Corp. CL A 0.67 379,644 $211.09 $80,139,052
ROL - Rollins Inc. 0.67 Add 0.60% 1,498,025 $53.41 $80,009,516 $47.10 -11.81% $44.43 $66.14
NVR - NVR Inc. 0.67 Add 0.67% 12,087 $6,589.83 $79,651,275 $6,182.55 -6.18% $5,501.01 $8,618.28
MSCI - MSCI Inc. 0.64 142,850 $539.01 $76,997,578 $615.46 14.18% $501.08 $644.68
JPM - JPMorgan Chase & Co. 0.62 252,550 $294.16 $74,290,108 $312.37 6.19% $260.31 $337.25
ECL - Ecolab Inc. 0.61 274,300 $266.02 $72,969,286 $257.97 -3.03% $243.15 $309.27
CG - Carlyle Group 0.54 1,327,000 $48.39 $64,213,530 $43.48 -10.15% $41.54 $69.85
SUNB - Sunbelt Rentals Holdings, Inc. 0.53 Buy 963,361 $65.09 $62,705,167 $79.36 21.92% $61.03 $81.46
TSN - Tyson Foods 0.48 Add 0.57% 889,500 $64.07 $56,990,265 $58.73 -8.33% $50.56 $69.48
SBUX - Starbucks Corp. 0.47 623,818 $89.59 $55,887,855 $95.29 6.36% $77.99 $108.88
ROK - Rockwell Automation Inc. 0.47 154,900 $358.88 $55,590,512 $446.71 24.47% $305.44 $468.11
SPGI - S&P Global Inc. 0.42 Reduce 21.90% 117,690 $425.34 $50,058,265 $424.44 -0.21% $381.61 $579.05
THG - Hanover Insurance Group 0.41 281,000 $173.35 $48,711,350 $193.19 11.45% $160.70 $199.59
ITIC - Investors Title Co. 0.39 213,300 $217.34 $46,358,621 $242.97 11.79% $190.20 $288.98
AON - Aon Plc 0.37 Add 1.31% 135,800 $322.78 $43,833,524 $328.53 1.78% $304.59 $381.00
RTX - RTX Corp. 0.36 224,000 $192.90 $43,209,600 $180.99 -6.17% $135.43 $214.50
FERG - Ferguson Enterprises Inc. 0.33 Add 4.40% 170,700 $233.26 $39,817,482 $229.58 -1.58% $207.64 $271.64
LMT - Lockheed Martin Corp. 0.33 Add 1.09% 65,213 $604.39 $39,414,086 $523.76 -13.34% $410.11 $692.00
COST - Costco Co. 0.33 39,150 $996.43 $39,010,235 $971.87 -2.46% $844.06 $1,096.50
HCA - HCA Healthcare Inc. 0.33 Add 2.17% 82,430 $473.24 $39,009,174 $372.13 -21.37% $330.00 $556.52
YUM - Yum! Brands Inc. 0.32 Add 8.29% 245,213 $155.48 $38,125,718 $150.87 -2.97% $137.33 $169.39
UNP - Union Pacific 0.31 Add 6.37% 150,278 $242.62 $36,460,448 $272.32 12.24% $210.84 $279.70
TMO - Thermo Fisher Scientific 0.28 Add 6.85% 67,100 $491.53 $32,981,664 $472.80 -3.81% $385.46 $643.99
HGTY - Hagerty Inc. 0.27 3,108,000 $10.53 $32,727,240 $10.45 -0.76% $8.81 $14.00
ALL - Allstate Corp. 0.27 154,550 $207.34 $32,044,397 $221.01 6.59% $188.08 $227.62
ACN - Accenture 0.26 159,400 $198.29 $31,607,425 $178.25 -10.11% $155.82 $321.77
MAR - Marriott Int'l. 0.26 Add 4.46% 93,750 $327.07 $30,662,813 $392.51 20.01% $253.56 $396.65
ABNB - Airbnb Inc. 0.26 Add 0.87% 242,389 $126.28 $30,608,884 $133.54 5.75% $110.81 $147.25
SHW - Sherwin-Williams 0.25 94,172 $320.55 $30,186,834 $305.30 -4.76% $289.86 $379.65
VRSK - Verisk Analytics Inc. 0.25 155,950 $189.75 $29,591,513 $181.73 -4.23% $155.94 $322.92
FDS - FactSet Research Systems 0.25 Add 11.08% 135,376 $216.99 $29,375,238 $255.62 17.80% $185.00 $453.41
TROW - T. Rowe Price Group 0.24 314,000 $90.14 $28,303,960 $105.99 17.58% $85.22 $118.22
CMCSA - Comcast Corp. 0.23 961,880 $28.71 $27,615,574 $23.82 -17.03% $23.39 $34.36
CSCO - Cisco Systems 0.23 355,500 $77.59 $27,583,245 $121.64 56.77% $63.87 $129.42
LAMR - Lamar Advertising Co. 0.20 Add 4.32% 193,000 $126.66 $24,445,380 $151.42 19.55% $113.66 $158.69
NKE - NIKE Inc. 0.20 447,400 $52.82 $23,631,668 $42.98 -18.63% $41.35 $80.17
URI - United Rentals 0.19 31,150 $728.56 $22,694,644 $1,067.77 46.56% $682.08 $1,082.87
BF.A - Brown-Forman Corp. CL A 0.19 843,000 $26.79 $22,583,969
CCK - Crown Holdings 0.18 Add 3.77% 220,000 $100.25 $22,055,000 $93.38 -6.85% $89.21 $116.62
APD - Air Products & Chemicals 0.18 Add 5.59% 75,500 $290.49 $21,931,995 $282.35 -2.80% $229.11 $307.96
CSX - CSX Corp. 0.18 Add 20.45% 530,000 $41.05 $21,756,500 $46.99 14.47% $31.64 $47.21
RNR - RenaissanceRe Holdings Ltd. 0.17 70,000 $297.23 $20,806,100 $288.48 -2.94% $231.17 $318.20
PM - Philip Morris Intl. 0.16 114,500 $165.34 $18,931,431 $178.29 7.83% $142.11 $193.05
FIX - Comfort Systems USA Inc. 0.15 13,000 $1,378.99 $17,926,870 $1,843.94 33.72% $469.16 $2,073.99
COF - Capital One Financial 0.14 91,000 $182.43 $16,601,130 $180.67 -0.96% $174.98 $259.64
WFC - Wells Fargo 0.14 204,450 $79.61 $16,276,265 $81.94 2.93% $71.93 $97.76
HSY - Hershey Co. 0.13 Add 11.11% 75,000 $207.89 $15,591,750 $184.58 -11.21% $160.07 $239.48
HXL - Hexcel Corp. 0.13 189,000 $80.93 $15,295,770 $89.16 10.17% $53.87 $98.26
PEP - PepsiCo Inc. 0.13 96,210 $155.29 $14,940,451 $141.92 -8.61% $127.60 $171.48
BNY - Bank of New York Mellon Corp. 0.12 Add 2.47% 124,500 $118.63 $14,769,435 $142.39 20.03% $87.41 $144.84
CME - CME Group 0.12 Add 8.74% 49,750 $295.35 $14,693,663 $257.40 -12.85% $244.56 $329.16
PAYX - Paychex Inc. 0.12 150,000 $92.12 $13,818,000 $100.53 9.13% $85.45 $161.24
SEIC - SEI Investments 0.11 173,200 $78.47 $13,591,004 $89.42 13.95% $75.08 $93.96
CARR - Carrier Global Corp. 0.11 235,000 $56.31 $13,232,850 $67.16 19.27% $50.24 $81.09
EFX - Equifax Inc. 0.11 72,850 $180.07 $13,118,100 $172.13 -4.41% $156.47 $275.91
SPOT - Spotify Technology S.A. 0.11 25,900 $484.91 $12,559,169 $496.95 2.48% $405.00 $785.00
BF.B - Brown-Forman Corp. 0.11 474,187 $26.44 $12,537,504
AMAT - Applied Materials 0.10 Add 6.60% 36,350 $341.79 $12,424,067 $453.01 32.54% $154.47 $508.26
CBOE - CBOE Holdings Inc. 0.10 Add 4.67% 43,700 $281.07 $12,282,760 $281.91 0.30% $218.14 $371.18
SHOP - Shopify Inc. 0.10 102,750 $118.62 $12,188,205 $109.54 -7.65% $94.00 $182.19
HII - Huntington Ingalls Industries, Inc. 0.09 Add 7.84% 27,500 $379.90 $10,447,250 $293.04 -22.86% $215.05 $460.00
UBER - Uber Technologies Inc. 0.09 Add 1.79% 142,500 $71.93 $10,250,025 $70.71 -1.70% $68.46 $101.99
SMG - Scotts Miracle-Gro Co. 0.09 168,000 $60.81 $10,216,081 $57.67 -5.16% $52.00 $72.35
MELI - Mercadolibre Inc. 0.08 Buy 5,450 $1,729.02 $9,423,159 $1,607.80 -7.01% $1,495.00 $2,645.22
OTIS - Otis Worldwide Corp. 0.07 114,620 $77.08 $8,834,910 $70.34 -8.74% $69.16 $101.42
IQV - IQVIA Holdings Inc. 0.07 46,900 $170.54 $7,998,326 $183.45 7.57% $146.44 $247.05
XOM - Exxon Mobil Corp. 0.07 Add 23.68% 47,000 $169.66 $7,974,020 $149.92 -11.64% $101.73 $176.41
EPD - Enterprise Products Partners LP 0.06 Buy 202,000 $37.84 $7,643,680 $37.81 -0.08% $30.01 $40.17
SONY - Sony Group Corp. 0.06 335,000 $20.70 $6,934,500 $21.89 5.75% $19.63 $30.34
EMN - Eastman Chemical 0.05 74,950 $76.32 $5,720,184 $71.84 -5.87% $56.11 $83.47
KMX - CarMax Inc. 0.05 136,500 $41.58 $5,675,670 $47.15 13.40% $30.26 $71.99
CNI - Canadian Natl Railway Co. 0.05 Add 20.22% 53,500 $102.77 $5,498,195 $120.38 17.14% $90.74 $122.48
GHC - Graham Holdings Co. 0.05 5,200 $1,057.26 $5,497,752 $1,132.53 7.12% $882.21 $1,224.76
UNH - United Health Group Inc. 0.04 Reduce 29.43% 18,700 $270.59 $5,060,034 $399.47 47.63% $234.60 $404.15
NSP - Insperity Inc. 0.04 Add 18.62% 181,336 $27.04 $4,903,326 $35.38 30.84% $18.57 $64.22
CP - Canadian Pacific Kansas City Ltd. 0.04 Add 17.82% 59,500 $78.66 $4,680,270 $89.93 14.33% $68.42 $91.50
ICE - Intercontinental Exchange Inc. 0.04 Add 38.33% 28,870 $157.28 $4,540,674 $141.50 -10.03% $136.67 $189.35
WRB - W.R. Berkley Corp. 0.03 60,750 $66.28 $4,026,510 $68.57 3.46% $62.87 $78.96
BC - Brunswick Corp. 0.03 Add 7.33% 51,250 $72.76 $3,728,950 $80.40 10.50% $53.76 $90.25
MGM - MGM Resorts International 0.03 87,500 $37.01 $3,238,375 $47.51 28.37% $29.19 $51.59
EXP - Eagle Materials Inc. 0.02 14,750 $189.45 $2,794,388 $212.72 12.28% $171.99 $243.64
AYI - Acuity Brands Inc. 0.02 9,750 $280.22 $2,732,145 $302.04 7.79% $257.04 $380.17
SYY - Sysco Corp. 0.02 30,500 $71.33 $2,175,565 $76.29 6.95% $68.19 $91.85
DPZ - Dominos Pizza Inc. 0.02 5,500 $358.79 $1,973,345 $313.99 -12.49% $297.48 $496.00
BRO - Brown & Brown Inc. 0.01 Add 27.27% 14,000 $65.21 $912,940 $58.86 -9.74% $53.81 $111.63
WY - Weyerhaeuser Co. 0.00 Buy 17,500 $24.43 $427,525 $24.48 0.20% $21.16 $27.86
* Reported Price is the price of the security as of the portfolio date. This value is significant in that it is the last known price at which the security was still held.
Sector % analysis
Financial Services 29.67
Industrials 14.84
Unknown 13.82
Communication Services 11.15
Consumer Cyclical 10.76
Technology 9.14
Consumer Defensive 3.92
Basic Materials 3.52
Healthcare 2.85
Real Estate 0.21
Energy 0.13