Tom Gayner runs Berkshire-style equity portfolio inside Markel Group (specialty insurer). Concentrated long-only quality compounders.
| Quarter | Filer (100=start) | SPY | Filed value | Positions |
|---|---|---|---|---|
| 2026-03-31 | 100.0 | 100.0 | $11.94B | 129 |
| 2026-06-30 | 110.0 | 104.2 | $13.13B | 130 |
Filed NAV tracks the reported long-equity book only. It excludes cash, shorts, debt, options and non-13F assets, so it is not the fund's return.
| # | Ticker | Issuer | Value | % of book | Shares |
|---|---|---|---|---|---|
| 1 | GOOG | ALPHABET INC | $971.6M | 10.4% | 2.75M |
| 2 | BRK-B | BERKSHIRE HATHAWAY INC DEL | $834.2M | 8.9% | 1.1K |
| 3 | BRK-B | BERKSHIRE HATHAWAY INC DEL | $766.6M | 8.2% | 1.53M |
| 4 | DE | DEERE & CO | $556.9M | 5.9% | 877.9K |
| 5 | BN | BROOKFIELD CORP | $556.8M | 5.9% | 13.07M |
| 6 | AMZN | AMAZON COM INC | $484.0M | 5.2% | 2.03M |
| 7 | ADI | ANALOG DEVICES INC | $397.0M | 4.2% | 999.7K |
| 8 | GS | GOLDMAN SACHS GROUP INC | $363.4M | 3.9% | 359.4K |
| 9 | AAPL | APPLE INC | $355.1M | 3.8% | 1.23M |
| 10 | CAT | CATERPILLAR INC | $350.0M | 3.7% | 328.6K |
| 11 | V | VISA INC | $347.9M | 3.7% | 1.01M |
| 12 | HD | HOME DEPOT INC | $325.3M | 3.5% | 922.5K |
| 13 | WSO | WATSCO INC | $249.1M | 2.7% | 597.8K |
| 14 | TXN | TEXAS INSTRS INC | $215.8M | 2.3% | 724.0K |
| 15 | BLK | BLACKROCK INC | $211.7M | 2.3% | 220.2K |
| 16 | GOOGL | ALPHABET INC | $204.4M | 2.2% | 572.0K |
| 17 | MSFT | MICROSOFT CORP | $200.5M | 2.1% | 537.6K |
| 18 | DIS | DISNEY WALT CO | $195.5M | 2.1% | 2.03M |
| 19 | AXP | AMERICAN EXPRESS CO | $165.9M | 1.8% | 490.4K |
| 20 | LOW | LOWES COS INC | $165.8M | 1.8% | 752.0K |
| 21 | PGR | PROGRESSIVE CORP | $164.7M | 1.8% | 753.8K |
| 22 | FNV | FRANCO NEV CORP | $161.2M | 1.7% | 773.5K |
| 23 | LPLA | LPL FINL HLDGS INC | $157.7M | 1.7% | 560.0K |
| 24 | JNJ | JOHNSON & JOHNSON | $155.1M | 1.7% | 610.8K |
| 25 | BX | BLACKSTONE INC | $144.6M | 1.5% | 1.23M |
| 26 | RLI | RLI CORP | $141.4M | 1.5% | 2.39M |
| 27 | GD | GENERAL DYNAMICS CORP | $138.5M | 1.5% | 391.0K |
| 28 | NVO | NOVO-NORDISK A S | $137.6M | 1.5% | 2.87M |
| 29 | KKR | KKR & CO INC | $133.2M | 1.4% | 1.45M |
| 30 | META | META PLATFORMS INC | $131.9M | 1.4% | 234.2K |
| Ticker | Issuer | Action | Δ shares | Δ value |
|---|---|---|---|---|
| ADI | ANALOG DEVICES INC | decreased | -2.3% | $71.5M |
| V | VISA INC | increased | +1.0% | $44.3M |
| WSO | WATSCO INC | increased | +2.7% | $37.3M |
| MELI | MERCADOLIBRE INC | increased | +340.4% | $31.3M |
| HD | HOME DEPOT INC | increased | +0.3% | $22.8M |
| ROL | ROLLINS INC | increased | +1.2% | -$16.7M |
| FNV | FRANCO NEV CORP | increased | +9.2% | -$13.8M |
| EPD | ENTERPRISE PRODS PARTNERS L | increased | +181.7% | $13.3M |
| LIN | LINDE PLC | increased | +5.4% | $10.5M |
| SMG | SCOTTS MIRACLE-GRO CO | closed | -100.0% | -$10.2M |
| SUNB | SUNBELT RENTALS HOLDINGS INC | increased | +1.1% | $10.2M |
| META | META PLATFORMS INC | decreased | -5.7% | -$10.2M |
| LOW | LOWES COS INC | increased | +1.8% | -$8.7M |
| CMCSA | COMCAST CORP NEW | decreased | -16.6% | -$7.9M |
| UNP | UNION PAC CORP | increased | +7.2% | $7.3M |
| MAR | MARRIOTT INTL INC NEW | increased | +6.1% | $6.2M |
| HCA | HCA HEALTHCARE INC | increased | +2.3% | -$6.1M |
| CSX | CSX CORP | increased | +10.3% | $6.0M |
| UNH | UNITEDHEALTH GROUP INC | closed | -100.0% | -$5.1M |
| ZTS | ZOETIS INC | new | +100.0% | $4.8M |
| TSN | TYSON FOODS INC | increased | +2.7% | -$4.7M |
| APD | AIR PRODUCTS AND CHEMICALS I | increased | +17.2% | $4.0M |
| TMO | THERMO FISHER SCIENTIFIC INC | increased | +8.9% | $3.7M |
| FERG | FERGUSON ENTERPRISES INC | increased | +5.6% | $2.9M |
| NFLX | NETFLIX INC. | new | +100.0% | $2.9M |
Compare this book against the other 72 filers, screen for consensus positions, and follow quarterly moves as they land.
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