Insurance capital
Tom Gayner
Q2 2026 13F: 130 holdings worth about $13.1B; that quarter 3 new, 22 added, 3 trimmed, 2 sold out.
13F lists only long positions in US-listed stocks (and some ETFs and convertibles); short positions, cash, bonds, shares listed outside the US and private companies are not shown, so this is not the giant’s whole portfolio.
Why This Giant Is Included
- Rule numbers (Q2 2026): 130 holdings, top 10 = 43%, stocks $13.1B, options 0%; all four rules met
- Source for the value approach: Markel Group 2023 shareholder letter ('To Our Business Partners’) (Markel Group Inc., p. 8): “In our equity investments, we follow our four-part, time-tested and long-term discipline of: 1) investing in good businesses with good returns on capital” (checked 2026-10-11)
13F value
$13.1B
previous $11.9B (+10.0%)
Holdings
130
3 new / 2 sold out
Net deploymentest.
+0.7%
est. net buying ÷ last quarter’s portfolio
Top-10 concentration
43%
overlap with the composite 30%
Turnoverest.
0.3%
held 35 quarters on average
I
Trades in Q2 2026
Sorted by position shift: how many percentage points of the portfolio the trade moved.
How to Read This
Share changes are split-adjusted. Est. trade price = (start + end price) ÷ 2; 13F does not show the actual trade date or price.
II
All Holdings (127 Companies)
Share classes of one company are combined; click a heading to re-sort.
How to Read This
Est. average cost: shares bought each quarter × (start + end price) ÷ 2, weighted; trims do not change the cost. Positions held before Q1 1999 (or the giant’s earliest electronic filing) start from that quarter’s price and are marked ‘start point’. vs cost = quarter-end price ÷ est. average cost − 1, excluding dividends.
| Company | Weight (prev.) | Value | This quarter | Quarter-end price | vs cost |
|---|---|---|---|---|---|
| BRK.BBerkshire Hathaway Inc | 12.2%12.8% | $1.6B | Held | $500.39 | +357% |
| GOOGLAlphabet Inc | 9.0%8.0% | $1.2B | Held | $357.37 | +611% |
| DEDeere & Co | 4.2%4.1% | $556.9M | Held | $634.33 | +399% |
| BNBrookfield Corp | 4.2%4.4% | $556.8M | Held | $42.59 | +317% |
| AMZNAmazon.com Inc | 3.7%3.5% | $484.0M | Held | $238.34 | +390% |
| ADIAnalog Devices Inc | 3.0%2.7% | $397.0M | Trimmed −2% | $397.17 | +297% |
| GSGoldman Sachs Group Inc | 2.8%2.5% | $363.4M | Held | $1,011 | +381% |
| AAPLApple Inc | 2.7%2.6% | $355.1M | Held | $289.36 | +602% |
| CATCaterpillar Inc | 2.7%2.0% | $350.0M | Held | $1,065 | +947% |
| VVisa Inc | 2.6%2.5% | $347.9M | Added +1% | $343.09 | +497% |
| HDHome Depot Inc | 2.5%2.5% | $325.3M | Held | $352.68 | +864% |
| WSOWatsco Inc | 1.9%1.8% | $249.1M | Added +3% | $416.73 | +98% |
| TXNTexas Instruments Inc | 1.6%1.2% | $215.8M | Held | $298.07 | +280% |
| BLKBlackRock, Inc | 1.6%1.8% | $211.7M | Held | $961.56 | +176% |
| MSFTMicrosoft Corp | 1.5%1.7% | $200.5M | Held | $373.02 | +234% |
| DISWalt Disney Co | 1.5%1.6% | $195.5M | Held | $96.25 | +93% |
| AXPAmerican Express Co | 1.3%1.2% | $165.9M | Held | $338.25 | +386% |
| LOWLowe’s Cos Inc | 1.3%1.5% | $165.8M | Added +2% | $220.49 | +212% |
| PGRProgressive Corp | 1.3%1.3% | $164.7M | Held | $218.45 | +216% |
| FNVFranco-Nevada Corp | 1.2%1.5% | $161.2M | Added +9% | $208.44 | +40% |
| LPLALPL Financial Holdings Inc | 1.2%1.4% | $157.7M | Held | $281.68 | +19% |
| JNJJohnson & Johnson | 1.2%1.3% | $155.1M | Held | $253.97 | +271% |
| BXBlackstone Inc | 1.1%1.2% | $144.6M | Held | $117.67 | +152% |
| RLIRLI Corp | 1.1%1.1% | $141.4M | Held | $59.07 | −34% |
| GDGeneral Dynamics Corp | 1.1%1.1% | $138.5M | Held | $354.24 | +295% |
| NVONovo Nordisk | 1.0%0.9% | $137.6M | Held | $47.94 | +114% |
| KKRKKR & Co Inc | 1.0%1.1% | $133.2M | Held | $91.78 | +241% |
| METAMeta Platforms, Inc | 1.0%1.2% | $131.9M | Trimmed −6% | $563.29 | +204% |
| SCHWCharles Schwab Corp | 1.0%1.1% | $128.7M | Added +1% | $92.27 | +193% |
| MRSHMarsh & McLennan Cos | 1.0%1.1% | $127.3M | Held | $166.67 | +104% |
| APOApollo Global Management, Inc | 0.9%0.9% | $119.8M | Held | $118.31 | +184% |
| ADMArcher-Daniels-Midland Co | 0.9%0.9% | $115.0M | Held | $76.40 | +139% |
| LINLinde PLC | 0.9%0.8% | $111.9M | Added +5% | $518.94 | +30% |
| DEODiageo PLC | 0.8%0.9% | $110.3M | Held | $80.38 | −9% |
| MAMastercard Inc | 0.8%0.9% | $106.6M | Held | $513.60 | +436% |
| DGDollar General Corp | 0.8%0.9% | $100.1M | Held | $115.11 | −32% |
| BAMBrookfield Asset Management Ltd | 0.7%0.8% | $98.4M | Held | $44.85 | +56% |
| HEI.AHeico Corp | 0.7%0.7% | $97.9M | Held | $257.91 | +238% |
| MCOMoody’s Corp | 0.7%0.8% | $96.9M | Held | $452.92 | +499% |
| ODFLOld Dominion Freight Line | 0.7%0.7% | $93.0M | Held | $216.60 | −9% |
| NSCNorfolk Southern Corp | 0.7%0.7% | $88.9M | Held | $314.59 | +176% |
| ITWIllinois Tool Works | 0.7%0.7% | $88.6M | Held | $270.47 | +220% |
| JPMJPMorgan Chase & Co | 0.6%0.6% | $82.7M | Held | $327.33 | +295% |
| NVRNVR Inc | 0.6%0.7% | $82.4M | Held | $6,813 | +82% |
| MSCIMSCI Inc | 0.6%0.6% | $80.0M | Held | $560.04 | +756% |
| ROKRockwell Automation Inc | 0.6%0.5% | $76.7M | Held | $495.08 | +240% |
| ECLEcolab Inc | 0.6%0.6% | $76.4M | Held | $278.61 | +137% |
| SUNBSunbelt Rentals Holdings, Inc | 0.6%0.5% | $72.9M | Added +1% | $74.81 | +15% |
| SBUXStarbucks Corp | 0.5%0.5% | $63.7M | Held | $102.19 | +59% |
| ROLRollins Inc | 0.5%0.7% | $63.3M | Added +1% | $41.74 | +0% |
| THGHanover Insurance Group, Inc | 0.5%0.4% | $60.2M | Held | $214.12 | +59% |
| ITICInvestors Title Co | 0.4%0.4% | $58.4M | Held | $273.68 | +604% |
| CGCarlyle Group Inc | 0.4%0.5% | $55.9M | Held | $42.11 | +79% |
| TSNTyson Foods Inc | 0.4%0.5% | $52.3M | Added +3% | $57.25 | −5% |
| SPGIS&P Global Inc | 0.4%0.4% | $47.9M | Held | $407.26 | +365% |
| AONAon plc | 0.3%0.4% | $45.0M | Held | $331.69 | +19% |
| UNPUnion Pacific Corp | 0.3%0.3% | $43.8M | Added +7% | $272.00 | +75% |
| FERGFerguson Enterprises Inc. | 0.3%0.3% | $42.8M | Added +6% | $237.33 | +18% |
| RTXRTX Corp | 0.3%0.4% | $42.5M | Held | $189.73 | +60% |
| CSCOCisco Systems Inc | 0.3%0.2% | $41.8M | Held | $117.46 | +281% |
| MELIMercadoLibre Inc | 0.3%0.1% | $40.7M | Added +340% | $1,697 | −3% |
| YUMYum! Brands Inc | 0.3%0.3% | $39.2M | Held | $159.86 | +16% |
| MARMarriott International Inc | 0.3%0.3% | $36.9M | Added +6% | $370.59 | +39% |
| ALLAllstate Corp | 0.3%0.3% | $36.8M | Held | $237.94 | +91% |
| TMOThermo Fisher Scientific Inc | 0.3%0.3% | $36.6M | Added +9% | $501.36 | −5% |
| COSTCostco Wholesale Corp | 0.3%0.3% | $36.6M | Held | $935.47 | +1447% |
| HGTYHagerty, Inc | 0.3%0.3% | $35.9M | Held | $11.92 | −15% |
| BF.ABrown-Forman Corp | 0.3%0.3% | $35.7M | Held | $27.36 | −14% |
| TROWT. Rowe Price Group | 0.3%0.2% | $35.7M | Held | $113.69 | +62% |
| URIUnited Rentals Inc | 0.3%0.2% | $35.3M | Held | $1,133 | +79% |
| ABNBAirbnb, Inc | 0.3%0.3% | $34.7M | Held | $143.10 | +11% |
| LMTLockheed Martin Corp | 0.3%0.3% | $33.2M | Held | $509.46 | +18% |
| HCAHCA Healthcare Inc | 0.3%0.3% | $32.9M | Added +2% | $389.89 | +13% |
| SHWSherwin-Williams Co | 0.2%0.3% | $32.4M | Held | $344.32 | −28% |
| FDSFactSet Research Systems Inc | 0.2%0.2% | $31.1M | Held | $230.08 | +66% |
| LAMRLamar Advertising Co | 0.2%0.2% | $30.1M | Held | $155.98 | +39% |
| VRSKVerisk Analytics, Inc | 0.2%0.2% | $28.0M | Held | $179.53 | +16% |
| CSXCSX Corp | 0.2%0.2% | $27.8M | Added +10% | $47.53 | +33% |
| AMATApplied Materials Inc | 0.2%0.1% | $26.3M | Held | $723.00 | +271% |
| APDAir Products & Chemicals, Inc | 0.2%0.2% | $25.9M | Added +17% | $293.18 | +9% |
| FIXComfort Systems USA Inc | 0.2%0.2% | $25.8M | Held | $1,982 | +674% |
| CCKCrown Holdings Inc | 0.2%0.2% | $24.6M | Held | $111.82 | +58% |
| RNRRenaissanceRe Holdings Ltd | 0.2%0.2% | $22.2M | Held | $316.90 | +67% |
| EPDEnterprise Products Partners L.P. | 0.2%0.1% | $20.9M | Added +182% | $36.76 | +1% |
| PMPhilip Morris International Inc | 0.2%0.2% | $20.7M | Held | $180.91 | +253% |
| ACNAccenture plc | 0.2%0.3% | $19.8M | Held | $124.44 | +117% |
| CMCSAComcast Corp | 0.1%0.2% | $19.7M | Trimmed −17% | $24.55 | −34% |
| HXLHexcel Corp | 0.1%0.1% | $18.9M | Held | $100.06 | +62% |
| NKENike Inc | 0.1%0.2% | $18.4M | Held | $41.05 | +10% |
| COFCapital One Financial Corp | 0.1%0.1% | $18.3M | Held | $200.62 | +103% |
| BNYBank of New York Mellon Corp | 0.1%0.1% | $18.0M | Held | $144.61 | +211% |
| CARRCarrier Global Corp | 0.1%0.1% | $17.2M | Held | $73.35 | +211% |
| WFCWells Fargo & Co | 0.1%0.1% | $16.9M | Held | $82.64 | +67% |
| SEICSEI Investments Company | 0.1%0.1% | $15.2M | Held | $87.71 | +107% |
| PAYXPaychex Inc | 0.1%0.1% | $14.7M | Held | $98.33 | +241% |
| HSYHershey Co | 0.1%0.1% | $13.2M | Held | $175.45 | −5% |
| PEPPepsiCo Inc | 0.1%0.1% | $13.0M | Held | $135.40 | +88% |
| SPOTSpotify Technology S.A | 0.1%0.1% | $11.9M | Held | $459.13 | +127% |
| SHOPShopify Inc | 0.1%0.1% | $11.7M | Held | $114.18 | +143% |
| EFXEquifax Inc | 0.1%0.1% | $11.6M | Held | $158.72 | +5% |
| CMECME Group Inc | 0.1%0.1% | $11.0M | Held | $220.83 | −17% |
| CBOECboe Global Markets, Inc | 0.1%0.1% | $10.6M | Held | $242.67 | +3% |
| UBERUber Technologies, Inc | 0.1%0.1% | $10.3M | Held | $72.16 | +9% |
| OTISOtis Worldwide Corp | 0.1%0.1% | $9.6M | Added +17% | $71.60 | +20% |
| IQVIQVIA Holdings Inc | 0.1%0.1% | $9.1M | Held | $193.22 | −9% |
| HIIHuntington Ingalls Industries | 0.1%0.1% | $7.7M | Held | $279.89 | +18% |
| —Exxon Mobil Corp | 0.1%0.1% | $7.7M | Added +19% | $136.72 | +8% |
| NSPInsperity Inc | 0.1%0.0% | $7.5M | Held | $41.31 | −46% |
| KMXCarMax Inc | 0.1%0.0% | $7.2M | Held | $52.89 | −26% |
| SONYSony Group Corp | 0.1%0.1% | $6.7M | Held | $20.06 | +17% |
| CNICanadian National Railway | 0.0%0.0% | $6.4M | Held | $119.21 | +21% |
| CPCanadian Pacific Kansas City Ltd/cn | 0.0%0.0% | $6.3M | Added +23% | $86.65 | +12% |
| GHCGraham Holdings Co | 0.0%0.0% | $5.9M | Held | $1,141 | +44% |
| EMNEastman Chemical Co | 0.0%0.0% | $5.0M | Held | $66.98 | −20% |
| ZTSZoetis Inc | 0.0%— | $4.8M | New | $71.86 | −24% |
| BCBrunswick Corp | 0.0%0.0% | $4.3M | Held | $84.24 | +23% |
| WRBW.R. Berkley Corp | 0.0%0.0% | $4.3M | Held | $70.53 | +246% |
| MGMMGM Resorts International | 0.0%0.0% | $4.2M | Held | $47.81 | +39% |
| AYIAcuity Inc | 0.0%0.0% | $3.7M | Held | $376.66 | +35% |
| ICEIntercontinental Exchange, Inc | 0.0%0.0% | $3.6M | Held | $123.11 | −19% |
| EXPEagle Materials Inc | 0.0%0.0% | $3.3M | Held | $225.00 | +3% |
| WYWeyerhaeuser Co | 0.0%0.0% | $2.9M | Added +586% | $23.94 | −1% |
| NFLXNetflix Inc | 0.0%— | $2.9M | New | $71.40 | −15% |
| SYYSysco Corp | 0.0%0.0% | $2.5M | Held | $83.58 | +10% |
| DPZDomino’s Pizza Inc | 0.0%0.0% | $1.6M | Held | $295.98 | −36% |
| BROBrown & Brown Inc | 0.0%0.0% | $898K | Held | $64.15 | −23% |
| UFPIUFP Industries Inc | 0.0%— | $363K | New | $90.74 | −1% |
III
Portfolio Map: Size Is Weight, Colour Is Gain or Loss against Cost
How to Read This
Each block is a company (up to 60); area = portfolio weight. The darker the colour, the further the quarter-end price is above (or below) the estimated cost: light 5–25%, medium 25–100%, darkest over 100%; grey is within 5%.
above costbelow costwithin 5%
IV
Over Time
From Q4 2007, 75 quarters (this giant’s electronic 13F filings).
13F Value
Holdings
Top-10 Concentration
Turnover (Est.)
Sector Mix
Information technologyFinancialsCommunication & mediaConsumer discretionaryIndustrialsHealth careEnergyOther (incl. unclassified)
V
Quarter by Quarter, with the Original Filings
* = not counted in that quarter’s totals. Links open the original SEC filing; 13F-HR/A is an amendment.
Show 75 Quarters
| Quarter | Holdings | 13F value | SEC |
|---|---|---|---|
| Q2 2026 | 130 | $13.1B | 13F-HR |
| Q1 2026 | 129 | $11.9B | 13F-HR |
| Q4 2025 | 128 | $12.5B | 13F-HR |
| Q3 2025 | 129 | $12.3B | 13F-HR |
| Q2 2025 | 137 | $11.8B | 13F-HR |
| Q1 2025 | 135 | $11.3B | 13F-HR |
| Q4 2024 | 132 | $11.3B | 13F-HR |
| Q3 2024 * | 132 | $11.1B | 13F-HR |
| Q2 2024 * | 134 | $10.2B | 13F-HR |
| Q1 2024 * | 132 | $10.1B | 13F-HR |
| Q4 2023 * | 128 | $9.2B | 13F-HR |
| Q3 2023 * | 133 | $8.3B | 13F-HR |
| Q2 2023 * | 131 | $8.4B | 13F-HR |
| Q1 2023 * | 131 | $7.9B | 13F-HR |
| Q4 2022 | 134 | $7.5B | 13F-HR |
| Q3 2022 | 131 | $6.8B | 13F-HR |
| Q2 2022 | 131 | $7.0B | 13F-HR |
| Q1 2022 | 126 | $8.4B | 13F-HR 13F-HR/A |
| Q4 2021 | 120 | $8.7B | 13F-HR 13F-HR/A |
| Q3 2021 | 125 | $7.9B | 13F-HR |
| Q2 2021 | 125 | $7.9B | 13F-HR |
| Q1 2021 | 118 | $7.2B | 13F-HR |
| Q4 2020 | 115 | $6.7B | 13F-HR |
| Q3 2020 | 113 | $5.9B | 13F-HR |
| Q2 2020 | 113 | $5.4B | 13F-HR |
| Q1 2020 | 130 | $5.3B | 13F-HR |
| Q4 2019 * | 134 | $7.2B | 13F-HR |
| Q3 2019 | 132 | $6.6B | 13F-HR |
| Q2 2019 | 137 | $6.5B | 13F-HR |
| Q1 2019 | 133 | $6.0B | 13F-HR |
| Q4 2018 | 132 | $5.2B | 13F-HR |
| Q3 2018 | 131 | $5.9B | 13F-HR |
| Q2 2018 | 133 | $5.4B | 13F-HR |
| Q1 2018 | 137 | $5.3B | 13F-HR |
| Q4 2017 | 138 | $5.3B | 13F-HR |
| Q3 2017 | 139 | $5.0B | 13F-HR |
| Q2 2017 | 138 | $4.7B | 13F-HR |
| Q1 2017 | 133 | $4.4B | 13F-HR |
| Q4 2016 | 133 | $4.1B | 13F-HR |
| Q3 2016 | 129 | $3.9B | 13F-HR |
| Q2 2016 | 130 | $3.8B | 13F-HR |
| Q1 2016 | 129 | $3.7B | 13F-HR |
| Q4 2015 | 130 | $3.7B | 13F-HR |
| Q3 2015 | 121 | $3.8B | 13F-HR |
| Q2 2015 | 112 | $4.0B | 13F-HR |
| Q1 2015 | 107 | $4.0B | 13F-HR |
| Q4 2014 | 107 | $3.8B | 13F-HR 13F-HR/A |
| Q3 2014 | 104 | $3.5B | 13F-HR |
| Q2 2014 | 105 | $3.5B | 13F-HR |
| Q1 2014 | 105 | $3.3B | 13F-HR |
| Q4 2013 | 109 | $3.2B | 13F-HR |
| Q3 2013 | 107 | $2.9B | 13F-HR |
| Q2 2013 | 107 | $2.8B | 13F-HR |
| Q1 2013 | 100 | $2.7B | 13F-HR |
| Q4 2012 | 102 | $2.4B | 13F-HR |
| Q3 2012 | 97 | $2.3B | 13F-HR |
| Q2 2012 | 101 | $2.1B | 13F-HR |
| Q1 2012 | 101 | $2.2B | 13F-HR |
| Q4 2011 | 97 | $1.8B | 13F-HR |
| Q3 2011 | 92 | $1.6B | 13F-HR |
| Q2 2011 | 85 | $1.9B | 13F-HR |
| Q1 2011 | 83 | $1.8B | 13F-HR |
| Q4 2010 | 82 | $1.8B | 13F-HR |
| Q3 2010 | 80 | $1.6B | 13F-HR |
| Q2 2010 | 78 | $1.5B | 13F-HR |
| Q1 2010 | 77 | $1.6B | 13F-HR |
| Q4 2009 | 78 | $1.4B | 13F-HR |
| Q3 2009 | 77 | $1.3B | 13F-HR |
| Q2 2009 * | 76 | $1.1B | 13F-HR |
| Q1 2009 * | 76 | $958.0M | 13F-HR |
| Q4 2008 * | 77 | $1.1B | 13F-HR |
| Q3 2008 * | 83 | $1.5B | 13F-HR |
| Q2 2008 * | 83 | $1.5B | 13F-HR |
| Q1 2008 * | 80 | $1.8B | 13F-HR |
| Q4 2007 * | 73 | $2.0B | 13F-HR |
VI
Large Positions Sold Out
Positions that once made up 2% or more of the portfolio and were later sold out (latest 40): holding period and what became of the company, without profit or loss.
How to Read This
Sold out means the holding no longer appears on the 13F: it may have been sold, or the company was acquired or delisted. Company status is checked only for companies the giants together once held $100M or more of, from the company’s own SEC filings (for example 8-K item 1.03 = bankruptcy filing); a dash means not checked.
| Company | Held | Peak weight | Company since |
|---|---|---|---|
| —Enovis Corp | Q1 2012 – Q2 2022 | 2% | Still filing with the SEC |
| KMXCarMax Inc | Q4 2007 – Q2 2020 | 9% | — |
| WBAWalgreens Boots Alliance Inc | Q4 2014 – Q2 2020 | 5% | Acquired or delisted Sep 8, 2025 |
| MARMarriott International Inc | Q4 2007 – Q2 2020 | 4% | — |
| UNHUnitedHealth Group Inc | Q1 2013 – Q1 2020 | 3% | — |
| WPCW. P. Carey Inc | Q4 2007 – Q3 2018 | 2% | — |
| —Exxon Mobil Corp | Q3 2009 – Q4 2017 | 4% | — |
| FHIFederated Hermes Inc | Q4 2007 – Q2 2016 | 2% | Still filing with the SEC |
| UPSUnited Parcel Service | Q4 2007 – Q1 2016 | 4% | — |
| —General Electric Co | Q4 2007 – Q4 2015 | 7% | Still filing with the SEC |
| WMTWalmart Inc | Q4 2007 – Q4 2015 | 4% | — |
| FRFHFFairfax Financial Holdings Ltd/ Can | Q4 2007 – Q1 2015 | 8% | — |
| —Walgreen Co | Q4 2007 – Q4 2014 | 5% | Acquired or delisted Aug 10, 2015 |
| —International Game Technology | Q4 2007 – Q4 2014 | 3% | Acquired or delisted Apr 17, 2015 |
| FNFFidelity National Financial, Inc | Q4 2007 – Q3 2013 | 4% | — |
| —Union First Market Bankshares Com | Q1 2010 – Q3 2013 | 3% | — |
| WTMWhite Mountains Insurance Group Ltd | Q4 2007 – Q3 2011 | 4% | — |
| —Berkshire Hathaway Inc | Q4 2007 – Q1 2010 | 9% | Still filing with the SEC |
| —Exxon Corp Com | Q4 2007 – Q3 2009 | 3% | — |