Markel Group Inc.

Superinvestor · Thomas Gayner

CIK

1096343

Location

Glen Allen, VA

Portfolio Value

Large $10,246,702,291

Diversification

Diversified

Filing Date

Global Rank

#413 / 8,603 ▼ 3 · as of Mar 2026

Top Industry

Asset Management 13.0%

3Y Alpha vs SPY

-6.6%

Period ended 3 months ago

Filed May 1, 2026 · 2mo

25 quarters · since Mar 2020

Clone Performance

Jul 2023–Jul 2026 · vs SPY

Hypothetical growth of cloning every reported 13F position and rebalancing on each filing, indexed to the same start.

Cloned portfolio

+46.6%

SPY

+76.0%

Annualised alpha

-7.1%

Max drawdown

−17.9%

Estimate. 13F holdings are quarter-lagged and long-only, so the clone rebalances about 45 days after each period end — when the filing becomes public — and excludes options and short positions. Past performance does not predict future results.

Portfolio Concentration

124 positions · as of Mar 31, 2026 · Δ vs Dec 31, 2025

Top Position

7.2%

−0.0 pts

Top 5

24.5%

+0.2 pts

Top 10

38.7%

+0.4 pts

HHI

236

Diversified−1

Portfolio Trend

25 quarters · across all stocks

Sector Breakdown

As of Mar 31, 2026

Sector	% Portfolio	Value	Positions
Financial Services	41.7%	$4,273,502,078	38
Industrials	17.3%	$1,776,928,497	27
Consumer Cyclical	12.5%	$1,284,685,458	16
Technology	10.7%	$1,091,386,414	11
Communication Services	5.3%	$542,532,530	5
Consumer Defensive	4.7%	$485,047,202	10
Basic Materials	4.1%	$420,286,187	8
Healthcare	3.3%	$339,817,340	6
Real Estate	0.2%	$24,872,905	2
Energy	0.1%	$7,643,680	1

Last Quarter's Activity

Export CSV

Mar 31, 2026 vs Dec 31, 2025

Added To

Positions the filer increased

25 positions

Ticker	Company	Δ Shares	Shares	Value
CSX	Csx Corp	+90,000	530,000	$21,756,500
NSP	Insperity, Inc.	+28,463	181,336	$4,903,325
FNV	FRANCO NEVADA Corp	+25,000	708,500	$175,034,925
YUM	Yum Brands Inc	+18,762	245,213	$38,125,717
FDS	Factset Research Systems Inc	+13,503	135,376	$29,375,238
CNI	Canadian National Railway Co	+9,000	53,500	$5,498,195
ROL	Rollins Inc	+9,000	1,498,025	$80,009,514
UNP	Union Pacific Corp	+9,000	150,278	$36,460,448
CP	Canadian Pacific Kansas City Ltd/Cn	+9,000	59,500	$4,680,270
NSC	Norfolk Southern Corp	+9,000	282,500	$81,077,500
SCHW	Schwab Charles Corp	+8,000	1,383,800	$130,049,524
CCK	Crown Holdings, Inc.	+8,000	220,000	$22,055,000
ICE	Intercontinental Exchange, Inc.	+8,000	28,870	$4,540,673
LAMR	Lamar Advertising Co/New	+8,000	193,000	$24,445,380
HSY	Hershey Co	+7,500	75,000	$15,591,750
ODFL	Old Dominion Freight Line, Inc.	+7,500	429,150	$83,855,910
FERG	Ferguson Enterprises Inc. /DE/	+7,200	170,700	$39,817,482
V	Visa Inc.	+5,046	1,004,331	$303,549,001
TSN	Tyson Foods, Inc.	+5,000	889,500	$56,990,265
WSO	Watsco Inc	+4,500	582,169	$211,787,260
LIN	Linde PLC	+4,500	204,600	$101,432,496
TMO	Thermo Fisher Scientific Inc.	+4,300	67,100	$32,981,663
MAR	Marriott International Inc /Md/	+4,000	93,750	$30,662,812
APD	Air Products & Chemicals, Inc.	+4,000	75,500	$21,931,995
CME	Cme Group Inc.	+4,000	49,750	$14,693,662
No positions match the current search.

Trimmed

Positions the filer reduced

2 positions

Ticker	Company	Δ Shares	Shares	Value
SPGI	S&P Global Inc.	−33,000	117,690	$47,358,809
UNH	Unitedhealth Group Inc	−7,800	18,700	$5,060,033
No positions match the current search.

New Positions

Positions the filer opened this quarter

4 positions

Ticker	Company	Shares	Value
SUNB	Sunbelt Rentals Holdings, Inc.	963,361	$62,705,167
MELI	Mercadolibre Inc	5,450	$9,423,159
EPD	Enterprise Products Partners L.P.	202,000	$7,643,680
WY	Weyerhaeuser Co	17,500	$427,525
No positions match the current search.

Sold Out

Positions the filer fully exited

3 positions

Ticker	Company	Shares	Value
TGT	Target Corp	133,000	$13,000,750
CHH	Choice Hotels International Inc /De	115,500	$11,002,530
TRU	TransUnion	2,000	$171,500
No positions match the current search.

Portfolio Positions

Compact Export CSV View 13F filing

124 positions · $10,246,702,291 total · as of Mar 31, 2026

All sectors Basic Materials Communication Services Consumer Cyclical Consumer Defensive Energy Financial Services Healthcare Industrials Real Estate Technology

Showing 1–50 of 124 positions by value · page 1 of 3

Ticker	Company	Type	Shares	Δ Shares	Value (USD)	% Δ Value	Est. Price	% of Portfolio
BRK-B	Berkshire Hathaway Inc Financial Services	Held	1,531,971	0	$734,120,503	−4.7%	$490.90	7.16%
BN	BROOKFIELD Corp /ON/ Financial Services	Held	13,073,609	0	$529,088,955	−11.8%	$44.32	5.16%
DE	Deere & Co Industrials	Held	877,900	0	$494,521,070	+21.0%	$564.15	4.83%
AMZN	Amazon Com Inc Consumer Cyclical	Held	2,030,760	0	$422,946,384	−9.8%	$220.17	4.13%
ADI	Analog Devices Inc Technology	Held	1,023,245	0	$325,535,164	+17.3%	$318.18	3.18%
AAPL	Apple Inc. Technology	Held	1,227,290	0	$311,473,929	−6.6%	$260.25	3.04%
GS	Goldman Sachs Group Inc Financial Services	Held	359,360	0	$304,014,965	−3.8%	$892.11	2.97%
V	Visa Inc. Financial Services	Added	1,004,331	+5,046	$303,549,001	−13.4%	$321.55	2.96%
HD	Home Depot, Inc. Consumer Cyclical	Held	920,000	0	$302,578,799	−4.4%	$364.41	2.95%
CAT	Caterpillar Inc Industrials	Held	328,650	0	$232,835,378	+23.7%	$692.61	2.27%
WSO	Watsco Inc Industrials	Added	582,169	+4,500	$211,787,260	+8.8%	$387.47	2.07%
BLK	BlackRock, Inc. Financial Services	Held	220,200	0	$211,768,542	−10.1%	$1,052.09	2.07%
MSFT	Microsoft Corp Technology	Added	537,630	+1,950	$199,014,496	−23.2%	$418.44	1.94%
DIS	Walt Disney Co Communication Services	Held	2,031,665	0	$195,811,872	−15.3%	$105.69	1.91%
FNV	FRANCO NEVADA Corp Basic Materials	Added	708,500	+25,000	$175,034,925	+23.5%	$247.39	1.71%
LOW	Lowes Companies Inc Consumer Cyclical	Added	738,480	+4,000	$174,488,053	−1.5%	$260.81	1.70%
LPLA	LPL Financial Holdings Inc. Financial Services	Held	559,951	0	$168,450,058	−15.8%	$335.53	1.64%
GOOGL	Alphabet Inc. Communication Services	Held	572,000	0	$164,484,320	−8.1%	$314.21	1.61%
PGR	Progressive Corp/Oh/ Financial Services	Held	753,750	0	$149,423,400	−12.9%	$206.39	1.46%
JNJ	Johnson & Johnson Healthcare	Held	610,800	0	$149,303,951	+18.1%	$232.92	1.46%
AXP	American Express Co Financial Services	Added	490,450	+1,950	$148,351,316	−17.9%	$335.29	1.45%
META	Meta Platforms, Inc. Communication Services	Held	248,303	0	$142,061,595	−13.3%	$640.86	1.39%
BX	Blackstone Inc. Financial Services	Held	1,229,000	0	$141,322,710	−25.4%	$130.10	1.38%
TXN	Texas Instruments Inc Technology	Held	724,000	0	$140,557,359	+11.9%	$202.46	1.37%
RLI	Rli Corp Financial Services	Held	2,394,544	0	$136,584,789	−10.8%	$60.05	1.33%
KKR	KKR & Co. Inc. Financial Services	Held	1,451,800	0	$134,291,500	−27.4%	$105.41	1.31%
GD	General Dynamics Corp Industrials	Held	391,000	0	$134,199,020	+1.9%	$354.71	1.31%
MRSH	Marsh & Mclennan Companies, Inc. Financial Services	Added	763,500	+1,750	$132,429,075	−6.3%	$179.79	1.29%
SCHW	Schwab Charles Corp Financial Services	Added	1,383,800	+8,000	$130,049,524	−5.4%	$98.07	1.27%
APO	Apollo Global Management, Inc. Financial Services	Held	1,012,500	0	$112,812,750	−23.0%	$123.95	1.10%
ADM	Archer-Daniels-Midland Co Consumer Defensive	Held	1,505,800	0	$109,456,601	+26.4%	$67.53	1.07%
NVO	Novo Nordisk A S Healthcare	Held	2,869,774	0	$105,464,194	−27.8%	$47.38	1.03%
MA	Mastercard Inc Financial Services	Held	207,540	0	$103,699,435	−12.5%	$526.66	1.01%
DG	Dollar General Corp Consumer Defensive	Held	869,250	0	$103,206,052	−10.6%	$142.58	1.01%
DEO	Diageo PLC Consumer Defensive	Added	1,372,208	+500	$102,160,885	−13.7%	$87.24	1.00%
LIN	Linde PLC Basic Materials	Added	204,600	+4,500	$101,432,496	+18.9%	$471.81	0.99%
BAM	Brookfield Asset Management Ltd. Financial Services	Held	2,193,953	0	$97,521,210	−15.2%	$48.84	0.95%
MCO	Moodys Corp /De/ Financial Services	Held	213,890	0	$93,309,512	−14.6%	$473.05	0.91%
ITW	Illinois Tool Works Inc Industrials	Held	327,500	0	$85,244,974	+5.7%	$272.09	0.83%
ODFL	Old Dominion Freight Line, Inc. Industrials	Added	429,150	+7,500	$83,855,910	+26.8%	$186.49	0.82%
NSC	Norfolk Southern Corp Industrials	Added	282,500	+9,000	$81,077,500	+2.7%	$297.24	0.79%
ROL	Rollins Inc Consumer Cyclical	Added	1,498,025	+9,000	$80,009,514	−10.5%	$59.51	0.78%
NVR	Nvr Inc Consumer Cyclical	Added	12,087	+80	$79,651,276	−9.0%	$7,288.33	0.78%
MSCI	MSCI Inc. Financial Services	Held	142,850	0	$76,997,578	−6.1%	$563.88	0.75%
JPM	Jpmorgan Chase & Co Financial Services	Held	252,550	0	$74,290,108	−8.7%	$303.48	0.73%
ECL	Ecolab Inc. Basic Materials	Held	274,300	0	$72,969,286	+1.3%	$282.22	0.71%
CG	Carlyle Group Inc. Financial Services	Held	1,327,000	0	$64,213,530	−18.1%	$55.15	0.63%
SUNB	Sunbelt Rentals Holdings, Inc. Industrials	NEW	963,361	NEW	$62,705,167	NEW	$70.19	0.61%
TSN	Tyson Foods, Inc. Consumer Defensive	Added	889,500	+5,000	$56,990,265	+9.9%	$62.09	0.56%
SBUX	Starbucks Corp Consumer Cyclical	Held	623,818	0	$55,887,854	+6.4%	$94.59	0.55%