Tom Gayner — Markel Group Inc. 13F Holdings & Recent Stock Buys (Q2 2026)
Markel Group Inc.CIK: 0001096343
Diversified strategyMomentum followerQuality / disciplined sizing
Total reported value
$13.1B
Reporting period: 2026-06-30 · Number of holdings: 205
MARKEL GROUP INC. disclosed 205 holdings in its latest 13F filing for the period ending 2026-06-30, with total reported value of $13.1B and a quarterly turnover rate of 12.1%.
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Personality snowflake
- Concentration
- 10.79
- Portfolio Stability
- 12.08
- Momentum
- 100
- Sector conviction
- 57.12
- Diversification
- 100
- Sizing Uniformity
- 84.11
Markel Group Inc.'s disclosed holdings carry a Herfindahl concentration index of 0.027 — mathematically equivalent to about 37 equally-sized positions, well below its 205 actual disclosed holdings. That gap points to a strategy built around a small core of high-conviction bets rather than broad diversification.
Position sizes vary widely across the portfolio (a coefficient of variation of 1.59), with a handful of outsized bets alongside many smaller positions.
No strong tilt toward either adding to existing winners or initiating outsized new positions was observed in the latest reported quarter.
Source and citation information
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Recent moves
View source Form 13F filing on SEC.govAdd GOOG
0.0% $182.8M
Add CAT
0.0% $117.1M
Add TXN
0.0% $75.2M
Trim BRK-A
0.0% $34.2M
Trim BRK-B
0.0% $32.5M
Add ADI
-2.3% $71.5M
Holdings Map
New buyAddUnchangedTrim
Institutional Game-State Analysis
Core Intent
This was a low-activity quarter for Markel Group: turnover ran near 12% across a 130-name book, and the top changes skew clearly toward accumulation. The pattern combines measured adds to established core positions (Visa, Watsco) with rapid scaling of satellite stakes off tiny bases — MercadoLibre from 0.08% to 0.31% and Enterprise Products from 0.06% to 0.16% — while the sole disclosed trim, Analog Devices, saw its weight nonetheless rise from 2.73% to 3.02% on price strength. Notably, several adds (Home Depot, Rollins, Franco-Nevada) coincided with falling weights, suggesting purchases into price weakness; since share-count magnitudes are not disclosed, the scale of these moves can only be assessed qualitatively.
Macro & Fundamentals
Flagged as inference from a single quarter of deltas, not a confirmed causal read: the flow mix — payments infrastructure (V), HVAC distribution (WSO), home-improvement retail (HD), midstream energy income (EPD) and gold royalties (FNV) — appears to line up with a posture favoring durable cash generation plus uncertainty hedges, consistent with the near-zero momentum tilt (+0.7pp) and the maximal contrarian score. The 32.4% Financials anchor more plausibly reflects the firm's insurance heritage than a fresh sector call.
Blind Spots / Risks
The most concrete data-grounded vulnerability is the dip-buying cluster: Rollins, Franco-Nevada and Home Depot were all added while their weights fell between 5 and 24 basis points, meaning capital was deployed into declining prices. If those drawdowns stem from fundamental deterioration rather than sentiment, continued averaging-down risks converting a discipline into an asymmetric loss channel — and with no share magnitudes disclosed, the true size of these positions-in-progress cannot be verified from this payload.
This narrative is generated by AI from data disclosed in this institution's SEC EDGAR Form 13F filings and describes past holdings only. It is not a recommendation to buy or sell any security; the source filing is linked below. View the original 2026-06-30 Form 13F filing on SEC.gov
* This report is exclusively curated by the AlphaSMO team. AlphaSMO is the web's most authoritative 13F / Inside Trader database, delivering precise insider trading and institutional holdings insights.
Top 10 holdings by weight
Full holdings list this quarter
Showing top 130 holdings (of 205 total)
| # | Ticker | Issuer | Asset Subclass | Weight | Weight Change | Shares Change | 4Q Trend |
|---|---|---|---|---|---|---|---|
| 1 | GOOG | Alphabet Inc-cl C | Stock-Comm Services | 7.40% | +0.79% | — | |
| 2 | BRK-A | Berkshire Hathaway Inc-cl A | Stock-Other | 6.35% | -0.35% | — | |
| 3 | BRK-B | Berkshire Hathaway Inc-cl B | Stock-Other | 5.84% | -0.31% | — | |
| 4 | DE | Deere & Co | Stock-Industrials | 4.24% | +0.10% | — | |
| 5 | BN | Brookfield CORP | Stock-Financials | 4.24% | -0.19% | — | |
| 6 | AMZN | Amazon.com Inc | Stock-Consumer Disc | 3.69% | +0.15% | — | |
| 7 | ADI | Analog Devices Inc | Stock-Tech | 3.02% | +0.29% | -2.30% | |
| 8 | GS | Goldman Sachs Group Inc | Stock-Financials | 2.77% | +0.22% | — | |
| 9 | AAPL | Apple Inc | Stock-Tech | 2.70% | +0.09% | — | |
| 10 | CAT | Caterpillar Inc | Stock-Industrials | 2.67% | +0.72% | — | |
| 11 | V | Visa Inc-class A Shares | Stock-Financials | 2.65% | +0.11% | +0.95% | |
| 12 | HD | Home Depot Inc | Stock-Consumer Disc | 2.48% | -0.05% | +0.27% | |
| 13 | WSO | Watsco Inc | Stock-Industrials | 1.90% | +0.13% | +2.68% | |
| 14 | TXN | Texas Instruments Inc | Stock-Tech | 1.64% | +0.46% | — | |
| 15 | BLK | Blackrock Inc | Stock-Financials | 1.61% | -0.16% | — | |
| 16 | GOOGL | Alphabet Inc-cl A | Stock-Comm Services | 1.56% | +0.18% | — | |
| 17 | MSFT | Microsoft CORP | Stock-Tech | 1.53% | -0.14% | — | |
| 18 | DIS | Walt Disney Co/the | Stock-Comm Services | 1.49% | -0.15% | — | |
| 19 | AXP | American Express Co | Stock-Financials | 1.26% | +0.02% | — | |
| 20 | LOW | Lowe's Cos Inc | Stock-Consumer Disc | 1.26% | -0.20% | +1.83% | |
| 21 | PGR | Progressive CORP | Stock-Financials | 1.25% | — | — | |
| 22 | FNV | Franco-nevada CORP | Stock-Materials | 1.23% | -0.24% | +9.17% | |
| 23 | LPLA | Lpl Financial Holdings Inc | Stock-Financials | 1.20% | -0.21% | — | |
| 24 | JNJ | Johnson & Johnson | Stock-Healthcare | 1.18% | -0.07% | — | |
| 25 | BX | Blackstone Inc | Stock-Financials | 1.10% | -0.08% | — | |
| 26 | RLI | Rli CORP | Stock-Financials | 1.08% | -0.06% | — | |
| 27 | GD | General Dynamics CORP | Stock-Industrials | 1.05% | -0.07% | — | |
| 28 | NVO | Novo-nordisk A/s-spons Adr | Stock-Healthcare | 1.05% | +0.17% | — | |
| 29 | KKR | Kkr & Co Inc | Stock-Financials | 1.01% | -0.11% | — | |
| 30 | META | Meta Platforms Inc-class A | Stock-Comm Services | 1.00% | -0.19% | -5.69% | |
| 31 | SCHW | Schwab (charles) CORP | Stock-Financials | 0.98% | -0.11% | +0.79% | |
| 32 | MRSH | Marsh & Mclennan Cos | Stock-Financials | 0.97% | -0.14% | — | |
| 33 | APO | Apollo Global Management Inc | Stock-Financials | 0.91% | -0.03% | — | |
| 34 | ADM | Archer-daniels-midland Co | Stock-Consumer Staples | 0.88% | -0.04% | — | |
| 35 | LIN | Linde plc | Stock-Materials | 0.85% | — | +5.38% | |
| 36 | DEO | Diageo Plc-sponsored Adr | Stock-Consumer Staples | 0.84% | -0.02% | — | |
| 37 | MA | Mastercard Inc - A | Stock-Financials | 0.81% | -0.06% | — | |
| 38 | DG | Dollar General CORP | Stock-Consumer Staples | 0.76% | -0.10% | — | |
| 39 | BAM | Brookfield Asset Mgmt-a | Stock-Financials | 0.75% | -0.07% | — | |
| 40 | HEI-A | Heico Corp-class A | Stock-Other | 0.75% | +0.08% | — | |
| 41 | MCO | Moody's CORP | Stock-Financials | 0.74% | -0.04% | — | |
| 42 | ODFL | Old Dominion Freight Line | Stock-Industrials | 0.71% | +0.01% | — | |
| 43 | NSC | Norfolk Southern CORP | Stock-Industrials | 0.68% | — | — | |
| 44 | ITW | Illinois Tool Works | Stock-Industrials | 0.67% | -0.04% | — | |
| 45 | JPM | Jpmorgan Chase & Co | Stock-Financials | 0.63% | +0.01% | — | |
| 46 | NVR | Nvr Inc | Stock-Consumer Disc | 0.63% | -0.04% | +0.08% | |
| 47 | MSCI | Msci Inc | Stock-Financials | 0.61% | -0.03% | — | |
| 48 | ROK | Rockwell Automation Inc | Stock-Industrials | 0.58% | +0.11% | — | |
| 49 | ECL | Ecolab Inc | Stock-Materials | 0.58% | -0.03% | — | |
| 50 | SUNB | Sunbelt Rentals Holdings Inc | Stock-Industrials | 0.56% | +0.03% | +1.14% |
1–50 of 130
Portfolio Performance
Performance for Q3 2026
+4.1%
Performance Last 4 Quarters
+12.2%
Based on 86% of reported portfolio value with available pricing
- Stdev
- +14.2%
- Beta
- +0.99
- Alpha
- -4.2%
- Max Drawdown
- -10.3%
- Annualized Perf
- +15.6%
- Batting Avg vs S&P
- +44.4%
- Sortino
- +2.07
- Stutzer
- +0.32
- Treynor
- +0.16
- Sterling
- +0.89
- Calmar
- +1.53
- Information Ratio
- -0.71
- Tracking Error
- +6.2%
- Stdev Down
- +7.5%
- Winning Months %
- +66.7%
- Losing Months %
- +33.3%
- Best 12 Months
- +35.4%
- Worst 12 Months
- +4.5%
- Efficiency Ratio
- +0.45
- Sharpe
- +1.09
- Stdev Sectors
- +9.5%
- Skewness
- +0.11
- Kurtosis
- -0.14
- Upside Potential
- +3.73
Reported value over time
Sector allocation
Sector allocation over time
Quarterly history
| Period | Holdings | Total value | Stability | Top holdings | |
|---|---|---|---|---|---|
| 2026 Q2 | 205 | $13.1B | 12 | ||
| 2026 Q1 | 205 | $11.9B | 13 | ||
| 2025 Q4 | 205 | $12.5B | 8 | ||
| 2025 Q3 | 208 | $12.3B | 17 | ||
| 2025 Q2 | 218 | $11.8B | 0 | ||
| 2025 Q1 | 217 | $11.3B | 100 | ||
| 2024 Q4 | 214 | $11.3B | 0 | ||
| 2024 Q3 | 216 | $11.1B | 0 | ||
| 2024 Q2 | 222 | $10.2B | 0 | ||
| 2024 Q1 | 219 | $10.1B | 0 | ||
| 2023 Q4 | 216 | $9.2B | 0 | ||
| 2023 Q3 | 226 | $8.3B | 0 | ||
| 2023 Q2 | 226 | $8.4B | 0 | ||
| 2023 Q1 | 226 | $7.9B | 0 | ||
| 2022 Q4 | 231 | $7.5B | 0 | ||
| 2022 Q3 | 211 | $6.8B | 0 | ||
| 2022 Q2 | 212 | $7.0B | 0 | ||
| 2022 Q1 | 204 | $8.4B | 0 | ||
| 2021 Q4 | 200 | $8.7B | 0 | ||
| 2021 Q3 | 210 | $7.9B | 0 | ||
| 2021 Q2 | 212 | $7.9B | 96 | ||
| 2021 Q1 | 205 | $7.2B | 11 | ||
| 2020 Q4 | 203 | $6.7B | 15 | ||
| 2020 Q3 | 201 | $5.9B | 11 | ||
| 2020 Q2 | 201 | $5.4B | 32 | ||
| 2020 Q1 | 234 | $5.3B | 32 | ||
| 2019 Q4 | 245 | $7.2B | 12 | ||
| 2019 Q3 | 243 | $6.6B | 11 | ||
| 2019 Q2 | 247 | $6.5B | 12 | ||
| 2019 Q1 | 243 | $6.0B | 14 | ||
| 2018 Q4 | 242 | $5.2B | 14 | ||
| 2018 Q3 | 242 | $5.9B | 13 | ||
| 2018 Q2 | 161 | $5.4B | 11 | ||
| 2018 Q1 | 166 | $5.3B | 10 | ||
| 2017 Q4 | 166 | $5.3B | 11 | ||
| 2017 Q3 | 156 | $5.0B | 10 | ||
| 2017 Q2 | 155 | $4.7B | 10 | ||
| 2017 Q1 | 150 | $4.4B | 11 | ||
| 2016 Q4 | 150 | $4.1B | 12 | ||
| 2016 Q3 | 146 | $3.9B | 10 | ||
| 2016 Q2 | 147 | $3.8B | 12 | ||
| 2016 Q1 | 146 | $3.7B | 9 | ||
| 2015 Q4 | 147 | $3.7B | 23 | ||
| 2015 Q3 | 139 | $3.8B | 10 | ||
| 2015 Q2 | 131 | $4.0B | 7 | ||
| 2015 Q1 | 125 | $4.0B | 100 | ||
| 2014 Q4 | 126 | $3.8B | 0 | ||
| 2014 Q3 | 123 | $3.5B | 13 | ||
| 2014 Q2 | 125 | $3.5B | 12 | ||
| 2014 Q1 | 126 | $3.3B | 10 | ||
| 2013 Q4 | 132 | $3.2B | 13 | ||
| 2013 Q3 | 135 | $2.9B | 9 | ||
| 2013 Q2 | 135 | $2.8B | 0 |
Holding changes this quarter
Markel Group Inc.'s most significant position changes for 2026-06-30: Sold out: Scotts Miracle-gro Co (SMG); Sold out: Unitedhealth Group Inc (UNH); New buy: Zoetis Inc (ZTS); New buy: Netflix Inc (NFLX); New buy: Ufp Industries Inc (UFPI).
| # | Ticker | Issuer | Weight Change | Shares Change | Action |
|---|---|---|---|---|---|
| 1 | GOOG | Alphabet Inc-cl C | +0.8% | — | Unchanged |
| 2 | CAT | Caterpillar Inc | +0.7% | — | Unchanged |
| 3 | TXN | Texas Instruments Inc | +0.5% | — | Unchanged |
| 4 | ADI | Analog Devices Inc | +0.3% | -2.30% | Trim |
| 5 | MELI | Mercadolibre Inc | +0.2% | +340.37% | Add |
| 6 | GS | Goldman Sachs Group Inc | +0.2% | — | Unchanged |
| 7 | GOOGL | Alphabet Inc-cl A | +0.2% | — | Unchanged |
| 8 | NVO | Novo-nordisk A/s-spons Adr | +0.2% | — | Unchanged |
| 9 | AMZN | Amazon.com Inc | +0.2% | — | Unchanged |
| 10 | WSO | Watsco Inc | +0.1% | +2.68% | Add |
| 11 | V | Visa Inc-class A Shares | +0.1% | +0.95% | Add |
| 12 | ROK | Rockwell Automation Inc | +0.1% | — | Unchanged |
| 13 | DE | Deere & Co | +0.1% | — | Unchanged |
| 14 | AMAT | Applied Materials Inc | +0.1% | — | Unchanged |
| 15 | EPD | Enterprise Products Partners | +0.1% | +181.68% | Add |
| 16 | AAPL | Apple Inc | +0.1% | — | Unchanged |
| 17 | CSCO | Cisco Systems Inc | +0.1% | — | Unchanged |
| 18 | HEI-A | Heico Corp-class A | +0.1% | — | Unchanged |
| 19 | URI | United Rentals Inc | +0.1% | — | Unchanged |
| 20 | ITIC | Investors Title Co | +0.1% | — | Unchanged |
| 21 | THG | Hanover Insurance Group Inc/ | +0.1% | — | Unchanged |
| 22 | FIX | Comfort Systems USA Inc | +0.1% | — | Unchanged |
| 23 | ZTS | Zoetis Inc | 0% | NEW | New buy |
| 24 | SUNB | Sunbelt Rentals Holdings Inc | 0% | +1.14% | Add |
| 25 | TROW | T Rowe Price Group Inc | 0% | — | Unchanged |
| 26 | CSX | Csx CORP | 0% | +10.28% | Add |
| 27 | LAMR | Lamar Advertising Co-a | 0% | — | Unchanged |
| 28 | AXP | American Express Co | 0% | — | Unchanged |
| 29 | SBUX | Starbucks CORP | 0% | — | Unchanged |
| 30 | UNP | Union Pacific CORP | 0% | +7.15% | Add |
| 31 | MAR | Marriott International -cl A | 0% | +6.13% | Add |
| 32 | APD | Air Products & Chemicals Inc | 0% | +17.22% | Add |
| 33 | CARR | Carrier Global CORP | 0% | — | Unchanged |
| 34 | BNY | Bank Of New York Mellon CORP | 0% | — | Unchanged |
| 35 | NFLX | Netflix Inc | 0% | NEW | New buy |
| 36 | NSP | Insperity Inc | 0% | — | Unchanged |
| 37 | WY | Weyerhaeuser Co | 0% | +585.71% | Add |
| 38 | ODFL | Old Dominion Freight Line | 0% | — | Unchanged |
| 39 | JPM | Jpmorgan Chase & Co | 0% | — | Unchanged |
| 40 | ALL | Allstate CORP | 0% | — | Unchanged |
| 41 | HXL | Hexcel CORP | 0% | — | Unchanged |
| 42 | CCK | Crown Holdings Inc | 0% | — | Unchanged |
| 43 | CP | Canadian Pacific Kansas City | 0% | +22.69% | Add |
| 44 | SEIC | Sei Investments Company | 0% | — | Unchanged |
| 45 | KMX | Carmax Inc | 0% | — | Unchanged |
| 46 | AYI | Acuity Inc | 0% | — | Unchanged |
| 47 | EXP | Eagle Materials Inc | 0% | — | Unchanged |
| 48 | PGR | Progressive CORP | — | — | Unchanged |
| 49 | LIN | Linde plc | — | +5.38% | Add |
| 50 | NSC | Norfolk Southern CORP | — | — | Unchanged |
1–50 of 132
Filing History
FAQ
What is Markel Group Inc. and what type of investor is it?
Markel Group Inc. is an investment manager that files SEC Form 13F quarterly, disclosing its U.S. public equity holdings to regulators. As of the most recent reporting period (2026-06-30), the firm manages a tracked equity portfolio valued at approximately $13.1B, spread across 205 disclosed positions.
What are Markel Group Inc.'s largest equity positions?
Based on the latest 13F filing, Markel Group Inc.'s top holdings by market value are:
1. Alphabet Inc-cl C (GOOG) — $971.6M (7.4%)
2. Berkshire Hathaway Inc-cl A (BRK-A) — $834.2M (6.3%)
3. Berkshire Hathaway Inc-cl B (BRK-B) — $766.6M (5.8%)
4. Deere & Co (DE) — $556.9M (4.2%)
5. Brookfield CORP (BN) — $556.8M (4.2%)
What changes did Markel Group Inc. make in its most recent portfolio filing?
In the latest reported quarter, Markel Group Inc. made 32 notable position adjustments: 3 new positions were initiated, 24 existing holdings were added to, 3 positions were partially reduced, and 2 were completely exited. The largest of these moves: Sold out: Scotts Miracle-gro Co (SMG); Sold out: Unitedhealth Group Inc (UNH); New buy: Zoetis Inc (ZTS); New buy: Netflix Inc (NFLX); New buy: Ufp Industries Inc (UFPI)
What sectors does Markel Group Inc. focus on?
Markel Group Inc. is concentrated in the following sectors based on its current disclosed equity portfolio:
• Financials: 32.4%
• Industrials: 18.5%
• Communication Services: 13.6%
• Consumer Discretionary: 12.4%
• Information Technology: 11.4%
• Consumer Staples: 4.1%
Investment Profile
Markel Group Inc. returned an annualized 15.6% over the trailing 36 months — underperforming the S&P 500 by 4.2 points — based on a reconstructed track record of its disclosed 13F positions, with a beta of 0.99 (roughly in line with the market) and a 44% quarterly batting average against the index.
Its portfolio is broadly diversified and long-term-holding, with 32.4% of the portfolio concentrated in Financials.
It has added to its CAT position over the past two quarters (+$161.7M, now $350.0M), while trimming KKR over the same stretch (-$51.8M, still holding $133.2M).
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Developer Access
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