Tom Gayner

Markel Group · Quality

13F for Q3 2026 · filed Oct 30, 2026View on SEC

Filing quarter

Portfolio value

$12.84B

-2.2% vs Q2 2026

Positions

145

+17 new · 2 sold out

Top 10 concentration

43.5%

Focused

Track record vs S&P 500

1, 3 and 5-year returns of this portfolio

Top 10 holdings

GOOG
7.3%
BRK-A
6.5%
BRK-B
5.9%
DE
4.5%
AMZN
3.9%
BN
3.7%
AAPL
3.2%
ADI
3.1%
V
2.8%
GS
2.5%

Biggest moves

Largest trades by estimated dollar size vs Q2 2026

Bought

ZTS
~$25.1M traded
Added+542%
XOM
~$9.8M traded
New buy
WSO
~$7.6M traded
Added+4.2%
FNV
~$3.2M traded
Added+1.8%
HD
~$2.7M traded
Added+1.0%

Sold

ABNB
~$27.2M traded
Reduced-70%
META
~$18.1M traded
Reduced-11%
GOOGL
~$17.9M traded
Reduced-9.1%
YUM
~$14.1M traded
Reduced-42%
DE
~$11.2M traded
Reduced-1.9%

Holdings & activity

Q3 2026 vs Q2 2026

You're seeing 19 of 147 positions. Create a free account to see every buy and sell.

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	Activity				Reported price
GOOG Alphabet Inc	Unchanged	2.75M → 2.75M	7.30% -0.10 pp	$937.0M	$340.74	$284.92 -16.4%
BRK-A Berkshire Hathaway Inc Del	Unchanged	1,114 → 1,114	6.48% +0.13 pp	$832.2M	$747005.00	$875655.00 +17.2%
BRK-B Berkshire Hathaway Inc Del	Unchanged	1.53M → 1.53M	5.94% +0.10 pp	$762.8M	$497.95	$583.34 +17.1%
DE Deere & Co	Reduced-1.9%	877.9K → 861.1K	4.50% +0.26 pp	$578.3M	$671.55	$687.64 +2.4%
AMZN Amazon Com Inc	Unchanged	2.03M → 2.03M	3.94% +0.25 pp	$506.0M	$249.15	$270.87 +8.7%
BN Brookfield Corp	Unchanged	13.07M → 13.07M	3.71% -0.53 pp	$476.7M	$36.46	$42.39 +16.3%
AAPL Apple Inc	Unchanged	1.23M → 1.23M	3.18% +0.48 pp	$408.7M	$333.02	$348.51 +4.7%
ADI Analog Devices Inc	Unchanged	999.7K → 999.7K	3.09% +0.07 pp	$396.6M	$396.71	$393.30 -0.9%
V Visa Inc	Unchanged	1.01M → 1.01M	2.84% +0.19 pp	$364.3M	$359.33	$423.00 +17.7%
GS Goldman Sachs Group Inc	Unchanged	359.4K → 359.4K	2.52% -0.25 pp	$323.6M	$900.36	$910.19 +1.1%
HD Home Depot Inc	Added+1.0%	922.5K → 932.0K	2.07% -0.41 pp	$265.1M	$284.49	$351.00 +23.4%
WSO Watsco Inc	Added+4.2%	597.8K → 623.0K	1.47% -0.43 pp	$188.6M	$302.69	$311.47 +2.9%
FNV Franco NEV Corp	Added+1.8%	773.5K → 787.0K	1.46% +0.23 pp	$187.4M	$238.11	$255.79 +7.4%
GOOGL Alphabet Inc	Reduced-9.1%	572.0K → 520.0K	1.39% -0.17 pp	$178.9M	$344.08	$287.38 -16.5%
META Meta Platforms Inc	Reduced-11%	234.2K → 209.2K	1.18% +0.18 pp	$151.7M	$725.18	$641.39 -11.6%
ZTS Zoetis Inc	Added+542%	66.2K → 425.3K	0.23% +0.19 pp	$29.7M	$69.83	$82.46 +18.1%
YUM YUM Brands Inc	Reduced-42%	245.2K → 142.1K	0.15% -0.15 pp	$19.4M	$136.34	$160.21 +17.5%
ABNB Airbnb Inc	Reduced-70%	242.4K → 73.4K	0.09% -0.17 pp	$11.8M	$160.65	$186.90 +16.3%
XOM Exxonmobil Holdings ORD	New buy	– → 60.4K	0.08% +0.08 pp	$9.8M	$162.75	$164.47 +1.1%

GOOG

Alphabet Inc

Unchanged

Portfolio

7.30%

2.75M → 2.75M

Since Q-end

-16.4%

BRK-A

Berkshire Hathaway Inc Del

Unchanged

Portfolio

6.48%

1,114 → 1,114

Since Q-end

+17.2%

BRK-B

Berkshire Hathaway Inc Del

Unchanged

Portfolio

5.94%

1.53M → 1.53M

Since Q-end

+17.1%

Deere & Co

Reduced-1.9%

Portfolio

4.50%

877.9K → 861.1K

Since Q-end

+2.4%

AMZN

Amazon Com Inc

Unchanged

Portfolio

3.94%

2.03M → 2.03M

Since Q-end

+8.7%

Brookfield Corp

Unchanged

Portfolio

3.71%

13.07M → 13.07M

Since Q-end

+16.3%

AAPL

Apple Inc

Unchanged

Portfolio

3.18%

1.23M → 1.23M

Since Q-end

+4.7%

ADI

Analog Devices Inc

Unchanged

Portfolio

3.09%

999.7K → 999.7K

Since Q-end

-0.9%

Visa Inc

Unchanged

Portfolio

2.84%

1.01M → 1.01M

Since Q-end

+17.7%

Goldman Sachs Group Inc

Unchanged

Portfolio

2.52%

359.4K → 359.4K

Since Q-end

+1.1%

Home Depot Inc

Added+1.0%

Portfolio

2.07%

922.5K → 932.0K

Since Q-end

+23.4%

WSO

Watsco Inc

Added+4.2%

Portfolio

1.47%

597.8K → 623.0K

Since Q-end

+2.9%

FNV

Franco NEV Corp

Added+1.8%

Portfolio

1.46%

773.5K → 787.0K

Since Q-end

+7.4%

GOOGL

Alphabet Inc

Reduced-9.1%

Portfolio

1.39%

572.0K → 520.0K

Since Q-end

-16.5%

Tom Gayner

Markel Group · Quality

13F for Q3 2026 · filed Oct 30, 2026View on SEC

Filing quarter

Portfolio value

$12.84B

-2.2% vs Q2 2026

Positions

145

+17 new · 2 sold out

Top 10 concentration

43.5%

Focused

Track record vs S&P 500

1, 3 and 5-year returns of this portfolio

Top 10 holdings

GOOG
7.3%
BRK-A
6.5%
BRK-B
5.9%
DE
4.5%
AMZN
3.9%
BN
3.7%
AAPL
3.2%
ADI
3.1%
V
2.8%
GS
2.5%

Biggest moves

Largest trades by estimated dollar size vs Q2 2026

Bought

ZTS
~$25.1M traded
Added+542%
XOM
~$9.8M traded
New buy
WSO
~$7.6M traded
Added+4.2%
FNV
~$3.2M traded
Added+1.8%
HD
~$2.7M traded
Added+1.0%

Sold

ABNB
~$27.2M traded
Reduced-70%
META
~$18.1M traded
Reduced-11%
GOOGL
~$17.9M traded
Reduced-9.1%
YUM
~$14.1M traded
Reduced-42%
DE
~$11.2M traded
Reduced-1.9%

Holdings & activity

Q3 2026 vs Q2 2026

You're seeing 19 of 147 positions. Create a free account to see every buy and sell.

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	Activity				Reported price
GOOG Alphabet Inc	Unchanged	2.75M → 2.75M	7.30% -0.10 pp	$937.0M	$340.74	$284.92 -16.4%
BRK-A Berkshire Hathaway Inc Del	Unchanged	1,114 → 1,114	6.48% +0.13 pp	$832.2M	$747005.00	$875655.00 +17.2%
BRK-B Berkshire Hathaway Inc Del	Unchanged	1.53M → 1.53M	5.94% +0.10 pp	$762.8M	$497.95	$583.34 +17.1%
DE Deere & Co	Reduced-1.9%	877.9K → 861.1K	4.50% +0.26 pp	$578.3M	$671.55	$687.64 +2.4%
AMZN Amazon Com Inc	Unchanged	2.03M → 2.03M	3.94% +0.25 pp	$506.0M	$249.15	$270.87 +8.7%
BN Brookfield Corp	Unchanged	13.07M → 13.07M	3.71% -0.53 pp	$476.7M	$36.46	$42.39 +16.3%
AAPL Apple Inc	Unchanged	1.23M → 1.23M	3.18% +0.48 pp	$408.7M	$333.02	$348.51 +4.7%
ADI Analog Devices Inc	Unchanged	999.7K → 999.7K	3.09% +0.07 pp	$396.6M	$396.71	$393.30 -0.9%
V Visa Inc	Unchanged	1.01M → 1.01M	2.84% +0.19 pp	$364.3M	$359.33	$423.00 +17.7%
GS Goldman Sachs Group Inc	Unchanged	359.4K → 359.4K	2.52% -0.25 pp	$323.6M	$900.36	$910.19 +1.1%
HD Home Depot Inc	Added+1.0%	922.5K → 932.0K	2.07% -0.41 pp	$265.1M	$284.49	$351.00 +23.4%
WSO Watsco Inc	Added+4.2%	597.8K → 623.0K	1.47% -0.43 pp	$188.6M	$302.69	$311.47 +2.9%
FNV Franco NEV Corp	Added+1.8%	773.5K → 787.0K	1.46% +0.23 pp	$187.4M	$238.11	$255.79 +7.4%
GOOGL Alphabet Inc	Reduced-9.1%	572.0K → 520.0K	1.39% -0.17 pp	$178.9M	$344.08	$287.38 -16.5%
META Meta Platforms Inc	Reduced-11%	234.2K → 209.2K	1.18% +0.18 pp	$151.7M	$725.18	$641.39 -11.6%
ZTS Zoetis Inc	Added+542%	66.2K → 425.3K	0.23% +0.19 pp	$29.7M	$69.83	$82.46 +18.1%
YUM YUM Brands Inc	Reduced-42%	245.2K → 142.1K	0.15% -0.15 pp	$19.4M	$136.34	$160.21 +17.5%
ABNB Airbnb Inc	Reduced-70%	242.4K → 73.4K	0.09% -0.17 pp	$11.8M	$160.65	$186.90 +16.3%
XOM Exxonmobil Holdings ORD	New buy	– → 60.4K	0.08% +0.08 pp	$9.8M	$162.75	$164.47 +1.1%

GOOG

Alphabet Inc

Unchanged

Portfolio

7.30%

2.75M → 2.75M

Since Q-end

-16.4%

BRK-A

Berkshire Hathaway Inc Del

Unchanged

Portfolio

6.48%

1,114 → 1,114

Since Q-end

+17.2%

BRK-B

Berkshire Hathaway Inc Del

Unchanged

Portfolio

5.94%

1.53M → 1.53M

Since Q-end

+17.1%

Deere & Co

Reduced-1.9%

Portfolio

4.50%

877.9K → 861.1K

Since Q-end

+2.4%

AMZN

Amazon Com Inc

Unchanged

Portfolio

3.94%

2.03M → 2.03M

Since Q-end

+8.7%

Brookfield Corp

Unchanged

Portfolio

3.71%

13.07M → 13.07M

Since Q-end

+16.3%

AAPL

Apple Inc

Unchanged

Portfolio

3.18%

1.23M → 1.23M

Since Q-end

+4.7%

ADI

Analog Devices Inc

Unchanged

Portfolio

3.09%

999.7K → 999.7K

Since Q-end

-0.9%

Visa Inc

Unchanged

Portfolio

2.84%

1.01M → 1.01M

Since Q-end

+17.7%

Goldman Sachs Group Inc

Unchanged

Portfolio

2.52%

359.4K → 359.4K

Since Q-end

+1.1%

Home Depot Inc

Added+1.0%

Portfolio

2.07%

922.5K → 932.0K

Since Q-end

+23.4%

WSO

Watsco Inc

Added+4.2%

Portfolio

1.47%

597.8K → 623.0K

Since Q-end

+2.9%

FNV

Franco NEV Corp

Added+1.8%

Portfolio

1.46%

773.5K → 787.0K

Since Q-end

+7.4%

GOOGL

Alphabet Inc

Reduced-9.1%

Portfolio

1.39%

572.0K → 520.0K

Since Q-end

-16.5%

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Tom Gayner

Top 10 holdings

Biggest moves

Holdings & activity

Tom Gayner

Top 10 holdings

Biggest moves

Holdings & activity