Smart Money Radar / Whales / Tom Gayner
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Tom Gayner

Markel Group Inc. · Holdings as of Dec 31, 2025, filed by Feb 15, 2026 · US long stock positions only

Insurance float compounder in the Berkshire mold.

Reported value
$13B
60 positions shown
Copycat since 2016
3.25x
12% per year
vs SPY
behind
SPY 3.57x same window
Top position
GOOG
7% of book

Copying these filings vs SPY

$1 at every deadline since 2016
SPY 3.57x Tom Gayner 3.25x
Price returns, dividends excluded on both lines. A copycat of public filings traded at each deadline, not the fund's actual performance.
Mar 2026 Dec 2025 Sep 2025 Jun 2025 Mar 2025 Dec 2024 Sep 2024 Jun 2024 Mar 2024 Dec 2023 Sep 2023 Jun 2023

The book

tile = share of the filed book · tap a tile for the ticker · Dec 2025
GOOG 7% BRK.A 7% BRK.B 6% BN 5% AMZN 4% DE 3% V 3% AAPL 3% HD 3% GS 3% ADI 2% MSFT 2% BLK 2% DIS 2% LPLA 2%
Top 15 positions shown, 52% of the book; 113 smaller names hold the rest.
SymbolValue% of bookvs prior quarter
GOOG $863M 7% unchanged
BRK.A $841M 7% unchanged
BRK.B $770M 6% unchanged
BN $600M 5% added
AMZN $469M 4% unchanged
DE $409M 3% unchanged
V $350M 3% unchanged
AAPL $334M 3% unchanged
HD $317M 3% unchanged
GS $316M 3% unchanged
ADI $278M 2% trimmed
MSFT $259M 2% unchanged
BLK $236M 2% unchanged
DIS $231M 2% unchanged
LPLA $200M 2% unchanged
WSO $195M 2% added
BX $189M 2% unchanged
CAT $188M 2% unchanged
KKR $185M 1% unchanged
AXP $181M 1% unchanged
GOOGL $179M 1% unchanged
LOW $177M 1% unchanged
PGR $172M 1% unchanged
META $164M 1% trimmed
RLI $153M 1% unchanged
APO $147M 1% unchanged
NVO $146M 1% added
FNV $142M 1% added
MRSH $141M 1% unchanged
SCHW $137M 1% unchanged
GD $132M 1% unchanged
JNJ $126M 1% unchanged
TXN $126M 1% unchanged
MA $118M 1% unchanged
DEO $118M 1% unchanged
DG $115M 1% unchanged
BAM $115M 1% unchanged
MCO $109M 1% unchanged
HEI.A $96M 1% unchanged
ROL $89M 1% unchanged
NVR $88M 1% unchanged
ADM $87M 1% unchanged
LIN $85M 1% added
MSCI $82M 1% unchanged
JPM $81M 1% unchanged
ITW $81M 1% unchanged
NSC $79M 1% added
SPGI $79M 1% unchanged
CG $78M 1% unchanged
ECL $72M 1% unchanged
ODFL $66M 1% added
ROK $60M 0% unchanged
ITIC $53M 0% unchanged
SBUX $53M 0% unchanged
TSN $52M 0% added
THG $51M 0% unchanged
AON $47M 0% added
unlisted $43M 0% unchanged
HGTY $42M 0% unchanged
RTX $41M 0% unchanged
Positions built under SEC confidential treatment appear only after the SEC releases them. Cash, foreign listings and shorts never appear in these filings.