As of Q1 2026, this manager reported 129 long-equity positions worth $11.94B in aggregate.
As of Q1 2026, Thomas Gayner's Markel Asset Management held 129 long-equity positions with a reported value of $11.94B.
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This tab shows every position the manager opened, added to, reduced, or exited compared with the prior quarter, so you can see exactly what changed. The quarter shown is Q1 2026.
| Ticker | Security | Activity | % portfolio | Shares | Value | Reported price | Q range |
|---|---|---|---|---|---|---|---|
| ICE | INTERCONTINENTAL EXCHANGE IN | Add +38.3% | 0.04% | 28,870 | $4.54M | $157.28 | $144.18 - $176.05(41%)$159.99 -> $157.28 |
| UNH | UNITEDHEALTH GROUP INC | Reduce -29.4% | 0.04% | 18,700 | $5.06M | $270.59 | $255.97 - $357.87(14%)$336.40 -> $270.59 |
| BRO | BROWN & BROWN INC | Add +27.3% | 0.01% | 14,000 | $912.94K | $65.21 | $63.29 - $81.25(11%)$77.62 -> $65.21 |
| XOM | EXXON MOBIL CORP | Add +23.7% | 0.07% | 47,000 | $7.97M | $169.66 | $118.27 - $176.41(88%)$122.65 -> $169.66 |
| SPGI | S&P GLOBAL INC | Reduce -21.9% | 0.42% | 117,690 | $50.06M | $425.34 | $381.61 - $552.25(26%)$512.66 -> $425.34 |
| CSX | CSX CORP | Add +20.4% | 0.18% | 530,000 | $21.76M | $41.05 | $34.79 - $43.35(73%)$36.27 -> $41.05 |
| CNI | CANADIAN NATL RY CO | Add +20.2% | 0.05% | 53,500 | $5.5M | $102.77 | $94.06 - $113.09(46%)$100.30 -> $102.77 |
| NSP | INSPERITY INC | Add +18.6% | 0.04% | 181,336 | $4.9M | $27.04 | $18.57 - $48.14(29%)$38.62 -> $27.04 |
| CP | CANADIAN PACIFIC KANSAS CITY | Add +17.8% | 0.04% | 59,500 | $4.68M | $78.66 | $70.01 - $89.42(45%)$74.45 -> $78.66 |
| HSY | HERSHEY CO | Add +11.1% | 0.13% | 75,000 | $15.59M | $207.89 | $178.65 - $239.48(48%)$182.41 -> $207.89 |
| FDS | FACTSET RESH SYS INC | Add +11.1% | 0.25% | 135,376 | $29.38M | $216.99 | $185.00 - $300.63(28%)$284.90 -> $216.99 |
| CME | CME GROUP INC | Add +8.7% | 0.12% | 49,750 | $14.69M | $295.35 | $262.19 - $329.16(50%)$269.68 -> $295.35 |
| YUM | YUM BRANDS INC | Add +8.3% | 0.32% | 245,213 | $38.13M | $155.48 | $148.24 - $169.39(34%)$150.49 -> $155.48 |
| HII | HUNTINGTON INGALLS INDS INC | Add +7.8% | 0.09% | 27,500 | $10.45M | $379.90 | $336.00 - $460.00(35%)$349.75 -> $379.90 |
| BC | BRUNSWICK CORP | Add +7.3% | 0.03% | 51,250 | $3.73M | $72.76 | $67.06 - $90.25(25%)$75.89 -> $72.76 |
| TMO | THERMO FISHER SCIENTIFIC INC | Add +6.8% | 0.28% | 67,100 | $32.98M | $491.53 | $458.34 - $643.99(18%)$592.51 -> $491.53 |
| AMAT | APPLIED MATLS INC | Add +6.6% | 0.10% | 36,350 | $12.42M | $341.79 | $265.10 - $395.95(59%)$268.87 -> $341.79 |
| UNP | UNION PAC CORP | Add +6.4% | 0.31% | 150,278 | $36.46M | $242.62 | $219.98 - $268.14(47%)$231.91 -> $242.62 |
| CMCSA | COMCAST CORP NEW | Reduce -6.3%1.067:1 split | 0.23% | 961,880 | $27.62M | $28.71 | $27.10 - $32.86(28%)$27.69 -> $28.71 |
| APD | AIR PRODS & CHEMS INC | Add +5.6% | 0.18% | 75,500 | $21.93M | $290.49 | $242.34 - $296.82(88%)$250.47 -> $290.49 |
| CBOE | CBOE GLOBAL MKTS INC | Add +4.7% | 0.10% | 43,700 | $12.28M | $281.07 | $247.33 - $305.68(58%)$248.11 -> $281.07 |
| MAR | MARRIOTT INTL INC NEW | Add +4.5% | 0.26% | 93,750 | $30.66M | $327.07 | $308.31 - $370.00(30%)$313.41 -> $327.07 |
| FERG | FERGUSON ENTERPRISES INC | Add +4.4% | 0.33% | 170,700 | $39.82M | $233.26 | $214.51 - $271.64(33%)$225.02 -> $233.26 |
| LAMR | LAMAR ADVERTISING CO NEW | Add +4.3% | 0.20% | 193,000 | $24.45M | $126.66 | $122.31 - $139.76(25%)$124.12 -> $126.66 |
| CCK | CROWN HLDGS INC | Add +3.8% | 0.18% | 220,000 | $22.06M | $100.25 | $97.20 - $116.62(16%)$104.18 -> $100.25 |
| FNV | FRANCO NEV CORP | Add +3.7% | 1.47% | 708,500 | $175.03M | $247.05 | $202.62 - $285.67(53%)$208.58 -> $247.05 |
| NSC | NORFOLK SOUTHN CORP | Add +3.3% | 0.68% | 282,500 | $81.08M | $287.00 | $277.80 - $319.94(22%)$287.82 -> $287.00 |
| BK | BANK NEW YORK MELLON CORP | Add +2.5% | 0.12% | 124,500 | $14.77M | $118.63 | $111.71 - $128.76(41%)$117.04 -> $118.63 |
| LIN | LINDE PLC | Add +2.3% | 0.85% | 204,600 | $101.43M | $495.76 | $422.08 - $510.65(83%)$429.11 -> $495.76 |
| HCA | HCA HEALTHCARE INC | Add +2.2% | 0.33% | 82,430 | $39.01M | $473.24 | $461.44 - $556.52(12%)$470.39 -> $473.24 |
| UBER | UBER TECHNOLOGIES INC | Add +1.8% | 0.09% | 142,500 | $10.25M | $71.93 | $68.46 - $88.24(18%)$82.86 -> $71.93 |
| ODFL | OLD DOMINION FREIGHT LINE IN | Add +1.8% | 0.70% | 429,150 | $83.86M | $195.40 | $156.00 - $221.63(60%)$159.19 -> $195.40 |
| AON | AON PLC | Add +1.3% | 0.37% | 135,800 | $43.83M | $322.78 | $304.59 - $358.04(34%)$344.27 -> $322.78 |
| LMT | LOCKHEED MARTIN CORP | Add +1.1% | 0.33% | 65,213 | $39.41M | $604.39 | $476.54 - $692.00(59%)$497.07 -> $604.39 |
| SUNB | SUNBELT RENTALS HOLDINGS INC | New | 0.53% | 963,361 | $62.71M | $65.09 | $61.85 - $76.77(22%)$73.79 -> $65.09 |
| MELI | MERCADOLIBRE INC | New | 0.08% | 5,450 | $9.42M | $1729.02 | $1593.21 - $2342.00(18%)$1973.70 -> $1729.02 |
| EPD | ENTERPRISE PRODS PARTNERS L | New | 0.06% | 202,000 | $7.64M | $37.84 | $31.55 - $39.74(77%)$32.16 -> $37.84 |
| WY | WEYERHAEUSER CO MTN BE | New | 0.00% | 17,500 | $427.53K | $24.43 | $22.41 - $27.75(38%)$23.80 -> $24.43 |
| CHH | CHOICE HOTELS INTL INC | Sold | — | 0 | $0 | — | - |
| TGT | TARGET CORP | Sold | — | 0 | $0 | — | - |
| TRU | TRANSUNION | Sold | — | 0 | $0 | — | - |
| ABNB | AIRBNB INC | Add +0.9% | 0.26% | 242,389 | $30.61M | $126.28 | $115.53 - $141.40(42%)$133.01 -> $126.28 |
| WSO | WATSCO INC | Add +0.8% | 1.77% | 582,169 | $211.79M | $363.79 | $336.96 - $437.18(27%)$347.33 -> $363.79 |
| NVR | NVR INC | Add +0.7% | 0.67% | 12,087 | $79.65M | $6589.83 | $6301.03 - $8200.00(15%)$7278.87 -> $6589.83 |
| ROL | ROLLINS INC | Add +0.6% | 0.67% | 1,498,025 | $80.01M | $53.41 | $52.32 - $66.14(8%)$59.01 -> $53.41 |
| SCHW | SCHWAB CHARLES CORP | Add +0.6% | 1.09% | 1,383,800 | $130.05M | $93.98 | $90.51 - $107.50(20%)$101.57 -> $93.98 |
| TSN | TYSON FOODS INC | Add +0.6% | 0.48% | 889,500 | $56.99M | $64.07 | $55.70 - $66.41(78%)$58.04 -> $64.07 |
| LOW | LOWES COS INC | Add +0.5% | 1.46% | 738,480 | $174.49M | $236.28 | $224.15 - $293.06(18%)$246.89 -> $236.28 |
| V | VISA INC | Add +0.5% | 2.54% | 1,004,331 | $303.55M | $302.24 | $294.32 - $358.62(12%)$346.48 -> $302.24 |
| AXP | AMERICAN EXPRESS CO | Add +0.4% | 1.24% | 490,450 | $148.35M | $302.48 | $290.97 - $386.26(12%)$372.73 -> $302.48 |
| MSFT | MICROSOFT CORP | Add +0.4% | 1.67% | 537,630 | $199.01M | $370.17 | $356.28 - $489.70(10%)$472.94 -> $370.17 |
| MMC | MARSH & MCLENNAN COS INC | Add +0.2% | 1.11% | 763,500 | $132.43M | — | - |
| DEO | DIAGEO PLC | Add +0.0% | 0.86% | 1,372,208 | $102.16M | $74.45 | $72.45 - $102.74(7%)$87.09 -> $74.45 |