In its latest 13F filing for the second quarter of 2026, Tom Gayner's Markel reported a total portfolio value of $13.13 billion. The filing reveals a consistent investment strategy with no new positions initiated and no exits from existing holdings during the period. The portfolio remains concentrated in its top holdings, with Alphabet (GOOG), Berkshire Hathaway (BRK/A and BRK/B), Deere & Co. (DE), and Brookfield Corp (BN) rounding out the top five. These top positions represent a significant portion of the overall portfolio.
The most notable changes in the portfolio involved additions to existing stakes. Markel significantly increased its positions in MercadoLibre (MELI) and Enterprise Products Partners (EPD). Smaller additions were also made to Franco-Nevada (FNV), Linde (LIN), and Air Products and Chemicals (APD). On the other hand, the firm trimmed its investments in Meta Platforms (META) and Comcast (CMCSA). These adjustments reflect a continued refinement of their existing long-term holdings rather than a shift in overall strategy.
Overall, the filing portrays a picture of stability and long-term conviction in their selected companies. The lack of major overhauls aligns with Tom Gayner's well-established investment philosophy of buying and holding quality businesses with talented management teams. The minor adjustments made during the quarter suggest a strategy of opportunistically adding to favored positions while trimming others.