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Value style

Tom Gayner

Markel Group · Buys great companies for less than they're really worth and holds for the long run

13F report Q2 2026Filed with the SEC on 2026-07-31
Portfolio value (US stocks)
$13.1B
Stocks held
130
New / Added
3 / 14
Trimmed / Sold out
2 / 2

Top 5 holdings: GOOG 7.4%, BRK/A 6.4%, BRK/B 5.8%, DE 4.2%, BN 4.2%

Holdings in or near the buy zone today

From stocks Tom Gayner holds · latest close

See all

Price levels and picks are calculated automatically with the same formula for every stock — for education only, not a recommendation to buy or sell. · How it's calculated

Trades in Q2 2026

Compared with the previous quarter's report

ZTS

ZOETIS INC

$5M
0.04% of portfolio
NFLX

NETFLIX INC.

$3M
0.02% of portfolio
UFPI

UFP INDUSTRIES INC

$362,960
0.00% of portfolio

All holdings

Weight = value of that stock ÷ total value of US stocks in the report

GOOGHeldNear target

ALPHABET INC · Communication Services

7.4%
$972M
Since report -1.9%
BRK/AHeldNear buy zone

BERKSHIRE HATHAWAY INC DEL · Financial Services

6.4%
$834M
Since report +0.4%
BRK/BHeld

BERKSHIRE HATHAWAY INC DEL · Financial Services

5.8%
$767M
Since report -0.0%
DEHeld

DEERE & CO · Industrials

4.2%
$557M
Since report +7.9%
BNHeld

BROOKFIELD CORP · Financial Services

4.2%
$557M
Since report -14.1%
AMZNHeld

AMAZON COM INC · Consumer Cyclical

3.7%
$484M
Since report +5.8%
ADIHeld

ANALOG DEVICES INC · Technology

3.0%
$397M
Since report -0.2%
GSHeld

GOLDMAN SACHS GROUP INC

2.8%
$363M
AAPLHeld

APPLE INC · Technology

2.7%
$355M
Since report +16.9%
CATHeld

CATERPILLAR INC · Industrials

2.7%
$350M
Since report -23.1%
VHeldNear buy zone

VISA INC · Financial Services

2.6%
$348M
Since report +6.0%
HDHeldNear buy zone

HOME DEPOT INC · Consumer Cyclical

2.5%
$325M
Since report -18.3%
WSOHeld

WATSCO INC · Industrials

1.9%
$249M
Since report -25.7%
TXNHeld

TEXAS INSTRS INC · Technology

1.6%
$216M
Since report -5.5%
BLKHeld

BLACKROCK INC · Financial Services

1.6%
$212M
Since report +11.9%
GOOGLHeldHit target T1

ALPHABET INC · Communication Services

1.6%
$204M
Since report -2.0%
MSFTHeld

MICROSOFT CORP · Technology

1.5%
$201M
Since report +39.3%
DISHeld

DISNEY WALT CO · Communication Services

1.5%
$196M
Since report +10.0%
AXPHeld

AMERICAN EXPRESS CO · Financial Services

1.3%
$166M
Since report -9.1%
LOWHeldNear buy zone

LOWES COS INC · Consumer Cyclical

1.3%
$166M
Since report -15.0%

Portfolio value over time

Each quarter per the 13F report (value at quarter end)

Latest $13.1B

Q1 2025135 stocks
Q2 2025137 stocks
Q3 2025129 stocks
Q4 2025128 stocks
Q1 2026129 stocks
Q2 2026130 stocks
Top holdings’ weight over time
QuarterGOOGBRK/ABRK/BDEBN
Q2 20267.4%6.4%5.8%4.2%4.2%
Q1 20266.6%6.7%6.1%4.1%4.4%
Q4 20256.9%6.7%6.1%3.3%4.8%
Q3 20255.4%6.8%6.3%3.3%4.9%
Q2 20254.1%6.9%6.3%3.8%4.6%
Q1 20253.8%7.9%7.2%3.7%4.1%

Sector breakdown

Financial Services
34.1%
Industrials
14.5%
Communication Services
11.6%
Consumer Cyclical
10.5%
Other / funds / unknown
10.3%
Technology
9.7%
Consumer Defensive
3.6%
Healthcare
2.9%
Basic Materials
2.3%
Real Estate
0.3%

Other whales

13F reports show only US stocks held at quarter end and can be filed up to 45 days late · They exclude short sales, options and other assets · For educational purposes only — not investment advice