Thomas Gayner's Trades and Holdings in Q2 2026

Breaking down the stocks Thomas Gayner (Markel Group) bought, sold, and held in Q2 2026, including their holdings at the end of the quarter. All data sourced from Markel Group's 13F filed on July 31, 2026.

Who is Markel Group?

Markel Group is a holding company focused on specialty insurance underwriting, long-term equity investing, and ownership of diversified operating businesses (commonly referred to as Markel). The company is known for its diversified equity portfolio, typically consisting of 130-140 stocks, with the top 10 holdings comprising approximately 40% of equity assets, and cash and short-term investments averaging around 15% of total invested assets when balancing liquidity needs against opportunities. Their investment strategy is a long-term value investing approach inspired by Warren Buffett, emphasizing buy-and-hold ownership of high-quality businesses evaluated through four key pillars: profitable operations with good returns on capital and minimal debt, management teams with equal measures of talent and integrity, businesses with favorable reinvestment opportunities, and purchase prices that provide a margin of safety. Markel focuses on undervalued or underappreciated companies that can compound intrinsic value over decades, with strong qualitative factors like durable competitive advantages, reliable cash flows, resilient balance sheets, industry leadership, and alignment with the company's "Markel Style" values of excellence, fairness, and frugality.

Markel.com
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Q2 '26 13F filed with SEC

Holdings in Q2 2026

Current Investment Strategy

Under Tom Gayner, Markel Group continued its Buffett-inspired, buy-and-hold approach to concentrated value investing in Q2 2026, with a roughly $13 billion equity book still anchored by mega-cap compounders like Alphabet, Berkshire Hathaway, Deere, Brookfield and Amazon, alongside financial and industrial stalwarts Goldman Sachs, Apple, Caterpillar, Texas Instruments and BlackRock. The quarter's modest turnover—fresh stakes in Zoetis, Netflix and UFP Industries alongside brief in-and-out trades in Costco and Air Products and Chemicals, plus exits from Scotts Miracle-Gro and UnitedHealth Group—underscored Markel's opportunistic, margin-of-safety discipline of trimming or exiting positions once valuations stretched while rotating toward durable-moat businesses in healthcare, media and industrial distribution.

New Investments

Costco

Thomas Gayner bought $36.62M of Costco in Q2 2026. Over the last two fiscal quarters, Costco has strengthened its operating performance, with fiscal Q3 2026 revenue up 11.6% year over year to about $70.5B and diluted EPS rising 15.2% to $4.93, while net income increased sequentially from roughly $2.04B in Q2 to $2.19B in Q3. Despite these gains, shares have consolidated, trading about 13–14% below the May all‑time high near $1,096 and slipping roughly 9% from that peak, as investors digest a rich valuation after the multi‑year rally. The current quarter’s strength is driven by comparable sales up 9.8% (6.6% ex‑gas/FX) including U.S. comps up 13.7%, digitally enabled sales growth of 21%, and membership fee revenue up 11% with renewal rates above 92% in the U.S. and 89% globally, all of which are key positives that can support further value creation.

• Fiscal Q3 2026 revenue up 11.6% year over year to about $70.5B, with net income rising to roughly $2.2B and diluted EPS to $4.93 from $4.28..
• Q3 comparable sales increased 9.8% overall (6.6% ex‑gas and FX), while digitally enabled sales grew 21% and membership fee revenue rose 11% to about $1.37B..
• Shares are trading roughly 13–14% below the 52‑week/all‑time high of about $1,096, with a ~-2.7% total price change over the past 12 months despite these operating gains..

Air Products And Chemicals I

Thomas Gayner bought $25.95M of Air Products And Chemicals I in Q2 2026. The position increases our exposure to a leading industrial gases franchise whose shares are up about 22.8% year-to-date and roughly 9.4% over the last 12 months, reflecting a recovery from a recent quarter of weaker results and a reset to full-year profit guidance. In the current reporting quarter, adjusted EPS rose to $3.47, a 12% year-over-year increase, signaling improving fundamentals after earlier pressure from lower sales volumes and higher costs. The stock trades roughly 17% below its 52-week high of $341.14, and with periods of outperformance versus diversified chemicals and the S&P 500, further earnings strength or a more constructive outlook could unlock additional upside.

• Shares have returned 22.8% year-to-date, rising from about $247.11 at the start of the year to roughly $303.42 currently..
• Over the last 12 months, the stock is up approximately 9.40%, with 3‑month performance of about +4.14% and a recent 1‑month pullback of around 0.42%..
• Most recent quarter adjusted EPS increased 12% year over year to $3.47, following a prior period of lower‑than‑expected earnings and a cut to annual profit guidance driven by weaker volumes and higher costs..

Zoetis

Thomas Gayner bought $4.76M of Zoetis in Q2 2026. The position increases exposure to a global animal health leader whose recent results show moderating top-line momentum, with Q1 2026 revenue up 1.9% year over year to about $2.26 billion and Q2 2026 revenue essentially flat at $2.5 billion, down 1% on an organic operational basis. In the current quarter, adjusted net income declined 2% organically to $781 million even as adjusted diluted EPS grew 4% to $1.87 on the back of share repurchases, while U.S. revenue fell roughly 7% and companion animal sales contracted mid-single digits, offset by about 6% international growth and an 11% increase in livestock revenue. Management’s recent cut to full-year 2026 guidance—now projecting a 1–3% revenue decline and a 5–9% drop in adjusted net income—has reset expectations, but the combination of resilient international and livestock demand, operating margins in the mid-30s (Q1 adjusted margin 33.5% vs 38.1% a year ago), and ongoing buybacks could drive valuation upside if U.S. companion animal headwinds and competitive pressures begin to ease.

• Q2 2026 revenue $2.5 billion, flat year over year and down 1% on an organic operational basis..
• Q2 2026 adjusted diluted EPS $1.87 (up 4% year over year), modestly above consensus, while adjusted net income declined 2% organically to $781 million..
• Q1 2026 adjusted EPS $1.53, about 5.3% below analyst expectations, with adjusted operating margin falling from 38.1% to 33.5% year over year..

Netflix Inc.

Thomas Gayner bought $2.86M of Netflix Inc. in Q2 2026. Over the last two quarters, the company has delivered consistent double-digit revenue growth, with Q2 2026 revenue up 13% year over year to $12.56B and EPS rising to $0.80 (up from $0.72 a year ago and $0.70 in the prior quarter), modestly above consensus. Despite stronger profitability in Q2 (operating margin 33.4%, net income $3.40B) and a one-off $2.8B termination fee plus record share repurchases of about $4.7B, the stock has sold off sharply—down roughly 39–44% over the past year and from its June 2025 peak—as investors react to a slight revenue miss versus expectations and a lowered 2026 outlook. Operationally the business is still gaining—FX‑neutral revenue growth slowed only modestly from about 12% in the prior quarter to 11% in Q2 while management reiterated full‑year 2026 top-line growth of 13–14%; in our view, the combination of resilient growth, the breakup fee and aggressive buybacks is likely to be supportive of equity value if the ad-supported tier and paid-sharing initiatives deliver sustained engagement.

• Q2 2026 revenue up 13% year over year to $12.56B, with EPS of $0.80 beating consensus by $0.01 (~1.3% surprise) and rising from $0.72 a year ago..
• Q1 2026 EPS was $0.70 versus expectations of $0.76 (a −7.9% surprise), while FX‑neutral revenue growth was about 12% in that quarter versus 11% in Q2..
• The stock is down roughly 39.4% over the last 12 months and about 44% from its June 2025 all-time high, including an 8–9% post‑earnings drop after the Q2 print, despite record share repurchases of around $4.7B and a $2.8B termination fee boosting first‑half net income to about $8.68B..

UFP Industries

Thomas Gayner bought $362.96K of UFP Industries in Q2 2026. Over the last 12 months, the company has transitioned from revenue declines (Q3 2024 net sales down 10%, Q2 2025 down 4%, and Q4 2025 down 9% year over year) to Q2 2026 net sales of $1.88 billion, up about 3% year over year and ahead of plan. In the current quarter, growth is being driven by 1% organic unit expansion and 2% from acquisitions such as MoistureShield and Berry Pallets, but higher freight and transportation costs (flatbed rates up roughly 30%) have compressed adjusted EBITDA to $154.5M and margin to 8.2% from 9.5%, with diluted EPS at $1.48 versus $1.70 a year ago and net margin at 4.4% versus 5.5%. Sequentially, first-half 2026 results show earnings improving from roughly $51M in Q1 to $83M in Q2 on stronger volumes, the first positive organic growth since Q3 2022 and contributions from recent acquisitions, and management has reaffirmed full-year guidance while focusing on cost discipline and innovation, suggesting potential upside to valuation if freight headwinds ease and end-market demand, particularly residential construction, stabilizes.

• Q2 2026 net sales $1.88B, up about 3% year over year, with 1% organic unit growth and 2% from acquisitions like MoistureShield and Berry Pallets..
• Q2 2026 diluted EPS $1.48, down from $1.70 last year, but beating consensus by roughly $0.11 (~8% upside)..
• Adjusted EBITDA in Q2 2026 was $154.5M vs $174.1M a year ago, with margin compressing to 8.2% from 9.5% as transportation costs rose ~30% and net margin fell to 4.4% from 5.5%..

Added, Trimmed, and Exited

Added

Thomas Gayner significantly built out several existing holdings this quarter, led by a more-than-doubling of Enterprise Products (shares up 367,000, value climbing from $7.6M to $20.9M, a return of roughly +173.6%), a nearly seven-fold increase in Weyerhaeuser (+102,500 shares, +572%), and a substantial add to MercadoLibre (+18,550 shares, +332%). Notable rail and industrial exposure was also increased via CSX (+54,500 shares), Union Pacific (+10,750 shares), Canadian Pacific (+13,500 shares), and Otis Worldwide (+19,000 shares), alongside additions to Franco-Nevada (+65,000 shares), Watsco (+15,581 shares), Linde (+11,000 shares), Sunbelt Rentals Holdings Inc (+11,000 shares), Visa (+9,581 shares), Ferguson (+9,500 shares), Charles Schwab (+11,000 shares), Lowe's (+13,500 shares), Rollins (+18,500 shares), and Tyson Foods (+24,000 shares).
What it means: The breadth of these additions—spanning industrials, rail transports, energy infrastructure, and specialty distribution—suggests Markel Group is leaning into cyclical and infrastructure-adjacent businesses it views as undervalued relative to intrinsic worth, consistent with its long-term, margin-of-safety philosophy. The outsized conviction adds to Enterprise Products, Weyerhaeuser, and MercadoLibre stand out as high-conviction bets on energy midstream cash flows, a housing/lumber recovery, and Latin American e-commerce growth, respectively, even though some (like Franco-Nevada and Tyson Foods) were added into share-price weakness, indicating a willingness to average up on shares while prices are soft rather than chase momentum.

Trimmed

Thomas Gayner made only a few notable reductions this quarter, most significantly cutting Comcast by 159,806 shares (value down from $27.6M to $19.7M, a return of roughly -28.7%), along with modest trims to Analog Devices (-23,574 shares, though value still rose to $397M on price appreciation) and Meta (-14,140 shares, -7.2%).
What it means: The heavy paring of Comcast amid a steep decline suggests waning confidence in the legacy media/cable business as it faces continued cord-cutting and competitive pressure, while the small trims to Analog Devices and Meta appear more like profit-taking or rebalancing after strong gains rather than a fundamental shift away from technology and semiconductor exposure, given both remain sizeable common holdings.

Exited

Thomas Gayner fully exited two positions this quarter: Scotts Miracle-Gro (168,000 shares, $10.2M) and UnitedHealth Group (18,700 shares, $5.06M). Note that Costco and Air Products also appear as liquidated due to a change in how the issuer name/CUSIP was recorded in the filing, but both were effectively carried forward (and modestly increased in the case of Air Products) as “new” positions this quarter, so they do not represent true divestitures.
What it means: The clean exits from Scotts Miracle-Gro and UnitedHealth Group point to reduced conviction in consumer lawn-and-garden cyclicality and healthcare-managed-care headwinds, respectively—both sectors that have faced margin and demand pressures recently—freeing up capital that was redeployed into higher-conviction adds like Enterprise Products, Weyerhaeuser, and MercadoLibre, reinforcing a rotation toward businesses Markel Group sees as better positioned for durable value compounding.

Disclaimer: All posts are for informational purposes only. They are NOT a recommendation to buy or sell the securities discussed. Please do your own research and due diligence before investing your money.