Thomas Gayner, regarded as a paragon of value investing, essentially rebuilt his $7.1 billion portfolio in Q1 2026. With all top five holdings featuring new purchases—an exceptional disclosure—his long-term investment philosophy and directional conviction are now distinctly apparent.
Top 5 Holdings — Q1 2026 Basis
- BERKSHIRE HATHAWAY INC DEL: $800M (6.7%)
- GOOG: $789M (6.6%)
- BERKSHIRE HATHAWAY INC DEL: $734M (6.1%)
- BN: $529M (4.4%)
- DE: $495M (4.1%)
Q1 2026 Key Trading Moves
The most striking feature of this 13F is the dual Berkshire Hathaway position. Gayner deployed approximately $800 million and $730 million respectively across both Class A and Class B shares, establishing a combined $1.53 billion position as his portfolio's largest anchor. The scenario of a Buffett-style investor doubling down on Buffett's company suggests that amid current market uncertainty, Berkshire Hathaway's defensive appeal—as an aggregated holding of cash equivalents and high-quality operating businesses—is being repriced upward.
- BRK Dual Position — Combined Class A and B new purchases totaling ~$1.53B, establishing 12.8% portfolio weight as largest core holding
- GOOG $789M New Entry — Structural conviction in long-term profitability of AI-driven advertising and cloud ecosystems
- BN and DE Major Additions — Asset management (BN, $529M) and agricultural mechanization (DE, $495M) reinforce real-economy hedge
The balance between mega-cap tech and industrials is equally noteworthy. With $789 million committed to GOOG, Gayner is betting on the long-term dominance of AI-powered advertising, while $529 million in Canadian asset manager BN and $495 million in farm equipment leader DE establish solid ground in financial services and real-asset sectors. When combined with existing positions in AMZN, ADI, AAPL, GS, and V, Gayner's portfolio achieves a fully realized composite value structure evenly distributed across technology, financials, and industrials.
Defense and Growth in Tandem — Gayner's Next Move
This filing—marked by zero full exits and only selective reweighting—demonstrates that Gayner leveraged market volatility as a buying opportunity rather than a short-term risk. The dominant BRK weighting serves as a downside buffer, while the tech lineup of GOOG and AMZN functions as the growth engine. With the portfolio compressed to 20 holdings, a concentrated high-conviction strategy is likely to persist in the near term. Changes in BN and DE weightings are poised to become key barometers for assessing macro outlook.
