Quarterly 13F snapshot: US-listed longs only, no performance figures — 13F data cannot support them.
Reported portfolio value by quarter (40 quarters reported)
$111M in Q4 2016 → $610K now. Hover for any quarter.
As reported for the quarter ended September 30, 2026. Activity is the change in share count since the prior quarter's filing.
| Holding | % of portfolio | Activity | Shares | Value |
|---|---|---|---|---|
| AC Alphabet Inc Cap Stkcl C | 36.3% | Trimmed 5.7% | 650,350 | $222K |
| Costco Wholesale Corp | 19.9% | Trimmed 1.4% | 133,430 | $121K |
| Fastenal Co | 13.4% | Trimmed 4.0% | 1,649,829 | $81.7K |
| M Markel Corp | 12.4% | Trimmed 2.4% | 44,331 | $75.9K |
| MM Martin Marietta Matls Inc | 10.6% | Trimmed 2.5% | 135,021 | $64.8K |
| BH Berkshire Hathaway Inc Del Cl B New | 6.0% | Trimmed 0.9% | 73,758 | $36.7K |
| AC Alphabet Inc Cl A | 0.8% | Unchanged | 13,327 | $4.59K |
| BH Berkshire Hathaway Inc Cl A | 0.5% | Unchanged | 4 | $2.99K |
What changed each quarter, from the filings' own share counts. Largest moves first; most recent 8 quarters.
quarter ended September 30, 2026 · filed October 07, 2026
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| AC Alphabet Inc Cap Stkcl C | Trimmed | −38,970 | −$13.3K | 36.3% |
| Fastenal Co | Trimmed | −69,388 | −$3.44K | 13.4% |
| M Markel Corp | Trimmed | −1,075 | −$1.84K | 12.4% |
| MM Martin Marietta Matls Inc | Trimmed | −3,528 | −$1.69K | 10.6% |
| Costco Wholesale Corp | Trimmed | −1,841 | −$1.68K | 19.9% |
| BH Berkshire Hathaway Inc Del Cl B New | Trimmed | −672 | −$335 | 6.0% |
quarter ended June 30, 2026 · filed July 09, 2026
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| MM Martin Marietta Matls Inc | Added | +10,199 | +$5.88M | 12.0% |
| M Markel Corp | Added | +2,542 | +$4.96M | 13.3% |
| Fastenal Co | Added | +80,457 | +$3.86M | 12.4% |
| BH Berkshire Hathaway Inc Cl A | Added | +3 | +$2.25M | 0.4% |
| AC Alphabet Inc Cap Stkcl C | Added | +5,178 | +$1.83M | 36.6% |
| Costco Wholesale Corp | Trimmed | −160 | −$150K | 19.0% |
| BH Berkshire Hathaway Inc Del Cl B New | Trimmed | −172 | −$86.1K | 5.6% |
| AC Alphabet Inc Cl A | Added | +236 | +$84.3K | 0.7% |
quarter ended March 31, 2026 · filed May 04, 2026
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| MM Martin Marietta Matls Inc | Added | +8,715 | +$5.13M | 12.5% |
| M Markel Corp | Added | +1,874 | +$3.59M | 13.6% |
| AC Alphabet Inc Cap Stkcl C | Added | +11,730 | +$3.36M | 32.4% |
| Costco Wholesale Corp | Added | +3,236 | +$3.22M | 22.3% |
| Fastenal Co | Added | +43,673 | +$2.03M | 12.6% |
| BH Berkshire Hathaway Inc Del Cl B New | Added | +4,050 | +$1.94M | 5.9% |
| BH Berkshire Hathaway Inc Cl A | Trimmed | −2 | −$1.44M | 0.1% |
| AC Alphabet Inc Cl A | Added | +20 | +$5.75K | 0.6% |
quarter ended December 31, 2025 · filed February 05, 2026
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| Fastenal Co | Added | +154,765 | +$6.21M | 10.8% |
| Costco Wholesale Corp | Added | +6,942 | +$5.99M | 19.2% |
| AC Alphabet Inc Cap Stkcl C | Trimmed | −8,176 | −$2.57M | 35.6% |
| M Markel Corp | Added | +900 | +$1.93M | 14.8% |
| BH Berkshire Hathaway Inc Del Cl B New | Added | +1,286 | +$646K | 6.0% |
| MM Martin Marietta Matls Inc | Trimmed | −18 | −$11.2K | 12.6% |
quarter ended September 30, 2025 · filed November 13, 2025
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| Costco Wholesale Corp | Trimmed | −4,802 | −$4.44M | 21.3% |
| BH Berkshire Hathaway Inc Del Cl B New | Added | +5,568 | +$2.8M | 6.4% |
| AC Alphabet Inc Cap Stkcl C | Added | +6,523 | +$1.59M | 30.4% |
| M Markel Corp | Added | +529 | +$1.01M | 14.1% |
| Fastenal Co | Trimmed | −14,721 | −$722K | 13.0% |
| MM Martin Marietta Matls Inc | Added | +891 | +$562K | 13.8% |
quarter ended June 30, 2025 · filed August 12, 2025
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| Fastenal Co | Added | +728,537 | +$30.6M | 12.5% |
| AC Alphabet Inc Cap Stkcl C | Added | +42,790 | +$7.59M | 24.4% |
| Costco Wholesale Corp | Trimmed | −7,043 | −$6.97M | 26.3% |
| MM Martin Marietta Matls Inc | Added | +4,751 | +$2.61M | 13.3% |
| BH Berkshire Hathaway Inc Cl A | New | +3 | +$2.19M | 0.4% |
| M Markel Corp | Added | +463 | +$925K | 16.2% |
| BH Berkshire Hathaway Inc Del Cl B New | Added | +1,891 | +$919K | 6.3% |
quarter ended March 31, 2025 · filed May 15, 2025
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| Costco Wholesale Corp | Trimmed | −5,722 | −$5.41M | 29.0% |
| AC Alphabet Inc Cap Stkcl C | Trimmed | −21,236 | −$3.32M | 22.1% |
| M Markel Corp | Trimmed | −1,239 | −$2.32M | 16.3% |
| BH Berkshire Hathaway Inc Del Cl B New | Trimmed | −2,259 | −$1.2M | 7.4% |
| MM Martin Marietta Matls Inc | Added | +1,724 | +$824K | 12.2% |
| Fastenal Co | Trimmed | −5,930 | −$460K | 12.6% |
quarter ended December 31, 2024 · filed February 11, 2025
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| Costco Wholesale Corp | Trimmed | −2,947 | −$2.7M | 28.0% |
| M Markel Corp | Added | +1,298 | +$2.24M | 14.9% |
| AC Alphabet Inc Cap Stkcl C | Added | +8,403 | +$1.6M | 26.6% |
| MM Martin Marietta Matls Inc | Added | +2,964 | +$1.53M | 12.4% |
| BH Berkshire Hathaway Inc Del Cl B New | Added | +765 | +$347K | 6.2% |
| Fastenal Co | Added | +47 | +$3.38K | 11.3% |
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