Graham Holdings Co
Long book
$966.7M
Q1 2026
Positions
6
Top-10 weight
100%
concentration
Last quarter
+11.9%
SPY +14.8%
Turnover
0%
of book per quarter
Strategy in plain words
auto-generated from filingsGraham Holdings Co is a diversified fundamental manager, specialised in financials (66% of the long book), running a $966.7M US long book across 6 positions.
The portfolio is extremely concentrated — the top 10 positions are almost the whole book. The book barely moves quarter to quarter — a patient, low-turnover holder. Current anchor positions: BERKSHIRE HATHAWAY INC-CL A, ALPHABET INC-CL C, BERKSHIRE HATHAWAY INC-CL B, MARKEL GROUP INC, PUBMATIC INC-CLASS A.
Over the last 9 quarters its long book ran on average 0.6pp per quarter behind the S&P 500, beating the index in 4 of 9 quarters. We rate its filings as signal-bearing: position changes reflect genuine views.
Implied long-book return vs S&P 500
methodology: positions priced quarterly, no shorts/options Fund long book S&P 500
Q1 2024
+2.5%
Q2 2024
+3.4%
Q3 2024
+3.3%
Q4 2024
+5.2%
Q1 2025
-1.3%
Q2 2025
+8.7%
Q3 2025
+8.3%
Q4 2025
-7.0%
Q1 2026
+11.9%
Sector allocation
Financials 66%
Technology 32%
Communications 2%
Long book by quarter
What does Graham Holdings own?
Q1 2026 13F| Company | Sector | Shares | Value | % of book | Change |
|---|---|---|---|---|---|
| BRK/A BERKSHIRE HATHAWAY INC-CL A | Financials | 422 | $303.1M | 31.3% | Held |
| GOOG ALPHABET INC-CL C | Technology | 983.7K | $282.2M | 29.2% | -13.4% |
| BRK/B BERKSHIRE HATHAWAY INC-CL B | Financials | 481.9K | $230.9M | 23.9% | Held |
| MKL MARKEL GROUP INC | Financials | 55.4K | $106.1M | 11.0% | Held |
| PUBM PUBMATIC INC-CLASS A | Technology | 3.4M | $27.8M | 2.9% | +20.0% |
| CABO CABLE ONE INC | Communications | 182.4K | $16.6M | 1.7% | Held |
13F filing history
| Period | Form | Filed | Entries | Reported value | Flags | Source |
|---|---|---|---|---|---|---|
| Q1 2026 | 13F-HR | May 15, 2026 | 6 | $966.7M | $K fixed canonical | SEC ↗ |
| Q4 2025 | 13F-HR | Feb 13, 2026 | 6 | $1.08B | $K fixed canonical | SEC ↗ |
| Q3 2025 | 13F-HR | Nov 14, 2025 | 6 | $998.8M | $K fixed canonical | SEC ↗ |
| Q2 2025 | 13F-HR | Aug 14, 2025 | 5 | $889.5M | $K fixed canonical | SEC ↗ |
| Q1 2025 | 13F-HR | May 15, 2025 | 5 | $901.1M | $K fixed canonical | SEC ↗ |
| Q4 2024 | 13F-HR | Feb 14, 2025 | 5 | $852.4M | $K fixed canonical | SEC ↗ |
| Q3 2024 | 13F-HR | Nov 14, 2024 | 5 | $825.4M | $K fixed canonical | SEC ↗ |
| Q2 2024 | 13F-HR | Aug 14, 2024 | 5 | $813.4M | $K fixed canonical | SEC ↗ |
| Q1 2024 | 13F-HR | May 16, 2024 | 5 | $794.3M | $K fixed canonical | SEC ↗ |