Markel Group

Q1 2025 13F · by Tom Gayner, CEO

As of: Mar 31, 2025
Filed: May 2, 2025
US stock: $11.3B · prev $11.3B
Positions: 135 · prev 132
Options notional: $0
Documents: 1· no amendments

Picture100.0% US stock

Full picture · of what this 13F reports is US stock

US stock listed on a US exchange 100.0%
Foreign stock not listed in the US 0.0%
Notes debt, at principal 0.0%
Puts at notional value 0.0%
Calls at notional value 0.0%

Moves44 since the prior filing

+1.0 pp in · −0.1 pp out

New 3 +0.03 pp
Added 40 +0.99 pp
Trimmed 1 −0.13 pp
Exited 0 0.00 pp

The book

Focused · behaves like 38 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Low turnover · 0.4% a year, more than 30 years per position

Low
Moderate
High

Top 5 positions27% of US stock

BRK.A Berkshire Hathaway Inc. held held7.9%
BRK.B BERKSHIRE HATHAWAY Class B held held7.3%
BN Brookfield Corporation held held4.1%
GOOG Alphabet Inc. Class C held held3.8%
DE Deere & Company added+0.39 pp added+0.393.7%

Positions135 in this filing · 0 exited


BRK.ABerkshire Hathaway Inc.	7.90%	1,114	$889M	held	—	41 q
BRK.BBERKSHIRE HATHAWAY Class B	7.25%	1,531,971	$816M	held	—	41 q
BNBrookfield Corporation	4.06%	8,715,741	$457M	held	—	10 q
GOOGAlphabet Inc. Class C	3.81%	2,749,860	$430M	held	—	41 q
DEDeere & Company	3.66%	877,700	$412M	added0%	+0.39 pp	41 q
AMZNAmazon.Com Inc	3.43%	2,030,760	$386M	held	—	38 q
VVISA Inc.	3.11%	999,285	$350M	held	—	41 q
HDHome Depot, Inc.	2.99%	920,000	$337M	held	—	41 q
WSOWatsco, Inc.	2.67%	590,500	$300M	held	—	41 q
AAPLApple Inc.	2.42%	1,227,290	$273M	held	—	40 q
ADIAnalog Devices, Inc.	2.09%	1,167,671	$235M	held	—	37 q
PGRProgressive Corporation	1.89%	753,750	$213M	held	—	29 q
BLKBlackrock, Inc.	1.85%	220,200	$208M	held	—	2 q
DISThe Walt Disney Company	1.78%	2,031,665	$201M	held	—	41 q
GSGoldman Sachs Group Inc.	1.74%	359,360	$196M	held	—	37 q
MSFTMicrosoft Corp	1.74%	522,730	$196M	added+1%	−0.19 pp	38 q
RLIRLI Corp.	1.71%	2,394,544	$192M	held	—	41 q
MRSHMarsh	1.61%	743,500	$181M	added+1%	+0.23 pp	41 q
LPLALPL Financial Holdings Inc.	1.57%	539,104	$176M	added+1%	+0.04 pp	10 q
BXBlackstone Inc.	1.53%	1,229,000	$172M	held	—	41 q
KKRKKR & Co. Inc.	1.49%	1,451,800	$168M	held	—	27 q
LOWLowe's Companies Inc.	1.47%	708,230	$165M	added+1%	−0.06 pp	41 q
METAMeta Platforms, Inc. Class A	1.43%	280,081	$161M	added+1%	−0.01 pp	38 q
NVONovo-Nordisk A/S	1.33%	2,150,000	$149M	held	—	41 q
DEODiageo plc	1.27%	1,366,708	$143M	held	—	41 q
APOApollo Global Management, Inc.	1.23%	1,012,500	$139M	held	—	13 q
AXPAmerican Express Company	1.16%	484,250	$130M	held	—	41 q
TXNTexas Instruments Incorporated	1.16%	724,000	$130M	held	—	37 q
MAMastercard Incorporated	1.01%	207,540	$114M	held	—	41 q
CATCaterpillar Inc.	0.96%	328,050	$108M	added+1%	−0.08 pp	41 q
GDGeneral Dynamics Corporation	0.95%	391,000	$107M	held	—	41 q
SCHWThe Charles Schwab Corporation	0.95%	1,364,800	$107M	added0%	+0.06 pp	41 q
BAMBrookfield Asset Management Ltd.	0.94%	2,193,953	$106M	held	—	10 q
JNJJohnson & Johnson	0.90%	610,800	$101M	held	—	41 q
MCOMoody's Corporation	0.88%	213,890	$100M	held	—	41 q
GOOGLAlphabet Inc. Class A	0.76%	557,000	$86M	added0%	−0.17 pp	38 q
NVRNVR, Inc.	0.76%	11,884	$86M	added+1%	−0.09 pp	26 q
LINLinde plc	0.75%	181,000	$84M	added+8%	+0.13 pp	9 q
FNVFranco-Nevada Corporation	0.73%	525,250	$83M	added+9%	+0.23 pp	4 q
ITWIllinois Tool Works Inc.	0.72%	327,500	$81M	held	—	41 q
MSCIMSCI, Inc.	0.72%	142,850	$81M	held	—	41 q
HEI.AHeico Corp Cl A	0.71%	379,644	$80M	held	—	36 q
ROLRollins, Inc.	0.70%	1,462,275	$79M	held	—	41 q
DGDollar General Corp.	0.68%	869,250	$76M	added+4%	+0.12 pp	15 q
SPGIS&P Global Inc.	0.68%	150,690	$77M	held	—	36 q
ADMArcher Daniels Midland Company	0.66%	1,551,300	$74M	added+5%	0.00 pp	41 q
ECLEcolab, Inc.	0.62%	274,300	$70M	held	—	41 q
JPMJPMorgan Chase & Co.	0.55%	252,550	$62M	held	—	40 q
SBUXStarbucks Corp	0.54%	623,818	$61M	added+1%	+0.04 pp	34 q
CGThe Carlyle Group Inc.	0.51%	1,327,000	$58M	held	—	21 q
NSCNorfolk Southern Corp.	0.48%	229,500	$54M	held	—	41 q
FDSFactset Research Systems	0.47%	116,720	$53M	held	—	41 q
FDXFedEx Corporation	0.46%	213,000	$52M	added+3%	−0.05 pp	14 q
ITICInvestors Title Co	0.46%	213,300	$51M	held	—	41 q
ODFLOld Dominion Freight Line	0.46%	313,200	$52M	added+4%	−0.01 pp	12 q
AONAon plc Class A	0.46%	129,450	$52M	added+3%	+0.06 pp	18 q
TSNTyson Foods, Inc.	0.45%	798,500	$51M	held	—	34 q
ACNAccenture PLC	0.44%	159,400	$50M	held	—	41 q
THGThe Hanover Insurance Group, Inc.	0.43%	280,000	$49M	added+5%	+0.07 pp	13 q
VRSKVerisk Analytics, Inc.	0.41%	155,950	$46M	held	—	41 q
MMM3M Company	0.38%	293,750	$43M	held	—	41 q
ROKRockwell Automation, Inc.	0.36%	154,900	$40M	held	—	40 q
COSTCostco Wholesale Corp	0.33%	39,150	$37M	held	—	41 q
CMCSAComcast Corp	0.32%	961,880	$35M	held	—	36 q
YUMYum! Brands, Inc.	0.32%	225,451	$35M	added+10%	+0.08 pp	5 q
SHWThe Sherwin-Williams Company	0.29%	94,172	$33M	held	—	26 q
ALLThe Allstate Corporation	0.28%	154,550	$32M	held	—	18 q
TROWT Rowe Price Group Inc	0.26%	314,000	$29M	held	—	41 q
RTXRTX Corporation	0.26%	224,000	$30M	held	—	2 q
BF.ABrown-Forman Corporation Class A	0.25%	843,000	$28M	held	—	41 q
HGTYHagerty, Inc.	0.25%	3,108,000	$28M	held	—	8 q
NKENike, Inc.	0.25%	445,400	$28M	added+3%	−0.04 pp	41 q
LMTLockheed Martin Corp.	0.24%	61,463	$27M	added+9%	0.00 pp	17 q
PAYXPaychex Inc	0.21%	150,000	$23M	held	—	41 q
TMOThermo Fisher Scientific, Inc.	0.20%	45,000	$22M	added+9%	+0.01 pp	14 q
ABNBAirbnb, Inc. Class A	0.19%	183,820	$22M	added+59%	+0.06 pp	3 q
CSCOCisco Systems, Inc. (DE)	0.19%	342,000	$21M	held	—	37 q
HCAHCA Healthcare, Inc.	0.19%	62,001	$21M	added+10%	+0.04 pp	7 q
FERGFerguson Enterprises Inc.	0.18%	123,000	$20M	added+16%	+0.02 pp	3 q
UNPUnion Pacific Corp.	0.18%	85,778	$20M	held	—	38 q
APDAir Products & Chemicals, Inc.	0.17%	65,000	$19M	added+1%	+0.01 pp	5 q
URIUnited Rentals, Inc.	0.17%	31,150	$20M	added+5%	−0.01 pp	7 q
EFXEquifax, Incorporated	0.16%	72,850	$18M	held	—	26 q
PMPhilip Morris International Inc.	0.16%	114,500	$18M	held	—	41 q
CCKCrown Holdings Inc.	0.15%	189,500	$17M	held	—	27 q
RNRRenaissanceRe Holdings Ltd.	0.15%	70,000	$17M	held	—	11 q
BF.BBrown-Forman Corporation Class B	0.14%	474,187	$16M	held	—	41 q
COFCapital One Financial	0.14%	91,000	$16M	held	—	10 q
CHHChoice Hotels Intnl.	0.14%	115,500	$15M	held	—	8 q
LAMRLamar Advertising Co	0.14%	137,000	$16M	added+10%	+0.01 pp	21 q
CARRCarrier Global Corporation	0.13%	235,000	$15M	held	—	20 q
PEPPepsiCo, Inc.	0.13%	96,210	$14M	held	—	41 q
UNHUNITEDHEALTH GROUP INCORPORATED (Delaware)	0.13%	28,014	$15M	added+5%	+0.01 pp	7 q
WFCWells Fargo & Co.	0.13%	204,450	$15M	held	—	28 q
SPOTSpotify Technology S.A.	0.13%	25,900	$14M	held	—	15 q
SEICSEI Investments Co	0.12%	173,200	$13M	held	—	41 q
TGTTarget Corporation	0.12%	133,000	$14M	held	—	10 q
GPKGraphic Packaging Holding Company	0.11%	461,225	$12M	added+8%	+0.01 pp	6 q
MARMarriott International Class A	0.11%	52,000	$12M	added+11%	−0.01 pp	5 q
OTISOtis Worldwide Corporation	0.11%	114,620	$12M	held	—	20 q
NSPInsperity, Inc	0.10%	131,728	$12M	held	—	5 q
BNYBank of New York Mellon Corporation	0.09%	121,500	$10M	held	—	24 q
KMXCarMax Inc.	0.09%	136,500	$11M	held	—	10 q
HXLHexcel Corporation	0.09%	189,000	$10M	held	—	34 q
IQVIQVIA Holdings Inc.	0.09%	58,726	$10M	held	—	9 q
OIO-I Glass, Inc.	0.09%	874,100	$10M	added+6%	+0.01 pp	22 q
SHOPShopify Inc. Class A subordinate voting shares	0.09%	102,750	$10M	held	—	13 q
HSYThe Hershey Company	0.08%	54,500	$9M	added+21%	+0.01 pp	5 q
SMGThe Scotts Miracle-Gro Company	0.08%	168,000	$9M	held	—	13 q
SONYSony Group Corporation	0.08%	335,000	$9M	held	—	13 q
UBERUber Technologies, Inc.	0.08%	122,000	$9M	added+12%	+0.02 pp	8 q
TRUTransUnion	0.07%	101,050	$8M	held	—	26 q
EMNEastman Chemical Company	0.06%	74,950	$7M	held	—	21 q
WRBW.R. Berkley Corporation	0.04%	60,750	$4M	held	—	32 q
CECelanese Corporation	0.04%	81,300	$5M	held	—	17 q
FIXComfort Systems USA, Inc.	0.04%	13,000	$4M	held	—	6 q
GHCGraham Holdings Company	0.04%	5,200	$5M	held	—	41 q
CABOCable One, Inc.	0.03%	11,900	$3M	trimmed−77%	−0.13 pp	39 q
HIIHuntington Ingalls Industries, Inc.	0.03%	18,000	$4M	added×4.5	+0.02 pp	2 q
WTWWillis Towers Watson Public Limited Company	0.03%	8,627	$3M	held	—	13 q
AYIAcuity Inc.	0.02%	9,750	$3M	added×3.3	+0.01 pp	2 q
BALLBall Corporation	0.02%	51,000	$3M	held	—	24 q
CMECME Group Inc.	0.02%	9,500	$3M	added×3.2	+0.01 pp	2 q
DPZDomino's Pizza Inc.	0.02%	5,500	$3M	held	—	3 q
ITGartner, Inc.	0.02%	5,700	$2M	held	—	13 q
MGMMgm Resorts International	0.02%	85,500	$3M	added×2.1	+0.01 pp	2 q
BUDAnheuser-Busch INBEV SA/NV	0.01%	11,000	$677,160	held	—	8 q
BCBrunswick Corporation	0.01%	29,500	$2M	added+97%	0.00 pp	3 q
CBOECboe Global Markets, Inc.	0.01%	6,000	$1M	new	+0.01 pp	new
CSGPCoStar Group Inc	0.01%	18,600	$1M	held	—	14 q
EXPEagle Materials, Inc.	0.01%	3,500	$776,755	new	+0.01 pp	new
ICEIntercontinental Exchange Inc.	0.01%	5,120	$883,200	held	—	17 q
INTUIntuit Inc	0.01%	2,720	$2M	held	—	15 q
ELThe Estee Lauder Companies Inc. Class A	0.01%	15,000	$990,000	held	—	3 q
SYYSysco Corporation	0.01%	9,000	$675,360	new	+0.01 pp	new