Markel Group

Q2 2025 13F · by Tom Gayner, CEO

As of: Jun 30, 2025
Filed: Aug 1, 2025
US stock: $11.8B · prev $11.3B
Positions: 137 · prev 135
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%

Moves47 since the prior filing

+1.3 pp in · −1.0 pp out

New 3 +0.10 pp
Added 37 +1.17 pp
Trimmed 6 −0.98 pp
Exited 1 −0.03 pp

The book

Diversified · behaves like 40 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Low turnover · 1.9% a year, more than 30 years per position

Low
Moderate
High

Top 5 positions26% of US stock

BRK.A Berkshire Hathaway Inc. held held6.9%
BRK.B BERKSHIRE HATHAWAY Class B held held6.3%
BN Brookfield Corporation held held4.6%
GOOG Alphabet Inc. Class C held held4.1%
AMZN Amazon.Com Inc held held3.8%

Positions137 in this filing · 1 exited


BRK.ABerkshire Hathaway Inc.	6.86%	1,114	$812M	held	—	42 q
BRK.BBERKSHIRE HATHAWAY Class B	6.29%	1,531,971	$744M	held	—	42 q
BNBrookfield Corporation	4.56%	8,715,741	$539M	held	—	11 q
GOOGAlphabet Inc. Class C	4.12%	2,749,860	$488M	held	—	42 q
AMZNAmazon.Com Inc	3.77%	2,030,760	$446M	held	—	39 q
DEDeere & Company	3.77%	877,900	$446M	added0%	+0.11 pp	42 q
VVISA Inc.	3.00%	999,285	$355M	held	—	42 q
HDHome Depot, Inc.	2.85%	920,000	$337M	held	—	42 q
ADIAnalog Devices, Inc.	2.35%	1,167,671	$278M	held	—	38 q
MSFTMicrosoft Corp	2.22%	527,480	$262M	added+1%	+0.48 pp	39 q
GSGoldman Sachs Group Inc.	2.15%	359,360	$254M	held	—	38 q
AAPLApple Inc.	2.13%	1,227,290	$252M	held	—	41 q
DISThe Walt Disney Company	2.13%	2,031,665	$252M	held	—	42 q
WSOWatsco, Inc.	2.11%	565,169	$250M	trimmed−4%	−0.56 pp	42 q
BLKBlackrock, Inc.	1.95%	220,200	$231M	held	—	3 q
METAMeta Platforms, Inc. Class A	1.75%	280,281	$207M	added0%	+0.32 pp	39 q
LPLALPL Financial Holdings Inc.	1.73%	544,604	$204M	added+1%	+0.16 pp	11 q
PGRProgressive Corporation	1.70%	753,750	$201M	held	—	30 q
KKRKKR & Co. Inc.	1.63%	1,451,800	$193M	held	—	28 q
BXBlackstone Inc.	1.55%	1,229,000	$184M	held	—	42 q
RLIRLI Corp.	1.46%	2,394,544	$173M	held	—	42 q
MRSHMarsh	1.38%	748,750	$164M	added+1%	−0.23 pp	42 q
LOWLowe's Companies Inc.	1.35%	717,230	$159M	added+1%	−0.12 pp	42 q
NVONovo-Nordisk A/S	1.32%	2,258,588	$156M	added+5%	−0.01 pp	42 q
AXPAmerican Express Company	1.31%	484,250	$154M	held	—	42 q
TXNTexas Instruments Incorporated	1.27%	724,000	$150M	held	—	38 q
APOApollo Global Management, Inc.	1.21%	1,012,500	$144M	held	—	14 q
DEODiageo plc	1.17%	1,366,708	$138M	held	—	42 q
CATCaterpillar Inc.	1.08%	328,650	$128M	added0%	+0.12 pp	42 q
SCHWThe Charles Schwab Corporation	1.05%	1,364,800	$125M	held	—	42 q
BAMBrookfield Asset Management Ltd.	1.03%	2,193,953	$121M	held	—	11 q
MAMastercard Incorporated	0.99%	207,540	$117M	held	—	42 q
GDGeneral Dynamics Corporation	0.96%	391,000	$114M	held	—	42 q
MCOMoody's Corporation	0.91%	213,890	$107M	held	—	42 q
GOOGLAlphabet Inc. Class A	0.85%	572,000	$101M	added+3%	+0.09 pp	39 q
DGDollar General Corp.	0.84%	869,250	$99M	held	—	16 q
HEI.AHeico Corp Cl A	0.83%	379,644	$98M	held	—	37 q
FNVFranco-Nevada Corporation	0.79%	569,500	$93M	added+8%	+0.06 pp	5 q
JNJJohnson & Johnson	0.79%	610,800	$93M	held	—	42 q
NVRNVR, Inc.	0.74%	11,897	$88M	added0%	−0.02 pp	27 q
LINLinde plc	0.74%	186,600	$88M	added+3%	−0.01 pp	10 q
ADMArcher Daniels Midland Company	0.70%	1,573,800	$83M	added+1%	+0.04 pp	42 q
MSCIMSCI, Inc.	0.70%	142,850	$82M	held	—	42 q
ROLRollins, Inc.	0.70%	1,469,275	$83M	added0%	0.00 pp	42 q
ITWIllinois Tool Works Inc.	0.68%	327,500	$81M	held	—	42 q
SPGIS&P Global Inc.	0.67%	150,690	$79M	held	—	37 q
ECLEcolab, Inc.	0.62%	274,300	$74M	held	—	42 q
JPMJPMorgan Chase & Co.	0.62%	252,550	$73M	held	—	41 q
CGThe Carlyle Group Inc.	0.58%	1,327,000	$68M	held	—	22 q
NSCNorfolk Southern Corp.	0.51%	236,500	$61M	added+3%	+0.03 pp	42 q
SBUXStarbucks Corp	0.48%	623,818	$57M	held	—	35 q
ODFLOld Dominion Freight Line	0.47%	342,450	$56M	added+9%	+0.01 pp	13 q
FDSFactset Research Systems	0.44%	116,720	$52M	held	—	42 q
ROKRockwell Automation, Inc.	0.44%	154,900	$51M	held	—	41 q
FDXFedEx Corporation	0.41%	213,000	$48M	held	—	15 q
VRSKVerisk Analytics, Inc.	0.41%	155,950	$49M	held	—	42 q
THGThe Hanover Insurance Group, Inc.	0.40%	281,000	$48M	added0%	−0.03 pp	14 q
ACNAccenture PLC	0.40%	159,400	$48M	held	—	42 q
TSNTyson Foods, Inc.	0.39%	816,000	$46M	added+2%	−0.06 pp	35 q
AONAon plc Class A	0.39%	129,800	$46M	added0%	−0.07 pp	19 q
ITICInvestors Title Co	0.38%	213,300	$45M	held	—	42 q
COSTCostco Wholesale Corp	0.33%	39,150	$39M	held	—	42 q
CMCSAComcast Corp	0.29%	961,880	$34M	held	—	37 q
RTXRTX Corporation	0.28%	224,000	$33M	held	—	3 q
YUMYum! Brands, Inc.	0.28%	226,451	$34M	added0%	−0.04 pp	6 q
HGTYHagerty, Inc.	0.27%	3,108,000	$31M	held	—	9 q
NKENike, Inc.	0.27%	447,400	$32M	added0%	+0.02 pp	42 q
SHWThe Sherwin-Williams Company	0.27%	94,172	$32M	held	—	27 q
ALLThe Allstate Corporation	0.26%	154,550	$31M	held	—	19 q
TROWT Rowe Price Group Inc	0.26%	314,000	$30M	held	—	42 q
FERGFerguson Enterprises Inc.	0.25%	134,500	$29M	added+9%	+0.07 pp	4 q
ABNBAirbnb, Inc. Class A	0.24%	212,003	$28M	added+15%	+0.05 pp	4 q
LMTLockheed Martin Corp.	0.24%	62,263	$29M	added+1%	0.00 pp	18 q
HCAHCA Healthcare, Inc.	0.22%	68,963	$26M	added+11%	+0.03 pp	8 q
CSCOCisco Systems, Inc. (DE)	0.21%	349,500	$24M	added+2%	+0.02 pp	38 q
BF.ABrown-Forman Corporation Class A	0.20%	843,000	$23M	held	—	42 q
URIUnited Rentals, Inc.	0.20%	31,150	$23M	held	—	8 q
UNPUnion Pacific Corp.	0.19%	97,278	$22M	added+13%	+0.01 pp	39 q
PAYXPaychex Inc	0.18%	150,000	$22M	held	—	42 q
PMPhilip Morris International Inc.	0.18%	114,500	$21M	held	—	42 q
TMOThermo Fisher Scientific, Inc.	0.17%	49,550	$20M	added+10%	−0.03 pp	15 q
SPOTSpotify Technology S.A.	0.17%	25,900	$20M	held	—	16 q
APDAir Products & Chemicals, Inc.	0.16%	65,000	$18M	held	—	6 q
COFCapital One Financial	0.16%	91,000	$19M	held	—	11 q
CCKCrown Holdings Inc.	0.16%	189,500	$20M	held	—	28 q
EFXEquifax, Incorporated	0.16%	72,850	$19M	held	—	27 q
LAMRLamar Advertising Co	0.16%	158,000	$19M	added+15%	+0.02 pp	22 q
CARRCarrier Global Corporation	0.15%	235,000	$17M	held	—	21 q
MMM3M Company	0.15%	118,250	$18M	trimmed−60%	−0.23 pp	42 q
MARMarriott International Class A	0.14%	60,250	$16M	added+16%	+0.03 pp	6 q
WFCWells Fargo & Co.	0.14%	204,450	$16M	held	—	29 q
RNRRenaissanceRe Holdings Ltd.	0.14%	70,000	$17M	held	—	12 q
SEICSEI Investments Co	0.13%	173,200	$16M	held	—	42 q
CHHChoice Hotels Intnl.	0.12%	115,500	$15M	held	—	9 q
BF.BBrown-Forman Corporation Class B	0.11%	474,187	$13M	held	—	42 q
PEPPepsiCo, Inc.	0.11%	96,210	$13M	held	—	42 q
TGTTarget Corporation	0.11%	133,000	$13M	held	—	11 q
OTISOtis Worldwide Corporation	0.10%	114,620	$11M	held	—	21 q
SHOPShopify Inc. Class A subordinate voting shares	0.10%	102,750	$12M	held	—	14 q
UBERUber Technologies, Inc.	0.10%	123,500	$12M	added+1%	+0.02 pp	9 q
BNYBank of New York Mellon Corporation	0.09%	121,500	$11M	held	—	25 q
HXLHexcel Corporation	0.09%	189,000	$11M	held	—	35 q
SMGThe Scotts Miracle-Gro Company	0.09%	168,000	$11M	held	—	14 q
KMXCarMax Inc.	0.08%	136,500	$9M	held	—	11 q
HSYThe Hershey Company	0.08%	54,500	$9M	held	—	6 q
TRUTransUnion	0.08%	101,050	$9M	held	—	27 q
NSPInsperity, Inc	0.07%	131,728	$8M	held	—	6 q
IQVIQVIA Holdings Inc.	0.07%	49,642	$8M	trimmed−15%	−0.02 pp	10 q
SONYSony Group Corporation	0.07%	335,000	$9M	held	—	14 q
UNHUNITEDHEALTH GROUP INCORPORATED (Delaware)	0.07%	26,500	$8M	trimmed−5%	−0.06 pp	8 q
FIXComfort Systems USA, Inc.	0.06%	13,000	$7M	held	—	7 q
OIO-I Glass, Inc.	0.06%	473,700	$7M	trimmed−46%	−0.03 pp	23 q
ADBEAdobe Inc.	0.05%	14,000	$5M	new	+0.05 pp	new
CMECME Group Inc.	0.05%	22,500	$6M	added×2.4	+0.03 pp	3 q
EMNEastman Chemical Company	0.05%	74,950	$6M	held	—	22 q
WRBW.R. Berkley Corporation	0.04%	60,750	$4M	held	—	33 q
CBOECboe Global Markets, Inc.	0.04%	19,000	$4M	added×3.2	+0.03 pp	2 q
CECelanese Corporation	0.04%	81,300	$4M	held	—	18 q
GHCGraham Holdings Company	0.04%	5,200	$5M	held	—	42 q
HIIHuntington Ingalls Industries, Inc.	0.04%	20,500	$5M	added+14%	+0.01 pp	3 q
AMATApplied Materials Inc	0.03%	16,500	$3M	new	+0.03 pp	new
GPKGraphic Packaging Holding Company	0.03%	174,000	$4M	trimmed−62%	−0.08 pp	7 q
MGMMgm Resorts International	0.03%	87,500	$3M	added+2%	+0.01 pp	3 q
AYIAcuity Inc.	0.02%	9,750	$3M	held	—	3 q
BALLBall Corporation	0.02%	51,000	$3M	held	—	25 q
CSXCSX Corporation	0.02%	65,000	$2M	new	+0.02 pp	new
DPZDomino's Pizza Inc.	0.02%	5,500	$2M	held	—	4 q
EXPEagle Materials, Inc.	0.02%	9,000	$2M	added×2.6	+0.01 pp	2 q
ITGartner, Inc.	0.02%	5,700	$2M	held	—	14 q
INTUIntuit Inc	0.02%	2,720	$2M	held	—	16 q
SYYSysco Corporation	0.02%	24,000	$2M	added×2.7	+0.01 pp	2 q
WTWWillis Towers Watson Public Limited Company	0.02%	8,627	$3M	held	—	14 q
BUDAnheuser-Busch INBEV SA/NV	0.01%	11,000	$755,920	held	—	9 q
BCBrunswick Corporation	0.01%	29,500	$2M	held	—	4 q
CSGPCoStar Group Inc	0.01%	18,600	$1M	held	—	15 q
ICEIntercontinental Exchange Inc.	0.01%	5,120	$939,366	held	—	18 q
ELThe Estee Lauder Companies Inc. Class A	0.01%	15,000	$1M	held	—	4 q
CABOCable One, Inc.	—	−11,900	—	exited	−0.03 pp	—