Markel Group

Q3 2025 13F · by Tom Gayner, CEO

As of: Sep 30, 2025
Filed: Oct 31, 2025
US stock: $12.3B · prev $11.8B
Positions: 129 · prev 137
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%

Moves43 since the prior filing

+0.2 pp in · −0.4 pp out

New 3 +0.04 pp
Added 27 +0.14 pp
Trimmed 2 +0.03 pp
Exited 11 −0.39 pp

The book

Focused · behaves like 39 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Low turnover · 1.7% a year, more than 30 years per position

Low
Moderate
High

Top 5 positions27% of US stock

Positions129 in this filing · 11 exited


BRK.ABerkshire Hathaway Inc.	6.82%	1,114	$840M	held	—	43 q
BRK.BBERKSHIRE HATHAWAY Class B	6.25%	1,531,971	$770M	held	—	43 q
GOOGAlphabet Inc. Class C	5.44%	2,749,860	$670M	held	—	43 q
BNBrookfield Corporation	4.85%	8,715,741	$598M	held	—	12 q
AMZNAmazon.Com Inc	3.62%	2,030,760	$446M	held	—	40 q
DEDeere & Company	3.26%	877,900	$401M	held	—	43 q
HDHome Depot, Inc.	3.03%	920,000	$373M	held	—	43 q
VVISA Inc.	2.77%	999,285	$341M	held	—	43 q
AAPLApple Inc.	2.54%	1,227,290	$313M	held	—	42 q
ADIAnalog Devices, Inc.	2.33%	1,167,671	$287M	held	—	39 q
GSGoldman Sachs Group Inc.	2.32%	359,360	$286M	held	—	39 q
MSFTMicrosoft Corp	2.24%	532,080	$276M	added+1%	+0.02 pp	40 q
BLKBlackrock, Inc.	2.08%	220,200	$257M	held	—	4 q
DISThe Walt Disney Company	1.89%	2,031,665	$233M	held	—	43 q
WSOWatsco, Inc.	1.85%	565,169	$228M	held	—	43 q
BXBlackstone Inc.	1.70%	1,229,000	$210M	held	—	43 q
METAMeta Platforms, Inc. Class A	1.67%	280,281	$206M	held	—	40 q
KKRKKR & Co. Inc.	1.53%	1,451,800	$189M	held	—	29 q
PGRProgressive Corporation	1.51%	753,750	$186M	held	—	31 q
LPLALPL Financial Holdings Inc.	1.49%	553,321	$184M	added+2%	−0.24 pp	12 q
LOWLowe's Companies Inc.	1.48%	726,730	$183M	added+1%	+0.13 pp	43 q
AXPAmerican Express Company	1.31%	484,250	$161M	held	—	43 q
CATCaterpillar Inc.	1.27%	328,650	$157M	held	—	43 q
RLIRLI Corp.	1.27%	2,394,544	$156M	held	—	43 q
MRSHMarsh	1.23%	755,000	$152M	added+1%	−0.15 pp	43 q
GOOGLAlphabet Inc. Class A	1.13%	572,000	$139M	held	—	40 q
APOApollo Global Management, Inc.	1.10%	1,012,500	$135M	held	—	15 q
FNVFranco-Nevada Corporation	1.10%	605,500	$135M	added+6%	+0.31 pp	6 q
GDGeneral Dynamics Corporation	1.08%	391,000	$133M	held	—	43 q
TXNTexas Instruments Incorporated	1.08%	724,000	$133M	held	—	39 q
NVONovo-Nordisk A/S	1.07%	2,368,649	$131M	added+5%	−0.25 pp	43 q
DEODiageo plc	1.06%	1,366,708	$130M	held	—	43 q
SCHWThe Charles Schwab Corporation	1.06%	1,364,800	$130M	held	—	43 q
BAMBrookfield Asset Management Ltd.	1.01%	2,193,953	$125M	held	—	12 q
MAMastercard Incorporated	0.96%	207,540	$118M	held	—	43 q
JNJJohnson & Johnson	0.92%	610,800	$113M	held	—	43 q
MCOMoody's Corporation	0.83%	213,890	$102M	held	—	43 q
HEI.AHeico Corp Cl A	0.78%	379,644	$96M	held	—	38 q
NVRNVR, Inc.	0.78%	11,897	$96M	held	—	28 q
LINLinde plc	0.74%	192,850	$92M	added+3%	0.00 pp	11 q
ADMArcher Daniels Midland Company	0.73%	1,505,800	$90M	trimmed−4%	+0.03 pp	43 q
DGDollar General Corp.	0.73%	869,250	$90M	held	—	17 q
ROLRollins, Inc.	0.70%	1,475,775	$87M	added0%	0.00 pp	43 q
ITWIllinois Tool Works Inc.	0.69%	327,500	$85M	held	—	43 q
CGThe Carlyle Group Inc.	0.68%	1,327,000	$83M	held	—	23 q
MSCIMSCI, Inc.	0.66%	142,850	$81M	held	—	43 q
JPMJPMorgan Chase & Co.	0.65%	252,550	$80M	held	—	42 q
NSCNorfolk Southern Corp.	0.63%	256,500	$77M	added+8%	+0.12 pp	43 q
ECLEcolab, Inc.	0.61%	274,300	$75M	held	—	43 q
SPGIS&P Global Inc.	0.60%	150,690	$73M	held	—	38 q
ITICInvestors Title Co	0.46%	213,300	$57M	held	—	43 q
ROKRockwell Automation, Inc.	0.44%	154,900	$54M	held	—	42 q
SBUXStarbucks Corp	0.43%	623,818	$53M	held	—	36 q
FDXFedEx Corporation	0.41%	213,000	$50M	held	—	16 q
THGThe Hanover Insurance Group, Inc.	0.41%	281,000	$51M	held	—	15 q
ODFLOld Dominion Freight Line	0.41%	358,750	$51M	added+5%	−0.06 pp	14 q
AONAon plc Class A	0.38%	129,800	$46M	held	—	20 q
TSNTyson Foods, Inc.	0.37%	848,500	$46M	added+4%	−0.02 pp	36 q
VRSKVerisk Analytics, Inc.	0.32%	155,950	$39M	held	—	43 q
ACNAccenture PLC	0.32%	159,400	$39M	held	—	43 q
HGTYHagerty, Inc.	0.30%	3,108,000	$37M	held	—	10 q
RTXRTX Corporation	0.30%	224,000	$37M	held	—	4 q
COSTCostco Wholesale Corp	0.29%	39,150	$36M	held	—	43 q
YUMYum! Brands, Inc.	0.28%	226,451	$34M	held	—	7 q
ALLThe Allstate Corporation	0.27%	154,550	$33M	held	—	20 q
FDSFactset Research Systems	0.27%	116,720	$33M	held	—	43 q
FERGFerguson Enterprises Inc.	0.27%	147,000	$33M	added+9%	+0.02 pp	5 q
HCAHCA Healthcare, Inc.	0.26%	75,213	$32M	added+9%	+0.04 pp	9 q
TROWT Rowe Price Group Inc	0.26%	314,000	$32M	held	—	43 q
SHWThe Sherwin-Williams Company	0.26%	94,172	$33M	held	—	28 q
CMCSAComcast Corp	0.25%	961,880	$30M	held	—	38 q
LMTLockheed Martin Corp.	0.25%	62,263	$31M	held	—	19 q
NKENike, Inc.	0.25%	447,400	$31M	held	—	43 q
UNPUnion Pacific Corp.	0.24%	126,778	$30M	added+30%	+0.05 pp	40 q
URIUnited Rentals, Inc.	0.24%	31,150	$30M	held	—	9 q
ABNBAirbnb, Inc. Class A	0.22%	227,133	$28M	added+7%	−0.02 pp	5 q
TMOThermo Fisher Scientific, Inc.	0.22%	55,800	$27M	added+13%	+0.05 pp	16 q
CSCOCisco Systems, Inc. (DE)	0.20%	355,500	$24M	added+2%	−0.01 pp	39 q
BF.ABrown-Forman Corporation Class A	0.18%	843,000	$23M	held	—	43 q
LAMRLamar Advertising Co	0.17%	170,000	$21M	added+8%	+0.01 pp	23 q
COFCapital One Financial	0.16%	91,000	$19M	held	—	12 q
CCKCrown Holdings Inc.	0.15%	189,500	$18M	held	—	29 q
EFXEquifax, Incorporated	0.15%	72,850	$19M	held	—	28 q
MARMarriott International Class A	0.15%	73,250	$19M	added+22%	+0.01 pp	7 q
PAYXPaychex Inc	0.15%	150,000	$19M	held	—	43 q
PMPhilip Morris International Inc.	0.15%	114,500	$19M	held	—	43 q
SPOTSpotify Technology S.A.	0.15%	25,900	$18M	held	—	17 q
APDAir Products & Chemicals, Inc.	0.14%	65,000	$18M	held	—	7 q
WFCWells Fargo & Co.	0.14%	204,450	$17M	held	—	30 q
RNRRenaissanceRe Holdings Ltd.	0.14%	70,000	$18M	held	—	13 q
SEICSEI Investments Co	0.12%	173,200	$15M	held	—	43 q
SHOPShopify Inc. Class A subordinate voting shares	0.12%	102,750	$15M	held	—	15 q
BNYBank of New York Mellon Corporation	0.11%	121,500	$13M	held	—	26 q
CARRCarrier Global Corporation	0.11%	235,000	$14M	held	—	22 q
PEPPepsiCo, Inc.	0.11%	96,210	$14M	held	—	43 q
BF.BBrown-Forman Corporation Class B	0.10%	474,187	$13M	held	—	43 q
CHHChoice Hotels Intnl.	0.10%	115,500	$12M	held	—	10 q
HXLHexcel Corporation	0.10%	189,000	$12M	held	—	36 q
TGTTarget Corporation	0.10%	133,000	$12M	held	—	12 q
UBERUber Technologies, Inc.	0.10%	123,500	$12M	held	—	10 q
FIXComfort Systems USA, Inc.	0.09%	13,000	$11M	held	—	8 q
OTISOtis Worldwide Corporation	0.09%	114,620	$10M	held	—	22 q
CSXCSX Corporation	0.08%	285,000	$10M	added×4.4	+0.06 pp	2 q
HSYThe Hershey Company	0.08%	54,500	$10M	held	—	7 q
SMGThe Scotts Miracle-Gro Company	0.08%	168,000	$10M	held	—	15 q
SONYSony Group Corporation	0.08%	335,000	$10M	held	—	15 q
CMECME Group Inc.	0.07%	32,000	$9M	added+42%	+0.02 pp	4 q
IQVIQVIA Holdings Inc.	0.07%	46,900	$9M	trimmed−6%	0.00 pp	11 q
TRUTransUnion	0.07%	101,050	$8M	held	—	28 q
UNHUNITEDHEALTH GROUP INCORPORATED (Delaware)	0.07%	26,500	$9M	held	—	9 q
CBOECboe Global Markets, Inc.	0.06%	28,500	$7M	added+50%	+0.02 pp	3 q
KMXCarMax Inc.	0.05%	136,500	$6M	held	—	12 q
GHCGraham Holdings Company	0.05%	5,200	$6M	held	—	43 q
HIIHuntington Ingalls Industries, Inc.	0.05%	20,500	$6M	held	—	4 q
NSPInsperity, Inc	0.05%	131,728	$6M	held	—	7 q
ADBEAdobe Inc.	0.04%	14,000	$5M	held	—	2 q
AMATApplied Materials Inc	0.04%	26,250	$5M	added+59%	+0.01 pp	2 q
WRBW.R. Berkley Corporation	0.04%	60,750	$5M	held	—	34 q
EMNEastman Chemical Company	0.04%	74,950	$5M	held	—	23 q
AYIAcuity Inc.	0.03%	9,750	$3M	held	—	4 q
EXPEagle Materials, Inc.	0.03%	14,750	$3M	added+64%	+0.01 pp	3 q
BCBrunswick Corporation	0.02%	33,500	$2M	added+14%	+0.01 pp	5 q
CNICanadian National Railway	0.02%	25,000	$2M	new	+0.02 pp	new
CPCanadian Pacific Kansas City Limited	0.02%	31,000	$2M	new	+0.02 pp	new
DPZDomino's Pizza Inc.	0.02%	5,500	$2M	held	—	5 q
MGMMgm Resorts International	0.02%	87,500	$3M	held	—	4 q
SYYSysco Corporation	0.02%	30,500	$3M	added+27%	0.00 pp	3 q
ICEIntercontinental Exchange Inc.	0.01%	5,620	$946,858	added+10%	0.00 pp	19 q
XOMExxon Mobil Corp	0.00%	3,000	$338,250	new	0.00 pp	new
MMM3M Company	—	−118,250	—	exited	−0.15 pp	—
OIO-I Glass, Inc.	—	−473,700	—	exited	−0.06 pp	—
CECelanese Corporation	—	−81,300	—	exited	−0.04 pp	—
GPKGraphic Packaging Holding Company	—	−174,000	—	exited	−0.03 pp	—
BALLBall Corporation	—	−51,000	—	exited	−0.02 pp	—
ITGartner, Inc.	—	−5,700	—	exited	−0.02 pp	—
INTUIntuit Inc	—	−2,720	—	exited	−0.02 pp	—
WTWWillis Towers Watson Public Limited Company	—	−8,627	—	exited	−0.02 pp	—
BUDAnheuser-Busch INBEV SA/NV	—	−11,000	—	exited	−0.01 pp	—
CSGPCoStar Group Inc	—	−18,600	—	exited	−0.01 pp	—
ELThe Estee Lauder Companies Inc. Class A	—	−15,000	—	exited	−0.01 pp	—