Markel Group

Q4 2025 13F · by Tom Gayner, CEO

As of: Dec 31, 2025
Filed: Feb 6, 2026
US stock: $12.5B · prev $12.3B
Positions: 128 · prev 129
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%

Moves48 since the prior filing

+0.2 pp in · −1.1 pp out

New 1 +0.01 pp
Added 41 +0.23 pp
Trimmed 4 −0.62 pp
Exited 2 −0.45 pp

The book

Focused · behaves like 38 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Low turnover · 4.0% a year, about 25.3 years per position

Low
Moderate
High

Top 5 positions28% of US stock

Positions128 in this filing · 2 exited


GOOGAlphabet Inc. Class C	6.88%	2,749,860	$863M	held	—	44 q
BRK.ABerkshire Hathaway Inc.	6.70%	1,114	$841M	held	—	44 q
BRK.BBERKSHIRE HATHAWAY Class B	6.14%	1,531,971	$770M	held	—	44 q
BNBrookfield Corporation	4.78%	13,073,609	$600M	trimmed0%	−0.07 pp	13 q
AMZNAmazon.Com Inc	3.74%	2,030,760	$469M	held	—	41 q
DEDeere & Company	3.26%	877,900	$409M	held	—	44 q
VVISA Inc.	2.79%	999,285	$350M	held	—	44 q
AAPLApple Inc.	2.66%	1,227,290	$334M	held	—	43 q
GSGoldman Sachs Group Inc.	2.52%	359,360	$316M	held	—	40 q
HDHome Depot, Inc.	2.52%	920,000	$317M	held	—	44 q
ADIAnalog Devices, Inc.	2.21%	1,023,245	$278M	trimmed−12%	−0.12 pp	40 q
MSFTMicrosoft Corp	2.07%	535,680	$259M	added+1%	−0.17 pp	41 q
BLKBlackrock, Inc.	1.88%	220,200	$236M	held	—	5 q
DISThe Walt Disney Company	1.84%	2,031,665	$231M	held	—	44 q
LPLALPL Financial Holdings Inc.	1.59%	559,951	$200M	added+1%	+0.10 pp	13 q
WSOWatsco, Inc.	1.55%	577,669	$195M	added+2%	−0.30 pp	44 q
BXBlackstone Inc.	1.51%	1,229,000	$189M	held	—	44 q
CATCaterpillar Inc.	1.50%	328,650	$188M	held	—	44 q
KKRKKR & Co. Inc.	1.48%	1,451,800	$185M	held	—	30 q
AXPAmerican Express Company	1.44%	488,500	$181M	added+1%	+0.13 pp	44 q
GOOGLAlphabet Inc. Class A	1.43%	572,000	$179M	held	—	41 q
LOWLowe's Companies Inc.	1.41%	734,480	$177M	added+1%	−0.07 pp	44 q
PGRProgressive Corporation	1.37%	753,750	$172M	held	—	32 q
METAMeta Platforms, Inc. Class A	1.31%	248,303	$164M	trimmed−11%	−0.36 pp	41 q
RLIRLI Corp.	1.22%	2,394,544	$153M	held	—	44 q
APOApollo Global Management, Inc.	1.17%	1,012,500	$147M	held	—	16 q
NVONovo-Nordisk A/S	1.16%	2,869,774	$146M	added+21%	+0.09 pp	44 q
FNVFranco-Nevada Corporation	1.13%	683,500	$142M	added+13%	+0.03 pp	7 q
MRSHMarsh	1.13%	761,750	$141M	added+1%	−0.10 pp	44 q
SCHWThe Charles Schwab Corporation	1.10%	1,375,800	$137M	added+1%	+0.04 pp	44 q
GDGeneral Dynamics Corporation	1.05%	391,000	$132M	held	—	44 q
JNJJohnson & Johnson	1.01%	610,800	$126M	held	—	44 q
TXNTexas Instruments Incorporated	1.00%	724,000	$126M	held	—	40 q
DEODiageo plc	0.94%	1,371,708	$118M	added0%	−0.12 pp	44 q
MAMastercard Incorporated	0.94%	207,540	$118M	held	—	44 q
BAMBrookfield Asset Management Ltd.	0.92%	2,193,953	$115M	held	—	13 q
DGDollar General Corp.	0.92%	869,250	$115M	held	—	18 q
MCOMoody's Corporation	0.87%	213,890	$109M	held	—	44 q
HEI.AHeico Corp Cl A	0.76%	379,644	$96M	held	—	39 q
ROLRollins, Inc.	0.71%	1,489,025	$89M	added+1%	+0.01 pp	44 q
NVRNVR, Inc.	0.70%	12,007	$88M	added+1%	−0.08 pp	29 q
ADMArcher Daniels Midland Company	0.69%	1,505,800	$87M	held	—	44 q
LINLinde plc	0.68%	200,100	$85M	added+4%	−0.06 pp	12 q
JPMJPMorgan Chase & Co.	0.65%	252,550	$81M	held	—	43 q
MSCIMSCI, Inc.	0.65%	142,850	$82M	held	—	44 q
ITWIllinois Tool Works Inc.	0.64%	327,500	$81M	held	—	44 q
CGThe Carlyle Group Inc.	0.63%	1,327,000	$78M	held	—	24 q
NSCNorfolk Southern Corp.	0.63%	273,500	$79M	added+7%	0.00 pp	44 q
SPGIS&P Global Inc.	0.63%	150,690	$79M	held	—	39 q
ECLEcolab, Inc.	0.57%	274,300	$72M	held	—	44 q
ODFLOld Dominion Freight Line	0.53%	421,650	$66M	added+18%	+0.12 pp	15 q
ROKRockwell Automation, Inc.	0.48%	154,900	$60M	held	—	43 q
ITICInvestors Title Co	0.42%	213,300	$53M	held	—	44 q
SBUXStarbucks Corp	0.42%	623,818	$53M	held	—	37 q
THGThe Hanover Insurance Group, Inc.	0.41%	281,000	$51M	held	—	16 q
TSNTyson Foods, Inc.	0.41%	884,500	$52M	added+4%	+0.04 pp	37 q
AONAon plc Class A	0.38%	134,050	$47M	added+3%	0.00 pp	21 q
ACNAccenture PLC	0.34%	159,400	$43M	held	—	44 q
HGTYHagerty, Inc.	0.33%	3,108,000	$42M	held	—	11 q
RTXRTX Corporation	0.33%	224,000	$41M	held	—	5 q
HCAHCA Healthcare, Inc.	0.30%	80,680	$38M	added+7%	+0.04 pp	10 q
FERGFerguson Enterprises Inc.	0.29%	163,500	$36M	added+11%	+0.02 pp	6 q
TMOThermo Fisher Scientific, Inc.	0.29%	62,800	$36M	added+13%	+0.07 pp	17 q
FDSFactset Research Systems	0.28%	121,873	$35M	added+4%	+0.01 pp	44 q
VRSKVerisk Analytics, Inc.	0.28%	155,950	$35M	held	—	44 q
COSTCostco Wholesale Corp	0.27%	39,150	$34M	held	—	44 q
YUMYum! Brands, Inc.	0.27%	226,451	$34M	held	—	8 q
ABNBAirbnb, Inc. Class A	0.26%	240,289	$33M	added+6%	+0.04 pp	6 q
ALLThe Allstate Corporation	0.26%	154,550	$32M	held	—	21 q
TROWT Rowe Price Group Inc	0.26%	314,000	$32M	held	—	44 q
UNPUnion Pacific Corp.	0.26%	141,278	$33M	added+11%	+0.02 pp	41 q
LMTLockheed Martin Corp.	0.25%	64,513	$31M	added+4%	0.00 pp	20 q
SHWThe Sherwin-Williams Company	0.24%	94,172	$31M	held	—	29 q
CMCSAComcast Corp	0.23%	961,880	$29M	held	—	39 q
NKENike, Inc.	0.23%	447,400	$29M	held	—	44 q
CSCOCisco Systems, Inc. (DE)	0.22%	355,500	$27M	held	—	40 q
MARMarriott International Class A	0.22%	89,750	$28M	added+23%	+0.07 pp	8 q
URIUnited Rentals, Inc.	0.20%	31,150	$25M	held	—	10 q
LAMRLamar Advertising Co	0.19%	185,000	$23M	added+9%	+0.02 pp	24 q
BF.ABrown-Forman Corporation Class A	0.18%	843,000	$22M	held	—	44 q
COFCapital One Financial	0.18%	91,000	$22M	held	—	13 q
CCKCrown Holdings Inc.	0.17%	212,000	$22M	added+12%	+0.02 pp	30 q
RNRRenaissanceRe Holdings Ltd.	0.16%	70,000	$20M	held	—	14 q
PMPhilip Morris International Inc.	0.15%	114,500	$18M	held	—	44 q
WFCWells Fargo & Co.	0.15%	204,450	$19M	held	—	31 q
APDAir Products & Chemicals, Inc.	0.14%	71,500	$18M	added+10%	0.00 pp	8 q
CSXCSX Corporation	0.13%	440,000	$16M	added+54%	+0.05 pp	3 q
EFXEquifax, Incorporated	0.13%	72,850	$16M	held	—	29 q
PAYXPaychex Inc	0.13%	150,000	$17M	held	—	44 q
SHOPShopify Inc. Class A subordinate voting shares	0.13%	102,750	$17M	held	—	16 q
SPOTSpotify Technology S.A.	0.12%	25,900	$15M	held	—	18 q
BNYBank of New York Mellon Corporation	0.11%	121,500	$14M	held	—	27 q
HXLHexcel Corporation	0.11%	189,000	$14M	held	—	37 q
PEPPepsiCo, Inc.	0.11%	96,210	$14M	held	—	44 q
SEICSEI Investments Co	0.11%	173,200	$14M	held	—	44 q
BF.BBrown-Forman Corporation Class B	0.10%	474,187	$12M	held	—	44 q
CMECME Group Inc.	0.10%	45,750	$12M	added+43%	+0.03 pp	5 q
CARRCarrier Global Corporation	0.10%	235,000	$12M	held	—	23 q
FIXComfort Systems USA, Inc.	0.10%	13,000	$12M	held	—	9 q
HSYThe Hershey Company	0.10%	67,500	$12M	added+24%	+0.02 pp	8 q
TGTTarget Corporation	0.10%	133,000	$13M	held	—	13 q
CHHChoice Hotels Intnl.	0.09%	115,500	$11M	held	—	11 q
UBERUber Technologies, Inc.	0.09%	140,000	$11M	added+13%	−0.01 pp	11 q
CBOECboe Global Markets, Inc.	0.08%	41,750	$10M	added+46%	+0.02 pp	4 q
IQVIQVIA Holdings Inc.	0.08%	46,900	$11M	held	—	12 q
OTISOtis Worldwide Corporation	0.08%	114,620	$10M	held	—	23 q
SMGThe Scotts Miracle-Gro Company	0.08%	168,000	$10M	held	—	16 q
AMATApplied Materials Inc	0.07%	34,100	$9M	added+30%	+0.03 pp	3 q
HIIHuntington Ingalls Industries, Inc.	0.07%	25,500	$9M	added+24%	+0.02 pp	5 q
SONYSony Group Corporation	0.07%	335,000	$9M	held	—	16 q
UNHUNITEDHEALTH GROUP INCORPORATED (Delaware)	0.07%	26,500	$9M	held	—	10 q
GHCGraham Holdings Company	0.05%	5,200	$6M	held	—	44 q
NSPInsperity, Inc	0.05%	152,873	$6M	added+16%	0.00 pp	8 q
CNICanadian National Railway	0.04%	44,500	$4M	added+78%	+0.02 pp	2 q
KMXCarMax Inc.	0.04%	136,500	$5M	held	—	13 q
EMNEastman Chemical Company	0.04%	74,950	$5M	held	—	24 q
XOMExxon Mobil Corp	0.04%	38,000	$5M	added×12.7	+0.04 pp	2 q
AYIAcuity Inc.	0.03%	9,750	$4M	held	—	5 q
WRBW.R. Berkley Corporation	0.03%	60,750	$4M	held	—	35 q
BCBrunswick Corporation	0.03%	47,750	$4M	added+43%	+0.01 pp	6 q
CPCanadian Pacific Kansas City Limited	0.03%	50,500	$4M	added+63%	+0.01 pp	2 q
ICEIntercontinental Exchange Inc.	0.03%	20,870	$3M	added×3.7	+0.02 pp	20 q
MGMMgm Resorts International	0.03%	87,500	$3M	held	—	5 q
DPZDomino's Pizza Inc.	0.02%	5,500	$2M	held	—	6 q
EXPEagle Materials, Inc.	0.02%	14,750	$3M	held	—	4 q
SYYSysco Corporation	0.02%	30,500	$2M	held	—	4 q
BROBrown & Brown, Inc.	0.01%	11,000	$876,700	new	+0.01 pp	new
TRUTransUnion	0.00%	2,000	$171,500	trimmed−98%	−0.07 pp	29 q
FDXFedEx Corporation	—	−213,000	—	exited	−0.41 pp	—
ADBEAdobe Inc.	—	−14,000	—	exited	−0.04 pp	—