Markel Group 13F, Q3 2025
Thomas Gayner · quarter ending 30 September 2025 · filed 31 October 2025 · SEC CIK 1096343
Common stock only: shares the fund reported owning at the quarter end, valued as filed.
Largest positions, Q3 2025
The 25 largest of 129 positions. Weights are against the whole filed book. Changes are in shares held, against the Q2 2025 filing.
| Company | Ticker | Value | % of book | vs Q2 2025 |
|---|---|---|---|---|
| BERKSHIRE HATHAWAY INC DEL | BRK/A | $840.18M | 6.8% | unchanged |
| BERKSHIRE HATHAWAY INC DEL | BRK/B | $770.18M | 6.3% | unchanged |
| ALPHABET INC | GOOG | $669.73M | 5.4% | unchanged |
| BROOKFIELD CORP | BN | $597.73M | 4.8% | unchanged |
| AMAZON COM INC | AMZN | $445.89M | 3.6% | unchanged |
| DEERE & CO | DE | $401.43M | 3.3% | unchanged |
| HOME DEPOT INC | HD | $372.77M | 3.0% | unchanged |
| VISA INC | V | $341.14M | 2.8% | unchanged |
| APPLE INC | AAPL | $312.50M | 2.5% | unchanged |
| ANALOG DEVICES INC | ADI | $286.90M | 2.3% | unchanged |
| GOLDMAN SACHS GROUP INC | GS | $286.18M | 2.3% | unchanged |
| MICROSOFT CORP | MSFT | $275.59M | 2.2% | unchanged |
| BLACKROCK INC | BLK | $256.72M | 2.1% | unchanged |
| DISNEY WALT CO | DIS | $232.63M | 1.9% | unchanged |
| WATSCO INC | WSO | $228.50M | 1.9% | unchanged |
| BLACKSTONE INC | BX | $209.97M | 1.7% | unchanged |
| META PLATFORMS INC | META | $205.83M | 1.7% | unchanged |
| KKR & CO INC | KKR | $188.66M | 1.5% | unchanged |
| PROGRESSIVE CORP | PGR | $186.14M | 1.5% | unchanged |
| LPL FINL HLDGS INC | LPLA | $184.08M | 1.5% | unchanged |
| LOWES COS INC | LOW | $182.63M | 1.5% | unchanged |
| AMERICAN EXPRESS CO | AXP | $160.85M | 1.3% | unchanged |
| CATERPILLAR INC | CAT | $156.82M | 1.3% | unchanged |
| RLI CORP | RLI | $156.17M | 1.3% | unchanged |
| MARSH & MCLENNAN COS INC | MRSH | $152.16M | 1.2% | unchanged |
What changed since Q2 2025
Against the Q2 2025 filing, Markel Group opened 3 new positions, added to 21, trimmed 2, left 103 unchanged and exited 11. Every position is compared, matched on its CUSIP; a change of 2% or less in shares counts as unchanged.
Other quarters
Source: SEC Form 13F-HR, accession 0001628280-25-047842, filed by MARKEL GROUP INC.. Values are as filed and cover US-listed positions only; a 13F does not show short positions or holdings outside the US. A 13F may be filed up to 45 days after the quarter ends, so the fund may have traded since. Educational information, not financial advice.