13F filing recap · Q3 2025

What did Markel Group buy in Q3 2025?

Reported stock-position changes between this filing and the previous one.

Stock value

$12.32B

Positions

129

Estimated turnover

1.1%

Turnover is a proxy: verified trade-origin share changes valued at period-end and divided by average reported stock value. SEC holdings reports do not disclose execution dates or prices. Corporate actions and unreconciled activity are excluded.

Quarter in review

Markel Group opened new positions in Canadian National Railway, Canadian Pacific Kansas City, and Exxon Mobil, while exiting Anheuser-Busch Inbev, Ball, Celanese, Costar Group, Gartner, Graphic Packaging Holding, Intuit, Estee Lauder, O-I Glass, 3m, and Willis Towers Watson. It also added to Microsoft, Lpl Financial, Lowe’s, Marsh & Mclennan, Franco-Nevada, Novo Nordisk, and Linde, among others, and trimmed Archer-Daniels-Midland. Notable increases included Union Pacific, Thermo Fisher Scientific, and Marriott International, with a sharp rise in Csx Corporation.

New positions

CNICanadian National Railway Company$2.36Mreported value+25.0K shares CPCanadian Pacific Kansas City Ltd/cn$2.31Mreported value+31.0K shares XOMExxon Mobil Corp.$338.3Kreported value+3.0K shares

Increased positions

MSFTMicrosoft Corporation$275.59Mreported value+4.6K shares+0.9%LPLALpl Financial Holdings Inc.$184.08Mreported value+8.7K shares+1.6%LOWLowe’s Companies, Inc.$182.63Mreported value+9.5K shares+1.3%MRSHMarsh & Mclennan Companies, Inc.$152.16Mreported value+6.3K shares

Reduced positions

ADMArcher-Daniels-Midland Co$89.96Mreported value-68.0K shares-4.3%IQVIqvia Holdings Inc.$8.91Mreported value-2.7K shares-5.5%

Exited positions

MMM3m Company$18.00Mprior reported value-118.3K shares-100.0%OIO-I Glass, Inc.$6.98Mprior reported value-473.7K shares-100.0%CECelanese Corporation$4.50Mprior reported value-81.3K shares-100.0%GPKGraphic Packaging Holding Co$3.67Mprior reported value-174.0K shares