Thomas Gayner - Markel Group Inc. 13F Activity & Position Changes (Q2 2025)

According to the SEC 13F filed on Aug 01, 2025, the Markel Group Inc. portfolio showed several notable changes in holdings as of quarter-end Jun 30, 2025. The activity included new positions, additions to existing holdings, reductions, and complete exits, providing a clear view of how the portfolio evolved during the quarter.

During Q2 2025, the filing reported:

New Buys - Adobe Inc., Applied Materials, Inc., CSX Corporation

Increases - Airbnb, Inc., Archer-Daniels-Midland Company, Aon Plc, Caterpillar, Inc., Cboe Global Markets, Inc., and 32 more

Reductions - Graphic Packaging Holding Compa, IQVIA Holdings, Inc., 3M Company, O-I Glass, Inc., UnitedHealth Group Incorporated, and 1 more

Complete Exits - Cable One, Inc.

These updates highlight how the portfolio adjusted across different sectors and market conditions, offering insights into allocation shifts and investment trends.

Showing 30 of 47 transactions.

Date	Symbol	Name	Type	Change Qty	% Change	Value	Remaining
Q2 2025	ABNB Airbnb, Inc.	Airbnb, Inc.	Buy	+28,183	+15.3%	$28.06M	212,003
Q2 2025	ADBE Adobe Inc.	Adobe Inc.	Buy - Position Entry	+14,000	-	$5.42M	14,000
Q2 2025	ADM Archer-Daniels-Midland Company	Archer-Daniels-Midland Company	Buy	+22,500	+1.5%	$83.07M	1,573,800
Q2 2025	AMAT Applied Materials, Inc.	Applied Materials, Inc.	Buy - Position Entry	+16,500	-	$3.02M	16,500
Q2 2025	AON Aon Plc	Aon Plc	Buy	+350	+0.3%	$46.31M	129,800
Q2 2025	CABO Cable One, Inc.	Cable One, Inc.	Sell - Position Exit	-11,900	-100.0%	$0.00	-
Q2 2025	CAT Caterpillar, Inc.	Caterpillar, Inc.	Buy	+600	+0.2%	$127.59M	328,650
Q2 2025	CBOE Cboe Global Markets, Inc.	Cboe Global Markets, Inc.	Buy	+13,000	+216.7%	$4.43M	19,000
Q2 2025	CME CME Group Inc.	CME Group Inc.	Buy	+13,000	+136.8%	$6.20M	22,500
Q2 2025	CSCO Cisco Systems, Inc.	Cisco Systems, Inc.	Buy	+7,500	+2.2%	$24.25M	349,500
Q2 2025	CSX CSX Corporation	CSX Corporation	Buy - Position Entry	+65,000	-	$2.12M	65,000
Q2 2025	DE Deere & Company	Deere & Company	Buy	+200	+0.0%	$446.40M	877,900
Q2 2025	EXP Eagle Materials Inc	Eagle Materials Inc	Buy	+5,500	+157.1%	$1.82M	9,000
Q2 2025	FERG Ferguson Enterprises Inc.	Ferguson Enterprises Inc.	Buy	+11,500	+9.3%	$29.29M	134,500
Q2 2025	FNV Franco-Nevada Corporation	Franco-Nevada Corporation	Buy	+44,250	+8.4%	$93.35M	569,500
Q2 2025	GOOGL Alphabet Inc.	Alphabet Inc.	Buy	+15,000	+2.7%	$100.80M	572,000
Q2 2025	GPK Graphic Packaging Holding Compa	Graphic Packaging Holding Compa	Sell	-287,225	-62.3%	$3.67M	174,000
Q2 2025	HCA HCA Healthcare, Inc.	HCA Healthcare, Inc.	Buy	+6,962	+11.2%	$26.42M	68,963
Q2 2025	HII Huntington Ingalls Industries,	Huntington Ingalls Industries,	Buy	+2,500	+13.9%	$4.95M	20,500
Q2 2025	IQV IQVIA Holdings, Inc.	IQVIA Holdings, Inc.	Sell	-9,084	-15.5%	$7.82M	49,642
Q2 2025	LAMR Lamar Advertising Company	Lamar Advertising Company	Buy	+21,000	+15.3%	$19.17M	158,000
Q2 2025	LIN Linde plc	Linde plc	Buy	+5,600	+3.1%	$87.55M	186,600
Q2 2025	LMT Lockheed Martin Corporation	Lockheed Martin Corporation	Buy	+800	+1.3%	$28.84M	62,263
Q2 2025	LOW Lowe's Companies, Inc.	Lowe's Companies, Inc.	Buy	+9,000	+1.3%	$159.13M	717,230
Q2 2025	LPLA LPL Financial Holdings Inc.	LPL Financial Holdings Inc.	Buy	+5,500	+1.0%	$204.21M	544,604
Q2 2025	MAR Marriott International	Marriott International	Buy	+8,250	+15.9%	$16.46M	60,250
Q2 2025	META Meta Platforms, Inc.	Meta Platforms, Inc.	Buy	+200	+0.1%	$206.87M	280,281
Q2 2025	MGM MGM Resorts International	MGM Resorts International	Buy	+2,000	+2.3%	$3.01M	87,500
Q2 2025	MMC Marsh & McLennan Companies, Inc	Marsh & McLennan Companies, Inc	Buy	+5,250	+0.7%	$163.71M	748,750
Q2 2025	MMM 3M Company	3M Company	Sell	-175,500	-59.7%	$18.00M	118,250