Thomas Gayner - Markel Group Inc. 13F Activity & Position Changes (Q3 2025)

According to the SEC 13F filed on Oct 31, 2025, the Markel Group Inc. portfolio showed several notable changes in holdings as of quarter-end Sep 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 Q3 2025, the filing reported:

New Buys - Canadian National Railway Compa, Canadian Pacific Kansas City Li, Exxon Mobil Corporation

Increases - Airbnb, Inc., Applied Materials, Inc., Brunswick Corporation, Cboe Global Markets, Inc., CME Group Inc., and 22 more

Reductions - Archer-Daniels-Midland Company, IQVIA Holdings, Inc.

Complete Exits - Ball Corporation, Anheuser-Busch Inbev SA Sponsor, Celanese Corporation, CoStar Group, Inc., Estee Lauder Companies, Inc. (T, and 6 more

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

Showing 30 of 43 transactions.

Date	Symbol	Name	Type	Change Qty	% Change	Value	Remaining
Q3 2025	ABNB Airbnb, Inc.	Airbnb, Inc.	Buy	+15,130	+7.1%	$27.58M	227,133
Q3 2025	ADM Archer-Daniels-Midland Company	Archer-Daniels-Midland Company	Sell	-68,000	-4.3%	$89.96M	1,505,800
Q3 2025	AMAT Applied Materials, Inc.	Applied Materials, Inc.	Buy	+9,750	+59.1%	$5.37M	26,250
Q3 2025	BALL Ball Corporation	Ball Corporation	Sell - Position Exit	-51,000	-100.0%	$0.00	-
Q3 2025	BC Brunswick Corporation	Brunswick Corporation	Buy	+4,000	+13.6%	$2.12M	33,500
Q3 2025	BUD Anheuser-Busch Inbev SA Sponsor	Anheuser-Busch Inbev SA Sponsor	Sell - Position Exit	-11,000	-100.0%	$0.00	-
Q3 2025	CBOE Cboe Global Markets, Inc.	Cboe Global Markets, Inc.	Buy	+9,500	+50.0%	$6.99M	28,500
Q3 2025	CE Celanese Corporation	Celanese Corporation	Sell - Position Exit	-81,300	-100.0%	$0.00	-
Q3 2025	CME CME Group Inc.	CME Group Inc.	Buy	+9,500	+42.2%	$8.65M	32,000
Q3 2025	CNI Canadian National Railway Compa	Canadian National Railway Compa	Buy - Position Entry	+25,000	-	$2.36M	25,000
Q3 2025	CP Canadian Pacific Kansas City Li	Canadian Pacific Kansas City Li	Buy - Position Entry	+31,000	-	$2.31M	31,000
Q3 2025	CSCO Cisco Systems, Inc.	Cisco Systems, Inc.	Buy	+6,000	+1.7%	$24.32M	355,500
Q3 2025	CSGP CoStar Group, Inc.	CoStar Group, Inc.	Sell - Position Exit	-18,600	-100.0%	$0.00	-
Q3 2025	CSX CSX Corporation	CSX Corporation	Buy	+220,000	+338.5%	$10.12M	285,000
Q3 2025	EL Estee Lauder Companies, Inc. (T	Estee Lauder Companies, Inc. (T	Sell - Position Exit	-15,000	-100.0%	$0.00	-
Q3 2025	EXP Eagle Materials Inc	Eagle Materials Inc	Buy	+5,750	+63.9%	$3.44M	14,750
Q3 2025	FERG Ferguson Enterprises Inc.	Ferguson Enterprises Inc.	Buy	+12,500	+9.3%	$33.01M	147,000
Q3 2025	FNV Franco-Nevada Corporation	Franco-Nevada Corporation	Buy	+36,000	+6.3%	$134.97M	605,500
Q3 2025	GPK Graphic Packaging Holding Compa	Graphic Packaging Holding Compa	Sell - Position Exit	-174,000	-100.0%	$0.00	-
Q3 2025	HCA HCA Healthcare, Inc.	HCA Healthcare, Inc.	Buy	+6,250	+9.1%	$32.06M	75,213
Q3 2025	ICE Intercontinental Exchange Inc.	Intercontinental Exchange Inc.	Buy	+500	+9.8%	$946.86K	5,620
Q3 2025	INTU Intuit Inc.	Intuit Inc.	Sell - Position Exit	-2,720	-100.0%	$0.00	-
Q3 2025	IQV IQVIA Holdings, Inc.	IQVIA Holdings, Inc.	Sell	-2,742	-5.5%	$8.91M	46,900
Q3 2025	IT Gartner, Inc.	Gartner, Inc.	Sell - Position Exit	-5,700	-100.0%	$0.00	-
Q3 2025	LAMR Lamar Advertising Company	Lamar Advertising Company	Buy	+12,000	+7.6%	$20.81M	170,000
Q3 2025	LIN Linde plc	Linde plc	Buy	+6,250	+3.3%	$91.60M	192,850
Q3 2025	LOW Lowe's Companies, Inc.	Lowe's Companies, Inc.	Buy	+9,500	+1.3%	$182.63M	726,730
Q3 2025	LPLA LPL Financial Holdings Inc.	LPL Financial Holdings Inc.	Buy	+8,717	+1.6%	$184.08M	553,321
Q3 2025	MAR Marriott International	Marriott International	Buy	+13,000	+21.6%	$19.08M	73,250
Q3 2025	MMC Marsh & McLennan Companies, Inc	Marsh & McLennan Companies, Inc	Buy	+6,250	+0.8%	$152.16M	755,000