管理人记录 · ✦ 精选 · 已归档季度

Markel Group

Insurance holding company · Glen Allen, VA · CIK 1096343 · EDGAR 文件 ↗

Buffett-style equity book inside an insurer.

Q2 2026 Q1 2026 Q4 2025 Q3 2025 Q2 2025 Q1 2025 Q4 2024 Q3 2024 Q2 2024 差异 ⇄

$11.11B13F报告持仓市值

216持仓明细

39.2%前十大权重

40.90有效持仓

2.3%预计换手率

+5新增

−5清仓

申报的13F投资组合价值仅涵盖美国应申报多头仓位，不含现金、债券、空头仓位或非美国持仓，不等同于管理规模。

各季度报告持仓市值 Q2 2024 → Q2 2026

板块敞口

金融服务 44.2% (+1.6pp)

工业 14.5% (+0.5pp)

可选消费 11.5% (+0.3pp)

科技 9.7% (-0.4pp)

通信服务 8.9% (-1.1pp)

必选消费 4.6% (-0.4pp)

医疗保健 3.9% (-0.6pp)

基础材料 2.5% (+0.1pp)

房地产 0.3% (+0.1pp)

占已申报普通股权益价值的比例；（±pp）较上一季度。

持仓组合 · Q3 2024

#	证券	权重	价值	股份	Δ股份		持有
1	BRK-A Berkshire Hathaway Inc.	6.9%	$769.97M	1.11K	0.0%	Held	2
2	BRK-B Berkshire Hathaway Inc.	6.3%	$705.10M	1.53M	0.0%	Held	2
3	BN Brookfield Corporation	4.2%	$463.24M	8.72M	0.0%	Held	2
4	GOOG Alphabet Inc.	4.1%	$459.75M	2.75M	0.0%	Held	2
5	AMZN Amazon.com, Inc.	3.4%	$378.39M	2.03M	0.0%	Held	2
6	HD The Home Depot, Inc.	3.4%	$372.78M	920.00K	0.0%	Held	2
7	DE Deere & Company	3.3%	$362.70M	869.10K	+2.8%	▲ Add	2
8	WSO Watsco, Inc.	2.6%	$286.52M	582.50K	+2.0%	▲ Add	2
9	AAPL Apple Inc.	2.6%	$285.96M	1.23M	0.0%	Held	2
10	V Visa Inc.	2.5%	$274.75M	999.28K	0.0%	Held	2
11	ADI Analog Devices, Inc.	2.4%	$268.76M	1.17M	0.0%	Held	2
12	NVO Novo Nordisk A/S	2.3%	$256.00M	2.15M	0.0%	Held	2
13	MSFT Microsoft Corporation	2.0%	$221.60M	514.98K	+1.5%	▲ Add	2
14	BLK BlackRock, Inc.	1.9%	$209.08M	220.20K	0.0%	Held	2
15	DIS The Walt Disney Company	1.8%	$195.43M	2.03M	0.0%	Held	2
16	DEO Diageo plc	1.7%	$191.80M	1.37M	0.0%	Held	2
17	PGR The Progressive Corporation	1.7%	$191.27M	753.75K	0.0%	Held	2
18	KKR KKR & Co. Inc.	1.7%	$189.58M	1.45M	0.0%	Held	2
19	BX Blackstone Inc.	1.7%	$188.20M	1.23M	0.0%	Held	2
20	LOW Lowe's Companies, Inc.	1.7%	$187.02M	690.48K	+2.1%	▲ Add	2
21	RLI RLI Corp.	1.7%	$185.55M	1.20M	0.0%	Held	2
22	GS The Goldman Sachs Group…	1.6%	$177.92M	359.36K	0.0%	Held	2
23	MRSH Marsh & McLennan Companies…	1.5%	$161.18M	722.50K	+2.3%	▲ Add	2
24	META Meta Platforms, Inc.	1.4%	$157.55M	275.23K	+1.6%	▲ Add	2
25	TXN Texas Instruments…	1.3%	$149.56M	724.00K	0.0%	Held	2
26	AXP American Express Company	1.2%	$131.33M	484.25K	0.0%	Held	2
27	APO Apollo Global Management…	1.1%	$126.47M	1.01M	0.0%	Held	2
28	CAT Caterpillar Inc.	1.1%	$124.67M	318.75K	+2.3%	▲ Add	2
29	LPLA LPL Financial Holdings Inc.	1.1%	$121.06M	520.40K	+8.0%	▲ Add	2
30	GD General Dynamics Corporation	1.1%	$118.16M	391.00K	0.0%	Held	2
31	NVR NVR, Inc.	1.0%	$114.84M	11.70K	+1.5%	▲ Add	2
32	BAM Brookfield Asset Management…	0.9%	$103.75M	2.19M	0.0%	Held	2
33	MA Mastercard Incorporated	0.9%	$102.48M	207.54K	0.0%	Held	2
34	MCO Moody's Corporation	0.9%	$101.51M	213.89K	0.0%	Held	2
35	JNJ Johnson & Johnson	0.9%	$98.99M	610.80K	0.0%	Held	2
36	GOOGL Alphabet Inc.	0.8%	$92.05M	555.00K	0.0%	Held	2
37	SCHW The Charles Schwab…	0.8%	$87.55M	1.35M	-1.2%	▼ Trim	2
38	ADM Archer-Daniels-Midland…	0.8%	$87.42M	1.46M	0.0%	Held	2
39	ITW Illinois Tool Works Inc.	0.8%	$85.83M	327.50K	0.0%	Held	2
40	MSCI MSCI Inc.	0.7%	$83.27M	142.85K	0.0%	Held	2
41	SPGI S&P Global Inc.	0.7%	$77.85M	150.69K	0.0%	Held	2
42	HEI-A HEICO Corporation	0.7%	$77.36M	379.64K	0.0%	Held	2
43	LIN Linde plc	0.7%	$73.91M	155.00K	+8.0%	▲ Add	2
44	ROL Rollins, Inc.	0.7%	$73.51M	1.45M	+1.0%	▲ Add	2
45	ECL Ecolab Inc.	0.6%	$70.04M	274.30K	0.0%	Held	2
46	DG Dollar General Corporation	0.6%	$62.77M	742.25K	+6.5%	▲ Add	2
47	ODFL Old Dominion Freight Line…	0.5%	$58.60M	295.00K	+5.5%	▲ Add	2
48	SBUX Starbucks Corporation	0.5%	$58.53M	600.32K	+5.6%	▲ Add	2
49	CG The Carlyle Group Inc.	0.5%	$57.14M	1.33M	0.0%	Held	2
50	NSC Norfolk Southern Corporation	0.5%	$57.03M	229.50K	0.0%	Held	2
51	ACN Accenture plc	0.5%	$56.34M	159.40K	0.0%	Held	2
52	FDS FactSet Research Systems…	0.5%	$53.67M	116.72K	0.0%	Held	2
53	FDX FedEx Corporation	0.5%	$53.37M	195.00K	+7.7%	▲ Add	2
54	JPM JPMorgan Chase & Co.	0.5%	$53.25M	252.55K	0.0%	Held	2
55	ITIC INVESTORS TITLE CO NC	0.4%	$49.02M	213.30K	0.0%	Held	2
56	TSN Tyson Foods, Inc.	0.4%	$47.02M	789.50K	+0.5%	▲ Add	2
57	CMCSA Comcast Corporation	0.4%	$45.16M	1.08M	0.0%	Held	2
58	FNV Franco-Nevada Corporation	0.4%	$42.93M	345.50K	+41.0%	▲ Add	2
59	ROK Rockwell Automation, Inc.	0.4%	$41.58M	154.90K	0.0%	Held	2
60	AON Aon plc	0.4%	$41.57M	120.15K	+5.4%	▲ Add	2
61	BF-A BROWN FORMAN CORP	0.4%	$40.53M	843.00K	0.0%	Held	2
62	MMM 3M Company	0.4%	$40.16M	293.75K	0.0%	Held	2
63	VRSK Verisk Analytics, Inc.	0.3%	$38.84M	144.95K	+8.4%	▲ Add	2
64	NKE NIKE, Inc.	0.3%	$37.91M	428.90K	+10.3%	▲ Add	2
65	THG The Hanover Insurance…	0.3%	$37.62M	254.00K	+5.8%	▲ Add	2
66	SHW The Sherwin-Williams Company	0.3%	$35.94M	94.17K	0.0%	Held	2
67	COST Costco Wholesale Corporation	0.3%	$34.71M	39.15K	0.0%	Held	2
68	TROW T. Rowe Price Group, Inc.	0.3%	$34.20M	314.00K	0.0%	Held	2
69	LMT Lockheed Martin Corporation	0.3%	$32.95M	56.36K	0.0%	Held	2
70	HGTY Hagerty, Inc.	0.3%	$30.51M	3.00M	-15.2%	▼ Trim	2
71	ALL The Allstate Corporation	0.3%	$29.31M	154.55K	0.0%	Held	2
72	RTX RTX Corporation	0.2%	$27.14M	224.00K	0.0%	Held	2
73	BF-B Brown-Forman Corporation	0.2%	$23.33M	474.19K	0.0%	Held	2
74	TMO Thermo Fisher Scientific…	0.2%	$21.90M	35.40K	+20.4%	▲ Add	2
75	YUM Yum! Brands, Inc.	0.2%	$21.86M	156.50K	+80.9%	▲ Add	2
76	EFX Equifax Inc.	0.2%	$21.41M	72.85K	-25.6%	▼ Trim	2
77	UNP Union Pacific Corporation	0.2%	$21.14M	85.78K	0.0%	Held	2
78	URI United Rentals, Inc.	0.2%	$21.01M	25.95K	+17.9%	▲ Add	2
79	CABO Cable One, Inc.	0.2%	$21.00M	60.05K	+11.6%	▲ Add	2
80	TGT Target Corporation	0.2%	$20.73M	133.00K	0.0%	Held	2
81	HCA HCA Healthcare, Inc.	0.2%	$20.70M	50.93K	+45.1%	▲ Add	2
82	PAYX Paychex, Inc.	0.2%	$20.13M	150.00K	0.0%	Held	2
83	RNR RenaissanceRe Holdings Ltd.	0.2%	$19.07M	70.00K	0.0%	Held	2
84	CARR Carrier Global Corporation	0.2%	$18.92M	235.00K	0.0%	Held	2
85	CSCO Cisco Systems, Inc.	0.2%	$18.20M	342.00K	0.0%	Held	2
86	CCK Crown Holdings, Inc.	0.2%	$18.17M	189.50K	0.0%	Held	2
87	WHR Whirlpool Corporation	0.2%	$16.87M	157.62K	-44.1%	▼ Trim	2
88	FERG Ferguson plc	0.2%	$16.78M	84.50K	新增	New	1
89	PEP PepsiCo, Inc.	0.1%	$16.36M	96.21K	0.0%	Held	2
90	APD Air Products and Chemicals…	0.1%	$15.48M	52.00K	+36.8%	▲ Add	2
91	CHH Choice Hotels…	0.1%	$15.05M	115.50K	+4.5%	▲ Add	2
92	LAMR Lamar Advertising Company	0.1%	$14.83M	111.00K	+18.1%	▲ Add	2
93	SMG The Scotts Miracle-Gro…	0.1%	$14.57M	168.00K	0.0%	Held	2
94	UNH UnitedHealth Group…	0.1%	$14.07M	24.06K	+15.6%	▲ Add	2
95	IQV IQVIA Holdings Inc.	0.1%	$13.92M	58.73K	0.0%	Held	2
96	PM Philip Morris International…	0.1%	$13.90M	114.50K	0.0%	Held	2
97	COF Capital One Financial…	0.1%	$13.63M	91.00K	0.0%	Held	2
98	AMT American Tower Corporation	0.1%	$12.07M	51.91K	0.0%	Held	2
99	SEIC SEI Investments Company	0.1%	$11.98M	173.20K	0.0%	Held	2
100	OTIS Otis Worldwide Corporation	0.1%	$11.91M	114.62K	0.0%	Held	2
101	HXL Hexcel Corporation	0.1%	$11.69M	189.00K	0.0%	Held	2
102	GPK Graphic Packaging Holding…	0.1%	$11.68M	394.73K	+17.9%	▲ Add	2
103	WFC Wells Fargo & Company	0.1%	$11.55M	204.45K	0.0%	Held	2
104	OI O-I Glass, Inc.	0.1%	$10.68M	814.10K	+20.8%	▲ Add	2
105	TRU TransUnion	0.1%	$10.58M	101.05K	0.0%	Held	2
106	CE Celanese Corporation	0.1%	$10.58M	77.80K	0.0%	Held	2
107	KMX CarMax, Inc.	0.1%	$10.56M	136.50K	0.0%	Held	2
108	SPOT Spotify Technology S.A.	0.1%	$9.54M	25.90K	0.0%	Held	2
109	MAR Marriott International, Inc.	0.1%	$8.95M	36.00K	+63.6%	▲ Add	2
110	BNY Bank of New York Mellon Corp	0.1%	$8.73M	121.50K	0.0%	Held	2
111	EMN Eastman Chemical Company	0.1%	$8.39M	74.95K	0.0%	Held	2
112	SHOP Shopify Inc.	0.1%	$8.23M	102.75K	0.0%	Held	2
113	HSY The Hershey Company	0.1%	$6.90M	36.00K	+67.4%	▲ Add	2
114	UBER Uber Technologies, Inc.	0.1%	$6.61M	88.00K	+23.9%	▲ Add	2
115	SONY Sony Group Corporation	0.1%	$6.47M	67.00K	0.0%	Held	2
116	NSP Insperity, Inc.	0.1%	$6.17M	70.14K	+32.6%	▲ Add	2
117	FIX Comfort Systems USA, Inc.	0.0%	$5.07M	13.00K	0.0%	Held	2
118	GHC Graham Holdings Company	0.0%	$4.27M	5.20K	0.0%	Held	2
119	BALL Ball Corporation	0.0%	$3.46M	51.00K	0.0%	Held	2
120	WRB W. R. Berkley Corporation	0.0%	$3.45M	60.75K	+50.0%	▲ Add	2
121	IT Gartner, Inc.	0.0%	$2.89M	5.70K	0.0%	Held	2
122	WTW Willis Towers Watson Public…	0.0%	$2.54M	8.63K	0.0%	Held	2
123	ABNB Airbnb, Inc.	0.0%	$2.43M	19.15K	新增	New	1
124	DPZ Domino's Pizza, Inc.	0.0%	$1.94M	4.50K	新增	New	1
125	INTU Intuit Inc.	0.0%	$1.69M	2.72K	0.0%	Held	2
126	CSGP CoStar Group, Inc.	0.0%	$1.40M	18.60K	0.0%	Held	2
127	EL The Estée Lauder Companies…	0.0%	$1.40M	14.00K	新增	New	1
128	DNB DUN & BRADSTREET HLDGS INC	0.0%	$1.32M	115.00K	0.0%	Held	2
129	BC Brunswick Corporation	0.0%	$1.17M	14.00K	新增	New	1
130	ICE Intercontinental Exchange…	0.0%	$822,477	5.12K	0.0%	Held	2
131	BUD Anheuser-Busch InBev SA/NV	0.0%	$729,190	11.00K	0.0%	Held	2
132	SOLV Solventum Corporation	0.0%	$52,290	750	-99.0%	▼ Trim	2

仅含普通股（SH）持仓；期权行显示于"期权"标签页，且不作净额处理。✂ = 变动基于拆股调整后的前期持股数计算。"持有 N+ 季度"= 在我们的数据窗口内每季度均有持仓，实际持有时间可能更长。

证券	股份	上期	变动	价值	权重
FERG Ferguson plc	84.50K	n/a	新增	$16.78M	0.2%
ABNB Airbnb, Inc.	19.15K	n/a	新增	$2.43M	0.0%
DPZ Domino's Pizza, Inc.	4.50K	n/a	新增	$1.94M	0.0%
EL The Estée Lauder…	14.00K	n/a	新增	$1.40M	0.0%
BC Brunswick Corporation	14.00K	n/a	新增	$1.17M	0.0%

证券	股份	上期	变动	价值	权重
DE Deere & Company	869.10K	845.35K	+2.8%	$362.70M	3.3%
WSO Watsco, Inc.	582.50K	571.25K	+2.0%	$286.52M	2.6%
MSFT Microsoft Corporation	514.98K	507.48K	+1.5%	$221.60M	2.0%
LOW Lowe's Companies, Inc.	690.48K	675.98K	+2.1%	$187.02M	1.7%
MRSH Marsh & McLennan…	722.50K	706.50K	+2.3%	$161.18M	1.5%
META Meta Platforms, Inc.	275.23K	270.98K	+1.6%	$157.55M	1.4%
LPLA LPL Financial Holdings…	520.40K	481.79K	+8.0%	$121.06M	1.1%
CAT Caterpillar Inc.	318.75K	311.50K	+2.3%	$124.67M	1.1%
NVR NVR, Inc.	11.70K	11.53K	+1.5%	$114.84M	1.0%
DG Dollar General…	742.25K	697.25K	+6.5%	$62.77M	0.6%
LIN Linde plc	155.00K	143.50K	+8.0%	$73.91M	0.7%
ROL Rollins, Inc.	1.45M	1.44M	+1.0%	$73.51M	0.7%
ODFL Old Dominion Freight…	295.00K	279.50K	+5.5%	$58.60M	0.5%
SBUX Starbucks Corporation	600.32K	568.32K	+5.6%	$58.53M	0.5%
FDX FedEx Corporation	195.00K	181.00K	+7.7%	$53.37M	0.5%
TSN Tyson Foods, Inc.	789.50K	785.50K	+0.5%	$47.02M	0.4%
FNV Franco-Nevada…	345.50K	245.00K	+41.0%	$42.93M	0.4%
AON Aon plc	120.15K	113.95K	+5.4%	$41.57M	0.4%
VRSK Verisk Analytics, Inc.	144.95K	133.70K	+8.4%	$38.84M	0.3%
NKE NIKE, Inc.	428.90K	388.90K	+10.3%	$37.91M	0.3%
THG The Hanover Insurance…	254.00K	240.00K	+5.8%	$37.62M	0.3%
TMO Thermo Fisher…	35.40K	29.40K	+20.4%	$21.90M	0.2%
YUM Yum! Brands, Inc.	156.50K	86.50K	+80.9%	$21.86M	0.2%
URI United Rentals, Inc.	25.95K	22.00K	+17.9%	$21.01M	0.2%
CABO Cable One, Inc.	60.05K	53.80K	+11.6%	$21.00M	0.2%
HCA HCA Healthcare, Inc.	50.93K	35.10K	+45.1%	$20.70M	0.2%
APD Air Products and…	52.00K	38.00K	+36.8%	$15.48M	0.1%
CHH Choice Hotels…	115.50K	110.50K	+4.5%	$15.05M	0.1%
LAMR Lamar Advertising…	111.00K	94.00K	+18.1%	$14.83M	0.1%
UNH UnitedHealth Group…	24.06K	20.81K	+15.6%	$14.07M	0.1%
GPK Graphic Packaging…	394.73K	334.73K	+17.9%	$11.68M	0.1%
OI O-I Glass, Inc.	814.10K	674.10K	+20.8%	$10.68M	0.1%
MAR Marriott International…	36.00K	22.00K	+63.6%	$8.95M	0.1%
HSY The Hershey Company	36.00K	21.50K	+67.4%	$6.90M	0.1%
UBER Uber Technologies, Inc.	88.00K	71.00K	+23.9%	$6.61M	0.1%
NSP Insperity, Inc.	70.14K	52.91K	+32.6%	$6.17M	0.1%
WRB W. R. Berkley…	60.75K	40.50K	+50.0%	$3.45M	0.0%

证券	股份	上期	变动	价值	权重
SCHW The Charles Schwab…	1.35M	1.37M	-1.2%	$87.55M	0.8%
HGTY Hagerty, Inc.	3.00M	3.54M	-15.2%	$30.51M	0.3%
WHR Whirlpool Corporation	157.62K	282.05K	-44.1%	$16.87M	0.2%
EFX Equifax Inc.	72.85K	97.85K	-25.6%	$21.41M	0.2%
SOLV Solventum Corporation	750	73.44K	-99.0%	$52,290	0.0%

证券	股份	上期	变动	价值	权重
GSM Ferroglobe PLC	n/a	70.50K	退出	$13.65M	0.1%
EA Electronic Arts Inc.	n/a	49.80K	退出	$6.94M	0.1%
CBRL Cracker Barrel Old…	n/a	111.00K	退出	$4.68M	0.0%
CVS CVS Health Corp.	n/a	47.00K	退出	$2.78M	0.0%
ULS UL Solutions Inc.	n/a	36.00K	退出	$1.52M	0.0%

持仓持有时长

50–1 季度

1272–4 季度

当前各持仓在我们数据窗口内已连续报告的季度数。

相似管理人

管理人	共同持仓	名称重叠	加权相似度
First Manhattan Co. Llc.	88	11.3%	0.5431	对比 ⇄
Fayez Sarofim & Co	77	21.9%	0.4651	对比 ⇄
Blair William & Co/Il	121	6.2%	0.4471	对比 ⇄
Baird Financial Group, Inc.	115	6.0%	0.443	对比 ⇄
Neuberger Berman Group LLC	129	5.7%	0.4397	对比 ⇄
Chevy Chase Trust Holdings, LLC	102	15.1%	0.4098	对比 ⇄
Brown Advisory Inc	118	8.2%	0.4098	对比 ⇄
Aberdeen Group plc	102	10.7%	0.4012	对比 ⇄

仅基于已申报多头仓位的相似度分析，对冲头寸及非13F资产不可见。方法论

申报记录

Jul 31 2026 13F-HR · 期间 Q2 2026

$13.13B · 205 持仓条目数 · 查看 SEC 原始申报文件 ↗

May 01 2026 13F-HR · 期间 Q1 2026

$11.94B · 205 持仓条目数 · 查看 SEC 原始申报文件 ↗

Feb 06 2026 13F-HR · 期间 Q4 2025

$12.54B · 205 持仓条目数 · 查看 SEC 原始申报文件 ↗

Oct 31 2025 13F-HR · 期间 Q3 2025

$12.32B · 208 持仓条目数 · 查看 SEC 原始申报文件 ↗

Aug 01 2025 13F-HR · 期间 Q2 2025

$11.83B · 218 持仓条目数 · 查看 SEC 原始申报文件 ↗

May 02 2025 13F-HR · 期间 Q1 2025

$11.26B · 217 持仓条目数 · 查看 SEC 原始申报文件 ↗

Feb 07 2025 13F-HR · 期间 Q4 2024

$11.34B · 214 持仓条目数 · 查看 SEC 原始申报文件 ↗

Nov 01 2024 13F-HR · 期间 Q3 2024

$11.11B · 216 持仓条目数 · 查看 SEC 原始申报文件 ↗

Aug 02 2024 13F-HR · 期间 Q2 2024

$10.17B · 222 持仓条目数 · 查看 SEC 原始申报文件 ↗

数据来源: 本管理人 13F 信息表（SEC EDGAR）中解析的全部持仓；数值按申报原值列示，单位为美元整数。变动比较各季度最新已接受版本（含修正案），股份数量已按拆股调整。报告期: Q3 2024 · 最新申报文件 Jul 31, 2026 · 变动方法论

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Markel Group