運用会社レコード · ✦ 厳選 · アーカイブ済み四半期

Markel Group

Insurance holding company · Glen Allen, VA · CIK 1096343 · EDGARファイリング ↗

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 差分 ⇄

$12.32B報告済み13F評価額

208ポジション

40.9%トップ10ウェイト

39.00実効保有

3.1%推定回転率

+3新規

−11解消銘柄

報告された13Fポートフォリオ価値は、米国の報告対象ロングポジションのみを対象とし、現金、債券、ショートポジションまたは米国外保有資産は含まれません。運用資産残高（AUM）ではありません。

四半期別報告済み評価額 Q2 2024 → Q2 2026

セクターエクスポージャー

金融サービス 45.8% (-0.7pp)

資本財・サービス 13.9% (-0.4pp)

消費者循環株 10.7% (+0.0pp)

コミュニケーション・サービス 10.6% (+1.2pp)

テクノロジー 9.5% (+0.1pp)

消費者ディフェンシブ 3.8% (-0.3pp)

素材 3.0% (+0.2pp)

ヘルスケア 2.6% (-0.1pp)

不動産 0.2% (+0.0pp)

エネルギー 0.0%

報告済み普通株式価値に占める比率；（±pp）前四半期比。

ポートフォリオ · Q3 2025

#	有価証券	ウェイト	時価	株数	Δ株式数		保有中
1	BRK-A Berkshire Hathaway Inc.	6.8%	$840.18M	1.11K	0.0%	Held	6
2	BRK-B Berkshire Hathaway Inc.	6.3%	$770.18M	1.53M	0.0%	Held	6
3	GOOG Alphabet Inc.	5.4%	$669.73M	2.75M	0.0%	Held	6
4	BN Brookfield Corporation	4.9%	$597.73M	8.72M	0.0%	Held	6
5	AMZN Amazon.com, Inc.	3.6%	$445.89M	2.03M	0.0%	Held	6
6	DE Deere & Company	3.3%	$401.43M	877.90K	0.0%	Held	6
7	HD The Home Depot, Inc.	3.0%	$372.77M	920.00K	0.0%	Held	6
8	V Visa Inc.	2.8%	$341.14M	999.28K	0.0%	Held	6
9	AAPL Apple Inc.	2.5%	$312.50M	1.23M	0.0%	Held	6
10	ADI Analog Devices, Inc.	2.3%	$286.90M	1.17M	0.0%	Held	6
11	GS The Goldman Sachs Group…	2.3%	$286.18M	359.36K	0.0%	Held	6
12	MSFT Microsoft Corporation	2.2%	$275.59M	532.08K	+0.9%	▲ Add	6
13	BLK BlackRock, Inc.	2.1%	$256.72M	220.20K	0.0%	Held	6
14	DIS The Walt Disney Company	1.9%	$232.63M	2.03M	0.0%	Held	6
15	WSO Watsco, Inc.	1.9%	$228.50M	565.17K	0.0%	Held	6
16	BX Blackstone Inc.	1.7%	$209.97M	1.23M	0.0%	Held	6
17	META Meta Platforms, Inc.	1.7%	$205.83M	280.28K	0.0%	Held	6
18	KKR KKR & Co. Inc.	1.5%	$188.66M	1.45M	0.0%	Held	6
19	PGR The Progressive Corporation	1.5%	$186.14M	753.75K	0.0%	Held	6
20	LPLA LPL Financial Holdings Inc.	1.5%	$184.08M	553.32K	+1.6%	▲ Add	6
21	LOW Lowe's Companies, Inc.	1.5%	$182.63M	726.73K	+1.3%	▲ Add	6
22	AXP American Express Company	1.3%	$160.85M	484.25K	0.0%	Held	6
23	CAT Caterpillar Inc.	1.3%	$156.82M	328.65K	0.0%	Held	6
24	RLI RLI Corp.	1.3%	$156.17M	2.39M	0.0%	Held	6
25	MRSH Marsh & McLennan Companies…	1.2%	$152.16M	755.00K	+0.8%	▲ Add	6
26	GOOGL Alphabet Inc.	1.1%	$139.05M	572.00K	0.0%	Held	6
27	FNV Franco-Nevada Corporation	1.1%	$134.97M	605.50K	+6.3%	▲ Add	6
28	APO Apollo Global Management…	1.1%	$134.94M	1.01M	0.0%	Held	6
29	GD General Dynamics Corporation	1.1%	$133.33M	391.00K	0.0%	Held	6
30	TXN Texas Instruments…	1.1%	$133.02M	724.00K	0.0%	Held	6
31	NVO Novo Nordisk A/S	1.1%	$131.44M	2.37M	+4.9%	▲ Add	6
32	DEO Diageo plc	1.1%	$130.42M	1.37M	0.0%	Held	6
33	SCHW The Charles Schwab…	1.1%	$130.30M	1.36M	0.0%	Held	6
34	BAM Brookfield Asset Management…	1.0%	$124.92M	2.19M	0.0%	Held	6
35	MA Mastercard Incorporated	1.0%	$118.05M	207.54K	0.0%	Held	6
36	JNJ Johnson & Johnson	0.9%	$113.25M	610.80K	0.0%	Held	6
37	MCO Moody's Corporation	0.8%	$101.91M	213.89K	0.0%	Held	6
38	HEI-A HEICO Corporation	0.8%	$96.46M	379.64K	0.0%	Held	6
39	NVR NVR, Inc.	0.8%	$95.59M	11.90K	0.0%	Held	6
40	LIN Linde plc	0.7%	$91.60M	192.85K	+3.4%	▲ Add	6
41	ADM Archer-Daniels-Midland…	0.7%	$89.96M	1.51M	-4.3%	▼ Trim	6
42	DG Dollar General Corporation	0.7%	$89.84M	869.25K	0.0%	Held	6
43	ROL Rollins, Inc.	0.7%	$86.69M	1.48M	+0.4%	▲ Add	6
44	ITW Illinois Tool Works Inc.	0.7%	$85.40M	327.50K	0.0%	Held	6
45	CG The Carlyle Group Inc.	0.7%	$83.20M	1.33M	0.0%	Held	6
46	MSCI MSCI Inc.	0.7%	$81.05M	142.85K	0.0%	Held	6
47	JPM JPMorgan Chase & Co.	0.6%	$79.66M	252.55K	0.0%	Held	6
48	NSC Norfolk Southern Corporation	0.6%	$77.06M	256.50K	+8.5%	▲ Add	6
49	ECL Ecolab Inc.	0.6%	$75.12M	274.30K	0.0%	Held	6
50	SPGI S&P Global Inc.	0.6%	$73.34M	150.69K	0.0%	Held	6
51	ITIC INVESTORS TITLE CO NC	0.5%	$57.13M	213.30K	0.0%	Held	6
52	ROK Rockwell Automation, Inc.	0.4%	$54.14M	154.90K	0.0%	Held	6
53	SBUX Starbucks Corporation	0.4%	$52.78M	623.82K	0.0%	Held	6
54	THG The Hanover Insurance…	0.4%	$51.04M	281.00K	0.0%	Held	6
55	ODFL Old Dominion Freight Line…	0.4%	$50.50M	358.75K	+4.8%	▲ Add	6
56	FDX FedEx Corporation	0.4%	$50.23M	213.00K	0.0%	Held	6
57	AON Aon plc	0.4%	$46.28M	129.80K	0.0%	Held	6
58	TSN Tyson Foods, Inc.	0.4%	$46.07M	848.50K	+4.0%	▲ Add	6
59	ACN Accenture plc	0.3%	$39.31M	159.40K	0.0%	Held	6
60	VRSK Verisk Analytics, Inc.	0.3%	$39.22M	155.95K	0.0%	Held	6
61	RTX RTX Corporation	0.3%	$37.48M	224.00K	0.0%	Held	6
62	HGTY Hagerty, Inc.	0.3%	$37.45M	3.11M	0.0%	Held	6
63	COST Costco Wholesale Corporation	0.3%	$36.24M	39.15K	0.0%	Held	6
64	YUM Yum! Brands, Inc.	0.3%	$34.42M	226.45K	0.0%	Held	6
65	FDS FactSet Research Systems…	0.3%	$33.44M	116.72K	0.0%	Held	6
66	ALL The Allstate Corporation	0.3%	$33.17M	154.55K	0.0%	Held	6
67	FERG Ferguson plc	0.3%	$33.01M	147.00K	+9.3%	▲ Add	5
68	SHW The Sherwin-Williams Company	0.3%	$32.61M	94.17K	0.0%	Held	6
69	TROW T. Rowe Price Group, Inc.	0.3%	$32.23M	314.00K	0.0%	Held	6
70	HCA HCA Healthcare, Inc.	0.3%	$32.06M	75.21K	+9.1%	▲ Add	6
71	NKE NIKE, Inc.	0.3%	$31.20M	447.40K	0.0%	Held	6
72	LMT Lockheed Martin Corporation	0.3%	$31.08M	62.26K	0.0%	Held	6
73	CMCSA Comcast Corporation	0.2%	$30.22M	961.88K	0.0%	Held	6
74	UNP Union Pacific Corporation	0.2%	$29.97M	126.78K	+30.3%	▲ Add	6
75	URI United Rentals, Inc.	0.2%	$29.74M	31.15K	0.0%	Held	6
76	ABNB Airbnb, Inc.	0.2%	$27.58M	227.13K	+7.1%	▲ Add	5
77	TMO Thermo Fisher Scientific…	0.2%	$27.06M	55.80K	+12.6%	▲ Add	6
78	CSCO Cisco Systems, Inc.	0.2%	$24.32M	355.50K	+1.7%	▲ Add	6
79	BF-A BROWN FORMAN CORP	0.2%	$22.69M	843.00K	0.0%	Held	6
80	LAMR Lamar Advertising Company	0.2%	$20.81M	170.00K	+7.6%	▲ Add	6
81	COF Capital One Financial…	0.2%	$19.34M	91.00K	0.0%	Held	6
82	MAR Marriott International, Inc.	0.2%	$19.08M	73.25K	+21.6%	▲ Add	6
83	PAYX Paychex, Inc.	0.2%	$19.01M	150.00K	0.0%	Held	6
84	EFX Equifax Inc.	0.2%	$18.69M	72.85K	0.0%	Held	6
85	PM Philip Morris International…	0.2%	$18.57M	114.50K	0.0%	Held	6
86	CCK Crown Holdings, Inc.	0.1%	$18.30M	189.50K	0.0%	Held	6
87	SPOT Spotify Technology S.A.	0.1%	$18.08M	25.90K	0.0%	Held	6
88	RNR RenaissanceRe Holdings Ltd.	0.1%	$17.78M	70.00K	0.0%	Held	6
89	APD Air Products and Chemicals…	0.1%	$17.73M	65.00K	0.0%	Held	6
90	WFC Wells Fargo & Company	0.1%	$17.14M	204.45K	0.0%	Held	6
91	SHOP Shopify Inc.	0.1%	$15.27M	102.75K	0.0%	Held	6
92	SEIC SEI Investments Company	0.1%	$14.70M	173.20K	0.0%	Held	6
93	CARR Carrier Global Corporation	0.1%	$14.03M	235.00K	0.0%	Held	6
94	PEP PepsiCo, Inc.	0.1%	$13.51M	96.21K	0.0%	Held	6
95	BNY Bank of New York Mellon Corp	0.1%	$13.24M	121.50K	0.0%	Held	6
96	BF-B Brown-Forman Corporation	0.1%	$12.84M	474.19K	0.0%	Held	6
97	CHH Choice Hotels…	0.1%	$12.35M	115.50K	0.0%	Held	6
98	UBER Uber Technologies, Inc.	0.1%	$12.10M	123.50K	0.0%	Held	6
99	TGT Target Corporation	0.1%	$11.93M	133.00K	0.0%	Held	6
100	HXL Hexcel Corporation	0.1%	$11.85M	189.00K	0.0%	Held	6
101	FIX Comfort Systems USA, Inc.	0.1%	$10.73M	13.00K	0.0%	Held	6
102	OTIS Otis Worldwide Corporation	0.1%	$10.48M	114.62K	0.0%	Held	6
103	HSY The Hershey Company	0.1%	$10.19M	54.50K	0.0%	Held	6
104	CSX CSX Corporation	0.1%	$10.12M	285.00K	+338.5%	▲ Add	2
105	SONY Sony Group Corporation	0.1%	$9.64M	335.00K	0.0%	Held	6
106	SMG The Scotts Miracle-Gro…	0.1%	$9.57M	168.00K	0.0%	Held	6
107	UNH UnitedHealth Group…	0.1%	$9.15M	26.50K	0.0%	Held	6
108	IQV IQVIA Holdings Inc.	0.1%	$8.91M	46.90K	-5.5%	▼ Trim	6
109	CME CME Group Inc.	0.1%	$8.65M	32.00K	+42.2%	▲ Add	4
110	TRU TransUnion	0.1%	$8.47M	101.05K	0.0%	Held	6
111	CBOE Cboe Global Markets, Inc.	0.1%	$6.99M	28.50K	+50.0%	▲ Add	3
112	NSP Insperity, Inc.	0.1%	$6.48M	131.73K	0.0%	Held	6
113	KMX CarMax, Inc.	0.1%	$6.12M	136.50K	0.0%	Held	6
114	GHC Graham Holdings Company	0.1%	$6.12M	5.20K	0.0%	Held	6
115	HII Huntington Ingalls…	0.0%	$5.90M	20.50K	0.0%	Held	4
116	AMAT Applied Materials, Inc.	0.0%	$5.37M	26.25K	+59.1%	▲ Add	2
117	ADBE Adobe Inc.	0.0%	$4.94M	14.00K	0.0%	Held	2
118	EMN Eastman Chemical Company	0.0%	$4.73M	74.95K	0.0%	Held	6
119	WRB W. R. Berkley Corporation	0.0%	$4.65M	60.75K	0.0%	Held	6
120	EXP Eagle Materials Inc.	0.0%	$3.44M	14.75K	+63.9%	▲ Add	3
121	AYI Acuity Brands, Inc.	0.0%	$3.36M	9.75K	0.0%	Held	4
122	MGM MGM Resorts International	0.0%	$3.03M	87.50K	0.0%	Held	4
123	SYY Sysco Corporation	0.0%	$2.51M	30.50K	+27.1%	▲ Add	3
124	DPZ Domino's Pizza, Inc.	0.0%	$2.37M	5.50K	0.0%	Held	5
125	CNI Canadian National Railway…	0.0%	$2.36M	25.00K	新規	New	1
126	CP Canadian Pacific Kansas…	0.0%	$2.31M	31.00K	新規	New	1
127	BC Brunswick Corporation	0.0%	$2.12M	33.50K	+13.6%	▲ Add	5
128	ICE Intercontinental Exchange…	0.0%	$946,858	5.62K	+9.8%	▲ Add	6
129	XONA.DE Exxon Mobil Corporation	0.0%	$338,250	3.00K	新規	New	1

普通株（SH）ポジションのみ。オプション行はオプションタブに表示され、ネットアウトはされない。✂ = 分割調整済み前回株数との比較で算出した変化。「Held N+」= 当社データウィンドウ内の全四半期で保有、実際の保有期間はさらに長い可能性あり。

有価証券	株数	前期	変化	時価	ウェイト
CNI Canadian National…	25.00K	n/a	新規	$2.36M	0.0%
CP Canadian Pacific Kansas…	31.00K	n/a	新規	$2.31M	0.0%
XONA.DE Exxon Mobil Corporation	3.00K	n/a	新規	$338,250	0.0%

有価証券	株数	前期	変化	時価	ウェイト	連続記録
MSFT Microsoft Corporation	532.08K	527.48K	+0.9%	$275.59M	2.2%	●●●●●○
LPLA LPL Financial Holdings…	553.32K	544.60K	+1.6%	$184.08M	1.5%	●●●●●○
LOW Lowe's Companies, Inc.	726.73K	717.23K	+1.3%	$182.63M	1.5%	●●●●●○
MRSH Marsh & McLennan…	755.00K	748.75K	+0.8%	$152.16M	1.2%	●●●●●○
NVO Novo Nordisk A/S	2.37M	2.26M	+4.9%	$131.44M	1.1%	●●○○○○
FNV Franco-Nevada…	605.50K	569.50K	+6.3%	$134.97M	1.1%	●●●●●○
LIN Linde plc	192.85K	186.60K	+3.4%	$91.60M	0.7%	●●●●●○
ROL Rollins, Inc.	1.48M	1.47M	+0.4%	$86.69M	0.7%	●●○○○○
NSC Norfolk Southern…	256.50K	236.50K	+8.5%	$77.06M	0.6%	●●○○○○
ODFL Old Dominion Freight…	358.75K	342.45K	+4.8%	$50.50M	0.4%	●●●●●○
TSN Tyson Foods, Inc.	848.50K	816.00K	+4.0%	$46.07M	0.4%	●●○○○○
FERG Ferguson plc	147.00K	134.50K	+9.3%	$33.01M	0.3%	●●●●●○
HCA HCA Healthcare, Inc.	75.21K	68.96K	+9.1%	$32.06M	0.3%	●●●●●○
UNP Union Pacific…	126.78K	97.28K	+30.3%	$29.97M	0.2%	●●○○○○
ABNB Airbnb, Inc.	227.13K	212.00K	+7.1%	$27.58M	0.2%	●●●●●○
TMO Thermo Fisher…	55.80K	49.55K	+12.6%	$27.06M	0.2%	●●●●●○
CSCO Cisco Systems, Inc.	355.50K	349.50K	+1.7%	$24.32M	0.2%	●●○○○○
LAMR Lamar Advertising…	170.00K	158.00K	+7.6%	$20.81M	0.2%	●●●●●○
MAR Marriott International…	73.25K	60.25K	+21.6%	$19.08M	0.2%	●●●●●○
CSX CSX Corporation	285.00K	65.00K	+338.5%	$10.12M	0.1%	●●○○○○
CME CME Group Inc.	32.00K	22.50K	+42.2%	$8.65M	0.1%	●●●●○○
CBOE Cboe Global Markets…	28.50K	19.00K	+50.0%	$6.99M	0.1%	●●●○○○
AMAT Applied Materials, Inc.	26.25K	16.50K	+59.1%	$5.37M	0.0%	●●○○○○
EXP Eagle Materials Inc.	14.75K	9.00K	+63.9%	$3.44M	0.0%	●●●○○○
SYY Sysco Corporation	30.50K	24.00K	+27.1%	$2.51M	0.0%	●●●○○○
BC Brunswick Corporation	33.50K	29.50K	+13.6%	$2.12M	0.0%
ICE Intercontinental…	5.62K	5.12K	+9.8%	$946,858	0.0%

有価証券	株数	前期	変化	時価	ウェイト	連続記録
ADM Archer-Daniels-Midland…	1.51M	1.57M	-4.3%	$89.96M	0.7%
IQV IQVIA Holdings Inc.	46.90K	49.64K	-5.5%	$8.91M	0.1%	●●○○○○

有価証券	株数	前期	変化	時価	ウェイト
MMM 3M Company	n/a	118.25K	退出	$18.00M	0.2%
OI O-I Glass, Inc.	n/a	473.70K	退出	$6.98M	0.1%
CE Celanese Corporation	n/a	81.30K	退出	$4.50M	0.0%
GPK Graphic Packaging…	n/a	174.00K	退出	$3.67M	0.0%
BALL Ball Corporation	n/a	51.00K	退出	$2.86M	0.0%
WTW Willis Towers Watson…	n/a	8.63K	退出	$2.64M	0.0%
IT Gartner, Inc.	n/a	5.70K	退出	$2.30M	0.0%
INTU Intuit Inc.	n/a	2.72K	退出	$2.14M	0.0%
CSGP CoStar Group, Inc.	n/a	18.60K	退出	$1.50M	0.0%
EL The Estée Lauder…	n/a	15.00K	退出	$1.21M	0.0%
BUD Anheuser-Busch InBev…	n/a	11.00K	退出	$755,920	0.0%

ポジション保有期間

30–1 四半期

102–4 四半期

1165–8 四半期

現在の各ポジションが当社データウィンドウ内で報告された連続四半期数。

類似運用者

運用会社	共通ポジション	銘柄の重複	加重類似度
First Manhattan Co. Llc.	88	11.3%	0.5431	比較 ⇄
Fayez Sarofim & Co	77	21.9%	0.4651	比較 ⇄
Blair William & Co/Il	121	6.2%	0.4471	比較 ⇄
Baird Financial Group, Inc.	115	6.0%	0.443	比較 ⇄
Neuberger Berman Group LLC	129	5.7%	0.4397	比較 ⇄
Chevy Chase Trust Holdings, LLC	102	15.1%	0.4098	比較 ⇄
Brown Advisory Inc	118	8.2%	0.4098	比較 ⇄
Aberdeen Group plc	102	10.7%	0.4012	比較 ⇄

報告済みロングポジションの類似性のみ。ヘッジおよび13F対象外資産は表示されません。方法論

ファイリング記録

Jul 31 2026 13F-HR · 期間 Q2 2026

$13.13B · 205 保有銘柄件数 · SECオリジナル提出書類を表示 ↗

May 01 2026 13F-HR · 期間 Q1 2026

$11.94B · 205 保有銘柄件数 · SECオリジナル提出書類を表示 ↗

Feb 06 2026 13F-HR · 期間 Q4 2025

$12.54B · 205 保有銘柄件数 · SECオリジナル提出書類を表示 ↗

Oct 31 2025 13F-HR · 期間 Q3 2025

$12.32B · 208 保有銘柄件数 · SECオリジナル提出書類を表示 ↗

Aug 01 2025 13F-HR · 期間 Q2 2025

$11.83B · 218 保有銘柄件数 · SECオリジナル提出書類を表示 ↗

May 02 2025 13F-HR · 期間 Q1 2025

$11.26B · 217 保有銘柄件数 · SECオリジナル提出書類を表示 ↗

Feb 07 2025 13F-HR · 期間 Q4 2024

$11.34B · 214 保有銘柄件数 · SECオリジナル提出書類を表示 ↗

Nov 01 2024 13F-HR · 期間 Q3 2024

$11.11B · 216 保有銘柄件数 · SECオリジナル提出書類を表示 ↗

Aug 02 2024 13F-HR · 期間 Q2 2024

$10.17B · 222 保有銘柄件数 · SECオリジナル提出書類を表示 ↗

出典: SEC EDGAR 上の当該マネージャーの13F情報テーブルから解析されたすべての保有銘柄；報告値のまま、単位：米ドル（整数）。変化は、分割調整済み株数をもとに、各四半期の最新承認バージョン（修正版を含む）を比較。報告期間: Q3 2025 · 最新フィリング Jul 31, 2026 · 変化の算出方法

☆ Markel Group

Markel Group