운용사 기록 · ✦ 큐레이션 · 과거 분기 (아카이브)

Markel Group

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

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 변동 ⇄

$12.54B보고된 13F 가치

205포지션

42.0%상위 10개 비중

37.60유효 보유 종목

3.3%추정 회전율

+1신규

−2청산

보고된 13F 포트폴리오 가치는 미국 내 보고 대상 롱 포지션만 포함하며, 현금, 채권, 숏 포지션 또는 비미국 보유 자산은 제외됩니다. 운용 자산(AUM)이 아닙니다.

분기별 보고 가치 Q2 2024 → Q2 2026

섹터 익스포저

금융 서비스 45.3% (-0.5pp)

산업재 13.6% (-0.3pp)

커뮤니케이션 서비스 11.9% (+1.3pp)

경기소비재 10.2% (-0.5pp)

기술 9.2% (-0.3pp)

필수소비재 3.8% (+0.0pp)

헬스케어 2.9% (+0.3pp)

기초소재 2.9% (-0.1pp)

부동산 0.2% (+0.0pp)

에너지 0.0% (+0.0pp)

보고된 보통주 가치 대비 비중; (±pp) 전 분기 대비.

포트폴리오 · Q4 2025

#	증권	비중	가치	주식 수	Δ 주식 수		보유
1	GOOG Alphabet Inc.	6.9%	$862.91M	2.75M	0.0%	Held	7
2	BRK-A Berkshire Hathaway Inc.	6.7%	$840.85M	1.11K	0.0%	Held	7
3	BRK-B Berkshire Hathaway Inc.	6.1%	$770.05M	1.53M	0.0%	Held	7
4	BN Brookfield Corporation	4.8%	$599.95M	13.07M	0.0% ✂	Held	7
5	AMZN Amazon.com, Inc.	3.7%	$468.74M	2.03M	0.0%	Held	7
6	DE Deere & Company	3.3%	$408.72M	877.90K	0.0%	Held	7
7	V Visa Inc.	2.8%	$350.46M	999.28K	0.0%	Held	7
8	AAPL Apple Inc.	2.7%	$333.65M	1.23M	0.0%	Held	7
9	HD The Home Depot, Inc.	2.5%	$316.57M	920.00K	0.0%	Held	7
10	GS The Goldman Sachs Group…	2.5%	$315.88M	359.36K	0.0%	Held	7
11	ADI Analog Devices, Inc.	2.2%	$277.50M	1.02M	-12.4%	▼ Trim	7
12	MSFT Microsoft Corporation	2.1%	$259.07M	535.68K	+0.7%	▲ Add	7
13	BLK BlackRock, Inc.	1.9%	$235.69M	220.20K	0.0%	Held	7
14	DIS The Walt Disney Company	1.8%	$231.14M	2.03M	0.0%	Held	7
15	LPLA LPL Financial Holdings Inc.	1.6%	$200.00M	559.95K	+1.2%	▲ Add	7
16	WSO Watsco, Inc.	1.6%	$194.65M	577.67K	+2.2%	▲ Add	7
17	BX Blackstone Inc.	1.5%	$189.44M	1.23M	0.0%	Held	7
18	CAT Caterpillar Inc.	1.5%	$188.27M	328.65K	0.0%	Held	7
19	KKR KKR & Co. Inc.	1.5%	$185.08M	1.45M	0.0%	Held	7
20	AXP American Express Company	1.4%	$180.72M	488.50K	+0.9%	▲ Add	7
21	GOOGL Alphabet Inc.	1.4%	$179.04M	572.00K	0.0%	Held	7
22	LOW Lowe's Companies, Inc.	1.4%	$177.13M	734.48K	+1.1%	▲ Add	7
23	PGR The Progressive Corporation	1.4%	$171.64M	753.75K	0.0%	Held	7
24	META Meta Platforms, Inc.	1.3%	$163.90M	248.30K	-11.4%	▼ Trim	7
25	RLI RLI Corp.	1.2%	$153.20M	2.39M	0.0%	Held	7
26	APO Apollo Global Management…	1.2%	$146.57M	1.01M	0.0%	Held	7
27	NVO Novo Nordisk A/S	1.2%	$146.01M	2.87M	+21.2%	▲ Add	7
28	FNV Franco-Nevada Corporation	1.1%	$141.68M	683.50K	+12.9%	▲ Add	7
29	MRSH Marsh & McLennan Companies…	1.1%	$141.32M	761.75K	+0.9%	▲ Add	7
30	SCHW The Charles Schwab…	1.1%	$137.46M	1.38M	+0.8%	▲ Add	7
31	GD General Dynamics Corporation	1.0%	$131.63M	391.00K	0.0%	Held	7
32	JNJ Johnson & Johnson	1.0%	$126.41M	610.80K	0.0%	Held	7
33	TXN Texas Instruments…	1.0%	$125.61M	724.00K	0.0%	Held	7
34	MA Mastercard Incorporated	0.9%	$118.48M	207.54K	0.0%	Held	7
35	DEO Diageo plc	0.9%	$118.34M	1.37M	+0.4%	▲ Add	7
36	DG Dollar General Corporation	0.9%	$115.41M	869.25K	0.0%	Held	7
37	BAM Brookfield Asset Management…	0.9%	$114.94M	2.19M	0.0%	Held	7
38	MCO Moody's Corporation	0.9%	$109.27M	213.89K	0.0%	Held	7
39	HEI-A HEICO Corporation	0.8%	$95.83M	379.64K	0.0%	Held	7
40	ROL Rollins, Inc.	0.7%	$89.37M	1.49M	+0.9%	▲ Add	7
41	NVR NVR, Inc.	0.7%	$87.56M	12.01K	+0.9%	▲ Add	7
42	ADM Archer-Daniels-Midland…	0.7%	$86.57M	1.51M	0.0%	Held	7
43	LIN Linde plc	0.7%	$85.32M	200.10K	+3.8%	▲ Add	7
44	MSCI MSCI Inc.	0.7%	$81.96M	142.85K	0.0%	Held	7
45	JPM JPMorgan Chase & Co.	0.6%	$81.38M	252.55K	0.0%	Held	7
46	ITW Illinois Tool Works Inc.	0.6%	$80.66M	327.50K	0.0%	Held	7
47	NSC Norfolk Southern Corporation	0.6%	$78.96M	273.50K	+6.6%	▲ Add	7
48	SPGI S&P Global Inc.	0.6%	$78.75M	150.69K	0.0%	Held	7
49	CG The Carlyle Group Inc.	0.6%	$78.44M	1.33M	0.0%	Held	7
50	ECL Ecolab Inc.	0.6%	$72.01M	274.30K	0.0%	Held	7
51	ODFL Old Dominion Freight Line…	0.5%	$66.11M	421.65K	+17.5%	▲ Add	7
52	ROK Rockwell Automation, Inc.	0.5%	$60.27M	154.90K	0.0%	Held	7
53	ITIC INVESTORS TITLE CO NC	0.4%	$53.25M	213.30K	0.0%	Held	7
54	SBUX Starbucks Corporation	0.4%	$52.53M	623.82K	0.0%	Held	7
55	TSN Tyson Foods, Inc.	0.4%	$51.85M	884.50K	+4.2%	▲ Add	7
56	THG The Hanover Insurance…	0.4%	$51.36M	281.00K	0.0%	Held	7
57	AON Aon plc	0.4%	$47.30M	134.05K	+3.3%	▲ Add	7
58	ACN Accenture plc	0.3%	$42.77M	159.40K	0.0%	Held	7
59	HGTY Hagerty, Inc.	0.3%	$41.77M	3.11M	0.0%	Held	7
60	RTX RTX Corporation	0.3%	$41.08M	224.00K	0.0%	Held	7
61	HCA HCA Healthcare, Inc.	0.3%	$37.67M	80.68K	+7.3%	▲ Add	7
62	FERG Ferguson plc	0.3%	$36.40M	163.50K	+11.2%	▲ Add	6
63	TMO Thermo Fisher Scientific…	0.3%	$36.39M	62.80K	+12.5%	▲ Add	7
64	FDS FactSet Research Systems…	0.3%	$35.37M	121.87K	+4.4%	▲ Add	7
65	VRSK Verisk Analytics, Inc.	0.3%	$34.88M	155.95K	0.0%	Held	7
66	YUM Yum! Brands, Inc.	0.3%	$34.26M	226.45K	0.0%	Held	7
67	COST Costco Wholesale Corporation	0.3%	$33.76M	39.15K	0.0%	Held	7
68	UNP Union Pacific Corporation	0.3%	$32.68M	141.28K	+11.4%	▲ Add	7
69	ABNB Airbnb, Inc.	0.3%	$32.61M	240.29K	+5.8%	▲ Add	6
70	ALL The Allstate Corporation	0.3%	$32.17M	154.55K	0.0%	Held	7
71	TROW T. Rowe Price Group, Inc.	0.3%	$32.15M	314.00K	0.0%	Held	7
72	LMT Lockheed Martin Corporation	0.2%	$31.20M	64.51K	+3.6%	▲ Add	7
73	SHW The Sherwin-Williams Company	0.2%	$30.51M	94.17K	0.0%	Held	7
74	CMCSA Comcast Corporation	0.2%	$28.75M	961.88K	0.0%	Held	7
75	NKE NIKE, Inc.	0.2%	$28.50M	447.40K	0.0%	Held	7
76	MAR Marriott International, Inc.	0.2%	$27.84M	89.75K	+22.5%	▲ Add	7
77	CSCO Cisco Systems, Inc.	0.2%	$27.38M	355.50K	0.0%	Held	7
78	URI United Rentals, Inc.	0.2%	$25.21M	31.15K	0.0%	Held	7
79	LAMR Lamar Advertising Company	0.2%	$23.42M	185.00K	+8.8%	▲ Add	7
80	BF-A BROWN FORMAN CORP	0.2%	$22.18M	843.00K	0.0%	Held	7
81	COF Capital One Financial…	0.2%	$22.05M	91.00K	0.0%	Held	7
82	CCK Crown Holdings, Inc.	0.2%	$21.83M	212.00K	+11.9%	▲ Add	7
83	RNR RenaissanceRe Holdings Ltd.	0.2%	$19.68M	70.00K	0.0%	Held	7
84	WFC Wells Fargo & Company	0.2%	$19.05M	204.45K	0.0%	Held	7
85	PM Philip Morris International…	0.1%	$18.37M	114.50K	0.0%	Held	7
86	APD Air Products and Chemicals…	0.1%	$17.66M	71.50K	+10.0%	▲ Add	7
87	PAYX Paychex, Inc.	0.1%	$16.83M	150.00K	0.0%	Held	7
88	SHOP Shopify Inc.	0.1%	$16.54M	102.75K	0.0%	Held	7
89	CSX CSX Corporation	0.1%	$15.95M	440.00K	+54.4%	▲ Add	3
90	EFX Equifax Inc.	0.1%	$15.81M	72.85K	0.0%	Held	7
91	SPOT Spotify Technology S.A.	0.1%	$15.04M	25.90K	0.0%	Held	7
92	SEIC SEI Investments Company	0.1%	$14.21M	173.20K	0.0%	Held	7
93	BNY Bank of New York Mellon Corp	0.1%	$14.10M	121.50K	0.0%	Held	7
94	HXL Hexcel Corporation	0.1%	$13.97M	189.00K	0.0%	Held	7
95	PEP PepsiCo, Inc.	0.1%	$13.81M	96.21K	0.0%	Held	7
96	TGT Target Corporation	0.1%	$13.00M	133.00K	0.0%	Held	7
97	CME CME Group Inc.	0.1%	$12.49M	45.75K	+43.0%	▲ Add	5
98	CARR Carrier Global Corporation	0.1%	$12.42M	235.00K	0.0%	Held	7
99	BF-B Brown-Forman Corporation	0.1%	$12.36M	474.19K	0.0%	Held	7
100	HSY The Hershey Company	0.1%	$12.28M	67.50K	+23.9%	▲ Add	7
101	FIX Comfort Systems USA, Inc.	0.1%	$12.13M	13.00K	0.0%	Held	7
102	UBER Uber Technologies, Inc.	0.1%	$11.44M	140.00K	+13.4%	▲ Add	7
103	CHH Choice Hotels…	0.1%	$11.00M	115.50K	0.0%	Held	7
104	IQV IQVIA Holdings Inc.	0.1%	$10.57M	46.90K	0.0%	Held	7
105	CBOE Cboe Global Markets, Inc.	0.1%	$10.48M	41.75K	+46.5%	▲ Add	4
106	OTIS Otis Worldwide Corporation	0.1%	$10.01M	114.62K	0.0%	Held	7
107	SMG The Scotts Miracle-Gro…	0.1%	$9.80M	168.00K	0.0%	Held	7
108	AMAT Applied Materials, Inc.	0.1%	$8.76M	34.10K	+29.9%	▲ Add	3
109	UNH UnitedHealth Group…	0.1%	$8.75M	26.50K	0.0%	Held	7
110	HII Huntington Ingalls…	0.1%	$8.67M	25.50K	+24.4%	▲ Add	5
111	SONY Sony Group Corporation	0.1%	$8.58M	335.00K	0.0%	Held	7
112	NSP Insperity, Inc.	0.0%	$5.92M	152.87K	+16.1%	▲ Add	7
113	GHC Graham Holdings Company	0.0%	$5.71M	5.20K	0.0%	Held	7
114	KMX CarMax, Inc.	0.0%	$5.27M	136.50K	0.0%	Held	7
115	EMN Eastman Chemical Company	0.0%	$4.78M	74.95K	0.0%	Held	7
116	XONA.DE Exxon Mobil Corporation	0.0%	$4.57M	38.00K	+1166.7%	▲ Add	2
117	CNI Canadian National Railway…	0.0%	$4.40M	44.50K	+78.0%	▲ Add	2
118	WRB W. R. Berkley Corporation	0.0%	$4.26M	60.75K	0.0%	Held	7
119	CP Canadian Pacific Kansas…	0.0%	$3.72M	50.50K	+62.9%	▲ Add	2
120	BC Brunswick Corporation	0.0%	$3.54M	47.75K	+42.5%	▲ Add	6
121	AYI Acuity Brands, Inc.	0.0%	$3.51M	9.75K	0.0%	Held	5
122	ICE Intercontinental Exchange…	0.0%	$3.38M	20.87K	+271.4%	▲ Add	7
123	MGM MGM Resorts International	0.0%	$3.19M	87.50K	0.0%	Held	5
124	EXP Eagle Materials Inc.	0.0%	$3.05M	14.75K	0.0%	Held	4
125	DPZ Domino's Pizza, Inc.	0.0%	$2.29M	5.50K	0.0%	Held	6
126	SYY Sysco Corporation	0.0%	$2.25M	30.50K	0.0%	Held	4
127	BRO Brown & Brown, Inc.	0.0%	$876,700	11.00K	신규	New	1
128	TRU TransUnion	0.0%	$171,500	2.00K	-98.0%	▼ Trim	7

보통주(SH) 포지션만 해당; 옵션 라인은 옵션 탭에 표시되며 순액 처리되지 않습니다. ✂ = 분할 조정 이전 주식 수 대비 산출된 변동. "Held N+" = 조회 기간 내 매 분기 보유, 실제 보유 기간은 더 길 수 있음.

증권	주식 수	이전	변동	가치	비중	연속 기록
BRO Brown & Brown, Inc.	11.00K	n/a	신규	$876,700	0.0%

증권	주식 수	이전	변동	가치	비중	연속 기록
MSFT Microsoft Corporation	535.68K	532.08K	+0.7%	$259.07M	2.1%	●●●●●●
WSO Watsco, Inc.	577.67K	565.17K	+2.2%	$194.65M	1.6%
LPLA LPL Financial Holdings…	559.95K	553.32K	+1.2%	$200.00M	1.6%	●●●●●●
LOW Lowe's Companies, Inc.	734.48K	726.73K	+1.1%	$177.13M	1.4%	●●●●●●
AXP American Express Company	488.50K	484.25K	+0.9%	$180.72M	1.4%
MRSH Marsh & McLennan…	761.75K	755.00K	+0.9%	$141.32M	1.1%	●●●●●●
NVO Novo Nordisk A/S	2.87M	2.37M	+21.2%	$146.01M	1.2%	●●●○○○
FNV Franco-Nevada…	683.50K	605.50K	+12.9%	$141.68M	1.1%	●●●●●●
SCHW The Charles Schwab…	1.38M	1.36M	+0.8%	$137.46M	1.1%
DEO Diageo plc	1.37M	1.37M	+0.4%	$118.34M	0.9%
NVR NVR, Inc.	12.01K	11.90K	+0.9%	$87.56M	0.7%
LIN Linde plc	200.10K	192.85K	+3.8%	$85.32M	0.7%	●●●●●●
ROL Rollins, Inc.	1.49M	1.48M	+0.9%	$89.37M	0.7%	●●●○○○
NSC Norfolk Southern…	273.50K	256.50K	+6.6%	$78.96M	0.6%	●●●○○○
ODFL Old Dominion Freight…	421.65K	358.75K	+17.5%	$66.11M	0.5%	●●●●●●
TSN Tyson Foods, Inc.	884.50K	848.50K	+4.2%	$51.85M	0.4%	●●●○○○
AON Aon plc	134.05K	129.80K	+3.3%	$47.30M	0.4%
HCA HCA Healthcare, Inc.	80.68K	75.21K	+7.3%	$37.67M	0.3%	●●●●●●
FERG Ferguson plc	163.50K	147.00K	+11.2%	$36.40M	0.3%	●●●●●●
TMO Thermo Fisher…	62.80K	55.80K	+12.5%	$36.39M	0.3%	●●●●●●
FDS FactSet Research…	121.87K	116.72K	+4.4%	$35.37M	0.3%
UNP Union Pacific…	141.28K	126.78K	+11.4%	$32.68M	0.3%	●●●○○○
ABNB Airbnb, Inc.	240.29K	227.13K	+5.8%	$32.61M	0.3%	●●●●●●
LMT Lockheed Martin…	64.51K	62.26K	+3.6%	$31.20M	0.2%
MAR Marriott International…	89.75K	73.25K	+22.5%	$27.84M	0.2%	●●●●●●
LAMR Lamar Advertising…	185.00K	170.00K	+8.8%	$23.42M	0.2%	●●●●●●
CCK Crown Holdings, Inc.	212.00K	189.50K	+11.9%	$21.83M	0.2%
APD Air Products and…	71.50K	65.00K	+10.0%	$17.66M	0.1%
CSX CSX Corporation	440.00K	285.00K	+54.4%	$15.95M	0.1%	●●●○○○
CME CME Group Inc.	45.75K	32.00K	+43.0%	$12.49M	0.1%	●●●●●○
HSY The Hershey Company	67.50K	54.50K	+23.9%	$12.28M	0.1%
UBER Uber Technologies, Inc.	140.00K	123.50K	+13.4%	$11.44M	0.1%
CBOE Cboe Global Markets…	41.75K	28.50K	+46.5%	$10.48M	0.1%	●●●●○○
AMAT Applied Materials, Inc.	34.10K	26.25K	+29.9%	$8.76M	0.1%	●●●○○○
HII Huntington Ingalls…	25.50K	20.50K	+24.4%	$8.67M	0.1%
NSP Insperity, Inc.	152.87K	131.73K	+16.1%	$5.92M	0.0%
XONA.DE Exxon Mobil Corporation	38.00K	3.00K	+1166.7%	$4.57M	0.0%	●●○○○○
CNI Canadian National…	44.50K	25.00K	+78.0%	$4.40M	0.0%	●●○○○○
CP Canadian Pacific Kansas…	50.50K	31.00K	+62.9%	$3.72M	0.0%	●●○○○○
BC Brunswick Corporation	47.75K	33.50K	+42.5%	$3.54M	0.0%	●●○○○○
ICE Intercontinental…	20.87K	5.62K	+271.4%	$3.38M	0.0%	●●○○○○

증권	주식 수	이전	변동	가치	비중
ADI Analog Devices, Inc.	1.02M	1.17M	-12.4%	$277.50M	2.2%
META Meta Platforms, Inc.	248.30K	280.28K	-11.4%	$163.90M	1.3%
TRU TransUnion	2.00K	101.05K	-98.0%	$171,500	0.0%

증권	주식 수	이전	변동	가치	비중	연속 기록
FDX FedEx Corporation	n/a	213.00K	퇴출	$50.23M	0.4%
ADBE Adobe Inc.	n/a	14.00K	퇴출	$4.94M	0.0%

포지션 보유 기간

10–1 분기

82–4 분기

1195–8 분기

현재 각 포지션이 데이터 조회 기간 내에서 보고된 연속 분기 수.

유사 운용사

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First Manhattan Co. Llc.	88	11.3%	0.5431	비교 ⇄
Fayez Sarofim & Co	77	21.9%	0.4651	비교 ⇄
Blair William & Co/Il	121	6.2%	0.4471	비교 ⇄
Baird Financial Group, Inc.	115	6.0%	0.443	비교 ⇄
Neuberger Berman Group LLC	129	5.7%	0.4397	비교 ⇄
Chevy Chase Trust Holdings, LLC	102	15.1%	0.4098	비교 ⇄
Brown Advisory Inc	118	8.2%	0.4098	비교 ⇄
Aberdeen Group plc	102	10.7%	0.4012	비교 ⇄

보고된 롱 포지션의 유사성만 반영되며, 헤지 포지션과 비13F 자산은 표시되지 않습니다. 방법론

공시 기록

Jul 31 2026 13F-HR · 기간 Q2 2026

$13.13B · 205 등록된 보유 종목 · 원본 SEC 제출 서류 보기 ↗

May 01 2026 13F-HR · 기간 Q1 2026

$11.94B · 205 등록된 보유 종목 · 원본 SEC 제출 서류 보기 ↗

Feb 06 2026 13F-HR · 기간 Q4 2025

$12.54B · 205 등록된 보유 종목 · 원본 SEC 제출 서류 보기 ↗

Oct 31 2025 13F-HR · 기간 Q3 2025

$12.32B · 208 등록된 보유 종목 · 원본 SEC 제출 서류 보기 ↗

Aug 01 2025 13F-HR · 기간 Q2 2025

$11.83B · 218 등록된 보유 종목 · 원본 SEC 제출 서류 보기 ↗

May 02 2025 13F-HR · 기간 Q1 2025

$11.26B · 217 등록된 보유 종목 · 원본 SEC 제출 서류 보기 ↗

Feb 07 2025 13F-HR · 기간 Q4 2024

$11.34B · 214 등록된 보유 종목 · 원본 SEC 제출 서류 보기 ↗

Nov 01 2024 13F-HR · 기간 Q3 2024

$11.11B · 216 등록된 보유 종목 · 원본 SEC 제출 서류 보기 ↗

Aug 02 2024 13F-HR · 기간 Q2 2024

$10.17B · 222 등록된 보유 종목 · 원본 SEC 제출 서류 보기 ↗

출처: SEC EDGAR의 해당 운용사 13F 정보 테이블에서 파싱된 모든 보유 종목; 보고된 값 기준, 미국 달러 전액. 변동은 분할 조정 주식 수 기준으로 각 분기의 최종 접수 버전(수정본 반영)을 비교합니다. 보고 기간: Q4 2025 · 최근 공시 Jul 31, 2026 · 변동 산출 방법론

☆ Markel Group

Markel Group