MARKEL GROUP INC.

CIK 0001096343 · Q1 2026

13F Equity AUM

$11.9B

-4.8% QoQ

Positions

129

+1 QoQ

AUM Rank

#585

Top 5%

Skill Alpha (FF)

+0.4%/yr^ns

No Clear Edge

Rank #1,960 · Top 24%

vs S&P -1.7%/yr (unadj.)

Quarters Tracked

~13 years

Portfolio Concentration

Top 5: 28.0%Top 10: 42.0%Top 20: 59.0%

BRK/A6.7%

GOOG6.6%

BRK/B6.2%

BN4.4%

DE4.1%

AMZN3.5%

ADI2.7%

AAPL2.6%

GS2.5%

V2.5%

Others (119)58.0%

HHI (Herfindahl-Hirschman Index) measures portfolio concentration. Low (<1500) = diversified, Moderate (1500-2500), High (>2500) = concentrated bets.

Sector Allocation

Financial Services35.0%

Industrials14.4%

Communication Services11.2%

Consumer Cyclical10.8%

Technology9.0%

Financials6.7%

Consumer Defensive4.0%

Basic Materials3.5%

Other5.5%

Portfolio weight by GICS sector based on latest 13F filing. Sectors below 2% are grouped as “Other.”

Position Sizing

Positions: 129Median: 0.31%Avg: 0.78%

0–0.5%

78(13.2%)

0.5–1%

20(14.8%)

1–3%

25(40.4%)

3–5%

3(12.1%)

5%+

3(19.5%)

Count of positions per weight bucket — (%) = combined portfolio weight

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Portfolio Overlap

Shared: 129Unique: 0vs 20 funds

1.8%Low

129

Fund positions

7,299

Consensus CUSIPs

Jaccard similarity of this fund’s portfolio vs the consensus of top 20 funds by AUM. Low (<15%) = contrarian, Moderate (15-40%), High (>40%) = follows the crowd.

Most Similar Funds

Top 9 benchmark funds with highest portfolio overlap (Jaccard similarity)

BlackRock, Inc.

3.3%

MORGAN STANLEY

2.5%

BANK OF AMERICA CORP /DE/

2.7%

JPMORGAN CHASE & CO

2.6%

VANGUARD CAPITAL MANAGEMENT LLC

3.7%

FMR LLC

4.3%

STATE STREET CORP

3.6%

GEODE CAPITAL MANAGEMENT, LLC

3.6%

VANGUARD PORTFOLIO MANAGEMENT LLC

4.3%

Jaccard similarity per fund: shared CUSIPs / (fund A + fund B − shared). Higher values indicate more similar portfolios.

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Position Changes This Quarter

New4Increased43Decreased2Exited3

New Positions

SUNBELT RENTALS HOLD…0.5%

+963K

MLB10.1%

+5K

EPD0.1%

+202K

WY0.0%

+18K

Increased

CSX0.2%

+90K(+20%)

NSP0.0%

+28K(+19%)

FNV1.5%

+25K(+4%)

YUM0.3%

+19K(+8%)

FDS0.3%

+14K(+11%)

UNP0.3%

+9K(+6%)

CNR0.1%

+9K(+20%)

NSC0.7%

+9K(+3%)

ROL0.7%

+9K(+1%)

XOM0.1%

+9K(+24%)

Decreased

SPGI0.4%

-33,000(-22%)

UNH0.0%

-7,800(-29%)

Exited

DYH

-133,000

CHH

-115,500

TRU

-2,000

Quarter-over-quarter changes compared to prior 13F filing. New = first appearance; Exited = no longer held.

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Holdings

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