MARKEL CORP

Public Company

MARKEL CORP is a Public Company based in Glen Allen, VA led by Thomas S. Gayner, managing $12.3B across 129 long positions as of Q3 2025 with 46% Financial Services concentration.

CEOThomas S. Gayner

Portfolio Value: $12.3B
Positions: 129
Top Holding: BRK.A at 6.82%
Last Reported: Q3 2025

Address4521 Highwoods Parkway, Glen Allen, VA, 23060-6148

Top Holdings

Largest long holdings in MARKEL CORP's portfolio (40.9% of total portfolio)

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Holding	Sector	Position	Weight	Traded	Ownership	Owned Since
1 Berkshire Hathaway BRK.A	Insurance - Diversified Financial Services	$840.2M	6.82%	—	0.08% 1.1K shares	Q4 2019 Held for 5y 11m
2 Berkshire Hathaway BRK.B	Insurance - Diversified Financial Services	$770.2M	6.25%	—	0.07% 1.5M shares	Q4 2019 Held for 5y 11m
3 Alphabet Inc. GOOG	Internet Content & Information Communication Services	$669.7M	5.44%	—	0.02% 2.7M shares	Q2 2014 Held for 11y 5m
4 Brookfield BN	Asset Management Financial Services	$597.7M	4.85%	—	0.58% 8.7M shares	Q4 2022 Held for 2y 11m
5 Amazon AMZN	Specialty Retail Consumer Cyclical	$445.9M	3.62%	—	0.02% 2.0M shares	Q4 2015 Held for 9y 11m
6 Deere & Company DE	Agricultural - Machinery Industrials	$401.4M	3.26%	—	0.32% 877.9K shares	Q3 2014 Held for 11y 2m
7 Home Depot HD	Home Improvement Consumer Cyclical	$372.8M	3.03%	—	0.09% 920.0K shares	≤ Q2 2013 Held for 12y 5m+
8 Visa V	Financial - Credit Services Financial Services	$341.1M	2.77%	—	0.05% 999.3K shares	≤ Q2 2013 Held for 12y 5m+
9 Apple AAPL	Consumer Electronics Technology	$312.5M	2.54%	—	0.01% 1.2M shares	Q2 2015 Held for 10y 5m
10 Analog Devices ADI	Semiconductors Technology	$286.9M	2.33%	—	0.24% 1.2M shares	Q1 2016 Held for 9y 8m

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Changes

Portfolio activity, position movements, and quarter-over-quarter changes in MARKEL CORP's latest filing

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Market Value

$12.3B

Prior: $11.8B

Q/Q Change

+4.17%

+$493.0M

Net Flows % of MV

+0.239%

Turnover Ratio

0.536%

New Purchases

2 stocks

$4.7M

Added To

27 stocks

+$76.0M

Sold Out Of

11 stocks

$46.6M

Reduced Holdings

2 stocks

-$4.6M

Increased Positions

Position	Shares Δ	Change
1 Canadian National Railway CNI	New	0 → 25.0K +$2.4M
2 Canadian Pacific Kansas City CP	New	0 → 31.0K +$2.3M
3 CSX CSX	+338.46%	65.0K → 285.0K +$7.8M
4 Eagle Materials EXP	+63.89%	9.0K → 14.8K +$1.3M
5 Applied Materials AMAT	+59.09%	16.5K → 26.3K +$2.0M

Decreased Positions

Position	Shares Δ	Change
1 3M MMM	Sold	118.3K → 0 −$18.0M
2 O-I Glass OI	Sold	473.7K → 0 −$7.0M
3 Celanese Corporation CE	Sold	81.3K → 0 −$4.5M
4 Graphic Packaging Holding GPK	Sold	174.0K → 0 −$3.7M
5 Ball Corporation BALL	Sold	51.0K → 0 −$2.9M