Markel

MKL • NYSE

Markel is a insurance - property & casualty company in the financial services sector on NYSE, led by Thomas Sinnickson Gayner, with a market cap of $26.3B. As of Q3 2025, 78% of shares are held by 824 institutional investors, with VANGUARD GROUP INC as the largest holder at 9.27%.

CEOThomas Sinnickson Gayner

Market Cap$26.3B

Insurance - Property & Casualty

Financial Services

Employees21.6K

Websitemklgroup.com

Country

United States of America

Overview

Overview of institutional ownership in MKL as of Q3 2025 with a market cap of $24.2B

All Institutions

Institutions: 824
Value Held: $18.8B
Shares Held: 9.9M
Avg Position: $22.8M
Median Position: $982.4K

Hedge Funds

Hedge Funds: 43
Value Held: $1.5B
Shares Held: 802.5K
Avg Position: $35.7M
Median Position: $2.9M

Ownership Breakdown

Institutional (non-HF)

71.49%

$17.3B

Hedge Funds

6.34%

$1.5B

Retail & Other

22.16%

$5.4B

Based on market cap of $24.2B as of Q3 2025. Institutional (non-HF) excludes hedge funds to avoid double counting.

Biggest Investors

Institutions with the largest positions in MKL as of Q3 2025

Institution	Key People	Position Value	Ownership	Owned Since	Total AUM (Long)
VANGUARD GROUP INC Institution	Salim Ramji CEO	$2.2B 0.03% of portfolio	9.27% 1.2M shares	≤ Q2 2013 Held for 12y 6m+	$6.69T
BlackRock, Inc. Institution	Laurence D. Fink CEO	$1.4B 0.02% of portfolio	5.69% 720.0K shares	≤ Q2 2013 Held for 12y 6m+	$5.67T
PRINCIPAL FINANCIAL GROUP INC Institution	Deanna Strable CEO	$1.0B 0.53% of portfolio	4.32% 547.2K shares	≤ Q2 2013 Held for 12y 6m+	$197.71B
MORGAN STANLEY RIA/Wealth	Jed Finn CEO	$857.1M 0.05% of portfolio	3.54% 448.4K shares	≤ Q2 2013 Held for 12y 6m+	$1.65T
Select Equity Group, L.P. Hedge Fund•Multi-Strategy	George Stabler Loening Chairman	$731.5M 3.00% of portfolio	3.03% 382.7K shares	Q1 2025 Held for 9 months	$24.4B
DAVIS SELECTED ADVISERS Long Only Manager	Christopher Cullom Davis CEO	$713.9M 3.73% of portfolio	2.95% 373.5K shares	≤ Q2 2013 Held for 12y 6m+	$19.2B
STATE STREET CORP Institution	Ronald P. O'Hanley CEO	$581.8M 0.02% of portfolio	2.41% 304.4K shares	≤ Q2 2013 Held for 12y 6m+	$2.88T
Robeco Investment Management, Inc. Long Only Manager	Joseph Francis Feeney CEO	$514.9M 0.53% of portfolio	2.13% 269.3K shares	Q1 2020 Held for 5y 9m	$97.8B
GEODE CAPITAL MANAGEMENT LLC ETF Provider	David Kenneth Lane CEO	$429.4M 0.03% of portfolio	1.78% 225.3K shares	≤ Q2 2013 Held for 12y 6m+	$1.57T
DAVENPORT & Co LLC RIA/Wealth	Irving Lee Iv Chapman CEO	$391.4M 2.11% of portfolio	1.62% 205.0K shares	≤ Q2 2013 Held for 12y 6m+	$18.6B

Net Capital Flow

Institutional buying and selling activity for MKL in Q3 2025

Traded: +$17.7M
Buyers: 361
Sellers: 316
Total Bought: +$667.5M
Total Sold: −$649.8M
Avg Position: $21.4M

Biggest Buyers

Institution	Net Bought	Current Position
Select Equity Group, L.P. Hedge Fund•Multi-Strategy	+$88.6M +46.4K shares	$731.5M 382.7K shares
Q Qube Research & Technologies Ltd Institution	+$38.3M +20.0K shares	$38.3M 20.0K shares
Toroso Investments, LLC ETF Provider	+$34.7M +18.2K shares	$35.9M 18.8K shares
K KEMPEN CAPITAL MANAGEMENT N.V. Institution	+$33.4M +17.5K shares	$346.4M 181.2K shares
GOLDMAN SACHS GROUP INC Institution	+$29.4M +15.4K shares	$90.3M 47.3K shares
GEODE CAPITAL MANAGEMENT LLC ETF Provider	+$22.5M +11.8K shares	$429.4M 225.3K shares
J JANE STREET GROUP, LLC Institution	+$19.7M +10.3K shares	$57.0M 29.8K shares
S Swedbank AB Institution	+$18.7M +9.8K shares	$20.8M 10.9K shares
UBS Group AG Institution	+$18.6M +9.7K shares	$113.4M 59.3K shares
SUSQUEHANNA INTERNATIONAL GROUP, LLP Private Equity	+$18.4M +9.6K shares	$35.4M 18.5K shares

Biggest Sellers

Institution	Net Sold	Current Position
Epoch Investment Partners, Inc. Long Only Manager	−$71.1M −37.2K shares	$147.3M 77.1K shares
MORGAN STANLEY RIA/Wealth	−$44.8M −23.5K shares	$857.1M 448.4K shares
FMR LLC Institution	−$35.1M −18.4K shares	$44.2M 23.1K shares
UBS GLOBAL ASSET MANAGEMENT AMERICAS INC Long Only Manager	−$29.2M −15.3K shares	$169.4M 88.6K shares
SCHARF INVESTMENTS, LLC RIA/Wealth	−$24.2M −12.6K shares	$144.0M 75.3K shares
JENNISON ASSOCIATES LLC Long Only Manager	−$23.4M −12.3K shares	$129.7M 67.9K shares
WELLINGTON MANAGEMENT CO LLP Long Only Manager	−$17.4M −9.1K shares	$234.8M 122.8K shares
FIRST MANHATTAN CO Institution	−$17.3M −9.1K shares	$10.3M 5.4K shares
FIRST TRUST ADVISORS LP ETF Provider	−$16.8M −8.8K shares	$36.0M 18.8K shares
CITADEL ADVISORS LLC Hedge Fund•Multi-Strategy	−$15.8M −7.9K shares	Sold Off 0 shares

Entry and Exit Activity

Institutions that initiated new positions or completely exited MKL in Q3 2025

New Positions: 36
New Value: $15.9M
Exited Positions: 57
Exited Value: $71.1M

New Positions

Institution	Position Value
V Vantage Investment Partners, LLC Institution	$6.7M 3.5K shares
F Fieldview Capital Management, LLC Hedge Fund•Long/Short	$1.4M 720.0 shares
FIRST FINANCIAL BANKSHARES INC Institution	$1.1M 601.0 shares
P PICTON MAHONEY ASSET MANAGEMENT Institution	$755.0K 395.0 shares
C Convergence Financial, LLC RIA/Wealth	$737.8K 386.0 shares
Diversified Trust Co RIA/Wealth	$561.9K 294.0 shares
F Farringdon Capital, Ltd. Institution	$508.4K 266.0 shares
Maridea Wealth Management LLC RIA/Wealth	$482.6K 253.0 shares
Foundations Investment Advisors, LLC RIA/Wealth	$443.4K 232.0 shares
B Bank of Marin Institution	$321.1K 168.0 shares

Exited Positions

Institution	Previous Position
CITADEL ADVISORS LLC Hedge Fund•Multi-Strategy	$15.8M 7.9K shares
Lighthouse Investment Partners, LLC Fund of Funds	$8.5M 4.3K shares
Symphony Financial, Ltd. Co. RIA/Wealth	$8.0M 4.0K shares
A AMF Pensionsforsakring AB Institution	$6.5M 3.2K shares
LOS ANGELES CAPITAL MANAGEMENT & EQUITY RESEARCH INC Long Only Manager	$5.7M 2.9K shares
B BANCO BILBAO VIZCAYA ARGENTARIA, S.A. RIA/Wealth	$5.5M 2.8K shares
JCP Investment Management, LLC Hedge Fund•Event Driven	$5.2M 2.6K shares
ExodusPoint Capital Management, LP Hedge Fund•Multi-Strategy	$1.7M 834.0 shares
E Erste Asset Management GmbH Institution	$1.6M 830.0 shares
Summit Global Investments Long Only Manager	$1.0M 517.0 shares

Options Activity

Institutions with the largest Call and Put options positions in MKL as of Q3 2025

Call Positions: 8
Call Value: $116.2M
Put Positions: 8
Put Value: $140.3M

Call Positions

Institution	Position Value
SUSQUEHANNA INTERNATIONAL GROUP, LLP Private Equity	$45.3M 237.0 contracts
T Twin Tree Management, LP Hedge Fund•Vol Arbitrage	$32.5M 170.0 contracts
CITADEL ADVISORS LLC Hedge Fund•Multi-Strategy	$21.8M 114.0 contracts
W WOLVERINE TRADING, LLC Institution	$10.1M 53.0 contracts
J JANE STREET GROUP, LLC Institution	$5.5M 29.0 contracts
Walleye Trading LLC RIA/Wealth	$955.7K 5.0 contracts
Walleye Trading Advisors, LLC Hedge Fund•Multi-Strategy	- - contracts
S Squarepoint Ops LLC Hedge Fund•Quant	- - contracts

Put Positions

Institution	Position Value
SUSQUEHANNA INTERNATIONAL GROUP, LLP Private Equity	$89.8M 470.0 contracts
CITADEL ADVISORS LLC Hedge Fund•Multi-Strategy	$25.0M 131.0 contracts
T Twin Tree Management, LP Hedge Fund•Vol Arbitrage	$11.9M 62.0 contracts
J JANE STREET GROUP, LLC Institution	$8.8M 46.0 contracts
W WOLVERINE TRADING, LLC Institution	$4.8M 25.0 contracts
Walleye Trading Advisors, LLC Hedge Fund•Multi-Strategy	- - contracts
Walleye Trading LLC RIA/Wealth	- - contracts
MILLENNIUM MANAGEMENT LLC Hedge Fund•Multi-Strategy	- - contracts

Most Committed Institutions

Institutions with MKL as the highest % of their portfolio as of Q3 2025

Institution	Key People	Portfolio Weight	Ownership	Owned Since	Total AUM (Long)
G Graham Holdings Co Master Retirement Trust Institution	-	15.06% $110.9M	0.46% 58.0K shares	Q2 2023 Held for 2y 6m	$736.1M
C Citadel Investment Advisory, Inc. RIA/Wealth	Kurt Thomas Liedtke President	14.40% $29.7M	0.12% 15.5K shares	Q4 2020 Held for 5 years	$206.0M
STEGINSKY CAPITAL LLC RIA/Wealth	Andrew Dale Steginsky Managing Partner	14.07% $76.6M	0.32% 40.1K shares	Q4 2016 Held for 9 years	$544.6M
JANA Partners Management, LP Hedge Fund•Activist	Barry Stuart Rosenstein Founder	13.64% $281.8M	1.17% 147.4K shares	Q4 2024 Held for 1 year	$2.1B
G GREENLEA LANE CAPITAL MANAGEMENT, LLC Hedge Fund•Value	Josh David Tarasoff Managing Partner	12.51% $42.9M	0.18% 22.5K shares	Q1 2023 Held for 2y 9m	$343.0M
Capco Asset Management, LLC Hedge Fund•Value	Christopher James Harrell Managing Partner	11.83% $50.7M	0.21% 26.6K shares	Q2 2021 Held for 4y 6m	$428.9M
Graham Holdings Co Institution	Timothy J. O'Shaughnessy CEO	10.61% $105.9M	0.44% 55.4K shares	Q4 2021 Held for 4 years	$998.8M
BANYAN CAPTIAL MANAGEMENT, INC. RIA/Wealth	Drew Douglas Estes President	10.30% $21.7M	0.09% 11.4K shares	Q4 2018 Held for 7 years	$210.7M
Rockbridge Capital Management LLC Hedge Fund•Long/Short	Peter Creighton Keefe Managing Partner	10.12% $17.2M	0.07% 9.0K shares	Q4 2024 Held for 1 year	$169.8M
C CHECK CAPITAL MANAGEMENT INC/CA RIA/Wealth	Steven Glenn Check President	9.53% $148.2M	0.61% 77.5K shares	Q2 2014 Held for 11y 6m	$1.6B

Hedge Fund Spotlight

Discover hedge funds investing in MKL

Voleon Capital Management LP

Hedge Fund • Quant

Portfolio ManagerMichael Kharitonov

Portfolio Value: $4.1B
Positions: 884
Last Reported: Q3 2025

Sector Allocation

Position in Markel

Market Value: $852.5K
Shares Held: 446.0
Portfolio Weight: 0.02%
Owned Since: 2025-Q3

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3 Microsoft MSFT	Software - Infrastructure Technology	$218.3M	5.33%