Markel

This quarter

Updated today

Markel added to 16 holdings in Q2 2026, opened 3 new positions, and trimmed 2; broad-based rebalancing across industrials, healthcare, and financials.

Added to ROL for a 4th consecutive quarter
Added to LIN for a 4th consecutive quarter
Trimmed ADI by $71.5M

Sources & details

Windowpast 90 days · 20 events · ending Sep 18, 2026

DetailAdded to ROL for a 4th consecutive quarter (+18.5k shares in 2026-Q2) · Added to LIN for a 4th consecutive quarter (+11.0k shares in 2026-Q2) · Trimmed ADI by $71.5M — <1% of portfolio, −2% QoQ · Added $44.3M to V — <1% of portfolio, +<1% QoQ · Added $37.3M to WSO — <1% of portfolio, +3% QoQ

Full summary

Markel disclosed a wide-ranging portfolio adjustment in its Q2 2026 filing, adding to 16 existing positions while opening three new stakes and trimming two. The activity reflects a measured rebalancing rather than a concentrated bet, with no single move exceeding 1% of the disclosed book. Notable additions included increased stakes in MELI (+340% QoQ, +$31.3M), WY (+586% QoQ, +$2.4M), and V (+$44.3M). Markel also extended its multi-quarter accumulation in LIN and ROL, adding to each for a fourth consecutive quarter. LIN received +11.0k shares (+$10.5M, +5% QoQ), while ROL saw +18.5k shares despite a −$16.7M mark—the largest reduction in ROL on record with us since 2025-Q2. New positions were opened in ZTS (66.2k shares, $4.8M), NFLX (40.0k shares, $2.9M), and UFPI (4.0k shares, $363.0k). Markel trimmed META (−14.1k shares, −$10.2M, −6% QoQ) and ADI (−23.6k shares, +$71.5M, −2% QoQ). The portfolio moves span industrials (CSX, OTIS, WSO), healthcare (TMO, HCA, ZTS), consumer (HD, TSN, SUNB), technology (NFLX, MELI), and financials (SCHW, V). The pattern suggests opportunistic rebalancing within existing conviction areas rather than a thematic shift.

Underlying filings

Institutional holdingMarkelJun 30, 2026Added to CSX · +54.5k shares · +$6.0M
Institutional holdingMarkelJun 30, 2026Added to SUNB · +11.0k shares · +$10.2M
Institutional holdingMarkelJun 30, 2026Added to TMO · +6.0k shares · +$3.7M
Institutional holdingMarkelJun 30, 2026Added to LIN · +11.0k shares · +$10.5M
Institutional holdingMarkelJun 30, 2026Added to SCHW · +11.0k shares · −$1.4M
Institutional holdingMarkelJun 30, 2026Added to HCA · +1.9k shares · −$6.1M
Institutional holdingMarkelJun 30, 2026Added to HD · +2.5k shares · +$22.8M
Institutional holdingMarkelJun 30, 2026Added to TSN · +24.0k shares · −$4.7M
Institutional holdingMarkelJun 30, 2026Added to OTIS · +19.0k shares · +$732.3k
Institutional holdingMarkelJun 30, 2026Opened position in ZTS · 66.2k shares · $4.8M
Institutional holdingMarkelJun 30, 2026Trimmed ADI · −23.6k shares · +$71.5M
Institutional holdingMarkelJun 30, 2026Opened position in UFPI · 4.0k shares · $363.0k
Institutional holdingMarkelJun 30, 2026Opened position in NFLX · 40.0k shares · $2.9M
Institutional holdingMarkelJun 30, 2026Added to MELI · +18.6k shares · +$31.3M
Institutional holdingMarkelJun 30, 2026Added to WSO · +15.6k shares · +$37.3M
Institutional holdingMarkelJun 30, 2026Trimmed META · −14.1k shares · −$10.2M
Institutional holdingMarkelJun 30, 2026Added to V · +9.6k shares · +$44.3M
Institutional holdingMarkelJun 30, 2026Added to NVR · +10 shares · +$2.8M
Institutional holdingMarkelJun 30, 2026Added to ROL · +18.5k shares · −$16.7M
Institutional holdingMarkelJun 30, 2026Added to WY · +102.5k shares · +$2.4M

Source8 citations →

GeneratedSep 18, 2026

NoteAuto-generated summary · not investment advice · verify before acting.

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ALPHABET INC CAP STK CL C	2,749,860	$971.6M	7.4%
BERKSHIRE HATHAWAY INC DEL CL A	1,114	$834.2M	6.4%
BERKSHIRE HATHAWAY INC DEL CL B NEW	1,531,971	$766.6M	5.8%
DEERE & CO COM	877,900	$556.9M	4.2%
BROOKFIELD CORP CL A LTD VT SH	13,073,609	$556.8M	4.2%
AMAZON COM INC COM	2,030,760	$484.0M	3.7%
ANALOG DEVICES INC COM	999,671Shares decreased 2%	$397.0M	3.0%
GOLDMAN SACHS GROUP INC COM	359,360	$363.4M	2.8%
APPLE INC COM	1,227,290	$355.1M	2.7%
CATERPILLAR INC COM	328,650	$350.0M	2.7%
VISA INC COM CL A	1,013,912Shares increased 1%	$347.9M	2.6%
HOME DEPOT INC COM	922,500Shares increased <1%	$325.3M	2.5%
WATSCO INC COM	597,750Shares increased 3%	$249.1M	1.9%
TEXAS INSTRS INC COM	724,000	$215.8M	1.6%
BLACKROCK INC COM	220,200	$211.7M	1.6%
ALPHABET INC CAP STK CL A	572,000	$204.4M	1.6%
MICROSOFT CORP COM	537,630	$200.5M	1.5%
DISNEY WALT CO COM	2,031,665	$195.5M	1.5%
AMERICAN EXPRESS CO COM	490,450	$165.9M	1.3%
LOWES COS INC COM	751,980Shares increased 2%	$165.8M	1.3%
PROGRESSIVE CORP COM	753,750	$164.7M	1.3%
FRANCO NEV CORP COM	773,500Shares increased 9%	$161.2M	1.2%
LPL FINL HLDGS INC COM	559,951	$157.7M	1.2%
JOHNSON & JOHNSON COM	610,800	$155.1M	1.2%
BLACKSTONE INC COM	1,229,000	$144.6M	1.1%
RLI CORP COM	2,394,544	$141.4M	1.1%
GENERAL DYNAMICS CORP COM	391,000	$138.5M	1.1%
NOVO-NORDISK A S ADR	2,869,774	$137.6M	1.0%
KKR & CO INC COM	1,451,800	$133.2M	1.0%
META PLATFORMS INC CL A	234,163Shares decreased 6%	$131.9M	1.0%
SCHWAB CHARLES CORP COM	1,394,800Shares increased 1%	$128.7M	1.0%
MARSH & MCLENNAN COS INC COM	763,500	$127.3M	1.0%
APOLLO GLOBAL MGMT INC COM	1,012,500	$119.8M	0.9%
ARCHER DANIELS MIDLAND CO COM	1,505,800	$115.0M	0.9%
LINDE PLC SHS	215,600Shares increased 5%	$111.9M	0.9%
DIAGEO PLC SPON ADR NEW	1,372,208	$110.3M	0.8%
MASTERCARD INCORPORATED CL A	207,540	$106.6M	0.8%
DOLLAR GEN CORP COM	869,250	$100.1M	0.8%
BROOKFIELD ASSET MANAGMT LTD CL A LMT VTG SHS	2,193,953	$98.4M	0.7%
HEICO CORP NEW CL A	379,644	$97.9M	0.7%
MOODYS CORP COM	213,890	$96.9M	0.7%
OLD DOMINION FREIGHT LINE IN COM	429,150	$93.0M	0.7%
NORFOLK SOUTHN CORP COM	282,500	$88.9M	0.7%
ILLINOIS TOOL WKS INC COM	327,500	$88.6M	0.7%
JPMORGAN CHASE & CO COM	252,550	$82.7M	0.6%
NVR INC COM	12,097Shares increased <1%	$82.4M	0.6%
MSCI INC COM	142,850	$80.0M	0.6%
ROCKWELL AUTOMATION INC COM	154,900	$76.7M	0.6%
ECOLAB INC COM	274,300	$76.4M	0.6%
SUNBELT RENTALS HOLDINGS INC SHS	974,361Shares increased 1%	$72.9M	0.6%
STARBUCKS CORP COM	623,818	$63.7M	0.5%
ROLLINS INC COM	1,516,525Shares increased 1%	$63.3M	0.5%
HANOVER INS GROUP INC COM	281,000	$60.2M	0.5%
INVESTORS TITLE CO NC COM	213,300	$58.4M	0.4%
CARLYLE GROUP INC COM	1,327,000	$55.9M	0.4%
TYSON FOODS INC CL A	913,500Shares increased 3%	$52.3M	0.4%
S&P GLOBAL INC COM	117,690	$47.9M	0.4%
AON PLC SHS CL A	135,800	$45.0M	0.3%
UNION PAC CORP COM	161,028Shares increased 7%	$43.8M	0.3%
FERGUSON ENTERPRISES INC COMMON STOCK NEW	180,200Shares increased 6%	$42.8M	0.3%
RTX CORPORATION COM	224,000	$42.5M	0.3%
CISCO SYS INC COM	355,500	$41.8M	0.3%
MERCADOLIBRE INC COM	24,000Shares increased 340%	$40.7M	0.3%
YUM BRANDS INC COM	245,213	$39.2M	0.3%
MARRIOTT INTL INC NEW CL A	99,500Shares increased 6%	$36.9M	0.3%
ALLSTATE CORP COM	154,550	$36.8M	0.3%
THERMO FISHER SCIENTIFIC INC COM	73,100Shares increased 9%	$36.6M	0.3%
COSTCO WHOLESALE CORPORATION COM	39,150	$36.6M	0.3%
HAGERTY INC CL A COM	3,108,000	$35.9M	0.3%
PRICE T ROWE GROUP INC COM	314,000	$35.7M	0.3%
UNITED RENTALS INC COM	31,150	$35.3M	0.3%
AIRBNB INC COM CL A	242,389	$34.7M	0.3%
LOCKHEED MARTIN CORP COM	65,213	$33.2M	0.3%
HCA HEALTHCARE INC COM	84,366Shares increased 2%	$32.9M	0.3%
SHERWIN WILLIAMS CO COM	94,172	$32.4M	0.2%
FACTSET RESH SYS INC COM	135,376	$31.1M	0.2%
LAMAR ADVERTISING CO CL A	193,000	$30.1M	0.2%
VERISK ANALYTICS INC COM	155,950	$28.0M	0.2%
CSX CORP COM	584,500Shares increased 10%	$27.8M	0.2%
APPLIED MATLS INC COM	36,350	$26.3M	0.2%
AIR PRODUCTS AND CHEMICALS I COM	88,500Shares increased 17%	$25.9M	0.2%
COMFORT SYS USA INC COM	13,000	$25.8M	0.2%
CROWN HLDGS INC COM	220,000	$24.6M	0.2%
BROWN FORMAN CORP CL A	843,000	$23.1M	0.2%
G7496G103RENAISSANCERE HLDGS LTD COM	70,000	$22.2M	0.2%
ENTERPRISE PRODS PARTNERS L COM	569,000Shares increased 182%	$20.9M	0.2%
PHILIP MORRIS INTL INC COM	114,500	$20.7M	0.2%
G1151C101ACCENTURE PLC IRELAND SHS CLASS A	159,400	$19.8M	0.2%
COMCAST CORP NEW CL A	802,074Shares decreased 17%	$19.7M	0.1%
HEXCEL CORP NEW COM	189,000	$18.9M	0.1%
NIKE INC CL B	447,400	$18.4M	0.1%
CAPITAL ONE FINL CORP COM	91,000	$18.3M	0.1%
BANK NEW YORK MELLON CORP COM	124,500	$18.0M	0.1%
CARRIER GLOBAL CORPORATION COM	235,000	$17.2M	0.1%
WELLS FARGO & CO COM	204,450	$16.9M	0.1%
SEI INVTS CO COM	173,200	$15.2M	0.1%
PAYCHEX INC COM	150,000	$14.7M	0.1%
HERSHEY CO COM	75,000	$13.2M	0.1%
PEPSICO INC COM	96,210	$13.0M	0.1%
BROWN FORMAN CORP CL B	474,187	$12.6M	0.1%

Markel

Markel

Portfolio · 2026-Q2

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