Markel

Markel shifted its portfolio meaningfully in Q2 2026, reshuffling roughly $1.2B — about 9% of its disclosed book — across a mix of new positions and adjustments to existing holdings. On the add side, Industrials received the largest net increase at +$325.0M (≈3% of book), followed by Financials at +$247.1M (≈2% of book) and Information Technology at +$240.8M (≈2% of book). Three new positions drove much of the activity: Markel opened a 66.2k-share stake in Zoetis (ZTS) worth $4.8M, initiated Netflix (NFLX) at 40.0k shares ($2.9M), and started a position in UFP Industries (UFPI) at 4.0k shares ($363k). MercadoLibre (MELI) saw the sharpest percentage jump among existing names, with 18.6k shares added worth $31.3M — a +340% quarter-over-quarter increase. On the trim side, moves were modest. Materials fell by $16.2M (less than 1% of book) and Energy by just $304K. META was reduced by 14.1k shares (−$10.2M, −6% QoQ) and ADI was trimmed by 23.6k shares. Markel also continued adding to long-held compounders ROL and LIN for a fourth consecutive quarter each, even as price movement weighed on the dollar value of the ROL position. The consistent thread across Q2 2026 was incremental share-count accumulation in existing names alongside selective new entries — a pattern of patient portfolio construction rather than any single concentrated repositioning.