13F
中
← All fund report cards

MARKEL GROUP INC.

13F equity value
$11.9B
Positions
129
Top 10 concentration
42.0%
Quarters / total new picks
29 / 107
13F equity value over time
$0M$6B$13B2017201820192020202120222023202420252026

"13F equity value" = market value of this filer's US-listed long equity positions only. It excludes cash, bonds, non-US and short positions, so it understates a fund's true assets under management — often by a lot.

Significant Verdict

13F holdings are disclosed ~45 days after quarter-end, and they never reveal when within the quarter a fund actually bought. So any 13F-based summary is structurally late and blurred — this applies to every fund, including this one.

We backtested copying it. Buying this fund's new positions the day each filing went public, over 29 quarters, returned +4.3% per quarter versus +2.6% from owning every 13F stock, beating that baseline in 55.2% of quarters (excess t = 2.26, statistically significant). Caveat: across all 5,072 funds we tested, past performance shows near-zero persistence (rank correlation −0.018) — with thousands of funds, some will look significant by chance alone.

Avg 2Q excess
+4.8%
t-stat
2.26
Quarterly win rate
55%
Annualized excess
+6.4%
$1 → follow vs universe
$2.95 vs $1.96
Cumulative return: $1 invested in new picks vs universe
1.00 20180331: universe 1.04120180630: universe 0.95920180930: universe 1.00320181231: universe 0.99220190331: universe 0.97520190630: universe 1.04820190930: universe 1.12720200331: universe 1.35820200630: universe 1.50120201231: universe 1.56920210331: universe 1.58320210630: universe 1.71020210930: universe 1.53520211231: universe 1.30620220331: universe 1.40220220630: universe 1.29920221231: universe 1.20620230331: universe 1.27120230630: universe 1.22620230930: universe 1.39120231231: universe 1.45320240331: universe 1.48620240630: universe 1.62120240930: universe 1.60720241231: universe 1.50020250331: universe 1.63520250630: universe 1.68720250930: universe 1.89720251231: universe 1.962 20180331: follow 1.02720180630: follow 0.91320180930: follow 0.98420181231: follow 1.07320190331: follow 1.03420190630: follow 1.14020190930: follow 1.19020200331: follow 1.39220200630: follow 1.40820201231: follow 1.69820210331: follow 1.75220210630: follow 1.99420210930: follow 1.67220211231: follow 1.50520220331: follow 1.56520220630: follow 1.57220221231: follow 1.40020230331: follow 1.55420230630: follow 1.61420230930: follow 1.94520231231: follow 2.35320240331: follow 2.27420240630: follow 2.37920240930: follow 2.41120241231: follow 2.54520250331: follow 2.68120250630: follow 2.93720250930: follow 3.45220251231: follow 2.952 0.84 2.28 3.73 20182019202020212022202320242025 Follow Universe

Quarterly compounding, invested quarters only · entry 47 days after quarter-end (when 13F data becomes public)

Listed as facts. See the verdict above before treating this as signal.

Top 20 holdings of 129 · 2026 Q1

Ticker Value Weight QoQ
BRK/A $800M
6.7%
HOLD
GOOG $789M
6.6%
HOLD
BRK/B $734M
6.2%
HOLD
BN $529M
4.4%
HOLD
DE $495M
4.1%
HOLD
AMZN $423M
3.5%
HOLD
ADI $326M
2.7%
HOLD
AAPL $311M
2.6%
HOLD
GS $304M
2.5%
HOLD
V $304M
2.5%
HOLD
HD $303M
2.5%
HOLD
CAT $233M
1.9%
HOLD
WSO $212M
1.8%
HOLD
BLK $212M
1.8%
HOLD
MSFT $199M
1.7%
HOLD
DIS $196M
1.6%
HOLD
FNV $175M
1.5%
ADD
LOW $174M
1.5%
HOLD
LPLA $168M
1.4%
HOLD
GOOGL $164M
1.4%
HOLD

QoQ vs previous quarter's share count · NEW = new position · ADD/TRIM = ±2% shares · HOLD = unchanged.

Listed as facts. See the verdict above before treating this as signal.

New positions in 2026 Q1

EPDMELIWY

Method & Limitations

Method: a "new position" = held this quarter, absent last quarter (options excluded; stocks with <50 prior holders excluded to filter spin-off artifacts). Entry 47 days after quarter-end — the first day the public could act on the filing. Benchmark = equal-weighted universe of all 13F-held stocks. Limitations: quarterly snapshots can't see intra-quarter trades; survivorship bias — funds that shut down are absent, which flatters the sample. Statistics, not advice.