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Markel Group
MKL

Name Holding Trade Value Shares
Change 		Change in
Stake
Baillie Gifford & Co
1
Baillie Gifford & Co
United Kingdom
$358M +$356M +679,337 New
Vanguard Group
2
Vanguard Group
Pennsylvania
$336M +$334M +637,989 New
SIM
3
Sprucegrove Investment Management
Ontario, Canada
$292M +$290M +554,806 New
ACM
4
Atlanta Capital Management
Georgia
$288M +$287M +547,218 New
CC
5
Chubb Corp
New Jersey
$221M +$219M +419,145 New
Principal Financial Group
6
Principal Financial Group
Iowa
$221M +$219M +418,712 New
Select Equity Group
7
Select Equity Group
New York
$202M +$200M +382,714 New
T. Rowe Price Associates
8
T. Rowe Price Associates
Maryland
$190M +$189M +360,562 New
DSA
9
Davis Selected Advisers
Arizona
$166M +$165M +314,363 New
BIT
10
BlackRock Institutional Trust
California
$165M +$164M +313,335 New
Wellington Management Group
11
Wellington Management Group
Massachusetts
$164M +$163M +311,872 New
Goldman Sachs
12
Goldman Sachs
New York
$134M +$133M +253,562 New
DC
13
Davenport & Co
Virginia
$130M +$129M +246,869 New
ACM
14
AKRE Capital Management
Virginia
$130M +$129M +246,144 New
MIH
15
Madison Investment Holdings
Wisconsin
$121M +$120M +229,638 New
DDC
16
DF Dent & Co
Maryland
$109M +$109M +207,792 New
State Street
17
State Street
Massachusetts
$103M +$103M +196,172 New
Mitsubishi UFJ Trust & Banking
18
Mitsubishi UFJ Trust & Banking
Japan
$81M +$80.4M +153,624 New
BRIM
19
Broad Run Investment Management
Virginia
$72.3M +$71.9M +137,274 New
CS
20
Credit Suisse
Switzerland
$69.2M +$68.8M +131,358 New
Canada Life
21
Canada Life
Manitoba, Canada
$63.2M +$62.7M +119,824 New
Norges Bank
22
Norges Bank
Norway
$60.5M +$60.1M +114,758 New
FAM
23
Fenimore Asset Management
New York
$59.4M +$59.1M +112,781 New
MVIP
24
Mar Vista Investment Partners
California
$55.8M +$55.4M +105,810 New
AC
25
Avenir Corporation
Virginia
$55.1M +$54.7M +104,484 New
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