MARKEL GROUP INC. Diversified Active

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
WSO	WATSCO INC	577,669 (+2.2%)	$194,646 (-14.8%)	1.6%	$201.30	+77.4%	COM	942622200
LPLA	LPL FINL HLDGS INC	559,951 (+1.2%)	$199,998 (+8.6%)	1.6%	$234.16	+51.0%	COM	50212V100
ODFL	OLD DOMINION FREIGHT LINE IN	421,650 (+17.5%)	$66,115 (+30.9%)	0.5%	$176.28	-18.8%	COM	679580100
NVO	NOVO-NORDISK A S	2,869,774 (+21.2%)	$146,014 (+11.1%)	1.2%	$73.22	—	ADR	670100205
TMO	THERMO FISHER SCIENTIFIC INC	62,800 (+12.5%)	$36,389 (+34.5%)	0.3%	$530.47	+6.5%	COM	883556102
MAR	MARRIOTT INTL INC NEW	89,750 (+22.5%)	$27,844 (+46.0%)	0.2%	$256.28	+11.3%	CL A	571903202
FNV	FRANCO NEV CORP	683,500 (+12.9%)	$141,676 (+5.0%)	1.1%	$137.65	+47.3%	COM	351858105
LIN	LINDE PLC	200,100 (+3.8%)	$85,321 (-6.9%)	0.7%	$371.52	+15.0%	SHS	G54950103
CSX	CSX CORP	440,000 (+54.4%)	$15,950 (+57.6%)	0.1%	$33.94	+5.2%	COM	126408103
TSN	TYSON FOODS INC	884,500 (+4.2%)	$51,849 (+12.5%)	0.4%	$52.64	+3.8%	CL A	902494103
HCA	HCA HEALTHCARE INC	80,680 (+7.3%)	$37,666 (+17.5%)	0.3%	$335.73	+38.1%	COM	40412C101
LOW	LOWES COS INC	734,480 (+1.1%)	$177,127 (-3.0%)	1.4%	$68.55	+249.8%	COM	548661107
ABNB	AIRBNB INC	240,289 (+5.8%)	$32,612 (+18.3%)	0.3%	$132.26	-5.8%	COM CL A	009066101
XOM	EXXON MOBIL CORP	38,000 (+1166.7%)	$4,573 (+1251.9%)	0.0%	$115.03	+0.4%	COM	30231G102
CME	CME GROUP INC	45,750 (+43.0%)	$12,493 (+44.5%)	0.1%	$262.54	+3.1%	COM	12572Q105
CCK	CROWN HLDGS INC	212,000 (+11.9%)	$21,830 (+19.3%)	0.2%	$67.35	+44.5%	COM	228368106
CBOE	CBOE GLOBAL MKTS INC	41,750 (+46.5%)	$10,479 (+49.9%)	0.1%	$232.48	+7.0%	COM	12503M108
AMAT	APPLIED MATLS INC	34,100 (+29.9%)	$8,763 (+63.1%)	0.1%	$183.01	+30.9%	COM	038222105
FERG	FERGUSON ENTERPRISES INC	163,500 (+11.2%)	$36,400 (+10.3%)	0.3%	$199.40	+19.3%	COMMON STOCK NEW	31488V107
HII	HUNTINGTON INGALLS INDS INC	25,500 (+24.4%)	$8,672 (+46.9%)	0.1%	$217.36	+42.4%	COM	446413106
UNP	UNION PAC CORP	141,278 (+11.4%)	$32,680 (+9.1%)	0.3%	$129.01	+76.2%	COM	907818108
LAMR	LAMAR ADVERTISING CO NEW	185,000 (+8.8%)	$23,417 (+12.5%)	0.2%	$111.60	—	CL A	512816109
ICE	INTERCONTINENTAL EXCHANGE IN	20,870 (+271.4%)	$3,380 (+257.0%)	0.0%	$142.98	+9.3%	COM	45866F104
BN	BROOKFIELD CORP	13,073,609 (+50.0%)	$599,948 (+0.4%)	4.8%	$29.78	+52.9%	CL A LTD VT SH	11271J107
HSY	HERSHEY CO	67,500 (+23.9%)	$12,284 (+20.5%)	0.1%	$178.82	+1.8%	COM	427866108
CNI	CANADIAN NATL RY CO	44,500 (+78.0%)	$4,399 (+86.6%)	0.0%	$96.07	+0.1%	COM	136375102
FDS	FACTSET RESH SYS INC	121,873 (+4.4%)	$35,366 (+5.8%)	0.3%	$113.23	+147.3%	COM	303075105
NSC	NORFOLK SOUTHN CORP	273,500 (+6.6%)	$78,965 (+2.5%)	0.6%	$97.65	+195.6%	COM	655844108
BC	BRUNSWICK CORP	47,750 (+42.5%)	$3,545 (+67.3%)	0.0%	$67.39	+0.2%	COM	117043109
CP	CANADIAN PACIFIC KANSAS CITY	50,500 (+62.9%)	$3,718 (+61.0%)	0.0%	$75.22	-2.1%	COM	13646K108
AON	AON PLC	134,050 (+3.3%)	$47,304 (+2.2%)	0.4%	$271.90	+28.4%	SHS CL A	G0403H108
UBER	UBER TECHNOLOGIES INC	140,000 (+13.4%)	$11,439 (-5.5%)	0.1%	$65.96	+36.5%	COM	90353T100
NSP	INSPERITY INC	152,873 (+16.1%)	$5,919 (-8.7%)	0.0%	$79.71	-50.5%	COM	45778Q107
LMT	LOCKHEED MARTIN CORP	64,513 (+3.6%)	$31,203 (+0.4%)	0.2%	$413.72	+15.1%	COM	539830109
APD	AIR PRODS & CHEMS INC	71,500 (+10.0%)	$17,662 (-0.4%)	0.1%	$256.10	-1.7%	COM	009158106

Exited Positions (2)

FDX FEDEX CORP 0.4%

Value ($000) $50,228 Shares 213,000 Est. Cost $221.57 Unrealized +18.0%

ADBE ADOBE INC 0.0%

Value ($000) $4,939 Shares 14,000 Est. Cost $385.32 Unrealized -11.7%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
FDX	FEDEX CORP	213,000	$50,228	0.4%	$221.57	+18.0%	—	31428X106
ADBE	ADOBE INC	14,000	$4,939	0.0%	$385.32	-11.7%	—	00724F101

Decreased Positions (3)

META META PLATFORMS INC 1.3%

Value ($000) $163,902 (-20.4%) Shares 248,303 (-11.4%) Est. Cost $179.65 Unrealized +271.5%

ADI ANALOG DEVICES INC 2.2%

Value ($000) $277,504 (-3.3%) Shares 1,023,245 (-12.4%) Est. Cost $86.30 Unrealized +190.4%

TRU TRANSUNION 0.0%

Value ($000) $172 (-98.0%) Shares 2,000 (-98.0%) Est. Cost $69.20 Unrealized +18.7%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
META	META PLATFORMS INC	248,303 (-11.4%)	$163,902 (-20.4%)	1.3%	$179.65	+271.5%	CL A	30303M102
ADI	ANALOG DEVICES INC	1,023,245 (-12.4%)	$277,504 (-3.3%)	2.2%	$86.30	+190.4%	COM	032654105
TRU	TRANSUNION	2,000 (-98.0%)	$172 (-98.0%)	0.0%	$69.20	+18.7%	COM	89400J107

Unchanged Positions (89)

GOOG ALPHABET INC 6.9%

Value ($000) $862,906 Shares 2,749,860 Est. Cost $107.52 Unrealized +166.3%

HD HOME DEPOT INC 2.5%

Value ($000) $316,572 Shares 920,000 Est. Cost $56.05 Unrealized +550.4%

GOOGL ALPHABET INC 1.4%

Value ($000) $179,036 Shares 572,000 Est. Cost $105.45 Unrealized +170.8%

CAT CATERPILLAR INC 1.5%

Value ($000) $188,274 Shares 328,650 Est. Cost $93.16 Unrealized +496.3%

GS GOLDMAN SACHS GROUP INC 2.5%

Value ($000) $315,877 Shares 359,360 Est. Cost $182.02 Unrealized +346.9%

DG DOLLAR GEN CORP NEW 0.9%

Value ($000) $115,410 Shares 869,250 Est. Cost $162.59 Unrealized -31.4%

AMZN AMAZON COM INC 3.7%

Value ($000) $468,740 Shares 2,030,760 Est. Cost $121.25 Unrealized +88.7%

AAPL APPLE INC 2.7%

Value ($000) $333,651 Shares 1,227,290 Est. Cost $88.62 Unrealized +202.8%

BLK BLACKROCK INC 1.9%

Value ($000) $235,689 Shares 220,200 Est. Cost $991.05 Unrealized +9.9%

BX BLACKSTONE INC 1.5%

Value ($000) $189,438 Shares 1,229,000 Est. Cost $39.26 Unrealized +285.7%

AXP AMERICAN EXPRESS CO 1.4%

Value ($000) $180,721 Shares 488,500 Est. Cost $69.87 Unrealized +410.9%

MSFT MICROSOFT CORP 2.1%

Value ($000) $259,066 Shares 535,680 Est. Cost $85.15 Unrealized +487.9%

PGR PROGRESSIVE CORP 1.4%

Value ($000) $171,644 Shares 753,750 Est. Cost $56.10 Unrealized +278.5%

JNJ JOHNSON & JOHNSON 1.0%

Value ($000) $126,405 Shares 610,800 Est. Cost $60.45 Unrealized +225.9%

DEO DIAGEO PLC 0.9%

Value ($000) $118,337 Shares 1,371,708 Est. Cost $114.88 Unrealized —

APO APOLLO GLOBAL MGMT INC 1.2%

Value ($000) $146,570 Shares 1,012,500 Est. Cost $61.02 Unrealized +117.2%

MRSH MARSH & MCLENNAN COS INC 1.1%

Value ($000) $141,320 Shares 761,750 Est. Cost $68.84 Unrealized +170.8%

BAM BROOKFIELD ASSET MANAGMT LTD 0.9%

Value ($000) $114,941 Shares 2,193,953 Est. Cost $27.10 Unrealized +97.3%

V VISA INC 2.8%

Value ($000) $350,459 Shares 999,285 Est. Cost $66.29 Unrealized +413.5%

NVR NVR INC 0.7%

Value ($000) $87,564 Shares 12,007 Est. Cost $3656.60 Unrealized +104.5%

TXN TEXAS INSTRS INC 1.0%

Value ($000) $125,607 Shares 724,000 Est. Cost $62.49 Unrealized +173.2%

MCO MOODYS CORP 0.9%

Value ($000) $109,266 Shares 213,890 Est. Cost $70.54 Unrealized +590.9%

DE DEERE & CO 3.3%

Value ($000) $408,724 Shares 877,900 Est. Cost $108.47 Unrealized +331.2%

SCHW SCHWAB CHARLES CORP 1.1%

Value ($000) $137,456 Shares 1,375,800 Est. Cost $24.81 Unrealized +281.9%

ROK ROCKWELL AUTOMATION INC 0.5%

Value ($000) $60,267 Shares 154,900 Est. Cost $125.10 Unrealized +199.9%

SPGI S&P GLOBAL INC 0.6%

Value ($000) $78,749 Shares 150,690 Est. Cost $96.34 Unrealized +413.0%

CG CARLYLE GROUP INC 0.6%

Value ($000) $78,439 Shares 1,327,000 Est. Cost $24.00 Unrealized +134.5%

ITW ILLINOIS TOOL WKS INC 0.6%

Value ($000) $80,663 Shares 327,500 Est. Cost $75.74 Unrealized +226.9%

URI UNITED RENTALS INC 0.2%

Value ($000) $25,210 Shares 31,150 Est. Cost $619.24 Unrealized +40.0%

VRSK VERISK ANALYTICS INC 0.3%

Value ($000) $34,884 Shares 155,950 Est. Cost $152.36 Unrealized +47.9%

HGTY HAGERTY INC 0.3%

Value ($000) $41,772 Shares 3,108,000 Est. Cost $9.28 Unrealized +34.5%

ITIC INVESTORS TITLE CO NC 0.4%

Value ($000) $53,248 Shares 213,300 Est. Cost $70.48 Unrealized +272.9%

RTX RTX CORPORATION 0.3%

Value ($000) $41,082 Shares 224,000 Est. Cost $118.27 Unrealized +46.6%

KKR KKR & CO INC 1.5%

Value ($000) $185,075 Shares 1,451,800 Est. Cost $24.78 Unrealized +401.6%

ACN ACCENTURE PLC IRELAND 0.3%

Value ($000) $42,767 Shares 159,400 Est. Cost $70.60 Unrealized +259.9%

ADM ARCHER DANIELS MIDLAND CO 0.7%

Value ($000) $86,568 Shares 1,505,800 Est. Cost $25.29 Unrealized +135.2%

ECL ECOLAB INC 0.6%

Value ($000) $72,009 Shares 274,300 Est. Cost $110.32 Unrealized +140.9%

CSCO CISCO SYS INC 0.2%

Value ($000) $27,384 Shares 355,500 Est. Cost $23.20 Unrealized +218.0%

SPOT SPOTIFY TECHNOLOGY S A 0.1%

Value ($000) $15,040 Shares 25,900 Est. Cost $149.97 Unrealized +316.8%

RLI RLI CORP 1.2%

Value ($000) $153,203 Shares 2,394,544 Est. Cost $42.78 Unrealized +43.7%

EFX EQUIFAX INC 0.1%

Value ($000) $15,807 Shares 72,850 Est. Cost $143.86 Unrealized +52.0%

COF CAPITAL ONE FINL CORP 0.2%

Value ($000) $22,055 Shares 91,000 Est. Cost $98.39 Unrealized +125.8%

NKE NIKE INC 0.2%

Value ($000) $28,504 Shares 447,400 Est. Cost $49.58 Unrealized +30.9%

ROL ROLLINS INC 0.7%

Value ($000) $89,371 Shares 1,489,025 Est. Cost $24.79 Unrealized +136.6%

COST COSTCO WHSL CORP NEW 0.3%

Value ($000) $33,761 Shares 39,150 Est. Cost $86.56 Unrealized +946.4%

PAYX PAYCHEX INC 0.1%

Value ($000) $16,827 Shares 150,000 Est. Cost $25.02 Unrealized +365.8%

HXL HEXCEL CORP NEW 0.1%

Value ($000) $13,967 Shares 189,000 Est. Cost $62.10 Unrealized +13.9%

SHW SHERWIN WILLIAMS CO 0.2%

Value ($000) $30,515 Shares 94,172 Est. Cost $218.58 Unrealized +52.9%

WFC WELLS FARGO CO NEW 0.2%

Value ($000) $19,055 Shares 204,450 Est. Cost $41.55 Unrealized +108.5%

RNR RENAISSANCERE HLDGS LTD 0.2%

Value ($000) $19,681 Shares 70,000 Est. Cost $195.72 Unrealized +34.5%

JPM JPMORGAN CHASE & CO. 0.6%

Value ($000) $81,377 Shares 252,550 Est. Cost $68.28 Unrealized +353.3%

GD GENERAL DYNAMICS CORP 1.0%

Value ($000) $131,634 Shares 391,000 Est. Cost $56.44 Unrealized +503.9%

IQV IQVIA HLDGS INC 0.1%

Value ($000) $10,572 Shares 46,900 Est. Cost $212.07 Unrealized +2.6%

CARR CARRIER GLOBAL CORPORATION 0.1%

Value ($000) $12,417 Shares 235,000 Est. Cost $18.71 Unrealized +196.8%

DIS DISNEY WALT CO 1.8%

Value ($000) $231,143 Shares 2,031,665 Est. Cost $65.62 Unrealized +66.9%

CMCSA COMCAST CORP NEW 0.2%

Value ($000) $28,751 Shares 961,880 Est. Cost $38.84 Unrealized -26.5%

FIX COMFORT SYS USA INC 0.1%

Value ($000) $12,133 Shares 13,000 Est. Cost $248.33 Unrealized +271.7%

CHH CHOICE HOTELS INTL INC 0.1%

Value ($000) $11,003 Shares 115,500 Est. Cost $117.24 Unrealized -19.0%

SHOP SHOPIFY INC 0.1%

Value ($000) $16,540 Shares 102,750 Est. Cost $40.37 Unrealized +297.8%

TGT TARGET CORP 0.1%

Value ($000) $13,001 Shares 133,000 Est. Cost $128.04 Unrealized -28.4%

SONY SONY GROUP CORP 0.1%

Value ($000) $8,576 Shares 335,000 Est. Cost $32.98 Unrealized —

ALL ALLSTATE CORP 0.3%

Value ($000) $32,170 Shares 154,550 Est. Cost $112.37 Unrealized +81.6%

MSCI MSCI INC 0.7%

Value ($000) $81,957 Shares 142,850 Est. Cost $74.37 Unrealized +653.0%

BK BANK NEW YORK MELLON CORP 0.1%

Value ($000) $14,105 Shares 121,500 Est. Cost $37.31 Unrealized +196.2%

KMX CARMAX INC 0.0%

Value ($000) $5,274 Shares 136,500 Est. Cost $69.85 Unrealized -42.7%

BRK/A BERKSHIRE HATHAWAY INC DEL 6.7%

Value ($000) $840,847 Shares 1,114 Est. Cost $206742.08 Unrealized +261.0%

HEI/A HEICO CORP NEW 0.8%

Value ($000) $95,834 Shares 379,644 Est. Cost $60.40 Unrealized +308.9%

BF/A BROWN FORMAN CORP 0.2%

Value ($000) $22,179 Shares 843,000 Est. Cost $21.59 Unrealized +28.5%

SEIC SEI INVTS CO 0.1%

Value ($000) $14,206 Shares 173,200 Est. Cost $40.52 Unrealized +101.7%

BF/B BROWN FORMAN CORP 0.1%

Value ($000) $12,357 Shares 474,187 Est. Cost $38.33 Unrealized -27.0%

OTIS OTIS WORLDWIDE CORP 0.1%

Value ($000) $10,012 Shares 114,620 Est. Cost $47.48 Unrealized +88.0%

MA MASTERCARD INCORPORATED 0.9%

Value ($000) $118,480 Shares 207,540 Est. Cost $102.49 Unrealized +445.4%

GHC GRAHAM HLDGS CO 0.0%

Value ($000) $5,713 Shares 5,200 Est. Cost $339.79 Unrealized +213.9%

UNH UNITEDHEALTH GROUP INC 0.1%

Value ($000) $8,748 Shares 26,500 Est. Cost $501.11 Unrealized -32.7%

WRB BERKLEY W R CORP 0.0%

Value ($000) $4,260 Shares 60,750 Est. Cost $34.45 Unrealized +111.1%

EXP EAGLE MATLS INC 0.0%

Value ($000) $3,049 Shares 14,750 Est. Cost $224.31 Unrealized -1.7%

THG HANOVER INS GROUP INC 0.4%

Value ($000) $51,358 Shares 281,000 Est. Cost $125.28 Unrealized +43.0%

PEP PEPSICO INC 0.1%

Value ($000) $13,808 Shares 96,210 Est. Cost $57.47 Unrealized +153.9%

SYY SYSCO CORP 0.0%

Value ($000) $2,248 Shares 30,500 Est. Cost $72.81 Unrealized +3.7%

SBUX STARBUCKS CORP 0.4%

Value ($000) $52,532 Shares 623,818 Est. Cost $56.40 Unrealized +49.0%

SMG SCOTTS MIRACLE-GRO CO 0.1%

Value ($000) $9,803 Shares 168,000 Est. Cost $57.72 Unrealized -4.4%

PM PHILIP MORRIS INTL INC 0.1%

Value ($000) $18,366 Shares 114,500 Est. Cost $49.85 Unrealized +208.1%

YUM YUM BRANDS INC 0.3%

Value ($000) $34,258 Shares 226,451 Est. Cost $132.27 Unrealized +11.6%

MGM MGM RESORTS INTERNATIONAL 0.0%

Value ($000) $3,193 Shares 87,500 Est. Cost $35.48 Unrealized -4.4%

AYI ACUITY INC 0.0%

Value ($000) $3,510 Shares 9,750 Est. Cost $304.58 Unrealized +18.6%

BRK/B BERKSHIRE HATHAWAY INC DEL 6.1%

Value ($000) $770,045 Shares 1,531,971 Est. Cost $110.02 Unrealized +352.2%

DPZ DOMINOS PIZZA INC 0.0%

Value ($000) $2,293 Shares 5,500 Est. Cost $425.76 Unrealized -2.4%

TROW PRICE T ROWE GROUP INC 0.3%

Value ($000) $32,147 Shares 314,000 Est. Cost $48.35 Unrealized +111.4%

EMN EASTMAN CHEM CO 0.0%

Value ($000) $4,784 Shares 74,950 Est. Cost $75.62 Unrealized -19.3%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
GOOG	ALPHABET INC	2,749,860	$862,906	6.9%	$107.52	+166.3%	CAP STK CL C	02079K107
HD	HOME DEPOT INC	920,000	$316,572	2.5%	$56.05	+550.4%	COM	437076102
GOOGL	ALPHABET INC	572,000	$179,036	1.4%	$105.45	+170.8%	CAP STK CL A	02079K305
CAT	CATERPILLAR INC	328,650	$188,274	1.5%	$93.16	+496.3%	COM	149123101
GS	GOLDMAN SACHS GROUP INC	359,360	$315,877	2.5%	$182.02	+346.9%	COM	38141G104
DG	DOLLAR GEN CORP NEW	869,250	$115,410	0.9%	$162.59	-31.4%	COM	256677105
AMZN	AMAZON COM INC	2,030,760	$468,740	3.7%	$121.25	+88.7%	COM	023135106
AAPL	APPLE INC	1,227,290	$333,651	2.7%	$88.62	+202.8%	COM	037833100
BLK	BLACKROCK INC	220,200	$235,689	1.9%	$991.05	+9.9%	COM	09290D101
BX	BLACKSTONE INC	1,229,000	$189,438	1.5%	$39.26	+285.7%	COM	09260D107
AXP	AMERICAN EXPRESS CO	488,500	$180,721	1.4%	$69.87	+410.9%	COM	025816109
MSFT	MICROSOFT CORP	535,680	$259,066	2.1%	$85.15	+487.9%	COM	594918104
PGR	PROGRESSIVE CORP	753,750	$171,644	1.4%	$56.10	+278.5%	COM	743315103
JNJ	JOHNSON & JOHNSON	610,800	$126,405	1.0%	$60.45	+225.9%	COM	478160104
DEO	DIAGEO PLC	1,371,708	$118,337	0.9%	$114.88	—	SPON ADR NEW	25243Q205
APO	APOLLO GLOBAL MGMT INC	1,012,500	$146,570	1.2%	$61.02	+117.2%	COM	03769M106
MRSH	MARSH & MCLENNAN COS INC	761,750	$141,320	1.1%	$68.84	+170.8%	COM	571748102
BAM	BROOKFIELD ASSET MANAGMT LTD	2,193,953	$114,941	0.9%	$27.10	+97.3%	CL A LMT VTG SHS	113004105
V	VISA INC	999,285	$350,459	2.8%	$66.29	+413.5%	COM CL A	92826C839
NVR	NVR INC	12,007	$87,564	0.7%	$3656.60	+104.5%	COM	62944T105
TXN	TEXAS INSTRS INC	724,000	$125,607	1.0%	$62.49	+173.2%	COM	882508104
MCO	MOODYS CORP	213,890	$109,266	0.9%	$70.54	+590.9%	COM	615369105
DE	DEERE & CO	877,900	$408,724	3.3%	$108.47	+331.2%	COM	244199105
SCHW	SCHWAB CHARLES CORP	1,375,800	$137,456	1.1%	$24.81	+281.9%	COM	808513105
ROK	ROCKWELL AUTOMATION INC	154,900	$60,267	0.5%	$125.10	+199.9%	COM	773903109
SPGI	S&P GLOBAL INC	150,690	$78,749	0.6%	$96.34	+413.0%	COM	78409V104
CG	CARLYLE GROUP INC	1,327,000	$78,439	0.6%	$24.00	+134.5%	COM	14316J108
ITW	ILLINOIS TOOL WKS INC	327,500	$80,663	0.6%	$75.74	+226.9%	COM	452308109
URI	UNITED RENTALS INC	31,150	$25,210	0.2%	$619.24	+40.0%	COM	911363109
VRSK	VERISK ANALYTICS INC	155,950	$34,884	0.3%	$152.36	+47.9%	COM	92345Y106
HGTY	HAGERTY INC	3,108,000	$41,772	0.3%	$9.28	+34.5%	CL A COM	405166109
ITIC	INVESTORS TITLE CO NC	213,300	$53,248	0.4%	$70.48	+272.9%	COM	461804106
RTX	RTX CORPORATION	224,000	$41,082	0.3%	$118.27	+46.6%	COM	75513E101
KKR	KKR & CO INC	1,451,800	$185,075	1.5%	$24.78	+401.6%	COM	48251W104
ACN	ACCENTURE PLC IRELAND	159,400	$42,767	0.3%	$70.60	+259.9%	SHS CLASS A	G1151C101
ADM	ARCHER DANIELS MIDLAND CO	1,505,800	$86,568	0.7%	$25.29	+135.2%	COM	039483102
ECL	ECOLAB INC	274,300	$72,009	0.6%	$110.32	+140.9%	COM	278865100
CSCO	CISCO SYS INC	355,500	$27,384	0.2%	$23.20	+218.0%	COM	17275R102
SPOT	SPOTIFY TECHNOLOGY S A	25,900	$15,040	0.1%	$149.97	+316.8%	SHS	L8681T102
RLI	RLI CORP	2,394,544	$153,203	1.2%	$42.78	+43.7%	COM	749607107
EFX	EQUIFAX INC	72,850	$15,807	0.1%	$143.86	+52.0%	COM	294429105
COF	CAPITAL ONE FINL CORP	91,000	$22,055	0.2%	$98.39	+125.8%	COM	14040H105
NKE	NIKE INC	447,400	$28,504	0.2%	$49.58	+30.9%	CL B	654106103
ROL	ROLLINS INC	1,489,025	$89,371	0.7%	$24.79	+136.6%	COM	775711104
COST	COSTCO WHSL CORP NEW	39,150	$33,761	0.3%	$86.56	+946.4%	COM	22160K105
PAYX	PAYCHEX INC	150,000	$16,827	0.1%	$25.02	+365.8%	COM	704326107
HXL	HEXCEL CORP NEW	189,000	$13,967	0.1%	$62.10	+13.9%	COM	428291108
SHW	SHERWIN WILLIAMS CO	94,172	$30,515	0.2%	$218.58	+52.9%	COM	824348106
WFC	WELLS FARGO CO NEW	204,450	$19,055	0.2%	$41.55	+108.5%	COM	949746101
RNR	RENAISSANCERE HLDGS LTD	70,000	$19,681	0.2%	$195.72	+34.5%	COM	G7496G103
JPM	JPMORGAN CHASE & CO.	252,550	$81,377	0.6%	$68.28	+353.3%	COM	46625H100
GD	GENERAL DYNAMICS CORP	391,000	$131,634	1.0%	$56.44	+503.9%	COM	369550108
IQV	IQVIA HLDGS INC	46,900	$10,572	0.1%	$212.07	+2.6%	COM	46266C105
CARR	CARRIER GLOBAL CORPORATION	235,000	$12,417	0.1%	$18.71	+196.8%	COM	14448C104
DIS	DISNEY WALT CO	2,031,665	$231,143	1.8%	$65.62	+66.9%	COM	254687106
CMCSA	COMCAST CORP NEW	961,880	$28,751	0.2%	$38.84	-26.5%	CL A	20030N101
FIX	COMFORT SYS USA INC	13,000	$12,133	0.1%	$248.33	+271.7%	COM	199908104
CHH	CHOICE HOTELS INTL INC	115,500	$11,003	0.1%	$117.24	-19.0%	COM	169905106
SHOP	SHOPIFY INC	102,750	$16,540	0.1%	$40.37	+297.8%	CL A SUB VTG SHS	82509L107
TGT	TARGET CORP	133,000	$13,001	0.1%	$128.04	-28.4%	COM	87612E106
SONY	SONY GROUP CORP	335,000	$8,576	0.1%	$32.98	—	SPONSORED ADR	835699307
ALL	ALLSTATE CORP	154,550	$32,170	0.3%	$112.37	+81.6%	COM	020002101
MSCI	MSCI INC	142,850	$81,957	0.7%	$74.37	+653.0%	COM	55354G100
BK	BANK NEW YORK MELLON CORP	121,500	$14,105	0.1%	$37.31	+196.2%	COM	064058100
KMX	CARMAX INC	136,500	$5,274	0.0%	$69.85	-42.7%	COM	143130102
BRK/A	BERKSHIRE HATHAWAY INC DEL	1,114	$840,847	6.7%	$206742.08	+261.0%	CL A	084670108
HEI/A	HEICO CORP NEW	379,644	$95,834	0.8%	$60.40	+308.9%	CL A	422806208
BF/A	BROWN FORMAN CORP	843,000	$22,179	0.2%	$21.59	+28.5%	CL A	115637100
SEIC	SEI INVTS CO	173,200	$14,206	0.1%	$40.52	+101.7%	COM	784117103
BF/B	BROWN FORMAN CORP	474,187	$12,357	0.1%	$38.33	-27.0%	CL B	115637209
OTIS	OTIS WORLDWIDE CORP	114,620	$10,012	0.1%	$47.48	+88.0%	COM	68902V107
MA	MASTERCARD INCORPORATED	207,540	$118,480	0.9%	$102.49	+445.4%	CL A	57636Q104
GHC	GRAHAM HLDGS CO	5,200	$5,713	0.0%	$339.79	+213.9%	COM CL B	384637104
UNH	UNITEDHEALTH GROUP INC	26,500	$8,748	0.1%	$501.11	-32.7%	COM	91324P102
WRB	BERKLEY W R CORP	60,750	$4,260	0.0%	$34.45	+111.1%	COM	084423102
EXP	EAGLE MATLS INC	14,750	$3,049	0.0%	$224.31	-1.7%	COM	26969P108
THG	HANOVER INS GROUP INC	281,000	$51,358	0.4%	$125.28	+43.0%	COM	410867105
PEP	PEPSICO INC	96,210	$13,808	0.1%	$57.47	+153.9%	COM	713448108
SYY	SYSCO CORP	30,500	$2,248	0.0%	$72.81	+3.7%	COM	871829107
SBUX	STARBUCKS CORP	623,818	$52,532	0.4%	$56.40	+49.0%	COM	855244109
SMG	SCOTTS MIRACLE-GRO CO	168,000	$9,803	0.1%	$57.72	-4.4%	CL A	810186106
PM	PHILIP MORRIS INTL INC	114,500	$18,366	0.1%	$49.85	+208.1%	COM	718172109
YUM	YUM BRANDS INC	226,451	$34,258	0.3%	$132.27	+11.6%	COM	988498101
MGM	MGM RESORTS INTERNATIONAL	87,500	$3,193	0.0%	$35.48	-4.4%	COM	552953101
AYI	ACUITY INC	9,750	$3,510	0.0%	$304.58	+18.6%	COM	00508Y102
BRK/B	BERKSHIRE HATHAWAY INC DEL	1,531,971	$770,045	6.1%	$110.02	+352.2%	CL B NEW	084670702
DPZ	DOMINOS PIZZA INC	5,500	$2,293	0.0%	$425.76	-2.4%	COM	25754A201
TROW	PRICE T ROWE GROUP INC	314,000	$32,147	0.3%	$48.35	+111.4%	COM	74144T108
EMN	EASTMAN CHEM CO	74,950	$4,784	0.0%	$75.62	-19.3%	COM	277432100