Tom Gayner – Markel Group Inc

Period:: Q1 2026
Portfolio date:: Mar 31, 2026
No. of stocks:: 126
Portfolio value:: $11,938,877,000
Filed:: May 1, 2026
Style:: Insurance / Compounder

Hist	Stock	Activity	Share change	% change to portfolio
Q1 2026filed May 1, 26128 exited
≡	GOOG – ALPHABET INC	Sell	−2,452,630	−6.14
≡	BRK.B – BERKSHIRE HATHAWAY INC DEL	Sell	−590	−3.55
≡	AMZN – AMAZON COM INC	Sell	−1,882,328	−3.46
≡	DE – DEERE & CO	Sell	−877,900	−3.26
≡	BN – BROOKFIELD CORP	Sell	−8,315,403	−3.04
≡	V – VISA INC	Sell	−923,135	−2.58
≡	AAPL – APPLE INC	Sell	−1,179,090	−2.56
≡	GS – GOLDMAN SACHS GROUP INC	Sell	−335,710	−2.35
≡	ADI – ANALOG DEVICES INC	Sell	−1,013,245	−2.19
≡	MSFT – MICROSOFT CORP	Sell	−512,061	−1.97
≡	BLK – BLACKROCK INC	Sell	−208,200	−1.78
≡	HD – HOME DEPOT INC	Sell	−643,094	−1.76
≡	BRK.B – BERKSHIRE HATHAWAY INC DEL	Sell	−427,511	−1.71
≡	LPLA – LPL FINL HLDGS INC	Sell	−557,662	−1.59
≡	BX – BLACKSTONE INC	Sell	−1,194,500	−1.47
≡	KKR – KKR & CO INC	Sell	−1,433,800	−1.46
≡	CAT – CATERPILLAR INC	Sell	−318,649	−1.46
≡	WSO – WATSCO INC	Sell	−536,069	−1.44
≡	DIS – DISNEY WALT CO	Sell	−1,577,428	−1.43
≡	PGR – PROGRESSIVE CORP	Sell	−693,750	−1.26
≡	GOOGL – ALPHABET INC	Sell	−500,000	−1.25
≡	META – META PLATFORMS INC	Sell	−226,693	−1.19
≡	APO – APOLLO GLOBAL MGMT INC	Sell	−990,000	−1.14
≡	FNV – FRANCO NEV CORP	Sell	−683,500	−1.13
≡	RLI – RLI CORP	Sell	−2,201,594	−1.12
≡	MRSH – MARSH & MCLENNAN COS INC	Sell	−741,250	−1.10
≡	TXN – TEXAS INSTRS INC	Sell	−723,999	−1.00
≡	JNJ – JOHNSON & JOHNSON	Sell	−584,085	−0.96
≡	GD – GENERAL DYNAMICS CORP	Sell	−347,000	−0.93
≡	DG – DOLLAR GEN CORP NEW	Sell	−865,750	−0.92
≡	MA – MASTERCARD INCORPORATED	Sell	−187,556	−0.85
≡	MCO – MOODYS CORP	Sell	−192,794	−0.79
≡	HEI – HEICO CORP NEW	Sell	−367,442	−0.74
≡	NVR – NVR INC	Sell	−11,832	−0.69
≡	ROL – ROLLINS INC	Sell	−1,426,550	−0.68
≡	NVO – NOVO-NORDISK A S	Sell	−1,677,934	−0.68
≡	LIN – LINDE PLC	Sell	−192,700	−0.65
≡	MSCI – MSCI INC	Sell	−141,850	−0.65
≡	JPM – JPMORGAN CHASE & CO.	Sell	−252,550	−0.65
≡	SPGI – S&P GLOBAL INC	Sell	−149,690	−0.62
≡	ADM – ARCHER DANIELS MIDLAND CO	Sell	−1,335,073	−0.61
≡	ITW – ILLINOIS TOOL WKS INC	Sell	−310,649	−0.61
≡	CG – CARLYLE GROUP INC	Sell	−1,282,500	−0.60
≡	NSC – NORFOLK SOUTHN CORP	Sell	−244,500	−0.56
≡	DEO – DIAGEO PLC	Sell	−786,394	−0.54
≡	ECL – ECOLAB INC	Sell	−251,300	−0.53
≡	ODFL – OLD DOMINION FREIGHT LINE IN	Sell	−415,650	−0.52
≡	ROK – ROCKWELL AUTOMATION INC	Sell	−147,000	−0.46
≡	ITIC – INVESTORS TITLE CO NC	Sell	−213,300	−0.42
≡	TSN – TYSON FOODS INC	Sell	−874,500	−0.41
≡	THG – HANOVER INS GROUP INC	Sell	−275,000	−0.40
≡	BAM – BROOKFIELD ASSET MANAGMT LTD	Sell	−955,453	−0.40
≡	SBUX – STARBUCKS CORP	Sell	−583,318	−0.39
≡	AON – AON PLC	Sell	−132,550	−0.37
≡	ACN – ACCENTURE PLC IRELAND	Sell	−159,399	−0.34
≡	HGTY – HAGERTY INC	Sell	−3,108,000	−0.33
≡	HCA – HCA HEALTHCARE INC	Sell	−80,680	−0.30
≡	FERG – FERGUSON ENTERPRISES INC	Sell	−163,500	−0.29
≡	TMO – THERMO FISHER SCIENTIFIC INC	Sell	−62,800	−0.29
≡	VRSK – VERISK ANALYTICS INC	Sell	−153,450	−0.27
≡	YUM – YUM BRANDS INC	Sell	−226,451	−0.27
≡	COST – COSTCO WHSL CORP NEW	Sell	−39,150	−0.27
≡	ABNB – AIRBNB INC	Sell	−240,289	−0.26
≡	ALL – ALLSTATE CORP	Sell	−154,550	−0.26
≡	LMT – LOCKHEED MARTIN CORP	Sell	−64,513	−0.25
≡	SHW – SHERWIN WILLIAMS CO	Sell	−94,172	−0.24
≡	UNP – UNION PAC CORP	Sell	−130,178	−0.24
≡	TROW – PRICE T ROWE GROUP INC	Sell	−282,000	−0.23
≡	FDS – FACTSET RESH SYS INC	Sell	−98,873	−0.23
≡	MAR – MARRIOTT INTL INC NEW	Sell	−89,750	−0.22
≡	NKE – NIKE INC	Sell	−401,400	−0.20
≡	URI – UNITED RENTALS INC	Sell	−31,150	−0.20
≡	CMCSA – COMCAST CORP NEW	Sell	−828,780	−0.20
≡	LAMR – LAMAR ADVERTISING CO NEW	Sell	−185,000	−0.19
≡	CCK – CROWN HLDGS INC	Sell	−209,000	−0.17
≡	COF – CAPITAL ONE FINL CORP	Sell	−83,500	−0.16
≡	RNR – RENAISSANCERE HLDGS LTD	Sell	−67,000	−0.15
≡	PM – PHILIP MORRIS INTL INC	Sell	−114,500	−0.15
≡	BF-A – BROWN FORMAN CORP	Sell	−678,400	−0.14
≡	APD – AIR PRODS & CHEMS INC	Sell	−71,500	−0.14
≡	SHOP – SHOPIFY INC	Sell	−102,750	−0.13
≡	WFC – WELLS FARGO CO NEW	Sell	−172,450	−0.13
≡	CSCO – CISCO SYS INC	Sell	−207,500	−0.13
≡	CSX – CSX CORP	Sell	−440,000	−0.13
≡	EFX – EQUIFAX INC	Sell	−72,850	−0.13
≡	SPOT – SPOTIFY TECHNOLOGY S A	Sell	−25,900	−0.12
≡	LOW – LOWES COS INC	Sell	−61,748	−0.12
≡	BK – BANK NEW YORK MELLON CORP	Sell	−121,500	−0.11
≡	PEP – PEPSICO INC	Sell	−96,210	−0.11
≡	SCHW – SCHWAB CHARLES CORP	Sell	−129,000	−0.10
≡	CME – CME GROUP INC	Sell	−45,750	−0.10
≡	HSY – HERSHEY CO	Sell	−67,500	−0.10
≡	TGT – TARGET CORP	Sell	−125,500	−0.10
≡	FIX – COMFORT SYS USA INC	Sell	−13,000	−0.10
≡	UBER – UBER TECHNOLOGIES INC	Sell	−140,000	−0.09
≡	HXL – HEXCEL CORP NEW	Sell	−151,000	−0.09
≡	CHH – CHOICE HOTELS INTL INC	Sell	−115,500	−0.09
≡	IQV – IQVIA HLDGS INC	Sell	−46,900	−0.08
≡	CBOE – CBOE GLOBAL MKTS INC	Sell	−41,750	−0.08
≡	RTX – RTX CORPORATION	Sell	−54,600	−0.08
≡	CARR – CARRIER GLOBAL CORPORATION	Sell	−180,400	−0.08
≡	SEIC – SEI INVTS CO	Sell	−114,200	−0.07
≡	SMG – SCOTTS MIRACLE-GRO CO	Sell	−159,000	−0.07
≡	PAYX – PAYCHEX INC	Sell	−80,000	−0.07
≡	AMAT – APPLIED MATLS INC	Sell	−34,100	−0.07
≡	UNH – UNITEDHEALTH GROUP INC	Sell	−26,500	−0.07
≡	HII – HUNTINGTON INGALLS INDS INC	Sell	−25,500	−0.07
≡	SONY – SONY GROUP CORP	Sell	−335,000	−0.07
≡	BF-A – BROWN FORMAN CORP	Sell	−328,787	−0.07
≡	OTIS – OTIS WORLDWIDE CORP	Sell	−87,320	−0.06
≡	NSP – INSPERITY INC	Sell	−152,873	−0.05
≡	GHC – GRAHAM HLDGS CO	Sell	−5,200	−0.05
≡	KMX – CARMAX INC	Sell	−129,500	−0.04
≡	XOM – EXXON MOBIL CORP	Sell	−38,000	−0.04
≡	EMN – EASTMAN CHEM CO	Sell	−70,950	−0.04
≡	CNI – CANADIAN NATL RY CO	Sell	−44,500	−0.04
≡	WRB – BERKLEY W R CORP	Sell	−60,750	−0.03
≡	CP – CANADIAN PACIFIC KANSAS CITY	Sell	−50,500	−0.03
≡	AXP – AMERICAN EXPRESS CO	Sell	−10,000	−0.03
≡	BC – BRUNSWICK CORP	Sell	−47,750	−0.03
≡	AYI – ACUITY INC	Sell	−9,750	−0.03
≡	ICE – INTERCONTINENTAL EXCHANGE IN	Sell	−20,870	−0.03
≡	MGM – MGM RESORTS INTERNATIONAL	Sell	−87,500	−0.03
≡	EXP – EAGLE MATLS INC	Sell	−14,750	−0.02
≡	DPZ – DOMINOS PIZZA INC	Sell	−5,500	−0.02
≡	SYY – SYSCO CORP	Sell	−30,500	−0.02
≡	BRO – BROWN & BROWN INC	Sell	−11,000	−0.01
≡	TRU – TRANSUNION	Sell	−2,000	−0.00
Q4 2025filed Feb 6, 261 new35 added71 reduced2 exited
≡	GOOG – ALPHABET INC	Reduce 88.00%	−2,155,400	−4.10
≡	AMZN – AMAZON COM INC	Reduce 92.00%	−1,733,896	−3.08
≡	V – VISA INC	Reduce 92.00%	−846,985	−2.34
≡	AAPL – APPLE INC	Reduce 96.00%	−1,130,890	−2.33
≡	MSFT – MICROSOFT CORP	Reduce 95.00%	−484,842	−2.05
≡	GS – GOLDMAN SACHS GROUP INC	Reduce 93.00%	−312,060	−2.00
≡	BLK – BLACKROCK INC	Reduce 94.00%	−196,200	−1.87
≡	BX – BLACKSTONE INC	Reduce 97.00%	−1,160,000	−1.61
≡	WSO – WATSCO INC	Reduce 92.00%	−481,969	−1.61
≡	KKR – KKR & CO INC	Reduce 99.00%	−1,415,800	−1.49
≡	LPLA – LPL FINL HLDGS INC	Reduce 100.00%	−548,743	−1.48
≡	META – META PLATFORMS INC	Reduce 92.00%	−237,061	−1.43
≡	HD – HOME DEPOT INC	Reduce 57.00%	−366,188	−1.36
≡	BN – BROOKFIELD CORP	Reduce 14.00%	−785,397	−1.34
≡	PGR – PROGRESSIVE CORP	Reduce 91.00%	−633,750	−1.28
≡	AXP – AMERICAN EXPRESS CO	Reduce 98.00%	−464,250	−1.25
≡	CAT – CATERPILLAR INC	Reduce 97.00%	−308,648	−1.19
≡	MRSH – MARSH & MCLENNAN COS INC	Reduce 97.00%	−714,000	−1.17
≡	TXN – TEXAS INSTRS INC	Reduce 100.00%	−723,998	−1.08
≡	RLI – RLI CORP	Reduce 91.00%	−2,008,644	−1.07
≡	DIS – DISNEY WALT CO	Reduce 71.00%	−1,123,191	−1.05
≡	APO – APOLLO GLOBAL MGMT INC	Reduce 98.00%	−967,500	−1.04
≡	SCHW – SCHWAB CHARLES CORP	Reduce 90.00%	−1,106,800	−0.85
≡	GD – GENERAL DYNAMICS CORP	Reduce 87.00%	−303,000	−0.84
≡	JNJ – JOHNSON & JOHNSON	Reduce 95.00%	−557,370	−0.83
≡	GOOGL – ALPHABET INC	Reduce 86.00%	−428,000	−0.81
≡	MA – MASTERCARD INCORPORATED	Reduce 89.00%	−167,572	−0.77
≡	NVR – NVR INC	Reduce 99.00%	−11,547	−0.75
≡	HEI – HEICO CORP NEW	Reduce 97.00%	−355,240	−0.73
≡	DG – DOLLAR GEN CORP NEW	Reduce 100.00%	−862,250	−0.72
≡	LIN – LINDE PLC	Reduce 96.00%	−178,050	−0.69
≡	MCO – MOODYS CORP	Reduce 89.00%	−171,698	−0.66
≡	MSCI – MSCI INC	Reduce 99.00%	−140,850	−0.65
≡	ROL – ROLLINS INC	Reduce 96.00%	−1,350,825	−0.64
≡	CG – CARLYLE GROUP INC	Reduce 97.00%	−1,238,000	−0.63
≡	ITW – ILLINOIS TOOL WKS INC	Reduce 95.00%	−293,798	−0.62
≡	SPGI – S&P GLOBAL INC	Reduce 99.00%	−148,690	−0.59
≡	ADM – ARCHER DANIELS MIDLAND CO	Reduce 87.00%	−1,164,346	−0.57
≡	ECL – ECOLAB INC	Reduce 91.00%	−228,300	−0.51
≡	NSC – NORFOLK SOUTHN CORP	Reduce 87.00%	−198,500	−0.49
≡	FDX – FEDEX CORP	Sell	−209,000	−0.40
≡	THG – HANOVER INS GROUP INC	Reduce 98.00%	−269,000	−0.40
≡	ODFL – OLD DOMINION FREIGHT LINE IN	Reduce 98.00%	−346,750	−0.40
≡	ROK – ROCKWELL AUTOMATION INC	Reduce 95.00%	−139,100	−0.39
≡	SBUX – STARBUCKS CORP	Reduce 93.00%	−542,818	−0.37
≡	AON – AON PLC	Reduce 99.00%	−126,800	−0.37
≡	TSN – TYSON FOODS INC	Reduce 99.00%	−828,500	−0.36
≡	META – META PLATFORMS INC	Reduce 12.00%	−31,978	−0.35
≡	VRSK – VERISK ANALYTICS INC	Reduce 98.00%	−150,950	−0.31
≡	TROW – PRICE T ROWE GROUP INC	Reduce 89.00%	−250,000	−0.21
≡	NKE – NIKE INC	Reduce 89.00%	−355,400	−0.20
≡	DEO – DIAGEO PLC	Reduce 25.00%	−196,080	−0.20
≡	UNP – UNION PAC CORP	Reduce 90.00%	−104,578	−0.20
≡	CMCSA – COMCAST CORP NEW	Reduce 84.00%	−695,680	−0.18
≡	FDS – FACTSET RESH SYS INC	Reduce 75.00%	−70,720	−0.16
≡	CCK – CROWN HLDGS INC	Reduce 98.00%	−183,500	−0.14
≡	RNR – RENAISSANCERE HLDGS LTD	Reduce 96.00%	−64,000	−0.13
≡	COF – CAPITAL ONE FINL CORP	Reduce 91.00%	−76,000	−0.13
≡	BF-A – BROWN FORMAN CORP	Reduce 76.00%	−513,800	−0.11
≡	WFC – WELLS FARGO CO NEW	Reduce 81.00%	−140,450	−0.09
≡	SMG – SCOTTS MIRACLE-GRO CO	Reduce 94.00%	−150,000	−0.07
≡	TRU – TRANSUNION	Reduce 98.00%	−96,050	−0.07
≡	CARR – CARRIER GLOBAL CORPORATION	Reduce 70.00%	−125,800	−0.06
≡	HXL – HEXCEL CORP NEW	Reduce 75.00%	−113,000	−0.05
≡	OTIS – OTIS WORLDWIDE CORP	Reduce 69.00%	−60,020	−0.05
≡	KMX – CARMAX INC	Reduce 95.00%	−122,500	−0.05
≡	BF-A – BROWN FORMAN CORP	Reduce 56.00%	−183,387	−0.04
≡	ADBE – ADOBE INC	Sell	−14,000	−0.04
≡	SEIC – SEI INVTS CO	Reduce 48.00%	−55,200	−0.04
≡	EMN – EASTMAN CHEM CO	Reduce 94.00%	−66,950	−0.03
≡	CSCO – CISCO SYS INC	Reduce 29.00%	−59,500	−0.02
≡	PAYX – PAYCHEX INC	Reduce 12.00%	−10,000	−0.02
≡	ADI – ANALOG DEVICES INC	Reduce 9.00%	−1,000	−0.00
Q3 2024filed Nov 1, 2492 exited
≡	GOOG – ALPHABET INC	Sell	−2,452,630	−5.59
≡	BRK-B – BERKSHIRE HATHAWAY INC DEL	Sell	−524	−3.98
≡	DE – DEERE & CO	Sell	−845,350	−3.92
≡	BN – BROOKFIELD CORP	Sell	−5,543,603	−2.86
≡	HD – HOME DEPOT INC	Sell	−643,094	−2.75
≡	MSFT – MICROSOFT CORP	Sell	−483,861	−2.69
≡	BRK-B – BERKSHIRE HATHAWAY INC DEL	Sell	−427,511	−2.16
≡	BLK – BLACKROCK INC	Sell	−208,200	−2.04
≡	DIS – DISNEY WALT CO	Sell	−1,577,428	−1.95
≡	GSCE – GOLDMAN SACHS GROUP INC	Sell	−335,710	−1.89
≡	BX – BLACKSTONE INC	Sell	−1,194,500	−1.84
≡	NVO – NOVO-NORDISK A S	Sell	−958,160	−1.70
≡	LPLA – LPL FINL HLDGS INC	Sell	−479,502	−1.66
≡	META – META PLATFORMS INC	Sell	−249,371	−1.56
≡	APO – APOLLO GLOBAL MGMT INC	Sell	−990,000	−1.45
≡	AXP – AMERICAN EXPRESS CO	Sell	−474,250	−1.36
≡	GD – GENERAL DYNAMICS CORP	Sell	−347,000	−1.25
≡	CAT – CATERPILLAR INC	Sell	−301,499	−1.25
≡	DGEAF – DIAGEO PLC	Sell	−781,394	−1.22
≡	DG – DOLLAR GEN CORP NEW	Sell	−693,750	−1.14
≡	GOOGL – ALPHABET INC	Sell	−483,000	−1.09
≡	NVR – NVR INC	Sell	−11,354	−1.07
≡	JNJ – JOHNSON & JOHNSON	Sell	−584,085	−1.06
≡	MA – MASTERCARD INCORPORATED	Sell	−187,556	−1.03
≡	MCO – MOODYS CORP	Sell	−192,794	−1.01
≡	ITW – ILLINOIS TOOL WKS INC	Sell	−310,649	−0.91
≡	MSCI – MSCI INC	Sell	−141,850	−0.85
≡	HEI – HEICO CORP NEW	Sell	−367,442	−0.81
≡	ECL – ECOLAB INC	Sell	−251,300	−0.74
≡	LIN – LINDE PLC	Sell	−136,100	−0.74
≡	FDX – FEDEX CORP	Sell	−177,000	−0.66
≡	CG – CARLYLE GROUP INC	Sell	−1,282,500	−0.64
≡	JPM – JPMORGAN CHASE & CO	Sell	−252,550	−0.63
≡	ODFL – OLD DOMINION FREIGHT LINE IN	Sell	−273,500	−0.60
≡	NSC – NORFOLK SOUTHN CORP	Sell	−200,500	−0.53
≡	ITIC – INVESTORS TITLE CO NC	Sell	−213,300	−0.48
≡	FDS – FACTSET RESH SYS INC	Sell	−93,720	−0.48
≡	CMCSA – COMCAST CORP NEW	Sell	−948,141	−0.46
≡	BAM – BROOKFIELD ASSET MANAGMT LTD	Sell	−955,453	−0.45
≡	AON – AON PLC	Sell	−112,450	−0.41
≡	HGTY – HAGERTY INC	Sell	−3,000,000	−0.39
≡	BF-B – BROWN FORMAN CORP	Sell	−678,400	−0.37
≡	THG – HANOVER INS GROUP INC	Sell	−234,000	−0.36
≡	FNV – FRANCO NEV CORP	Sell	−245,000	−0.36
≡	AMZN – AMAZON COM INC	Sell	−148,432	−0.36
≡	LMT – LOCKHEED MARTIN CORP	Sell	−56,363	−0.33
≡	NKE – NIKE INC	Sell	−342,900	−0.32
≡	ALL – ALLSTATE CORP	Sell	−154,550	−0.31
≡	EFX – EQUIFAX INC	Sell	−97,850	−0.29
≡	MMM – 3M CO	Sell	−212,750	−0.27
≡	CABO – CABLE ONE INC	Sell	−53,800	−0.24
≡	PEP – PEPSICO INC	Sell	−96,210	−0.20
≡	BF-B – BROWN FORMAN CORP	Sell	−328,787	−0.18
≡	CCK – CROWN HLDGS INC	Sell	−186,500	−0.17
≡	FERG – FERGUSON PLC NEW	Sell	−70,500	−0.17
≡	LOW – LOWES COS INC	Sell	−61,748	−0.17
≡	CHH – CHOICE HOTELS INTL INC	Sell	−110,500	−0.16
≡	IQV – IQVIA HLDGS INC	Sell	−58,726	−0.15
≡	CARR – CARRIER GLOBAL CORPORATION	Sell	−180,400	−0.14
≡	LAMR – LAMAR ADVERTISING CO NEW	Sell	−94,000	−0.14
≡	ADM – ARCHER DANIELS MIDLAND CO	Sell	−170,727	−0.13
≡	AAPL – APPLE INC	Sell	−48,200	−0.13
≡	AMT – AMERICAN TOWER CORP NEW	Sell	−50,910	−0.12
≡	APD – AIR PRODS & CHEMS INC	Sell	−38,000	−0.12
≡	CE – CELANESE CORP DEL	Sell	−71,800	−0.12
≡	KMX – CARMAX INC	Sell	−129,500	−0.12
≡	PAYX – PAYCHEX INC	Sell	−80,000	−0.12
≡	HXL – HEXCEL CORP NEW	Sell	−151,000	−0.12
≡	CSCO – CISCO SYS INC	Sell	−194,000	−0.11
≡	GPK – GRAPHIC PACKAGING HLDG CO	Sell	−334,725	−0.11
≡	OTIS – OTIS WORLDWIDE CORP	Sell	−87,320	−0.10
≡	OI – O-I GLASS INC	Sell	−674,000	−0.09
≡	BK – BANK NEW YORK MELLON CORP	Sell	−121,500	−0.09
≡	EMN – EASTMAN CHEM CO	Sell	−70,950	−0.09
≡	EA – ELECTRONIC ARTS INC	Sell	−49,800	−0.09
≡	MAR – MARRIOTT INTL INC NEW	Sell	−22,000	−0.07
≡	NSP – INSPERITY INC	Sell	−52,906	−0.06
≡	CBRL – CRACKER BARREL OLD CTRY STOR	Sell	−105,000	−0.05
≡	MRSH – MARSH & MCLENNAN COS INC	Sell	−20,500	−0.05
≡	FIX – COMFORT SYS USA INC	Sell	−13,000	−0.05
≡	HSY – HERSHEY CO	Sell	−21,500	−0.05
≡	GHC – GRAHAM HLDGS CO	Sell	−5,200	−0.05
≡	WRB – BERKLEY W R CORP	Sell	−40,500	−0.04
≡	BALL – BALL CORP	Sell	−51,000	−0.04
≡	CVS – CVS HEALTH CORP	Sell	−45,000	−0.03
≡	IT – GARTNER INC	Sell	−5,700	−0.03
≡	ADI – ANALOG DEVICES INC	Sell	−11,000	−0.03
≡	KKR – KKR & CO INC	Sell	−18,000	−0.02
≡	INTU – INTUIT	Sell	−2,720	−0.02
≡	CSGP – COSTAR GROUP INC	Sell	−18,600	−0.02
≡	HGTY – HAGERTY INC	Sell	−540,000	−0.01
≡	BUD – ANHEUSER BUSCH INBEV SA/NV	Sell	−11,000	−0.01
Q2 2024filed Aug 2, 241 new20 added60 reduced41 exited
≡	GOOG – ALPHABET INC	Reduce 88.00%	−2,155,400	−3.01
≡	AMZN – AMAZON COM INC	Reduce 92.00%	−1,733,896	−2.99
≡	V – VISA INC	Sell	−923,135	−2.54
≡	BRK-B – BERKSHIRE HATHAWAY INC DEL	Reduce 61.00%	−676,949	−2.42
≡	WSO-B – WATSCO INC	Sell	−524,650	−2.24
≡	ADI – ANALOG DEVICES INC	Reduce 99.00%	−1,145,471	−2.22
≡	MSFT – MICROSOFT CORP	Reduce 95.00%	−455,592	−1.86
≡	RLI – RLI CORP	Sell	−1,100,797	−1.61
≡	BLK – BLACKROCK INC	Reduce 94.00%	−196,200	−1.59
≡	BX – BLACKSTONE INC	Reduce 97.00%	−1,160,000	−1.49
≡	PGR – PROGRESSIVE CORP	Sell	−693,750	−1.41
≡	KKR – KKR & CO INC	Reduce 99.00%	−1,415,800	−1.40
≡	DIS – DISNEY WALT CO	Reduce 71.00%	−1,123,191	−1.34
≡	LOW – LOWES COS INC	Reduce 90.00%	−539,984	−1.34
≡	MRSH – MARSH & MCLENNAN COS INC	Reduce 97.00%	−653,000	−1.31
≡	GSCE – GOLDMAN SACHS GROUP INC	Reduce 93.00%	−312,060	−1.25
≡	HD – HOME DEPOT INC	Reduce 57.00%	−366,188	−1.25
≡	TXN – TEXAS INSTRS INC	Sell	−723,999	−1.24
≡	LPLA – LPL FINL HLDGS INC	Reduce 99.00%	−449,713	−1.17
≡	APO – APOLLO GLOBAL MGMT INC	Reduce 98.00%	−967,500	−1.06
≡	META – META PLATFORMS INC	Reduce 91.00%	−224,461	−1.04
≡	AXP – AMERICAN EXPRESS CO	Reduce 98.00%	−464,250	−1.04
≡	CAT – CATERPILLAR INC	Reduce 97.00%	−287,598	−1.03
≡	DG – DOLLAR GEN CORP NEW	Reduce 99.00%	−668,250	−1.03
≡	NVR – NVR INC	Reduce 98.00%	−10,999	−0.88
≡	SCHW – SCHWAB CHARLES CORP	Sell	−1,224,766	−0.87
≡	JNJ – JOHNSON & JOHNSON	Reduce 95.00%	−557,370	−0.86
≡	GD – GENERAL DYNAMICS CORP	Reduce 87.00%	−303,000	−0.81
≡	MA – MASTERCARD INCORPORATED	Reduce 89.00%	−167,572	−0.78
≡	MSCI – MSCI INC	Reduce 99.00%	−140,850	−0.78
≡	ITW – ILLINOIS TOOL WKS INC	Reduce 95.00%	−293,798	−0.77
≡	ADM – ARCHER DANIELS MIDLAND CO	Reduce 87.00%	−1,121,846	−0.67
≡	BN – BROOKFIELD CORP	Reduce 43.00%	−2,371,465	−0.65
≡	MCO – MOODYS CORP	Reduce 89.00%	−171,698	−0.64
≡	SPGI – S&P GLOBAL INC	Sell	−149,690	−0.63
≡	ROL – ROLLINS INC	Sell	−1,363,800	−0.62
≡	CG – CARLYLE GROUP INC	Reduce 97.00%	−1,238,000	−0.57
≡	GOOGL – ALPHABET INC	Reduce 85.00%	−411,000	−0.56
≡	ACN – ACCENTURE PLC IRELAND	Sell	−159,399	−0.54
≡	HEI – HEICO CORP NEW	Reduce 97.00%	−355,240	−0.53
≡	LIN – LINDE PLC	Reduce 94.00%	−116,700	−0.53
≡	ECL – ECOLAB INC	Reduce 91.00%	−228,300	−0.50
≡	FDX – FEDEX CORP	Reduce 98.00%	−160,000	−0.45
≡	SBUX – STARBUCKS CORP	Sell	−500,818	−0.45
≡	TSN – TYSON FOODS INC	Sell	−767,500	−0.44
≡	NSC – NORFOLK SOUTHN CORP	Reduce 86.00%	−171,500	−0.43
≡	ROK – ROCKWELL AUTOMATION INC	Sell	−147,000	−0.42
≡	ODFL – OLD DOMINION FREIGHT LINE IN	Reduce 97.00%	−183,000	−0.40
≡	AON – AON PLC	Reduce 99.00%	−107,050	−0.35
≡	TROW – PRICE T ROWE GROUP INC	Sell	−282,000	−0.34
≡	CMCSA – COMCAST CORP NEW	Reduce 86.00%	−806,041	−0.34
≡	WHR – WHIRLPOOL CORP	Sell	−276,819	−0.33
≡	SHW – SHERWIN WILLIAMS CO	Sell	−94,172	−0.32
≡	FDS – FACTSET RESH SYS INC	Reduce 75.00%	−70,720	−0.30
≡	VRSK – VERISK ANALYTICS INC	Sell	−124,700	−0.29
≡	THG – HANOVER INS GROUP INC	Reduce 97.00%	−215,000	−0.29
≡	COST – COSTCO WHSL CORP NEW	Sell	−39,150	−0.28
≡	BF-B – BROWN FORMAN CORP	Reduce 76.00%	−513,800	−0.26
≡	NKE – NIKE INC	Reduce 86.00%	−283,900	−0.26
≡	CVS – CVS HEALTH CORP	Reduce 99.00%	−328,000	−0.26
≡	CVS – CVS HEALTH CORP	Reduce 86.00%	−285,000	−0.23
≡	DGEAF – DIAGEO PLC	Reduce 24.00%	−189,780	−0.22
≡	TGT – TARGET CORP	Sell	−125,500	−0.22
≡	UNP – UNION PAC CORP	Sell	−74,678	−0.18
≡	RTX – RTX CORPORATION	Sell	−169,400	−0.16
≡	RNR – RENAISSANCERE HLDGS LTD	Sell	−67,000	−0.16
≡	CCK – CROWN HLDGS INC	Reduce 98.00%	−183,500	−0.14
≡	TMO – THERMO FISHER SCIENTIFIC INC	Sell	−24,700	−0.14
≡	COF – CAPITAL ONE FINL CORP	Sell	−83,500	−0.12
≡	MMM – 3M CO	Reduce 62.00%	−131,750	−0.12
≡	SMG – SCOTTS MIRACLE-GRO CO	Sell	−159,000	−0.12
≡	CE – CELANESE CORP DEL	Reduce 92.00%	−65,800	−0.11
≡	URI – UNITED RENTALS INC	Sell	−15,500	−0.11
≡	PM – PHILIP MORRIS INTL INC	Sell	−114,500	−0.10
≡	WFC – WELLS FARGO CO NEW	Sell	−172,450	−0.10
≡	AMT – AMERICAN TOWER CORP NEW	Reduce 98.00%	−49,910	−0.10
≡	KMX – CARMAX INC	Reduce 94.00%	−109,500	−0.09
≡	BF-B – BROWN FORMAN CORP	Reduce 56.00%	−183,387	−0.09
≡	OI – O-I GLASS INC	Reduce 100.00%	−538,900	−0.09
≡	SEIC – SEI INVTS CO	Sell	−114,200	−0.08
≡	HXL – HEXCEL CORP NEW	Reduce 75.00%	−113,000	−0.08
≡	UNH – UNITEDHEALTH GROUP INC	Sell	−16,100	−0.08
≡	SHOP – SHOPIFY INC	Sell	−102,750	−0.08
≡	TRU – TRANSUNION	Sell	−98,050	−0.08
≡	CBRL – CRACKER BARREL OLD CTRY STOR	Reduce 94.00%	−99,000	−0.07
≡	HCA – HCA HEALTHCARE INC	Sell	−21,432	−0.07
≡	SPOT – SPOTIFY TECHNOLOGY S A	Sell	−25,900	−0.07
≡	EMN – EASTMAN CHEM CO	Reduce 94.00%	−66,950	−0.07
≡	CARR – CARRIER GLOBAL CORPORATION	Reduce 70.00%	−125,800	−0.06
≡	SNEJF – SONY GROUP CORP	Sell	−67,000	−0.06
≡	OTIS – OTIS WORLDWIDE CORP	Reduce 69.00%	−60,020	−0.05
≡	UBER – UBER TECHNOLOGIES INC	Sell	−58,000	−0.04
≡	WTW – WILLIS TOWERS WATSON PLC LTD	Sell	−8,627	−0.02
≡	YUM – YUM BRANDS INC	Sell	−16,152	−0.02
≡	STERICYCLE INC	Sell	−38,000	−0.02
≡	EA – ELECTRONIC ARTS INC	Reduce 38.00%	−31,000	−0.02
≡	BN – BROOKFIELD REINS LTD	Sell	−35,427	−0.01
≡	DNB – DUN & BRADSTREET HLDGS INC	Sell	−115,000	−0.01
≡	CSCO – CISCO SYS INC	Reduce 24.00%	−46,000	−0.01
≡	ICE – INTERCONTINENTAL EXCHANGE IN	Sell	−5,120	−0.01
≡	PAYX – PAYCHEX INC	Reduce 12.00%	−10,000	0.01
Q1 2024filed May 3, 245 new27 added83 reduced1 exited
≡	GOOG – ALPHABET INC	Reduce 88.00%	−2,155,400	−3.31
≡	ADI – ANALOG DEVICES INC	Reduce 99.00%	−1,141,971	−2.47
≡	V – VISA INC	Reduce 92.00%	−846,985	−2.40
≡	AAPL – APPLE INC	Reduce 96.00%	−1,129,490	−2.38
≡	WSO-B – WATSCO INC	Reduce 92.00%	−473,550	−2.22
≡	MSFT – MICROSOFT CORP	Reduce 95.00%	−451,242	−1.84
≡	BLK – BLACKROCK INC	Reduce 94.00%	−196,200	−1.74
≡	BX – BLACKSTONE INC	Reduce 97.00%	−1,160,000	−1.66
≡	RLI – RLI CORP	Reduce 91.00%	−1,004,322	−1.45
≡	HD – HOME DEPOT INC	Reduce 57.00%	−366,188	−1.38
≡	TXN – TEXAS INSTRS INC	Reduce 100.00%	−723,998	−1.34
≡	MRSH – MARSH & MCLENNAN COS INC	Reduce 97.00%	−643,500	−1.33
≡	GSCE – GOLDMAN SACHS GROUP INC	Reduce 93.00%	−312,060	−1.31
≡	LOW – LOWES COS INC	Reduce 90.00%	−533,484	−1.28
≡	KKR – KKR & CO INC	Reduce 99.00%	−1,415,800	−1.27
≡	BN – BROOKFIELD CORP	Reduce 43.00%	−2,371,465	−1.11
≡	PGR – PROGRESSIVE CORP	Reduce 91.00%	−633,750	−1.08
≡	LPLA – LPL FINL HLDGS INC	Reduce 99.00%	−421,808	−1.04
≡	DIS – DISNEY WALT CO	Reduce 71.00%	−1,123,191	−1.00
≡	APO – APOLLO GLOBAL MGMT INC	Reduce 98.00%	−967,500	−0.98
≡	DG – DOLLAR GEN CORP NEW	Reduce 99.00%	−647,250	−0.96
≡	JNJ – JOHNSON & JOHNSON	Reduce 95.00%	−557,370	−0.95
≡	AXP – AMERICAN EXPRESS CO	Reduce 98.00%	−464,250	−0.94
≡	ADM – ARCHER DANIELS MIDLAND CO	Reduce 87.00%	−1,121,846	−0.91
≡	CAT – CATERPILLAR INC	Reduce 97.00%	−283,098	−0.91
≡	MSCI – MSCI INC	Reduce 99.00%	−140,850	−0.87
≡	GD – GENERAL DYNAMICS CORP	Reduce 87.00%	−303,000	−0.86
≡	ITW – ILLINOIS TOOL WKS INC	Reduce 95.00%	−293,798	−0.84
≡	META – META PLATFORMS INC	Reduce 91.00%	−221,461	−0.83
≡	NVR – NVR INC	Reduce 98.00%	−10,774	−0.82
≡	SCHW – SCHWAB CHARLES CORP	Reduce 89.00%	−1,076,766	−0.81
≡	MA – MASTERCARD INCORPORATED	Reduce 89.00%	−167,572	−0.77
≡	MCO – MOODYS CORP	Reduce 89.00%	−171,698	−0.74
≡	SPGI – S&P GLOBAL INC	Reduce 99.00%	−148,690	−0.71
≡	GOOGL – ALPHABET INC	Reduce 85.00%	−411,000	−0.63
≡	ROL – ROLLINS INC	Reduce 95.00%	−1,282,325	−0.61
≡	ACN – ACCENTURE PLC IRELAND	Reduce 100.00%	−159,398	−0.61
≡	HEI – HEICO CORP NEW	Reduce 97.00%	−355,240	−0.55
≡	CG – CARLYLE GROUP INC	Reduce 97.00%	−1,238,000	−0.55
≡	LIN – LINDE PLC	Reduce 94.00%	−111,400	−0.50
≡	ECL – ECOLAB INC	Reduce 91.00%	−228,300	−0.49
≡	SBUX – STARBUCKS CORP	Reduce 92.00%	−451,318	−0.48
≡	ROK – ROCKWELL AUTOMATION INC	Reduce 95.00%	−139,100	−0.47
≡	NSC – NORFOLK SOUTHN CORP	Reduce 86.00%	−171,500	−0.44
≡	FDX – FEDEX CORP	Reduce 97.00%	−148,500	−0.41
≡	TSN – TYSON FOODS INC	Reduce 99.00%	−677,500	−0.40
≡	CMCSA – COMCAST CORP NEW	Reduce 86.00%	−794,541	−0.39
≡	FDS – FACTSET RESH SYS INC	Reduce 75.00%	−70,720	−0.38
≡	ODFL – OLD DOMINION FREIGHT LINE IN	Reduce 93.00%	−82,000	−0.37
≡	WHR – WHIRLPOOL CORP	Reduce 98.00%	−271,589	−0.36
≡	DGEAF – DIAGEO PLC	Reduce 24.00%	−184,080	−0.36
≡	BF-B – BROWN FORMAN CORP	Reduce 76.00%	−513,800	−0.35
≡	NKE – NIKE INC	Reduce 86.00%	−276,900	−0.34
≡	STERICYCLE INC	Reduce 94.00%	−605,700	−0.33
≡	AON – AON PLC	Reduce 99.00%	−102,350	−0.32
≡	VRSK – VERISK ANALYTICS INC	Reduce 98.00%	−115,700	−0.30
≡	TROW – PRICE T ROWE GROUP INC	Reduce 89.00%	−250,000	−0.29
≡	CVS – CVS HEALTH CORP	Reduce 99.00%	−328,000	−0.28
≡	THG – HANOVER INS GROUP INC	Reduce 97.00%	−202,000	−0.27
≡	CCK – CROWN HLDGS INC	Reduce 98.00%	−183,500	−0.18
≡	UNP – UNION PAC CORP	Reduce 85.00%	−63,578	−0.17
≡	MMM – 3M CO	Reduce 62.00%	−131,750	−0.17
≡	TGT – TARGET CORP	Reduce 93.00%	−106,000	−0.16
≡	BF-B – BROWN FORMAN CORP	Reduce 56.00%	−183,387	−0.13
≡	AMT – AMERICAN TOWER CORP NEW	Reduce 98.00%	−49,910	−0.12
≡	RNR – RENAISSANCERE HLDGS LTD	Reduce 95.00%	−54,500	−0.12
≡	CE – CELANESE CORP DEL	Reduce 92.00%	−65,800	−0.11
≡	COF – CAPITAL ONE FINL CORP	Reduce 91.00%	−76,000	−0.11
≡	RTX – RTX CORPORATION	Reduce 68.00%	−114,800	−0.10
≡	SMG – SCOTTS MIRACLE-GRO CO	Reduce 94.00%	−138,000	−0.10
≡	HXL – HEXCEL CORP NEW	Reduce 75.00%	−113,000	−0.09
≡	CBRL – CRACKER BARREL OLD CTRY STOR	Reduce 94.00%	−99,000	−0.08
≡	OI – O-I GLASS INC	Reduce 100.00%	−468,900	−0.08
≡	CARR – CARRIER GLOBAL CORPORATION	Reduce 70.00%	−125,800	−0.08
≡	KMX – CARMAX INC	Reduce 93.00%	−96,500	−0.08
≡	WFC – WELLS FARGO CO NEW	Reduce 81.00%	−140,450	−0.07
≡	TRU – TRANSUNION	Reduce 97.00%	−95,050	−0.07
≡	EMN – EASTMAN CHEM CO	Reduce 94.00%	−66,950	−0.07
≡	OTIS – OTIS WORLDWIDE CORP	Reduce 69.00%	−60,020	−0.06
≡	SEIC – SEI INVTS CO	Reduce 48.00%	−55,200	−0.04
≡	CSCO – CISCO SYS INC	Reduce 24.00%	−46,000	−0.03
≡	IFF – INTERNATIONAL FLAVORS&FRAGRA	Sell	−23,000	−0.02
≡	PAYX – PAYCHEX INC	Reduce 12.00%	−10,000	−0.02
≡	BN – BROOKFIELD REINS LTD	Reduce 30.00%	−10,753	−0.01