# EDGAR Filing Document

**Accession Number:** 0001096343
**File Stem:** 0001096343-26-000044
**Filing Date:** 2026-5
**Character Count:** 24336
**Document Hash:** 4eab372bce8e2169161a2a081985d2fd
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001096343-26-000044.hdr.sgml**: 20260501

**ACCESSION NUMBER**: 0001096343-26-000044

**CONFORMED SUBMISSION TYPE**: 13F-HR

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20260331

**FILED AS OF DATE**: 20260501

**DATE AS OF CHANGE**: 20260501

**EFFECTIVENESS DATE**: 20260501

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** MARKEL GROUP INC.
- **CENTRAL INDEX KEY:** 0001096343
- **STANDARD INDUSTRIAL CLASSIFICATION:** FIRE, MARINE & CASUALTY INSURANCE [6331]
- **ORGANIZATION NAME:** 02 Finance
- **EIN:** 541959284
- **STATE OF INCORPORATION:** VA
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 13F-HR
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 028-06647
- **FILM NUMBER:** 26933855

**BUSINESS ADDRESS:**
- **STREET 1:** 4521 HIGHWOODS PARKWAY
- **CITY:** GLEN ALLEN
- **STATE:** VA
- **ZIP:** 23060-6148
- **BUSINESS PHONE:** 8047470136

**MAIL ADDRESS:**
- **STREET 1:** 4521 HIGHWOODS PKWY
- **CITY:** GLEN ALLEN
- **STATE:** VA
- **ZIP:** 23060

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** MARKEL GROUP, INC.
- **DATE OF NAME CHANGE:** 20230526

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** MARKEL CORP
- **DATE OF NAME CHANGE:** 20000411

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** MARKEL HOLDINGS INC
- **DATE OF NAME CHANGE:** 19991005

### FORM 13F COVER PAGE

**Report for the Calendar Year or Quarter Ended:** 03-31-2026

**Check here if Amendment** [ ] **Amendment Number:** 

**This Amendment (Check only one.):** [ ] is a restatement.

[ ] adds new holdings entries.

**Institutional Investment Manager Filing this Report:**

**Name:** Markel Group Inc.<br>**Address:** 4521 Highwoods Pkwy<br>Glen Allen, VA 23060

**Form 13F File Number:** 028-06647

The institutional investment manager filing this report and the person by whom it is signed hereby represent that the person signing the report is authorized to submit it, that all information contained herein is true, correct and complete, and that it is understood that all required items, statements, schedules, lists, and tables, are considered integral parts of this form.

**Person Signing this Report on Behalf of Reporting Manager:**

**Name:** Thomas S. Gayner<br>**Title:** Chief Executive Officer<br>**Phone:** 804-527-3806

**Signature, Place, and Date of Signing:**

/s/ Thomas S. Gayner  Glen Allen, VA  05-01-2026<br>[Signature]  [City, State]  [Date]

**Report Type (Check only one.):**

[x] **13F HOLDINGS REPORT.** (Check here if all holdings of this reporting manager are reported in this report.)

[ ] **13F NOTICE.** (Check here if no holdings are reported in this report, and all holdings are reported by other reporting manager(s).)

[ ] **13F COMBINATION REPORT.** (Check here if a portion of the holdings for this reporting manager are reported in this report and a portion are reported by other reporting manager(s).)

### Form 13F Summary Page

**Report Summary:**

**Number of Other Included Managers:** 1

**Form 13F Information Table Entry Total:** 205

**Form 13F Information Table Value Total:** $11938885174

      (round to nearest dollar)

**List of Other Included Managers:**

Provide a numbered list of the name(s) and Form 13F file number(s) of all institutional investment managers with respect to which this report is filed, other than the manager filing this report.

[If there are no entries in this list, state “NONE” and omit the column headings and list entries.]

| No.   | Name                               | Form 13F File Number   |
|:---|:---|:---|
|  | Markel-Gayner Asset Management LLC | 028-06056              |

### FORM 13F INFORMATION TABLE

---

|  |  |  |  |  |  |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| NAME OF ISSUER | TITLE OF CLASS | CUSIP | FIGI | VALUE (x$1000) | SHRS OR PRN AMT | SH/PRN | PUT/CALL | INVESTMENT DISCRETION | OTHER MANAGER | VOTING AUTHORITY | VOTING AUTHORITY | VOTING AUTHORITY |
| NAME OF ISSUER | TITLE OF CLASS | CUSIP | FIGI | VALUE (x$1000) | SHRS OR PRN AMT | SH/PRN | PUT/CALL | INVESTMENT DISCRETION | OTHER MANAGER | SOLE | SHARED | NONE |
| ACCENTURE PLC IRELAND | SHS CLASS A | G1151C101 |  | 198 | 1 | SH |  | SOLE | 1 | 1 | 0 | 0 |
| ACCENTURE PLC IRELAND | SHS CLASS A | G1151C101 |  | 31607227 | 159399 | SH |  | DFND | 1 | 159399 | 0 | 0 |
| ACUITY INC | COM | 00508Y102 |  | 2732145 | 9750 | SH |  | DFND | 1 | 9750 | 0 | 0 |
| AIR PRODS  CHEMS INC | COM | 009158106 |  | 21931995 | 75500 | SH |  | DFND | 1 | 75500 | 0 | 0 |
| AIRBNB INC | COM CL A | 009066101 |  | 30608884 | 242389 | SH |  | DFND | 1 | 242389 | 0 | 0 |
| ALLSTATE CORP | COM | 020002101 |  | 32044397 | 154550 | SH |  | DFND | 1 | 154550 | 0 | 0 |
| ALPHABET INC | CAP STK CL A | 02079K305 |  | 20704320 | 72000 | SH |  | SOLE | 1 | 72000 | 0 | 0 |
| ALPHABET INC | CAP STK CL C | 02079K107 |  | 85263398 | 297230 | SH |  | SOLE | 1 | 297230 | 0 | 0 |
| ALPHABET INC | CAP STK CL A | 02079K305 |  | 143780000 | 500000 | SH |  | DFND | 1 | 500000 | 0 | 0 |
| ALPHABET INC | CAP STK CL C | 02079K107 |  | 703561442 | 2452630 | SH |  | DFND | 1 | 2452630 | 0 | 0 |
| AMAZON COM INC | COM | 023135106 |  | 30913933 | 148432 | SH |  | SOLE | 1 | 148432 | 0 | 0 |
| AMAZON COM INC | COM | 023135106 |  | 392032452 | 1882328 | SH |  | DFND | 1 | 1882328 | 0 | 0 |
| AMERICAN EXPRESS CO | COM | 025816109 |  | 3024800 | 10000 | SH |  | SOLE | 1 | 10000 | 0 | 0 |
| AMERICAN EXPRESS CO | COM | 025816109 |  | 145326516 | 480450 | SH |  | DFND | 1 | 480450 | 0 | 0 |
| ANALOG DEVICES INC | COM | 032654105 |  | 3181400 | 10000 | SH |  | SOLE | 1 | 10000 | 0 | 0 |
| ANALOG DEVICES INC | COM | 032654105 |  | 322353764 | 1013245 | SH |  | DFND | 1 | 1013245 | 0 | 0 |
| AON PLC | SHS CL A | G0403H108 |  | 484170 | 1500 | SH |  | SOLE | 1 | 1500 | 0 | 0 |
| AON PLC | SHS CL A | G0403H108 |  | 43349354 | 134300 | SH |  | DFND | 1 | 134300 | 0 | 0 |
| APOLLO GLOBAL MGMT INC | COM | 03769M106 |  | 2506950 | 22500 | SH |  | SOLE | 1 | 22500 | 0 | 0 |
| APOLLO GLOBAL MGMT INC | COM | 03769M106 |  | 110305800 | 990000 | SH |  | DFND | 1 | 990000 | 0 | 0 |
| APPLE INC | COM | 037833100 |  | 12232678 | 48200 | SH |  | SOLE | 1 | 48200 | 0 | 0 |
| APPLE INC | COM | 037833100 |  | 299241252 | 1179090 | SH |  | DFND | 1 | 1179090 | 0 | 0 |
| APPLIED MATLS INC | COM | 038222105 |  | 12424067 | 36350 | SH |  | DFND | 1 | 36350 | 0 | 0 |
| ARCHER DANIELS MIDLAND CO | COM | 039483102 |  | 12410146 | 170727 | SH |  | SOLE | 1 | 170727 | 0 | 0 |
| ARCHER DANIELS MIDLAND CO | COM | 039483102 |  | 97046456 | 1335073 | SH |  | DFND | 1 | 1335073 | 0 | 0 |
| BANK NEW YORK MELLON CORP | COM | 064058100 |  | 14769435 | 124500 | SH |  | DFND | 1 | 124500 | 0 | 0 |
| BERKLEY W R CORP | COM | 084423102 |  | 4026510 | 60750 | SH |  | DFND | 1 | 60750 | 0 | 0 |
| BERKSHIRE HATHAWAY INC DEL | CL A | 084670108 |  | 423702600 | 590 | SH |  | SOLE | 1 | 590 | 0 | 0 |
| BERKSHIRE HATHAWAY INC DEL | CL B NEW | 084670702 |  | 529257232 | 1104460 | SH |  | SOLE | 1 | 1104460 | 0 | 0 |
| BERKSHIRE HATHAWAY INC DEL | CL A | 084670108 |  | 376305360 | 524 | SH |  | DFND | 1 | 524 | 0 | 0 |
| BERKSHIRE HATHAWAY INC DEL | CL B NEW | 084670702 |  | 204863271 | 427511 | SH |  | DFND | 1 | 427511 | 0 | 0 |
| BLACKROCK INC | COM | 09290D101 |  | 11540520 | 12000 | SH |  | SOLE | 1 | 12000 | 0 | 0 |
| BLACKROCK INC | COM | 09290D101 |  | 200228023 | 208200 | SH |  | DFND | 1 | 208200 | 0 | 0 |
| BLACKSTONE INC | COM | 09260D107 |  | 3967155 | 34500 | SH |  | SOLE | 1 | 34500 | 0 | 0 |
| BLACKSTONE INC | COM | 09260D107 |  | 137355555 | 1194500 | SH |  | DFND | 1 | 1194500 | 0 | 0 |
| BROOKFIELD ASSET MANAGMT LTD | CL A LMT VTG SHS | 113004105 |  | 55051325 | 1238500 | SH |  | SOLE | 1 | 1238500 | 0 | 0 |
| BROOKFIELD ASSET MANAGMT LTD | CL A LMT VTG SHS | 113004105 |  | 42469887 | 955453 | SH |  | DFND | 1 | 955453 | 0 | 0 |
| BROOKFIELD CORP | CL A LTD VT SH | 11271J107 |  | 192564597 | 4758206 | SH |  | SOLE | 1 | 4758206 | 0 | 0 |
| BROOKFIELD CORP | CL A LTD VT SH | 11271J107 |  | 336524360 | 8315403 | SH |  | DFND | 1 | 8315403 | 0 | 0 |
| BROWN  BROWN INC | COM | 115236101 |  | 912940 | 14000 | SH |  | DFND | 1 | 14000 | 0 | 0 |
| BROWN FORMAN CORP | CL A | 115637100 |  | 4409634 | 164600 | SH |  | SOLE | 1 | 164600 | 0 | 0 |
| BROWN FORMAN CORP | CL B | 115637209 |  | 3844376 | 145400 | SH |  | SOLE | 1 | 145400 | 0 | 0 |
| BROWN FORMAN CORP | CL A | 115637100 |  | 18174335 | 678400 | SH |  | DFND | 1 | 678400 | 0 | 0 |
| BROWN FORMAN CORP | CL B | 115637209 |  | 8693128 | 328787 | SH |  | DFND | 1 | 328787 | 0 | 0 |
| BRUNSWICK CORP | COM | 117043109 |  | 3728950 | 51250 | SH |  | DFND | 1 | 51250 | 0 | 0 |
| CANADIAN NATL RY CO | COM | 136375102 |  | 5498195 | 53500 | SH |  | DFND | 1 | 53500 | 0 | 0 |
| CANADIAN PACIFIC KANSAS CITY | COM | 13646K108 |  | 4680270 | 59500 | SH |  | DFND | 1 | 59500 | 0 | 0 |
| CAPITAL ONE FINL CORP | COM | 14040H105 |  | 1368225 | 7500 | SH |  | SOLE | 1 | 7500 | 0 | 0 |
| CAPITAL ONE FINL CORP | COM | 14040H105 |  | 15232905 | 83500 | SH |  | DFND | 1 | 83500 | 0 | 0 |
| CARLYLE GROUP INC | COM | 14316J108 |  | 2153355 | 44500 | SH |  | SOLE | 1 | 44500 | 0 | 0 |
| CARLYLE GROUP INC | COM | 14316J108 |  | 62060175 | 1282500 | SH |  | DFND | 1 | 1282500 | 0 | 0 |
| CARMAX INC | COM | 143130102 |  | 291060 | 7000 | SH |  | SOLE | 1 | 7000 | 0 | 0 |
| CARMAX INC | COM | 143130102 |  | 5384610 | 129500 | SH |  | DFND | 1 | 129500 | 0 | 0 |
| CARRIER GLOBAL CORPORATION | COM | 14448C104 |  | 3074526 | 54600 | SH |  | SOLE | 1 | 54600 | 0 | 0 |
| CARRIER GLOBAL CORPORATION | COM | 14448C104 |  | 10158324 | 180400 | SH |  | DFND | 1 | 180400 | 0 | 0 |
| CATERPILLAR INC | COM | 149123101 |  | 7085308 | 10001 | SH |  | SOLE | 1 | 10001 | 0 | 0 |
| CATERPILLAR INC | COM | 149123101 |  | 225750071 | 318649 | SH |  | DFND | 1 | 318649 | 0 | 0 |
| CBOE GLOBAL MKTS INC | COM | 12503M108 |  | 12282760 | 43700 | SH |  | DFND | 1 | 43700 | 0 | 0 |
| CISCO SYS INC | COM | 17275R102 |  | 11483320 | 148000 | SH |  | SOLE | 1 | 148000 | 0 | 0 |
| CISCO SYS INC | COM | 17275R102 |  | 16099925 | 207500 | SH |  | DFND | 1 | 207500 | 0 | 0 |
| CME GROUP INC | COM | 12572Q105 |  | 14693663 | 49750 | SH |  | DFND | 1 | 49750 | 0 | 0 |
| COMCAST CORP NEW | CL A | 20030N101 |  | 3821301 | 133100 | SH |  | SOLE | 1 | 133100 | 0 | 0 |
| COMCAST CORP NEW | CL A | 20030N101 |  | 23794273 | 828780 | SH |  | DFND | 1 | 828780 | 0 | 0 |
| COMFORT SYS USA INC | COM | 199908104 |  | 17926870 | 13000 | SH |  | DFND | 1 | 13000 | 0 | 0 |
| COSTCO WHSL CORP NEW | COM | 22160K105 |  | 39010235 | 39150 | SH |  | DFND | 1 | 39150 | 0 | 0 |
| CROWN HLDGS INC | COM | 228368106 |  | 300750 | 3000 | SH |  | SOLE | 1 | 3000 | 0 | 0 |
| CROWN HLDGS INC | COM | 228368106 |  | 21754250 | 217000 | SH |  | DFND | 1 | 217000 | 0 | 0 |
| CSX CORP | COM | 126408103 |  | 21756500 | 530000 | SH |  | DFND | 1 | 530000 | 0 | 0 |
| DEERE  CO | COM | 244199105 |  | 494521070 | 877900 | SH |  | DFND | 1 | 877900 | 0 | 0 |
| DIAGEO PLC | SPON ADR NEW | 25243Q205 |  | 43576627 | 585314 | SH |  | SOLE | 1 | 585314 | 0 | 0 |
| DIAGEO PLC | SPON ADR NEW | 25243Q205 |  | 58584259 | 786894 | SH |  | DFND | 1 | 786894 | 0 | 0 |
| DISNEY WALT CO | COM | 254687106 |  | 43779362 | 454237 | SH |  | SOLE | 1 | 454237 | 0 | 0 |
| DISNEY WALT CO | COM | 254687106 |  | 152032512 | 1577428 | SH |  | DFND | 1 | 1577428 | 0 | 0 |
| DOLLAR GEN CORP NEW | COM | 256677105 |  | 415555 | 3500 | SH |  | SOLE | 1 | 3500 | 0 | 0 |
| DOLLAR GEN CORP NEW | COM | 256677105 |  | 102790497 | 865750 | SH |  | DFND | 1 | 865750 | 0 | 0 |
| DOMINOS PIZZA INC | COM | 25754A201 |  | 1973345 | 5500 | SH |  | DFND | 1 | 5500 | 0 | 0 |
| EAGLE MATLS INC | COM | 26969P108 |  | 2794388 | 14750 | SH |  | DFND | 1 | 14750 | 0 | 0 |
| EASTMAN CHEM CO | COM | 277432100 |  | 305280 | 4000 | SH |  | SOLE | 1 | 4000 | 0 | 0 |
| EASTMAN CHEM CO | COM | 277432100 |  | 5414904 | 70950 | SH |  | DFND | 1 | 70950 | 0 | 0 |
| ECOLAB INC | COM | 278865100 |  | 6118460 | 23000 | SH |  | SOLE | 1 | 23000 | 0 | 0 |
| ECOLAB INC | COM | 278865100 |  | 66850826 | 251300 | SH |  | DFND | 1 | 251300 | 0 | 0 |
| ENTERPRISE PRODS PARTNERS L | COM | 293792107 |  | 7643680 | 202000 | SH |  | DFND | 1 | 202000 | 0 | 0 |
| EQUIFAX INC | COM | 294429105 |  | 13118100 | 72850 | SH |  | DFND | 1 | 72850 | 0 | 0 |
| EXXON MOBIL CORP | COM | 30231G102 |  | 7974020 | 47000 | SH |  | DFND | 1 | 47000 | 0 | 0 |
| FACTSET RESH SYS INC | COM | 303075105 |  | 4990770 | 23000 | SH |  | SOLE | 1 | 23000 | 0 | 0 |
| FACTSET RESH SYS INC | COM | 303075105 |  | 24384468 | 112376 | SH |  | DFND | 1 | 112376 | 0 | 0 |
| FERGUSON ENTERPRISES INC | COMMON STOCK NEW | 31488V107 |  | 39817482 | 170700 | SH |  | DFND | 1 | 170700 | 0 | 0 |
| FRANCO NEV CORP | COM | 351858105 |  | 175034926 | 708500 | SH |  | DFND | 1 | 708500 | 0 | 0 |
| GENERAL DYNAMICS CORP | COM | 369550108 |  | 15101680 | 44000 | SH |  | SOLE | 1 | 44000 | 0 | 0 |
| GENERAL DYNAMICS CORP | COM | 369550108 |  | 119097339 | 347000 | SH |  | DFND | 1 | 347000 | 0 | 0 |
| GOLDMAN SACHS GROUP INC | COM | 38141G104 |  | 20007664 | 23650 | SH |  | SOLE | 1 | 23650 | 0 | 0 |
| GOLDMAN SACHS GROUP INC | COM | 38141G104 |  | 284007301 | 335710 | SH |  | DFND | 1 | 335710 | 0 | 0 |
| GRAHAM HLDGS CO | COM CL B | 384637104 |  | 5497752 | 5200 | SH |  | DFND | 1 | 5200 | 0 | 0 |
| HAGERTY INC | CL A COM | 405166109 |  | 32727240 | 3108000 | SH |  | SOLE | --- | 3108000 | 0 | 0 |
| HANOVER INS GROUP INC | COM | 410867105 |  | 1040100 | 6000 | SH |  | SOLE | 1 | 6000 | 0 | 0 |
| HANOVER INS GROUP INC | COM | 410867105 |  | 47671250 | 275000 | SH |  | DFND | 1 | 275000 | 0 | 0 |
| HCA HEALTHCARE INC | COM | 40412C101 |  | 39009174 | 82430 | SH |  | DFND | 1 | 82430 | 0 | 0 |
| HEICO CORP NEW | CL A | 422806208 |  | 2575720 | 12202 | SH |  | SOLE | 1 | 12202 | 0 | 0 |
| HEICO CORP NEW | CL A | 422806208 |  | 77563332 | 367442 | SH |  | DFND | 1 | 367442 | 0 | 0 |
| HERSHEY CO | COM | 427866108 |  | 15591750 | 75000 | SH |  | DFND | 1 | 75000 | 0 | 0 |
| HEXCEL CORP NEW | COM | 428291108 |  | 3075340 | 38000 | SH |  | SOLE | 1 | 38000 | 0 | 0 |
| HEXCEL CORP NEW | COM | 428291108 |  | 12220430 | 151000 | SH |  | DFND | 1 | 151000 | 0 | 0 |
| HOME DEPOT INC | COM | 437076102 |  | 91071614 | 276906 | SH |  | SOLE | 1 | 276906 | 0 | 0 |
| HOME DEPOT INC | COM | 437076102 |  | 211507187 | 643094 | SH |  | DFND | 1 | 643094 | 0 | 0 |
| HUNTINGTON INGALLS INDS INC | COM | 446413106 |  | 10447250 | 27500 | SH |  | DFND | 1 | 27500 | 0 | 0 |
| ILLINOIS TOOL WKS INC | COM | 452308109 |  | 4386147 | 16851 | SH |  | SOLE | 1 | 16851 | 0 | 0 |
| ILLINOIS TOOL WKS INC | COM | 452308109 |  | 80858829 | 310649 | SH |  | DFND | 1 | 310649 | 0 | 0 |
| INSPERITY INC | COM | 45778Q107 |  | 4903326 | 181336 | SH |  | DFND | 1 | 181336 | 0 | 0 |
| INTERCONTINENTAL EXCHANGE IN | COM | 45866F104 |  | 4540674 | 28870 | SH |  | DFND | 1 | 28870 | 0 | 0 |
| INVESTORS TITLE CO NC | COM | 461804106 |  | 46358621 | 213300 | SH |  | DFND | 1 | 213300 | 0 | 0 |
| IQVIA HLDGS INC | COM | 46266C105 |  | 7998326 | 46900 | SH |  | DFND | 1 | 46900 | 0 | 0 |
| JOHNSON  JOHNSON | COM | 478160104 |  | 6530215 | 26715 | SH |  | SOLE | 1 | 26715 | 0 | 0 |
| JOHNSON  JOHNSON | COM | 478160104 |  | 142773737 | 584085 | SH |  | DFND | 1 | 584085 | 0 | 0 |
| JPMORGAN CHASE  CO. | COM | 46625H100 |  | 74290108 | 252550 | SH |  | DFND | 1 | 252550 | 0 | 0 |
| KKR  CO INC | COM | 48251W104 |  | 1665000 | 18000 | SH |  | SOLE | 1 | 18000 | 0 | 0 |
| KKR  CO INC | COM | 48251W104 |  | 132626502 | 1433800 | SH |  | DFND | 1 | 1433800 | 0 | 0 |
| LAMAR ADVERTISING CO NEW | CL A | 512816109 |  | 24445380 | 193000 | SH |  | DFND | 1 | 193000 | 0 | 0 |
| LINDE PLC | SHS | G54950103 |  | 3668624 | 7400 | SH |  | SOLE | 1 | 7400 | 0 | 0 |
| LINDE PLC | SHS | G54950103 |  | 97763872 | 197200 | SH |  | DFND | 1 | 197200 | 0 | 0 |
| LOCKHEED MARTIN CORP | COM | 539830109 |  | 39414086 | 65213 | SH |  | DFND | 1 | 65213 | 0 | 0 |
| LOWES COS INC | COM | 548661107 |  | 14589817 | 61748 | SH |  | SOLE | 1 | 61748 | 0 | 0 |
| LOWES COS INC | COM | 548661107 |  | 159898236 | 676732 | SH |  | DFND | 1 | 676732 | 0 | 0 |
| LPL FINL HLDGS INC | COM | 50212V100 |  | 688600 | 2289 | SH |  | SOLE | 1 | 2289 | 0 | 0 |
| LPL FINL HLDGS INC | COM | 50212V100 |  | 167761459 | 557662 | SH |  | DFND | 1 | 557662 | 0 | 0 |
| MARRIOTT INTL INC NEW | CL A | 571903202 |  | 30662813 | 93750 | SH |  | DFND | 1 | 93750 | 0 | 0 |
| MARSH  MCLENNAN COS INC | COM | 571748102 |  | 3555725 | 20500 | SH |  | SOLE | 1 | 20500 | 0 | 0 |
| MARSH  MCLENNAN COS INC | COM | 571748102 |  | 128873352 | 743000 | SH |  | DFND | 1 | 743000 | 0 | 0 |
| MASTERCARD INCORPORATED | CL A | 57636Q104 |  | 9985206 | 19984 | SH |  | SOLE | 1 | 19984 | 0 | 0 |
| MASTERCARD INCORPORATED | CL A | 57636Q104 |  | 93714230 | 187556 | SH |  | DFND | 1 | 187556 | 0 | 0 |
| MERCADOLIBRE INC | COM | 58733R102 |  | 9423159 | 5450 | SH |  | DFND | 1 | 5450 | 0 | 0 |
| META PLATFORMS INC | CL A | 30303M102 |  | 12363729 | 21610 | SH |  | SOLE | 1 | 21610 | 0 | 0 |
| META PLATFORMS INC | CL A | 30303M102 |  | 129697866 | 226693 | SH |  | DFND | 1 | 226693 | 0 | 0 |
| MGM RESORTS INTERNATIONAL | COM | 552953101 |  | 3238375 | 87500 | SH |  | DFND | 1 | 87500 | 0 | 0 |
| MICROSOFT CORP | COM | 594918104 |  | 8743045 | 23619 | SH |  | SOLE | 1 | 23619 | 0 | 0 |
| MICROSOFT CORP | COM | 594918104 |  | 190271451 | 514011 | SH |  | DFND | 1 | 514011 | 0 | 0 |
| MOODYS CORP | COM | 615369105 |  | 9203130 | 21096 | SH |  | SOLE | 1 | 21096 | 0 | 0 |
| MOODYS CORP | COM | 615369105 |  | 84106384 | 192794 | SH |  | DFND | 1 | 192794 | 0 | 0 |
| MSCI INC | COM | 55354G100 |  | 539010 | 1000 | SH |  | SOLE | 1 | 1000 | 0 | 0 |
| MSCI INC | COM | 55354G100 |  | 76458568 | 141850 | SH |  | DFND | 1 | 141850 | 0 | 0 |
| NIKE INC | CL B | 654106103 |  | 2429720 | 46000 | SH |  | SOLE | 1 | 46000 | 0 | 0 |
| NIKE INC | CL B | 654106103 |  | 21201948 | 401400 | SH |  | DFND | 1 | 401400 | 0 | 0 |
| NORFOLK SOUTHN CORP | COM | 655844108 |  | 8323000 | 29000 | SH |  | SOLE | 1 | 29000 | 0 | 0 |
| NORFOLK SOUTHN CORP | COM | 655844108 |  | 72754500 | 253500 | SH |  | DFND | 1 | 253500 | 0 | 0 |
| NOVO-NORDISK A S | ADR | 670100205 |  | 43800120 | 1191840 | SH |  | SOLE | 1 | 1191840 | 0 | 0 |
| NOVO-NORDISK A S | ADR | 670100205 |  | 61664076 | 1677934 | SH |  | DFND | 1 | 1677934 | 0 | 0 |
| NVR INC | COM | 62944T105 |  | 1153220 | 175 | SH |  | SOLE | 1 | 175 | 0 | 0 |
| NVR INC | COM | 62944T105 |  | 78498055 | 11912 | SH |  | DFND | 1 | 11912 | 0 | 0 |
| OLD DOMINION FREIGHT LINE IN | COM | 679580100 |  | 1172400 | 6000 | SH |  | SOLE | 1 | 6000 | 0 | 0 |
| OLD DOMINION FREIGHT LINE IN | COM | 679580100 |  | 82683510 | 423150 | SH |  | DFND | 1 | 423150 | 0 | 0 |
| OTIS WORLDWIDE CORP | COM | 68902V107 |  | 2104284 | 27300 | SH |  | SOLE | 1 | 27300 | 0 | 0 |
| OTIS WORLDWIDE CORP | COM | 68902V107 |  | 6730626 | 87320 | SH |  | DFND | 1 | 87320 | 0 | 0 |
| PAYCHEX INC | COM | 704326107 |  | 6448400 | 70000 | SH |  | SOLE | 1 | 70000 | 0 | 0 |
| PAYCHEX INC | COM | 704326107 |  | 7369600 | 80000 | SH |  | DFND | 1 | 80000 | 0 | 0 |
| PEPSICO INC | COM | 713448108 |  | 14940451 | 96210 | SH |  | DFND | 1 | 96210 | 0 | 0 |
| PHILIP MORRIS INTL INC | COM | 718172109 |  | 18931431 | 114500 | SH |  | DFND | 1 | 114500 | 0 | 0 |
| PRICE T ROWE GROUP INC | COM | 74144T108 |  | 2884480 | 32000 | SH |  | SOLE | 1 | 32000 | 0 | 0 |
| PRICE T ROWE GROUP INC | COM | 74144T108 |  | 25419480 | 282000 | SH |  | DFND | 1 | 282000 | 0 | 0 |
| PROGRESSIVE CORP | COM | 743315103 |  | 11894400 | 60000 | SH |  | SOLE | 1 | 60000 | 0 | 0 |
| PROGRESSIVE CORP | COM | 743315103 |  | 137529000 | 693750 | SH |  | DFND | 1 | 693750 | 0 | 0 |
| RENAISSANCERE HLDGS LTD | COM | G7496G103 |  | 891690 | 3000 | SH |  | SOLE | 1 | 3000 | 0 | 0 |
| RENAISSANCERE HLDGS LTD | COM | G7496G103 |  | 19914410 | 67000 | SH |  | DFND | 1 | 67000 | 0 | 0 |
| RLI CORP | COM | 749607107 |  | 11005868 | 192950 | SH |  | SOLE | 1 | 192950 | 0 | 0 |
| RLI CORP | COM | 749607107 |  | 125578922 | 2201594 | SH |  | DFND | 1 | 2201594 | 0 | 0 |
| ROCKWELL AUTOMATION INC | COM | 773903109 |  | 2835152 | 7900 | SH |  | SOLE | 1 | 7900 | 0 | 0 |
| ROCKWELL AUTOMATION INC | COM | 773903109 |  | 52755360 | 147000 | SH |  | DFND | 1 | 147000 | 0 | 0 |
| ROLLINS INC | COM | 775711104 |  | 3336790 | 62475 | SH |  | SOLE | 1 | 62475 | 0 | 0 |
| ROLLINS INC | COM | 775711104 |  | 76672726 | 1435550 | SH |  | DFND | 1 | 1435550 | 0 | 0 |
| RTX CORPORATION | COM | 75513E101 |  | 10532340 | 54600 | SH |  | SOLE | 1 | 54600 | 0 | 0 |
| RTX CORPORATION | COM | 75513E101 |  | 32677260 | 169400 | SH |  | DFND | 1 | 169400 | 0 | 0 |
| S GLOBAL INC | COM | 78409V104 |  | 425340 | 1000 | SH |  | SOLE | 1 | 1000 | 0 | 0 |
| S GLOBAL INC | COM | 78409V104 |  | 49632925 | 116690 | SH |  | DFND | 1 | 116690 | 0 | 0 |
| SCHWAB CHARLES CORP | COM | 808513105 |  | 12123420 | 129000 | SH |  | SOLE | 1 | 129000 | 0 | 0 |
| SCHWAB CHARLES CORP | COM | 808513105 |  | 117926103 | 1254800 | SH |  | DFND | 1 | 1254800 | 0 | 0 |
| SCOTTS MIRACLE-GRO CO | CL A | 810186106 |  | 547290 | 9000 | SH |  | SOLE | 1 | 9000 | 0 | 0 |
| SCOTTS MIRACLE-GRO CO | CL A | 810186106 |  | 9668791 | 159000 | SH |  | DFND | 1 | 159000 | 0 | 0 |
| SEI INVTS CO | COM | 784117103 |  | 4629730 | 59000 | SH |  | SOLE | 1 | 59000 | 0 | 0 |
| SEI INVTS CO | COM | 784117103 |  | 8961274 | 114200 | SH |  | DFND | 1 | 114200 | 0 | 0 |
| SHERWIN WILLIAMS CO | COM | 824348106 |  | 30186834 | 94172 | SH |  | DFND | 1 | 94172 | 0 | 0 |
| SHOPIFY INC | CL A SUB VTG SHS | 82509L107 |  | 12188205 | 102750 | SH |  | DFND | 1 | 102750 | 0 | 0 |
| SONY GROUP CORP | SPONSORED ADR | 835699307 |  | 6934500 | 335000 | SH |  | DFND | 1 | 335000 | 0 | 0 |
| SPOTIFY TECHNOLOGY S A | SHS | L8681T102 |  | 12559169 | 25900 | SH |  | DFND | 1 | 25900 | 0 | 0 |
| STARBUCKS CORP | COM | 855244109 |  | 3628395 | 40500 | SH |  | SOLE | 1 | 40500 | 0 | 0 |
| STARBUCKS CORP | COM | 855244109 |  | 52259460 | 583318 | SH |  | DFND | 1 | 583318 | 0 | 0 |
| SUNBELT RENTALS HOLDINGS INC | SHS | 866966104 |  | 62705167 | 963361 | SH |  | DFND | 1 | 963361 | 0 | 0 |
| SYSCO CORP | COM | 871829107 |  | 2175565 | 30500 | SH |  | DFND | 1 | 30500 | 0 | 0 |
| TEXAS INSTRS INC | COM | 882508104 |  | 194 | 1 | SH |  | SOLE | 1 | 1 | 0 | 0 |
| TEXAS INSTRS INC | COM | 882508104 |  | 140557165 | 723999 | SH |  | DFND | 1 | 723999 | 0 | 0 |
| THERMO FISHER SCIENTIFIC INC | COM | 883556102 |  | 32981664 | 67100 | SH |  | DFND | 1 | 67100 | 0 | 0 |
| TYSON FOODS INC | CL A | 902494103 |  | 640700 | 10000 | SH |  | SOLE | 1 | 10000 | 0 | 0 |
| TYSON FOODS INC | CL A | 902494103 |  | 56349565 | 879500 | SH |  | DFND | 1 | 879500 | 0 | 0 |
| UBER TECHNOLOGIES INC | COM | 90353T100 |  | 10250025 | 142500 | SH |  | DFND | 1 | 142500 | 0 | 0 |
| UNION PAC CORP | COM | 907818108 |  | 2693082 | 11100 | SH |  | SOLE | 1 | 11100 | 0 | 0 |
| UNION PAC CORP | COM | 907818108 |  | 33767366 | 139178 | SH |  | DFND | 1 | 139178 | 0 | 0 |
| UNITED RENTALS INC | COM | 911363109 |  | 22694644 | 31150 | SH |  | DFND | 1 | 31150 | 0 | 0 |
| UNITEDHEALTH GROUP INC | COM | 91324P102 |  | 5060034 | 18700 | SH |  | DFND | 1 | 18700 | 0 | 0 |
| VERISK ANALYTICS INC | COM | 92345Y106 |  | 474375 | 2500 | SH |  | SOLE | 1 | 2500 | 0 | 0 |
| VERISK ANALYTICS INC | COM | 92345Y106 |  | 29117138 | 153450 | SH |  | DFND | 1 | 153450 | 0 | 0 |
| VISA INC | COM CL A | 92826C839 |  | 23015576 | 76150 | SH |  | SOLE | 1 | 76150 | 0 | 0 |
| VISA INC | COM CL A | 92826C839 |  | 280533425 | 928181 | SH |  | DFND | 1 | 928181 | 0 | 0 |
| WATSCO INC | COM | 942622200 |  | 15133664 | 41600 | SH |  | SOLE | 1 | 41600 | 0 | 0 |
| WATSCO INC | COM | 942622200 |  | 196653598 | 540569 | SH |  | DFND | 1 | 540569 | 0 | 0 |
| WELLS FARGO CO NEW | COM | 949746101 |  | 2547520 | 32000 | SH |  | SOLE | 1 | 32000 | 0 | 0 |
| WELLS FARGO CO NEW | COM | 949746101 |  | 13728745 | 172450 | SH |  | DFND | 1 | 172450 | 0 | 0 |
| WEYERHAEUSER CO MTN BE | COM NEW | 962166104 |  | 427525 | 17500 | SH |  | DFND | 1 | 17500 | 0 | 0 |
| YUM BRANDS INC | COM | 988498101 |  | 38125718 | 245213 | SH |  | DFND | 1 | 245213 | 0 | 0 |

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