# EDGAR Filing Document

**Accession Number:** 0001096343
**File Stem:** 0000950123-23-000745
**Filing Date:** 2023-2
**Character Count:** 26524
**Document Hash:** d7f6886a42b65744b249173bd214d61d
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000950123-23-000745.hdr.sgml**: 20230203

**ACCESSION NUMBER**: 0000950123-23-000745

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

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20221231

**FILED AS OF DATE**: 20230203

**DATE AS OF CHANGE**: 20230203

**EFFECTIVENESS DATE**: 20230203

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** MARKEL CORP
- **CENTRAL INDEX KEY:** 0001096343
- **STANDARD INDUSTRIAL CLASSIFICATION:** FIRE, MARINE & CASUALTY INSURANCE [6331]
- **IRS NUMBER:** 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:** 23586440

**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 HOLDINGS INC
- **DATE OF NAME CHANGE:** 19991005

### FORM 13F COVER PAGE

**Report for the Calendar Year or Quarter Ended:** 12-31-2022

**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 CORP<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  02-03-2023<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:** 231

**Form 13F Information Table Value Total:** $7458348204

      (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 Corporation | 028-6506               |

### 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 |
| 3M CO | COM | 88579Y101 |  | 9593600 | 80000 | SH |  | SOLE |  | 80000 | 0 | 0 |
| 3M CO | COM | 88579Y101 |  | 24913380 | 207750 | SH |  | DFND | 1 | 207750 | 0 | 0 |
| ACCENTURE PLC IRELAND | SHS CLASS A | G1151C101 |  | 267 | 1 | SH |  | SOLE |  | 1 | 0 | 0 |
| ACCENTURE PLC IRELAND | SHS CLASS A | G1151C101 |  | 42534029 | 159399 | SH |  | DFND | 1 | 159399 | 0 | 0 |
| ACTIVISION BLIZZARD INC | COM | 00507V109 |  | 137790 | 1800 | SH |  | SOLE |  | 1800 | 0 | 0 |
| ACTIVISION BLIZZARD INC | COM | 00507V109 |  | 47369141 | 618800 | SH |  | DFND | 1 | 618800 | 0 | 0 |
| ALLSTATE CORP | COM | 020002101 |  | 17431380 | 128550 | SH |  | DFND | 1 | 128550 | 0 | 0 |
| ALPHABET INC | CAP STK CL A | 02079K305 |  | 6176100 | 70000 | SH |  | SOLE |  | 70000 | 0 | 0 |
| ALPHABET INC | CAP STK CL A | 02079K305 |  | 26733690 | 303000 | SH |  | DFND | 1 | 303000 | 0 | 0 |
| ALPHABET INC | CAP STK CL C | 02079K107 |  | 26373218 | 297230 | SH |  | SOLE |  | 297230 | 0 | 0 |
| ALPHABET INC | CAP STK CL C | 02079K107 |  | 217621860 | 2452630 | SH |  | DFND | 1 | 2452630 | 0 | 0 |
| AMAZON COM INC | COM | 023135106 |  | 12384288 | 147432 | SH |  | SOLE |  | 147432 | 0 | 0 |
| AMAZON COM INC | COM | 023135106 |  | 155435952 | 1850428 | SH |  | DFND | 1 | 1850428 | 0 | 0 |
| AMERICAN EXPRESS CO | COM | 025816109 |  | 1477500 | 10000 | SH |  | SOLE |  | 10000 | 0 | 0 |
| AMERICAN EXPRESS CO | COM | 025816109 |  | 70070439 | 474250 | SH |  | DFND | 1 | 474250 | 0 | 0 |
| AMERICAN TOWER CORP NEW | COM | 03027X100 |  | 211860 | 1000 | SH |  | SOLE |  | 1000 | 0 | 0 |
| AMERICAN TOWER CORP NEW | COM | 03027X100 |  | 10785793 | 50910 | SH |  | DFND | 1 | 50910 | 0 | 0 |
| ANALOG DEVICES INC | COM | 032654105 |  | 1640300 | 10000 | SH |  | SOLE |  | 10000 | 0 | 0 |
| ANALOG DEVICES INC | COM | 032654105 |  | 180280617 | 1099071 | SH |  | DFND | 1 | 1099071 | 0 | 0 |
| AON PLC | SHS CL A | G0403H108 |  | 300140 | 1000 | SH |  | SOLE |  | 1000 | 0 | 0 |
| AON PLC | SHS CL A | G0403H108 |  | 23726067 | 79050 | SH |  | DFND | 1 | 79050 | 0 | 0 |
| APOLLO GLOBAL MGMT INC | COM | 03769M106 |  | 1435275 | 22500 | SH |  | SOLE |  | 22500 | 0 | 0 |
| APOLLO GLOBAL MGMT INC | COM | 03769M106 |  | 63152100 | 990000 | SH |  | DFND | 1 | 990000 | 0 | 0 |
| APPLE INC | COM | 037833100 |  | 6262626 | 48200 | SH |  | SOLE |  | 48200 | 0 | 0 |
| APPLE INC | COM | 037833100 |  | 150561585 | 1158790 | SH |  | DFND | 1 | 1158790 | 0 | 0 |
| ARCHER DANIELS MIDLAND CO | COM | 039483102 |  | 15852002 | 170727 | SH |  | SOLE |  | 170727 | 0 | 0 |
| ARCHER DANIELS MIDLAND CO | COM | 039483102 |  | 120015403 | 1292573 | SH |  | DFND | 1 | 1292573 | 0 | 0 |
| AXALTA COATING SYS LTD | COM | G0750C108 |  | 724418 | 28442 | SH |  | DFND | 1 | 28442 | 0 | 0 |
| BALL CORP | COM | 058498106 |  | 2608140 | 51000 | SH |  | DFND | 1 | 51000 | 0 | 0 |
| BANK NEW YORK MELLON CORP | COM | 064058100 |  | 16626180 | 365250 | SH |  | DFND | 1 | 365250 | 0 | 0 |
| BERKLEY W R CORP | COM | 084423102 |  | 2939086 | 40500 | SH |  | DFND | 1 | 40500 | 0 | 0 |
| BERKSHIRE HATHAWAY INC DEL | CL A | 084670108 |  | 276539467 | 590 | SH |  | SOLE |  | 590 | 0 | 0 |
| BERKSHIRE HATHAWAY INC DEL | CL A | 084670108 |  | 245604543 | 524 | SH |  | DFND | 1 | 524 | 0 | 0 |
| BERKSHIRE HATHAWAY INC DEL | CL B NEW | 084670702 |  | 341167694 | 1104460 | SH |  | SOLE |  | 1104460 | 0 | 0 |
| BERKSHIRE HATHAWAY INC DEL | CL B NEW | 084670702 |  | 132058150 | 427511 | SH |  | DFND | 1 | 427511 | 0 | 0 |
| BLACKROCK INC | COM | 09247X101 |  | 8503560 | 12000 | SH |  | SOLE |  | 12000 | 0 | 0 |
| BLACKROCK INC | COM | 09247X101 |  | 147536766 | 208200 | SH |  | DFND | 1 | 208200 | 0 | 0 |
| BLACKSTONE INC | COM | 09260D107 |  | 2559555 | 34500 | SH |  | SOLE |  | 34500 | 0 | 0 |
| BLACKSTONE INC | COM | 09260D107 |  | 88619955 | 1194500 | SH |  | DFND | 1 | 1194500 | 0 | 0 |
| BROOKFIELD ASSET MANAGMT LTD | CL A LMT VTG SHS | 113004105 |  | 35507802 | 1238500 | SH |  | SOLE |  | 1238500 | 0 | 0 |
| BROOKFIELD ASSET MANAGMT LTD | CL A LMT VTG SHS | 113004105 |  | 27392974 | 955458 | SH |  | DFND | 1 | 955458 | 0 | 0 |
| BROOKFIELD CORP | CL A LTD VT SH | 11271J107 |  | 99795461 | 3172138 | SH |  | SOLE |  | 3172138 | 0 | 0 |
| BROOKFIELD CORP | CL A LTD VT SH | 11271J107 |  | 174401750 | 5543603 | SH |  | DFND | 1 | 5543603 | 0 | 0 |
| BROOKFIELD REINS LTD | CL A EXCH LT VTG | G16250105 |  | 772050 | 24674 | SH |  | SOLE |  | 24674 | 0 | 0 |
| BROOKFIELD REINS LTD | CL A EXCH LT VTG | G16250105 |  | 1108511 | 35427 | SH |  | DFND | 1 | 35427 | 0 | 0 |
| BROWN FORMAN CORP | CL A | 115637100 |  | 10824096 | 164600 | SH |  | SOLE |  | 164600 | 0 | 0 |
| BROWN FORMAN CORP | CL A | 115637100 |  | 44611583 | 678400 | SH |  | DFND | 1 | 678400 | 0 | 0 |
| BROWN FORMAN CORP | CL B | 115637209 |  | 9549872 | 145400 | SH |  | SOLE |  | 145400 | 0 | 0 |
| BROWN FORMAN CORP | CL B | 115637209 |  | 21594730 | 328787 | SH |  | DFND | 1 | 328787 | 0 | 0 |
| CABLE ONE INC | COM | 12685J105 |  | 19006662 | 26700 | SH |  | DFND | 1 | 26700 | 0 | 0 |
| CAPITAL ONE FINL CORP | COM | 14040H105 |  | 464800 | 5000 | SH |  | SOLE |  | 5000 | 0 | 0 |
| CAPITAL ONE FINL CORP | COM | 14040H105 |  | 232400 | 2500 | SH |  | DFND | 1 | 2500 | 0 | 0 |
| CARLYLE GROUP INC | COM | 14316J108 |  | 1327880 | 44500 | SH |  | SOLE |  | 44500 | 0 | 0 |
| CARLYLE GROUP INC | COM | 14316J108 |  | 38269800 | 1282500 | SH |  | DFND | 1 | 1282500 | 0 | 0 |
| CARMAX INC | COM | 143130102 |  | 304450 | 5000 | SH |  | SOLE |  | 5000 | 0 | 0 |
| CARMAX INC | COM | 143130102 |  | 1826700 | 30000 | SH |  | DFND | 1 | 30000 | 0 | 0 |
| CARRIER GLOBAL CORPORATION | COM | 14448C104 |  | 2252250 | 54600 | SH |  | SOLE |  | 54600 | 0 | 0 |
| CARRIER GLOBAL CORPORATION | COM | 14448C104 |  | 7441500 | 180400 | SH |  | DFND | 1 | 180400 | 0 | 0 |
| CATERPILLAR INC | COM | 149123101 |  | 2395840 | 10001 | SH |  | SOLE |  | 10001 | 0 | 0 |
| CATERPILLAR INC | COM | 149123101 |  | 66477660 | 277499 | SH |  | DFND | 1 | 277499 | 0 | 0 |
| CELANESE CORP DEL | COM | 150870103 |  | 408960 | 4000 | SH |  | SOLE |  | 4000 | 0 | 0 |
| CELANESE CORP DEL | COM | 150870103 |  | 4273632 | 41800 | SH |  | DFND | 1 | 41800 | 0 | 0 |
| CISCO SYS INC | COM | 17275R102 |  | 7050720 | 148000 | SH |  | SOLE |  | 148000 | 0 | 0 |
| CISCO SYS INC | COM | 17275R102 |  | 9242160 | 194000 | SH |  | DFND | 1 | 194000 | 0 | 0 |
| COMCAST CORP NEW | CL A | 20030N101 |  | 4301310 | 123000 | SH |  | SOLE |  | 123000 | 0 | 0 |
| COMCAST CORP NEW | CL A | 20030N101 |  | 28240793 | 807572 | SH |  | DFND | 1 | 807572 | 0 | 0 |
| COSTAR GROUP INC | COM | 22160N109 |  | 1437408 | 18600 | SH |  | DFND | 1 | 18600 | 0 | 0 |
| COSTCO WHSL CORP NEW | COM | 22160K105 |  | 17871975 | 39150 | SH |  | DFND | 1 | 39150 | 0 | 0 |
| CRACKER BARREL OLD CTRY STOR | COM | 22410J106 |  | 378960 | 4000 | SH |  | SOLE |  | 4000 | 0 | 0 |
| CRACKER BARREL OLD CTRY STOR | COM | 22410J106 |  | 8810820 | 93000 | SH |  | DFND | 1 | 93000 | 0 | 0 |
| CROWN HLDGS INC | COM | 228368106 |  | 164420 | 2000 | SH |  | SOLE |  | 2000 | 0 | 0 |
| CROWN HLDGS INC | COM | 228368106 |  | 14468960 | 176000 | SH |  | DFND | 1 | 176000 | 0 | 0 |
| CVS HEALTH CORP | COM | 126650100 |  | 186380 | 2000 | SH |  | SOLE |  | 2000 | 0 | 0 |
| CVS HEALTH CORP | COM | 126650100 |  | 30752700 | 330000 | SH |  | DFND | 1 | 330000 | 0 | 0 |
| DEERE  CO | COM | 244199105 |  | 324056808 | 755800 | SH |  | DFND | 1 | 755800 | 0 | 0 |
| DIAGEO PLC | SPON ADR NEW | 25243Q205 |  | 104297102 | 585314 | SH |  | SOLE |  | 585314 | 0 | 0 |
| DIAGEO PLC | SPON ADR NEW | 25243Q205 |  | 136296463 | 764894 | SH |  | DFND | 1 | 764894 | 0 | 0 |
| DISNEY WALT CO | COM | 254687106 |  | 39377231 | 453237 | SH |  | SOLE |  | 453237 | 0 | 0 |
| DISNEY WALT CO | COM | 254687106 |  | 134874945 | 1552428 | SH |  | DFND | 1 | 1552428 | 0 | 0 |
| DOLLAR GEN CORP NEW | COM | 256677105 |  | 615625 | 2500 | SH |  | SOLE |  | 2500 | 0 | 0 |
| DOLLAR GEN CORP NEW | COM | 256677105 |  | 45002188 | 182750 | SH |  | DFND | 1 | 182750 | 0 | 0 |
| DUCK CREEK TECHNOLOGIES INC | SHS | 264120106 |  | 304263 | 25250 | SH |  | DFND | 1 | 25250 | 0 | 0 |
| DUN  BRADSTREET HLDGS INC | COM | 26484T106 |  | 796900 | 65000 | SH |  | DFND | 1 | 65000 | 0 | 0 |
| EASTMAN CHEM CO | COM | 277432100 |  | 244320 | 3000 | SH |  | SOLE |  | 3000 | 0 | 0 |
| EASTMAN CHEM CO | COM | 277432100 |  | 2398408 | 29450 | SH |  | DFND | 1 | 29450 | 0 | 0 |
| ECOLAB INC | COM | 278865100 |  | 3347880 | 23000 | SH |  | SOLE |  | 23000 | 0 | 0 |
| ECOLAB INC | COM | 278865100 |  | 36579228 | 251300 | SH |  | DFND | 1 | 251300 | 0 | 0 |
| ELECTRONIC ARTS INC | COM | 285512109 |  | 7428544 | 60800 | SH |  | DFND | 1 | 60800 | 0 | 0 |
| ENOVIS CORPORATION | COM | 194014502 |  | 9545613 | 178356 | SH |  | SOLE |  | 178356 | 0 | 0 |
| EQUIFAX INC | COM | 294429105 |  | 17074525 | 87850 | SH |  | DFND | 1 | 87850 | 0 | 0 |
| ESAB CORPORATION | COM | 29605J106 |  | 47 | 1 | SH |  | SOLE |  | 1 | 0 | 0 |
| ESAB CORPORATION | COM | 29605J106 |  | 17752463 | 378356 | SH |  | DFND | 1 | 378356 | 0 | 0 |
| FACTSET RESH SYS INC | COM | 303075105 |  | 9227830 | 23000 | SH |  | SOLE |  | 23000 | 0 | 0 |
| FACTSET RESH SYS INC | COM | 303075105 |  | 37601401 | 93720 | SH |  | DFND | 1 | 93720 | 0 | 0 |
| FEDEX CORP | COM | 31428X106 |  | 519600 | 3000 | SH |  | SOLE |  | 3000 | 0 | 0 |
| FEDEX CORP | COM | 31428X106 |  | 18012800 | 104000 | SH |  | DFND | 1 | 104000 | 0 | 0 |
| GARTNER INC | COM | 366651107 |  | 1915998 | 5700 | SH |  | DFND | 1 | 5700 | 0 | 0 |
| GENERAL DYNAMICS CORP | COM | 369550108 |  | 10916840 | 44000 | SH |  | SOLE |  | 44000 | 0 | 0 |
| GENERAL DYNAMICS CORP | COM | 369550108 |  | 86094170 | 347000 | SH |  | DFND | 1 | 347000 | 0 | 0 |
| GOLDMAN SACHS GROUP INC | COM | 38141G104 |  | 8120937 | 23650 | SH |  | SOLE |  | 23650 | 0 | 0 |
| GOLDMAN SACHS GROUP INC | COM | 38141G104 |  | 115276101 | 335710 | SH |  | DFND | 1 | 335710 | 0 | 0 |
| GRAHAM HLDGS CO | COM CL B | 384637104 |  | 3141892 | 5200 | SH |  | DFND | 1 | 5200 | 0 | 0 |
| HAGERTY INC | CL A COM | 405166909 |  | 25230000 | 3000000 | SH |  | SOLE |  | 3000000 | 0 | 0 |
| HAGERTY INC | W EXP 12/02/2027 | 405166117 |  | 1209600 | 540000 | SH |  | SOLE |  | 540000 | 0 | 0 |
| HANOVER INS GROUP INC | COM | 410867105 |  | 540520 | 4000 | SH |  | SOLE |  | 4000 | 0 | 0 |
| HANOVER INS GROUP INC | COM | 410867105 |  | 15810210 | 117000 | SH |  | DFND | 1 | 117000 | 0 | 0 |
| HEALTHCARE SVCS GROUP INC | COM | 421906108 |  | 240000 | 20000 | SH |  | SOLE |  | 20000 | 0 | 0 |
| HEALTHCARE SVCS GROUP INC | COM | 421906108 |  | 14166000 | 1180500 | SH |  | DFND | 1 | 1180500 | 0 | 0 |
| HEICO CORP NEW | CL A | 422806208 |  | 1282635 | 10702 | SH |  | SOLE |  | 10702 | 0 | 0 |
| HEICO CORP NEW | CL A | 422806208 |  | 41221449 | 343942 | SH |  | DFND | 1 | 343942 | 0 | 0 |
| HEXCEL CORP NEW | COM | 428291108 |  | 2236300 | 38000 | SH |  | SOLE |  | 38000 | 0 | 0 |
| HEXCEL CORP NEW | COM | 428291108 |  | 8886350 | 151000 | SH |  | DFND | 1 | 151000 | 0 | 0 |
| HOME DEPOT INC | COM | 437076102 |  | 87463529 | 276906 | SH |  | SOLE |  | 276906 | 0 | 0 |
| HOME DEPOT INC | COM | 437076102 |  | 203127672 | 643094 | SH |  | DFND | 1 | 643094 | 0 | 0 |
| ILLINOIS TOOL WKS INC | COM | 452308109 |  | 3712275 | 16851 | SH |  | SOLE |  | 16851 | 0 | 0 |
| ILLINOIS TOOL WKS INC | COM | 452308109 |  | 68435975 | 310649 | SH |  | DFND | 1 | 310649 | 0 | 0 |
| INTERCONTINENTAL EXCHANGE IN | COM | 45866F104 |  | 1812252 | 17665 | SH |  | DFND | 1 | 17665 | 0 | 0 |
| INTERNATIONAL FLAVORS | COM | 459506101 |  | 2411320 | 23000 | SH |  | DFND | 1 | 23000 | 0 | 0 |
| INTUIT | COM | 461202103 |  | 1058679 | 2720 | SH |  | DFND | 1 | 2720 | 0 | 0 |
| INVESTORS TITLE CO NC | COM | 461804106 |  | 31472415 | 213300 | SH |  | DFND | 1 | 213300 | 0 | 0 |
| JOHNSON  JOHNSON | COM | 478160104 |  | 4719205 | 26715 | SH |  | SOLE |  | 26715 | 0 | 0 |
| JOHNSON  JOHNSON | COM | 478160104 |  | 103178616 | 584085 | SH |  | DFND | 1 | 584085 | 0 | 0 |
| JPMORGAN CHASE  CO | COM | 46625H100 |  | 29039355 | 216550 | SH |  | DFND | 1 | 216550 | 0 | 0 |
| KKR  CO INC | COM | 48251W104 |  | 835560 | 18000 | SH |  | SOLE |  | 18000 | 0 | 0 |
| KKR  CO INC | COM | 48251W104 |  | 65406848 | 1409023 | SH |  | DFND | 1 | 1409023 | 0 | 0 |
| LAMAR ADVERTISING CO NEW | CL A | 512816109 |  | 802400 | 8500 | SH |  | DFND | 1 | 8500 | 0 | 0 |
| LIBERTY BROADBAND CORP | COM SER A | 530307107 |  | 1649738 | 21750 | SH |  | SOLE |  | 21750 | 0 | 0 |
| LIBERTY BROADBAND CORP | COM SER A | 530307107 |  | 13918475 | 183500 | SH |  | DFND | 1 | 183500 | 0 | 0 |
| LIBERTY BROADBAND CORP | COM SER C | 530307305 |  | 3115858 | 40853 | SH |  | SOLE |  | 40853 | 0 | 0 |
| LIBERTY BROADBAND CORP | COM SER C | 530307305 |  | 10011201 | 131260 | SH |  | DFND | 1 | 131260 | 0 | 0 |
| LIBERTY GLOBAL PLC | SHS CL A | G5480U104 |  | 56790 | 3000 | SH |  | SOLE |  | 3000 | 0 | 0 |
| LIBERTY GLOBAL PLC | SHS CL A | G5480U104 |  | 3331680 | 176000 | SH |  | DFND | 1 | 176000 | 0 | 0 |
| LIBERTY MEDIA CORP DEL | COM A SIRIUSXM | 531229409 |  | 2044120 | 52000 | SH |  | SOLE |  | 52000 | 0 | 0 |
| LIBERTY MEDIA CORP DEL | COM A SIRIUSXM | 531229409 |  | 14701940 | 374000 | SH |  | DFND | 1 | 374000 | 0 | 0 |
| LIBERTY MEDIA CORP DEL | COM C SIRIUSXM | 531229607 |  | 5243420 | 134000 | SH |  | SOLE |  | 134000 | 0 | 0 |
| LIBERTY MEDIA CORP DEL | COM C SIRIUSXM | 531229607 |  | 15182440 | 388000 | SH |  | DFND | 1 | 388000 | 0 | 0 |
| LINDE PLC | SHS | G5494J103 |  | 2250642 | 6900 | SH |  | SOLE |  | 6900 | 0 | 0 |
| LINDE PLC | SHS | G5494J103 |  | 29845470 | 91500 | SH |  | DFND | 1 | 91500 | 0 | 0 |
| LOCKHEED MARTIN CORP | COM | 539830109 |  | 27420037 | 56363 | SH |  | DFND | 1 | 56363 | 0 | 0 |
| LOWES COS INC | COM | 548661107 |  | 12103432 | 60748 | SH |  | SOLE |  | 60748 | 0 | 0 |
| LOWES COS INC | COM | 548661107 |  | 108731643 | 545732 | SH |  | DFND | 1 | 545732 | 0 | 0 |
| LPL FINL HLDGS INC | COM | 50212V100 |  | 293775 | 1359 | SH |  | SOLE |  | 1359 | 0 | 0 |
| LPL FINL HLDGS INC | COM | 50212V100 |  | 285777 | 1322 | SH |  | DFND | 1 | 1322 | 0 | 0 |
| MARSH  MCLENNAN COS INC | COM | 571748102 |  | 3226860 | 19500 | SH |  | SOLE |  | 19500 | 0 | 0 |
| MARSH  MCLENNAN COS INC | COM | 571748102 |  | 102763080 | 621000 | SH |  | DFND | 1 | 621000 | 0 | 0 |
| MARVELL TECHNOLOGY INC | COM | 573874104 |  | 5926400 | 160000 | SH |  | DFND | 1 | 160000 | 0 | 0 |
| MASTERCARD INCORPORATED | CL A | 57636Q104 |  | 6949037 | 19984 | SH |  | SOLE |  | 19984 | 0 | 0 |
| MASTERCARD INCORPORATED | CL A | 57636Q104 |  | 65218848 | 187556 | SH |  | DFND | 1 | 187556 | 0 | 0 |
| META PLATFORMS INC | CL A | 30303M102 |  | 2480207 | 20610 | SH |  | SOLE |  | 20610 | 0 | 0 |
| META PLATFORMS INC | CL A | 30303M102 |  | 24959358 | 207407 | SH |  | DFND | 1 | 207407 | 0 | 0 |
| MICROSOFT CORP | COM | 594918104 |  | 5664309 | 23619 | SH |  | SOLE |  | 23619 | 0 | 0 |
| MICROSOFT CORP | COM | 594918104 |  | 109444496 | 456361 | SH |  | DFND | 1 | 456361 | 0 | 0 |
| MOODYS CORP | COM | 615369105 |  | 5877768 | 21096 | SH |  | SOLE |  | 21096 | 0 | 0 |
| MOODYS CORP | COM | 615369105 |  | 53716264 | 192794 | SH |  | DFND | 1 | 192794 | 0 | 0 |
| MSCI INC | COM | 55354G100 |  | 465170 | 1000 | SH |  | SOLE |  | 1000 | 0 | 0 |
| MSCI INC | COM | 55354G100 |  | 65984364 | 141850 | SH |  | DFND | 1 | 141850 | 0 | 0 |
| NETFLIX INC | COM | 64110L106 |  | 12679840 | 43000 | SH |  | DFND | 1 | 43000 | 0 | 0 |
| NIKE INC | CL B | 654106103 |  | 5382460 | 46000 | SH |  | SOLE |  | 46000 | 0 | 0 |
| NIKE INC | CL B | 654106103 |  | 37782529 | 322900 | SH |  | DFND | 1 | 322900 | 0 | 0 |
| NORFOLK SOUTHN CORP | COM | 655844108 |  | 7146180 | 29000 | SH |  | SOLE |  | 29000 | 0 | 0 |
| NORFOLK SOUTHN CORP | COM | 655844108 |  | 49407210 | 200500 | SH |  | DFND | 1 | 200500 | 0 | 0 |
| NOVO-NORDISK A S | ADR | 670100205 |  | 80651813 | 595920 | SH |  | SOLE |  | 595920 | 0 | 0 |
| NOVO-NORDISK A S | ADR | 670100205 |  | 64838688 | 479080 | SH |  | DFND | 1 | 479080 | 0 | 0 |
| NVR INC | COM | 62944T105 |  | 691887 | 150 | SH |  | SOLE |  | 150 | 0 | 0 |
| NVR INC | COM | 62944T105 |  | 45567678 | 9879 | SH |  | DFND | 1 | 9879 | 0 | 0 |
| O-I GLASS INC | COM | 67098H104 |  | 7769673 | 468900 | SH |  | DFND | 1 | 468900 | 0 | 0 |
| OLD DOMINION FREIGHT LINE IN | COM | 679580100 |  | 567560 | 2000 | SH |  | SOLE |  | 2000 | 0 | 0 |
| OLD DOMINION FREIGHT LINE IN | COM | 679580100 |  | 10074190 | 35500 | SH |  | DFND | 1 | 35500 | 0 | 0 |
| OTIS WORLDWIDE CORP | COM | 68902V107 |  | 2137863 | 27300 | SH |  | SOLE |  | 27300 | 0 | 0 |
| OTIS WORLDWIDE CORP | COM | 68902V107 |  | 6838031 | 87320 | SH |  | DFND | 1 | 87320 | 0 | 0 |
| PAYCHEX INC | COM | 704326107 |  | 8089200 | 70000 | SH |  | SOLE |  | 70000 | 0 | 0 |
| PAYCHEX INC | COM | 704326107 |  | 9244800 | 80000 | SH |  | DFND | 1 | 80000 | 0 | 0 |
| PAYPAL HLDGS INC | COM | 70450Y103 |  | 700235 | 9832 | SH |  | SOLE |  | 9832 | 0 | 0 |
| PAYPAL HLDGS INC | COM | 70450Y103 |  | 2769105 | 38881 | SH |  | DFND | 1 | 38881 | 0 | 0 |
| PEPSICO INC | COM | 713448108 |  | 17381299 | 96210 | SH |  | DFND | 1 | 96210 | 0 | 0 |
| PHILIP MORRIS INTL INC | COM | 718172109 |  | 11588545 | 114500 | SH |  | DFND | 1 | 114500 | 0 | 0 |
| PRICE T ROWE GROUP INC | COM | 74144T108 |  | 3489920 | 32000 | SH |  | SOLE |  | 32000 | 0 | 0 |
| PRICE T ROWE GROUP INC | COM | 74144T108 |  | 30754920 | 282000 | SH |  | DFND | 1 | 282000 | 0 | 0 |
| PROGRESSIVE CORP | COM | 743315103 |  | 7782600 | 60000 | SH |  | SOLE |  | 60000 | 0 | 0 |
| PROGRESSIVE CORP | COM | 743315103 |  | 89986313 | 693750 | SH |  | DFND | 1 | 693750 | 0 | 0 |
| RAYTHEON TECHNOLOGIES CORP | COM | 75513E101 |  | 5510232 | 54600 | SH |  | SOLE |  | 54600 | 0 | 0 |
| RAYTHEON TECHNOLOGIES CORP | COM | 75513E101 |  | 17095848 | 169400 | SH |  | DFND | 1 | 169400 | 0 | 0 |
| REGENERON PHARMACEUTICALS | COM | 75886F107 |  | 22005445 | 30500 | SH |  | DFND | 1 | 30500 | 0 | 0 |
| RENAISSANCERE HLDGS LTD | COM | G7496G103 |  | 368460 | 2000 | SH |  | SOLE |  | 2000 | 0 | 0 |
| RENAISSANCERE HLDGS LTD | COM | G7496G103 |  | 2210760 | 12000 | SH |  | DFND | 1 | 12000 | 0 | 0 |
| RLI CORP | COM | 749607107 |  | 12664273 | 96475 | SH |  | SOLE |  | 96475 | 0 | 0 |
| RLI CORP | COM | 749607107 |  | 144501621 | 1100797 | SH |  | DFND | 1 | 1100797 | 0 | 0 |
| ROCKWELL AUTOMATION INC | COM | 773903109 |  | 2034803 | 7900 | SH |  | SOLE |  | 7900 | 0 | 0 |
| ROCKWELL AUTOMATION INC | COM | 773903109 |  | 37862790 | 147000 | SH |  | DFND | 1 | 147000 | 0 | 0 |
| ROLLINS INC | COM | 775711104 |  | 2191487 | 59975 | SH |  | SOLE |  | 59975 | 0 | 0 |
| ROLLINS INC | COM | 775711104 |  | 45229213 | 1237800 | SH |  | DFND | 1 | 1237800 | 0 | 0 |
| S GLOBAL INC | COM | 78409V104 |  | 334940 | 1000 | SH |  | SOLE |  | 1000 | 0 | 0 |
| S GLOBAL INC | COM | 78409V104 |  | 50137169 | 149690 | SH |  | DFND | 1 | 149690 | 0 | 0 |
| SCHWAB CHARLES CORP | COM | 808513105 |  | 10574020 | 127000 | SH |  | SOLE |  | 127000 | 0 | 0 |
| SCHWAB CHARLES CORP | COM | 808513105 |  | 83951059 | 1008300 | SH |  | DFND | 1 | 1008300 | 0 | 0 |
| SCOTTS MIRACLE-GRO CO | CL A | 810186106 |  | 291540 | 6000 | SH |  | SOLE |  | 6000 | 0 | 0 |
| SCOTTS MIRACLE-GRO CO | CL A | 810186106 |  | 5987989 | 123235 | SH |  | DFND | 1 | 123235 | 0 | 0 |
| SEI INVTS CO | COM | 784117103 |  | 3439700 | 59000 | SH |  | SOLE |  | 59000 | 0 | 0 |
| SEI INVTS CO | COM | 784117103 |  | 30910660 | 530200 | SH |  | DFND | 1 | 530200 | 0 | 0 |
| SHERWIN WILLIAMS CO | COM | 824348106 |  | 22349840 | 94172 | SH |  | DFND | 1 | 94172 | 0 | 0 |
| SHOPIFY INC | CL A | 82509L107 |  | 3566453 | 102750 | SH |  | DFND | 1 | 102750 | 0 | 0 |
| SONY GROUP CORPORATION | SPONSORED ADR | 835699307 |  | 568820 | 7457 | SH |  | SOLE |  | 7457 | 0 | 0 |
| SONY GROUP CORPORATION | SPONSORED ADR | 835699307 |  | 7032406 | 92192 | SH |  | DFND | 1 | 92192 | 0 | 0 |
| SPOTIFY TECHNOLOGY S A | SHS | L8681T102 |  | 2044805 | 25900 | SH |  | DFND | 1 | 25900 | 0 | 0 |
| STARBUCKS CORP | COM | 855244109 |  | 4017600 | 40500 | SH |  | SOLE |  | 40500 | 0 | 0 |
| STARBUCKS CORP | COM | 855244109 |  | 48788347 | 491818 | SH |  | DFND | 1 | 491818 | 0 | 0 |
| STERICYCLE INC | COM | 858912108 |  | 1247250 | 25000 | SH |  | SOLE |  | 25000 | 0 | 0 |
| STERICYCLE INC | COM | 858912108 |  | 32232482 | 646071 | SH |  | DFND | 1 | 646071 | 0 | 0 |
| TARGET CORP | COM | 87612E106 |  | 745200 | 5000 | SH |  | SOLE |  | 5000 | 0 | 0 |
| TARGET CORP | COM | 87612E106 |  | 372600 | 2500 | SH |  | DFND | 1 | 2500 | 0 | 0 |
| TEXAS INSTRS INC | COM | 882508104 |  | 165 | 1 | SH |  | SOLE |  | 1 | 0 | 0 |
| TEXAS INSTRS INC | COM | 882508104 |  | 119619114 | 723999 | SH |  | DFND | 1 | 723999 | 0 | 0 |
| THERMO FISHER SCIENTIFIC INC | COM | 883556102 |  | 4515659 | 8200 | SH |  | DFND | 1 | 8200 | 0 | 0 |
| TRANSUNION | COM | 89400J107 |  | 170250 | 3000 | SH |  | SOLE |  | 3000 | 0 | 0 |
| TRANSUNION | COM | 89400J107 |  | 5564338 | 98050 | SH |  | DFND | 1 | 98050 | 0 | 0 |
| TYSON FOODS INC | CL A | 902494103 |  | 466875 | 7500 | SH |  | SOLE |  | 7500 | 0 | 0 |
| TYSON FOODS INC | CL A | 902494103 |  | 23623875 | 379500 | SH |  | DFND | 1 | 379500 | 0 | 0 |
| UNION PAC CORP | COM | 907818108 |  | 2298477 | 11100 | SH |  | SOLE |  | 11100 | 0 | 0 |
| UNION PAC CORP | COM | 907818108 |  | 15463574 | 74678 | SH |  | DFND | 1 | 74678 | 0 | 0 |
| VERISK ANALYTICS INC | COM | 92345Y106 |  | 352840 | 2000 | SH |  | SOLE |  | 2000 | 0 | 0 |
| VERISK ANALYTICS INC | COM | 92345Y106 |  | 16583480 | 94000 | SH |  | DFND | 1 | 94000 | 0 | 0 |
| VISA INC | COM CL A | 92826C839 |  | 15820924 | 76150 | SH |  | SOLE |  | 76150 | 0 | 0 |
| VISA INC | COM CL A | 92826C839 |  | 184306182 | 887111 | SH |  | DFND | 1 | 887111 | 0 | 0 |
| VONTIER CORPORATION | COM | 928881101 |  | 1913109 | 98971 | SH |  | DFND | 1 | 98971 | 0 | 0 |
| WATSCO INC | COM | 942622200 |  | 9252740 | 37100 | SH |  | SOLE |  | 37100 | 0 | 0 |
| WATSCO INC | COM | 942622200 |  | 115509610 | 463150 | SH |  | DFND | 1 | 463150 | 0 | 0 |
| WELLS FARGO CO NEW | COM | 949746101 |  | 1321280 | 32000 | SH |  | SOLE |  | 32000 | 0 | 0 |
| WELLS FARGO CO NEW | COM | 949746101 |  | 7120461 | 172450 | SH |  | DFND | 1 | 172450 | 0 | 0 |
| WHIRLPOOL CORP | COM | 963320106 |  | 739836 | 5230 | SH |  | SOLE |  | 5230 | 0 | 0 |
| WHIRLPOOL CORP | COM | 963320106 |  | 39158816 | 276819 | SH |  | DFND | 1 | 276819 | 0 | 0 |
| WILLIS TOWERS WATSON PLC LTD | SHS | G96629103 |  | 1862477 | 7615 | SH |  | DFND | 1 | 7615 | 0 | 0 |

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