# EDGAR Filing Document

**Accession Number:** 0001096343
**File Stem:** 0001096343-25-000132
**Filing Date:** 2025-8
**Character Count:** 59764
**Document Hash:** 5a9f047f3f2a42443032cf22adbc8c1d
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001096343-25-000132.hdr.sgml**: 20250829

**ACCESSION NUMBER**: 0001096343-25-000132

**CONFORMED SUBMISSION TYPE**: N-PX

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250630

**FILED AS OF DATE**: 20250829

**EFFECTIVENESS DATE**: 20250829

**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:** N-PX
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 028-06647
- **FILM NUMBER:** 251281599

**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 N-PX
### ANNUAL REPORT OF PROXY VOTING RECORD

## N-PX: Filer Information

**Filer CIK:** 0001096343

**Date of Report:** 06/30/2025

**Are you a Registered Management Investment Company or an Institutional Manager?:** Institutional Manager

**Is this a LIVE or TEST Filing?:** LIVE

**Is this an electronic copy of an official filing submitted in paper format?:** [ ]

### Submission Contact Information
_Not provided in this filing._

### Notification Information
**Notify via Filing Website only?:** [ ]

## N-PX: Cover Page

**Name of reporting person:** Markel Group Inc.

**Address:** 4521 Highwoods Pkwy, Glen Allen, VA 23060

**Telephone number:** 804-747-0136

**Name of agent for service:** Corporation Service Company

**Agent Address:** 100 Shockoe Slip, 2nd Floor, Richmond, VA 23219

**Reporting Period:** Report for the year ended 06/30/2025

**SEC File Number:** 028-06647

**CRD Number (if any):** —

**Other SEC File Number (if any):** —

**LEI (if any):** 549300SCNO12JLWIK605

**Report Type (check only one):**

Institutional Manager.

- [x] Institutional Manager Voting Report

- [ ] Institutional Manager Notice Report

- [ ] Institutional Manager Combination Report

Registered Management Investment Company.

- [ ] Fund Voting Report

- [ ] Fund Notice Report

**Do you wish to provide explanatory information pursuant to Special Instruction B.4?:**

- [x] No

- [ ] Yes

**Additional information:** —

## N-PX: Summary - Included Managers

**Number of Included Institutional Managers:** 1

**Included Institutional Managers:** —

## FORM N-PX PROXY VOTING RECORD

| NAME OF ISSUER                          | CUSIP     | MEETING DATE   | VOTE DESCRIPTION                                                                                                                                                                                                                      | VOTE CATEGORY                |   SHARES VOTED |   SHARES ON LOAN | HOW VOTED      | SHARES VOTED FOR OR AGAINST MANAGEMENT   | FOR OR AGAINST MANAGEMENT   | OTHER INFO   |
|:---|:---|:---|:---|:---|---:|---:|:---|:---|:---|:---|
| 3M COMPANY                              | 88579Y101 | 05/13/2025     | Advisory approval of executive compensation.                                                                                                                                                                                          | SECTION 14A SAY-ON-PAY VOTES |         196550 |                0 | FOR            | 196550                                   | FOR                         |  |
| ACCENTURE PLC                           | G1151C101 | 02/06/2025     | To approve, in a non-binding vote, the compensation of our named executive officers.                                                                                                                                                  | SECTION 14A SAY-ON-PAY VOTES |         108400 |                0 | FOR            | 108400                                   | FOR                         |  |
| AIR PRODUCTS AND CHEMICALS, INC.        | 009158106 | 01/23/2025     | Advisory Vote Approving the Compensation of the Company's Executive Officers.                                                                                                                                                         | SECTION 14A SAY-ON-PAY VOTES |          34000 |                0 | FOR            | 34000                                    | FOR                         |  |
| AIRBNB INC                              | 009066101 | 06/04/2025     | To approve, on an advisory (non-binding) basis, the compensation of our named executive officers.                                                                                                                                     | SECTION 14A SAY-ON-PAY VOTES |         106663 |                0 | FOR            | 106663                                   | FOR                         |  |
| AMAZON.COM, INC.                        | 023135106 | 05/21/2025     | ADVISORY VOTE TO APPROVE EXECUTIVE COMPENSATION                                                                                                                                                                                       | SECTION 14A SAY-ON-PAY VOTES |        1113000 |                0 | FOR            | 1113000                                  | FOR                         |  |
| AMERICAN EXPRESS COMPANY                | 025816109 | 04/29/2025     | Approval, on an advisory basis, of the Company's executive compensation.                                                                                                                                                              | SECTION 14A SAY-ON-PAY VOTES |         349585 |                0 | FOR            | 349585                                   | FOR                         |  |
| ANALOG DEVICES, INC.                    | 032654105 | 03/12/2025     | Advisory vote to approve the compensation of our named executive officers.                                                                                                                                                            | SECTION 14A SAY-ON-PAY VOTES |         533433 |                0 | FOR            | 533433                                   | FOR                         |  |
| ANHEUSER-BUSCH INBEV SA                 | 03524A108 | 04/30/2025     | Remuneration report: Proposed resolution: approving the remuneration report for the financial year 2024. The 2024 annual report containing the remuneration report is available on the Company's website as indicated in this notice. | SECTION 14A SAY-ON-PAY VOTES |           2000 |                0 | TAKE NO ACTION | 2000                                     | NONE                        |  |
| AON PLC                                 | G0403H108 | 06/27/2025     | Advisory vote to approve the compensation of the Company's named executive officers.                                                                                                                                                  | SECTION 14A SAY-ON-PAY VOTES |          50950 |                0 | FOR            | 50950                                    | FOR                         |  |
| APPLE INC.                              | 037833100 | 02/25/2025     | Advisory vote to approve executive compensation                                                                                                                                                                                       | SECTION 14A SAY-ON-PAY VOTES |         503450 |                0 | FOR            | 503450                                   | FOR                         |  |
| ARCHER-DANIELS-MIDLAND COMPANY          | 039483102 | 05/08/2025     | Advisory Vote on Executive Compensation.                                                                                                                                                                                              | SECTION 14A SAY-ON-PAY VOTES |         862330 |                0 | FOR            | 862330                                   | FOR                         |  |
| BALL CORPORATION                        | 058498106 | 04/30/2025     | Approve, by non-binding vote, the compensation paid to the named executive officers.                                                                                                                                                  | SECTION 14A SAY-ON-PAY VOTES |          36000 |                0 | FOR            | 36000                                    | FOR                         |  |
| BLACKROCK, INC.                         | 09290D101 | 05/15/2025     | Approval, in a non-binding advisory vote, of the compensation for named executive officers.                                                                                                                                           | SECTION 14A SAY-ON-PAY VOTES |          75168 |                0 | FOR            | 75168                                    | FOR                         |  |
| BROOKFIELD ASSET MANAGEMENT LTD.        | 113004105 | 05/05/2025     | The Say on Pay Resolution set out in the Management Information Circular of the Corporation dated March 25, 2025 (the "Circular").                                                                                                    | SECTION 14A SAY-ON-PAY VOTES |        1487129 |                0 | FOR            | 186569                                   | FOR                         |  |
| BROOKFIELD CORPORATION                  | 11271J107 | 06/06/2025     | Say on Pay Resolution The Say on Pay Resolution set out in the Circular.                                                                                                                                                              | SECTION 14A SAY-ON-PAY VOTES |        4687564 |                0 | FOR            | 4687564                                  | FOR                         |  |
| BRUNSWICK CORPORATION                   | 117043109 | 05/07/2025     | Advisory vote to approve the compensation of our Named Executive Officers.                                                                                                                                                            | SECTION 14A SAY-ON-PAY VOTES |          10000 |                0 | FOR            | 10000                                    | FOR                         |  |
| CABLE ONE, INC.                         | 12685J105 | 05/15/2025     | To approve, on a non-binding advisory basis, the compensation of the Company's named executive officers for 2024.                                                                                                                     | SECTION 14A SAY-ON-PAY VOTES |              0 |                0 |  |  |  |  |
| CAPITAL ONE FINANCIAL CORPORATION       | 14040H105 | 05/08/2025     | Advisory vote on our Named Executive Officer compensation ("Say on Pay").                                                                                                                                                             | SECTION 14A SAY-ON-PAY VOTES |          57500 |                0 | FOR            | 57500                                    | FOR                         |  |
| CARMAX, INC.                            | 143130102 | 06/24/2025     | To approve, in an advisory (non-binding) vote, the compensation of our named executive officers.                                                                                                                                      | SECTION 14A SAY-ON-PAY VOTES |          80500 |                0 | FOR            | 80500                                    | FOR                         |  |
| CARRIER GLOBAL CORPORATION              | 14448C104 | 04/09/2025     | Advisory Vote to Approve Named Executive Officer Compensation                                                                                                                                                                         | SECTION 14A SAY-ON-PAY VOTES |          54300 |                0 | FOR            | 54300                                    | FOR                         |  |
| CATERPILLAR INC.                        | 149123101 | 06/11/2025     | Advisory Vote to Approve Executive Compensation                                                                                                                                                                                       | SECTION 14A SAY-ON-PAY VOTES |         203900 |                0 | FOR            | 203900                                   | FOR                         |  |
| CBOE GLOBAL MARKETS, INC.               | 12503M108 | 05/06/2025     | Approve, in a non-binding resolution, the compensation paid to our executive officers.                                                                                                                                                | SECTION 14A SAY-ON-PAY VOTES |           3000 |                0 | FOR            | 3000                                     | FOR                         |  |
| CELANESE CORPORATION                    | 150870103 | 05/14/2025     | Advisory approval of executive compensation.                                                                                                                                                                                          | SECTION 14A SAY-ON-PAY VOTES |          33000 |                0 | FOR            | 33000                                    | FOR                         |  |
| CHOICE HOTELS INTERNATIONAL, INC.       | 169905106 | 05/15/2025     | Advisory approval of the compensation of the Company's Named Executive Officers.                                                                                                                                                      | SECTION 14A SAY-ON-PAY VOTES |          83000 |                0 | FOR            | 83000                                    | FOR                         |  |
| CISCO SYSTEMS, INC.                     | 17275R102 | 12/09/2024     | Approval, on an advisory basis, of executive compensation.                                                                                                                                                                            | SECTION 14A SAY-ON-PAY VOTES |           3000 |                0 | FOR            | 3000                                     | FOR                         |  |
| CME GROUP INC.                          | 12572Q105 | 05/08/2025     | Advisory vote on the compensation of our named executive officers.                                                                                                                                                                    | SECTION 14A SAY-ON-PAY VOTES |           2500 |                0 | FOR            | 2500                                     | FOR                         |  |
| COMCAST CORPORATION                     | 20030N101 | 06/18/2025     | Advisory vote on executive compensation                                                                                                                                                                                               | SECTION 14A SAY-ON-PAY VOTES |         352100 |                0 | FOR            | 352100                                   | FOR                         |  |
| COMFORT SYSTEMS USA, INC.               | 199908104 | 05/16/2025     | ADVISORY VOTE TO APPROVE THE COMPENSATION OF THE NAMED EXECUTIVE OFFICERS.                                                                                                                                                            | SECTION 14A SAY-ON-PAY VOTES |           9000 |                0 | FOR            | 9000                                     | FOR                         |  |
| CONSTELLATION SOFTWARE INC.             | 21037X100 | 05/13/2025     | An advisory vote to accept the Corporation's approach to executive compensation as more particularly described in the accompanying management information circular.                                                                   | SECTION 14A SAY-ON-PAY VOTES |          33286 |                0 | FOR            | 33286                                    | FOR                         |  |
| COSTAR GROUP, INC.                      | 22160N109 | 06/26/2025     | Proposal to approve, on an advisory basis, the Company's executive compensation.                                                                                                                                                      | SECTION 14A SAY-ON-PAY VOTES |          16500 |                0 | FOR            | 16500                                    | FOR                         |  |
| COSTCO WHOLESALE CORPORATION            | 22160K105 | 01/23/2025     | Approval, on an advisory basis, of executive compensation.                                                                                                                                                                            | SECTION 14A SAY-ON-PAY VOTES |          16402 |                0 | FOR            | 16402                                    | FOR                         |  |
| CROWN HOLDINGS, INC.                    | 228368106 | 05/01/2025     | Approval by advisory vote of the resolution on executive compensation as described in the Proxy Statement.                                                                                                                            | SECTION 14A SAY-ON-PAY VOTES |          84000 |                0 | FOR            | 84000                                    | FOR                         |  |
| DEERE  COMPANY                          | 244199105 | 02/26/2025     | Advisory vote to approve executive compensation ("say-on-pay")                                                                                                                                                                        | SECTION 14A SAY-ON-PAY VOTES |         310828 |                0 | FOR            | 310828                                   | FOR                         |  |
| DIAGEO PLC                              | 25243Q205 | 09/26/2024     | Directors' remuneration report 2024.                                                                                                                                                                                                  | SECTION 14A SAY-ON-PAY VOTES |         977385 |                0 | TAKE NO ACTION | 977385                                   | NONE                        |  |
| DOLLAR GENERAL CORPORATION              | 256677105 | 05/29/2025     | To approve, on an advisory (non-binding) basis, the resolution regarding the compensation of Dollar General Corporation's named executive officers as disclosed in the proxy statement.                                               | SECTION 14A SAY-ON-PAY VOTES |         440007 |                0 | FOR            | 440007                                   | FOR                         |  |
| DOMINO'S PIZZA, INC.                    | 25754A201 | 04/23/2025     | Advisory vote to approve the compensation of the named executive officers of the Company.                                                                                                                                             | SECTION 14A SAY-ON-PAY VOTES |           4000 |                0 | FOR            | 4000                                     | FOR                         |  |
| EASTMAN CHEMICAL COMPANY                | 277432100 | 05/01/2025     | Advisory Approval of Executive Compensation as Disclosed in Proxy Statement                                                                                                                                                           | SECTION 14A SAY-ON-PAY VOTES |          40800 |                0 | FOR            | 40800                                    | FOR                         |  |
| ECOLAB INC.                             | 278865100 | 05/08/2025     | Approve, on an advisory basis, the compensation of our named executive officers disclosed in the Proxy Statement.                                                                                                                     | SECTION 14A SAY-ON-PAY VOTES |          60400 |                0 | FOR            | 60400                                    | FOR                         |  |
| ELECTRONIC ARTS INC.                    | 285512109 | 08/01/2024     | Advisory vote to approve named executive officer compensation.                                                                                                                                                                        | SECTION 14A SAY-ON-PAY VOTES |          56800 |                0 | FOR            | 56800                                    | FOR                         |  |
| EQUIFAX INC.                            | 294429105 | 05/08/2025     | Advisory vote to approve named executive officer compensation ("say-on-pay").                                                                                                                                                         | SECTION 14A SAY-ON-PAY VOTES |          14550 |                0 | FOR            | 14550                                    | FOR                         |  |
| FACTSET RESEARCH SYSTEMS INC.           | 303075105 | 12/19/2024     | To vote on a non-binding advisory resolution to approve the compensation of our named executive officers.                                                                                                                             | SECTION 14A SAY-ON-PAY VOTES |          42410 |                0 | FOR            | 42410                                    | FOR                         |  |
| FEDEX CORPORATION                       | 31428X106 | 09/23/2024     | Advisory vote to approve named executive officer compensation.                                                                                                                                                                        | SECTION 14A SAY-ON-PAY VOTES |         120000 |                0 | FOR            | 120000                                   | FOR                         |  |
| FERGUSON ENTERPRISES INC.               | 31488V107 | 12/05/2024     | To approve, on an advisory basis, the fiscal 2024 compensation of the Company's Named Executive Officers.                                                                                                                             | SECTION 14A SAY-ON-PAY VOTES |          62500 |                0 | FOR            | 62500                                    | FOR                         |  |
| FERGUSON ENTERPRISES INC.               | 31488V107 | 12/05/2024     | To approve, on an advisory basis, the frequency of future shareholder advisory votes to approve the compensation of the Company's Named Executive Officers.                                                                           | SECTION 14A SAY-ON-PAY VOTES |          62500 |                0 | 1 YEAR         | 62500                                    | FOR                         |  |
| FRANCO-NEVADA CORPORATION               | 351858105 | 05/08/2025     | Say-on-Pay Advisory Resolution Acceptance of the Corporation's approach to executive compensation.                                                                                                                                    | SECTION 14A SAY-ON-PAY VOTES |         212250 |                0 | FOR            | 212250                                   | FOR                         |  |
| GARTNER, INC.                           | 366651107 | 05/29/2025     | Approval, on an advisory basis, of the compensation of our named executive officers.                                                                                                                                                  | SECTION 14A SAY-ON-PAY VOTES |           3300 |                0 | FOR            | 3300                                     | FOR                         |  |
| GENERAL DYNAMICS CORPORATION            | 369550108 | 05/07/2025     | Advisory Vote to Approve Executive Compensation                                                                                                                                                                                       | SECTION 14A SAY-ON-PAY VOTES |         320840 |                0 | FOR            | 320840                                   | FOR                         |  |
| GRAPHIC PACKAGING HOLDING COMPANY       | 388689101 | 05/21/2025     | Advisory vote on compensation paid to Named Executive Officers (Say-on-Pay).                                                                                                                                                          | SECTION 14A SAY-ON-PAY VOTES |         302244 |                0 | FOR            | 302244                                   | FOR                         |  |
| HCA HEALTHCARE, INC.                    | 40412C101 | 04/24/2025     | Advisory vote to approve named executive officer compensation.                                                                                                                                                                        | SECTION 14A SAY-ON-PAY VOTES |          33823 |                0 | FOR            | 33823                                    | FOR                         |  |
| HEICO CORPORATION                       | 422806208 | 03/14/2025     | ADVISORY APPROVAL OF THE COMPANY'S EXECUTIVE COMPENSATION.                                                                                                                                                                            | SECTION 14A SAY-ON-PAY VOTES |          63700 |                0 | FOR            | 63700                                    | FOR                         |  |
| HEXCEL CORPORATION                      | 428291108 | 05/08/2025     | Advisory non-binding vote to approve 2024 executive compensation.                                                                                                                                                                     | SECTION 14A SAY-ON-PAY VOTES |          45000 |                0 | FOR            | 45000                                    | FOR                         |  |
| HUNTINGTON INGALLS INDUSTRIES, INC.     | 446413106 | 04/30/2025     | Proposal to approve, on an advisory basis, the compensation of the Company's Named Executive Officers.                                                                                                                                | SECTION 14A SAY-ON-PAY VOTES |           5000 |                0 | FOR            | 5000                                     | FOR                         |  |
| ILLINOIS TOOL WORKS INC.                | 452308109 | 05/02/2025     | Advisory vote to approve compensation of ITW's named executive officers.                                                                                                                                                              | SECTION 14A SAY-ON-PAY VOTES |         245767 |                0 | FOR            | 245767                                   | FOR                         |  |
| INSPERITY, INC.                         | 45778Q107 | 05/20/2025     | Advisory vote to approve the Company's executive compensation ("Say on Pay")                                                                                                                                                          | SECTION 14A SAY-ON-PAY VOTES |          82448 |                0 | FOR            | 82448                                    | FOR                         |  |
| INTERCONTINENTAL EXCHANGE, INC.         | 45866F104 | 05/16/2025     | To approve, by non-binding vote, the advisory resolution on executive compensation for named executive officers.                                                                                                                      | SECTION 14A SAY-ON-PAY VOTES |           1000 |                0 | FOR            | 1000                                     | FOR                         |  |
| INTUIT INC.                             | 461202103 | 01/23/2025     | Advisory vote to approve Intuit's executive compensation (say-on-pay).                                                                                                                                                                | SECTION 14A SAY-ON-PAY VOTES |           1740 |                0 | FOR            | 1740                                     | FOR                         |  |
| INVESTORS TITLE COMPANY                 | 461804106 | 05/21/2025     | Advisory proposal to approve named executive officer compensation.                                                                                                                                                                    | SECTION 14A SAY-ON-PAY VOTES |         200502 |                0 | FOR            | 200502                                   | FOR                         |  |
| INVESTORS TITLE COMPANY                 | 461804106 | 05/21/2025     | Advisory proposal on the frequency of future advisory votes to approve the compensation paid to our named executive officers.                                                                                                         | SECTION 14A SAY-ON-PAY VOTES |         200502 |                0 | 3 YEARS        | 200502                                   | FOR                         |  |
| IQVIA HOLDINGS INC.                     | 46266C105 | 04/24/2025     | Approve an advisory (non-binding) resolution to approve IQVIA's executive compensation (say-on-pay).                                                                                                                                  | SECTION 14A SAY-ON-PAY VOTES |          35824 |                0 | FOR            | 35824                                    | FOR                         |  |
| JOHNSON  JOHNSON                        | 478160104 | 04/24/2025     | Advisory Vote to Approve Named Executive Officer Compensation                                                                                                                                                                         | SECTION 14A SAY-ON-PAY VOTES |         326511 |                0 | FOR            | 326511                                   | FOR                         |  |
| JPMORGAN CHASE  CO.                     | 46625H100 | 05/20/2025     | Advisory resolution to approve executive compensation                                                                                                                                                                                 | SECTION 14A SAY-ON-PAY VOTES |          64430 |                0 | FOR            | 64430                                    | FOR                         |  |
| LINDE PLC                               | G54950103 | 07/30/2024     | To approve, on an advisory and non-binding basis, the compensation of Linde plc's Named Executive Officers, as disclosed in the 2024 Proxy statement.                                                                                 | SECTION 14A SAY-ON-PAY VOTES |          25200 |                0 | FOR            | 25200                                    | FOR                         |  |
| LOCKHEED MARTIN CORPORATION             | 539830109 | 05/09/2025     | Advisory Vote to Approve the Compensation of our Named Executive Officers (Say-on-Pay)                                                                                                                                                | SECTION 14A SAY-ON-PAY VOTES |           5550 |                0 | FOR            | 5550                                     | FOR                         |  |
| LOWE'S COMPANIES, INC.                  | 548661107 | 05/30/2025     | Advisory vote to approve the Company's named executive officer compensation in fiscal 2024.                                                                                                                                           | SECTION 14A SAY-ON-PAY VOTES |         413482 |                0 | FOR            | 413482                                   | FOR                         |  |
| LPL FINANCIAL HOLDINGS INC.             | 50212V100 | 05/22/2025     | Approve, in an advisory vote, the compensation paid to the Company's named executive officers.                                                                                                                                        | SECTION 14A SAY-ON-PAY VOTES |         368188 |                0 | FOR            | 368188                                   | FOR                         |  |
| MARRIOTT INTERNATIONAL, INC.            | 571903202 | 05/09/2025     | ADVISORY VOTE TO APPROVE EXECUTIVE COMPENSATION                                                                                                                                                                                       | SECTION 14A SAY-ON-PAY VOTES |          28500 |                0 | FOR            | 28500                                    | FOR                         |  |
| MARSH  MCLENNAN COMPANIES, INC.         | 571748102 | 05/15/2025     | Advisory (Nonbinding) Vote to Approve Named Executive Officer Compensation                                                                                                                                                            | SECTION 14A SAY-ON-PAY VOTES |         114800 |                0 | FOR            | 114800                                   | FOR                         |  |
| MASTERCARD INCORPORATED                 | 57636Q104 | 06/24/2025     | Advisory approval of Mastercard's executive compensation                                                                                                                                                                              | SECTION 14A SAY-ON-PAY VOTES |          37587 |                0 | FOR            | 37587                                    | FOR                         |  |
| META PLATFORMS, INC.                    | 30303M102 | 05/28/2025     | To approve, on a non-binding advisory basis, the compensation program for Meta Platforms, Inc.'s named executive officers as disclosed in Meta Platforms, Inc.'s proxy statement.                                                     | SECTION 14A SAY-ON-PAY VOTES |          67890 |                0 | FOR            | 67890                                    | FOR                         |  |
| META PLATFORMS, INC.                    | 30303M102 | 05/28/2025     | To vote, on a non-binding advisory basis, whether a non-binding advisory vote on the compensation program for Meta Platforms, Inc.'s named executive officers should be held every one, two or three years.                           | SECTION 14A SAY-ON-PAY VOTES |          67890 |                0 | 3 YEARS        | 67890                                    | FOR                         |  |
| MGM RESORTS INTERNATIONAL               | 552953101 | 05/07/2025     | To approve, on an advisory basis, the compensation of our named executive officers.                                                                                                                                                   | SECTION 14A SAY-ON-PAY VOTES |          32500 |                0 | FOR            | 32500                                    | FOR                         |  |
| MICROSOFT CORPORATION                   | 594918104 | 12/10/2024     | Advisory Vote to Approve Named Executive Officer Compensation ("say-on-pay vote").                                                                                                                                                    | SECTION 14A SAY-ON-PAY VOTES |         200397 |                0 | FOR            | 200397                                   | FOR                         |  |
| MOODY'S CORPORATION                     | 615369105 | 04/15/2025     | Advisory resolution approving executive compensation.                                                                                                                                                                                 | SECTION 14A SAY-ON-PAY VOTES |         115923 |                0 | FOR            | 115923                                   | FOR                         |  |
| MSCI INC.                               | 55354G100 | 04/22/2025     | To approve, by advisory vote, our executive compensation.                                                                                                                                                                             | SECTION 14A SAY-ON-PAY VOTES |          23050 |                0 | FOR            | 23050                                    | FOR                         |  |
| NESTLE S.A.                             | 641069406 | 04/16/2025     | Acceptance of the Compensation Report 2024 (advisory vote)                                                                                                                                                                            | SECTION 14A SAY-ON-PAY VOTES |          16000 |                0 | FOR            | 16000                                    | FOR                         |  |
| NIKE, INC.                              | 654106103 | 09/10/2024     | To approve executive compensation by an advisory vote.                                                                                                                                                                                | SECTION 14A SAY-ON-PAY VOTES |         127000 |                0 | FOR            | 127000                                   | FOR                         |  |
| NORFOLK SOUTHERN CORPORATION            | 655844108 | 05/08/2025     | Approval of the advisory resolution on executive compensation, as disclosed in the proxy statement for the 2025 Annual Meeting of Shareholders.                                                                                       | SECTION 14A SAY-ON-PAY VOTES |          44500 |                0 | FOR            | 44500                                    | FOR                         |  |
| NVR, INC.                               | 62944T105 | 05/06/2025     | Advisory vote to approve compensation paid to certain executive officers.                                                                                                                                                             | SECTION 14A SAY-ON-PAY VOTES |           7407 |                0 | FOR            | 7407                                     | FOR                         |  |
| O-I GLASS, INC.                         | 67098H104 | 05/14/2025     | To approve, by advisory vote, the Company's named executive officer compensation.                                                                                                                                                     | SECTION 14A SAY-ON-PAY VOTES |         638100 |                0 | FOR            | 638100                                   | FOR                         |  |
| OLD DOMINION FREIGHT LINE, INC.         | 679580100 | 05/21/2025     | Approval, on an advisory basis, of the compensation of the Company's named executive officers.                                                                                                                                        | SECTION 14A SAY-ON-PAY VOTES |         166300 |                0 | FOR            | 166300                                   | FOR                         |  |
| OTIS WORLDWIDE CORPORATION              | 68902V107 | 05/15/2025     | Advisory Vote to Approve Executive Compensation                                                                                                                                                                                       | SECTION 14A SAY-ON-PAY VOTES |          24310 |                0 | FOR            | 24310                                    | FOR                         |  |
| PAYCHEX, INC.                           | 704326107 | 10/10/2024     | ADVISORY VOTE TO APPROVE NAMED EXECUTIVE OFFICER COMPENSATION.                                                                                                                                                                        | SECTION 14A SAY-ON-PAY VOTES |          80000 |                0 | FOR            | 80000                                    | FOR                         |  |
| PEPSICO, INC.                           | 713448108 | 05/07/2025     | Advisory approval of the Company's executive compensation.                                                                                                                                                                            | SECTION 14A SAY-ON-PAY VOTES |          46050 |                0 | FOR            | 46050                                    | FOR                         |  |
| PHILIP MORRIS INTERNATIONAL INC.        | 718172109 | 05/07/2025     | Advisory Vote Approving Executive Compensation                                                                                                                                                                                        | SECTION 14A SAY-ON-PAY VOTES |         114500 |                0 | FOR            | 114500                                   | FOR                         |  |
| RENAISSANCERE HOLDINGS LTD.             | G7496G103 | 05/06/2025     | To approve, by a non-binding advisory vote, the compensation of the named executive officers of RenaissanceRe Holdings Ltd. as disclosed in the proxy statement.                                                                      | SECTION 14A SAY-ON-PAY VOTES |          42000 |                0 | FOR            | 42000                                    | FOR                         |  |
| RLI CORP.                               | 749607107 | 05/13/2025     | Non-Binding, Advisory Vote to Approve the Compensation of the Company's Named Executive Officers (the "Say-on-Pay" vote).                                                                                                             | SECTION 14A SAY-ON-PAY VOTES |        1370176 |                0 | FOR            | 1370176                                  | FOR                         |  |
| ROCKWELL AUTOMATION, INC.               | 773903109 | 02/04/2025     | To approve, on an advisory basis, the compensation of the Corporation's named executive officers.                                                                                                                                     | SECTION 14A SAY-ON-PAY VOTES |          25200 |                0 | FOR            | 25200                                    | FOR                         |  |
| RTX CORPORATION                         | 75513E101 | 05/01/2025     | Advisory Vote to Approve Executive Compensation.                                                                                                                                                                                      | SECTION 14A SAY-ON-PAY VOTES |          48300 |                0 | FOR            | 48300                                    | FOR                         |  |
| S GLOBAL INC.                           | 78409V104 | 05/07/2025     | Approve, on an advisory basis, the executive compensation program for the Company's named executive officers, as described in the Proxy Statement.                                                                                    | SECTION 14A SAY-ON-PAY VOTES |          38350 |                0 | FOR            | 38350                                    | FOR                         |  |
| SEI INVESTMENTS COMPANY                 | 784117103 | 05/28/2025     | To approve, on an advisory basis, the compensation of named executive officers.                                                                                                                                                       | SECTION 14A SAY-ON-PAY VOTES |         114200 |                0 | FOR            | 114200                                   | FOR                         |  |
| SHOPIFY INC.                            | 82509L107 | 06/17/2025     | Non-binding Advisory Vote on Executive Compensation Non-binding advisory vote that the shareholders accept Shopify Inc.'s approach to executive compensation as disclosed in the Management Information Circular for the Meeting.     | SECTION 14A SAY-ON-PAY VOTES |          47500 |                0 | FOR            | 47500                                    | FOR                         |  |
| STARBUCKS CORPORATION                   | 855244109 | 03/12/2025     | Approve, on an advisory, nonbinding basis, the compensation of our named executive officers.                                                                                                                                          | SECTION 14A SAY-ON-PAY VOTES |         165820 |                0 | FOR            | 165820                                   | FOR                         |  |
| T. ROWE PRICE GROUP, INC.               | 74144T108 | 05/08/2025     | Approve, by a non-binding advisory vote, the compensation paid by the Company to its Named Executive Officers.                                                                                                                        | SECTION 14A SAY-ON-PAY VOTES |         212160 |                0 | FOR            | 212160                                   | FOR                         |  |
| TARGET CORPORATION                      | 87612E106 | 06/11/2025     | Company proposal to approve, on an advisory basis, our executive compensation (Say on Pay).                                                                                                                                           | SECTION 14A SAY-ON-PAY VOTES |          98500 |                0 | FOR            | 98500                                    | FOR                         |  |
| TEXAS INSTRUMENTS INCORPORATED          | 882508104 | 04/17/2025     | Board proposal regarding advisory approval of the Company's executive compensation.                                                                                                                                                   | SECTION 14A SAY-ON-PAY VOTES |         237000 |                0 | FOR            | 237000                                   | FOR                         |  |
| THE ALLSTATE CORPORATION                | 020002101 | 05/29/2025     | Advisory vote to approve the compensation of the named executives.                                                                                                                                                                    | SECTION 14A SAY-ON-PAY VOTES |         137450 |                0 | FOR            | 137450                                   | FOR                         |  |
| THE BANK OF NEW YORK MELLON CORPORATION | 064058100 | 04/15/2025     | Advisory resolution to approve the 2024 compensation of our named executive officers.                                                                                                                                                 | SECTION 14A SAY-ON-PAY VOTES |          46000 |                0 | FOR            | 46000                                    | FOR                         |  |
| THE CARLYLE GROUP INC.                  | 14316J108 | 05/29/2025     | Non-Binding Vote to Approve Named Executive Officer Compensation ("Say-on-Pay").                                                                                                                                                      | SECTION 14A SAY-ON-PAY VOTES |         197000 |                0 | FOR            | 187000                                   | FOR                         |  |
| THE CHARLES SCHWAB CORPORATION          | 808513105 | 05/22/2025     | Advisory approval of named executive officer compensation                                                                                                                                                                             | SECTION 14A SAY-ON-PAY VOTES |         518398 |                0 | FOR            | 518398                                   | FOR                         |  |
| THE ESTEE LAUDER COMPANIES INC.         | 518439104 | 11/08/2024     | Advisory vote to approve executive compensation.                                                                                                                                                                                      | SECTION 14A SAY-ON-PAY VOTES |          10000 |                0 | FOR            | 10000                                    | FOR                         |  |
| THE GOLDMAN SACHS GROUP, INC.           | 38141G104 | 04/23/2025     | Advisory Vote to Approve Executive Compensation (Say on Pay)                                                                                                                                                                          | SECTION 14A SAY-ON-PAY VOTES |         208927 |                0 | FOR            | 208927                                   | FOR                         |  |
| THE HANOVER INSURANCE GROUP, INC.       | 410867105 | 05/13/2025     | The advisory approval of the Company's executive compensation.                                                                                                                                                                        | SECTION 14A SAY-ON-PAY VOTES |         174000 |                0 | FOR            | 174000                                   | FOR                         |  |
| THE HERSHEY COMPANY                     | 427866108 | 05/06/2025     | Approve named executive officer compensation on a non-binding advisory basis.                                                                                                                                                         | SECTION 14A SAY-ON-PAY VOTES |          29500 |                0 | FOR            | 29500                                    | FOR                         |  |
| THE HOME DEPOT, INC.                    | 437076102 | 05/22/2025     | Advisory Vote to Approve Executive Compensation ("Say-on-Pay")                                                                                                                                                                        | SECTION 14A SAY-ON-PAY VOTES |         547170 |                0 | FOR            | 547170                                   | FOR                         |  |
| THE PROGRESSIVE CORPORATION             | 743315103 | 05/09/2025     | Cast an advisory vote to approve our executive compensation program.                                                                                                                                                                  | SECTION 14A SAY-ON-PAY VOTES |         324840 |                0 | FOR            | 324840                                   | FOR                         |  |
| THE SCOTTS MIRACLE-GRO COMPANY          | 810186106 | 01/27/2025     | Approval, on an advisory basis, of the compensation of the Company's named executive officers.                                                                                                                                        | SECTION 14A SAY-ON-PAY VOTES |          66750 |                0 | FOR            | 66750                                    | FOR                         |  |
| THE SHERWIN-WILLIAMS COMPANY            | 824348106 | 04/16/2025     | Advisory approval of the compensation of the named executive officers.                                                                                                                                                                | SECTION 14A SAY-ON-PAY VOTES |          51030 |                0 | FOR            | 51030                                    | FOR                         |  |
| THE WALT DISNEY COMPANY                 | 254687106 | 03/20/2025     | Consideration of an advisory vote to approve executive compensation.                                                                                                                                                                  | SECTION 14A SAY-ON-PAY VOTES |        1243196 |                0 | FOR            | 1243196                                  | FOR                         |  |
| THERMO FISHER SCIENTIFIC INC.           | 883556102 | 05/21/2025     | An advisory vote to approve named executive officer compensation.                                                                                                                                                                     | SECTION 14A SAY-ON-PAY VOTES |          30550 |                0 | FOR            | 30550                                    | FOR                         |  |
| TRANSUNION                              | 89400J107 | 05/07/2025     | To approve, on a non-binding advisory basis, the compensation of TransUnion's named executive officers.                                                                                                                               | SECTION 14A SAY-ON-PAY VOTES |          56550 |                0 | FOR            | 56550                                    | FOR                         |  |
| UBER TECHNOLOGIES, INC.                 | 90353T100 | 05/05/2025     | Advisory vote to approve 2024 named executive officer compensation.                                                                                                                                                                   | SECTION 14A SAY-ON-PAY VOTES |          78500 |                0 | FOR            | 78500                                    | FOR                         |  |
| UNION PACIFIC CORPORATION               | 907818108 | 05/08/2025     | Approve, by non-binding vote, the compensation of the Company's Named Executive Officers ("Say on Pay").                                                                                                                              | SECTION 14A SAY-ON-PAY VOTES |            540 |                0 | FOR            | 540                                      | FOR                         |  |
| UNITED RENTALS, INC.                    | 911363109 | 05/08/2025     | Advisory Approval of Executive Compensation                                                                                                                                                                                           | SECTION 14A SAY-ON-PAY VOTES |          20850 |                0 | FOR            | 20850                                    | FOR                         |  |
| UNITEDHEALTH GROUP INCORPORATED         | 91324P102 | 06/02/2025     | Advisory approval of the Company's executive compensation.                                                                                                                                                                            | SECTION 14A SAY-ON-PAY VOTES |          21064 |                0 | FOR            | 21064                                    | FOR                         |  |
| VERISK ANALYTICS, INC.                  | 92345Y106 | 05/20/2025     | To approve executive compensation on an advisory, non-binding basis.                                                                                                                                                                  | SECTION 14A SAY-ON-PAY VOTES |          54700 |                0 | FOR            | 54700                                    | FOR                         |  |
| VISA INC.                               | 92826C839 | 01/28/2025     | To approve, on an advisory basis, the compensation paid to our named executive officers.                                                                                                                                              | SECTION 14A SAY-ON-PAY VOTES |         395939 |                0 | FOR            | 395939                                   | FOR                         |  |
| W. R. BERKLEY CORPORATION               | 084423102 | 06/11/2025     | Non-binding advisory vote on a resolution approving the compensation of the Company's named executive officers pursuant to the compensation disclosure rules of the Securities and Exchange Commission, or "say-on-pay" vote.         | SECTION 14A SAY-ON-PAY VOTES |              0 |                0 |  |  |  |  |
| WATSCO, INC.                            | 942622200 | 06/02/2025     | To approve the advisory resolution regarding the compensation of our named executive officers.                                                                                                                                        | SECTION 14A SAY-ON-PAY VOTES |         214701 |                0 | FOR            | 214701                                   | FOR                         |  |
| WELLS FARGO  COMPANY                    | 949746101 | 04/29/2025     | Advisory vote to approve executive compensation (Say on Pay).                                                                                                                                                                         | SECTION 14A SAY-ON-PAY VOTES |          95550 |                0 | FOR            | 95550                                    | FOR                         |  |
| WILLIS TOWERS WATSON PLC                | G96629103 | 05/15/2025     | Approve, on an advisory basis, the named executive officer compensation.                                                                                                                                                              | SECTION 14A SAY-ON-PAY VOTES |           3467 |                0 | FOR            | 3467                                     | FOR                         |  |
| YUM! BRANDS, INC.                       | 988498101 | 05/15/2025     | Advisory Vote on Executive Compensation.                                                                                                                                                                                              | SECTION 14A SAY-ON-PAY VOTES |         122416 |                0 | FOR            | 122416                                   | FOR                         |  |

## N-PX: Signature Block

**Reporting Person:** Markel Group Inc.

**By (Signature):** Thomas S. Gayner

**By (Printed Signature):** Thomas S. Gayner

**By (Title):** Chief Executive Officer

**Date:** 08/29/2025