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← First Eagle Investment Management LLC, its record

First Eagle Investment Management LLC and Markel Group Inc: where the books meet

At Q2 2026, 13% of the two 13F books was the same, across 34 stocks both listed, against 11% at Q2 2013. Overlap is the smaller of each shared stock’s two weights, added up: the part of one book that could be swapped for the other’s without a trade.

Overlap by quarter
0%8%15%Q2 2013: 11%, 39 in bothQ3 2013: 11%, 42 in bothQ4 2013: 11%, 42 in bothQ1 2014: 12%, 38 in both14Q2 2014: 13%, 36 in bothQ3 2014: 14%, 39 in bothQ4 2014: 13%, 38 in bothQ1 2015: 12%, 38 in both15Q2 2015: 11%, 37 in bothQ3 2015: 11%, 39 in bothQ4 2015: 10%, 44 in bothQ1 2016: 9.1%, 48 in both16Q2 2016: 10%, 55 in bothQ3 2016: 12%, 52 in bothQ4 2016: 12%, 58 in bothQ1 2017: 13%, 58 in both17Q2 2017: 13%, 57 in bothQ3 2017: 12%, 58 in bothQ4 2017: 12%, 56 in bothQ1 2018: 12%, 35 in both18Q2 2018: 12%, 36 in bothQ3 2018: 12%, 36 in bothQ4 2018: 12%, 33 in bothQ1 2019: 13%, 33 in both19Q2 2019: 13%, 35 in bothQ3 2019: 14%, 30 in bothQ4 2019: 14%, 31 in bothQ1 2020: 15%, 28 in both20Q2 2020: 14%, 24 in bothQ3 2020: 15%, 29 in bothQ4 2020: 15%, 28 in bothQ1 2021: 13%, 27 in both21Q2 2021: 13%, 28 in bothQ3 2021: 13%, 28 in bothQ4 2021: 13%, 29 in bothQ1 2022: 13%, 30 in both22Q2 2022: 12%, 29 in bothQ3 2022: 12%, 29 in bothQ4 2022: 12%, 28 in bothQ1 2023: 13%, 28 in both23Q2 2023: 13%, 29 in bothQ3 2023: 13%, 31 in bothQ4 2023: 13%, 31 in bothQ1 2024: 14%, 29 in both24Q2 2024: 15%, 28 in bothQ3 2024: 14%, 27 in bothQ4 2024: 15%, 28 in bothQ1 2025: 14%, 27 in both25Q2 2025: 14%, 28 in bothQ3 2025: 15%, 29 in bothQ4 2025: 15%, 35 in bothQ1 2026: 14%, 39 in both26Q2 2026: 13%, 34 in both
  • Q2 2013: 11%, 39 in both
  • Q3 2013: 11%, 42 in both
  • Q4 2013: 11%, 42 in both
  • Q1 2014: 12%, 38 in both
  • Q2 2014: 13%, 36 in both
  • Q3 2014: 14%, 39 in both
  • Q4 2014: 13%, 38 in both
  • Q1 2015: 12%, 38 in both
  • Q2 2015: 11%, 37 in both
  • Q3 2015: 11%, 39 in both
  • Q4 2015: 10%, 44 in both
  • Q1 2016: 9.1%, 48 in both
  • Q2 2016: 10%, 55 in both
  • Q3 2016: 12%, 52 in both
  • Q4 2016: 12%, 58 in both
  • Q1 2017: 13%, 58 in both
  • Q2 2017: 13%, 57 in both
  • Q3 2017: 12%, 58 in both
  • Q4 2017: 12%, 56 in both
  • Q1 2018: 12%, 35 in both
  • Q2 2018: 12%, 36 in both
  • Q3 2018: 12%, 36 in both
  • Q4 2018: 12%, 33 in both
  • Q1 2019: 13%, 33 in both
  • Q2 2019: 13%, 35 in both
  • Q3 2019: 14%, 30 in both
  • Q4 2019: 14%, 31 in both
  • Q1 2020: 15%, 28 in both
  • Q2 2020: 14%, 24 in both
  • Q3 2020: 15%, 29 in both
  • Q4 2020: 15%, 28 in both
  • Q1 2021: 13%, 27 in both
  • Q2 2021: 13%, 28 in both
  • Q3 2021: 13%, 28 in both
  • Q4 2021: 13%, 29 in both
  • Q1 2022: 13%, 30 in both
  • Q2 2022: 12%, 29 in both
  • Q3 2022: 12%, 29 in both
  • Q4 2022: 12%, 28 in both
  • Q1 2023: 13%, 28 in both
  • Q2 2023: 13%, 29 in both
  • Q3 2023: 13%, 31 in both
  • Q4 2023: 13%, 31 in both
  • Q1 2024: 14%, 29 in both
  • Q2 2024: 15%, 28 in both
  • Q3 2024: 14%, 27 in both
  • Q4 2024: 15%, 28 in both
  • Q1 2025: 14%, 27 in both
  • Q2 2025: 14%, 28 in both
  • Q3 2025: 15%, 29 in both
  • Q4 2025: 15%, 35 in both
  • Q1 2026: 14%, 39 in both
  • Q2 2026: 13%, 34 in both

Only quarters both managers filed. Where either filing has more positions than are read each quarter, a stock both hold below that range is not counted, so the figure is a floor.

What the overlap is made of, Q2 2026

Stocks both listed, by the smaller of the two weights. A weight is the stock’s share of that manager’s reported book, which says how large the position is, not how strongly it is held.

StockFirst Eagle Investment Management LLCMarkel Group Inc
Alphabet Inc(GOOG)4.3%Trimmed7.4%Held
Franco Nevada Corp(FNV)1.8%Trimmed1.2%Added
Microsoft Corp(MSFT)1.2%Added1.5%Held
Facebook Inc(META)3.0%Added1.0%Trimmed
American Express Co(AXP)0.9%Added1.3%Held
Disney Walt Co(DIS)0.9%Added1.5%Held
Dollar Gen Corp New(DG)0.9%Added0.8%Held
Berkshire Hathaway Inc Del0.7%Held6.4%Held
Deere & Co(DE)0.6%Added4.2%Held
Alphabet Inc(GOOGL)0.3%Trimmed1.6%Held
Ferguson PLC New(FERG)0.3%Added0.3%Added
Hca Holdings Inc(HCA)2.1%Added0.3%Added
Philip Morris Intl Inc(PM)1.8%Added0.2%Held
Comcast Corp New(CMCSA)1.5%Added0.1%Trimmed
Bank New York Mellon Corp(BNY)2.2%Trimmed0.1%Held
Enterprise Prods Partners L(EPD)0.1%Added0.2%Added
Diageo PLC(DEO)under 0.1%Added0.8%Held
Exxon Mobil Corp(XOM)1.4%Trimmedunder 0.1%Added
Berkshire Hathaway Inc Del(BRK-B)under 0.1%Added5.8%Held
Home Depot Inc(HD)under 0.1%Added2.5%Added

and 14 smaller ones

Moved different ways in Q2 2026

Stocks one manager started or added to while the other trimmed or sold out, between the same two quarter ends. A 13F shows the quarter ends, never when in between anything was bought or sold, or why.

  • Facebook Inc(META)First Eagle Investment Management LLC added; Markel Group Inc trimmed
  • Franco Nevada Corp(FNV)First Eagle Investment Management LLC trimmed; Markel Group Inc added
  • Comcast Corp New(CMCSA)First Eagle Investment Management LLC added; Markel Group Inc trimmed
  • Exxon Mobil Corp(XOM)First Eagle Investment Management LLC trimmed; Markel Group Inc added
  • Sunbelt Rentals Holdings Inc(SUNB)First Eagle Investment Management LLC trimmed; Markel Group Inc added
  • Unitedhealth Group Inc(UNH)First Eagle Investment Management LLC added; Markel Group Inc sold out
First Eagle Investment Management LLC: the recordMarkel Group Inc: the record

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