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Markel Group Inc and Invesco Ltd: where the books meet

At Q2 2026, at least 21% of the two 13F books was the same, across 86 stocks both listed, against 12% 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%12%23%Q2 2013: 12%, 60 in bothQ3 2013: 11%, 63 in bothQ4 2013: 12%, 64 in bothQ1 2014: 11%, 62 in both14Q2 2014: 12%, 62 in bothQ3 2014: 12%, 65 in bothQ4 2014: 11%, 60 in bothQ1 2015: 11%, 60 in both15Q2 2015: 11%, 62 in bothQ3 2015: 11%, 66 in bothQ4 2015: 9.6%, 71 in bothQ1 2016: 11%, 78 in both16Q2 2016: 10%, 73 in bothQ3 2016: 11%, 76 in bothQ4 2016: 12%, 80 in bothQ1 2017: 12%, 76 in both17Q2 2017: 12%, 78 in bothQ3 2017: 14%, 82 in bothQ4 2017: 15%, 83 in bothQ1 2018: 15%, 81 in both18Q2 2018: 16%, 82 in bothQ3 2018: 17%, 76 in bothQ4 2018: 17%, 78 in bothQ1 2019: 17%, 80 in both19Q2 2019: 17%, 78 in bothQ3 2019: 17%, 74 in bothQ4 2019: 15%, 73 in bothQ1 2020: 18%, 73 in both20Q2 2020: 18%, 67 in bothQ3 2020: 17%, 66 in bothQ4 2020: 17%, 68 in bothQ1 2021: 16%, 71 in both21Q2 2021: 16%, 73 in bothQ3 2021: 17%, 78 in bothQ4 2021: 18%, 72 in bothQ1 2022: 18%, 77 in both22Q2 2022: 18%, 74 in bothQ3 2022: 18%, 77 in bothQ4 2022: 18%, 81 in bothQ1 2023: 19%, 79 in both23Q2 2023: 21%, 80 in bothQ3 2023: 20%, 85 in bothQ4 2023: 21%, 87 in bothQ1 2024: 21%, 87 in both24Q2 2024: 22%, 85 in bothQ3 2024: 22%, 85 in bothQ4 2024: 23%, 88 in bothQ1 2025: 23%, 93 in both25Q2 2025: 23%, 99 in bothQ3 2025: 23%, 90 in bothQ4 2025: 23%, 87 in bothQ1 2026: 22%, 87 in both26Q2 2026: 21%, 86 in both
  • Q2 2013: 12%, 60 in both
  • Q3 2013: 11%, 63 in both
  • Q4 2013: 12%, 64 in both
  • Q1 2014: 11%, 62 in both
  • Q2 2014: 12%, 62 in both
  • Q3 2014: 12%, 65 in both
  • Q4 2014: 11%, 60 in both
  • Q1 2015: 11%, 60 in both
  • Q2 2015: 11%, 62 in both
  • Q3 2015: 11%, 66 in both
  • Q4 2015: 9.6%, 71 in both
  • Q1 2016: 11%, 78 in both
  • Q2 2016: 10%, 73 in both
  • Q3 2016: 11%, 76 in both
  • Q4 2016: 12%, 80 in both
  • Q1 2017: 12%, 76 in both
  • Q2 2017: 12%, 78 in both
  • Q3 2017: 14%, 82 in both
  • Q4 2017: 15%, 83 in both
  • Q1 2018: 15%, 81 in both
  • Q2 2018: 16%, 82 in both
  • Q3 2018: 17%, 76 in both
  • Q4 2018: 17%, 78 in both
  • Q1 2019: 17%, 80 in both
  • Q2 2019: 17%, 78 in both
  • Q3 2019: 17%, 74 in both
  • Q4 2019: 15%, 73 in both
  • Q1 2020: 18%, 73 in both
  • Q2 2020: 18%, 67 in both
  • Q3 2020: 17%, 66 in both
  • Q4 2020: 17%, 68 in both
  • Q1 2021: 16%, 71 in both
  • Q2 2021: 16%, 73 in both
  • Q3 2021: 17%, 78 in both
  • Q4 2021: 18%, 72 in both
  • Q1 2022: 18%, 77 in both
  • Q2 2022: 18%, 74 in both
  • Q3 2022: 18%, 77 in both
  • Q4 2022: 18%, 81 in both
  • Q1 2023: 19%, 79 in both
  • Q2 2023: 21%, 80 in both
  • Q3 2023: 20%, 85 in both
  • Q4 2023: 21%, 87 in both
  • Q1 2024: 21%, 87 in both
  • Q2 2024: 22%, 85 in both
  • Q3 2024: 22%, 85 in both
  • Q4 2024: 23%, 88 in both
  • Q1 2025: 23%, 93 in both
  • Q2 2025: 23%, 99 in both
  • Q3 2025: 23%, 90 in both
  • Q4 2025: 23%, 87 in both
  • Q1 2026: 22%, 87 in both
  • Q2 2026: 21%, 86 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.

StockMarkel Group IncInvesco Ltd
Amazon.com(AMZN)3.7%Held2.7%Added
Apple Inc(AAPL)2.7%Held4.3%Added
Alphabet Inc(GOOG)7.4%Held1.8%Added
Alphabet Inc Class A(GOOGL)1.6%Held2.6%Added
Microsoft Corp(MSFT)1.5%Held3.0%Added
Facebook(META)1.0%Trimmed1.7%Added
Texas Instruments Inc(TXN)1.6%Held0.9%Added
Linde PLC(LIN)0.9%Added0.6%Added
Analog Devices Inc(ADI)3.0%Trimmed0.5%Added
JP Morgan(JPM)0.6%Held0.3%Added
Cisco(CSCO)0.3%Held1.3%Trimmed
Johnson and Johnson(JNJ)1.2%Held0.3%Added
Starbucks Corp(SBUX)0.5%Held0.3%Added
Marriott International(MAR)0.3%Added0.3%Trimmed
Costco(COST)0.3%Held1.0%Added
Caterpillar Inc(CAT)2.7%Held0.3%Trimmed
Visa(V)2.6%Added0.3%Added
Mastercard, Inc(MA)0.8%Held0.2%Added
CSX Corporation(CSX)0.2%Added0.2%Trimmed
Goldman Sachs(GS)2.8%Held0.2%Trimmed

and 66 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(META)Markel Group Inc trimmed; Invesco Ltd added
  • Analog Devices Inc(ADI)Markel Group Inc trimmed; Invesco Ltd added
  • Marriott International(MAR)Markel Group Inc added; Invesco Ltd trimmed
  • Comcast Corp- Class A(CMCSA)Markel Group Inc trimmed; Invesco Ltd added
  • United Health Group Inc(UNH)Markel Group Inc sold out; Invesco Ltd added
  • CSX Corporation(CSX)Markel Group Inc added; Invesco Ltd trimmed
  • Exxon Corporation(XOM)Markel Group Inc added; Invesco Ltd trimmed
  • Canadian Pacific Kansas City(CP)Markel Group Inc added; Invesco Ltd trimmed
  • Union Pacific(UNP)Markel Group Inc added; Invesco Ltd trimmed
  • Charles Schwab(SCHW)Markel Group Inc added; Invesco Ltd trimmed
  • Thermo Fisher Scient(TMO)Markel Group Inc added; Invesco Ltd trimmed
  • Enterprise Products Lmtd Ptnsh(EPD)Markel Group Inc added; Invesco Ltd trimmed
Markel Group Inc: the recordInvesco Ltd: the record

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