13F

Position

Evolution Advisers, Inc. in Markel Group Inc.

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Estimated mark uses implied 13F prices (value ÷ shares). Adds are treated as happening at this quarter’s mark; cuts at last quarter’s. Share jumps can be splits, not buys. This is not realized P&L.

Latest estimated mark −$19$2.16$1.91

QuarterSharesValueImplied pxEst. markFlowWeight
Q3 202576$1440.1%
Q4 202577$166$2.16$20$20.1%
Q1 202678$149$1.91−$19$20.1%