Return Attribution — Markel Corp
← Portfolio Analysis
Clone backtest (value-weighted, one-quarter signal lag): each position's contribution = its portfolio weight × next-quarter return. Contribution sums equal the segment return of the clone.
Markel Corp (13F portfolio cloned at quarter-end weights) delivered a -0.69% return over the 2026-Q2 → latest period. The clone return is the sum of each position's contribution — portfolio weight times next-quarter price return.
Top drivers in 2026-Q2 → latest: MSFT (+0.60%), AAPL (+0.48%), META (+0.28%). Biggest drags: CAT (-0.67%), BN (-0.61%), WSO (-0.60%). Across all 20 segmented periods, 24 stocks made a positive cumulative contribution and 23 subtracted from performance.
This attribution is a diagnostic tool, not a trading signal. The clone uses end-of-quarter holdings (45+ days after filing, so stale by design), applies quarter-end prices only, and ignores intra-quarter trades, shorts, and derivatives that 13F cannot show.
2026-Q2 → latest segment return
-0.69%
Top contributors
| Symbol | Weight | Return | Contrib |
|---|
| MSFT |
1.5% |
+39.1% |
+0.6% |
| AAPL |
2.7% |
+17.8% |
+0.48% |
| META |
1.0% |
+28.2% |
+0.28% |
| V |
2.6% |
+9.4% |
+0.25% |
| AMZN |
3.7% |
+6.3% |
+0.23% |
Biggest drags
| Symbol | Weight | Return | Contrib |
|---|
| CAT |
2.7% |
-25.1% |
-0.67% |
| BN |
4.2% |
-14.5% |
-0.61% |
| WSO |
1.9% |
-31.7% |
-0.6% |
| HD |
2.5% |
-15.8% |
-0.39% |
| GS |
2.8% |
-12.7% |
-0.35% |
2026-Q1 → 2026-Q2 segment return
+8.61%
Top contributors
| Symbol | Weight | Return | Contrib |
|---|
| GOOG |
6.6% |
+22.5% |
+1.49% |
| CAT |
2.0% |
+50.6% |
+0.99% |
| ADI |
2.7% |
+25.1% |
+0.68% |
| TXN |
1.2% |
+53.9% |
+0.63% |
| DE |
4.1% |
+12.9% |
+0.53% |
Biggest drags
| Symbol | Weight | Return | Contrib |
|---|
| FNV |
1.5% |
-16.4% |
-0.24% |
| ROL |
0.7% |
-21.8% |
-0.15% |
| ACN |
0.3% |
-36.7% |
-0.1% |
| LOW |
1.5% |
-6.2% |
-0.09% |
| LPLA |
1.4% |
-6.4% |
-0.09% |
2025-Q4 → 2026-Q1 segment return
-4.57%
Top contributors
| Symbol | Weight | Return | Contrib |
|---|
| DE |
3.3% |
+21.3% |
+0.7% |
| ADI |
2.2% |
+17.3% |
+0.38% |
| CAT |
1.5% |
+24.0% |
+0.36% |
| FNV |
1.1% |
+19.7% |
+0.22% |
| JNJ |
1.0% |
+18.2% |
+0.18% |
Biggest drags
| Symbol | Weight | Return | Contrib |
|---|
| GOOG |
6.9% |
-8.0% |
-0.55% |
| BN |
4.8% |
-11.4% |
-0.54% |
| MSFT |
2.1% |
-22.8% |
-0.47% |
| KKR |
1.5% |
-27.3% |
-0.4% |
| BX |
1.5% |
-25.4% |
-0.38% |
2025-Q3 → 2025-Q4 segment return
+1.94%
Top contributors
| Symbol | Weight | Return | Contrib |
|---|
| GOOG |
5.4% |
+29.2% |
+1.59% |
| GOOGL |
1.1% |
+28.8% |
+0.32% |
| CAT |
1.3% |
+20.4% |
+0.26% |
| GS |
2.3% |
+10.9% |
+0.25% |
| ADI |
2.3% |
+10.4% |
+0.24% |
Biggest drags
| Symbol | Weight | Return | Contrib |
|---|
| HD |
3.0% |
-15.0% |
-0.45% |
| WSO |
1.9% |
-16.0% |
-0.3% |
| META |
1.7% |
-10.2% |
-0.17% |
| BX |
1.7% |
-9.8% |
-0.17% |
| BLK |
2.1% |
-7.8% |
-0.16% |
2025-Q2 → 2025-Q3 segment return
+3.43%
Top contributors
| Symbol | Weight | Return | Contrib |
|---|
| GOOG |
4.1% |
+37.0% |
+1.52% |
| AAPL |
2.1% |
+23.4% |
+0.5% |
| BN |
4.6% |
+10.8% |
+0.49% |
| GOOGL |
0.9% |
+37.9% |
+0.32% |
| HD |
2.9% |
+10.4% |
+0.3% |
Biggest drags
| Symbol | Weight | Return | Contrib |
|---|
| DE |
3.8% |
-9.8% |
-0.37% |
| NVO |
1.3% |
-20.4% |
-0.27% |
| LPLA |
1.7% |
-11.3% |
-0.19% |
| WSO |
2.1% |
-7.9% |
-0.17% |
| DIS |
2.1% |
-7.6% |
-0.16% |
2025-Q1 → 2025-Q2 segment return
+6.33%
Top contributors
| Symbol | Weight | Return | Contrib |
|---|
| BN |
4.1% |
+18.8% |
+0.76% |
| MSFT |
1.7% |
+33.0% |
+0.57% |
| AMZN |
3.4% |
+16.0% |
+0.55% |
| GOOG |
3.8% |
+14.0% |
+0.53% |
| GS |
1.7% |
+30.2% |
+0.53% |
Biggest drags
| Symbol | Weight | Return | Contrib |
|---|
| WSO |
2.7% |
-12.6% |
-0.34% |
| AAPL |
2.4% |
-7.1% |
-0.17% |
| RLI |
1.7% |
-10.1% |
-0.17% |
| MRSH |
1.6% |
-10.1% |
-0.16% |
| PGR |
1.9% |
-5.7% |
-0.11% |
2024-Q4 → 2025-Q1 segment return
-3.67%
Top contributors
| Symbol | Weight | Return | Contrib |
|---|
| DE |
3.3% |
+11.2% |
+0.36% |
| V |
2.8% |
+10.5% |
+0.29% |
| PGR |
1.6% |
+18.1% |
+0.29% |
| MRSH |
1.4% |
+15.3% |
+0.21% |
| WSO |
2.5% |
+7.9% |
+0.19% |
Biggest drags
| Symbol | Weight | Return | Contrib |
|---|
| GOOG |
4.6% |
-18.3% |
-0.85% |
| AMZN |
3.9% |
-13.9% |
-0.55% |
| KKR |
1.9% |
-21.7% |
-0.41% |
| BN |
4.4% |
-9.3% |
-0.41% |
| BX |
1.9% |
-18.9% |
-0.35% |
2024-Q3 → 2024-Q4 segment return
+1.34%
Top contributors
| Symbol | Weight | Return | Contrib |
|---|
| AMZN |
3.5% |
+18.3% |
+0.64% |
| GOOG |
4.2% |
+14.0% |
+0.59% |
| APO |
1.2% |
+32.6% |
+0.38% |
| V |
2.5% |
+14.9% |
+0.38% |
| BN |
4.3% |
+7.9% |
+0.34% |
Biggest drags
| Symbol | Weight | Return | Contrib |
|---|
| NVO |
2.4% |
-27.8% |
-0.65% |
| ADI |
2.5% |
-7.5% |
-0.19% |
| NVR |
1.1% |
-16.6% |
-0.18% |
| DEO |
1.8% |
-9.4% |
-0.17% |
| LOW |
1.7% |
-8.5% |
-0.15% |
2024-Q2 → 2024-Q3 segment return
+5.22%
Top contributors
| Symbol | Weight | Return | Contrib |
|---|
| BN |
3.6% |
+28.2% |
+1.02% |
| HD |
3.2% |
+17.5% |
+0.55% |
| DE |
3.2% |
+12.1% |
+0.38% |
| KKR |
1.5% |
+24.3% |
+0.37% |
| LOW |
1.5% |
+23.5% |
+0.35% |
Biggest drags
| Symbol | Weight | Return | Contrib |
|---|
| NVO |
3.1% |
-16.9% |
-0.52% |
| GOOG |
5.1% |
-9.2% |
-0.47% |
| DG |
0.9% |
-35.8% |
-0.33% |
| AMZN |
3.9% |
-3.9% |
-0.16% |
| SCHW |
1.0% |
-11.7% |
-0.12% |
2024-Q1 → 2024-Q2 segment return
+0.43%
Top contributors
| Symbol | Weight | Return | Contrib |
|---|
| GOOG |
4.2% |
+20.9% |
+0.88% |
| AAPL |
2.1% |
+23.6% |
+0.5% |
| ADI |
2.3% |
+16.8% |
+0.39% |
| NVO |
2.8% |
+11.3% |
+0.31% |
| AMZN |
3.7% |
+7.5% |
+0.28% |
Biggest drags
| Symbol | Weight | Return | Contrib |
|---|
| DIS |
2.5% |
-19.2% |
-0.48% |
| HD |
3.5% |
-10.1% |
-0.36% |
| DEO |
2.0% |
-15.2% |
-0.31% |
| DE |
3.4% |
-8.7% |
-0.3% |
| LOW |
1.7% |
-13.0% |
-0.22% |
2023-Q4 → 2024-Q1 segment return
+6.08%
Top contributors
| Symbol | Weight | Return | Contrib |
|---|
| DIS |
2.0% |
+36.1% |
+0.73% |
| AMZN |
3.4% |
+18.5% |
+0.63% |
| NVO |
2.5% |
+24.0% |
+0.59% |
| META |
1.0% |
+37.6% |
+0.39% |
| HD |
3.5% |
+10.7% |
+0.38% |
Biggest drags
| Symbol | Weight | Return | Contrib |
|---|
| AAPL |
2.6% |
-10.9% |
-0.29% |
| NKE |
0.4% |
-17.8% |
-0.08% |
| ADI |
2.6% |
-1.5% |
-0.04% |
| FDS |
0.6% |
-4.5% |
-0.03% |
| MMM |
0.4% |
-7.3% |
-0.03% |
2023-Q3 → 2023-Q4 segment return
+8.54%
Top contributors
| Symbol | Weight | Return | Contrib |
|---|
| BN |
3.4% |
+28.3% |
+0.95% |
| AMZN |
3.2% |
+19.5% |
+0.62% |
| HD |
3.4% |
+14.6% |
+0.5% |
| KKR |
1.1% |
+34.8% |
+0.38% |
| MSFT |
1.9% |
+18.9% |
+0.36% |
Biggest drags
| Symbol | Weight | Return | Contrib |
|---|
| DEO |
2.5% |
-3.0% |
-0.07% |
| WHR |
0.5% |
-8.9% |
-0.04% |
| AON |
0.4% |
-10.2% |
-0.04% |
| FDX |
0.5% |
-4.1% |
-0.02% |
| CSCO |
0.2% |
-6.1% |
-0.01% |
2023-Q2 → 2023-Q3 segment return
-2.54%
Top contributors
| Symbol | Weight | Return | Contrib |
|---|
| GOOG |
4.1% |
+9.1% |
+0.37% |
| NVO |
2.1% |
+12.3% |
+0.26% |
| APO |
0.9% |
+17.5% |
+0.17% |
| KKR |
1.0% |
+10.3% |
+0.1% |
| CAT |
0.9% |
+11.5% |
+0.1% |
Biggest drags
| Symbol | Weight | Return | Contrib |
|---|
| DEO |
2.9% |
-14.0% |
-0.4% |
| DG |
1.1% |
-37.5% |
-0.39% |
| AAPL |
2.9% |
-11.9% |
-0.34% |
| BN |
3.6% |
-8.0% |
-0.29% |
| ADI |
2.7% |
-10.1% |
-0.27% |
2023-Q1 → 2023-Q2 segment return
+4.25%
Top contributors
| Symbol | Weight | Return | Contrib |
|---|
| AMZN |
2.7% |
+25.9% |
+0.7% |
| GOOG |
3.7% |
+16.1% |
+0.6% |
| AAPL |
2.6% |
+17.8% |
+0.46% |
| WSO |
2.2% |
+20.8% |
+0.46% |
| MSFT |
1.8% |
+18.0% |
+0.32% |
Biggest drags
| Symbol | Weight | Return | Contrib |
|---|
| DIS |
2.6% |
-11.1% |
-0.29% |
| MSCI |
1.0% |
-16.2% |
-0.17% |
| DG |
0.8% |
-19.1% |
-0.15% |
| DEO |
3.2% |
-4.2% |
-0.14% |
| DE |
4.1% |
-1.6% |
-0.06% |
2022-Q4 → 2023-Q1 segment return
+4.23%
Top contributors
| Symbol | Weight | Return | Contrib |
|---|
| AAPL |
2.2% |
+26.9% |
+0.58% |
| GOOG |
3.4% |
+16.9% |
+0.57% |
| AMZN |
2.3% |
+23.0% |
+0.53% |
| ADI |
2.5% |
+20.0% |
+0.5% |
| WSO |
1.7% |
+28.7% |
+0.5% |
Biggest drags
| Symbol | Weight | Return | Contrib |
|---|
| SCHW |
1.3% |
-36.9% |
-0.48% |
| HD |
4.0% |
-6.8% |
-0.27% |
| JNJ |
1.5% |
-12.3% |
-0.18% |
| DE |
4.5% |
-3.4% |
-0.15% |
| NSC |
0.8% |
-13.5% |
-0.11% |
2022-Q3 → 2022-Q4 segment return
+7.41%
Top contributors
| Symbol | Weight | Return | Contrib |
|---|
| DE |
4.0% |
+28.8% |
+1.16% |
| NVO |
1.7% |
+35.8% |
+0.62% |
| HD |
4.1% |
+14.4% |
+0.58% |
| RLI |
2.0% |
+28.2% |
+0.55% |
| V |
2.7% |
+16.9% |
+0.46% |
Biggest drags
| Symbol | Weight | Return | Contrib |
|---|
| AMZN |
3.6% |
-25.7% |
-0.92% |
| GOOG |
4.2% |
-7.6% |
-0.32% |
| DIS |
3.0% |
-8.1% |
-0.24% |
| BX |
1.7% |
-11.4% |
-0.19% |
| AAPL |
2.7% |
-5.5% |
-0.15% |
2022-Q2 → 2022-Q3 segment return
-2.96%
Top contributors
| Symbol | Weight | Return | Contrib |
|---|
| DE |
3.5% |
+11.9% |
+0.42% |
| AMZN |
3.3% |
+5.9% |
+0.19% |
| SCHW |
1.1% |
+14.1% |
+0.15% |
| WSO |
1.7% |
+8.8% |
+0.14% |
| LOW |
1.6% |
+8.1% |
+0.13% |
Biggest drags
| Symbol | Weight | Return | Contrib |
|---|
| GOOG |
4.7% |
-12.1% |
-0.57% |
| V |
3.0% |
-9.5% |
-0.28% |
| RLI |
2.2% |
-12.2% |
-0.27% |
| NVO |
1.9% |
-10.6% |
-0.2% |
| MSFT |
1.9% |
-9.3% |
-0.18% |
2022-Q1 → 2022-Q2 segment return
-11.75%
Top contributors
| Symbol | Weight | Return | Contrib |
|---|
| DG |
0.4% |
+10.5% |
+0.04% |
| JNJ |
1.4% |
+0.8% |
+0.01% |
| PM |
0.1% |
+6.4% |
+0.01% |
| MMM |
0.5% |
+1.3% |
+0.01% |
| NVO |
1.6% |
+0.4% |
+0.01% |
Biggest drags
| Symbol | Weight | Return | Contrib |
|---|
| AMZN |
4.2% |
-34.8% |
-1.47% |
| DE |
4.1% |
-27.7% |
-1.13% |
| GOOG |
5.0% |
-21.8% |
-1.09% |
| DIS |
3.4% |
-31.5% |
-1.09% |
| AAPL |
2.8% |
-21.8% |
-0.6% |
2021-Q4 → 2022-Q1 segment return
-4.83%
Top contributors
| Symbol | Weight | Return | Contrib |
|---|
| DE |
3.3% |
+21.5% |
+0.71% |
| AXP |
1.0% |
+14.3% |
+0.15% |
| REGN |
0.6% |
+11.2% |
+0.07% |
| V |
2.7% |
+2.4% |
+0.06% |
| CAT |
0.8% |
+8.3% |
+0.06% |
Biggest drags
| Symbol | Weight | Return | Contrib |
|---|
| HD |
4.9% |
-27.8% |
-1.36% |
| LOW |
2.0% |
-21.5% |
-0.42% |
| DIS |
3.7% |
-11.0% |
-0.41% |
| DEO |
3.8% |
-7.7% |
-0.29% |
| KKR |
1.4% |
-21.3% |
-0.29% |
2021-Q3 → 2021-Q4 segment return
+4.51%
Top contributors
| Symbol | Weight | Return | Contrib |
|---|
| HD |
4.2% |
+26.0% |
+1.1% |
| AAPL |
2.4% |
+25.4% |
+0.6% |
| DEO |
3.7% |
+14.1% |
+0.51% |
| LOW |
1.7% |
+27.9% |
+0.47% |
| GOOG |
5.1% |
+8.6% |
+0.44% |
Biggest drags
| Symbol | Weight | Return | Contrib |
|---|
| DIS |
4.4% |
-8.7% |
-0.38% |
| V |
3.0% |
-2.8% |
-0.08% |
| CMCSA |
0.4% |
-10.0% |
-0.04% |
| TXN |
2.0% |
-1.7% |
-0.03% |
| AXP |
1.1% |
-2.6% |
-0.03% |
Cumulative Contribution (all segments)