{
 "company": "Merck & Co.",
 "ticker": "MRK",
 "page": "https://www.moatshark.com/s/mrk",
 "note": "Source: SEC filings via moatshark. Values and changes are estimates; not investment advice.",
 "holders": [
  {
   "manager": "Smead Capital Management",
   "moatshark_slug": "smead-capital-management",
   "period": "2026-09-30",
   "portfolio_pct": 7.12,
   "value_usd": 335072670,
   "change": "REDUCE",
   "share_change_pct": -1.2,
   "quarters_held": 49
  },
  {
   "manager": "Kahn Brothers",
   "moatshark_slug": "kahn-brothers",
   "period": "2026-06-30",
   "portfolio_pct": 4.43,
   "value_usd": 28036427,
   "change": "REDUCE",
   "share_change_pct": -4,
   "quarters_held": 18
  },
  {
   "manager": "Harris Associates (Oakmark)",
   "moatshark_slug": "harris-associates-oakmark",
   "period": "2026-06-30",
   "portfolio_pct": 2.06,
   "value_usd": 1551394499,
   "change": "REDUCE",
   "share_change_pct": -2.4,
   "quarters_held": 8
  },
  {
   "manager": "Fairfax Financial Holdings",
   "moatshark_slug": "fairfax-financial-holdings",
   "period": "2026-06-30",
   "portfolio_pct": 0.84,
   "value_usd": 22198631,
   "change": "HOLD",
   "share_change_pct": 0,
   "quarters_held": 23
  },
  {
   "manager": "Semper Augustus",
   "moatshark_slug": "semper-augustus",
   "period": "2026-06-30",
   "portfolio_pct": 0.65,
   "value_usd": 5735341,
   "change": "HOLD",
   "share_change_pct": 0,
   "quarters_held": 53
  },
  {
   "manager": "Mairs & Power",
   "moatshark_slug": "mairs-power",
   "period": "2026-06-30",
   "portfolio_pct": 0.06,
   "value_usd": 6620192,
   "change": "ADD",
   "share_change_pct": 2.3,
   "quarters_held": 53
  },
  {
   "manager": "Horizon Kinetics",
   "moatshark_slug": "horizon-kinetics",
   "period": "2026-06-30",
   "portfolio_pct": 0.04,
   "value_usd": 3617401,
   "change": "REDUCE",
   "share_change_pct": -0.8,
   "quarters_held": 30
  },
  {
   "manager": "Matrix Asset Advisors",
   "moatshark_slug": "matrix-asset-advisors",
   "period": "2026-09-30",
   "portfolio_pct": 0.02,
   "value_usd": 235548,
   "change": "REDUCE",
   "share_change_pct": -3,
   "quarters_held": 54
  },
  {
   "manager": "Dodge & Cox",
   "moatshark_slug": "dodge-cox",
   "period": "2026-06-30",
   "portfolio_pct": 0.01,
   "value_usd": 17443875,
   "change": "REDUCE",
   "share_change_pct": -0.2,
   "quarters_held": 53
  },
  {
   "manager": "Gardner Russo & Quinn",
   "moatshark_slug": "gardner-russo-quinn",
   "period": "2026-06-30",
   "portfolio_pct": 0,
   "value_usd": 211006,
   "change": "REDUCE",
   "share_change_pct": -23.3,
   "quarters_held": 2
  }
 ]
}