Markel Group

Q3 2013 13F · by Tom Gayner, portfolio manager

As of: Sep 30, 2013
Filed: Nov 12, 2013
US stock: $2.9B · prev $2.8B
Positions: 107 · prev 107
Options notional: $0
Documents: 1· no amendments

Picture96.1% US stock

Full picture · of what this 13F reports is US stock

US stock listed on a US exchange 96.1%
Foreign stock not listed in the US 3.9%
Notes debt, at principal 0.0%
Puts at notional value 0.0%
Calls at notional value 0.0%

Moves75 since the prior filing

+2.7 pp in · −2.7 pp out

New 5 +0.48 pp
Added 30 +2.25 pp
Trimmed 35 −0.90 pp
Exited 5 −1.78 pp

The book

Focused · behaves like 32 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Low turnover · 9.0% a year, about 11.1 years per position

Low
Moderate
High

Top 5 positions30% of US stock

KMX CarMax Inc. trimmed−0.07 pp trimmed−0.078.4%
BRK.A Berkshire Hathaway Inc. trimmed−0.24 pp trimmed−0.246.4%
BRK.B BERKSHIRE HATHAWAY Class B trimmed−0.25 pp trimmed−0.256.0%
DEO Diageo plc trimmed+0.23 pp trimmed+0.235.3%
unresolved Brookfield Asset Mgmt Inc added+0.04 pp added+0.044.1%

Positions107 in this filing · 5 exited


KMXCarMax Inc.	8.37%	5,034,519	$244M	trimmed−1%	−0.07 pp	2 q
BRK.ABerkshire Hathaway Inc.	6.39%	1,094	$186M	trimmed−0%	−0.24 pp	2 q
BRK.BBERKSHIRE HATHAWAY Class B	5.96%	1,531,357	$174M	trimmed−1%	−0.25 pp	2 q
DEODiageo plc	5.28%	1,212,525	$154M	trimmed−1%	+0.23 pp	2 q
unresolvedBrookfield Asset Mgmt Inc	4.06%	3,165,536	$118M	added+2%	+0.04 pp	2 q
unresolvedWalgreen Co	3.96%	2,149,200	$116M	added0%	+0.56 pp	2 q
FRFHFFairfax Fincl Hldg S/VTG	3.90%	279,459	$114M	held	—	2 q
DISThe Walt Disney Company	3.34%	1,511,735	$97M	trimmed−1%	−0.11 pp	2 q
WMTWalmart Inc.	2.83%	1,114,474	$82M	added0%	−0.13 pp	2 q
XOMExxon Mobil Corp	2.53%	856,985	$74M	added+1%	−0.20 pp	2 q
HDHome Depot, Inc.	2.44%	939,050	$71M	trimmed−1%	−0.19 pp	2 q
UPSUnited Parcel Service, Inc. Class B	2.31%	738,059	$67M	trimmed−1%	0.00 pp	2 q
WPCW.P. Carey Inc. (REIT)	2.11%	953,400	$62M	held	—	2 q
unresolvedColfax Corp	2.10%	1,085,070	$61M	held	—	2 q
FHIFederated Hermes, Inc.	2.01%	2,156,000	$59M	held	—	2 q
unresolvedGeneral Electric Co	2.01%	2,453,441	$59M	added+1%	−0.01 pp	2 q
MARMarriott International Class A	1.93%	1,340,443	$56M	trimmed−2%	−0.04 pp	2 q
RLIRLI Corp.	1.80%	601,260	$53M	trimmed−2%	+0.13 pp	2 q
ADMArcher Daniels Midland Company	1.75%	1,383,800	$51M	held	—	2 q
JNJJohnson & Johnson	1.73%	580,800	$50M	trimmed−0%	−0.06 pp	2 q
UNHUNITEDHEALTH GROUP INCORPORATED (Delaware)	1.41%	576,300	$41M	added+1%	+0.08 pp	2 q
BUDAnheuser-Busch INBEV SA/NV	1.40%	412,403	$41M	added+4%	+0.12 pp	2 q
ADPAutomatic Data Processing	1.32%	532,500	$39M	added+1%	+0.02 pp	2 q
NVONovo-Nordisk A/S	1.29%	221,700	$38M	trimmed−2%	+0.04 pp	2 q
GDGeneral Dynamics Corporation	1.20%	399,361	$35M	trimmed−0%	+0.08 pp	2 q
BF.ABrown-Forman Corporation Class A	0.97%	425,490	$28M	trimmed−0%	−0.06 pp	2 q
AXPAmerican Express Company	0.92%	354,237	$27M	trimmed−4%	−0.06 pp	2 q
LOWLowe's Companies Inc.	0.92%	560,700	$27M	trimmed−2%	+0.08 pp	2 q
MSFTMicrosoft Corp	0.92%	802,300	$27M	added+4%	−0.03 pp	2 q
TEVATeva Pharmaceutical Industries Limited	0.91%	700,000	$26M	added0%	−0.07 pp	2 q
MMM3M Company	0.84%	205,700	$25M	trimmed−0%	+0.04 pp	2 q
CRRCarbo Ceramics Inc.	0.80%	236,000	$23M	added+8%	+0.27 pp	2 q
VVISA Inc.	0.80%	122,600	$23M	added+3%	+0.02 pp	2 q
unresolvedInternational Game Technology	0.77%	1,183,166	$22M	trimmed−1%	+0.06 pp	2 q
ORCLOracle Corp	0.73%	643,100	$21M	trimmed−2%	+0.01 pp	2 q
SCHWThe Charles Schwab Corporation	0.73%	1,003,719	$21M	trimmed−2%	−0.05 pp	2 q
CATCaterpillar Inc.	0.69%	242,200	$20M	trimmed−1%	−0.03 pp	2 q
INTCIntel Corp	0.68%	859,400	$20M	added+3%	−0.04 pp	2 q
ITWIllinois Tool Works Inc.	0.63%	242,810	$19M	trimmed−0%	+0.03 pp	2 q
TROWT Rowe Price Group Inc	0.62%	250,500	$18M	held	—	2 q
MCDMcDonald's Corporation	0.61%	185,113	$18M	trimmed−2%	−0.06 pp	2 q
NOVNOV Inc.	0.57%	211,000	$16M	added+10%	+0.10 pp	2 q
ITICInvestors Title Co	0.56%	216,350	$16M	trimmed−5%	−0.02 pp	2 q
unresolvedLiberty Media Corp Delaware	0.55%	110,000	$16M	added+29%	+0.16 pp	2 q
SLBSLB Limited	0.47%	154,000	$14M	added+3%	+0.09 pp	2 q
COFCapital One Financial	0.44%	187,400	$13M	held	—	2 q
ACNTAscent Industries Co.	0.44%	785,343	$13M	added+62%	+0.17 pp	2 q
BROBrown & Brown, Inc.	0.40%	365,628	$12M	held	—	2 q
LLoews Corporation	0.39%	240,700	$11M	held	—	2 q
MCOMoody's Corporation	0.37%	155,400	$11M	held	—	2 q
EMREmerson Electric Co.	0.36%	163,100	$11M	trimmed−4%	+0.03 pp	2 q
unresolvedGoogle Inc.	0.36%	11,900	$10M	added+28%	+0.07 pp	2 q
unresolvedLeucadia National	0.36%	390,433	$11M	trimmed−46%	−0.31 pp	2 q
PEPPepsiCo, Inc.	0.36%	130,300	$10M	held	—	2 q
unresolvedAlliance Holdings GP LP	0.34%	166,500	$10M	held	—	2 q
PMPhilip Morris International Inc.	0.34%	114,500	$10M	trimmed−2%	−0.02 pp	2 q
CVXChevron Corporation	0.32%	76,000	$9M	added+77%	+0.14 pp	2 q
BLQADBlackrock Inc	0.31%	33,300	$9M	added×3.7	+0.23 pp	2 q
HASHasbro, Inc.	0.31%	190,800	$9M	held	—	2 q
NKENike, Inc.	0.30%	120,400	$9M	held	—	2 q
ACNAccenture PLC	0.29%	114,600	$8M	trimmed−3%	−0.01 pp	2 q
BNYBank of New York Mellon Corporation	0.27%	261,603	$8M	trimmed−0%	+0.01 pp	2 q
NTRSNorthern Trust Corp	0.26%	140,000	$8M	held	—	2 q
BF.BBrown-Forman Corporation Class B	0.25%	106,372	$7M	held	—	2 q
NSCNorfolk Southern Corp.	0.25%	94,400	$7M	held	—	2 q
EENI S.p.A.	0.22%	138,000	$6M	added×4.6	+0.18 pp	2 q
MOSThe Mosaic Company	0.22%	150,000	$6M	new	+0.22 pp	new
unresolvedWellpoint Inc	0.22%	78,000	$7M	held	—	2 q
PAYXPaychex Inc	0.21%	150,900	$6M	held	—	2 q
BXBlackstone Inc.	0.20%	233,400	$6M	added+100%	+0.11 pp	2 q
EXPDExpeditors International of Washington, Inc.	0.20%	133,000	$6M	held	—	2 q
MATMattel, Inc.	0.20%	142,500	$6M	added+1%	−0.03 pp	2 q
OKEOneok, Inc.	0.20%	110,000	$6M	added+57%	+0.10 pp	2 q
PDCOPatterson Companies, Inc.	0.20%	145,400	$6M	trimmed−0%	0.00 pp	2 q
UTXZRTX Corporation	0.20%	53,600	$6M	held	—	2 q
MAMastercard Incorporated	0.18%	8,000	$5M	held	—	2 q
KOCoca-Cola Company	0.17%	132,900	$5M	trimmed−1%	−0.02 pp	2 q
unresolvedKkr & Co L P DEL	0.17%	240,000	$5M	added×2.1	+0.09 pp	2 q
AMZNAmazon.Com Inc	0.16%	14,900	$5M	added+38%	+0.05 pp	2 q
COSTCostco Wholesale Corp	0.16%	39,700	$5M	trimmed−1%	0.00 pp	2 q
ECLEcolab, Inc.	0.16%	48,400	$5M	held	—	2 q
HCCIHeritage-Crystal Clean, Inc.	0.16%	259,500	$5M	held	—	2 q
unresolvedPeabody Energy Corp	0.15%	260,000	$4M	held	—	2 q
FDSFactset Research Systems	0.14%	37,000	$4M	added+6%	+0.01 pp	2 q
SEICSEI Investments Co	0.14%	130,000	$4M	held	—	2 q
IBMInternational Business Machines Corporation	0.13%	20,100	$4M	held	—	2 q
unresolvedMonsanto Co	0.13%	35,700	$4M	held	—	2 q
unresolvedThe Carlyle Group	0.12%	135,000	$3M	added×6.8	+0.10 pp	2 q
unresolvedWashington Post Co	0.11%	5,300	$3M	held	—	2 q
BPY-UCADBrookfield Property Partners	0.11%	172,900	$3M	trimmed−1%	−0.02 pp	2 q
unresolvedApollo Global Management LLC	0.10%	100,300	$3M	new	+0.10 pp	new
APDAir Products & Chemicals, Inc.	0.09%	25,000	$3M	trimmed−4%	0.00 pp	2 q
PGProcter & Gamble Company	0.09%	34,100	$3M	held	—	2 q
POTPotash Corp Of Saskatchewan	0.08%	70,000	$2M	new	+0.08 pp	new
unresolvedApollo Group Inc Class A	0.07%	105,000	$2M	new	+0.07 pp	new
unresolvedNatural Resource Partners	0.07%	101,900	$2M	held	—	2 q
YAlleghany Corporation	0.06%	4,328	$2M	held	—	2 q
unresolvedArch Coal Inc	0.06%	396,000	$2M	held	—	2 q
ROSTRoss Stores Inc	0.06%	23,000	$2M	added+28%	+0.02 pp	2 q
CLBCore Laboratories Inc.	0.06%	10,000	$2M	added+67%	+0.03 pp	2 q
ANRZQAlpha Natural Resources Inc	0.05%	242,000	$1M	held	—	2 q
CLMTCalumet Specialty Products	0.03%	37,000	$1M	held	—	2 q
unresolvedConsol Energy Inc	0.03%	30,000	$1M	trimmed−3%	0.00 pp	2 q
CPRTCopart Inc	0.01%	10,000	$318,000	new	+0.01 pp	new
EPDEnterprise Products Partners L.P.	0.01%	6,300	$385,000	held	—	2 q
unresolvedStarz	0.01%	12,000	$338,000	held	—	2 q
SYYSysco Corporation	0.01%	13,086	$417,000	trimmed−44%	−0.02 pp	2 q
unresolvedUnion First Market Bankshares	—	−1,658,339	—	exited	−1.22 pp	—
unresolvedPlum Creek Timber Co Inc	—	−325,300	—	exited	−0.54 pp	—
unresolvedFidelity National Financial	—	−9,800	—	exited	−0.01 pp	—
ELMEElme Communities	—	−9,200	—	exited	−0.01 pp	—
QTAQuaterra Resources Inc	—	−200,000	—	exited	0.00 pp	—