Markel Group

Q4 2013 13F · by Tom Gayner, portfolio manager

As of: Dec 31, 2013
Filed: Feb 11, 2014
US stock: $3.2B · prev $2.9B
Positions: 109 · prev 107
Options notional: $0
Documents: 1· no amendments

Picture96.5% US stock

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

US stock listed on a US exchange 96.5%
Foreign stock not listed in the US 3.5%
Notes debt, at principal 0.0%
Puts at notional value 0.0%
Calls at notional value 0.0%

Moves84 since the prior filing

+3.4 pp in · −3.2 pp out

New 8 +0.66 pp
Added 35 +2.75 pp
Trimmed 35 −1.76 pp
Exited 6 −1.42 pp

The book

Focused · behaves like 34 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Low turnover · 7.6% a year, about 13.2 years per position

Low
Moderate
High

Top 5 positions28% of US stock

KMX CarMax Inc. trimmed−0.90 pp trimmed−0.907.5%
BRK.A Berkshire Hathaway Inc. held held6.2%
BRK.B BERKSHIRE HATHAWAY Class B trimmed−0.24 pp trimmed−0.245.7%
DEO Diageo plc trimmed−0.21 pp trimmed−0.215.1%
unresolved Brookfield Asset Mgmt Inc added−0.11 pp added−0.114.0%

Positions109 in this filing · 6 exited


KMXCarMax Inc.	7.47%	5,026,288	$236M	trimmed−0%	−0.90 pp	3 q
BRK.ABerkshire Hathaway Inc.	6.15%	1,094	$195M	held	—	3 q
BRK.BBERKSHIRE HATHAWAY Class B	5.72%	1,527,257	$181M	trimmed−0%	−0.24 pp	3 q
DEODiageo plc	5.07%	1,210,820	$160M	trimmed−0%	−0.21 pp	3 q
unresolvedBrookfield Asset Mgmt Inc	3.95%	3,217,573	$125M	added+2%	−0.11 pp	3 q
unresolvedWalgreen Co	3.90%	2,147,450	$123M	trimmed−0%	−0.06 pp	3 q
DISThe Walt Disney Company	3.64%	1,508,500	$115M	trimmed−0%	+0.30 pp	3 q
FRFHFFairfax Fincl Hldg S/VTG	3.53%	279,459	$112M	held	—	3 q
XOMExxon Mobil Corp	2.81%	877,266	$89M	added+2%	+0.28 pp	3 q
WMTWalmart Inc.	2.81%	1,130,000	$89M	added+1%	−0.02 pp	3 q
HDHome Depot, Inc.	2.44%	935,900	$77M	trimmed−0%	0.00 pp	3 q
UPSUnited Parcel Service, Inc. Class B	2.44%	735,800	$77M	trimmed−0%	+0.13 pp	3 q
unresolvedGeneral Electric Co	2.30%	2,598,300	$73M	added+6%	+0.29 pp	3 q
unresolvedColfax Corp	2.18%	1,085,070	$69M	held	—	3 q
MARMarriott International Class A	2.09%	1,342,533	$66M	added0%	+0.16 pp	3 q
FHIFederated Hermes, Inc.	1.96%	2,155,700	$62M	trimmed−0%	−0.05 pp	3 q
ADMArcher Daniels Midland Company	1.90%	1,383,800	$60M	held	—	3 q
RLIRLI Corp.	1.85%	601,260	$59M	held	—	3 q
WPCW.P. Carey Inc. (REIT)	1.85%	953,200	$58M	trimmed−0%	−0.26 pp	3 q
JNJJohnson & Johnson	1.68%	580,600	$53M	trimmed−0%	−0.05 pp	3 q
UNHUNITEDHEALTH GROUP INCORPORATED (Delaware)	1.44%	606,900	$46M	added+5%	+0.03 pp	3 q
BUDAnheuser-Busch INBEV SA/NV	1.39%	411,600	$44M	trimmed−0%	−0.01 pp	3 q
ADPAutomatic Data Processing	1.36%	532,100	$43M	trimmed−0%	+0.04 pp	3 q
NVONovo-Nordisk A/S	1.29%	221,200	$41M	trimmed−0%	0.00 pp	3 q
GDGeneral Dynamics Corporation	1.20%	398,400	$38M	trimmed−0%	0.00 pp	3 q
AXPAmerican Express Company	1.01%	352,500	$32M	trimmed−0%	+0.09 pp	3 q
BF.ABrown-Forman Corporation Class A	0.99%	425,490	$31M	held	—	3 q
MSFTMicrosoft Corp	0.98%	825,100	$31M	added+3%	+0.06 pp	3 q
VVISA Inc.	0.96%	136,600	$30M	added+11%	+0.16 pp	3 q
MMM3M Company	0.91%	205,700	$29M	held	—	3 q
TEVATeva Pharmaceutical Industries Limited	0.89%	699,900	$28M	trimmed−0%	−0.02 pp	3 q
LOWLowe's Companies Inc.	0.88%	560,400	$28M	trimmed−0%	−0.04 pp	3 q
INTCIntel Corp	0.82%	998,700	$26M	added+16%	+0.14 pp	3 q
SCHWThe Charles Schwab Corporation	0.82%	999,700	$26M	trimmed−0%	+0.09 pp	3 q
ORCLOracle Corp	0.78%	641,500	$25M	trimmed−0%	+0.05 pp	3 q
CATCaterpillar Inc.	0.69%	242,000	$22M	trimmed−0%	0.00 pp	3 q
TROWT Rowe Price Group Inc	0.66%	250,500	$21M	held	—	3 q
ITWIllinois Tool Works Inc.	0.64%	241,200	$20M	trimmed−1%	+0.01 pp	3 q
unresolvedLiberty Media Corp Delaware	0.62%	134,000	$20M	added+22%	+0.07 pp	3 q
NOVNOV Inc.	0.61%	242,000	$19M	added+15%	+0.04 pp	3 q
BLQADBlackrock Inc	0.59%	59,400	$19M	added+78%	+0.28 pp	3 q
unresolvedInternational Game Technology	0.59%	1,031,700	$19M	trimmed−13%	−0.18 pp	3 q
MCDMcDonald's Corporation	0.57%	184,700	$18M	trimmed−0%	−0.04 pp	3 q
ITICInvestors Title Co	0.55%	216,100	$18M	trimmed−0%	−0.01 pp	3 q
SLBSLB Limited	0.50%	174,000	$16M	added+13%	+0.03 pp	3 q
COFCapital One Financial	0.45%	187,400	$14M	held	—	3 q
unresolvedGoogle Inc.	0.44%	12,500	$14M	added+5%	+0.08 pp	3 q
MCOMoody's Corporation	0.44%	177,400	$14M	added+14%	+0.07 pp	3 q
CVXChevron Corporation	0.38%	95,000	$12M	added+25%	+0.06 pp	3 q
HASHasbro, Inc.	0.38%	218,800	$12M	added+15%	+0.07 pp	3 q
ACNTAscent Industries Co.	0.38%	785,343	$12M	held	—	3 q
BROBrown & Brown, Inc.	0.36%	365,628	$11M	held	—	3 q
EMREmerson Electric Co.	0.36%	162,900	$11M	trimmed−0%	0.00 pp	3 q
LLoews Corporation	0.36%	235,000	$11M	trimmed−2%	−0.03 pp	3 q
PEPPepsiCo, Inc.	0.34%	130,300	$11M	held	—	3 q
CPRTCopart Inc	0.32%	280,000	$10M	added×28.0	+0.31 pp	2 q
PMPhilip Morris International Inc.	0.32%	114,500	$10M	held	—	3 q
unresolvedAlliance Holdings GP LP	0.31%	166,500	$10M	held	—	3 q
unresolvedWellpoint Inc	0.31%	106,000	$10M	added+36%	+0.09 pp	3 q
NKENike, Inc.	0.30%	120,400	$9M	held	—	3 q
ACNAccenture PLC	0.30%	114,400	$9M	trimmed−0%	+0.01 pp	3 q
BXBlackstone Inc.	0.29%	294,400	$9M	added+26%	+0.09 pp	3 q
MATMattel, Inc.	0.28%	185,500	$9M	added+30%	+0.08 pp	3 q
NSCNorfolk Southern Corp.	0.28%	94,400	$9M	held	—	3 q
unresolvedUnilever Spn.Adr 1:1	0.28%	217,000	$9M	new	+0.28 pp	new
NTRSNorthern Trust Corp	0.27%	140,000	$9M	held	—	3 q
EENI S.p.A.	0.26%	167,000	$8M	added+21%	+0.04 pp	3 q
BF.BBrown-Forman Corporation Class B	0.25%	106,372	$8M	held	—	3 q
MOSThe Mosaic Company	0.23%	155,000	$7M	added+3%	+0.01 pp	2 q
unresolvedThe Carlyle Group	0.22%	196,000	$7M	added+45%	+0.10 pp	3 q
unresolvedKkr & Co L P DEL	0.22%	290,000	$7M	added+21%	+0.05 pp	3 q
PAYXPaychex Inc	0.22%	150,900	$7M	held	—	3 q
SEICSEI Investments Co	0.22%	200,000	$7M	added+54%	+0.08 pp	3 q
MAMastercard Incorporated	0.21%	8,000	$7M	held	—	3 q
AMZNAmazon.Com Inc	0.20%	15,700	$6M	added+5%	+0.04 pp	3 q
ECLEcolab, Inc.	0.19%	56,400	$6M	added+17%	+0.03 pp	3 q
EXPDExpeditors International of Washington, Inc.	0.19%	137,000	$6M	added+3%	−0.01 pp	3 q
FDSFactset Research Systems	0.19%	56,000	$6M	added+51%	+0.05 pp	3 q
PDCOPatterson Companies, Inc.	0.19%	145,000	$6M	trimmed−0%	−0.01 pp	3 q
UTXZRTX Corporation	0.19%	53,600	$6M	held	—	3 q
KOCoca-Cola Company	0.17%	131,900	$5M	trimmed−1%	0.00 pp	3 q
HCCIHeritage-Crystal Clean, Inc.	0.17%	259,500	$5M	held	—	3 q
unresolvedApollo Global Management LLC	0.16%	155,300	$5M	added+55%	+0.06 pp	2 q
unresolvedPeabody Energy Corp	0.16%	260,000	$5M	held	—	3 q
COSTCostco Wholesale Corp	0.15%	39,300	$5M	trimmed−1%	−0.01 pp	3 q
IBMInternational Business Machines Corporation	0.14%	24,200	$5M	added+20%	+0.01 pp	3 q
unresolvedMonsanto Co	0.13%	35,700	$4M	held	—	3 q
BNYBank of New York Mellon Corporation	0.12%	111,603	$4M	trimmed−57%	−0.15 pp	3 q
GHCGraham Holdings Company	0.11%	5,300	$4M	new	+0.11 pp	new
PGProcter & Gamble Company	0.11%	41,900	$3M	added+23%	+0.02 pp	3 q
BPY-UCADBrookfield Property Partners	0.11%	172,624	$3M	trimmed−0%	0.00 pp	3 q
APDAir Products & Chemicals, Inc.	0.09%	25,000	$3M	held	—	3 q
unresolvedApollo Group Inc Class A	0.09%	105,000	$3M	held	—	2 q
unresolvedFidelity National Financial	0.08%	79,700	$3M	new	+0.08 pp	new
POTPotash Corp Of Saskatchewan	0.08%	80,000	$3M	added+14%	0.00 pp	2 q
unresolvedMcGraw Hill	0.07%	30,000	$2M	new	+0.07 pp	new
CLBCore Laboratories Inc.	0.06%	10,000	$2M	held	—	3 q
YAlleghany Corporation	0.05%	4,328	$2M	held	—	3 q
ROLRollins, Inc.	0.05%	47,000	$1M	new	+0.05 pp	new
ROSTRoss Stores Inc	0.05%	23,000	$2M	held	—	3 q
TGTTarget Corporation	0.05%	24,000	$2M	new	+0.05 pp	new
CLMTCalumet Specialty Products	0.04%	52,000	$1M	added+41%	+0.01 pp	3 q
unresolvedArch Coal Inc	0.03%	246,000	$1M	trimmed−38%	−0.03 pp	3 q
OKEOneok, Inc.	0.02%	10,000	$622,000	trimmed−91%	−0.18 pp	3 q
EPDEnterprise Products Partners L.P.	0.01%	6,300	$418,000	held	—	3 q
MSCIMSCI, Inc.	0.01%	5,000	$219,000	new	+0.01 pp	new
unresolvedStarz	0.01%	12,000	$351,000	held	—	3 q
SYYSysco Corporation	0.01%	10,300	$372,000	trimmed−21%	0.00 pp	3 q
UTIUniversal Technical Institute, Inc.	0.01%	23,000	$320,000	new	+0.01 pp	new
CRRCarbo Ceramics Inc.	—	−236,000	—	exited	−0.80 pp	—
unresolvedLeucadia National	—	−390,433	—	exited	−0.36 pp	—
unresolvedWashington Post Co	—	−5,300	—	exited	−0.11 pp	—
unresolvedNatural Resource Partners	—	−101,900	—	exited	−0.07 pp	—
ANRZQAlpha Natural Resources Inc	—	−242,000	—	exited	−0.05 pp	—
unresolvedConsol Energy Inc	—	−30,000	—	exited	−0.03 pp	—