Markel Group

Q1 2014 13F · by Tom Gayner, portfolio manager

As of: Mar 31, 2014
Filed: May 13, 2014
US stock: $3.3B · prev $3.2B
Positions: 105 · prev 109
Options notional: $0
Documents: 1· no amendments

Picture96.3% US stock

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

US stock listed on a US exchange 96.3%
Foreign stock not listed in the US 3.7%
Notes debt, at principal 0.0%
Puts at notional value 0.0%
Calls at notional value 0.0%

Moves98 since the prior filing

+2.4 pp in · −2.6 pp out

New 6 +0.53 pp
Added 27 +1.86 pp
Trimmed 55 −1.51 pp
Exited 10 −1.09 pp

The book

Focused · behaves like 35 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Low turnover · 9.2% a year, about 10.8 years per position

Low
Moderate
High

Top 5 positions28% of US stock

KMX CarMax Inc. trimmed−0.34 pp trimmed−0.347.1%
BRK.A Berkshire Hathaway Inc. trimmed+0.05 pp trimmed+0.056.2%
BRK.B BERKSHIRE HATHAWAY Class B trimmed+0.08 pp trimmed+0.085.8%
DEO Diageo plc trimmed−0.47 pp trimmed−0.474.6%
unresolved Walgreen Co trimmed+0.43 pp trimmed+0.434.3%

Positions105 in this filing · 10 exited


KMXCarMax Inc.	7.13%	4,963,070	$232M	trimmed−1%	−0.34 pp	4 q
BRK.ABerkshire Hathaway Inc.	6.20%	1,078	$202M	trimmed−1%	+0.05 pp	4 q
BRK.BBERKSHIRE HATHAWAY Class B	5.80%	1,511,607	$189M	trimmed−1%	+0.08 pp	4 q
DEODiageo plc	4.60%	1,202,000	$150M	trimmed−1%	−0.47 pp	4 q
unresolvedWalgreen Co	4.33%	2,135,000	$141M	trimmed−1%	+0.43 pp	4 q
unresolvedBrookfield Asset Mgmt Inc	4.01%	3,198,548	$131M	trimmed−1%	+0.06 pp	4 q
FRFHFFairfax Fincl Hldg S/VTG	3.72%	279,459	$121M	held	—	4 q
DISThe Walt Disney Company	3.65%	1,484,500	$119M	trimmed−2%	+0.01 pp	4 q
XOMExxon Mobil Corp	2.61%	868,800	$85M	trimmed−1%	−0.20 pp	4 q
WMTWalmart Inc.	2.58%	1,098,000	$84M	trimmed−3%	−0.23 pp	4 q
unresolvedColfax Corp	2.38%	1,085,070	$77M	held	—	4 q
HDHome Depot, Inc.	2.24%	920,000	$73M	trimmed−2%	−0.20 pp	4 q
MARMarriott International Class A	2.24%	1,302,869	$73M	trimmed−3%	+0.15 pp	4 q
UPSUnited Parcel Service, Inc. Class B	2.14%	715,500	$70M	trimmed−3%	−0.30 pp	4 q
unresolvedGeneral Electric Co	2.09%	2,630,000	$68M	added+1%	−0.21 pp	4 q
FHIFederated Hermes, Inc.	2.00%	2,134,000	$65M	trimmed−1%	+0.04 pp	4 q
ADMArcher Daniels Midland Company	1.83%	1,376,000	$60M	trimmed−1%	−0.07 pp	4 q
WPCW.P. Carey Inc. (REIT)	1.75%	950,200	$57M	trimmed−0%	−0.10 pp	4 q
JNJJohnson & Johnson	1.73%	574,200	$56M	trimmed−1%	+0.05 pp	4 q
RLIRLI Corp.	1.63%	1,197,272	$53M	trimmed−0%	−0.22 pp	4 q
NVONovo-Nordisk A/S	1.51%	1,075,000	$49M	trimmed−3%	+0.22 pp	4 q
UNHUNITEDHEALTH GROUP INCORPORATED (Delaware)	1.51%	598,000	$49M	trimmed−1%	+0.07 pp	4 q
BUDAnheuser-Busch INBEV SA/NV	1.33%	410,000	$43M	trimmed−0%	−0.06 pp	4 q
GDGeneral Dynamics Corporation	1.29%	387,000	$42M	trimmed−3%	+0.09 pp	4 q
ADPAutomatic Data Processing	1.25%	527,700	$41M	trimmed−1%	−0.11 pp	4 q
BF.ABrown-Forman Corporation Class A	1.15%	421,500	$37M	trimmed−1%	+0.16 pp	4 q
TEVATeva Pharmaceutical Industries Limited	1.13%	694,000	$37M	trimmed−1%	+0.24 pp	4 q
MSFTMicrosoft Corp	1.03%	818,000	$34M	trimmed−1%	+0.05 pp	4 q
VVISA Inc.	0.98%	147,500	$32M	added+8%	+0.02 pp	4 q
AXPAmerican Express Company	0.96%	349,000	$31M	trimmed−1%	−0.05 pp	4 q
SCHWThe Charles Schwab Corporation	0.89%	1,057,000	$29M	added+6%	+0.07 pp	4 q
MMM3M Company	0.85%	204,000	$28M	trimmed−1%	−0.06 pp	4 q
LOWLowe's Companies Inc.	0.81%	540,000	$26M	trimmed−4%	−0.07 pp	4 q
unresolvedUnilever Spn.Adr 1:1	0.80%	607,000	$26M	added×2.8	+0.52 pp	2 q
INTCIntel Corp	0.79%	991,000	$26M	trimmed−1%	−0.03 pp	4 q
ORCLOracle Corp	0.79%	632,000	$26M	trimmed−1%	+0.01 pp	4 q
SLBSLB Limited	0.78%	260,000	$25M	added+49%	+0.28 pp	4 q
NOVNOV Inc.	0.75%	312,000	$24M	added+29%	+0.14 pp	4 q
CATCaterpillar Inc.	0.74%	241,000	$24M	trimmed−0%	+0.05 pp	4 q
BLQADBlackrock Inc	0.71%	74,000	$23M	added+25%	+0.12 pp	4 q
unresolvedLiberty Media Corp Delaware	0.70%	175,000	$23M	added+31%	+0.08 pp	4 q
TROWT Rowe Price Group Inc	0.63%	250,000	$21M	trimmed−0%	−0.03 pp	4 q
ITWIllinois Tool Works Inc.	0.57%	230,000	$19M	trimmed−5%	−0.07 pp	4 q
CPRTCopart Inc	0.55%	490,000	$18M	added+75%	+0.23 pp	3 q
MCDMcDonald's Corporation	0.54%	181,000	$18M	trimmed−2%	−0.03 pp	4 q
ITICInvestors Title Co	0.50%	213,300	$16M	trimmed−1%	−0.05 pp	4 q
MCOMoody's Corporation	0.50%	207,000	$16M	added+17%	+0.06 pp	4 q
unresolvedGoogle Inc.	0.43%	12,500	$14M	held	—	4 q
COFCapital One Financial	0.42%	178,000	$14M	trimmed−5%	−0.03 pp	4 q
unresolvedWellpoint Inc	0.41%	134,000	$13M	added+26%	+0.10 pp	4 q
unresolvedInternational Game Technology	0.39%	915,000	$13M	trimmed−11%	−0.20 pp	4 q
HASHasbro, Inc.	0.37%	219,000	$12M	added0%	−0.01 pp	4 q
CVXChevron Corporation	0.36%	98,000	$12M	added+3%	−0.02 pp	4 q
BROBrown & Brown, Inc.	0.35%	365,628	$11M	held	—	4 q
ACNTAscent Industries Co.	0.35%	785,343	$11M	held	—	4 q
BXBlackstone Inc.	0.33%	319,000	$11M	added+8%	+0.04 pp	4 q
PEPPepsiCo, Inc.	0.33%	129,300	$11M	trimmed−1%	−0.01 pp	4 q
EMREmerson Electric Co.	0.32%	158,000	$11M	trimmed−3%	−0.04 pp	4 q
BF.BBrown-Forman Corporation Class B	0.29%	105,375	$9M	trimmed−1%	+0.04 pp	4 q
PMPhilip Morris International Inc.	0.29%	114,500	$9M	held	—	4 q
LLoews Corporation	0.28%	210,000	$9M	trimmed−11%	−0.08 pp	4 q
NTRSNorthern Trust Corp	0.28%	140,000	$9M	held	—	4 q
FDSFactset Research Systems	0.27%	82,000	$9M	added+46%	+0.08 pp	4 q
MATMattel, Inc.	0.27%	223,000	$9M	added+20%	−0.01 pp	4 q
NKENike, Inc.	0.27%	120,000	$9M	trimmed−0%	−0.03 pp	4 q
NSCNorfolk Southern Corp.	0.27%	92,000	$9M	trimmed−3%	−0.01 pp	4 q
ACNAccenture PLC	0.27%	110,000	$9M	trimmed−4%	−0.03 pp	4 q
EENI S.p.A.	0.26%	167,000	$8M	held	—	4 q
unresolvedThe Carlyle Group	0.24%	223,000	$8M	added+14%	+0.02 pp	4 q
MOSThe Mosaic Company	0.24%	155,000	$8M	held	—	3 q
PGProcter & Gamble Company	0.24%	95,000	$8M	added×2.3	+0.13 pp	4 q
ECLEcolab, Inc.	0.23%	70,000	$8M	added+24%	+0.04 pp	4 q
unresolvedKkr & Co L P DEL	0.23%	323,000	$7M	added+11%	+0.01 pp	4 q
SEICSEI Investments Co	0.23%	227,000	$8M	added+14%	+0.01 pp	4 q
CVSCvs Health Corporation	0.22%	96,000	$7M	new	+0.22 pp	new
PAYXPaychex Inc	0.20%	150,000	$6M	trimmed−1%	−0.02 pp	4 q
PDCOPatterson Companies, Inc.	0.19%	145,000	$6M	held	—	4 q
UTXZRTX Corporation	0.19%	53,000	$6M	trimmed−1%	0.00 pp	4 q
unresolvedApollo Global Management LLC	0.18%	182,000	$6M	added+17%	+0.02 pp	3 q
MAMastercard Incorporated	0.18%	80,000	$6M	held	—	4 q
EXPDExpeditors International of Washington, Inc.	0.17%	137,000	$5M	held	—	4 q
TRVThe Travelers Companies, Inc.	0.16%	61,000	$5M	new	+0.16 pp	new
KOCoca-Cola Company	0.15%	130,000	$5M	trimmed−1%	−0.02 pp	4 q
unresolvedMcGraw Hill	0.14%	60,000	$5M	added×2.0	+0.07 pp	2 q
COSTCostco Wholesale Corp	0.13%	39,000	$4M	trimmed−1%	−0.02 pp	4 q
unresolvedMonsanto Co	0.12%	33,000	$4M	trimmed−8%	−0.01 pp	4 q
GHCGraham Holdings Company	0.11%	5,200	$4M	trimmed−2%	0.00 pp	2 q
unresolvedChubb	0.10%	38,000	$3M	new	+0.10 pp	new
BPY-UCADBrookfield Property Partners	0.10%	168,439	$3M	trimmed−2%	−0.01 pp	4 q
APDAir Products & Chemicals, Inc.	0.09%	24,000	$3M	trimmed−4%	0.00 pp	4 q
HCCIHeritage-Crystal Clean, Inc.	0.09%	154,041	$3M	trimmed−41%	−0.08 pp	4 q
POTPotash Corp Of Saskatchewan	0.09%	80,000	$3M	held	—	3 q
unresolvedFidelity National Financial	0.07%	76,000	$2M	trimmed−5%	−0.01 pp	2 q
ROLRollins, Inc.	0.07%	75,000	$2M	added+60%	+0.02 pp	2 q
TGTTarget Corporation	0.06%	33,000	$2M	added+38%	+0.01 pp	2 q
CLBCore Laboratories Inc.	0.06%	10,000	$2M	held	—	4 q
YAlleghany Corporation	0.05%	4,328	$2M	held	—	4 q
ROSTRoss Stores Inc	0.05%	23,000	$2M	held	—	4 q
MSCIMSCI, Inc.	0.04%	33,000	$1M	added×6.6	+0.03 pp	2 q
CLMTCalumet Specialty Products	0.02%	20,000	$517,000	trimmed−62%	−0.02 pp	4 q
CSCOCisco Systems, Inc. (DE)	0.02%	23,000	$516,000	new	+0.02 pp	new
MRSHMarsh	0.02%	12,000	$592,000	new	+0.02 pp	new
UTIUniversal Technical Institute, Inc.	0.02%	49,000	$635,000	added×2.1	+0.01 pp	2 q
CULPCulp, Inc.	0.01%	10,000	$197,000	new	+0.01 pp	new
unresolvedStarz	0.01%	12,000	$387,000	held	—	4 q
unresolvedAlliance Holdings GP LP	—	−166,500	—	exited	−0.31 pp	—
AMZNAmazon.Com Inc	—	−15,700	—	exited	−0.20 pp	—
unresolvedPeabody Energy Corp	—	−260,000	—	exited	−0.16 pp	—
IBMInternational Business Machines Corporation	—	−24,200	—	exited	−0.14 pp	—
BNYBank of New York Mellon Corporation	—	−111,603	—	exited	−0.12 pp	—
unresolvedApollo Group Inc Class A	—	−105,000	—	exited	−0.09 pp	—
unresolvedArch Coal Inc	—	−246,000	—	exited	−0.03 pp	—
OKEOneok, Inc.	—	−10,000	—	exited	−0.02 pp	—
EPDEnterprise Products Partners L.P.	—	−6,300	—	exited	−0.01 pp	—
SYYSysco Corporation	—	−10,300	—	exited	−0.01 pp	—