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Markel Group

Q2 2014 13F · by Tom Gayner, portfolio manager

As of
Jun 30, 2014
Filed
Aug 8, 2014
US stock
$3.5B · prev $3.3B
Positions
105 · prev 105
Options notional
$0
Documents
1· no amendments

Picture95.7% US stock

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

  • US stock listed on a US exchange 95.7%
  • Foreign stock not listed in the US 4.3%
  • Notes debt, at principal 0.0%
  • Puts at notional value 0.0%
  • Calls at notional value 0.0%

Moves61 since the prior filing

The book

Focused · behaves like 36 equal-sized positions

  1. Very concentrated
  2. Concentrated
  3. Focused
  4. Diversified

Low turnover · 7.4% a year, about 13.5 years per position

  1. Low
  2. Moderate
  3. High

Top 5 positions28% of US stock

  1. KMX CarMax Inc. held held7.4%
  2. BRK.A Berkshire Hathaway Inc. held held5.8%
  3. BRK.B BERKSHIRE HATHAWAY Class B held held5.5%
  4. unresolved Walgreen Co held held4.5%
  5. DEO Diageo plc added−0.19 pp added−0.194.4%

Positions105 in this filing · 10 exited

KMXCarMax Inc.7.36%4,963,070$258Mheld—5 q
BRK.ABerkshire Hathaway Inc.5.84%1,078$205Mheld—5 q
BRK.BBERKSHIRE HATHAWAY Class B5.45%1,511,607$191Mheld—5 q
unresolvedWalgreen Co4.51%2,135,000$158Mheld—5 q
DEODiageo plc4.41%1,216,000$155Madded+1%−0.19 pp5 q
unresolvedBrookfield Asset Mgmt Inc4.10%3,264,548$144Madded+2%+0.09 pp5 q
FRFHFFairfax Fincl Hldg S/VTG3.76%279,459$132Mheld—5 q
DISThe Walt Disney Company3.67%1,499,500$129Madded+1%+0.02 pp5 q
XOMExxon Mobil Corp2.49%868,800$87Mheld—5 q
MARMarriott International Class A2.39%1,305,869$84Madded0%+0.15 pp5 q
WMTWalmart Inc.2.35%1,098,000$82Mheld—5 q
unresolvedColfax Corp2.31%1,085,070$81Mheld—5 q
HDHome Depot, Inc.2.12%920,000$74Mheld—5 q
unresolvedGeneral Electric Co2.11%2,816,000$74Madded+7%+0.02 pp5 q
UPSUnited Parcel Service, Inc. Class B2.09%715,500$73Mheld—5 q
FHIFederated Hermes, Inc.1.88%2,134,000$66Mheld—5 q
WPCW.P. Carey Inc. (REIT)1.74%950,200$61Mheld—5 q
ADMArcher Daniels Midland Company1.73%1,376,000$61Mheld—5 q
JNJJohnson & Johnson1.71%574,200$60Mheld—5 q
RLIRLI Corp.1.56%1,197,272$55Mheld—5 q
UNHUNITEDHEALTH GROUP INCORPORATED (Delaware)1.46%627,000$51Madded+5%−0.05 pp5 q
NVONovo-Nordisk A/S1.42%1,075,000$50Mheld—5 q
BUDAnheuser-Busch INBEV SA/NV1.36%415,000$48Madded+1%+0.03 pp5 q
GDGeneral Dynamics Corporation1.29%387,000$45Mheld—5 q
ADPAutomatic Data Processing1.19%527,700$42Mheld—5 q
unresolvedUnilever Spn.Adr 1:11.18%912,000$41Madded+50%+0.38 pp3 q
BF.ABrown-Forman Corporation Class A1.11%421,500$39Mheld—5 q
SLBSLB Limited1.04%310,000$37Madded+19%+0.26 pp5 q
TEVATeva Pharmaceutical Industries Limited1.04%694,000$36Mheld—5 q
VVISA Inc.0.99%164,500$35Madded+12%+0.01 pp5 q
MSFTMicrosoft Corp0.97%818,000$34Mheld—5 q
unresolvedLiberty Media Corp Delaware0.96%246,000$34Madded+41%+0.26 pp5 q
AXPAmerican Express Company0.94%349,000$33Mheld—5 q
NOVNOV Inc.0.92%393,000$32Madded+26%+0.17 pp5 q
INTCIntel Corp0.87%991,000$31Mheld—5 q
MMM3M Company0.83%204,000$29Mheld—5 q
BLQADBlackrock Inc0.81%89,000$28Madded+20%+0.10 pp5 q
SCHWThe Charles Schwab Corporation0.81%1,057,000$28Mheld—5 q
CATCaterpillar Inc.0.75%241,000$26Mheld—5 q
LOWLowe's Companies Inc.0.74%540,000$26Mheld—5 q
ORCLOracle Corp0.74%638,000$26Madded+1%−0.05 pp5 q
CPRTCopart Inc0.65%630,000$23Madded+29%+0.10 pp4 q
TROWT Rowe Price Group Inc0.60%250,000$21Mheld—5 q
unresolvedWellpoint Inc0.58%188,000$20Madded+40%+0.17 pp5 q
ITWIllinois Tool Works Inc.0.57%230,000$20Mheld—5 q
MCOMoody's Corporation0.57%227,000$20Madded+10%+0.07 pp5 q
MCDMcDonald's Corporation0.52%181,000$18Mheld—5 q
unresolvedDeere & Co0.49%190,000$17Mnew+0.49 ppnew
TRVThe Travelers Companies, Inc.0.46%170,000$16Madded×2.8+0.30 pp2 q
unresolvedChubb0.45%172,000$16Madded×4.5+0.35 pp2 q
CVSCvs Health Corporation0.42%197,000$15Madded×2.1+0.20 pp2 q
unresolvedInternational Game Technology0.42%915,000$15Mheld—5 q
ITICInvestors Title Co0.41%213,300$14Mheld—5 q
HASHasbro, Inc.0.37%244,000$13Madded+11%0.00 pp5 q
ACNTAscent Industries Co.0.37%785,343$13Mheld—5 q
FDSFactset Research Systems0.35%103,000$12Madded+26%+0.08 pp5 q
BXBlackstone Inc.0.34%353,000$12Madded+11%+0.01 pp5 q
PEPPepsiCo, Inc.0.34%134,300$12Madded+4%+0.01 pp5 q
BROBrown & Brown, Inc.0.32%365,628$11Mheld—5 q
EMREmerson Electric Co.0.30%158,000$10Mheld—5 q
NKENike, Inc.0.29%131,000$10Madded+9%+0.02 pp5 q
BF.BBrown-Forman Corporation Class B0.28%105,375$10Mheld—5 q
ECLEcolab, Inc.0.28%88,000$10Madded+26%+0.05 pp5 q
MATMattel, Inc.0.28%251,000$10Madded+13%+0.01 pp5 q
PMPhilip Morris International Inc.0.28%114,500$10Mheld—5 q
PGProcter & Gamble Company0.28%127,000$10Madded+34%+0.04 pp5 q
NSCNorfolk Southern Corp.0.27%92,000$9Mheld—5 q
ACNAccenture PLC0.27%116,000$9Madded+5%0.00 pp5 q
NTRSNorthern Trust Corp0.26%140,000$9Mheld—5 q
unresolvedThe Carlyle Group0.25%257,000$9Madded+15%+0.01 pp5 q
unresolvedKkr & Co L P DEL0.25%358,000$9Madded+11%+0.02 pp5 q
SEICSEI Investments Co0.22%237,000$8Madded+4%−0.01 pp5 q
unresolvedGoogle Inc.0.21%12,500$7Mheld—5 q
GOOGAlphabet Inc. Class C0.21%12,500$7Mnew+0.21 ppnew
MRSHMarsh0.21%141,000$7Madded×11.8+0.19 pp2 q
unresolvedMcGraw Hill0.19%80,000$7Madded+33%+0.05 pp3 q
PAYXPaychex Inc0.18%150,000$6Mheld—5 q
unresolvedApollo Global Management LLC0.17%221,000$6Madded+21%−0.01 pp4 q
EXPDExpeditors International of Washington, Inc.0.17%137,000$6Mheld—5 q
MAMastercard Incorporated0.17%80,000$6Mheld—5 q
PDCOPatterson Companies, Inc.0.17%155,000$6Madded+7%−0.02 pp5 q
UTXZRTX Corporation0.17%53,000$6Mheld—5 q
KOCoca-Cola Company0.16%130,000$6Mheld—5 q
AANAaron's Inc0.13%125,000$4Mnew+0.13 ppnew
COSTCostco Wholesale Corp0.13%39,000$4Mheld—5 q
unresolvedMonsanto Co0.12%33,000$4Mheld—5 q
GHCGraham Holdings Company0.11%5,200$4Mheld—3 q
DNOWDNOW Inc.0.10%93,500$3Mnew+0.10 ppnew
UPBDUpbound Group, Inc.0.09%110,000$3Mnew+0.09 ppnew
MSCIMSCI, Inc.0.08%58,000$3Madded+76%+0.04 pp3 q
ROLRollins, Inc.0.07%87,000$3Madded+16%0.00 pp3 q
YAlleghany Corporation0.05%4,328$2Mheld—5 q
CMECME Group Inc.0.05%24,000$2Mnew+0.05 ppnew
TGTTarget Corporation0.05%33,000$2Mheld—3 q
CLBCore Laboratories Inc.0.05%10,000$2Mheld—5 q
99803EURLaboratory Crp Of Amer Hldgs0.04%15,000$2Mnew+0.04 ppnew
ROSTRoss Stores Inc0.04%23,000$2Mheld—5 q
unresolvedAnheuser Busch0.03%10,000$1Mnew+0.03 ppnew
HCCIHeritage-Crystal Clean, Inc.0.03%46,003$903,000trimmed−70%−0.06 pp5 q
CSCOCisco Systems, Inc. (DE)0.02%23,000$572,000held—2 q
unresolvedSigma Aldrich Corp0.02%6,000$609,000new+0.02 ppnew
CULPCulp, Inc.0.01%30,227$526,000added×3.00.00 pp2 q
RBARB Global, Inc.0.01%10,000$246,000new+0.01 ppnew
unresolvedStarz0.01%12,000$357,000held—5 q
UTIUniversal Technical Institute, Inc.0.01%33,800$410,000trimmed−31%−0.01 pp3 q
COFCapital One Financial—−178,000—exited−0.42 pp—
CVXChevron Corporation—−98,000—exited−0.36 pp—
LLoews Corporation—−210,000—exited−0.28 pp—
EENI S.p.A.—−167,000—exited−0.26 pp—
MOSThe Mosaic Company—−155,000—exited−0.24 pp—
BPY-UCADBrookfield Property Partners—−168,439—exited−0.10 pp—
APDAir Products & Chemicals, Inc.—−24,000—exited−0.09 pp—
POTPotash Corp Of Saskatchewan—−80,000—exited−0.09 pp—
unresolvedFidelity National Financial—−76,000—exited−0.07 pp—
CLMTCalumet Specialty Products—−20,000—exited−0.02 pp—

Source

Form
13F-HR
Reading
5 defects · 19 unresolved
Accession
0000950123-14-008130
Options
none in this filing
Notes
none in this filing
SEC cross-check
SEC data set not published yet
  • The filing disagrees with its own cover page — cover page declares 126 entries; 125 parsed, value total matches — kept, the table is the record
  • A row was set aside — invalid CUSIP 214199105
  • A security outside the official 13F list — CUSIP 035229103 not on the Official 13(f) List for 2014-06-30
  • A security outside the official 13F list — CUSIP 214199105 not on the Official 13(f) List for 2014-06-30
  • A security outside the official 13F list — CUSIP 303901102 not on the Official 13(f) List for 2014-06-30