Markel Group

Q3 2014 13F · by Tom Gayner, portfolio manager

As of: Sep 30, 2014
Filed: Nov 12, 2014
US stock: $3.5B · prev $3.5B
Positions: 104 · prev 105
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%

Moves51 since the prior filing

+3.0 pp in · −1.5 pp out

New 4 +1.98 pp
Added 40 +0.97 pp
Trimmed 2 −0.69 pp
Exited 5 −0.82 pp

The book

Focused · behaves like 37 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Low turnover · 6.1% a year, about 16.4 years per position

Low
Moderate
High

Top 5 positions27% of US stock

KMX CarMax Inc. held held6.5%
BRK.A Berkshire Hathaway Inc. held held6.3%
BRK.B BERKSHIRE HATHAWAY Class B held held5.9%
unresolved Brookfield Asset Mgmt Inc added+0.07 pp added+0.074.2%
DEO Diageo plc added−0.41 pp added−0.414.0%

Positions104 in this filing · 5 exited


KMXCarMax Inc.	6.50%	4,963,070	$231M	held	—	6 q
BRK.ABerkshire Hathaway Inc.	6.29%	1,078	$223M	held	—	6 q
BRK.BBERKSHIRE HATHAWAY Class B	5.89%	1,511,607	$209M	held	—	6 q
unresolvedBrookfield Asset Mgmt Inc	4.17%	3,286,548	$148M	added+1%	+0.07 pp	6 q
DEODiageo plc	4.00%	1,230,000	$142M	added+1%	−0.41 pp	6 q
DISThe Walt Disney Company	3.80%	1,514,500	$135M	added+1%	+0.13 pp	6 q
unresolvedWalgreen Co	3.57%	2,135,000	$127M	held	—	6 q
FRFHFFairfax Fincl Hldg S/VTG	3.52%	279,459	$125M	held	—	6 q
MARMarriott International Class A	2.62%	1,330,869	$93M	added+2%	+0.23 pp	6 q
HDHome Depot, Inc.	2.38%	920,000	$84M	held	—	6 q
WMTWalmart Inc.	2.37%	1,098,000	$84M	held	—	6 q
XOMExxon Mobil Corp	2.30%	868,800	$82M	held	—	6 q
unresolvedGeneral Electric Co	2.08%	2,874,000	$74M	added+2%	−0.03 pp	6 q
UPSUnited Parcel Service, Inc. Class B	2.01%	726,500	$71M	added+2%	−0.08 pp	6 q
ADMArcher Daniels Midland Company	1.98%	1,376,000	$70M	held	—	6 q
FHIFederated Hermes, Inc.	1.77%	2,134,000	$63M	held	—	6 q
unresolvedColfax Corp	1.74%	1,085,070	$62M	held	—	6 q
JNJJohnson & Johnson	1.73%	574,200	$61M	held	—	6 q
WPCW.P. Carey Inc. (REIT)	1.71%	950,200	$61M	held	—	6 q
UNHUNITEDHEALTH GROUP INCORPORATED (Delaware)	1.57%	644,000	$56M	added+3%	+0.11 pp	6 q
RLIRLI Corp.	1.46%	1,197,272	$52M	held	—	6 q
NVONovo-Nordisk A/S	1.44%	1,075,000	$51M	held	—	6 q
unresolvedUnilever Spn.Adr 1:1	1.41%	1,197,000	$50M	added+31%	+0.23 pp	4 q
GDGeneral Dynamics Corporation	1.39%	387,000	$49M	held	—	6 q
BUDAnheuser-Busch INBEV SA/NV	1.33%	425,000	$47M	added+2%	−0.03 pp	6 q
DEDeere & Company	1.25%	540,000	$44M	new	+1.25 pp	new
ADPAutomatic Data Processing	1.24%	530,700	$44M	added+1%	+0.05 pp	6 q
MSFTMicrosoft Corp	1.07%	818,000	$38M	held	—	6 q
VVISA Inc.	1.07%	178,500	$38M	added+9%	+0.08 pp	6 q
BF.ABrown-Forman Corporation Class A	1.06%	421,500	$38M	held	—	6 q
INTCIntel Corp	0.97%	991,000	$35M	held	—	6 q
BLQADBlackrock Inc	0.95%	103,000	$34M	added+16%	+0.14 pp	6 q
SLBSLB Limited	0.94%	327,000	$33M	added+5%	−0.10 pp	6 q
NOVNOV Inc.	0.91%	424,000	$32M	added+8%	−0.01 pp	6 q
SCHWThe Charles Schwab Corporation	0.88%	1,057,000	$31M	held	—	6 q
AXPAmerican Express Company	0.86%	349,000	$31M	held	—	6 q
MMM3M Company	0.82%	204,000	$29M	held	—	6 q
LOWLowe's Companies Inc.	0.81%	540,000	$29M	held	—	6 q
ORCLOracle Corp	0.69%	638,000	$24M	held	—	6 q
unresolvedWellpoint Inc	0.69%	205,000	$25M	added+9%	+0.11 pp	6 q
unresolvedLiberty Media Corp Delaware	0.68%	516,000	$24M	new	+0.68 pp	new
CATCaterpillar Inc.	0.67%	241,000	$24M	held	—	6 q
TEVATeva Pharmaceutical Industries Limited	0.67%	444,000	$24M	trimmed−36%	−0.37 pp	6 q
MCOMoody's Corporation	0.64%	242,000	$23M	added+7%	+0.07 pp	6 q
CPRTCopart Inc	0.63%	713,000	$22M	added+13%	−0.02 pp	5 q
unresolvedChubb	0.58%	224,000	$20M	added+30%	+0.13 pp	3 q
TRVThe Travelers Companies, Inc.	0.57%	214,000	$20M	added+26%	+0.11 pp	3 q
ITWIllinois Tool Works Inc.	0.55%	230,000	$19M	held	—	6 q
TROWT Rowe Price Group Inc	0.55%	250,000	$20M	held	—	6 q
CVSCvs Health Corporation	0.49%	218,000	$17M	added+11%	+0.07 pp	3 q
MCDMcDonald's Corporation	0.48%	181,000	$17M	held	—	6 q
HASHasbro, Inc.	0.44%	281,000	$15M	added+15%	+0.07 pp	6 q
ITICInvestors Title Co	0.44%	213,300	$16M	held	—	6 q
FDSFactset Research Systems	0.40%	116,000	$14M	added+13%	+0.05 pp	6 q
unresolvedLiberty Media Corp Delaware	0.39%	293,000	$14M	added+19%	−0.57 pp	6 q
ACNTAscent Industries Co.	0.39%	785,343	$14M	held	—	6 q
NKENike, Inc.	0.36%	143,000	$13M	added+9%	+0.07 pp	6 q
PEPPepsiCo, Inc.	0.35%	134,300	$13M	held	—	6 q
BXBlackstone Inc.	0.34%	386,000	$12M	added+9%	0.00 pp	6 q
MRSHMarsh	0.34%	231,000	$12M	added+64%	+0.13 pp	3 q
BROBrown & Brown, Inc.	0.33%	365,628	$12M	held	—	6 q
ECLEcolab, Inc.	0.33%	101,000	$12M	added+15%	+0.05 pp	6 q
PGProcter & Gamble Company	0.30%	127,000	$11M	held	—	6 q
NSCNorfolk Southern Corp.	0.29%	92,000	$10M	held	—	6 q
ACNAccenture PLC	0.29%	128,000	$10M	added+10%	+0.02 pp	6 q
EMREmerson Electric Co.	0.28%	158,000	$10M	held	—	6 q
BF.BBrown-Forman Corporation Class B	0.27%	105,375	$10M	held	—	6 q
PMPhilip Morris International Inc.	0.27%	114,500	$10M	held	—	6 q
unresolvedThe Carlyle Group	0.25%	290,000	$9M	added+13%	0.00 pp	6 q
unresolvedKkr & Co L P DEL	0.25%	399,000	$9M	added+11%	0.00 pp	6 q
MATMattel, Inc.	0.25%	286,000	$9M	added+14%	−0.03 pp	6 q
unresolvedMcGraw Hill	0.24%	99,000	$8M	added+24%	+0.05 pp	4 q
SEICSEI Investments Co	0.24%	237,000	$9M	held	—	6 q
unresolvedGoogle Inc.	0.21%	12,500	$7M	held	—	6 q
GOOGAlphabet Inc. Class C	0.20%	12,500	$7M	held	—	2 q
PAYXPaychex Inc	0.19%	150,000	$7M	held	—	6 q
unresolvedApollo Global Management LLC	0.18%	275,000	$7M	added+24%	+0.01 pp	5 q
PDCOPatterson Companies, Inc.	0.18%	155,000	$6M	held	—	6 q
MAMastercard Incorporated	0.17%	80,000	$6M	held	—	6 q
unresolvedMonsanto Co	0.17%	52,000	$6M	added+58%	+0.05 pp	6 q
KOCoca-Cola Company	0.16%	130,000	$6M	held	—	6 q
EXPDExpeditors International of Washington, Inc.	0.16%	137,000	$6M	held	—	6 q
UTXZRTX Corporation	0.16%	53,000	$6M	held	—	6 q
UPBDUpbound Group, Inc.	0.15%	174,000	$5M	added+58%	+0.06 pp	2 q
AANAaron's Inc	0.14%	204,000	$5M	added+63%	+0.01 pp	2 q
COSTCostco Wholesale Corp	0.14%	39,000	$5M	held	—	6 q
MSCIMSCI, Inc.	0.11%	86,000	$4M	added+48%	+0.03 pp	4 q
CMECME Group Inc.	0.10%	45,000	$4M	added+88%	+0.05 pp	2 q
GHCGraham Holdings Company	0.10%	5,200	$4M	held	—	4 q
unresolvedInternational Game Technology	0.10%	215,000	$4M	trimmed−77%	−0.32 pp	6 q
DNOWDNOW Inc.	0.08%	93,500	$3M	held	—	2 q
ROLRollins, Inc.	0.07%	87,000	$3M	held	—	4 q
unresolvedSigma Aldrich Corp	0.07%	18,000	$2M	added×3.0	+0.05 pp	2 q
TGTTarget Corporation	0.06%	33,000	$2M	held	—	4 q
YAlleghany Corporation	0.05%	4,328	$2M	held	—	6 q
OAKOaktree Capital Group, LLC	0.05%	35,000	$2M	new	+0.05 pp	new
ROSTRoss Stores Inc	0.05%	23,000	$2M	held	—	6 q
99803EURLaboratory Crp Of Amer Hldgs	0.04%	15,000	$2M	held	—	2 q
CLBCore Laboratories Inc.	0.04%	10,000	$1M	held	—	6 q
RBARB Global, Inc.	0.03%	50,000	$1M	added×5.0	+0.02 pp	2 q
CSCOCisco Systems, Inc. (DE)	0.02%	23,000	$579,000	held	—	3 q
CULPCulp, Inc.	0.02%	30,227	$549,000	held	—	3 q
unresolvedStarz	0.01%	12,000	$397,000	held	—	6 q
unresolvedNicholas Financial	0.00%	10,000	$116,000	new	0.00 pp	new
unresolvedDeere & Co	—	−190,000	—	exited	−0.49 pp	—
NTRSNorthern Trust Corp	—	−140,000	—	exited	−0.26 pp	—
unresolvedAnheuser Busch	—	−10,000	—	exited	−0.03 pp	—
HCCIHeritage-Crystal Clean, Inc.	—	−46,003	—	exited	−0.03 pp	—
UTIUniversal Technical Institute, Inc.	—	−33,800	—	exited	−0.01 pp	—

Source

Form: 13F-HR
Reading: 2 defects · 19 unresolved
Accession: 0000950123-14-011396
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 124 entries; 123 parsed, value total matches — kept, the table is the record
A security outside the official 13F list — CUSIP 303901102 not on the Official 13(f) List for 2014-09-30

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