Markel Group

Q1 2015 13F · by Tom Gayner, portfolio manager

As of: Mar 31, 2015
Filed: May 7, 2015
US stock: $4.0B · prev $3.5B
Positions: 107 · prev 104
Options notional: $0
Documents: 1· no amendments

Picture100.0% US stock

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

US stock listed on a US exchange 100.0%
Foreign stock not listed in the US 0.0%
Notes debt, at principal 0.0%
Puts at notional value 0.0%
Calls at notional value 0.0%

Moves71 since the prior filing

+11.1 pp in · −8.0 pp out

New 15 +6.79 pp
Added 42 +4.26 pp
Trimmed 2 +1.33 pp
Exited 12 −9.37 pp

The book

Focused · behaves like 34 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Moderate turnover · 36% a year, about 2.8 years per position

Low
Moderate
High

Top 5 positions29% of US stock

KMX CarMax Inc. trimmed+2.07 pp trimmed+2.078.6%
BRK.A Berkshire Hathaway Inc. held held5.9%
BRK.B BERKSHIRE HATHAWAY Class B held held5.5%
WBA Walgreens Boots Alliance, Inc new+4.57 pp new+4.574.6%
unresolved Brookfield Asset Mgmt Inc added+0.33 pp added+0.334.5%

Positions107 in this filing · 12 exited


KMXCarMax Inc.	8.57%	4,913,070	$339M	trimmed−1%	+2.07 pp	new
BRK.ABerkshire Hathaway Inc.	5.93%	1,078	$234M	held	—	new
BRK.BBERKSHIRE HATHAWAY Class B	5.51%	1,511,607	$218M	held	—	new
WBAWalgreens Boots Alliance, Inc	4.57%	2,135,000	$181M	new	+4.57 pp	new
unresolvedBrookfield Asset Mgmt Inc	4.50%	3,319,548	$178M	added+1%	+0.33 pp	new
DISThe Walt Disney Company	4.09%	1,541,500	$162M	added+2%	+0.29 pp	new
DEODiageo plc	3.49%	1,248,000	$138M	added+1%	−0.51 pp	new
MARMarriott International Class A	2.78%	1,368,869	$110M	added+3%	+0.16 pp	new
HDHome Depot, Inc.	2.64%	920,000	$105M	held	—	new
WMTWalmart Inc.	2.28%	1,098,000	$90M	held	—	new
DEDeere & Company	2.01%	906,000	$79M	added+68%	+0.76 pp	new
UNHUNITEDHEALTH GROUP INCORPORATED (Delaware)	1.98%	663,000	$78M	added+3%	+0.41 pp	new
XOMExxon Mobil Corp	1.87%	868,800	$74M	held	—	new
unresolvedGeneral Electric Co	1.86%	2,963,000	$74M	added+3%	−0.22 pp	new
FHIFederated Hermes, Inc.	1.83%	2,134,000	$72M	held	—	new
UPSUnited Parcel Service, Inc. Class B	1.82%	744,500	$72M	added+2%	−0.19 pp	new
ADMArcher Daniels Midland Company	1.65%	1,376,000	$65M	held	—	new
WPCW.P. Carey Inc. (REIT)	1.63%	950,200	$65M	held	—	new
RLIRLI Corp.	1.59%	1,197,272	$63M	held	—	new
unresolvedUnilever Spn.Adr 1:1	1.54%	1,461,000	$61M	added+22%	+0.13 pp	new
JNJJohnson & Johnson	1.46%	574,200	$58M	held	—	new
NVONovo-Nordisk A/S	1.45%	1,075,000	$57M	held	—	new
VVISA Inc.	1.34%	808,000	$53M	added+13%	+0.27 pp	new
GDGeneral Dynamics Corporation	1.33%	387,000	$53M	held	—	new
BUDAnheuser-Busch INBEV SA/NV	1.31%	425,000	$52M	held	—	new
unresolvedColfax Corp	1.31%	1,085,070	$52M	held	—	new
BLQADBlackrock Inc	1.19%	129,000	$47M	added+25%	+0.24 pp	new
ADPAutomatic Data Processing	1.15%	530,700	$45M	held	—	new
SLBSLB Limited	1.15%	545,000	$45M	added+67%	+0.21 pp	new
LOWLowe's Companies Inc.	1.02%	540,000	$40M	held	—	new
BF.ABrown-Forman Corporation Class A	0.97%	421,500	$38M	held	—	new
ELVElevance Health, Inc.	0.87%	224,000	$35M	new	+0.87 pp	new
CPRTCopart Inc	0.85%	891,000	$33M	added+25%	+0.22 pp	new
MMM3M Company	0.85%	204,000	$34M	held	—	new
SCHWThe Charles Schwab Corporation	0.81%	1,057,000	$32M	held	—	new
INTCIntel Corp	0.78%	991,000	$31M	held	—	new
NOVNOV Inc.	0.73%	575,000	$29M	added+36%	−0.18 pp	new
AXPAmerican Express Company	0.71%	361,000	$28M	added+3%	−0.15 pp	new
unresolvedChubb	0.71%	278,000	$28M	added+24%	+0.13 pp	new
TRVThe Travelers Companies, Inc.	0.71%	259,000	$28M	added+21%	+0.14 pp	new
MCOMoody's Corporation	0.70%	267,000	$28M	added+10%	+0.06 pp	new
ORCLOracle Corp	0.70%	638,000	$28M	held	—	new
CVSCvs Health Corporation	0.64%	245,000	$25M	added+12%	+0.15 pp	new
FDSFactset Research Systems	0.57%	141,000	$22M	added+22%	+0.17 pp	new
HASHasbro, Inc.	0.57%	358,000	$23M	added+27%	+0.13 pp	new
MRSHMarsh	0.57%	401,000	$22M	added+74%	+0.23 pp	new
ITWIllinois Tool Works Inc.	0.56%	230,000	$22M	held	—	new
TROWT Rowe Price Group Inc	0.51%	250,000	$20M	held	—	new
unresolvedLiberty Media Corp Delaware	0.50%	516,000	$20M	held	—	new
CATCaterpillar Inc.	0.49%	241,000	$19M	held	—	new
MCDMcDonald's Corporation	0.45%	181,000	$18M	held	—	new
unresolvedMonsanto Co	0.44%	154,000	$17M	added×3.0	+0.27 pp	new
BXBlackstone Inc.	0.43%	439,000	$17M	added+14%	+0.09 pp	new
NKENike, Inc.	0.41%	160,000	$16M	added+12%	+0.05 pp	new
ITICInvestors Title Co	0.40%	213,300	$16M	held	—	new
unresolvedLiberty Media Corp Delaware	0.37%	380,000	$15M	added+30%	−0.02 pp	new
ECLEcolab, Inc.	0.36%	126,000	$14M	added+25%	+0.03 pp	new
MSFTMicrosoft Corp	0.33%	318,000	$13M	trimmed−61%	−0.74 pp	new
OAKOaktree Capital Group, LLC	0.33%	249,500	$13M	added×7.1	+0.28 pp	new
unresolvedMcGraw Hill	0.32%	124,000	$13M	added+25%	+0.08 pp	new
PEPPepsiCo, Inc.	0.32%	134,300	$13M	held	—	new
ACNAccenture PLC	0.32%	135,000	$13M	added+5%	+0.03 pp	new
ACNTAscent Industries Co.	0.29%	785,343	$11M	held	—	new
unresolvedKkr & Co L P DEL	0.27%	468,000	$11M	added+17%	+0.02 pp	new
CLBCore Laboratories Inc.	0.27%	102,000	$11M	added×10.2	+0.23 pp	new
PGProcter & Gamble Company	0.26%	127,000	$10M	held	—	new
SEICSEI Investments Co	0.26%	237,000	$10M	held	—	new
LBRDKLiberty Broadband Corporation Class C	0.25%	172,113	$10M	new	+0.25 pp	new
BF.BBrown-Forman Corporation Class B	0.24%	105,375	$10M	held	—	new
CMECME Group Inc.	0.24%	101,000	$10M	added×2.2	+0.14 pp	new
unresolvedThe Carlyle Group	0.24%	351,000	$10M	added+21%	−0.01 pp	new
MATMattel, Inc.	0.24%	422,000	$10M	added+48%	−0.01 pp	new
NSCNorfolk Southern Corp.	0.24%	92,000	$9M	held	—	new
EMREmerson Electric Co.	0.23%	158,000	$9M	held	—	new
MAMastercard Incorporated	0.23%	106,000	$9M	added+33%	+0.06 pp	new
AANAaron's Inc	0.22%	301,000	$9M	added+48%	+0.08 pp	new
PMPhilip Morris International Inc.	0.22%	114,500	$9M	held	—	new
CDKCDK Global, Inc.	0.21%	176,897	$8M	new	+0.21 pp	new
PDCOPatterson Companies, Inc.	0.19%	155,000	$8M	held	—	new
PAYXPaychex Inc	0.19%	150,000	$7M	held	—	new
unresolvedApollo Global Management LLC	0.18%	336,000	$7M	added+22%	0.00 pp	new
unresolvedGoogle Inc.	0.18%	12,500	$7M	held	—	new
MSCIMSCI, Inc.	0.18%	114,000	$7M	added+33%	+0.07 pp	new
WSOWatsco, Inc.	0.18%	58,000	$7M	new	+0.18 pp	new
GOOGAlphabet Inc. Class C	0.17%	12,500	$7M	held	—	new
HALHalliburton Company	0.17%	155,000	$7M	new	+0.17 pp	new
UTXZRTX Corporation	0.16%	53,000	$6M	held	—	new
CRRCarbo Ceramics Inc.	0.15%	200,000	$6M	new	+0.15 pp	new
COSTCostco Wholesale Corp	0.15%	39,000	$6M	held	—	new
UPBDUpbound Group, Inc.	0.15%	215,000	$6M	added+24%	0.00 pp	new
GHCGraham Holdings Company	0.14%	5,200	$5M	held	—	new
ROLRollins, Inc.	0.13%	207,000	$5M	added+59%	+0.06 pp	new
LBRDALiberty Broadband Corporation Class A	0.11%	80,250	$5M	new	+0.11 pp	new
LBTYALiberty Global Ltd. Class A	0.09%	72,000	$4M	new	+0.09 pp	new
DISCKDiscovery Inc-c	0.07%	90,000	$3M	new	+0.07 pp	new
RBARB Global, Inc.	0.06%	96,000	$2M	added+92%	+0.03 pp	new
ROSTRoss Stores Inc	0.06%	23,000	$2M	held	—	new
WAIRWESCO Aircraft Holdings Inc.	0.06%	160,000	$2M	new	+0.06 pp	new
YAlleghany Corporation	0.05%	4,328	$2M	held	—	new
DNOWDNOW Inc.	0.05%	93,500	$2M	held	—	new
CSCOCisco Systems, Inc. (DE)	0.02%	23,000	$633,000	held	—	new
unresolvedCoach Inc	0.02%	18,000	$746,000	new	+0.02 pp	new
CULPCulp, Inc.	0.02%	30,227	$809,000	held	—	new
VRSKVerisk Analytics, Inc.	0.02%	9,000	$643,000	new	+0.02 pp	new
LGIHLGI Homes, Inc.	0.01%	17,000	$283,000	new	+0.01 pp	new
RUSHARush Enterprises Inc	0.01%	9,000	$246,000	new	+0.01 pp	new
unresolvedStarz	0.01%	12,000	$413,000	held	—	new
unresolvedWalgreen Co	—	−2,135,000	—	exited	−3.57 pp	—
FRFHFFairfax Fincl Hldg S/VTG	—	−279,459	—	exited	−3.52 pp	—
unresolvedWellpoint Inc	—	−205,000	—	exited	−0.69 pp	—
TEVATeva Pharmaceutical Industries Limited	—	−444,000	—	exited	−0.67 pp	—
BROBrown & Brown, Inc.	—	−365,628	—	exited	−0.33 pp	—
KOCoca-Cola Company	—	−130,000	—	exited	−0.16 pp	—
EXPDExpeditors International of Washington, Inc.	—	−137,000	—	exited	−0.16 pp	—
unresolvedInternational Game Technology	—	−215,000	—	exited	−0.10 pp	—
unresolvedSigma Aldrich Corp	—	−18,000	—	exited	−0.07 pp	—
TGTTarget Corporation	—	−33,000	—	exited	−0.06 pp	—
99803EURLaboratory Crp Of Amer Hldgs	—	−15,000	—	exited	−0.04 pp	—
unresolvedNicholas Financial	—	−10,000	—	exited	0.00 pp	—