Markel Group

Q2 2015 13F · by Tom Gayner, portfolio manager

As of: Jun 30, 2015
Filed: Aug 14, 2015
US stock: $4.0B · prev $4.0B
Positions: 112 · prev 107
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%

Moves64 since the prior filing

+2.5 pp in · −0.4 pp out

New 8 +0.35 pp
Added 53 +2.15 pp
Trimmed 0 0.00 pp
Exited 3 −0.36 pp

The book

Focused · behaves like 36 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Low turnover · 1.4% a year, more than 30 years per position

Low
Moderate
High

Top 5 positions28% of US stock

KMX CarMax Inc. held held8.1%
BRK.A Berkshire Hathaway Inc. held held5.5%
BRK.B BERKSHIRE HATHAWAY Class B held held5.1%
WBA Walgreens Boots Alliance, Inc held held4.5%
DIS The Walt Disney Company added+0.34 pp added+0.344.4%

Positions112 in this filing · 3 exited


KMXCarMax Inc.	8.12%	4,913,070	$325M	held	—	2 q
BRK.ABerkshire Hathaway Inc.	5.51%	1,078	$221M	held	—	2 q
BRK.BBERKSHIRE HATHAWAY Class B	5.14%	1,511,607	$206M	held	—	2 q
WBAWalgreens Boots Alliance, Inc	4.50%	2,135,000	$180M	held	—	2 q
DISThe Walt Disney Company	4.43%	1,552,500	$177M	added+1%	+0.34 pp	2 q
unresolvedBrookfield Asset Mgmt Inc	4.36%	5,000,821	$175M	added+51%	−0.14 pp	2 q
DEODiageo plc	3.63%	1,251,000	$145M	added0%	+0.14 pp	2 q
MARMarriott International Class A	2.57%	1,383,869	$103M	added+1%	−0.21 pp	2 q
HDHome Depot, Inc.	2.55%	920,000	$102M	held	—	2 q
DEDeere & Company	2.39%	985,000	$96M	added+9%	+0.38 pp	2 q
UNHUNITEDHEALTH GROUP INCORPORATED (Delaware)	2.02%	663,000	$81M	held	—	2 q
unresolvedGeneral Electric Co	1.97%	2,963,000	$79M	held	—	2 q
WMTWalmart Inc.	1.94%	1,098,000	$78M	held	—	2 q
XOMExxon Mobil Corp	1.84%	887,800	$74M	added+2%	−0.03 pp	2 q
UPSUnited Parcel Service, Inc. Class B	1.83%	755,500	$73M	added+1%	+0.01 pp	2 q
FHIFederated Hermes, Inc.	1.78%	2,134,000	$71M	held	—	2 q
ADMArcher Daniels Midland Company	1.66%	1,376,000	$66M	held	—	2 q
unresolvedUnilever Spn.Adr 1:1	1.58%	1,472,000	$63M	added+1%	+0.04 pp	2 q
RLIRLI Corp.	1.54%	1,197,272	$62M	held	—	2 q
NVONovo-Nordisk A/S	1.47%	1,075,000	$59M	held	—	2 q
JNJJohnson & Johnson	1.40%	574,200	$56M	held	—	2 q
WPCW.P. Carey Inc. (REIT)	1.40%	950,200	$56M	held	—	2 q
GDGeneral Dynamics Corporation	1.37%	387,000	$55M	held	—	2 q
VVISA Inc.	1.37%	819,000	$55M	added+1%	+0.03 pp	2 q
SLBSLB Limited	1.34%	622,000	$54M	added+14%	+0.19 pp	2 q
BUDAnheuser-Busch INBEV SA/NV	1.28%	425,000	$51M	held	—	2 q
unresolvedColfax Corp	1.25%	1,085,070	$50M	held	—	2 q
BLQADBlackrock Inc	1.21%	140,000	$48M	added+9%	+0.02 pp	2 q
BF.ABrown-Forman Corporation Class A	1.17%	421,500	$47M	held	—	2 q
ADPAutomatic Data Processing	1.06%	530,700	$43M	held	—	2 q
ELVElevance Health, Inc.	0.92%	224,000	$37M	held	—	2 q
LOWLowe's Companies Inc.	0.90%	540,000	$36M	held	—	2 q
SCHWThe Charles Schwab Corporation	0.86%	1,057,000	$35M	held	—	2 q
CPRTCopart Inc	0.84%	946,000	$34M	added+6%	−0.01 pp	2 q
MMM3M Company	0.79%	204,000	$31M	held	—	2 q
unresolvedChubb	0.75%	314,000	$30M	added+13%	+0.04 pp	2 q
INTCIntel Corp	0.75%	991,000	$30M	held	—	2 q
MCOMoody's Corporation	0.75%	278,000	$30M	added+4%	+0.05 pp	2 q
NOVNOV Inc.	0.74%	610,000	$29M	added+6%	+0.01 pp	2 q
AXPAmerican Express Company	0.71%	367,000	$29M	added+2%	0.00 pp	2 q
HASHasbro, Inc.	0.68%	364,000	$27M	added+2%	+0.11 pp	2 q
CVSCvs Health Corporation	0.65%	247,000	$26M	added+1%	+0.01 pp	2 q
MRSHMarsh	0.65%	456,000	$26M	added+14%	+0.08 pp	2 q
TRVThe Travelers Companies, Inc.	0.65%	270,000	$26M	added+4%	−0.06 pp	2 q
ORCLOracle Corp	0.64%	638,000	$26M	held	—	2 q
FDSFactset Research Systems	0.62%	152,000	$25M	added+8%	+0.05 pp	2 q
ITWIllinois Tool Works Inc.	0.53%	230,000	$21M	held	—	2 q
CATCaterpillar Inc.	0.51%	241,000	$20M	held	—	2 q
unresolvedMonsanto Co	0.51%	191,000	$20M	added+24%	+0.07 pp	2 q
TROWT Rowe Price Group Inc	0.49%	254,000	$20M	added+2%	−0.02 pp	2 q
BXBlackstone Inc.	0.47%	461,000	$19M	added+5%	+0.04 pp	2 q
unresolvedLiberty Media Corp Delaware	0.46%	516,000	$19M	held	—	2 q
MCDMcDonald's Corporation	0.43%	181,000	$17M	held	—	2 q
NKENike, Inc.	0.43%	160,000	$17M	held	—	2 q
OAKOaktree Capital Group, LLC	0.43%	324,500	$17M	added+30%	+0.10 pp	2 q
ECLEcolab, Inc.	0.39%	137,000	$15M	added+9%	+0.03 pp	2 q
ITICInvestors Title Co	0.38%	213,300	$15M	held	—	2 q
unresolvedLiberty Media Corp Delaware	0.37%	408,000	$15M	added+7%	0.00 pp	2 q
unresolvedMcGraw Hill	0.34%	135,000	$14M	added+9%	+0.02 pp	2 q
ACNAccenture PLC	0.33%	135,000	$13M	held	—	2 q
MATMattel, Inc.	0.32%	493,000	$13M	added+17%	+0.08 pp	2 q
PEPPepsiCo, Inc.	0.31%	134,300	$13M	held	—	2 q
CLBCore Laboratories Inc.	0.31%	109,000	$12M	added+7%	+0.04 pp	2 q
AANAaron's Inc	0.29%	324,000	$12M	added+8%	+0.07 pp	2 q
SEICSEI Investments Co	0.29%	237,000	$12M	held	—	2 q
WSOWatsco, Inc.	0.29%	93,000	$12M	added+60%	+0.11 pp	2 q
unresolvedKkr & Co L P DEL	0.28%	498,000	$11M	added+6%	+0.01 pp	2 q
MAMastercard Incorporated	0.27%	117,000	$11M	added+10%	+0.04 pp	2 q
ACNTAscent Industries Co.	0.27%	785,343	$11M	held	—	2 q
BF.BBrown-Forman Corporation Class B	0.26%	105,375	$11M	held	—	2 q
CMECME Group Inc.	0.26%	114,000	$11M	added+13%	+0.02 pp	2 q
unresolvedThe Carlyle Group	0.26%	375,000	$11M	added+7%	+0.02 pp	2 q
PGProcter & Gamble Company	0.25%	127,000	$10M	held	—	2 q
CDKCDK Global, Inc.	0.24%	176,897	$10M	held	—	2 q
HALHalliburton Company	0.24%	219,000	$9M	added+41%	+0.07 pp	2 q
PMPhilip Morris International Inc.	0.23%	114,500	$9M	held	—	2 q
CRRCarbo Ceramics Inc.	0.22%	215,000	$9M	added+8%	+0.07 pp	2 q
EMREmerson Electric Co.	0.22%	158,000	$9M	held	—	2 q
LBRDKLiberty Broadband Corporation Class C	0.22%	172,113	$9M	held	—	2 q
NSCNorfolk Southern Corp.	0.21%	98,000	$9M	added+7%	−0.03 pp	2 q
unresolvedApollo Global Management LLC	0.20%	363,000	$8M	added+8%	+0.02 pp	2 q
PDCOPatterson Companies, Inc.	0.20%	167,000	$8M	added+8%	+0.01 pp	2 q
MSCIMSCI, Inc.	0.19%	125,000	$8M	added+10%	+0.01 pp	2 q
DISCKDiscovery Inc-c	0.18%	231,000	$7M	added×2.6	+0.11 pp	2 q
PAYXPaychex Inc	0.18%	150,000	$7M	held	—	2 q
unresolvedGoogle Inc.	0.17%	12,500	$7M	held	—	2 q
UPBDUpbound Group, Inc.	0.17%	236,000	$7M	added+10%	+0.02 pp	2 q
ROLRollins, Inc.	0.17%	240,000	$7M	added+16%	+0.04 pp	2 q
GOOGAlphabet Inc. Class C	0.16%	12,531	$7M	added0%	−0.01 pp	2 q
UTXZRTX Corporation	0.15%	53,000	$6M	held	—	2 q
GHCGraham Holdings Company	0.14%	5,200	$6M	held	—	2 q
JPMJPMorgan Chase & Co.	0.14%	85,000	$6M	new	+0.14 pp	new
LBTYALiberty Global Ltd. Class A	0.14%	100,000	$5M	added+39%	+0.05 pp	2 q
COSTCostco Wholesale Corp	0.13%	39,000	$5M	held	—	2 q
LBRDALiberty Broadband Corporation Class A	0.10%	80,250	$4M	held	—	2 q
WAIRWESCO Aircraft Holdings Inc.	0.09%	245,000	$4M	added+53%	+0.03 pp	2 q
RBARB Global, Inc.	0.07%	107,000	$3M	added+11%	+0.01 pp	2 q
HOGHarley-Davidson, Inc.	0.06%	45,000	$3M	new	+0.06 pp	new
DNOWDNOW Inc.	0.06%	118,500	$2M	added+27%	+0.01 pp	2 q
ROKRockwell Automation, Inc.	0.06%	18,000	$2M	new	+0.06 pp	new
ROSTRoss Stores Inc	0.06%	46,000	$2M	held	—	2 q
VRSKVerisk Analytics, Inc.	0.06%	32,000	$2M	added×3.6	+0.04 pp	2 q
YAlleghany Corporation	0.05%	4,328	$2M	held	—	2 q
unresolvedCoach Inc	0.04%	49,000	$2M	added×2.7	+0.02 pp	2 q
AMTAmerican Tower Corporation	0.02%	8,000	$746,000	new	+0.02 pp	new
AAPLApple Inc.	0.02%	6,000	$753,000	new	+0.02 pp	new
CULPCulp, Inc.	0.02%	30,227	$937,000	held	—	2 q
DARDarling Ingredients Inc.	0.02%	65,000	$953,000	new	+0.02 pp	new
PHParker-Hannifin Corporation	0.02%	8,000	$931,000	new	+0.02 pp	new
RUSHARush Enterprises Inc	0.01%	15,000	$393,000	added+67%	0.00 pp	2 q
unresolvedStarz	0.01%	12,000	$537,000	held	—	2 q
unresolvedAon PLC	0.01%	4,000	$399,000	new	+0.01 pp	new
MSFTMicrosoft Corp	—	−318,000	—	exited	−0.33 pp	—
CSCOCisco Systems, Inc. (DE)	—	−23,000	—	exited	−0.02 pp	—
LGIHLGI Homes, Inc.	—	−17,000	—	exited	−0.01 pp	—