Markel Group

Q3 2015 13F · by Tom Gayner, portfolio manager

As of: Sep 30, 2015
Filed: Nov 9, 2015
US stock: $3.8B · prev $4.0B
Positions: 121 · prev 112
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%

Moves68 since the prior filing

+1.2 pp in · −1.0 pp out

New 10 +0.62 pp
Added 56 +0.61 pp
Trimmed 1 −0.25 pp
Exited 1 −0.75 pp

The book

Focused · behaves like 38 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Low turnover · 3.5% a year, about 28.3 years per position

Low
Moderate
High

Top 5 positions27% of US stock

KMX CarMax Inc. held held7.7%
BRK.A Berkshire Hathaway Inc. added+0.04 pp added+0.045.5%
BRK.B BERKSHIRE HATHAWAY Class B held held5.2%
WBA Walgreens Boots Alliance, Inc held held4.7%
DIS The Walt Disney Company added−0.19 pp added−0.194.2%

Positions121 in this filing · 1 exited


KMXCarMax Inc.	7.68%	4,913,070	$291M	held	—	3 q
BRK.ABerkshire Hathaway Inc.	5.55%	1,079	$211M	added0%	+0.04 pp	3 q
BRK.BBERKSHIRE HATHAWAY Class B	5.19%	1,511,607	$197M	held	—	3 q
WBAWalgreens Boots Alliance, Inc	4.67%	2,135,000	$177M	held	—	3 q
DISThe Walt Disney Company	4.24%	1,575,500	$161M	added+1%	−0.19 pp	3 q
unresolvedBrookfield Asset Mgmt Inc	4.16%	5,018,821	$158M	added0%	−0.20 pp	3 q
DEODiageo plc	3.61%	1,271,000	$137M	added+2%	−0.02 pp	3 q
HDHome Depot, Inc.	2.80%	920,000	$106M	held	—	3 q
MARMarriott International Class A	2.56%	1,422,869	$97M	added+3%	−0.01 pp	3 q
UNHUNITEDHEALTH GROUP INCORPORATED (Delaware)	2.03%	663,000	$77M	held	—	3 q
DEDeere & Company	2.02%	1,035,000	$77M	added+5%	−0.37 pp	3 q
UPSUnited Parcel Service, Inc. Class B	2.00%	767,500	$76M	added+2%	+0.17 pp	3 q
unresolvedGeneral Electric Co	1.97%	2,963,000	$75M	held	—	3 q
WMTWalmart Inc.	1.88%	1,098,000	$71M	held	—	3 q
XOMExxon Mobil Corp	1.84%	940,800	$70M	added+6%	0.00 pp	3 q
RLIRLI Corp.	1.69%	1,197,272	$64M	held	—	3 q
unresolvedUnilever Spn.Adr 1:1	1.61%	1,497,000	$61M	added+2%	+0.03 pp	3 q
NVONovo-Nordisk A/S	1.54%	1,075,000	$58M	held	—	3 q
FHIFederated Hermes, Inc.	1.53%	2,009,000	$58M	trimmed−6%	−0.25 pp	3 q
VVISA Inc.	1.53%	834,000	$58M	added+2%	+0.16 pp	3 q
ADMArcher Daniels Midland Company	1.50%	1,376,000	$57M	held	—	3 q
WPCW.P. Carey Inc. (REIT)	1.45%	950,200	$55M	held	—	3 q
JNJJohnson & Johnson	1.43%	582,200	$54M	added+1%	+0.03 pp	3 q
GDGeneral Dynamics Corporation	1.41%	387,000	$53M	held	—	3 q
BUDAnheuser-Busch INBEV SA/NV	1.19%	425,000	$45M	held	—	3 q
BLQADBlackrock Inc	1.19%	152,000	$45M	added+9%	−0.02 pp	3 q
BF.ABrown-Forman Corporation Class A	1.19%	421,500	$45M	held	—	3 q
SLBSLB Limited	1.18%	652,000	$45M	added+5%	−0.16 pp	3 q
ADPAutomatic Data Processing	1.12%	530,700	$43M	held	—	3 q
LOWLowe's Companies Inc.	0.98%	540,000	$37M	held	—	3 q
unresolvedColfax Corp	0.89%	1,135,070	$34M	added+5%	−0.36 pp	3 q
CPRTCopart Inc	0.84%	965,000	$32M	added+2%	0.00 pp	3 q
ELVElevance Health, Inc.	0.83%	224,000	$31M	held	—	3 q
SCHWThe Charles Schwab Corporation	0.80%	1,057,000	$30M	held	—	3 q
INTCIntel Corp	0.79%	991,000	$30M	held	—	3 q
TRVThe Travelers Companies, Inc.	0.79%	303,000	$30M	added+12%	+0.14 pp	3 q
MRSHMarsh	0.77%	559,000	$29M	added+23%	+0.12 pp	3 q
MMM3M Company	0.76%	204,000	$29M	held	—	3 q
AXPAmerican Express Company	0.75%	386,000	$29M	added+5%	+0.04 pp	3 q
MCOMoody's Corporation	0.75%	290,000	$28M	added+4%	0.00 pp	3 q
FDSFactset Research Systems	0.69%	164,000	$26M	added+8%	+0.07 pp	3 q
HASHasbro, Inc.	0.69%	364,000	$26M	held	—	3 q
CVSCvs Health Corporation	0.63%	247,000	$24M	held	—	3 q
NOVNOV Inc.	0.61%	610,000	$23M	held	—	3 q
ORCLOracle Corp	0.61%	638,000	$23M	held	—	3 q
OAKOaktree Capital Group, LLC	0.59%	454,500	$22M	added+40%	+0.16 pp	3 q
unresolvedMonsanto Co	0.56%	249,000	$21M	added+30%	+0.05 pp	3 q
NKENike, Inc.	0.52%	160,000	$20M	held	—	3 q
TROWT Rowe Price Group Inc	0.51%	279,000	$19M	added+10%	+0.02 pp	3 q
ITWIllinois Tool Works Inc.	0.50%	230,000	$19M	held	—	3 q
CATCaterpillar Inc.	0.48%	278,000	$18M	added+15%	−0.03 pp	3 q
unresolvedLiberty Media Corp Delaware	0.47%	516,000	$18M	held	—	3 q
MCDMcDonald's Corporation	0.47%	181,000	$18M	held	—	3 q
ECLEcolab, Inc.	0.43%	149,000	$16M	added+9%	+0.04 pp	3 q
BXBlackstone Inc.	0.41%	487,000	$15M	added+6%	−0.06 pp	3 q
ITICInvestors Title Co	0.40%	213,300	$15M	held	—	3 q
unresolvedLiberty Media Corp Delaware	0.40%	426,000	$15M	added+4%	+0.03 pp	3 q
PEPPepsiCo, Inc.	0.35%	139,300	$13M	added+4%	+0.04 pp	3 q
ACNAccenture PLC	0.35%	135,000	$13M	held	—	3 q
DISCKDiscovery Inc-c	0.34%	533,000	$13M	added×2.3	+0.16 pp	3 q
WSOWatsco, Inc.	0.34%	109,000	$13M	added+17%	+0.05 pp	3 q
unresolvedMcGraw Hill	0.33%	147,000	$13M	added+9%	−0.01 pp	3 q
MATMattel, Inc.	0.32%	584,000	$12M	added+18%	0.00 pp	3 q
AANAaron's Inc	0.31%	326,000	$12M	added+1%	+0.02 pp	3 q
HOGHarley-Davidson, Inc.	0.31%	215,000	$12M	added×4.8	+0.25 pp	2 q
MAMastercard Incorporated	0.31%	129,000	$12M	added+10%	+0.04 pp	3 q
NSCNorfolk Southern Corp.	0.31%	152,000	$12M	added+55%	+0.10 pp	3 q
SEICSEI Investments Co	0.30%	237,000	$11M	held	—	3 q
JPMJPMorgan Chase & Co.	0.29%	183,000	$11M	added×2.2	+0.15 pp	2 q
CLBCore Laboratories Inc.	0.29%	109,000	$11M	held	—	3 q
CMECME Group Inc.	0.28%	116,000	$11M	added+2%	+0.02 pp	3 q
BF.BBrown-Forman Corporation Class B	0.27%	105,375	$10M	held	—	3 q
COFCapital One Financial	0.24%	125,000	$9M	new	+0.24 pp	new
unresolvedKkr & Co L P DEL	0.24%	533,000	$9M	added+7%	−0.04 pp	3 q
PMPhilip Morris International Inc.	0.24%	114,500	$9M	held	—	3 q
PGProcter & Gamble Company	0.24%	127,000	$9M	held	—	3 q
HALHalliburton Company	0.23%	244,000	$9M	added+11%	−0.01 pp	3 q
LBRDKLiberty Broadband Corporation Class C	0.23%	172,113	$9M	held	—	3 q
CDKCDK Global, Inc.	0.22%	176,897	$8M	held	—	3 q
unresolvedGoogle Inc.	0.21%	12,500	$8M	held	—	3 q
MSCIMSCI, Inc.	0.21%	137,000	$8M	added+10%	+0.02 pp	3 q
GOOGAlphabet Inc. Class C	0.20%	12,531	$8M	held	—	3 q
ROLRollins, Inc.	0.20%	276,000	$7M	added+15%	+0.03 pp	3 q
PDCOPatterson Companies, Inc.	0.19%	168,000	$7M	added+1%	−0.01 pp	3 q
PAYXPaychex Inc	0.19%	150,000	$7M	held	—	3 q
ACNTAscent Industries Co.	0.19%	785,343	$7M	held	—	3 q
unresolvedApollo Global Management LLC	0.18%	387,000	$7M	added+7%	−0.02 pp	3 q
unresolvedThe Carlyle Group	0.18%	399,000	$7M	added+6%	−0.08 pp	3 q
EMREmerson Electric Co.	0.18%	158,000	$7M	held	—	3 q
COSTCostco Wholesale Corp	0.15%	39,000	$6M	held	—	3 q
UPBDUpbound Group, Inc.	0.15%	238,000	$6M	added+1%	−0.02 pp	3 q
LBTYALiberty Global Ltd. Class A	0.13%	118,000	$5M	added+18%	−0.01 pp	3 q
UTXZRTX Corporation	0.12%	53,000	$5M	held	—	3 q
CRRCarbo Ceramics Inc.	0.11%	215,000	$4M	held	—	3 q
LBRDALiberty Broadband Corporation Class A	0.11%	80,250	$4M	held	—	3 q
ROKRockwell Automation, Inc.	0.10%	36,000	$4M	added×2.0	+0.04 pp	2 q
PCARPaccar Inc	0.09%	65,000	$3M	new	+0.09 pp	new
VRSKVerisk Analytics, Inc.	0.09%	44,000	$3M	added+38%	+0.03 pp	3 q
WAIRWESCO Aircraft Holdings Inc.	0.09%	287,000	$4M	added+17%	0.00 pp	3 q
GHCGraham Holdings Company	0.08%	5,200	$3M	held	—	3 q
PHParker-Hannifin Corporation	0.08%	30,000	$3M	added×3.8	+0.06 pp	2 q
CMICummins Inc.	0.07%	25,000	$3M	new	+0.07 pp	new
RBARB Global, Inc.	0.07%	109,000	$3M	added+2%	0.00 pp	3 q
unresolvedAon PLC	0.07%	28,000	$2M	added×7.0	+0.06 pp	2 q
CABOCable One, Inc.	0.06%	5,200	$2M	new	+0.06 pp	new
FDXFedEx Corporation	0.06%	15,000	$2M	new	+0.06 pp	new
ROSTRoss Stores Inc	0.06%	46,000	$2M	held	—	3 q
YAlleghany Corporation	0.05%	4,328	$2M	held	—	3 q
AMTAmerican Tower Corporation	0.05%	20,000	$2M	added×2.5	+0.03 pp	2 q
AAPLApple Inc.	0.05%	18,000	$2M	added×3.0	+0.03 pp	2 q
LVSLas Vegas Sands Corp.	0.05%	48,000	$2M	new	+0.05 pp	new
DNOWDNOW Inc.	0.05%	118,500	$2M	held	—	3 q
unresolvedCoach Inc	0.04%	54,000	$2M	added+10%	0.00 pp	3 q
CULPCulp, Inc.	0.03%	30,227	$969,000	held	—	3 q
BCRCR Bard Inc.	0.02%	4,000	$745,000	new	+0.02 pp	new
DARDarling Ingredients Inc.	0.02%	65,000	$731,000	held	—	2 q
BAXBaxter International Inc.	0.01%	10,000	$328,000	new	+0.01 pp	new
BDXBecton, Dickinson and Co.	0.01%	4,000	$531,000	new	+0.01 pp	new
DCIDonaldson Company, Inc.	0.01%	18,000	$505,000	new	+0.01 pp	new
RUSHARush Enterprises Inc	0.01%	15,000	$363,000	held	—	3 q
unresolvedStarz	0.01%	12,000	$448,000	held	—	3 q
unresolvedChubb	—	−314,000	—	exited	−0.75 pp	—