Markel Group

Q4 2015 13F · by Tom Gayner, portfolio manager

As of: Dec 31, 2015
Filed: Feb 12, 2016
US stock: $3.7B · prev $3.8B
Positions: 130 · prev 121
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%

Moves70 since the prior filing

+5.1 pp in · −7.5 pp out

New 17 +0.78 pp
Added 44 +4.37 pp
Trimmed 1 −0.94 pp
Exited 8 −6.58 pp

The book

Focused · behaves like 36 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Low turnover · 12% a year, about 8.4 years per position

Low
Moderate
High

Top 5 positions28% of US stock

KMX CarMax Inc. held held7.2%
BRK.A Berkshire Hathaway Inc. added+0.25 pp added+0.255.8%
BRK.B BERKSHIRE HATHAWAY Class B held held5.4%
WBA Walgreens Boots Alliance, Inc held held4.9%
DIS The Walt Disney Company added+0.28 pp added+0.284.5%

Positions130 in this filing · 8 exited


KMXCarMax Inc.	7.18%	4,913,070	$265M	held	—	4 q
BRK.ABerkshire Hathaway Inc.	5.80%	1,084	$214M	added0%	+0.25 pp	4 q
BRK.BBERKSHIRE HATHAWAY Class B	5.40%	1,511,607	$200M	held	—	4 q
WBAWalgreens Boots Alliance, Inc	4.92%	2,135,000	$182M	held	—	4 q
DISThe Walt Disney Company	4.52%	1,589,000	$167M	added+1%	+0.28 pp	4 q
unresolvedBrookfield Asset Mgmt Inc	4.30%	5,042,821	$159M	added0%	+0.14 pp	4 q
DEODiageo plc	3.79%	1,284,500	$140M	added+1%	+0.18 pp	4 q
HDHome Depot, Inc.	3.29%	920,000	$122M	held	—	4 q
MARMarriott International Class A	2.63%	1,448,369	$97M	added+2%	+0.07 pp	4 q
DEDeere & Company	2.25%	1,091,000	$83M	added+5%	+0.23 pp	4 q
UNHUNITEDHEALTH GROUP INCORPORATED (Delaware)	2.11%	663,000	$78M	held	—	4 q
UPSUnited Parcel Service, Inc. Class B	2.07%	793,500	$76M	added+3%	+0.07 pp	4 q
RLIRLI Corp.	2.00%	1,197,272	$74M	held	—	4 q
XOMExxon Mobil Corp	1.99%	944,800	$74M	added0%	+0.15 pp	4 q
VVISA Inc.	1.79%	851,500	$66M	added+2%	+0.26 pp	4 q
unresolvedUnilever Spn.Adr 1:1	1.78%	1,522,000	$66M	added+2%	+0.17 pp	4 q
NVONovo-Nordisk A/S	1.69%	1,075,000	$62M	held	—	4 q
JNJJohnson & Johnson	1.68%	605,200	$62M	added+4%	+0.25 pp	4 q
WPCW.P. Carey Inc. (REIT)	1.52%	950,200	$56M	held	—	4 q
GDGeneral Dynamics Corporation	1.44%	387,000	$53M	held	—	4 q
ADMArcher Daniels Midland Company	1.41%	1,424,000	$52M	added+3%	−0.09 pp	4 q
BLQADBlackrock Inc	1.40%	152,000	$52M	held	—	4 q
BF.ABrown-Forman Corporation Class A	1.26%	421,500	$46M	held	—	4 q
SLBSLB Limited	1.25%	662,000	$46M	added+2%	+0.07 pp	4 q
ADPAutomatic Data Processing	1.22%	530,700	$45M	held	—	4 q
LOWLowe's Companies Inc.	1.11%	540,000	$41M	held	—	4 q
unresolvedMonsanto Co	1.05%	392,000	$39M	added+57%	+0.49 pp	4 q
CPRTCopart Inc	0.99%	965,000	$37M	held	—	4 q
TRVThe Travelers Companies, Inc.	0.96%	315,000	$36M	added+4%	+0.17 pp	4 q
SCHWThe Charles Schwab Corporation	0.94%	1,057,000	$35M	held	—	4 q
MRSHMarsh	0.88%	589,500	$33M	added+5%	+0.11 pp	4 q
ELVElevance Health, Inc.	0.85%	224,000	$31M	held	—	4 q
MMM3M Company	0.83%	204,000	$31M	held	—	4 q
MCOMoody's Corporation	0.79%	290,000	$29M	held	—	4 q
OAKOaktree Capital Group, LLC	0.74%	569,500	$27M	added+25%	+0.15 pp	4 q
AXPAmerican Express Company	0.73%	386,000	$27M	held	—	4 q
unresolvedColfax Corp	0.72%	1,135,070	$27M	held	—	4 q
FDSFactset Research Systems	0.72%	164,000	$27M	held	—	4 q
HASHasbro, Inc.	0.66%	364,000	$25M	held	—	4 q
CVSCvs Health Corporation	0.65%	247,000	$24M	held	—	4 q
ORCLOracle Corp	0.63%	638,000	$23M	held	—	4 q
FHIFederated Hermes, Inc.	0.59%	764,000	$22M	trimmed−62%	−0.94 pp	4 q
ITWIllinois Tool Works Inc.	0.58%	230,000	$21M	held	—	4 q
ITICInvestors Title Co	0.58%	213,300	$21M	held	—	4 q
NOVNOV Inc.	0.55%	610,000	$20M	held	—	4 q
TROWT Rowe Price Group Inc	0.55%	285,000	$20M	added+2%	+0.04 pp	4 q
unresolvedLiberty Media Corp Delaware	0.54%	522,000	$20M	added+1%	+0.07 pp	4 q
NKENike, Inc.	0.54%	320,000	$20M	held	—	4 q
CATCaterpillar Inc.	0.51%	278,000	$19M	held	—	4 q
DISCKDiscovery Inc-c	0.49%	718,000	$18M	added+35%	+0.15 pp	4 q
ECLEcolab, Inc.	0.49%	159,500	$18M	added+7%	+0.06 pp	4 q
MATMattel, Inc.	0.47%	636,000	$17M	added+9%	+0.15 pp	4 q
NSCNorfolk Southern Corp.	0.47%	207,000	$18M	added+36%	+0.16 pp	4 q
unresolvedLiberty Media Corp Delaware	0.45%	426,000	$17M	held	—	4 q
WSOWatsco, Inc.	0.40%	125,000	$15M	added+15%	+0.06 pp	4 q
BXBlackstone Inc.	0.39%	487,000	$14M	held	—	4 q
unresolvedMcGraw Hill	0.39%	147,000	$14M	held	—	4 q
ACNAccenture PLC	0.39%	137,000	$14M	added+1%	+0.04 pp	4 q
MAMastercard Incorporated	0.38%	142,500	$14M	added+10%	+0.07 pp	4 q
PEPPepsiCo, Inc.	0.38%	139,300	$14M	held	—	4 q
HOGHarley-Davidson, Inc.	0.36%	292,000	$13M	added+36%	+0.05 pp	3 q
SEICSEI Investments Co	0.34%	237,000	$12M	held	—	4 q
GOOGAlphabet Inc. Class C	0.33%	16,031	$12M	added+28%	+0.13 pp	4 q
JPMJPMorgan Chase & Co.	0.33%	183,000	$12M	held	—	3 q
CLBCore Laboratories Inc.	0.32%	109,000	$12M	held	—	4 q
BF.BBrown-Forman Corporation Class B	0.28%	105,375	$10M	held	—	4 q
CMECME Group Inc.	0.28%	116,000	$11M	held	—	4 q
MSCIMSCI, Inc.	0.27%	137,000	$10M	held	—	4 q
PMPhilip Morris International Inc.	0.27%	114,500	$10M	held	—	4 q
PGProcter & Gamble Company	0.27%	127,000	$10M	held	—	4 q
GOOGLAlphabet Inc. Class A	0.26%	12,500	$10M	new	+0.26 pp	new
COFCapital One Financial	0.25%	126,000	$9M	added+1%	+0.01 pp	2 q
LBRDKLiberty Broadband Corporation Class C	0.24%	172,113	$9M	held	—	4 q
CDKCDK Global, Inc.	0.23%	176,897	$8M	held	—	4 q
HALHalliburton Company	0.22%	244,000	$8M	held	—	4 q
unresolvedKkr & Co L P DEL	0.22%	533,000	$8M	held	—	4 q
PDCOPatterson Companies, Inc.	0.21%	168,000	$8M	held	—	4 q
PAYXPaychex Inc	0.21%	150,000	$8M	held	—	4 q
ROLRollins, Inc.	0.21%	298,500	$8M	added+8%	+0.01 pp	4 q
AANAaron's Inc	0.20%	326,000	$7M	held	—	4 q
EMREmerson Electric Co.	0.20%	158,000	$8M	held	—	4 q
unresolvedThe Carlyle Group	0.17%	399,000	$6M	held	—	4 q
COSTCostco Wholesale Corp	0.17%	39,000	$6M	held	—	4 q
unresolvedApollo Global Management LLC	0.16%	387,000	$6M	held	—	4 q
UTXZRTX Corporation	0.16%	61,000	$6M	added+15%	+0.04 pp	4 q
PCARPaccar Inc	0.15%	117,500	$6M	added+81%	+0.06 pp	2 q
ACNTAscent Industries Co.	0.15%	785,343	$5M	held	—	4 q
UNPUnion Pacific Corp.	0.14%	65,000	$5M	new	+0.14 pp	new
LBTYALiberty Global Ltd. Class A	0.14%	118,000	$5M	held	—	4 q
FDXFedEx Corporation	0.13%	32,000	$5M	added×2.1	+0.07 pp	2 q
ROKRockwell Automation, Inc.	0.13%	47,500	$5M	added+32%	+0.03 pp	3 q
LBRDALiberty Broadband Corporation Class A	0.12%	86,250	$4M	added+7%	+0.01 pp	4 q
PHParker-Hannifin Corporation	0.11%	43,500	$4M	added+45%	+0.03 pp	3 q
VRSKVerisk Analytics, Inc.	0.11%	52,000	$4M	added+18%	+0.02 pp	4 q
CRRCarbo Ceramics Inc.	0.10%	215,000	$4M	held	—	4 q
UPBDUpbound Group, Inc.	0.10%	238,000	$4M	held	—	4 q
CMICummins Inc.	0.09%	36,000	$3M	added+44%	+0.02 pp	2 q
WAIRWESCO Aircraft Holdings Inc.	0.09%	287,000	$3M	held	—	4 q
unresolvedAon PLC	0.09%	37,000	$3M	added+32%	+0.02 pp	3 q
AAPLApple Inc.	0.07%	24,000	$3M	added+33%	+0.02 pp	3 q
GHCGraham Holdings Company	0.07%	5,200	$3M	held	—	4 q
RBARB Global, Inc.	0.07%	109,000	$3M	held	—	4 q
ROSTRoss Stores Inc	0.07%	46,000	$2M	held	—	4 q
YAlleghany Corporation	0.06%	4,328	$2M	held	—	4 q
AMZNAmazon.Com Inc	0.06%	3,300	$2M	new	+0.06 pp	new
CSXCSX Corporation	0.06%	85,000	$2M	new	+0.06 pp	new
CABOCable One, Inc.	0.06%	5,200	$2M	held	—	2 q
AMTAmerican Tower Corporation	0.05%	20,000	$2M	held	—	3 q
BCRCR Bard Inc.	0.05%	9,000	$2M	added×2.3	+0.03 pp	2 q
unresolvedCoach Inc	0.05%	54,000	$2M	held	—	4 q
MSFTMicrosoft Corp	0.05%	30,000	$2M	new	+0.05 pp	new
DNOWDNOW Inc.	0.05%	118,500	$2M	held	—	4 q
BDXBecton, Dickinson and Co.	0.04%	9,000	$1M	added×2.3	+0.03 pp	2 q
DCIDonaldson Company, Inc.	0.04%	48,000	$1M	added×2.7	+0.03 pp	2 q
HSYThe Hershey Company	0.03%	12,000	$1M	new	+0.03 pp	new
unresolvedMead Johnson Nut'n Co	0.03%	15,500	$1M	new	+0.03 pp	new
PXGBXPraxair Inc	0.03%	11,500	$1M	new	+0.03 pp	new
BAXBaxter International Inc.	0.02%	22,000	$839,000	added×2.2	+0.01 pp	2 q
BABoeing Company	0.02%	4,800	$694,000	new	+0.02 pp	new
BMYBristol-Myers Squibb Co.	0.02%	10,000	$688,000	new	+0.02 pp	new
CULPCulp, Inc.	0.02%	30,227	$770,000	held	—	4 q
LYVLive Nation Entertainment Inc.	0.02%	25,000	$614,000	new	+0.02 pp	new
METAMeta Platforms, Inc. Class A	0.01%	3,500	$366,000	new	+0.01 pp	new
GWRGenesee & Wyoming Inc.	0.01%	10,000	$537,000	new	+0.01 pp	new
PJTPJT Partners Inc.	0.01%	12,175	$344,000	new	+0.01 pp	new
RUSHARush Enterprises Inc	0.01%	15,000	$328,000	held	—	4 q
unresolvedStarz	0.01%	12,000	$402,000	held	—	4 q
STTState Street Corporation	0.01%	4,500	$299,000	new	+0.01 pp	new
BGBunge Global SA	0.01%	7,000	$478,000	new	+0.01 pp	new
99998USDLiberty Global PLC Lilac - A	0.01%	5,100	$211,000	new	+0.01 pp	new
unresolvedGeneral Electric Co	—	−2,963,000	—	exited	−1.97 pp	—
WMTWalmart Inc.	—	−1,098,000	—	exited	−1.88 pp	—
BUDAnheuser-Busch INBEV SA/NV	—	−425,000	—	exited	−1.19 pp	—
INTCIntel Corp	—	−991,000	—	exited	−0.79 pp	—
MCDMcDonald's Corporation	—	−181,000	—	exited	−0.47 pp	—
unresolvedGoogle Inc.	—	−12,500	—	exited	−0.21 pp	—
LVSLas Vegas Sands Corp.	—	−48,000	—	exited	−0.05 pp	—
DARDarling Ingredients Inc.	—	−65,000	—	exited	−0.02 pp	—