Markel Group

Q1 2016 13F · by Tom Gayner, portfolio manager

As of: Mar 31, 2016
Filed: May 6, 2016
US stock: $3.7B · prev $3.7B
Positions: 129 · prev 130
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%

Moves59 since the prior filing

+1.2 pp in · −2.4 pp out

New 8 +0.36 pp
Added 40 +0.86 pp
Trimmed 2 −0.02 pp
Exited 9 −2.34 pp

The book

Focused · behaves like 36 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Low turnover · 3.7% a year, about 27.2 years per position

Low
Moderate
High

Top 5 positions28% of US stock

KMX CarMax Inc. held held6.7%
BRK.A Berkshire Hathaway Inc. held held6.2%
BRK.B BERKSHIRE HATHAWAY Class B held held5.8%
WBA Walgreens Boots Alliance, Inc held held4.8%
unresolved Brookfield Asset Mgmt Inc added+0.41 pp added+0.414.7%

Positions129 in this filing · 9 exited


KMXCarMax Inc.	6.74%	4,913,070	$251M	held	—	5 q
BRK.ABerkshire Hathaway Inc.	6.21%	1,084	$231M	held	—	5 q
BRK.BBERKSHIRE HATHAWAY Class B	5.76%	1,511,607	$214M	held	—	5 q
WBAWalgreens Boots Alliance, Inc	4.83%	2,135,000	$180M	held	—	5 q
unresolvedBrookfield Asset Mgmt Inc	4.71%	5,048,021	$176M	added0%	+0.41 pp	5 q
DISThe Walt Disney Company	4.24%	1,591,200	$158M	added0%	−0.28 pp	5 q
DEODiageo plc	3.73%	1,286,700	$139M	added0%	−0.06 pp	5 q
HDHome Depot, Inc.	3.30%	920,000	$123M	held	—	5 q
MARMarriott International Class A	2.77%	1,451,769	$103M	added0%	+0.14 pp	5 q
UNHUNITEDHEALTH GROUP INCORPORATED (Delaware)	2.29%	663,000	$85M	held	—	5 q
DEDeere & Company	2.26%	1,092,400	$84M	added0%	+0.01 pp	5 q
RLIRLI Corp.	2.15%	1,197,272	$80M	held	—	5 q
XOMExxon Mobil Corp	2.12%	944,800	$79M	held	—	5 q
unresolvedUnilever Spn.Adr 1:1	1.85%	1,525,900	$69M	added0%	+0.07 pp	5 q
JNJJohnson & Johnson	1.77%	610,800	$66M	added+1%	+0.09 pp	5 q
VVISA Inc.	1.75%	854,700	$65M	added0%	−0.04 pp	5 q
WPCW.P. Carey Inc. (REIT)	1.59%	950,200	$59M	held	—	5 q
NVONovo-Nordisk A/S	1.56%	1,075,000	$58M	held	—	5 q
ADMArcher Daniels Midland Company	1.40%	1,431,300	$52M	added+1%	−0.01 pp	5 q
BLQADBlackrock Inc	1.39%	152,000	$52M	held	—	5 q
GDGeneral Dynamics Corporation	1.36%	387,000	$51M	held	—	5 q
SLBSLB Limited	1.31%	662,500	$49M	added0%	+0.06 pp	5 q
ADPAutomatic Data Processing	1.28%	530,700	$48M	held	—	5 q
BF.ABrown-Forman Corporation Class A	1.21%	421,500	$45M	held	—	5 q
LOWLowe's Companies Inc.	1.10%	540,000	$41M	held	—	5 q
CPRTCopart Inc	1.06%	965,000	$39M	held	—	5 q
TRVThe Travelers Companies, Inc.	0.99%	315,000	$37M	held	—	5 q
MRSHMarsh	0.96%	589,500	$36M	held	—	5 q
unresolvedMonsanto Co	0.93%	396,700	$35M	added+1%	−0.12 pp	5 q
MMM3M Company	0.91%	204,000	$34M	held	—	5 q
unresolvedColfax Corp	0.87%	1,135,070	$32M	held	—	5 q
ELVElevance Health, Inc.	0.84%	224,000	$31M	held	—	5 q
SCHWThe Charles Schwab Corporation	0.80%	1,057,000	$30M	held	—	5 q
HASHasbro, Inc.	0.78%	364,000	$29M	held	—	5 q
OAKOaktree Capital Group, LLC	0.78%	589,500	$29M	added+4%	+0.04 pp	5 q
MCOMoody's Corporation	0.75%	290,000	$28M	held	—	5 q
ORCLOracle Corp	0.70%	638,000	$26M	held	—	5 q
CVSCvs Health Corporation	0.69%	247,000	$26M	held	—	5 q
FDSFactset Research Systems	0.67%	164,000	$25M	held	—	5 q
AXPAmerican Express Company	0.64%	386,000	$24M	held	—	5 q
ITWIllinois Tool Works Inc.	0.63%	230,000	$24M	held	—	5 q
CATCaterpillar Inc.	0.57%	278,000	$21M	held	—	5 q
FHIFederated Hermes, Inc.	0.57%	739,000	$21M	trimmed−3%	−0.02 pp	5 q
MATMattel, Inc.	0.57%	636,000	$21M	held	—	5 q
TROWT Rowe Price Group Inc	0.56%	285,000	$21M	held	—	5 q
DISCKDiscovery Inc-c	0.53%	738,000	$20M	added+3%	+0.04 pp	5 q
unresolvedLiberty Media Corp Delaware	0.53%	522,000	$20M	held	—	5 q
NKENike, Inc.	0.53%	320,000	$20M	held	—	5 q
ITICInvestors Title Co	0.52%	213,300	$19M	held	—	5 q
NOVNOV Inc.	0.51%	610,000	$19M	held	—	5 q
ECLEcolab, Inc.	0.48%	162,000	$18M	added+2%	−0.01 pp	5 q
NSCNorfolk Southern Corp.	0.47%	208,500	$17M	added+1%	0.00 pp	5 q
GOOGAlphabet Inc. Class C	0.46%	23,031	$17M	added+44%	+0.13 pp	5 q
WSOWatsco, Inc.	0.46%	127,400	$17M	added+2%	+0.06 pp	5 q
unresolvedLiberty Media Corp Delaware	0.44%	426,000	$16M	held	—	5 q
ACNAccenture PLC	0.43%	139,300	$16M	added+2%	+0.04 pp	5 q
HOGHarley-Davidson, Inc.	0.40%	292,000	$15M	held	—	4 q
unresolvedMcGraw Hill	0.39%	147,000	$15M	held	—	5 q
PEPPepsiCo, Inc.	0.38%	139,300	$14M	held	—	5 q
BXBlackstone Inc.	0.37%	487,000	$14M	held	—	5 q
MAMastercard Incorporated	0.36%	143,600	$14M	added+1%	−0.02 pp	5 q
CLBCore Laboratories Inc.	0.33%	110,000	$12M	added+1%	+0.01 pp	5 q
CMECME Group Inc.	0.30%	116,000	$11M	held	—	5 q
PMPhilip Morris International Inc.	0.30%	114,500	$11M	held	—	5 q
JPMJPMorgan Chase & Co.	0.29%	183,000	$11M	held	—	4 q
BF.BBrown-Forman Corporation Class B	0.28%	105,375	$10M	held	—	5 q
PGProcter & Gamble Company	0.28%	127,000	$10M	held	—	5 q
SEICSEI Investments Co	0.28%	240,000	$10M	added+1%	−0.06 pp	5 q
LBRDKLiberty Broadband Corporation Class C	0.27%	172,113	$10M	held	—	5 q
MSCIMSCI, Inc.	0.27%	137,000	$10M	held	—	5 q
GOOGLAlphabet Inc. Class A	0.26%	12,500	$10M	held	—	2 q
COFCapital One Financial	0.23%	126,000	$9M	held	—	3 q
EMREmerson Electric Co.	0.23%	158,000	$9M	held	—	5 q
HALHalliburton Company	0.23%	244,000	$9M	held	—	5 q
AANAaron's Inc	0.22%	326,000	$8M	held	—	5 q
CDKCDK Global, Inc.	0.22%	176,897	$8M	held	—	5 q
PAYXPaychex Inc	0.22%	150,000	$8M	held	—	5 q
ROLRollins, Inc.	0.22%	302,100	$8M	added+1%	+0.01 pp	5 q
unresolvedKkr & Co L P DEL	0.21%	533,000	$8M	held	—	5 q
PDCOPatterson Companies, Inc.	0.21%	168,000	$8M	held	—	5 q
unresolvedApollo Global Management LLC	0.18%	387,000	$7M	held	—	5 q
unresolvedThe Carlyle Group	0.18%	399,000	$7M	held	—	5 q
PCARPaccar Inc	0.17%	118,300	$6M	added+1%	+0.02 pp	3 q
UTXZRTX Corporation	0.17%	61,800	$6M	added+1%	+0.01 pp	5 q
COSTCostco Wholesale Corp	0.16%	39,000	$6M	held	—	5 q
ROKRockwell Automation, Inc.	0.15%	50,200	$6M	added+6%	+0.02 pp	4 q
ACNTAscent Industries Co.	0.15%	690,481	$5M	trimmed−12%	0.00 pp	5 q
UNPUnion Pacific Corp.	0.15%	68,500	$5M	added+5%	+0.01 pp	2 q
AMZNAmazon.Com Inc	0.14%	9,000	$5M	added×2.7	+0.08 pp	2 q
PHParker-Hannifin Corporation	0.14%	46,200	$5M	added+6%	+0.03 pp	4 q
LBRDALiberty Broadband Corporation Class A	0.13%	86,250	$5M	held	—	5 q
LBTYALiberty Global Ltd. Class A	0.12%	118,000	$5M	held	—	5 q
CMICummins Inc.	0.11%	37,500	$4M	added+4%	+0.02 pp	3 q
VRSKVerisk Analytics, Inc.	0.11%	52,000	$4M	held	—	5 q
WAIRWESCO Aircraft Holdings Inc.	0.11%	287,000	$4M	held	—	5 q
UPBDUpbound Group, Inc.	0.10%	238,000	$4M	held	—	5 q
unresolvedAon PLC	0.10%	37,000	$4M	held	—	4 q
ADIAnalog Devices, Inc.	0.09%	56,000	$3M	new	+0.09 pp	new
MSFTMicrosoft Corp	0.09%	64,000	$4M	added×2.1	+0.04 pp	2 q
AAPLApple Inc.	0.08%	26,100	$3M	added+9%	+0.01 pp	4 q
CRRCarbo Ceramics Inc.	0.08%	215,000	$3M	held	—	5 q
unresolvedLinear Technology Group	0.08%	66,000	$3M	new	+0.08 pp	new
RBARB Global, Inc.	0.08%	109,000	$3M	held	—	5 q
TXNTexas Instruments Incorporated	0.08%	55,000	$3M	new	+0.08 pp	new
GHCGraham Holdings Company	0.07%	5,200	$2M	held	—	5 q
unresolvedMead Johnson Nut'n Co	0.07%	28,800	$2M	added+86%	+0.04 pp	2 q
ROSTRoss Stores Inc	0.07%	46,000	$3M	held	—	5 q
YAlleghany Corporation	0.06%	4,328	$2M	held	—	5 q
CSXCSX Corporation	0.06%	90,000	$2M	added+6%	0.00 pp	2 q
CABOCable One, Inc.	0.06%	5,200	$2M	held	—	3 q
DNOWDNOW Inc.	0.06%	118,500	$2M	held	—	5 q
AMTAmerican Tower Corporation	0.05%	20,000	$2M	held	—	4 q
BCRCR Bard Inc.	0.05%	9,000	$2M	held	—	3 q
CSCOCisco Systems, Inc. (DE)	0.05%	63,000	$2M	new	+0.05 pp	new
BDXBecton, Dickinson and Co.	0.04%	9,000	$1M	held	—	3 q
METAMeta Platforms, Inc. Class A	0.04%	14,000	$2M	added×4.0	+0.03 pp	2 q
HSYThe Hershey Company	0.04%	16,400	$2M	added+37%	+0.01 pp	2 q
PXGBXPraxair Inc	0.04%	14,200	$2M	added+23%	+0.01 pp	2 q
BAXBaxter International Inc.	0.02%	22,000	$904,000	held	—	3 q
BABoeing Company	0.02%	5,100	$647,000	added+6%	0.00 pp	2 q
BMYBristol-Myers Squibb Co.	0.02%	10,000	$639,000	held	—	2 q
CULPCulp, Inc.	0.02%	30,227	$793,000	held	—	5 q
GWRGenesee & Wyoming Inc.	0.02%	11,000	$690,000	added+10%	+0.01 pp	2 q
GSGoldman Sachs Group Inc.	0.02%	3,600	$565,000	new	+0.02 pp	new
LYVLive Nation Entertainment Inc.	0.02%	33,400	$745,000	added+34%	0.00 pp	2 q
MXIMMaxim Integrated Products	0.02%	20,000	$736,000	new	+0.02 pp	new
BGBunge Global SA	0.02%	11,800	$669,000	added+69%	+0.01 pp	2 q
NVSNovartis AG	0.01%	3,700	$268,000	new	+0.01 pp	new
VFCV.F. Corporation	0.01%	3,200	$207,000	new	+0.01 pp	new
UPSUnited Parcel Service, Inc. Class B	—	−793,500	—	exited	−2.07 pp	—
FDXFedEx Corporation	—	−32,000	—	exited	−0.13 pp	—
unresolvedCoach Inc	—	−54,000	—	exited	−0.05 pp	—
DCIDonaldson Company, Inc.	—	−48,000	—	exited	−0.04 pp	—
PJTPJT Partners Inc.	—	−12,175	—	exited	−0.01 pp	—
RUSHARush Enterprises Inc	—	−15,000	—	exited	−0.01 pp	—
unresolvedStarz	—	−12,000	—	exited	−0.01 pp	—
STTState Street Corporation	—	−4,500	—	exited	−0.01 pp	—
99998USDLiberty Global PLC Lilac - A	—	−5,100	—	exited	−0.01 pp	—