Markel Group

Q2 2016 13F · by Tom Gayner, portfolio manager

As of: Jun 30, 2016
Filed: Aug 5, 2016
US stock: $3.8B · prev $3.7B
Positions: 130 · prev 129
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%

Moves79 since the prior filing

+3.5 pp in · −3.7 pp out

New 16 +1.62 pp
Added 47 +1.92 pp
Trimmed 1 −0.07 pp
Exited 15 −3.66 pp

The book

Focused · behaves like 37 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Low turnover · 15% a year, about 6.8 years per position

Low
Moderate
High

Top 5 positions27% of US stock

KMX CarMax Inc. held held6.3%
BRK.A Berkshire Hathaway Inc. held held6.2%
BRK.B BERKSHIRE HATHAWAY Class B held held5.8%
WBA Walgreens Boots Alliance, Inc held held4.7%
unresolved Brookfield Asset Mgmt Inc added−0.28 pp added−0.284.4%

Positions130 in this filing · 15 exited


KMXCarMax Inc.	6.35%	4,913,070	$241M	held	—	6 q
BRK.ABerkshire Hathaway Inc.	6.20%	1,084	$235M	held	—	6 q
BRK.BBERKSHIRE HATHAWAY Class B	5.77%	1,511,607	$219M	held	—	6 q
WBAWalgreens Boots Alliance, Inc	4.69%	2,135,000	$178M	held	—	6 q
unresolvedBrookfield Asset Mgmt Inc	4.43%	5,082,821	$168M	added+1%	−0.28 pp	6 q
DISThe Walt Disney Company	4.15%	1,611,200	$158M	added+1%	−0.09 pp	6 q
DEODiageo plc	3.87%	1,302,300	$147M	added+1%	+0.14 pp	6 q
HDHome Depot, Inc.	3.10%	920,000	$117M	held	—	6 q
MARMarriott International Class A	2.58%	1,472,269	$98M	added+1%	−0.19 pp	6 q
UNHUNITEDHEALTH GROUP INCORPORATED (Delaware)	2.47%	663,000	$94M	held	—	6 q
DEDeere & Company	2.33%	1,092,400	$89M	held	—	6 q
XOMExxon Mobil Corp	2.33%	944,800	$89M	held	—	6 q
RLIRLI Corp.	2.17%	1,197,272	$82M	held	—	6 q
JNJJohnson & Johnson	1.95%	610,800	$74M	held	—	6 q
unresolvedUnilever Spn.Adr 1:1	1.93%	1,527,600	$73M	added0%	+0.08 pp	6 q
WPCW.P. Carey Inc. (REIT)	1.74%	950,200	$66M	held	—	6 q
VVISA Inc.	1.68%	861,700	$64M	added+1%	−0.07 pp	6 q
ADMArcher Daniels Midland Company	1.65%	1,463,300	$63M	added+2%	+0.25 pp	6 q
NVONovo-Nordisk A/S	1.52%	1,075,000	$58M	held	—	6 q
GDGeneral Dynamics Corporation	1.42%	387,000	$54M	held	—	6 q
BLQADBlackrock Inc	1.39%	154,500	$53M	added+2%	0.00 pp	6 q
SLBSLB Limited	1.38%	662,500	$52M	held	—	6 q
ADPAutomatic Data Processing	1.28%	530,700	$49M	held	—	6 q
CPRTCopart Inc	1.25%	965,000	$47M	held	—	6 q
BF.ABrown-Forman Corporation Class A	1.20%	421,500	$46M	held	—	6 q
LOWLowe's Companies Inc.	1.13%	540,000	$43M	held	—	6 q
MRSHMarsh	1.10%	609,500	$42M	added+3%	+0.14 pp	6 q
unresolvedMonsanto Co	1.08%	396,700	$41M	held	—	6 q
TRVThe Travelers Companies, Inc.	0.99%	315,000	$37M	held	—	6 q
MMM3M Company	0.94%	204,000	$36M	held	—	6 q
HASHasbro, Inc.	0.81%	364,000	$31M	held	—	6 q
unresolvedColfax Corp	0.79%	1,135,070	$30M	held	—	6 q
ELVElevance Health, Inc.	0.78%	224,000	$29M	held	—	6 q
OAKOaktree Capital Group, LLC	0.76%	644,500	$29M	added+9%	−0.02 pp	6 q
MCOMoody's Corporation	0.72%	290,000	$27M	held	—	6 q
SCHWThe Charles Schwab Corporation	0.71%	1,057,000	$27M	held	—	6 q
FDSFactset Research Systems	0.70%	164,000	$26M	held	—	6 q
ORCLOracle Corp	0.69%	638,000	$26M	held	—	6 q
ITWIllinois Tool Works Inc.	0.63%	230,000	$24M	held	—	6 q
AXPAmerican Express Company	0.62%	386,000	$23M	held	—	6 q
CVSCvs Health Corporation	0.62%	247,000	$24M	held	—	6 q
GOOGAlphabet Inc. Class C	0.61%	33,531	$23M	added+46%	+0.15 pp	6 q
CATCaterpillar Inc.	0.56%	278,000	$21M	held	—	6 q
WSOWatsco, Inc.	0.56%	150,500	$21M	added+18%	+0.10 pp	6 q
TROWT Rowe Price Group Inc	0.55%	285,000	$21M	held	—	6 q
ITICInvestors Title Co	0.54%	213,300	$20M	held	—	6 q
NOVNOV Inc.	0.54%	610,000	$21M	held	—	6 q
ECLEcolab, Inc.	0.52%	165,800	$20M	added+2%	+0.04 pp	6 q
NSCNorfolk Southern Corp.	0.51%	229,500	$20M	added+10%	+0.04 pp	6 q
DISCKDiscovery Inc-c	0.48%	756,000	$18M	added+2%	−0.05 pp	6 q
NKENike, Inc.	0.47%	320,000	$18M	held	—	6 q
ACNAccenture PLC	0.44%	146,400	$17M	added+5%	+0.01 pp	6 q
LSXMKLiberty Media Cor-siriusxm C	0.42%	522,000	$16M	new	+0.42 pp	new
SPGIS&P Global Inc.	0.42%	147,000	$16M	new	+0.42 pp	new
PEPPepsiCo, Inc.	0.41%	145,100	$15M	added+4%	+0.03 pp	6 q
AMZNAmazon.Com Inc	0.37%	19,500	$14M	added×2.2	+0.23 pp	3 q
TXNTexas Instruments Incorporated	0.37%	225,000	$14M	added×4.1	+0.29 pp	2 q
HOGHarley-Davidson, Inc.	0.36%	305,000	$14M	added+4%	−0.04 pp	5 q
CLBCore Laboratories Inc.	0.36%	110,000	$14M	held	—	6 q
LM03Liberty Media Cor-siriusxm A	0.35%	426,000	$13M	new	+0.35 pp	new
MAMastercard Incorporated	0.35%	150,600	$13M	added+5%	−0.01 pp	6 q
BXBlackstone Inc.	0.32%	499,000	$12M	added+2%	−0.05 pp	6 q
CMECME Group Inc.	0.32%	123,000	$12M	added+6%	+0.02 pp	6 q
ADIAnalog Devices, Inc.	0.31%	206,000	$12M	added×3.7	+0.22 pp	2 q
PMPhilip Morris International Inc.	0.31%	114,500	$12M	held	—	6 q
SEICSEI Investments Co	0.31%	246,800	$12M	added+3%	+0.03 pp	6 q
JPMJPMorgan Chase & Co.	0.30%	183,000	$11M	held	—	5 q
BF.BBrown-Forman Corporation Class B	0.28%	105,375	$11M	held	—	6 q
MSCIMSCI, Inc.	0.28%	137,000	$11M	held	—	6 q
LBRDKLiberty Broadband Corporation Class C	0.27%	172,113	$10M	held	—	6 q
CDKCDK Global, Inc.	0.26%	176,897	$10M	held	—	6 q
ROLRollins, Inc.	0.25%	327,700	$10M	added+8%	+0.03 pp	6 q
PAYXPaychex Inc	0.24%	150,000	$9M	held	—	6 q
UTXZRTX Corporation	0.24%	87,400	$9M	added+41%	+0.07 pp	6 q
GOOGLAlphabet Inc. Class A	0.23%	12,500	$9M	held	—	3 q
EMREmerson Electric Co.	0.22%	158,000	$8M	held	—	6 q
unresolvedLinear Technology Group	0.22%	176,000	$8M	added×2.7	+0.14 pp	2 q
MSFTMicrosoft Corp	0.22%	160,000	$8M	added×2.5	+0.13 pp	3 q
COFCapital One Financial	0.21%	126,000	$8M	held	—	4 q
PDCOPatterson Companies, Inc.	0.21%	168,000	$8M	held	—	6 q
UNPUnion Pacific Corp.	0.19%	84,600	$7M	added+24%	+0.04 pp	3 q
unresolvedThe Carlyle Group	0.18%	411,000	$7M	added+3%	0.00 pp	6 q
unresolvedKkr & Co L P DEL	0.18%	545,000	$7M	added+2%	−0.03 pp	6 q
ROKRockwell Automation, Inc.	0.18%	58,800	$7M	added+17%	+0.03 pp	5 q
COSTCostco Wholesale Corp	0.16%	39,000	$6M	held	—	6 q
PCARPaccar Inc	0.16%	118,300	$6M	held	—	4 q
PHParker-Hannifin Corporation	0.16%	57,000	$6M	added+23%	+0.02 pp	5 q
unresolvedApollo Global Management LLC	0.15%	387,000	$6M	held	—	6 q
CSCOCisco Systems, Inc. (DE)	0.15%	195,000	$6M	added×3.1	+0.10 pp	2 q
LBRDALiberty Broadband Corporation Class A	0.14%	86,250	$5M	held	—	6 q
CMICummins Inc.	0.11%	37,500	$4M	held	—	4 q
VRSKVerisk Analytics, Inc.	0.11%	52,000	$4M	held	—	6 q
unresolvedAon PLC	0.11%	37,000	$4M	held	—	5 q
BGBunge Global SA	0.11%	71,800	$4M	added×6.1	+0.09 pp	3 q
CSXCSX Corporation	0.10%	140,000	$4M	added+56%	+0.04 pp	3 q
RBARB Global, Inc.	0.10%	109,000	$4M	held	—	6 q
AAPLApple Inc.	0.09%	36,100	$3M	added+38%	+0.01 pp	5 q
METAMeta Platforms, Inc. Class A	0.09%	30,500	$3M	added×2.2	+0.05 pp	3 q
MXIMMaxim Integrated Products	0.09%	92,000	$3M	added×4.6	+0.07 pp	2 q
LBTYALiberty Global Ltd. Class A	0.09%	118,000	$3M	held	—	6 q
ACNTAscent Industries Co.	0.08%	414,804	$3M	trimmed−40%	−0.07 pp	6 q
CABOCable One, Inc.	0.07%	5,200	$3M	held	—	4 q
CRRCarbo Ceramics Inc.	0.07%	215,000	$3M	held	—	6 q
GSGoldman Sachs Group Inc.	0.07%	17,100	$3M	added×4.8	+0.05 pp	2 q
GHCGraham Holdings Company	0.07%	5,200	$3M	held	—	6 q
HSYThe Hershey Company	0.07%	24,100	$3M	added+47%	+0.03 pp	3 q
FWONKLiberty Media Corporation Series C Liberty Formula One	0.07%	132,500	$3M	new	+0.07 pp	new
unresolvedMead Johnson Nut'n Co	0.07%	30,300	$3M	added+5%	0.00 pp	3 q
PXGBXPraxair Inc	0.07%	22,800	$3M	added+61%	+0.03 pp	3 q
YAlleghany Corporation	0.06%	4,328	$2M	held	—	6 q
BCRCR Bard Inc.	0.06%	9,000	$2M	held	—	4 q
BABoeing Company	0.06%	16,800	$2M	added×3.3	+0.04 pp	3 q
CMCSAComcast Corp	0.06%	35,000	$2M	new	+0.06 pp	new
LM05Liberty Media Corp-liberty-a	0.06%	121,500	$2M	new	+0.06 pp	new
unresolvedBrookfield Business Partners	0.05%	101,594	$2M	new	+0.05 pp	new
BDXBecton, Dickinson and Co.	0.04%	9,000	$2M	held	—	4 q
BATRKAtlanta Braves Holdings, Inc. Series C	0.04%	99,788	$1M	new	+0.04 pp	new
MCKMcKesson Corporation	0.04%	9,100	$2M	new	+0.04 pp	new
BAXBaxter International Inc.	0.03%	22,000	$995,000	held	—	4 q
PAGPenske Automotive Group, Inc.	0.03%	31,000	$975,000	new	+0.03 pp	new
BMYBristol-Myers Squibb Co.	0.02%	10,000	$735,000	held	—	3 q
BATRAAtlanta Braves Holdings, Inc. Series A	0.02%	42,600	$641,000	new	+0.02 pp	new
LYVLive Nation Entertainment Inc.	0.02%	35,700	$839,000	added+7%	0.00 pp	3 q
SRCLStericycle Inc	0.02%	7,000	$729,000	new	+0.02 pp	new
VFCV.F. Corporation	0.02%	15,300	$941,000	added×4.8	+0.01 pp	2 q
HEI.AHeico Corp Cl A	0.01%	4,000	$215,000	new	+0.01 pp	new
MRKMerck & Co., Inc.	0.01%	5,600	$323,000	new	+0.01 pp	new
NVSNovartis AG	0.01%	3,700	$305,000	held	—	2 q
unresolvedPriceline Grp Inc	0.01%	200	$250,000	new	+0.01 pp	new
99998USDLiberty Global PLC Lilac - A	0.01%	14,724	$475,000	new	+0.01 pp	new
FHIFederated Hermes, Inc.	—	−739,000	—	exited	−0.57 pp	—
MATMattel, Inc.	—	−636,000	—	exited	−0.57 pp	—
unresolvedLiberty Media Corp Delaware	—	−522,000	—	exited	−0.53 pp	—
unresolvedLiberty Media Corp Delaware	—	−426,000	—	exited	−0.44 pp	—
unresolvedMcGraw Hill	—	−147,000	—	exited	−0.39 pp	—
PGProcter & Gamble Company	—	−127,000	—	exited	−0.28 pp	—
HALHalliburton Company	—	−244,000	—	exited	−0.23 pp	—
AANAaron's Inc	—	−326,000	—	exited	−0.22 pp	—
WAIRWESCO Aircraft Holdings Inc.	—	−287,000	—	exited	−0.11 pp	—
UPBDUpbound Group, Inc.	—	−238,000	—	exited	−0.10 pp	—
ROSTRoss Stores Inc	—	−46,000	—	exited	−0.07 pp	—
DNOWDNOW Inc.	—	−118,500	—	exited	−0.06 pp	—
AMTAmerican Tower Corporation	—	−20,000	—	exited	−0.05 pp	—
CULPCulp, Inc.	—	−30,227	—	exited	−0.02 pp	—
GWRGenesee & Wyoming Inc.	—	−11,000	—	exited	−0.02 pp	—