Markel Group

Q3 2016 13F · by Tom Gayner, portfolio manager

As of: Sep 30, 2016
Filed: Nov 4, 2016
US stock: $3.9B · prev $3.8B
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%

Moves53 since the prior filing

+2.9 pp in · −2.1 pp out

New 4 +0.12 pp
Added 43 +2.75 pp
Trimmed 1 0.00 pp
Exited 5 −2.13 pp

The book

Focused · behaves like 38 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Low turnover · 8.3% a year, about 12.0 years per position

Low
Moderate
High

Top 5 positions28% of US stock

KMX CarMax Inc. held held6.8%
BRK.A Berkshire Hathaway Inc. held held6.0%
BRK.B BERKSHIRE HATHAWAY Class B held held5.6%
unresolved Brookfield Asset Mgmt Inc added+0.21 pp added+0.214.6%
WBA Walgreens Boots Alliance, Inc held held4.4%

Positions129 in this filing · 5 exited


KMXCarMax Inc.	6.76%	4,913,070	$262M	held	—	7 q
BRK.ABerkshire Hathaway Inc.	6.04%	1,084	$234M	held	—	7 q
BRK.BBERKSHIRE HATHAWAY Class B	5.63%	1,511,607	$218M	held	—	7 q
unresolvedBrookfield Asset Mgmt Inc	4.64%	5,112,821	$180M	added+1%	+0.21 pp	7 q
WBAWalgreens Boots Alliance, Inc	4.44%	2,135,000	$172M	held	—	7 q
DEODiageo plc	3.92%	1,310,800	$152M	added+1%	+0.05 pp	7 q
DISThe Walt Disney Company	3.87%	1,617,200	$150M	added0%	−0.28 pp	7 q
HDHome Depot, Inc.	3.05%	920,000	$118M	held	—	7 q
MARMarriott International Class A	2.56%	1,472,269	$99M	held	—	7 q
DEDeere & Company	2.41%	1,095,400	$93M	added0%	+0.08 pp	7 q
UNHUNITEDHEALTH GROUP INCORPORATED (Delaware)	2.39%	663,000	$93M	held	—	7 q
XOMExxon Mobil Corp	2.13%	944,800	$82M	held	—	7 q
RLIRLI Corp.	2.11%	1,197,272	$82M	held	—	7 q
unresolvedUnilever Spn.Adr 1:1	1.87%	1,527,600	$72M	held	—	7 q
JNJJohnson & Johnson	1.86%	610,800	$72M	held	—	7 q
VVISA Inc.	1.86%	870,800	$72M	added+1%	+0.18 pp	7 q
ADMArcher Daniels Midland Company	1.59%	1,463,300	$62M	held	—	7 q
WPCW.P. Carey Inc. (REIT)	1.58%	950,200	$61M	held	—	7 q
GDGeneral Dynamics Corporation	1.55%	387,000	$60M	held	—	7 q
BLQADBlackrock Inc	1.45%	155,500	$56M	added+1%	+0.06 pp	7 q
SLBSLB Limited	1.34%	662,500	$52M	held	—	7 q
ADPAutomatic Data Processing	1.21%	530,700	$47M	held	—	7 q
NVONovo-Nordisk A/S	1.15%	1,075,000	$45M	held	—	7 q
BF.ABrown-Forman Corporation Class A	1.08%	843,000	$42M	added×2.0	−0.12 pp	7 q
MRSHMarsh	1.06%	609,500	$41M	held	—	7 q
unresolvedMonsanto Co	1.05%	396,700	$41M	held	—	7 q
LOWLowe's Companies Inc.	1.01%	540,000	$39M	held	—	7 q
GOOGAlphabet Inc. Class C	0.98%	49,031	$38M	added+46%	+0.37 pp	7 q
MMM3M Company	0.93%	204,000	$36M	held	—	7 q
TRVThe Travelers Companies, Inc.	0.93%	315,000	$36M	held	—	7 q
unresolvedColfax Corp	0.92%	1,135,070	$36M	held	—	7 q
SCHWThe Charles Schwab Corporation	0.86%	1,057,000	$33M	held	—	7 q
MCOMoody's Corporation	0.81%	290,000	$31M	held	—	7 q
HASHasbro, Inc.	0.74%	364,000	$29M	held	—	7 q
OAKOaktree Capital Group, LLC	0.74%	675,500	$29M	added+5%	−0.02 pp	7 q
AMZNAmazon.Com Inc	0.73%	34,000	$28M	added+74%	+0.36 pp	4 q
ELVElevance Health, Inc.	0.72%	224,000	$28M	held	—	7 q
ITWIllinois Tool Works Inc.	0.71%	230,000	$28M	held	—	7 q
FDSFactset Research Systems	0.69%	164,000	$27M	held	—	7 q
ORCLOracle Corp	0.65%	638,000	$25M	held	—	7 q
AXPAmerican Express Company	0.64%	386,000	$25M	held	—	7 q
CATCaterpillar Inc.	0.64%	278,000	$25M	held	—	7 q
WSOWatsco, Inc.	0.64%	177,500	$25M	added+18%	+0.08 pp	7 q
TXNTexas Instruments Incorporated	0.60%	330,000	$23M	added+47%	+0.23 pp	3 q
CVSCvs Health Corporation	0.57%	247,000	$22M	held	—	7 q
NSCNorfolk Southern Corp.	0.57%	229,500	$22M	held	—	7 q
DISCKDiscovery Inc-c	0.56%	833,000	$22M	added+10%	+0.08 pp	7 q
ECLEcolab, Inc.	0.56%	179,800	$22M	added+8%	+0.04 pp	7 q
ITICInvestors Title Co	0.55%	213,300	$21M	held	—	7 q
ADIAnalog Devices, Inc.	0.52%	312,000	$20M	added+51%	+0.21 pp	3 q
TROWT Rowe Price Group Inc	0.50%	294,000	$20M	added+3%	−0.05 pp	7 q
SPGIS&P Global Inc.	0.48%	147,000	$19M	held	—	2 q
ACNAccenture PLC	0.46%	146,400	$18M	held	—	7 q
LSXMKLiberty Media Cor-siriusxm C	0.45%	522,000	$17M	held	—	2 q
NKENike, Inc.	0.43%	320,000	$17M	held	—	7 q
HOGHarley-Davidson, Inc.	0.41%	305,000	$16M	held	—	6 q
PEPPepsiCo, Inc.	0.41%	145,600	$16M	added0%	0.00 pp	7 q
MAMastercard Incorporated	0.40%	150,600	$15M	held	—	7 q
LM03Liberty Media Cor-siriusxm A	0.37%	426,000	$14M	held	—	2 q
CMECME Group Inc.	0.36%	135,000	$14M	added+10%	+0.04 pp	7 q
BXBlackstone Inc.	0.35%	536,000	$14M	added+7%	+0.03 pp	7 q
LBRDKLiberty Broadband Corporation Class C	0.32%	172,113	$12M	held	—	7 q
SEICSEI Investments Co	0.32%	272,200	$12M	added+10%	+0.01 pp	7 q
CLBCore Laboratories Inc.	0.32%	110,000	$12M	held	—	7 q
JPMJPMorgan Chase & Co.	0.31%	183,000	$12M	held	—	6 q
unresolvedLinear Technology Group	0.31%	206,000	$12M	added+17%	+0.09 pp	3 q
MSCIMSCI, Inc.	0.30%	137,000	$12M	held	—	7 q
UTXZRTX Corporation	0.30%	113,500	$12M	added+30%	+0.06 pp	7 q
MSFTMicrosoft Corp	0.29%	192,000	$11M	added+20%	+0.07 pp	4 q
PMPhilip Morris International Inc.	0.29%	114,500	$11M	held	—	7 q
GOOGLAlphabet Inc. Class A	0.26%	12,500	$10M	held	—	4 q
BF.BBrown-Forman Corporation Class B	0.26%	210,750	$10M	added×2.0	−0.02 pp	7 q
CDKCDK Global, Inc.	0.26%	176,897	$10M	held	—	7 q
ROLRollins, Inc.	0.26%	343,700	$10M	added+5%	+0.01 pp	7 q
ROKRockwell Automation, Inc.	0.25%	79,800	$10M	added+36%	+0.07 pp	6 q
PHParker-Hannifin Corporation	0.23%	70,600	$9M	added+24%	+0.07 pp	6 q
CSCOCisco Systems, Inc. (DE)	0.22%	269,000	$9M	added+38%	+0.07 pp	3 q
EMREmerson Electric Co.	0.22%	158,000	$9M	held	—	7 q
unresolvedKkr & Co L P DEL	0.22%	598,000	$9M	added+10%	+0.04 pp	7 q
PAYXPaychex Inc	0.22%	150,000	$9M	held	—	7 q
LBRDALiberty Broadband Corporation Class A	0.21%	118,250	$8M	added+37%	+0.07 pp	7 q
UNPUnion Pacific Corp.	0.21%	84,600	$8M	held	—	4 q
PDCOPatterson Companies, Inc.	0.20%	168,000	$8M	held	—	7 q
unresolvedApollo Global Management LLC	0.18%	387,000	$7M	held	—	7 q
AAPLApple Inc.	0.18%	61,100	$7M	added+69%	+0.09 pp	6 q
unresolvedThe Carlyle Group	0.18%	453,000	$7M	added+10%	0.00 pp	7 q
PCARPaccar Inc	0.18%	118,300	$7M	held	—	5 q
METAMeta Platforms, Inc. Class A	0.17%	51,500	$7M	added+69%	+0.08 pp	4 q
COSTCostco Wholesale Corp	0.15%	39,000	$6M	held	—	7 q
BABoeing Company	0.14%	40,400	$5M	added×2.4	+0.08 pp	4 q
CMCSAComcast Corp	0.13%	75,000	$5M	added×2.1	+0.07 pp	2 q
LYVLive Nation Entertainment Inc.	0.13%	181,700	$5M	added×5.1	+0.11 pp	4 q
MXIMMaxim Integrated Products	0.13%	128,000	$5M	added+39%	+0.04 pp	3 q
CMICummins Inc.	0.12%	37,500	$5M	held	—	5 q
FWONKLiberty Media Corporation Series C Liberty Formula One	0.12%	170,500	$5M	added+29%	+0.05 pp	2 q
VRSKVerisk Analytics, Inc.	0.12%	55,000	$4M	added+6%	+0.01 pp	7 q
CSXCSX Corporation	0.11%	140,000	$4M	held	—	4 q
PXGBXPraxair Inc	0.11%	36,400	$4M	added+60%	+0.04 pp	4 q
unresolvedAon PLC	0.11%	37,000	$4M	held	—	6 q
BGBunge Global SA	0.11%	71,800	$4M	held	—	4 q
RBARB Global, Inc.	0.10%	114,000	$4M	added+5%	0.00 pp	7 q
ACNTAscent Industries Co.	0.10%	414,804	$4M	held	—	7 q
LBTYALiberty Global Ltd. Class A	0.10%	118,000	$4M	held	—	7 q
LM05Liberty Media Corp-liberty-a	0.09%	121,500	$3M	held	—	2 q
NXPINXP Semiconductors N.V.	0.09%	33,000	$3M	new	+0.09 pp	new
CABOCable One, Inc.	0.08%	5,200	$3M	held	—	5 q
GSGoldman Sachs Group Inc.	0.07%	17,100	$3M	held	—	3 q
unresolvedBrookfield Business Partners	0.07%	101,594	$3M	held	—	2 q
YAlleghany Corporation	0.06%	4,328	$2M	held	—	7 q
GHCGraham Holdings Company	0.06%	5,200	$3M	held	—	7 q
HEI.AHeico Corp Cl A	0.06%	37,500	$2M	added×9.4	+0.05 pp	2 q
HSYThe Hershey Company	0.06%	24,100	$2M	held	—	4 q
unresolvedMead Johnson Nut'n Co	0.06%	30,300	$2M	held	—	4 q
SRCLStericycle Inc	0.06%	31,000	$2M	added×4.4	+0.04 pp	2 q
BDXBecton, Dickinson and Co.	0.04%	9,000	$2M	held	—	5 q
BATRKAtlanta Braves Holdings, Inc. Series C	0.04%	99,788	$2M	held	—	2 q
MCKMcKesson Corporation	0.04%	9,100	$2M	held	—	2 q
PAGPenske Automotive Group, Inc.	0.04%	31,000	$1M	held	—	2 q
BAXBaxter International Inc.	0.03%	22,000	$1M	held	—	5 q
BATRAAtlanta Braves Holdings, Inc. Series A	0.02%	42,600	$743,000	held	—	2 q
VFCV.F. Corporation	0.02%	15,300	$858,000	held	—	3 q
AMTAmerican Tower Corporation	0.01%	2,000	$227,000	new	+0.01 pp	new
BMYBristol-Myers Squibb Co.	0.01%	10,000	$539,000	held	—	4 q
HEIHEICO Corporation	0.01%	3,000	$208,000	new	+0.01 pp	new
MRKMerck & Co., Inc.	0.01%	5,600	$349,000	held	—	2 q
NVSNovartis AG	0.01%	3,700	$292,000	held	—	3 q
unresolvedPriceline Grp Inc	0.01%	200	$294,000	held	—	2 q
ACTAllergan PLC	0.01%	2,000	$461,000	new	+0.01 pp	new
99998USDLiberty Global PLC Lilac - A	0.01%	14,720	$406,000	trimmed−0%	0.00 pp	2 q
CPRTCopart Inc	—	−965,000	—	exited	−1.25 pp	—
NOVNOV Inc.	—	−610,000	—	exited	−0.54 pp	—
COFCapital One Financial	—	−126,000	—	exited	−0.21 pp	—
CRRCarbo Ceramics Inc.	—	−215,000	—	exited	−0.07 pp	—
BCRCR Bard Inc.	—	−9,000	—	exited	−0.06 pp	—