Markel Group

Q4 2016 13F · by Tom Gayner, portfolio manager

As of: Dec 31, 2016
Filed: Feb 10, 2017
US stock: $4.1B · prev $3.9B
Positions: 133 · 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%

Moves56 since the prior filing

+0.6 pp in · −0.8 pp out

New 7 +0.17 pp
Added 46 +0.45 pp
Trimmed 0 0.00 pp
Exited 3 −0.75 pp

The book

Focused · behaves like 36 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Low turnover · 2.8% a year, more than 30 years per position

Low
Moderate
High

Top 5 positions28% of US stock

KMX CarMax Inc. held held7.6%
BRK.A Berkshire Hathaway Inc. held held6.4%
BRK.B BERKSHIRE HATHAWAY Class B held held5.9%
WBA Walgreens Boots Alliance, Inc held held4.3%
DIS The Walt Disney Company added+0.27 pp added+0.274.1%

Positions133 in this filing · 3 exited


KMXCarMax Inc.	7.62%	4,913,070	$316M	held	—	8 q
BRK.ABerkshire Hathaway Inc.	6.38%	1,084	$265M	held	—	8 q
BRK.BBERKSHIRE HATHAWAY Class B	5.94%	1,511,607	$246M	held	—	8 q
WBAWalgreens Boots Alliance, Inc	4.26%	2,135,000	$177M	held	—	8 q
DISThe Walt Disney Company	4.14%	1,646,200	$172M	added+2%	+0.27 pp	8 q
unresolvedBrookfield Asset Mgmt Inc	4.10%	5,148,821	$170M	added+1%	−0.54 pp	8 q
DEODiageo plc	3.31%	1,322,800	$137M	added+1%	−0.61 pp	8 q
MARMarriott International Class A	2.98%	1,496,269	$124M	added+2%	+0.42 pp	8 q
HDHome Depot, Inc.	2.97%	920,000	$123M	held	—	8 q
DEDeere & Company	2.72%	1,095,400	$113M	held	—	8 q
UNHUNITEDHEALTH GROUP INCORPORATED (Delaware)	2.56%	663,000	$106M	held	—	8 q
XOMExxon Mobil Corp	2.06%	944,800	$85M	held	—	8 q
RLIRLI Corp.	1.82%	1,197,272	$76M	held	—	8 q
JNJJohnson & Johnson	1.70%	610,800	$70M	held	—	8 q
VVISA Inc.	1.66%	882,300	$69M	added+1%	−0.20 pp	8 q
ADMArcher Daniels Midland Company	1.61%	1,463,300	$67M	held	—	8 q
GDGeneral Dynamics Corporation	1.61%	387,000	$67M	held	—	8 q
unresolvedUnilever Spn.Adr 1:1	1.50%	1,527,600	$62M	held	—	8 q
BLQADBlackrock Inc	1.48%	161,500	$61M	added+4%	+0.03 pp	8 q
WPCW.P. Carey Inc. (REIT)	1.35%	950,200	$56M	held	—	8 q
SLBSLB Limited	1.34%	662,500	$56M	held	—	8 q
ADPAutomatic Data Processing	1.31%	530,700	$55M	held	—	8 q
GOOGAlphabet Inc. Class C	1.14%	61,031	$47M	added+24%	+0.16 pp	8 q
unresolvedMonsanto Co	1.01%	396,700	$42M	held	—	8 q
SCHWThe Charles Schwab Corporation	1.01%	1,057,000	$42M	held	—	8 q
MRSHMarsh	0.99%	609,500	$41M	held	—	8 q
unresolvedColfax Corp	0.98%	1,135,070	$41M	held	—	8 q
BF.ABrown-Forman Corporation Class A	0.94%	843,000	$39M	held	—	8 q
LOWLowe's Companies Inc.	0.93%	540,000	$38M	held	—	8 q
NVONovo-Nordisk A/S	0.93%	1,075,000	$39M	held	—	8 q
TRVThe Travelers Companies, Inc.	0.93%	315,000	$39M	held	—	8 q
MMM3M Company	0.88%	204,000	$36M	held	—	8 q
AMZNAmazon.Com Inc	0.83%	46,000	$34M	added+35%	+0.10 pp	5 q
ITICInvestors Title Co	0.81%	213,300	$34M	held	—	8 q
ELVElevance Health, Inc.	0.78%	224,000	$32M	held	—	8 q
TXNTexas Instruments Incorporated	0.73%	415,000	$30M	added+26%	+0.13 pp	4 q
AXPAmerican Express Company	0.69%	386,000	$29M	held	—	8 q
ADIAnalog Devices, Inc.	0.69%	392,000	$28M	added+26%	+0.17 pp	4 q
HASHasbro, Inc.	0.68%	364,000	$28M	held	—	8 q
ITWIllinois Tool Works Inc.	0.68%	230,000	$28M	held	—	8 q
WSOWatsco, Inc.	0.67%	189,000	$28M	added+6%	+0.03 pp	8 q
MCOMoody's Corporation	0.66%	290,000	$27M	held	—	8 q
FDSFactset Research Systems	0.65%	164,000	$27M	held	—	8 q
OAKOaktree Capital Group, LLC	0.63%	695,500	$26M	added+3%	−0.11 pp	8 q
CATCaterpillar Inc.	0.62%	278,000	$26M	held	—	8 q
NSCNorfolk Southern Corp.	0.60%	229,500	$25M	held	—	8 q
ORCLOracle Corp	0.59%	638,000	$25M	held	—	8 q
DISCKDiscovery Inc-c	0.58%	892,000	$24M	added+7%	+0.02 pp	8 q
TROWT Rowe Price Group Inc	0.57%	314,000	$24M	added+7%	+0.07 pp	8 q
ECLEcolab, Inc.	0.54%	191,800	$22M	added+7%	−0.02 pp	8 q
CVSCvs Health Corporation	0.47%	248,000	$20M	added0%	−0.10 pp	8 q
LSXMKLiberty Media Cor-siriusxm C	0.43%	522,000	$18M	held	—	3 q
ACNAccenture PLC	0.42%	148,400	$17M	added+1%	−0.04 pp	8 q
NKENike, Inc.	0.40%	324,000	$16M	added+1%	−0.03 pp	8 q
CMECME Group Inc.	0.38%	135,000	$16M	held	—	8 q
JPMJPMorgan Chase & Co.	0.38%	183,000	$16M	held	—	7 q
MAMastercard Incorporated	0.38%	151,100	$16M	added0%	−0.02 pp	8 q
SPGIS&P Global Inc.	0.38%	147,000	$16M	held	—	3 q
PEPPepsiCo, Inc.	0.37%	145,600	$15M	held	—	8 q
BXBlackstone Inc.	0.36%	560,000	$15M	added+4%	+0.01 pp	8 q
LM03Liberty Media Cor-siriusxm A	0.35%	426,000	$15M	held	—	3 q
SEICSEI Investments Co	0.35%	290,200	$14M	added+7%	+0.03 pp	8 q
UTXZRTX Corporation	0.33%	125,000	$14M	added+10%	+0.03 pp	8 q
CLBCore Laboratories Inc.	0.32%	110,000	$13M	held	—	8 q
LBRDKLiberty Broadband Corporation Class C	0.31%	172,113	$13M	held	—	8 q
unresolvedLinear Technology Group	0.31%	206,000	$13M	held	—	4 q
MSFTMicrosoft Corp	0.31%	207,000	$13M	added+8%	+0.02 pp	5 q
ROKRockwell Automation, Inc.	0.30%	91,800	$12M	added+15%	+0.05 pp	7 q
ROLRollins, Inc.	0.29%	355,700	$12M	added+3%	+0.03 pp	8 q
PHParker-Hannifin Corporation	0.28%	82,600	$12M	added+17%	+0.05 pp	7 q
MSCIMSCI, Inc.	0.26%	137,000	$11M	held	—	8 q
CDKCDK Global, Inc.	0.25%	176,897	$11M	held	—	8 q
LBRDALiberty Broadband Corporation Class A	0.25%	144,250	$10M	added+22%	+0.04 pp	8 q
PMPhilip Morris International Inc.	0.25%	114,500	$10M	held	—	8 q
GOOGLAlphabet Inc. Class A	0.24%	12,500	$10M	held	—	5 q
BF.BBrown-Forman Corporation Class B	0.23%	210,750	$9M	held	—	8 q
CSCOCisco Systems, Inc. (DE)	0.23%	309,000	$9M	added+15%	+0.01 pp	4 q
unresolvedKkr & Co L P DEL	0.23%	622,000	$10M	added+4%	+0.01 pp	8 q
PAYXPaychex Inc	0.22%	150,000	$9M	held	—	8 q
UNPUnion Pacific Corp.	0.21%	84,600	$9M	held	—	5 q
AAPLApple Inc.	0.20%	73,100	$8M	added+20%	+0.02 pp	7 q
BABoeing Company	0.20%	52,400	$8M	added+30%	+0.06 pp	5 q
unresolvedApollo Global Management LLC	0.18%	387,000	$7M	held	—	8 q
unresolvedThe Carlyle Group	0.18%	477,000	$7M	added+5%	0.00 pp	8 q
METAMeta Platforms, Inc. Class A	0.18%	63,500	$7M	added+23%	+0.01 pp	5 q
PCARPaccar Inc	0.18%	118,300	$8M	held	—	6 q
LYVLive Nation Entertainment Inc.	0.17%	261,700	$7M	added+44%	+0.04 pp	5 q
PDCOPatterson Companies, Inc.	0.17%	168,000	$7M	held	—	8 q
FWONKLiberty Media Corporation Series C Liberty Formula One	0.16%	206,500	$6M	added+21%	+0.04 pp	3 q
CMCSAComcast Corp	0.15%	91,000	$6M	added+21%	+0.02 pp	3 q
COSTCostco Wholesale Corp	0.15%	39,000	$6M	held	—	8 q
MXIMMaxim Integrated Products	0.15%	161,000	$6M	added+26%	+0.02 pp	4 q
PXGBXPraxair Inc	0.14%	48,400	$6M	added+33%	+0.03 pp	5 q
SRCLStericycle Inc	0.14%	75,000	$6M	added×2.4	+0.08 pp	3 q
VRSKVerisk Analytics, Inc.	0.13%	66,500	$5M	added+21%	+0.01 pp	8 q
BGBunge Global SA	0.13%	71,800	$5M	held	—	5 q
CSXCSX Corporation	0.12%	140,000	$5M	held	—	5 q
ACNTAscent Industries Co.	0.11%	414,804	$5M	held	—	8 q
GSGoldman Sachs Group Inc.	0.10%	17,100	$4M	held	—	4 q
unresolvedAon PLC	0.10%	37,000	$4M	held	—	7 q
LM05Liberty Media Corp-liberty-a	0.09%	121,500	$4M	held	—	3 q
RBARB Global, Inc.	0.09%	114,000	$4M	held	—	8 q
LBTYALiberty Global Ltd. Class A	0.09%	118,000	$4M	held	—	8 q
CABOCable One, Inc.	0.08%	5,200	$3M	held	—	6 q
HEI.AHeico Corp Cl A	0.08%	49,500	$3M	added+32%	+0.02 pp	3 q
NXPINXP Semiconductors N.V.	0.08%	33,000	$3M	held	—	2 q
ACTAllergan PLC	0.07%	14,000	$3M	added×7.0	+0.06 pp	2 q
YAlleghany Corporation	0.06%	4,328	$3M	held	—	8 q
GHCGraham Holdings Company	0.06%	5,200	$3M	held	—	8 q
HSYThe Hershey Company	0.06%	24,100	$2M	held	—	5 q
unresolvedMead Johnson Nut'n Co	0.06%	32,300	$2M	added+7%	0.00 pp	5 q
unresolvedBrookfield Business Partners	0.06%	101,594	$2M	held	—	3 q
BATRKAtlanta Braves Holdings, Inc. Series C	0.05%	99,788	$2M	held	—	3 q
AMTAmerican Tower Corporation	0.04%	14,000	$1M	added×7.0	+0.03 pp	2 q
BDXBecton, Dickinson and Co.	0.04%	9,000	$1M	held	—	6 q
DLTRDollar Tree Inc.	0.04%	22,000	$2M	new	+0.04 pp	new
PAGPenske Automotive Group, Inc.	0.04%	35,000	$2M	added+13%	0.00 pp	3 q
unresolvedSensata Technologies Hldng NV	0.04%	46,000	$2M	new	+0.04 pp	new
MCKMcKesson Corporation	0.03%	9,100	$1M	held	—	3 q
BAXBaxter International Inc.	0.02%	22,000	$975,000	held	—	6 q
FLSFlowserve Corporation	0.02%	20,000	$961,000	new	+0.02 pp	new
GILDGilead Sciences Inc	0.02%	14,000	$1M	new	+0.02 pp	new
BATRAAtlanta Braves Holdings, Inc. Series A	0.02%	42,600	$873,000	held	—	3 q
SBUXStarbucks Corp	0.02%	12,000	$666,000	new	+0.02 pp	new
TSNTyson Foods, Inc.	0.02%	11,000	$678,000	new	+0.02 pp	new
VFCV.F. Corporation	0.02%	18,800	$1M	added+23%	0.00 pp	4 q
BMYBristol-Myers Squibb Co.	0.01%	10,000	$584,000	held	—	5 q
HEIHEICO Corporation	0.01%	3,000	$231,000	held	—	2 q
HXLHexcel Corporation	0.01%	12,000	$617,000	new	+0.01 pp	new
MRKMerck & Co., Inc.	0.01%	5,600	$330,000	held	—	3 q
NVSNovartis AG	0.01%	3,700	$270,000	held	—	4 q
unresolvedPriceline Grp Inc	0.01%	200	$293,000	held	—	3 q
99998USDLiberty Global PLC Lilac - A	0.01%	14,720	$323,000	held	—	3 q
HOGHarley-Davidson, Inc.	—	−305,000	—	exited	−0.41 pp	—
EMREmerson Electric Co.	—	−158,000	—	exited	−0.22 pp	—
CMICummins Inc.	—	−37,500	—	exited	−0.12 pp	—