Markel Group

Q1 2017 13F · by Tom Gayner, portfolio manager

As of: Mar 31, 2017
Filed: Apr 28, 2017
US stock: $4.4B · prev $4.1B
Positions: 133 · prev 133
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%

Moves62 since the prior filing

+3.5 pp in · −1.1 pp out

New 4 +0.16 pp
Added 54 +3.29 pp
Trimmed 0 0.00 pp
Exited 4 −1.08 pp

The book

Focused · behaves like 38 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Low turnover · 4.0% a year, about 24.8 years per position

Low
Moderate
High

Top 5 positions27% of US stock

KMX CarMax Inc. held held6.5%
BRK.A Berkshire Hathaway Inc. added−0.26 pp added−0.266.1%
BRK.B BERKSHIRE HATHAWAY Class B held held5.7%
unresolved Brookfield Asset Mgmt Inc added+0.22 pp added+0.224.3%
DIS The Walt Disney Company added+0.11 pp added+0.114.3%

Positions133 in this filing · 4 exited


KMXCarMax Inc.	6.55%	4,913,070	$291M	held	—	9 q
BRK.ABerkshire Hathaway Inc.	6.12%	1,088	$272M	added0%	−0.26 pp	9 q
BRK.BBERKSHIRE HATHAWAY Class B	5.68%	1,511,607	$252M	held	—	9 q
unresolvedBrookfield Asset Mgmt Inc	4.32%	5,254,821	$192M	added+2%	+0.22 pp	9 q
DISThe Walt Disney Company	4.25%	1,663,200	$189M	added+1%	+0.11 pp	9 q
WBAWalgreens Boots Alliance, Inc	3.99%	2,135,000	$177M	held	—	9 q
DEODiageo plc	3.48%	1,334,800	$154M	added+1%	+0.17 pp	9 q
MARMarriott International Class A	3.20%	1,508,269	$142M	added+1%	+0.22 pp	9 q
HDHome Depot, Inc.	3.04%	920,000	$135M	held	—	9 q
DEDeere & Company	2.69%	1,095,400	$119M	held	—	9 q
UNHUNITEDHEALTH GROUP INCORPORATED (Delaware)	2.45%	663,000	$109M	held	—	9 q
VVISA Inc.	1.78%	891,300	$79M	added+1%	+0.12 pp	9 q
XOMExxon Mobil Corp	1.75%	944,800	$77M	held	—	9 q
JNJJohnson & Johnson	1.71%	610,800	$76M	held	—	9 q
unresolvedUnilever Spn.Adr 1:1	1.70%	1,527,600	$75M	held	—	9 q
GDGeneral Dynamics Corporation	1.63%	387,000	$72M	held	—	9 q
RLIRLI Corp.	1.62%	1,197,272	$72M	held	—	9 q
ADMArcher Daniels Midland Company	1.52%	1,463,300	$67M	held	—	9 q
BLQADBlackrock Inc	1.46%	168,500	$65M	added+4%	−0.02 pp	9 q
GOOGAlphabet Inc. Class C	1.38%	74,031	$61M	added+21%	+0.24 pp	9 q
WPCW.P. Carey Inc. (REIT)	1.33%	950,200	$59M	held	—	9 q
ADPAutomatic Data Processing	1.22%	530,700	$54M	held	—	9 q
AMZNAmazon.Com Inc	1.18%	59,000	$52M	added+28%	+0.35 pp	6 q
SLBSLB Limited	1.17%	662,500	$52M	held	—	9 q
LOWLowe's Companies Inc.	1.04%	563,000	$46M	added+4%	+0.11 pp	9 q
MRSHMarsh	1.01%	609,500	$45M	held	—	9 q
unresolvedMonsanto Co	1.01%	396,700	$45M	held	—	9 q
unresolvedColfax Corp	1.00%	1,135,070	$45M	held	—	9 q
SCHWThe Charles Schwab Corporation	0.97%	1,057,000	$43M	held	—	9 q
ADIAnalog Devices, Inc.	0.92%	500,811	$41M	added+28%	+0.23 pp	5 q
BF.ABrown-Forman Corporation Class A	0.89%	843,000	$40M	held	—	9 q
MMM3M Company	0.88%	204,000	$39M	held	—	9 q
TXNTexas Instruments Incorporated	0.86%	474,000	$38M	added+14%	+0.13 pp	5 q
TRVThe Travelers Companies, Inc.	0.86%	315,000	$38M	held	—	9 q
ELVElevance Health, Inc.	0.83%	224,000	$37M	held	—	9 q
NVONovo-Nordisk A/S	0.83%	1,075,000	$37M	held	—	9 q
HASHasbro, Inc.	0.82%	364,000	$36M	held	—	9 q
ITICInvestors Title Co	0.76%	213,300	$34M	held	—	9 q
OAKOaktree Capital Group, LLC	0.75%	730,500	$33M	added+5%	+0.12 pp	9 q
MCOMoody's Corporation	0.73%	290,000	$32M	held	—	9 q
AXPAmerican Express Company	0.69%	386,000	$31M	held	—	9 q
ITWIllinois Tool Works Inc.	0.69%	230,000	$30M	held	—	9 q
WSOWatsco, Inc.	0.64%	198,500	$28M	added+5%	−0.03 pp	9 q
FDSFactset Research Systems	0.61%	164,000	$27M	held	—	9 q
DISCKDiscovery Inc-c	0.59%	931,000	$26M	added+4%	+0.01 pp	9 q
CATCaterpillar Inc.	0.58%	278,000	$26M	held	—	9 q
ECLEcolab, Inc.	0.58%	205,800	$26M	added+7%	+0.04 pp	9 q
NSCNorfolk Southern Corp.	0.58%	229,500	$26M	held	—	9 q
TROWT Rowe Price Group Inc	0.48%	314,000	$21M	held	—	9 q
CVSCvs Health Corporation	0.47%	264,000	$21M	added+6%	0.00 pp	9 q
LSXMKLiberty Media Cor-siriusxm C	0.46%	522,000	$20M	held	—	4 q
NKENike, Inc.	0.44%	348,000	$19M	added+7%	+0.04 pp	9 q
SPGIS&P Global Inc.	0.43%	147,000	$19M	held	—	4 q
BXBlackstone Inc.	0.40%	595,000	$18M	added+6%	+0.04 pp	9 q
MAMastercard Incorporated	0.40%	159,100	$18M	added+5%	+0.02 pp	9 q
ACNAccenture PLC	0.40%	148,400	$18M	held	—	9 q
LM03Liberty Media Cor-siriusxm A	0.37%	426,000	$17M	held	—	4 q
PEPPepsiCo, Inc.	0.37%	145,600	$16M	held	—	9 q
ROKRockwell Automation, Inc.	0.37%	104,800	$16M	added+14%	+0.07 pp	8 q
CMECME Group Inc.	0.36%	135,000	$16M	held	—	9 q
JPMJPMorgan Chase & Co.	0.36%	183,000	$16M	held	—	8 q
MSFTMicrosoft Corp	0.36%	243,000	$16M	added+17%	+0.05 pp	6 q
PHParker-Hannifin Corporation	0.35%	95,600	$15M	added+16%	+0.07 pp	8 q
SEICSEI Investments Co	0.35%	304,200	$15M	added+5%	0.00 pp	9 q
LBRDKLiberty Broadband Corporation Class C	0.34%	172,113	$15M	held	—	9 q
UTXZRTX Corporation	0.34%	135,500	$15M	added+8%	+0.01 pp	9 q
LBRDALiberty Broadband Corporation Class A	0.31%	159,250	$14M	added+10%	+0.06 pp	9 q
ROLRollins, Inc.	0.31%	374,700	$14M	added+5%	+0.02 pp	9 q
MSCIMSCI, Inc.	0.30%	137,000	$13M	held	—	9 q
SRCLStericycle Inc	0.30%	160,000	$13M	added×2.1	+0.16 pp	4 q
AAPLApple Inc.	0.29%	90,100	$13M	added+23%	+0.09 pp	8 q
PMPhilip Morris International Inc.	0.29%	114,500	$13M	held	—	9 q
CLBCore Laboratories Inc.	0.29%	110,000	$13M	held	—	9 q
BABoeing Company	0.28%	69,400	$12M	added+32%	+0.08 pp	6 q
unresolvedKkr & Co L P DEL	0.27%	667,000	$12M	added+7%	+0.04 pp	9 q
CDKCDK Global, Inc.	0.26%	176,897	$12M	held	—	9 q
CSCOCisco Systems, Inc. (DE)	0.26%	342,000	$12M	added+11%	+0.03 pp	5 q
METAMeta Platforms, Inc. Class A	0.25%	78,500	$11M	added+24%	+0.07 pp	6 q
GOOGLAlphabet Inc. Class A	0.24%	12,500	$11M	held	—	6 q
unresolvedApollo Global Management LLC	0.23%	420,000	$10M	added+9%	+0.05 pp	9 q
BF.BBrown-Forman Corporation Class B	0.22%	210,750	$10M	held	—	9 q
LYVLive Nation Entertainment Inc.	0.22%	327,700	$10M	added+25%	+0.05 pp	6 q
PAYXPaychex Inc	0.20%	150,000	$9M	held	—	9 q
UNPUnion Pacific Corp.	0.20%	84,600	$9M	held	—	6 q
unresolvedThe Carlyle Group	0.19%	527,000	$8M	added+10%	+0.01 pp	9 q
FWONKLiberty Media Corporation Series C Liberty Formula One	0.19%	243,500	$8M	added+18%	+0.03 pp	4 q
CMCSAComcast Corp	0.18%	209,000	$8M	added+15%	+0.03 pp	4 q
MXIMMaxim Integrated Products	0.18%	174,000	$8M	added+8%	+0.03 pp	5 q
PCARPaccar Inc	0.18%	118,300	$8M	held	—	7 q
PDCOPatterson Companies, Inc.	0.17%	168,000	$8M	held	—	9 q
PXGBXPraxair Inc	0.16%	61,400	$7M	added+27%	+0.02 pp	6 q
COSTCostco Wholesale Corp	0.15%	39,000	$7M	held	—	9 q
ACTAllergan PLC	0.15%	27,000	$6M	added+93%	+0.08 pp	3 q
VRSKVerisk Analytics, Inc.	0.13%	73,000	$6M	added+10%	0.00 pp	9 q
BGBunge Global SA	0.13%	71,800	$6M	held	—	6 q
HEI.AHeico Corp Cl A	0.12%	70,500	$5M	added+42%	+0.04 pp	4 q
ACNTAscent Industries Co.	0.11%	414,804	$5M	held	—	9 q
TSNTyson Foods, Inc.	0.10%	71,000	$4M	added×6.5	+0.08 pp	2 q
unresolvedAon PLC	0.10%	37,000	$4M	held	—	8 q
LBTYALiberty Global Ltd. Class A	0.10%	118,000	$4M	held	—	9 q
unresolvedSensata Technologies Hldng NV	0.10%	104,000	$5M	added×2.3	+0.06 pp	2 q
GSGoldman Sachs Group Inc.	0.09%	17,100	$4M	held	—	5 q
LM05Liberty Media Corp-liberty-a	0.09%	121,500	$4M	held	—	4 q
AMTAmerican Tower Corporation	0.08%	29,500	$4M	added×2.1	+0.04 pp	3 q
DLTRDollar Tree Inc.	0.08%	46,000	$4M	added×2.1	+0.04 pp	2 q
RBARB Global, Inc.	0.08%	114,000	$4M	held	—	9 q
NXPINXP Semiconductors N.V.	0.08%	35,000	$4M	added+6%	0.00 pp	3 q
CABOCable One, Inc.	0.07%	5,200	$3M	held	—	7 q
GHCGraham Holdings Company	0.07%	5,200	$3M	held	—	9 q
YAlleghany Corporation	0.06%	4,328	$3M	held	—	9 q
HSYThe Hershey Company	0.06%	24,100	$3M	held	—	6 q
unresolvedBrookfield Business Partners	0.06%	101,594	$3M	held	—	4 q
FLSFlowserve Corporation	0.05%	44,000	$2M	added×2.2	+0.03 pp	2 q
HCSGHealthcare Services Group	0.05%	55,000	$2M	new	+0.05 pp	new
BATRKAtlanta Braves Holdings, Inc. Series C	0.05%	99,788	$2M	held	—	4 q
PAGPenske Automotive Group, Inc.	0.05%	49,000	$2M	added+40%	+0.01 pp	4 q
ALBAlbemarle Corporation	0.04%	15,000	$2M	new	+0.04 pp	new
BDXBecton, Dickinson and Co.	0.04%	9,000	$2M	held	—	7 q
GILDGilead Sciences Inc	0.04%	27,000	$2M	added+93%	+0.02 pp	2 q
HXLHexcel Corporation	0.04%	33,000	$2M	added×2.8	+0.03 pp	2 q
IBMInternational Business Machines Corporation	0.04%	9,700	$2M	new	+0.04 pp	new
VFCV.F. Corporation	0.04%	30,800	$2M	added+64%	+0.02 pp	5 q
BAXBaxter International Inc.	0.03%	22,000	$1M	held	—	7 q
MCKMcKesson Corporation	0.03%	9,100	$1M	held	—	4 q
unresolvedRockwell Collins Inc	0.03%	15,000	$1M	new	+0.03 pp	new
SBUXStarbucks Corp	0.03%	26,000	$2M	added×2.2	+0.01 pp	2 q
BATRAAtlanta Braves Holdings, Inc. Series A	0.02%	42,600	$1M	held	—	4 q
BMYBristol-Myers Squibb Co.	0.01%	10,000	$544,000	held	—	6 q
HEIHEICO Corporation	0.01%	3,000	$262,000	held	—	3 q
MRKMerck & Co., Inc.	0.01%	5,600	$356,000	held	—	4 q
NVSNovartis AG	0.01%	3,700	$275,000	held	—	5 q
unresolvedPriceline Grp Inc	0.01%	200	$356,000	held	—	4 q
99998USDLiberty Global PLC Lilac - A	0.01%	14,720	$327,000	held	—	4 q
ORCLOracle Corp	—	−638,000	—	exited	−0.59 pp	—
unresolvedLinear Technology Group	—	−206,000	—	exited	−0.31 pp	—
CSXCSX Corporation	—	−140,000	—	exited	−0.12 pp	—
unresolvedMead Johnson Nut'n Co	—	−32,300	—	exited	−0.06 pp	—