Markel Group

Q2 2017 13F · by Tom Gayner, portfolio manager

As of: Jun 30, 2017
Filed: Jul 28, 2017
US stock: $4.7B · prev $4.4B
Positions: 138 · 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%

Moves59 since the prior filing

+1.9 pp in · −1.2 pp out

New 5 +0.11 pp
Added 53 +1.83 pp
Trimmed 1 −1.16 pp
Exited 0 0.00 pp

The book

Focused · behaves like 40 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Low turnover · 3.7% a year, about 27.1 years per position

Low
Moderate
High

Top 5 positions26% of US stock

KMX CarMax Inc. held held6.6%
BRK.A Berkshire Hathaway Inc. held held5.9%
BRK.B BERKSHIRE HATHAWAY Class B held held5.5%
unresolved Brookfield Asset Mgmt Inc added+0.16 pp added+0.164.5%
DIS The Walt Disney Company added−0.43 pp added−0.433.8%

Positions138 in this filing · 0 exited


KMXCarMax Inc.	6.61%	4,913,070	$310M	held	—	10 q
BRK.ABerkshire Hathaway Inc.	5.91%	1,088	$277M	held	—	10 q
BRK.BBERKSHIRE HATHAWAY Class B	5.46%	1,511,607	$256M	held	—	10 q
unresolvedBrookfield Asset Mgmt Inc	4.48%	5,360,821	$210M	added+2%	+0.16 pp	10 q
DISThe Walt Disney Company	3.82%	1,687,200	$179M	added+1%	−0.43 pp	10 q
WBAWalgreens Boots Alliance, Inc	3.57%	2,135,000	$167M	held	—	10 q
DEODiageo plc	3.44%	1,347,800	$162M	added+1%	−0.04 pp	10 q
MARMarriott International Class A	3.23%	1,508,269	$151M	held	—	10 q
HDHome Depot, Inc.	3.01%	920,000	$141M	held	—	10 q
DEDeere & Company	2.89%	1,095,400	$135M	held	—	10 q
UNHUNITEDHEALTH GROUP INCORPORATED (Delaware)	2.62%	663,000	$123M	held	—	10 q
VVISA Inc.	1.81%	904,300	$85M	added+1%	+0.03 pp	10 q
unresolvedUnilever Spn.Adr 1:1	1.76%	1,527,600	$83M	held	—	10 q
JNJJohnson & Johnson	1.72%	610,800	$81M	held	—	10 q
GOOGAlphabet Inc. Class C	1.69%	87,031	$79M	added+18%	+0.31 pp	10 q
GDGeneral Dynamics Corporation	1.64%	387,000	$77M	held	—	10 q
XOMExxon Mobil Corp	1.63%	944,800	$76M	held	—	10 q
BLQADBlackrock Inc	1.58%	175,000	$74M	added+4%	+0.12 pp	10 q
AMZNAmazon.Com Inc	1.45%	70,000	$68M	added+19%	+0.27 pp	7 q
RLIRLI Corp.	1.39%	1,197,272	$65M	held	—	10 q
WPCW.P. Carey Inc. (REIT)	1.34%	950,200	$63M	held	—	10 q
ADMArcher Daniels Midland Company	1.29%	1,463,300	$61M	held	—	10 q
ADPAutomatic Data Processing	1.16%	530,700	$54M	held	—	10 q
MRSHMarsh	1.01%	609,500	$48M	held	—	10 q
unresolvedMonsanto Co	1.00%	396,700	$47M	held	—	10 q
NVONovo-Nordisk A/S	0.98%	1,075,000	$46M	held	—	10 q
SCHWThe Charles Schwab Corporation	0.97%	1,057,000	$45M	held	—	10 q
unresolvedColfax Corp	0.95%	1,135,070	$45M	held	—	10 q
LOWLowe's Companies Inc.	0.94%	570,000	$44M	added+1%	−0.10 pp	10 q
MMM3M Company	0.91%	204,000	$42M	held	—	10 q
ELVElevance Health, Inc.	0.90%	224,000	$42M	held	—	10 q
BF.ABrown-Forman Corporation Class A	0.89%	843,000	$42M	held	—	10 q
ITICInvestors Title Co	0.88%	213,300	$41M	held	—	10 q
HASHasbro, Inc.	0.87%	364,000	$41M	held	—	10 q
ADIAnalog Devices, Inc.	0.86%	515,811	$40M	added+3%	−0.06 pp	6 q
OAKOaktree Capital Group, LLC	0.85%	850,500	$40M	added+16%	+0.10 pp	10 q
TRVThe Travelers Companies, Inc.	0.85%	315,000	$40M	held	—	10 q
TXNTexas Instruments Incorporated	0.82%	498,000	$38M	added+5%	−0.04 pp	6 q
MCOMoody's Corporation	0.75%	290,000	$35M	held	—	10 q
WSOWatsco, Inc.	0.72%	219,500	$34M	added+11%	+0.08 pp	10 q
ITWIllinois Tool Works Inc.	0.70%	230,000	$33M	held	—	10 q
AXPAmerican Express Company	0.69%	386,000	$33M	held	—	10 q
CATCaterpillar Inc.	0.64%	278,000	$30M	held	—	10 q
ECLEcolab, Inc.	0.62%	218,800	$29M	added+6%	+0.04 pp	10 q
NSCNorfolk Southern Corp.	0.60%	229,500	$28M	held	—	10 q
FDSFactset Research Systems	0.58%	164,000	$27M	held	—	10 q
BXBlackstone Inc.	0.54%	760,000	$25M	added+28%	+0.14 pp	10 q
DISCKDiscovery Inc-c	0.52%	965,000	$24M	added+4%	−0.07 pp	10 q
TROWT Rowe Price Group Inc	0.50%	314,000	$23M	held	—	10 q
CVSCvs Health Corporation	0.46%	267,000	$21M	added+1%	−0.01 pp	10 q
LSXMKLiberty Media Cor-siriusxm C	0.46%	522,000	$22M	held	—	5 q
SPGIS&P Global Inc.	0.46%	147,000	$21M	held	—	5 q
MAMastercard Incorporated	0.45%	172,100	$21M	added+8%	+0.05 pp	10 q
NKENike, Inc.	0.45%	361,000	$21M	added+4%	+0.01 pp	10 q
MSFTMicrosoft Corp	0.41%	280,000	$19M	added+15%	+0.05 pp	7 q
ROKRockwell Automation, Inc.	0.41%	117,800	$19M	added+12%	+0.04 pp	9 q
UTXZRTX Corporation	0.40%	152,500	$19M	added+13%	+0.06 pp	10 q
ACNAccenture PLC	0.39%	148,400	$18M	held	—	10 q
LM03Liberty Media Cor-siriusxm A	0.38%	426,000	$18M	held	—	5 q
PHParker-Hannifin Corporation	0.37%	108,600	$17M	added+14%	+0.02 pp	9 q
CMECME Group Inc.	0.36%	135,000	$17M	held	—	10 q
JPMJPMorgan Chase & Co.	0.36%	183,000	$17M	held	—	9 q
PEPPepsiCo, Inc.	0.36%	145,600	$17M	held	—	10 q
ROLRollins, Inc.	0.36%	413,700	$17M	added+10%	+0.05 pp	10 q
BABoeing Company	0.35%	83,400	$16M	added+20%	+0.07 pp	7 q
SEICSEI Investments Co	0.35%	306,200	$16M	added+1%	0.00 pp	10 q
unresolvedKkr & Co L P DEL	0.34%	852,000	$16M	added+28%	+0.07 pp	10 q
LBRDALiberty Broadband Corporation Class A	0.34%	183,250	$16M	added+15%	+0.03 pp	10 q
unresolvedApollo Global Management LLC	0.33%	585,000	$15M	added+39%	+0.10 pp	10 q
AAPLApple Inc.	0.32%	103,100	$15M	added+14%	+0.03 pp	9 q
METAMeta Platforms, Inc. Class A	0.32%	98,500	$15M	added+25%	+0.07 pp	7 q
LBRDKLiberty Broadband Corporation Class C	0.32%	172,113	$15M	held	—	10 q
SRCLStericycle Inc	0.32%	197,000	$15M	added+23%	+0.02 pp	5 q
MSCIMSCI, Inc.	0.30%	137,000	$14M	held	—	10 q
unresolvedThe Carlyle Group	0.29%	692,000	$14M	added+31%	+0.10 pp	10 q
PMPhilip Morris International Inc.	0.29%	114,500	$13M	held	—	10 q
LYVLive Nation Entertainment Inc.	0.27%	366,700	$13M	added+12%	+0.05 pp	7 q
GOOGLAlphabet Inc. Class A	0.25%	12,500	$12M	held	—	7 q
CLBCore Laboratories Inc.	0.24%	110,000	$11M	held	—	10 q
CDKCDK Global, Inc.	0.23%	176,897	$11M	held	—	10 q
CSCOCisco Systems, Inc. (DE)	0.23%	342,000	$11M	held	—	6 q
BF.BBrown-Forman Corporation Class B	0.22%	210,750	$10M	held	—	10 q
PXGBXPraxair Inc	0.21%	74,400	$10M	added+21%	+0.05 pp	7 q
FWONKLiberty Media Corporation Series C Liberty Formula One	0.20%	259,500	$10M	added+7%	+0.01 pp	5 q
UNPUnion Pacific Corp.	0.20%	84,600	$9M	held	—	7 q
TSNTyson Foods, Inc.	0.19%	142,000	$9M	added×2.0	+0.09 pp	3 q
CMCSAComcast Corp	0.18%	211,000	$8M	added+1%	0.00 pp	5 q
MXIMMaxim Integrated Products	0.18%	187,000	$8M	added+7%	0.00 pp	6 q
PAYXPaychex Inc	0.18%	150,000	$9M	held	—	10 q
PCARPaccar Inc	0.17%	118,300	$8M	held	—	8 q
PDCOPatterson Companies, Inc.	0.17%	168,000	$8M	held	—	10 q
ACTAllergan PLC	0.17%	33,000	$8M	added+22%	+0.02 pp	4 q
HEI.AHeico Corp Cl A	0.16%	122,375	$8M	added+74%	+0.04 pp	5 q
ALBAlbemarle Corporation	0.13%	58,000	$6M	added×3.9	+0.09 pp	2 q
COSTCostco Wholesale Corp	0.13%	39,000	$6M	held	—	10 q
VRSKVerisk Analytics, Inc.	0.13%	73,000	$6M	held	—	10 q
unresolvedSensata Technologies Hldng NV	0.13%	148,000	$6M	added+42%	+0.03 pp	3 q
BGBunge Global SA	0.11%	71,800	$5M	held	—	7 q
AMTAmerican Tower Corporation	0.10%	35,500	$5M	added+20%	+0.02 pp	4 q
LM05Liberty Media Corp-liberty-a	0.10%	129,500	$5M	added+7%	+0.01 pp	5 q
ACNTAscent Industries Co.	0.10%	414,804	$5M	held	—	10 q
unresolvedAon PLC	0.10%	37,000	$5M	held	—	9 q
DLTRDollar Tree Inc.	0.09%	62,000	$4M	added+35%	+0.01 pp	3 q
CABOCable One, Inc.	0.08%	5,200	$4M	held	—	8 q
GSGoldman Sachs Group Inc.	0.08%	17,100	$4M	held	—	6 q
LBTYALiberty Global Ltd. Class A	0.08%	118,000	$4M	held	—	10 q
NXPINXP Semiconductors N.V.	0.08%	35,000	$4M	held	—	4 q
GHCGraham Holdings Company	0.07%	5,200	$3M	held	—	10 q
HXLHexcel Corporation	0.07%	65,000	$3M	added+97%	+0.03 pp	3 q
RBARB Global, Inc.	0.07%	114,000	$3M	held	—	10 q
FLSFlowserve Corporation	0.06%	57,000	$3M	added+30%	+0.01 pp	3 q
HSYThe Hershey Company	0.06%	24,100	$3M	held	—	7 q
PAGPenske Automotive Group, Inc.	0.06%	62,000	$3M	added+27%	+0.01 pp	5 q
unresolvedRockwell Collins Inc	0.06%	28,000	$3M	added+87%	+0.03 pp	2 q
unresolvedBrookfield Business Partners	0.06%	101,594	$3M	held	—	5 q
YAlleghany Corporation	0.05%	4,328	$3M	held	—	10 q
GILDGilead Sciences Inc	0.05%	33,000	$2M	added+22%	+0.01 pp	3 q
HCSGHealthcare Services Group	0.05%	55,000	$3M	held	—	2 q
IBMInternational Business Machines Corporation	0.05%	15,700	$2M	added+62%	+0.01 pp	2 q
BATRKAtlanta Braves Holdings, Inc. Series C	0.05%	99,788	$2M	held	—	5 q
MCKMcKesson Corporation	0.05%	15,100	$2M	added+66%	+0.02 pp	5 q
SBUXStarbucks Corp	0.05%	39,000	$2M	added+50%	+0.02 pp	3 q
BDXBecton, Dickinson and Co.	0.04%	9,000	$2M	held	—	8 q
CHHChoice Hotels Intnl.	0.04%	27,000	$2M	new	+0.04 pp	new
VFCV.F. Corporation	0.04%	30,800	$2M	held	—	6 q
BAXBaxter International Inc.	0.03%	22,000	$1M	held	—	8 q
UAUnder Armour, Inc. Class C, $0.0003 1/3 par value	0.03%	60,000	$1M	new	+0.03 pp	new
unresolvedGeneral Electric Co	0.02%	40,000	$1M	new	+0.02 pp	new
BATRAAtlanta Braves Holdings, Inc. Series A	0.02%	42,600	$1M	held	—	5 q
WRBW.R. Berkley Corporation	0.01%	8,000	$553,000	new	+0.01 pp	new
BMYBristol-Myers Squibb Co.	0.01%	10,000	$557,000	held	—	7 q
HEIHEICO Corporation	0.01%	3,750	$269,000	held	—	4 q
HRLHormel Foods Corporation	0.01%	7,000	$239,000	new	+0.01 pp	new
MRKMerck & Co., Inc.	0.01%	5,600	$359,000	held	—	5 q
NVSNovartis AG	0.01%	3,700	$309,000	held	—	6 q
unresolvedPriceline Grp Inc	0.01%	200	$374,000	held	—	5 q
SLBSLB Limited	0.01%	4,000	$263,000	trimmed−99%	−1.16 pp	10 q
99998USDLiberty Global PLC Lilac - A	0.01%	14,720	$320,000	held	—	5 q