Markel Group

Q3 2017 13F · by Tom Gayner, portfolio manager

As of: Sep 30, 2017
Filed: Oct 27, 2017
US stock: $5.0B · prev $4.7B
Positions: 139 · prev 138
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%

Moves58 since the prior filing

+1.4 pp in · −1.1 pp out

New 3 +0.04 pp
Added 52 +1.40 pp
Trimmed 1 −0.74 pp
Exited 2 −0.32 pp

The book

Focused · behaves like 39 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Low turnover · 3.8% a year, about 26.3 years per position

Low
Moderate
High

Top 5 positions27% of US stock

KMX CarMax Inc. held held7.4%
BRK.A Berkshire Hathaway Inc. held held6.0%
BRK.B BERKSHIRE HATHAWAY Class B held held5.5%
unresolved Brookfield Asset Mgmt Inc added−0.01 pp added−0.014.5%
DEO Diageo plc added+0.11 pp added+0.113.5%

Positions139 in this filing · 2 exited


KMXCarMax Inc.	7.42%	4,913,070	$372M	held	—	11 q
BRK.ABerkshire Hathaway Inc.	5.95%	1,088	$299M	held	—	11 q
BRK.BBERKSHIRE HATHAWAY Class B	5.52%	1,511,607	$277M	held	—	11 q
unresolvedBrookfield Asset Mgmt Inc	4.47%	5,435,821	$224M	added+1%	−0.01 pp	11 q
DEODiageo plc	3.55%	1,349,800	$178M	added0%	+0.11 pp	11 q
DISThe Walt Disney Company	3.33%	1,699,200	$167M	added+1%	−0.49 pp	11 q
MARMarriott International Class A	3.31%	1,508,269	$166M	held	—	11 q
WBAWalgreens Boots Alliance, Inc	3.28%	2,135,000	$165M	held	—	11 q
HDHome Depot, Inc.	3.00%	920,000	$150M	held	—	11 q
DEDeere & Company	2.74%	1,095,400	$138M	held	—	11 q
UNHUNITEDHEALTH GROUP INCORPORATED (Delaware)	2.59%	663,000	$130M	held	—	11 q
VVISA Inc.	1.92%	914,300	$96M	added+1%	+0.11 pp	11 q
GOOGAlphabet Inc. Class C	1.85%	97,031	$93M	added+11%	+0.16 pp	11 q
unresolvedUnilever Spn.Adr 1:1	1.76%	1,527,600	$89M	held	—	11 q
BLQADBlackrock Inc	1.60%	180,000	$80M	added+3%	+0.02 pp	11 q
GDGeneral Dynamics Corporation	1.58%	387,000	$80M	held	—	11 q
JNJJohnson & Johnson	1.58%	610,800	$79M	held	—	11 q
AMZNAmazon.Com Inc	1.53%	80,000	$77M	added+14%	+0.08 pp	8 q
RLIRLI Corp.	1.37%	1,197,272	$69M	held	—	11 q
WPCW.P. Carey Inc. (REIT)	1.27%	950,200	$64M	held	—	11 q
ADMArcher Daniels Midland Company	1.24%	1,463,300	$62M	held	—	11 q
ADPAutomatic Data Processing	1.16%	530,700	$58M	held	—	11 q
NVONovo-Nordisk A/S	1.03%	1,075,000	$52M	held	—	11 q
MRSHMarsh	1.02%	609,500	$51M	held	—	11 q
unresolvedMonsanto Co	0.95%	396,700	$48M	held	—	11 q
unresolvedColfax Corp	0.94%	1,135,070	$47M	held	—	11 q
TXNTexas Instruments Incorporated	0.94%	526,000	$47M	added+6%	+0.12 pp	7 q
BF.ABrown-Forman Corporation Class A	0.93%	843,000	$47M	held	—	11 q
ADIAnalog Devices, Inc.	0.92%	537,811	$46M	added+4%	+0.06 pp	7 q
SCHWThe Charles Schwab Corporation	0.92%	1,057,000	$46M	held	—	11 q
LOWLowe's Companies Inc.	0.91%	570,000	$46M	held	—	11 q
XOMExxon Mobil Corp	0.89%	544,800	$45M	trimmed−42%	−0.74 pp	11 q
ELVElevance Health, Inc.	0.85%	224,000	$43M	held	—	11 q
MMM3M Company	0.85%	204,000	$43M	held	—	11 q
OAKOaktree Capital Group, LLC	0.83%	886,500	$42M	added+4%	−0.02 pp	11 q
MCOMoody's Corporation	0.80%	290,000	$40M	held	—	11 q
TRVThe Travelers Companies, Inc.	0.77%	315,000	$39M	held	—	11 q
ITICInvestors Title Co	0.76%	213,300	$38M	held	—	11 q
WSOWatsco, Inc.	0.76%	235,500	$38M	added+7%	+0.04 pp	11 q
HASHasbro, Inc.	0.71%	364,000	$36M	held	—	11 q
AXPAmerican Express Company	0.70%	386,000	$35M	held	—	11 q
CATCaterpillar Inc.	0.69%	278,000	$35M	held	—	11 q
ITWIllinois Tool Works Inc.	0.68%	230,000	$34M	held	—	11 q
NSCNorfolk Southern Corp.	0.60%	229,500	$30M	held	—	11 q
ECLEcolab, Inc.	0.59%	228,800	$29M	added+5%	−0.03 pp	11 q
FDSFactset Research Systems	0.59%	164,000	$30M	held	—	11 q
TROWT Rowe Price Group Inc	0.57%	314,000	$28M	held	—	11 q
BXBlackstone Inc.	0.56%	850,000	$28M	added+12%	+0.02 pp	11 q
MAMastercard Incorporated	0.51%	182,100	$26M	added+6%	+0.06 pp	11 q
BABoeing Company	0.48%	94,400	$24M	added+13%	+0.13 pp	8 q
MSFTMicrosoft Corp	0.46%	312,000	$23M	added+11%	+0.05 pp	8 q
SPGIS&P Global Inc.	0.46%	147,000	$23M	held	—	6 q
ROKRockwell Automation, Inc.	0.45%	127,800	$23M	added+8%	+0.04 pp	10 q
LSXMKLiberty Media Cor-siriusxm C	0.44%	522,000	$22M	held	—	6 q
CVSCvs Health Corporation	0.43%	267,000	$22M	held	—	11 q
ACNAccenture PLC	0.43%	159,400	$22M	added+7%	+0.04 pp	11 q
unresolvedApollo Global Management LLC	0.41%	685,000	$21M	added+17%	+0.08 pp	11 q
DISCKDiscovery Inc-c	0.41%	1,028,000	$21M	added+7%	−0.11 pp	11 q
PHParker-Hannifin Corporation	0.41%	118,600	$21M	added+9%	+0.04 pp	10 q
ROLRollins, Inc.	0.41%	443,700	$20M	added+7%	+0.05 pp	11 q
unresolvedKkr & Co L P DEL	0.39%	967,000	$20M	added+14%	+0.05 pp	11 q
LBRDALiberty Broadband Corporation Class A	0.38%	205,250	$19M	added+12%	+0.04 pp	11 q
NKENike, Inc.	0.38%	366,000	$19M	added+1%	−0.07 pp	11 q
UTXZRTX Corporation	0.38%	165,000	$19M	added+8%	−0.02 pp	11 q
unresolvedThe Carlyle Group	0.37%	797,000	$19M	added+15%	+0.08 pp	11 q
METAMeta Platforms, Inc. Class A	0.37%	108,500	$19M	added+10%	+0.05 pp	8 q
SEICSEI Investments Co	0.37%	306,200	$19M	held	—	11 q
CMECME Group Inc.	0.36%	135,000	$18M	held	—	11 q
LM03Liberty Media Cor-siriusxm A	0.36%	426,000	$18M	held	—	6 q
LYVLive Nation Entertainment Inc.	0.36%	417,700	$18M	added+14%	+0.09 pp	8 q
AAPLApple Inc.	0.35%	113,100	$17M	added+10%	+0.03 pp	10 q
JPMJPMorgan Chase & Co.	0.35%	183,000	$17M	held	—	10 q
LBRDKLiberty Broadband Corporation Class C	0.33%	172,113	$16M	held	—	11 q
SRCLStericycle Inc	0.33%	232,000	$17M	added+18%	+0.01 pp	6 q
MSCIMSCI, Inc.	0.32%	137,000	$16M	held	—	11 q
PEPPepsiCo, Inc.	0.32%	145,600	$16M	held	—	11 q
PMPhilip Morris International Inc.	0.25%	114,500	$13M	held	—	11 q
TSNTyson Foods, Inc.	0.25%	178,000	$13M	added+25%	+0.06 pp	4 q
GOOGLAlphabet Inc. Class A	0.24%	12,500	$12M	held	—	8 q
BF.BBrown-Forman Corporation Class B	0.23%	210,750	$11M	held	—	11 q
CSCOCisco Systems, Inc. (DE)	0.23%	342,000	$12M	held	—	7 q
PXGBXPraxair Inc	0.23%	84,400	$12M	added+13%	+0.02 pp	8 q
CDKCDK Global, Inc.	0.22%	176,897	$11M	held	—	11 q
HEI.AHeico Corp Cl A	0.21%	138,375	$11M	added+13%	+0.05 pp	6 q
ALBAlbemarle Corporation	0.20%	73,000	$10M	added+26%	+0.07 pp	3 q
FWONKLiberty Media Corporation Series C Liberty Formula One	0.20%	259,500	$10M	held	—	6 q
UNPUnion Pacific Corp.	0.20%	84,600	$10M	held	—	8 q
MXIMMaxim Integrated Products	0.19%	197,000	$9M	added+5%	+0.01 pp	7 q
GSGoldman Sachs Group Inc.	0.18%	39,100	$9M	added×2.3	+0.10 pp	7 q
PAYXPaychex Inc	0.18%	150,000	$9M	held	—	11 q
PCARPaccar Inc	0.17%	118,300	$9M	held	—	9 q
CMCSAComcast Corp	0.16%	211,000	$8M	held	—	6 q
unresolvedSensata Technologies Hldng NV	0.16%	168,000	$8M	added+14%	+0.03 pp	4 q
DLTRDollar Tree Inc.	0.15%	88,000	$8M	added+42%	+0.06 pp	4 q
COSTCostco Wholesale Corp	0.13%	39,000	$6M	held	—	11 q
PDCOPatterson Companies, Inc.	0.13%	168,000	$6M	held	—	11 q
ACTAllergan PLC	0.13%	33,000	$7M	held	—	5 q
VRSKVerisk Analytics, Inc.	0.12%	73,000	$6M	held	—	11 q
LM05Liberty Media Corp-liberty-a	0.11%	157,500	$6M	added+22%	+0.01 pp	6 q
unresolvedAon PLC	0.11%	37,000	$5M	held	—	10 q
AMTAmerican Tower Corporation	0.10%	35,500	$5M	held	—	5 q
HXLHexcel Corporation	0.10%	86,000	$5M	added+32%	+0.03 pp	4 q
unresolvedRockwell Collins Inc	0.10%	37,000	$5M	added+32%	+0.04 pp	3 q
ACNTAscent Industries Co.	0.10%	414,804	$5M	held	—	11 q
BGBunge Global SA	0.10%	71,800	$5M	held	—	8 q
MCKMcKesson Corporation	0.08%	26,100	$4M	added+73%	+0.03 pp	6 q
LBTYALiberty Global Ltd. Class A	0.08%	124,000	$4M	added+5%	0.00 pp	11 q
CABOCable One, Inc.	0.07%	5,200	$4M	held	—	9 q
PAGPenske Automotive Group, Inc.	0.07%	72,000	$3M	added+16%	+0.01 pp	6 q
RBARB Global, Inc.	0.07%	114,000	$4M	held	—	11 q
CHHChoice Hotels Intnl.	0.06%	45,000	$3M	added+67%	+0.02 pp	2 q
FLSFlowserve Corporation	0.06%	67,000	$3M	added+18%	0.00 pp	4 q
GHCGraham Holdings Company	0.06%	5,200	$3M	held	—	11 q
HCSGHealthcare Services Group	0.06%	55,000	$3M	held	—	3 q
SBUXStarbucks Corp	0.06%	52,000	$3M	added+33%	+0.01 pp	4 q
unresolvedBrookfield Business Partners	0.06%	101,594	$3M	held	—	6 q
YAlleghany Corporation	0.05%	4,328	$2M	held	—	11 q
unresolvedGeneral Electric Co	0.05%	95,000	$2M	added×2.4	+0.03 pp	2 q
GILDGilead Sciences Inc	0.05%	33,000	$3M	held	—	4 q
HSYThe Hershey Company	0.05%	24,100	$3M	held	—	8 q
IBMInternational Business Machines Corporation	0.05%	15,700	$2M	held	—	3 q
BATRKAtlanta Braves Holdings, Inc. Series C	0.05%	99,788	$3M	held	—	6 q
BDXBecton, Dickinson and Co.	0.04%	9,000	$2M	held	—	9 q
VFCV.F. Corporation	0.04%	30,800	$2M	held	—	7 q
BAXBaxter International Inc.	0.03%	22,000	$1M	held	—	9 q
UAUnder Armour, Inc. Class C, $0.0003 1/3 par value	0.03%	110,000	$2M	added+83%	0.00 pp	2 q
WRBW.R. Berkley Corporation	0.02%	18,000	$1M	added×2.3	+0.01 pp	2 q
IFFInternational Flavors & Fragrances Inc.	0.02%	8,000	$1M	new	+0.02 pp	new
BATRAAtlanta Braves Holdings, Inc. Series A	0.02%	42,600	$1M	held	—	6 q
BMYBristol-Myers Squibb Co.	0.01%	10,000	$637,000	held	—	8 q
GTGoodyear Tire & Rubber	0.01%	20,000	$665,000	new	+0.01 pp	new
HEIHEICO Corporation	0.01%	3,750	$337,000	held	—	5 q
HRLHormel Foods Corporation	0.01%	19,000	$611,000	added×2.7	0.00 pp	2 q
MRKMerck & Co., Inc.	0.01%	5,600	$359,000	held	—	6 q
MCHPMicrochip Technology Inc	0.01%	8,000	$718,000	new	+0.01 pp	new
NVSNovartis AG	0.01%	3,700	$318,000	held	—	7 q
unresolvedPriceline Grp Inc	0.01%	200	$366,000	held	—	6 q
SLBSLB Limited	0.01%	4,000	$279,000	held	—	11 q
99998USDLiberty Global PLC Lilac - A	0.01%	14,720	$350,000	held	—	6 q
CLBCore Laboratories Inc.	—	−110,000	—	exited	−0.24 pp	—
NXPINXP Semiconductors N.V.	—	−35,000	—	exited	−0.08 pp	—