Markel Group

Q4 2017 13F · by Tom Gayner, portfolio manager

As of: Dec 31, 2017
Filed: Feb 9, 2018
US stock: $5.3B · prev $5.0B
Positions: 138 · prev 139
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%

Moves3 since the prior filing

0.0 pp in · −0.9 pp out

New 1 0.00 pp
Added 0 0.00 pp
Trimmed 0 0.00 pp
Exited 2 −0.90 pp

The book

Focused · behaves like 40 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Low turnover · 0.0% a year, more than 30 years per position

Low
Moderate
High

Top 5 positions26% of US stock

BRK.A Berkshire Hathaway Inc. held held6.1%
KMX CarMax Inc. held held6.0%
BRK.B BERKSHIRE HATHAWAY Class B held held5.7%
unresolved Brookfield Asset Mgmt Inc held held4.5%
MAR Marriott International Class A held held3.9%

Positions138 in this filing · 2 exited


BRK.ABerkshire Hathaway Inc.	6.11%	1,088	$324M	held	—	12 q
KMXCarMax Inc.	5.95%	4,913,070	$315M	held	—	12 q
BRK.BBERKSHIRE HATHAWAY Class B	5.66%	1,511,607	$300M	held	—	12 q
unresolvedBrookfield Asset Mgmt Inc	4.47%	5,435,821	$237M	held	—	12 q
MARMarriott International Class A	3.87%	1,508,269	$205M	held	—	12 q
DEODiageo plc	3.72%	1,349,800	$197M	held	—	12 q
DISThe Walt Disney Company	3.45%	1,699,200	$183M	held	—	12 q
HDHome Depot, Inc.	3.29%	920,000	$174M	held	—	12 q
DEDeere & Company	3.24%	1,095,400	$171M	held	—	12 q
WBAWalgreens Boots Alliance, Inc	2.93%	2,135,000	$155M	held	—	12 q
UNHUNITEDHEALTH GROUP INCORPORATED (Delaware)	2.76%	663,000	$146M	held	—	12 q
VVISA Inc.	1.97%	914,300	$104M	held	—	12 q
GOOGAlphabet Inc. Class C	1.92%	97,031	$102M	held	—	12 q
AMZNAmazon.Com Inc	1.77%	80,000	$94M	held	—	9 q
BLQADBlackrock Inc	1.75%	180,000	$92M	held	—	12 q
JNJJohnson & Johnson	1.61%	610,800	$85M	held	—	12 q
unresolvedUnilever Spn.Adr 1:1	1.60%	1,527,600	$85M	held	—	12 q
GDGeneral Dynamics Corporation	1.49%	387,000	$79M	held	—	12 q
RLIRLI Corp.	1.37%	1,197,272	$73M	held	—	12 q
WPCW.P. Carey Inc. (REIT)	1.24%	950,200	$65M	held	—	12 q
ADPAutomatic Data Processing	1.17%	530,700	$62M	held	—	12 q
ADMArcher Daniels Midland Company	1.11%	1,463,300	$59M	held	—	12 q
NVONovo-Nordisk A/S	1.09%	1,075,000	$58M	held	—	12 q
BF.ABrown-Forman Corporation Class A	1.07%	843,000	$57M	held	—	12 q
TXNTexas Instruments Incorporated	1.04%	526,000	$55M	held	—	8 q
SCHWThe Charles Schwab Corporation	1.03%	1,057,000	$54M	held	—	12 q
LOWLowe's Companies Inc.	1.00%	570,000	$53M	held	—	12 q
ELVElevance Health, Inc.	0.95%	224,000	$50M	held	—	12 q
MRSHMarsh	0.94%	609,500	$50M	held	—	12 q
MMM3M Company	0.91%	204,000	$48M	held	—	12 q
ADIAnalog Devices, Inc.	0.90%	537,811	$48M	held	—	8 q
unresolvedMonsanto Co	0.87%	396,700	$46M	held	—	12 q
unresolvedColfax Corp	0.85%	1,135,070	$45M	held	—	12 q
CATCaterpillar Inc.	0.83%	278,000	$44M	held	—	12 q
MCOMoody's Corporation	0.81%	290,000	$43M	held	—	12 q
TRVThe Travelers Companies, Inc.	0.81%	315,000	$43M	held	—	12 q
ITICInvestors Title Co	0.80%	213,300	$42M	held	—	12 q
WSOWatsco, Inc.	0.76%	235,500	$40M	held	—	12 q
AXPAmerican Express Company	0.72%	386,000	$38M	held	—	12 q
ITWIllinois Tool Works Inc.	0.72%	230,000	$38M	held	—	12 q
OAKOaktree Capital Group, LLC	0.70%	886,500	$37M	held	—	12 q
NSCNorfolk Southern Corp.	0.63%	229,500	$33M	held	—	12 q
HASHasbro, Inc.	0.62%	364,000	$33M	held	—	12 q
TROWT Rowe Price Group Inc	0.62%	314,000	$33M	held	—	12 q
FDSFactset Research Systems	0.60%	164,000	$32M	held	—	12 q
ECLEcolab, Inc.	0.58%	228,800	$31M	held	—	12 q
BABoeing Company	0.53%	94,400	$28M	held	—	9 q
MAMastercard Incorporated	0.52%	182,100	$28M	held	—	12 q
BXBlackstone Inc.	0.51%	850,000	$27M	held	—	12 q
MSFTMicrosoft Corp	0.50%	312,000	$27M	held	—	9 q
ROKRockwell Automation, Inc.	0.47%	127,800	$25M	held	—	11 q
SPGIS&P Global Inc.	0.47%	147,000	$25M	held	—	7 q
ACNAccenture PLC	0.46%	159,400	$24M	held	—	12 q
PHParker-Hannifin Corporation	0.45%	118,600	$24M	held	—	11 q
unresolvedApollo Global Management LLC	0.43%	685,000	$23M	held	—	12 q
NKENike, Inc.	0.43%	366,000	$23M	held	—	12 q
SEICSEI Investments Co	0.42%	306,200	$22M	held	—	12 q
DISCKDiscovery Inc-c	0.41%	1,028,000	$22M	held	—	12 q
UTXZRTX Corporation	0.40%	165,000	$21M	held	—	12 q
LSXMKLiberty Media Cor-siriusxm C	0.39%	522,000	$21M	held	—	7 q
ROLRollins, Inc.	0.39%	443,700	$21M	held	—	12 q
unresolvedKkr & Co L P DEL	0.38%	967,000	$20M	held	—	12 q
CMECME Group Inc.	0.37%	135,000	$20M	held	—	12 q
CVSCvs Health Corporation	0.37%	267,000	$19M	held	—	12 q
JPMJPMorgan Chase & Co.	0.37%	183,000	$20M	held	—	11 q
AAPLApple Inc.	0.36%	113,100	$19M	held	—	11 q
METAMeta Platforms, Inc. Class A	0.36%	108,500	$19M	held	—	9 q
unresolvedThe Carlyle Group	0.34%	797,000	$18M	held	—	12 q
LYVLive Nation Entertainment Inc.	0.34%	417,700	$18M	held	—	9 q
LBRDALiberty Broadband Corporation Class A	0.33%	205,250	$17M	held	—	12 q
MSCIMSCI, Inc.	0.33%	137,000	$17M	held	—	12 q
PEPPepsiCo, Inc.	0.33%	145,600	$17M	held	—	12 q
LM03Liberty Media Cor-siriusxm A	0.32%	426,000	$17M	held	—	7 q
SRCLStericycle Inc	0.30%	232,000	$16M	held	—	7 q
LBRDKLiberty Broadband Corporation Class C	0.28%	172,113	$15M	held	—	12 q
BF.BBrown-Forman Corporation Class B	0.27%	210,750	$14M	held	—	12 q
TSNTyson Foods, Inc.	0.27%	178,000	$14M	held	—	5 q
GOOGLAlphabet Inc. Class A	0.25%	12,500	$13M	held	—	9 q
CSCOCisco Systems, Inc. (DE)	0.25%	342,000	$13M	held	—	8 q
PXGBXPraxair Inc	0.25%	84,400	$13M	held	—	9 q
CDKCDK Global, Inc.	0.24%	176,897	$13M	held	—	12 q
PMPhilip Morris International Inc.	0.23%	114,500	$12M	held	—	12 q
HEI.AHeico Corp Cl A	0.21%	138,375	$11M	held	—	7 q
UNPUnion Pacific Corp.	0.21%	84,600	$11M	held	—	9 q
GSGoldman Sachs Group Inc.	0.19%	39,100	$10M	held	—	8 q
MXIMMaxim Integrated Products	0.19%	197,000	$10M	held	—	8 q
PAYXPaychex Inc	0.19%	150,000	$10M	held	—	12 q
ALBAlbemarle Corporation	0.18%	73,000	$9M	held	—	4 q
DLTRDollar Tree Inc.	0.18%	88,000	$9M	held	—	5 q
FWONKLiberty Media Corporation Series C Liberty Formula One	0.17%	259,500	$9M	held	—	7 q
CMCSAComcast Corp	0.16%	211,000	$8M	held	—	7 q
PCARPaccar Inc	0.16%	118,300	$8M	held	—	10 q
unresolvedSensata Technologies Hldng NV	0.16%	168,000	$9M	held	—	5 q
COSTCostco Wholesale Corp	0.14%	39,000	$7M	held	—	12 q
VRSKVerisk Analytics, Inc.	0.13%	73,000	$7M	held	—	12 q
PDCOPatterson Companies, Inc.	0.11%	168,000	$6M	held	—	12 q
AMTAmerican Tower Corporation	0.10%	35,500	$5M	held	—	6 q
HXLHexcel Corporation	0.10%	86,000	$5M	held	—	5 q
LM05Liberty Media Corp-liberty-a	0.10%	157,500	$5M	held	—	7 q
ACNTAscent Industries Co.	0.10%	414,804	$6M	held	—	12 q
ACTAllergan PLC	0.10%	33,000	$5M	held	—	6 q
unresolvedRockwell Collins Inc	0.09%	37,000	$5M	held	—	4 q
unresolvedAon PLC	0.09%	37,000	$5M	held	—	11 q
BGBunge Global SA	0.09%	71,800	$5M	held	—	9 q
MCKMcKesson Corporation	0.08%	26,100	$4M	held	—	7 q
LBTYALiberty Global Ltd. Class A	0.08%	124,000	$4M	held	—	12 q
CABOCable One, Inc.	0.07%	5,200	$4M	held	—	10 q
CHHChoice Hotels Intnl.	0.07%	45,000	$3M	held	—	3 q
PAGPenske Automotive Group, Inc.	0.07%	72,000	$3M	held	—	7 q
unresolvedBrookfield Business Partners	0.07%	101,594	$4M	held	—	7 q
RBARB Global, Inc.	0.06%	114,000	$3M	held	—	12 q
SBUXStarbucks Corp	0.06%	52,000	$3M	held	—	5 q
YAlleghany Corporation	0.05%	4,328	$3M	held	—	12 q
FLSFlowserve Corporation	0.05%	67,000	$3M	held	—	5 q
GHCGraham Holdings Company	0.05%	5,200	$3M	held	—	12 q
HCSGHealthcare Services Group	0.05%	55,000	$3M	held	—	4 q
HSYThe Hershey Company	0.05%	24,100	$3M	held	—	9 q
IBMInternational Business Machines Corporation	0.05%	15,700	$2M	held	—	4 q
BDXBecton, Dickinson and Co.	0.04%	9,000	$2M	held	—	10 q
GILDGilead Sciences Inc	0.04%	33,000	$2M	held	—	5 q
BATRKAtlanta Braves Holdings, Inc. Series C	0.04%	99,788	$2M	held	—	7 q
VFCV.F. Corporation	0.04%	30,800	$2M	held	—	8 q
BAXBaxter International Inc.	0.03%	22,000	$1M	held	—	10 q
unresolvedGeneral Electric Co	0.03%	95,000	$2M	held	—	3 q
UAUnder Armour, Inc. Class C, $0.0003 1/3 par value	0.03%	110,000	$1M	held	—	3 q
WRBW.R. Berkley Corporation	0.02%	18,000	$1M	held	—	3 q
IFFInternational Flavors & Fragrances Inc.	0.02%	8,000	$1M	held	—	2 q
BATRAAtlanta Braves Holdings, Inc. Series A	0.02%	42,600	$939,000	held	—	7 q
BMYBristol-Myers Squibb Co.	0.01%	10,000	$613,000	held	—	9 q
GTGoodyear Tire & Rubber	0.01%	20,000	$646,000	held	—	2 q
HEIHEICO Corporation	0.01%	3,750	$354,000	held	—	6 q
HRLHormel Foods Corporation	0.01%	19,000	$691,000	held	—	3 q
MRKMerck & Co., Inc.	0.01%	5,600	$315,000	held	—	7 q
MCHPMicrochip Technology Inc	0.01%	8,000	$703,000	held	—	2 q
NVSNovartis AG	0.01%	3,700	$311,000	held	—	8 q
unresolvedPriceline Grp Inc	0.01%	200	$348,000	held	—	7 q
99998USDLiberty Global PLC Lilac - A	0.01%	14,720	$297,000	held	—	7 q
ILMNIllumina Inc	0.00%	1,000	$218,000	new	0.00 pp	new
XOMExxon Mobil Corp	—	−544,800	—	exited	−0.89 pp	—
SLBSLB Limited	—	−4,000	—	exited	−0.01 pp	—