Markel Group

Q1 2018 13F · by Tom Gayner, portfolio manager

As of: Mar 31, 2018
Filed: Apr 27, 2018
US stock: $5.3B · prev $5.3B
Positions: 137 · 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%

Moves62 since the prior filing

+3.2 pp in · −1.8 pp out

New 8 +0.56 pp
Added 42 +2.65 pp
Trimmed 3 −0.36 pp
Exited 9 −1.48 pp

The book

Diversified · behaves like 40 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Low turnover · 7.8% a year, about 12.8 years per position

Low
Moderate
High

Top 5 positions26% of US stock

BRK.A Berkshire Hathaway Inc. added+0.11 pp added+0.116.2%
KMX CarMax Inc. held held5.8%
BRK.B BERKSHIRE HATHAWAY Class B added+0.08 pp added+0.085.7%
unresolved Brookfield Asset Mgmt Inc added−0.36 pp added−0.364.1%
MAR Marriott International Class A held held3.9%

Positions137 in this filing · 9 exited


BRK.ABerkshire Hathaway Inc.	6.22%	1,094	$327M	added+1%	+0.11 pp	13 q
KMXCarMax Inc.	5.78%	4,913,070	$304M	held	—	13 q
BRK.BBERKSHIRE HATHAWAY Class B	5.74%	1,512,702	$302M	added0%	+0.08 pp	13 q
unresolvedBrookfield Asset Mgmt Inc	4.11%	5,545,121	$216M	added+2%	−0.36 pp	13 q
MARMarriott International Class A	3.90%	1,508,269	$205M	held	—	13 q
DEODiageo plc	3.47%	1,349,800	$183M	held	—	13 q
DISThe Walt Disney Company	3.33%	1,742,700	$175M	added+3%	−0.12 pp	13 q
DEDeere & Company	3.23%	1,095,400	$170M	held	—	13 q
HDHome Depot, Inc.	3.12%	920,000	$164M	held	—	13 q
UNHUNITEDHEALTH GROUP INCORPORATED (Delaware)	2.70%	663,000	$142M	held	—	13 q
WBAWalgreens Boots Alliance, Inc	2.66%	2,135,000	$140M	held	—	13 q
AMZNAmazon.Com Inc	2.33%	84,720	$123M	added+6%	+0.56 pp	10 q
VVISA Inc.	2.09%	920,400	$110M	added+1%	+0.12 pp	13 q
GOOGAlphabet Inc. Class C	2.03%	103,674	$107M	added+7%	+0.11 pp	13 q
BLQADBlackrock Inc	1.93%	187,600	$102M	added+4%	+0.18 pp	13 q
GDGeneral Dynamics Corporation	1.63%	387,000	$85M	held	—	13 q
unresolvedUnilever Spn.Adr 1:1	1.61%	1,527,600	$85M	held	—	13 q
JNJJohnson & Johnson	1.49%	610,800	$78M	held	—	13 q
RLIRLI Corp.	1.44%	1,197,272	$76M	held	—	13 q
ADMArcher Daniels Midland Company	1.21%	1,463,300	$63M	held	—	13 q
ADPAutomatic Data Processing	1.14%	530,700	$60M	held	—	13 q
TXNTexas Instruments Incorporated	1.14%	575,000	$60M	added+9%	+0.10 pp	9 q
WPCW.P. Carey Inc. (REIT)	1.12%	950,200	$59M	held	—	13 q
SCHWThe Charles Schwab Corporation	1.05%	1,057,000	$55M	held	—	13 q
ADIAnalog Devices, Inc.	1.02%	587,811	$54M	added+9%	+0.12 pp	9 q
NVONovo-Nordisk A/S	1.01%	1,075,000	$53M	held	—	13 q
MRSHMarsh	0.96%	609,500	$50M	held	—	13 q
LOWLowe's Companies Inc.	0.95%	570,000	$50M	held	—	13 q
ELVElevance Health, Inc.	0.94%	224,000	$49M	held	—	13 q
WSOWatsco, Inc.	0.89%	258,500	$47M	added+10%	+0.13 pp	13 q
BF.ABrown-Forman Corporation Class A	0.85%	843,000	$45M	held	—	13 q
MMM3M Company	0.85%	204,000	$45M	held	—	13 q
TRVThe Travelers Companies, Inc.	0.83%	315,000	$44M	held	—	13 q
ITICInvestors Title Co	0.81%	213,300	$43M	held	—	13 q
CATCaterpillar Inc.	0.78%	278,000	$41M	held	—	13 q
OAKOaktree Capital Group, LLC	0.72%	960,500	$38M	added+8%	+0.02 pp	13 q
unresolvedColfax Corp	0.69%	1,135,070	$36M	held	—	13 q
AXPAmerican Express Company	0.68%	386,000	$36M	held	—	13 q
ITWIllinois Tool Works Inc.	0.68%	230,000	$36M	held	—	13 q
ECLEcolab, Inc.	0.65%	248,300	$34M	added+9%	+0.07 pp	13 q
TROWT Rowe Price Group Inc	0.64%	314,000	$34M	held	—	13 q
MAMastercard Incorporated	0.61%	182,100	$32M	held	—	13 q
MCOMoody's Corporation	0.61%	200,000	$32M	trimmed−31%	−0.20 pp	13 q
BXBlackstone Inc.	0.60%	990,000	$32M	added+16%	+0.09 pp	13 q
BABoeing Company	0.59%	94,400	$31M	held	—	10 q
MSFTMicrosoft Corp	0.59%	339,000	$31M	added+9%	+0.09 pp	10 q
NSCNorfolk Southern Corp.	0.59%	229,500	$31M	held	—	13 q
HASHasbro, Inc.	0.58%	364,000	$31M	held	—	13 q
SPGIS&P Global Inc.	0.53%	147,000	$28M	held	—	8 q
BF.BBrown-Forman Corporation Class B	0.49%	474,187	$26M	added×2.3	+0.22 pp	13 q
unresolvedApollo Global Management LLC	0.48%	845,000	$25M	added+23%	+0.05 pp	13 q
ROLRollins, Inc.	0.47%	479,700	$24M	added+8%	+0.08 pp	13 q
ACNAccenture PLC	0.47%	159,400	$24M	held	—	13 q
NKENike, Inc.	0.46%	366,000	$24M	held	—	13 q
AAPLApple Inc.	0.45%	140,435	$24M	added+24%	+0.09 pp	12 q
FDSFactset Research Systems	0.44%	116,000	$23M	trimmed−29%	−0.16 pp	13 q
unresolvedKkr & Co L P DEL	0.44%	1,132,000	$23M	added+17%	+0.06 pp	13 q
SEICSEI Investments Co	0.44%	306,200	$23M	held	—	13 q
UTXZRTX Corporation	0.43%	180,500	$23M	added+9%	+0.03 pp	13 q
CMECME Group Inc.	0.42%	135,000	$22M	held	—	13 q
ROKRockwell Automation, Inc.	0.42%	127,800	$22M	held	—	12 q
DISCKDiscovery Inc-c	0.41%	1,093,000	$21M	added+6%	0.00 pp	13 q
LSXMKLiberty Media Cor-siriusxm C	0.41%	522,000	$21M	held	—	8 q
unresolvedThe Carlyle Group	0.39%	962,000	$21M	added+21%	+0.05 pp	13 q
MSCIMSCI, Inc.	0.39%	137,000	$20M	held	—	13 q
PHParker-Hannifin Corporation	0.39%	118,600	$20M	held	—	12 q
JPMJPMorgan Chase & Co.	0.38%	183,000	$20M	held	—	12 q
METAMeta Platforms, Inc. Class A	0.37%	123,240	$20M	added+14%	+0.01 pp	10 q
LYVLive Nation Entertainment Inc.	0.37%	463,700	$20M	added+11%	+0.03 pp	10 q
SRCLStericycle Inc	0.35%	310,500	$18M	added+34%	+0.05 pp	8 q
CVSCvs Health Corporation	0.33%	275,000	$17M	added+3%	−0.04 pp	13 q
LBRDALiberty Broadband Corporation Class A	0.33%	205,250	$17M	held	—	13 q
LM03Liberty Media Cor-siriusxm A	0.33%	426,000	$18M	held	—	8 q
GSGoldman Sachs Group Inc.	0.32%	65,940	$17M	added+69%	+0.13 pp	9 q
TSNTyson Foods, Inc.	0.31%	221,000	$16M	added+24%	+0.04 pp	6 q
PEPPepsiCo, Inc.	0.30%	145,600	$16M	held	—	13 q
CSCOCisco Systems, Inc. (DE)	0.28%	342,000	$15M	held	—	9 q
LBRDKLiberty Broadband Corporation Class C	0.28%	172,113	$15M	held	—	13 q
HEI.AHeico Corp Cl A	0.26%	195,718	$14M	added+41%	+0.05 pp	8 q
PXGBXPraxair Inc	0.26%	94,400	$14M	added+12%	+0.01 pp	10 q
GOOGLAlphabet Inc. Class A	0.25%	12,500	$13M	held	—	10 q
MXIMMaxim Integrated Products	0.25%	222,000	$13M	added+13%	+0.06 pp	9 q
PGRProgressive Corporation	0.24%	210,000	$13M	new	+0.24 pp	new
SBUXStarbucks Corp	0.23%	209,048	$12M	added×4.0	+0.17 pp	6 q
PMPhilip Morris International Inc.	0.22%	114,500	$11M	held	—	13 q
UNPUnion Pacific Corp.	0.22%	85,050	$11M	added+1%	+0.01 pp	10 q
CDKCDK Global, Inc.	0.21%	176,897	$11M	held	—	13 q
PAYXPaychex Inc	0.18%	150,000	$9M	held	—	13 q
unresolvedSensata Technologies Hldng NV	0.17%	168,000	$9M	held	—	6 q
DLTRDollar Tree Inc.	0.16%	88,000	$8M	held	—	6 q
FWONKLiberty Media Corporation Series C Liberty Formula One	0.15%	259,500	$8M	held	—	8 q
COFCapital One Financial	0.14%	75,000	$7M	new	+0.14 pp	new
CMCSAComcast Corp	0.14%	211,000	$7M	held	—	8 q
COSTCostco Wholesale Corp	0.14%	39,000	$7M	held	—	13 q
VRSKVerisk Analytics, Inc.	0.14%	73,000	$8M	held	—	13 q
ALBAlbemarle Corporation	0.13%	73,000	$7M	held	—	5 q
CHHChoice Hotels Intnl.	0.13%	83,500	$7M	added+86%	+0.06 pp	4 q
HXLHexcel Corporation	0.13%	106,500	$7M	added+24%	+0.03 pp	6 q
ACNTAscent Industries Co.	0.12%	414,804	$6M	held	—	13 q
CMGChipotle Mexican Grill, Inc.	0.11%	17,500	$6M	new	+0.11 pp	new
AMTAmerican Tower Corporation	0.10%	35,500	$5M	held	—	7 q
LM05Liberty Media Corp-liberty-a	0.10%	186,500	$5M	added+18%	0.00 pp	8 q
unresolvedAon PLC	0.10%	37,000	$5M	held	—	12 q
MCHPMicrochip Technology Inc	0.09%	49,000	$4M	added×6.1	+0.08 pp	3 q
LBTYALiberty Global Ltd. Class A	0.09%	152,000	$5M	added+23%	+0.01 pp	13 q
MCKMcKesson Corporation	0.08%	30,100	$4M	added+15%	0.00 pp	8 q
CABOCable One, Inc.	0.07%	5,200	$4M	held	—	11 q
GTGoodyear Tire & Rubber	0.07%	135,000	$4M	added×6.8	+0.06 pp	3 q
RBARB Global, Inc.	0.07%	114,000	$4M	held	—	13 q
unresolvedBrookfield Business Partners	0.07%	101,594	$4M	held	—	8 q
FLSFlowserve Corporation	0.06%	67,000	$3M	held	—	6 q
GHCGraham Holdings Company	0.06%	5,200	$3M	held	—	13 q
PAGPenske Automotive Group, Inc.	0.06%	72,000	$3M	held	—	8 q
YAlleghany Corporation	0.05%	4,328	$3M	held	—	13 q
GILDGilead Sciences Inc	0.05%	33,000	$2M	held	—	6 q
HCSGHealthcare Services Group	0.05%	55,000	$2M	held	—	5 q
HSYThe Hershey Company	0.05%	24,100	$2M	held	—	10 q
IBMInternational Business Machines Corporation	0.05%	15,700	$2M	held	—	5 q
BDXBecton, Dickinson and Co.	0.04%	9,000	$2M	held	—	11 q
BATRKAtlanta Braves Holdings, Inc. Series C	0.04%	99,788	$2M	held	—	8 q
BAXBaxter International Inc.	0.03%	22,000	$1M	held	—	11 q
IFFInternational Flavors & Fragrances Inc.	0.03%	10,000	$1M	added+25%	+0.01 pp	3 q
UAUnder Armour, Inc. Class C, $0.0003 1/3 par value	0.03%	110,000	$2M	held	—	4 q
WRBW.R. Berkley Corporation	0.02%	18,000	$1M	held	—	4 q
unresolvedGeneral Electric Co	0.02%	95,000	$1M	held	—	4 q
BATRAAtlanta Braves Holdings, Inc. Series A	0.02%	42,600	$968,000	held	—	8 q
MATMattel, Inc.	0.02%	99,000	$1M	new	+0.02 pp	new
SMGThe Scotts Miracle-Gro Company	0.02%	13,000	$1M	new	+0.02 pp	new
BKNGBooking Holdings Inc.	0.01%	210	$437,000	new	+0.01 pp	new
BMYBristol-Myers Squibb Co.	0.01%	10,000	$632,000	held	—	10 q
HEIHEICO Corporation	0.01%	4,687	$407,000	trimmed−0%	0.00 pp	7 q
HRLHormel Foods Corporation	0.01%	19,000	$652,000	held	—	4 q
MRKMerck & Co., Inc.	0.01%	5,600	$305,000	held	—	8 q
NVSNovartis AG	0.01%	3,700	$299,000	held	—	9 q
SHAKShake Shack Inc.	0.01%	11,000	$458,000	new	+0.01 pp	new
LILALiberty Latin America Ltd. Class A	0.01%	14,720	$286,000	new	+0.01 pp	new
ILMNIllumina Inc	0.00%	1,000	$236,000	held	—	2 q
unresolvedMonsanto Co	—	−396,700	—	exited	−0.87 pp	—
PCARPaccar Inc	—	−118,300	—	exited	−0.16 pp	—
PDCOPatterson Companies, Inc.	—	−168,000	—	exited	−0.11 pp	—
ACTAllergan PLC	—	−33,000	—	exited	−0.10 pp	—
unresolvedRockwell Collins Inc	—	−37,000	—	exited	−0.09 pp	—
BGBunge Global SA	—	−71,800	—	exited	−0.09 pp	—
VFCV.F. Corporation	—	−30,800	—	exited	−0.04 pp	—
unresolvedPriceline Grp Inc	—	−200	—	exited	−0.01 pp	—
99998USDLiberty Global PLC Lilac - A	—	−14,720	—	exited	−0.01 pp	—