Markel Group

Q2 2018 13F · by Tom Gayner, portfolio manager

As of: Jun 30, 2018
Filed: Aug 3, 2018
US stock: $5.4B · prev $5.3B
Positions: 133 · prev 137
Options notional: $0
Documents: 1· no amendments

Picture99.8% US stock

Full picture · of what this 13F reports is US stock

US stock listed on a US exchange 99.8%
Foreign stock not listed in the US 0.1%
Notes debt, at principal 0.0%
Puts at notional value 0.0%
Calls at notional value 0.0%

Moves75 since the prior filing

+0.8 pp in · −0.8 pp out

New 11 +0.18 pp
Added 48 +0.60 pp
Trimmed 1 −0.27 pp
Exited 15 −0.51 pp

The book

Diversified · behaves like 41 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Low turnover · 3.1% a year, more than 30 years per position

Low
Moderate
High

Top 5 positions25% of US stock

KMX CarMax Inc. held held6.6%
BRK.A Berkshire Hathaway Inc. added−0.55 pp added−0.555.7%
BRK.B BERKSHIRE HATHAWAY Class B added−0.55 pp added−0.555.2%
unresolved Brookfield Asset Mgmt Inc added+0.07 pp added+0.074.2%
DEO Diageo plc held held3.6%

Positions133 in this filing · 15 exited


KMXCarMax Inc.	6.57%	4,913,070	$358M	held	—	14 q
BRK.ABerkshire Hathaway Inc.	5.67%	1,096	$309M	added0%	−0.55 pp	14 q
BRK.BBERKSHIRE HATHAWAY Class B	5.19%	1,515,032	$283M	added0%	−0.55 pp	14 q
unresolvedBrookfield Asset Mgmt Inc	4.18%	5,619,221	$228M	added+1%	+0.07 pp	14 q
DEODiageo plc	3.57%	1,349,800	$194M	held	—	14 q
MARMarriott International Class A	3.52%	1,515,269	$192M	added0%	−0.38 pp	14 q
DISThe Walt Disney Company	3.40%	1,769,200	$185M	added+2%	+0.07 pp	14 q
HDHome Depot, Inc.	3.29%	920,000	$179M	held	—	14 q
UNHUNITEDHEALTH GROUP INCORPORATED (Delaware)	2.99%	663,000	$163M	held	—	14 q
DEDeere & Company	2.81%	1,095,400	$153M	held	—	14 q
AMZNAmazon.Com Inc	2.73%	87,420	$149M	added+3%	+0.40 pp	11 q
WBAWalgreens Boots Alliance, Inc	2.37%	2,148,000	$129M	added+1%	−0.29 pp	14 q
GOOGAlphabet Inc. Class C	2.24%	109,524	$122M	added+6%	+0.21 pp	14 q
VVISA Inc.	2.24%	920,400	$122M	held	—	14 q
BLQADBlackrock Inc	1.76%	191,900	$96M	added+2%	−0.17 pp	14 q
unresolvedUnilever Spn.Adr 1:1	1.55%	1,527,600	$84M	held	—	14 q
RLIRLI Corp.	1.45%	1,197,272	$79M	held	—	14 q
JNJJohnson & Johnson	1.36%	610,800	$74M	held	—	14 q
GDGeneral Dynamics Corporation	1.32%	387,000	$72M	held	—	14 q
ADPAutomatic Data Processing	1.31%	530,700	$71M	held	—	14 q
TXNTexas Instruments Incorporated	1.24%	612,000	$67M	added+6%	+0.10 pp	10 q
ADMArcher Daniels Midland Company	1.23%	1,463,300	$67M	held	—	14 q
ADIAnalog Devices, Inc.	1.12%	636,811	$61M	added+8%	+0.10 pp	10 q
LOWLowe's Companies Inc.	1.00%	570,000	$54M	held	—	14 q
SCHWThe Charles Schwab Corporation	0.99%	1,057,000	$54M	held	—	14 q
ELVElevance Health, Inc.	0.98%	224,000	$53M	held	—	14 q
MRSHMarsh	0.92%	609,500	$50M	held	—	14 q
NVONovo-Nordisk A/S	0.91%	1,075,000	$50M	held	—	14 q
WSOWatsco, Inc.	0.90%	276,000	$49M	added+7%	+0.01 pp	14 q
WPCW.P. Carey Inc. (REIT)	0.85%	700,200	$46M	trimmed−26%	−0.27 pp	14 q
BF.ABrown-Forman Corporation Class A	0.76%	843,000	$41M	held	—	14 q
OAKOaktree Capital Group, LLC	0.75%	1,003,500	$41M	added+4%	+0.03 pp	14 q
MMM3M Company	0.74%	204,000	$40M	held	—	14 q
ITICInvestors Title Co	0.72%	213,300	$39M	held	—	14 q
TRVThe Travelers Companies, Inc.	0.71%	315,000	$39M	held	—	14 q
AXPAmerican Express Company	0.69%	386,000	$38M	held	—	14 q
CATCaterpillar Inc.	0.69%	278,000	$38M	held	—	14 q
ECLEcolab, Inc.	0.67%	260,800	$37M	added+5%	+0.02 pp	14 q
TROWT Rowe Price Group Inc	0.67%	314,000	$36M	held	—	14 q
MAMastercard Incorporated	0.66%	182,100	$36M	held	—	14 q
MSFTMicrosoft Corp	0.65%	361,000	$36M	added+6%	+0.06 pp	11 q
unresolvedColfax Corp	0.64%	1,135,070	$35M	held	—	14 q
NSCNorfolk Southern Corp.	0.64%	229,500	$35M	held	—	14 q
BXBlackstone Inc.	0.63%	1,070,500	$34M	added+8%	+0.03 pp	14 q
MCOMoody's Corporation	0.63%	200,000	$34M	held	—	14 q
HASHasbro, Inc.	0.62%	364,000	$34M	held	—	14 q
BABoeing Company	0.58%	94,400	$32M	held	—	11 q
ITWIllinois Tool Works Inc.	0.58%	230,000	$32M	held	—	14 q
DISCKDiscovery Inc-c	0.55%	1,169,000	$30M	added+7%	+0.14 pp	14 q
unresolvedKkr & Co L P DEL	0.55%	1,195,000	$30M	added+6%	+0.11 pp	14 q
SPGIS&P Global Inc.	0.55%	147,000	$30M	held	—	9 q
unresolvedApollo Global Management LLC	0.54%	925,000	$29M	added+9%	+0.06 pp	14 q
NKENike, Inc.	0.54%	366,000	$29M	held	—	14 q
AAPLApple Inc.	0.51%	149,205	$28M	added+6%	+0.06 pp	13 q
ROLRollins, Inc.	0.49%	504,700	$27M	added+5%	+0.02 pp	14 q
ACNAccenture PLC	0.48%	159,400	$26M	held	—	14 q
METAMeta Platforms, Inc. Class A	0.46%	128,480	$25M	added+4%	+0.09 pp	11 q
SRCLStericycle Inc	0.44%	370,500	$24M	added+19%	+0.09 pp	9 q
UTXZRTX Corporation	0.44%	192,500	$24M	added+7%	+0.01 pp	14 q
BF.BBrown-Forman Corporation Class B	0.43%	474,187	$23M	held	—	14 q
LSXMKLiberty Media Cor-siriusxm C	0.43%	522,000	$24M	held	—	9 q
LYVLive Nation Entertainment Inc.	0.43%	477,700	$23M	added+3%	+0.06 pp	11 q
FDSFactset Research Systems	0.42%	116,000	$23M	held	—	14 q
MSCIMSCI, Inc.	0.42%	137,000	$23M	held	—	14 q
CMECME Group Inc.	0.41%	135,000	$22M	held	—	14 q
unresolvedThe Carlyle Group	0.41%	1,047,500	$22M	added+9%	+0.02 pp	14 q
ROKRockwell Automation, Inc.	0.39%	127,800	$21M	held	—	13 q
GSGoldman Sachs Group Inc.	0.38%	94,750	$21M	added+44%	+0.06 pp	10 q
JPMJPMorgan Chase & Co.	0.35%	183,000	$19M	held	—	13 q
LM03Liberty Media Cor-siriusxm A	0.35%	426,000	$19M	held	—	9 q
SEICSEI Investments Co	0.35%	306,200	$19M	held	—	14 q
PHParker-Hannifin Corporation	0.34%	118,600	$18M	held	—	13 q
PGRProgressive Corporation	0.34%	315,000	$19M	added+50%	+0.10 pp	2 q
CVSCvs Health Corporation	0.32%	275,000	$18M	held	—	14 q
HEI.AHeico Corp Cl A	0.30%	271,147	$17M	added+39%	+0.04 pp	9 q
PEPPepsiCo, Inc.	0.29%	145,600	$16M	held	—	14 q
LBRDALiberty Broadband Corporation Class A	0.28%	205,250	$16M	held	—	14 q
TSNTyson Foods, Inc.	0.28%	221,000	$15M	held	—	7 q
CSCOCisco Systems, Inc. (DE)	0.27%	342,000	$15M	held	—	10 q
PXGBXPraxair Inc	0.27%	94,400	$15M	held	—	11 q
SBUXStarbucks Corp	0.27%	304,448	$15M	added+46%	+0.04 pp	7 q
GOOGLAlphabet Inc. Class A	0.26%	12,500	$14M	held	—	11 q
MXIMMaxim Integrated Products	0.26%	241,000	$14M	added+9%	+0.01 pp	10 q
LBRDKLiberty Broadband Corporation Class C	0.24%	172,113	$13M	held	—	14 q
CMGChipotle Mexican Grill, Inc.	0.22%	27,200	$12M	added+55%	+0.11 pp	2 q
UNPUnion Pacific Corp.	0.22%	85,370	$12M	added0%	0.00 pp	11 q
CDKCDK Global, Inc.	0.21%	176,897	$12M	held	—	14 q
PAYXPaychex Inc	0.19%	150,000	$10M	held	—	14 q
CMCSAComcast Corp	0.18%	291,000	$10M	added+38%	+0.04 pp	9 q
FWONKLiberty Media Corporation Series C Liberty Formula One	0.18%	259,500	$10M	held	—	9 q
PMPhilip Morris International Inc.	0.17%	114,500	$9M	held	—	14 q
DLTRDollar Tree Inc.	0.16%	100,000	$9M	added+14%	0.00 pp	7 q
COSTCostco Wholesale Corp	0.15%	39,000	$8M	held	—	14 q
HXLHexcel Corporation	0.15%	120,000	$8M	added+13%	+0.02 pp	7 q
MCHPMicrochip Technology Inc	0.15%	91,000	$8M	added+86%	+0.06 pp	4 q
ACNTAscent Industries Co.	0.15%	414,804	$8M	held	—	14 q
unresolvedSensata Technologies Hldng NV	0.15%	168,000	$8M	held	—	7 q
CHHChoice Hotels Intnl.	0.14%	100,000	$8M	added+20%	+0.01 pp	5 q
LM05Liberty Media Corp-liberty-a	0.14%	219,500	$8M	added+18%	+0.04 pp	9 q
VRSKVerisk Analytics, Inc.	0.14%	73,000	$8M	held	—	14 q
ALBAlbemarle Corporation	0.13%	73,000	$7M	held	—	6 q
COFCapital One Financial	0.13%	75,000	$7M	held	—	2 q
SMGThe Scotts Miracle-Gro Company	0.11%	74,000	$6M	added×5.7	+0.09 pp	2 q
AMTAmerican Tower Corporation	0.09%	35,500	$5M	held	—	8 q
IFFInternational Flavors & Fragrances Inc.	0.09%	40,000	$5M	added×4.0	+0.06 pp	4 q
MCKMcKesson Corporation	0.09%	37,100	$5M	added+23%	+0.01 pp	9 q
unresolvedAon PLC	0.09%	37,000	$5M	held	—	13 q
HCSGHealthcare Services Group	0.08%	99,000	$4M	added+80%	+0.03 pp	6 q
LBTYALiberty Global Ltd. Class A	0.08%	168,000	$5M	added+11%	−0.01 pp	14 q
CABOCable One, Inc.	0.07%	5,200	$4M	held	—	12 q
GTGoodyear Tire & Rubber	0.06%	135,000	$3M	held	—	4 q
GHCGraham Holdings Company	0.06%	5,200	$3M	held	—	14 q
MATMattel, Inc.	0.06%	204,000	$3M	added×2.1	+0.04 pp	2 q
PAGPenske Automotive Group, Inc.	0.06%	72,000	$3M	held	—	9 q
YAlleghany Corporation	0.05%	4,328	$2M	held	—	14 q
VZVerizon Communications	0.05%	52,000	$3M	new	+0.05 pp	new
HSYThe Hershey Company	0.04%	24,100	$2M	held	—	11 q
SHAKShake Shack Inc.	0.04%	29,100	$2M	added×2.6	+0.03 pp	2 q
LUVSouthwest Airlines Co.	0.03%	30,000	$2M	new	+0.03 pp	new
AIYActivision Blizzard Inc	0.02%	16,500	$1M	new	+0.02 pp	new
ANAutoNation, Inc.	0.02%	22,200	$1M	new	+0.02 pp	new
WRBW.R. Berkley Corporation	0.02%	18,000	$1M	held	—	5 q
DALDelta Air Lines, Inc.	0.02%	22,000	$1M	new	+0.02 pp	new
EAElectronic Arts Inc	0.02%	5,800	$818,000	new	+0.02 pp	new
unresolvedGeneral Electric Co	0.02%	95,000	$1M	held	—	5 q
BKNGBooking Holdings Inc.	0.01%	230	$466,000	added+10%	0.00 pp	2 q
CCitigroup Inc.	0.01%	7,120	$476,000	new	+0.01 pp	new
ILMNIllumina Inc	0.01%	1,000	$279,000	held	—	3 q
WFCWells Fargo & Co.	0.01%	12,000	$665,000	new	+0.01 pp	new
LILALiberty Latin America Ltd. Class A	0.01%	19,720	$377,000	added+34%	0.00 pp	2 q
DHID.R. Horton Inc.	0.00%	6,157	$252,000	new	0.00 pp	new
SYFSynchrony Financial	0.00%	6,606	$221,000	new	0.00 pp	new
WHRWhirlpool Corp.	0.00%	1,444	$211,000	new	0.00 pp	new
RBARB Global, Inc.	—	−114,000	—	exited	−0.07 pp	—
unresolvedBrookfield Business Partners	—	−101,594	—	exited	−0.07 pp	—
FLSFlowserve Corporation	—	−67,000	—	exited	−0.06 pp	—
GILDGilead Sciences Inc	—	−33,000	—	exited	−0.05 pp	—
IBMInternational Business Machines Corporation	—	−15,700	—	exited	−0.05 pp	—
BDXBecton, Dickinson and Co.	—	−9,000	—	exited	−0.04 pp	—
BATRKAtlanta Braves Holdings, Inc. Series C	—	−99,788	—	exited	−0.04 pp	—
BAXBaxter International Inc.	—	−22,000	—	exited	−0.03 pp	—
UAUnder Armour, Inc. Class C, $0.0003 1/3 par value	—	−110,000	—	exited	−0.03 pp	—
BATRAAtlanta Braves Holdings, Inc. Series A	—	−42,600	—	exited	−0.02 pp	—
BMYBristol-Myers Squibb Co.	—	−10,000	—	exited	−0.01 pp	—
HEIHEICO Corporation	—	−5,859	—	exited	−0.01 pp	—
HRLHormel Foods Corporation	—	−19,000	—	exited	−0.01 pp	—
MRKMerck & Co., Inc.	—	−5,600	—	exited	−0.01 pp	—
NVSNovartis AG	—	−3,700	—	exited	−0.01 pp	—