Markel Group

Q3 2018 13F · by Tom Gayner, portfolio manager

As of: Sep 30, 2018
Filed: Nov 2, 2018
US stock: $5.9B · prev $5.4B
Positions: 131 · prev 133
Options notional: $0
Documents: 1· no amendments

Picture99.9% US stock

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

US stock listed on a US exchange 99.9%
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%

Moves66 since the prior filing

+2.3 pp in · −1.8 pp out

New 4 +0.71 pp
Added 55 +1.59 pp
Trimmed 1 −0.08 pp
Exited 6 −1.67 pp

The book

Diversified · behaves like 41 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Low turnover · 6.4% a year, about 15.6 years per position

Low
Moderate
High

Top 5 positions25% of US stock

KMX CarMax Inc. held held6.2%
BRK.A Berkshire Hathaway Inc. held held5.9%
BRK.B BERKSHIRE HATHAWAY Class B added+0.29 pp added+0.295.5%
unresolved Brookfield Asset Mgmt Inc added+0.07 pp added+0.074.3%
DIS The Walt Disney Company added+0.15 pp added+0.153.5%

Positions131 in this filing · 6 exited


KMXCarMax Inc.	6.19%	4,913,070	$367M	held	—	15 q
BRK.ABerkshire Hathaway Inc.	5.91%	1,096	$351M	held	—	15 q
BRK.BBERKSHIRE HATHAWAY Class B	5.48%	1,517,097	$325M	added0%	+0.29 pp	15 q
unresolvedBrookfield Asset Mgmt Inc	4.25%	5,664,041	$252M	added+1%	+0.07 pp	15 q
DISThe Walt Disney Company	3.55%	1,799,200	$210M	added+2%	+0.15 pp	15 q
MARMarriott International Class A	3.41%	1,531,269	$202M	added+1%	−0.11 pp	15 q
DEODiageo plc	3.22%	1,349,800	$191M	held	—	15 q
HDHome Depot, Inc.	3.21%	920,000	$191M	held	—	15 q
AMZNAmazon.Com Inc	3.02%	89,320	$179M	added+2%	+0.29 pp	12 q
UNHUNITEDHEALTH GROUP INCORPORATED (Delaware)	2.97%	663,000	$176M	held	—	15 q
DEDeere & Company	2.78%	1,095,400	$165M	held	—	15 q
WBAWalgreens Boots Alliance, Inc	2.64%	2,148,000	$157M	held	—	15 q
VVISA Inc.	2.34%	924,400	$139M	added0%	+0.10 pp	15 q
GOOGAlphabet Inc. Class C	2.29%	113,809	$136M	added+4%	+0.05 pp	15 q
RLIRLI Corp.	1.59%	1,197,272	$94M	held	—	15 q
BLQADBlackrock Inc	1.55%	195,500	$92M	added+2%	−0.21 pp	15 q
JNJJohnson & Johnson	1.42%	610,800	$84M	held	—	15 q
unresolvedUnilever Spn.Adr 1:1	1.42%	1,527,600	$84M	held	—	15 q
ADPAutomatic Data Processing	1.35%	530,700	$80M	held	—	15 q
GDGeneral Dynamics Corporation	1.34%	387,000	$79M	held	—	15 q
ADMArcher Daniels Midland Company	1.24%	1,463,300	$74M	held	—	15 q
TXNTexas Instruments Incorporated	1.15%	635,000	$68M	added+4%	−0.09 pp	11 q
LOWLowe's Companies Inc.	1.10%	570,000	$65M	held	—	15 q
ELVElevance Health, Inc.	1.04%	224,000	$61M	held	—	15 q
ADIAnalog Devices, Inc.	1.03%	659,811	$61M	added+4%	−0.09 pp	11 q
SCHWThe Charles Schwab Corporation	0.88%	1,057,100	$52M	added0%	−0.11 pp	15 q
WSOWatsco, Inc.	0.88%	292,000	$52M	added+6%	−0.02 pp	15 q
MRSHMarsh	0.85%	609,500	$50M	held	—	15 q
NVONovo-Nordisk A/S	0.85%	1,075,000	$51M	held	—	15 q
MSFTMicrosoft Corp	0.75%	387,000	$44M	added+7%	+0.10 pp	12 q
BF.ABrown-Forman Corporation Class A	0.72%	843,000	$43M	held	—	15 q
MMM3M Company	0.72%	204,000	$43M	held	—	15 q
BXBlackstone Inc.	0.71%	1,113,000	$42M	added+4%	+0.08 pp	15 q
CATCaterpillar Inc.	0.71%	278,000	$42M	held	—	15 q
ECLEcolab, Inc.	0.71%	269,100	$42M	added+3%	+0.04 pp	15 q
OAKOaktree Capital Group, LLC	0.71%	1,019,500	$42M	added+2%	−0.04 pp	15 q
NSCNorfolk Southern Corp.	0.70%	229,500	$41M	held	—	15 q
AXPAmerican Express Company	0.69%	386,000	$41M	held	—	15 q
unresolvedColfax Corp	0.69%	1,135,070	$41M	held	—	15 q
TRVThe Travelers Companies, Inc.	0.69%	315,000	$41M	held	—	15 q
MAMastercard Incorporated	0.68%	182,100	$41M	held	—	15 q
HASHasbro, Inc.	0.65%	364,000	$38M	held	—	15 q
ITICInvestors Title Co	0.60%	213,300	$36M	held	—	15 q
AAPLApple Inc.	0.59%	154,375	$35M	added+3%	+0.08 pp	14 q
BABoeing Company	0.59%	94,400	$35M	held	—	12 q
DISCKDiscovery Inc-c	0.58%	1,171,000	$35M	added0%	+0.03 pp	15 q
TROWT Rowe Price Group Inc	0.58%	314,000	$34M	held	—	15 q
KKRKKR & Co. Inc.	0.57%	1,238,000	$34M	new	+0.57 pp	new
unresolvedApollo Global Management LLC	0.56%	967,500	$33M	added+5%	+0.02 pp	15 q
MCOMoody's Corporation	0.56%	200,000	$33M	held	—	15 q
ITWIllinois Tool Works Inc.	0.55%	230,000	$32M	held	—	15 q
ROLRollins, Inc.	0.53%	521,700	$32M	added+3%	+0.04 pp	15 q
UTXZRTX Corporation	0.53%	223,000	$31M	added+16%	+0.09 pp	15 q
NKENike, Inc.	0.52%	366,000	$31M	held	—	15 q
PGRProgressive Corporation	0.51%	424,500	$30M	added+35%	+0.17 pp	3 q
SPGIS&P Global Inc.	0.48%	147,000	$29M	held	—	10 q
GSGoldman Sachs Group Inc.	0.46%	121,550	$27M	added+28%	+0.08 pp	11 q
ACNAccenture PLC	0.46%	159,400	$27M	held	—	15 q
LYVLive Nation Entertainment Inc.	0.45%	487,700	$27M	added+2%	+0.02 pp	12 q
FDSFactset Research Systems	0.44%	116,000	$26M	held	—	15 q
unresolvedThe Carlyle Group	0.41%	1,090,000	$25M	added+4%	0.00 pp	15 q
MSCIMSCI, Inc.	0.41%	137,000	$24M	held	—	15 q
BF.BBrown-Forman Corporation Class B	0.40%	474,187	$24M	held	—	15 q
ROKRockwell Automation, Inc.	0.40%	127,800	$24M	held	—	14 q
SBUXStarbucks Corp	0.40%	419,868	$24M	added+38%	+0.13 pp	8 q
SRCLStericycle Inc	0.40%	399,500	$23M	added+8%	−0.04 pp	10 q
CMECME Group Inc.	0.39%	135,000	$23M	held	—	15 q
METAMeta Platforms, Inc. Class A	0.38%	137,020	$23M	added+7%	−0.08 pp	12 q
LSXMKLiberty Media Cor-siriusxm C	0.38%	522,000	$23M	held	—	10 q
CVSCvs Health Corporation	0.37%	275,000	$22M	held	—	15 q
HEI.AHeico Corp Cl A	0.37%	290,145	$22M	added+7%	+0.07 pp	10 q
PHParker-Hannifin Corporation	0.37%	118,600	$22M	held	—	14 q
JPMJPMorgan Chase & Co.	0.35%	183,000	$21M	held	—	14 q
SEICSEI Investments Co	0.34%	329,200	$20M	added+8%	−0.01 pp	15 q
LM03Liberty Media Cor-siriusxm A	0.31%	426,000	$19M	held	—	10 q
LBRDALiberty Broadband Corporation Class A	0.29%	205,250	$17M	held	—	15 q
CSCOCisco Systems, Inc. (DE)	0.28%	342,000	$17M	held	—	11 q
PEPPepsiCo, Inc.	0.27%	145,600	$16M	held	—	15 q
PXGBXPraxair Inc	0.26%	94,400	$15M	held	—	12 q
GOOGLAlphabet Inc. Class A	0.25%	12,500	$15M	held	—	12 q
CMCSAComcast Corp	0.24%	396,000	$14M	added+36%	+0.06 pp	10 q
LBRDKLiberty Broadband Corporation Class C	0.24%	172,113	$15M	held	—	15 q
MXIMMaxim Integrated Products	0.24%	251,000	$14M	added+4%	−0.02 pp	11 q
TSNTyson Foods, Inc.	0.23%	226,000	$13M	added+2%	−0.05 pp	8 q
UNPUnion Pacific Corp.	0.23%	85,370	$14M	held	—	12 q
SMGThe Scotts Miracle-Gro Company	0.22%	169,000	$13M	added×2.3	+0.11 pp	3 q
CMGChipotle Mexican Grill, Inc.	0.21%	27,200	$12M	held	—	3 q
CDKCDK Global, Inc.	0.19%	176,897	$11M	held	—	15 q
PAYXPaychex Inc	0.19%	150,000	$11M	held	—	15 q
DLTRDollar Tree Inc.	0.17%	123,000	$10M	added+23%	+0.01 pp	8 q
CHHChoice Hotels Intnl.	0.16%	114,500	$10M	added+15%	+0.02 pp	6 q
FWONKLiberty Media Corporation Series C Liberty Formula One	0.16%	259,500	$10M	held	—	10 q
PMPhilip Morris International Inc.	0.16%	114,500	$9M	held	—	15 q
ACNTAscent Industries Co.	0.16%	414,804	$9M	held	—	15 q
COSTCostco Wholesale Corp	0.15%	39,000	$9M	held	—	15 q
HXLHexcel Corporation	0.15%	132,000	$9M	added+10%	0.00 pp	8 q
IFFInternational Flavors & Fragrances Inc.	0.15%	63,500	$9M	added+59%	+0.06 pp	5 q
MCHPMicrochip Technology Inc	0.15%	113,000	$9M	added+24%	0.00 pp	5 q
VRSKVerisk Analytics, Inc.	0.15%	73,000	$9M	held	—	15 q
LM05Liberty Media Corp-liberty-a	0.14%	229,500	$8M	added+5%	0.00 pp	10 q
ALBAlbemarle Corporation	0.12%	73,000	$7M	held	—	7 q
unresolvedAon PLC	0.10%	37,000	$6M	held	—	14 q
AMTAmerican Tower Corporation	0.09%	35,500	$5M	held	—	9 q
HCSGHealthcare Services Group	0.09%	133,000	$5M	added+34%	+0.01 pp	7 q
MHKMohawk Industries, Inc.	0.09%	30,000	$5M	new	+0.09 pp	new
LBTYALiberty Global Ltd. Class A	0.09%	178,000	$5M	added+6%	+0.01 pp	15 q
CABOCable One, Inc.	0.08%	5,200	$5M	held	—	13 q
MCKMcKesson Corporation	0.08%	37,100	$5M	held	—	10 q
LUVSouthwest Airlines Co.	0.08%	80,000	$5M	added×2.7	+0.05 pp	2 q
VZVerizon Communications	0.08%	93,000	$5M	added+79%	+0.03 pp	2 q
EAElectronic Arts Inc	0.07%	34,400	$4M	added×5.9	+0.05 pp	2 q
unresolvedSensata Technologies Hldng NV	0.07%	82,000	$4M	trimmed−51%	−0.08 pp	8 q
AIYActivision Blizzard Inc	0.06%	45,800	$4M	added×2.8	+0.04 pp	2 q
PAGPenske Automotive Group, Inc.	0.06%	72,000	$3M	held	—	10 q
YAlleghany Corporation	0.05%	4,328	$3M	held	—	15 q
DALDelta Air Lines, Inc.	0.05%	47,000	$3M	added×2.1	+0.03 pp	2 q
GHCGraham Holdings Company	0.05%	5,200	$3M	held	—	15 q
WFCWells Fargo & Co.	0.05%	54,000	$3M	added×4.5	+0.04 pp	2 q
HSYThe Hershey Company	0.04%	24,100	$2M	held	—	12 q
WHRWhirlpool Corp.	0.04%	19,879	$2M	added×13.8	+0.04 pp	2 q
NXPINXP Semiconductors N.V.	0.04%	28,000	$2M	new	+0.04 pp	new
SHAKShake Shack Inc.	0.03%	31,100	$2M	added+7%	−0.01 pp	3 q
ANAutoNation, Inc.	0.02%	27,510	$1M	added+24%	0.00 pp	2 q
WRBW.R. Berkley Corporation	0.02%	18,000	$1M	held	—	6 q
BKNGBooking Holdings Inc.	0.01%	250	$496,000	added+9%	0.00 pp	3 q
CCitigroup Inc.	0.01%	11,870	$852,000	added+67%	0.00 pp	2 q
CCKCrown Holdings Inc.	0.01%	11,000	$528,000	new	+0.01 pp	new
DHID.R. Horton Inc.	0.01%	8,407	$355,000	added+37%	+0.01 pp	2 q
ILMNIllumina Inc	0.01%	1,000	$367,000	held	—	4 q
LILALiberty Latin America Ltd. Class A	0.01%	19,720	$411,000	held	—	3 q
SYFSynchrony Financial	0.00%	7,706	$240,000	added+17%	0.00 pp	2 q
WPCW.P. Carey Inc. (REIT)	—	−700,200	—	exited	−0.85 pp	—
unresolvedKkr & Co L P DEL	—	−1,195,000	—	exited	−0.55 pp	—
COFCapital One Financial	—	−75,000	—	exited	−0.13 pp	—
GTGoodyear Tire & Rubber	—	−135,000	—	exited	−0.06 pp	—
MATMattel, Inc.	—	−204,000	—	exited	−0.06 pp	—
unresolvedGeneral Electric Co	—	−95,000	—	exited	−0.02 pp	—