Markel Group

Q4 2018 13F · by Tom Gayner, portfolio manager

As of: Dec 31, 2018
Filed: Feb 8, 2019
US stock: $5.2B · prev $5.9B
Positions: 132 · prev 131
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%

Moves63 since the prior filing

+0.1 pp in · −0.7 pp out

New 5 +0.40 pp
Added 52 −0.33 pp
Trimmed 2 −0.26 pp
Exited 4 −0.46 pp

The book

Focused · behaves like 39 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Low turnover · 3.9% a year, about 25.4 years per position

Low
Moderate
High

Top 5 positions26% of US stock

BRK.A Berkshire Hathaway Inc. held held6.4%
BRK.B BERKSHIRE HATHAWAY Class B added+0.44 pp added+0.445.9%
KMX CarMax Inc. held held5.9%
unresolved Brookfield Asset Mgmt Inc added−0.09 pp added−0.094.2%
DIS The Walt Disney Company added+0.22 pp added+0.223.8%

Positions132 in this filing · 4 exited


BRK.ABerkshire Hathaway Inc.	6.41%	1,096	$335M	held	—	16 q
BRK.BBERKSHIRE HATHAWAY Class B	5.92%	1,518,747	$310M	added0%	+0.44 pp	16 q
KMXCarMax Inc.	5.89%	4,913,070	$308M	held	—	16 q
unresolvedBrookfield Asset Mgmt Inc	4.16%	5,674,141	$218M	added0%	−0.09 pp	16 q
DISThe Walt Disney Company	3.77%	1,800,500	$197M	added0%	+0.22 pp	16 q
DEODiageo plc	3.66%	1,349,800	$191M	held	—	16 q
MARMarriott International Class A	3.18%	1,532,269	$166M	added0%	−0.23 pp	16 q
DEDeere & Company	3.12%	1,095,400	$163M	held	—	16 q
HDHome Depot, Inc.	3.02%	920,000	$158M	held	—	16 q
UNHUNITEDHEALTH GROUP INCORPORATED (Delaware)	2.85%	599,000	$149M	trimmed−10%	−0.12 pp	16 q
WBAWalgreens Boots Alliance, Inc	2.80%	2,148,000	$147M	held	—	16 q
AMZNAmazon.Com Inc	2.58%	89,745	$135M	added0%	−0.44 pp	13 q
VVISA Inc.	2.33%	925,800	$122M	added0%	−0.01 pp	16 q
GOOGAlphabet Inc. Class C	2.28%	115,189	$119M	added+1%	−0.01 pp	16 q
RLIRLI Corp.	1.58%	1,197,272	$83M	held	—	16 q
unresolvedUnilever Spn.Adr 1:1	1.53%	1,527,600	$80M	held	—	16 q
JNJJohnson & Johnson	1.51%	610,800	$79M	held	—	16 q
BLQADBlackrock Inc	1.47%	195,700	$77M	added0%	−0.08 pp	16 q
ADPAutomatic Data Processing	1.33%	530,700	$70M	held	—	16 q
GDGeneral Dynamics Corporation	1.16%	387,000	$61M	held	—	16 q
ADIAnalog Devices, Inc.	1.15%	699,811	$60M	added+6%	+0.12 pp	12 q
ADMArcher Daniels Midland Company	1.15%	1,463,300	$60M	held	—	16 q
TXNTexas Instruments Incorporated	1.15%	636,000	$60M	added0%	0.00 pp	12 q
ELVElevance Health, Inc.	1.12%	224,000	$59M	held	—	16 q
LOWLowe's Companies Inc.	1.01%	570,000	$53M	held	—	16 q
NVONovo-Nordisk A/S	0.95%	1,075,000	$50M	held	—	16 q
MRSHMarsh	0.93%	609,500	$49M	held	—	16 q
SCHWThe Charles Schwab Corporation	0.84%	1,057,100	$44M	held	—	16 q
OAKOaktree Capital Group, LLC	0.78%	1,020,500	$41M	added0%	+0.07 pp	16 q
WSOWatsco, Inc.	0.78%	295,000	$41M	added+1%	−0.10 pp	16 q
BF.ABrown-Forman Corporation Class A	0.76%	843,000	$40M	held	—	16 q
ECLEcolab, Inc.	0.76%	269,800	$40M	added0%	+0.05 pp	16 q
MSFTMicrosoft Corp	0.75%	389,000	$40M	added+1%	0.00 pp	13 q
MMM3M Company	0.74%	204,000	$39M	held	—	16 q
ITICInvestors Title Co	0.72%	213,300	$38M	held	—	16 q
TRVThe Travelers Companies, Inc.	0.72%	315,000	$38M	held	—	16 q
AXPAmerican Express Company	0.70%	386,000	$37M	held	—	16 q
CATCaterpillar Inc.	0.67%	278,000	$35M	held	—	16 q
MAMastercard Incorporated	0.66%	182,100	$34M	held	—	16 q
NSCNorfolk Southern Corp.	0.66%	229,500	$34M	held	—	16 q
BXBlackstone Inc.	0.64%	1,116,000	$33M	added0%	−0.07 pp	16 q
BABoeing Company	0.58%	94,400	$30M	held	—	13 q
HASHasbro, Inc.	0.57%	364,000	$30M	held	—	16 q
ITWIllinois Tool Works Inc.	0.56%	230,000	$29M	held	—	16 q
TROWT Rowe Price Group Inc	0.55%	314,000	$29M	held	—	16 q
MCOMoody's Corporation	0.54%	200,100	$28M	added0%	−0.02 pp	16 q
ROLRollins, Inc.	0.54%	785,550	$28M	added0%	+0.01 pp	16 q
DISCKDiscovery Inc-c	0.52%	1,171,000	$27M	held	—	16 q
NKENike, Inc.	0.52%	366,000	$27M	held	—	16 q
SBUXStarbucks Corp	0.52%	425,168	$27M	added+1%	+0.12 pp	9 q
CMECME Group Inc.	0.49%	135,000	$25M	held	—	16 q
PGRProgressive Corporation	0.49%	429,000	$26M	added+1%	−0.02 pp	4 q
SPGIS&P Global Inc.	0.48%	147,000	$25M	held	—	11 q
AAPLApple Inc.	0.47%	156,285	$25M	added+1%	−0.12 pp	15 q
KKRKKR & Co. Inc.	0.47%	1,241,000	$24M	added0%	−0.10 pp	2 q
LYVLive Nation Entertainment Inc.	0.46%	488,700	$24M	added0%	+0.01 pp	13 q
UTXZRTX Corporation	0.46%	224,000	$24M	added0%	−0.07 pp	16 q
unresolvedApollo Global Management LLC	0.45%	968,500	$24M	added0%	−0.11 pp	16 q
unresolvedColfax Corp	0.45%	1,135,070	$24M	held	—	16 q
FDSFactset Research Systems	0.44%	116,000	$23M	held	—	16 q
BF.BBrown-Forman Corporation Class B	0.43%	474,187	$23M	held	—	16 q
ACNAccenture PLC	0.43%	159,400	$22M	held	—	16 q
GSGoldman Sachs Group Inc.	0.40%	125,920	$21M	added+4%	−0.06 pp	12 q
MSCIMSCI, Inc.	0.39%	137,000	$20M	held	—	16 q
LSXMKLiberty Media Cor-siriusxm C	0.37%	522,000	$19M	held	—	11 q
ROKRockwell Automation, Inc.	0.37%	127,800	$19M	held	—	15 q
METAMeta Platforms, Inc. Class A	0.35%	138,530	$18M	added+1%	−0.03 pp	13 q
HEI.AHeico Corp Cl A	0.35%	292,145	$18M	added+1%	−0.02 pp	11 q
CVSCvs Health Corporation	0.34%	275,000	$18M	held	—	16 q
JPMJPMorgan Chase & Co.	0.34%	183,000	$18M	held	—	15 q
PHParker-Hannifin Corporation	0.34%	118,600	$18M	held	—	15 q
unresolvedThe Carlyle Group	0.33%	1,093,000	$17M	added0%	−0.08 pp	16 q
SEICSEI Investments Co	0.32%	363,200	$17M	added+10%	−0.02 pp	16 q
SRCLStericycle Inc	0.32%	451,500	$17M	added+13%	−0.08 pp	11 q
PEPPepsiCo, Inc.	0.31%	145,600	$16M	held	—	16 q
LM03Liberty Media Cor-siriusxm A	0.30%	426,000	$16M	held	—	11 q
CSCOCisco Systems, Inc. (DE)	0.28%	342,000	$15M	held	—	12 q
LBRDALiberty Broadband Corporation Class A	0.28%	205,250	$15M	held	—	16 q
99952EURLinde PLC/OLD	0.28%	94,400	$15M	new	+0.28 pp	new
CMCSAComcast Corp	0.26%	399,000	$14M	added+1%	+0.02 pp	11 q
GOOGLAlphabet Inc. Class A	0.25%	12,500	$13M	held	—	13 q
LBRDKLiberty Broadband Corporation Class C	0.24%	172,113	$12M	held	—	16 q
MXIMMaxim Integrated Products	0.24%	252,000	$13M	added0%	0.00 pp	12 q
TSNTyson Foods, Inc.	0.23%	226,000	$12M	held	—	9 q
UNPUnion Pacific Corp.	0.23%	85,370	$12M	held	—	13 q
DLTRDollar Tree Inc.	0.21%	123,000	$11M	held	—	9 q
MCHPMicrochip Technology Inc	0.21%	151,000	$11M	added+34%	+0.06 pp	6 q
SMGThe Scotts Miracle-Gro Company	0.21%	178,000	$11M	added+5%	−0.01 pp	4 q
PAYXPaychex Inc	0.19%	150,000	$10M	held	—	16 q
WHRWhirlpool Corp.	0.17%	81,259	$9M	added×4.1	+0.13 pp	3 q
AIYActivision Blizzard Inc	0.16%	177,800	$8M	added×3.9	+0.10 pp	3 q
CDKCDK Global, Inc.	0.16%	176,897	$8M	held	—	16 q
CHHChoice Hotels Intnl.	0.16%	117,500	$8M	added+3%	0.00 pp	7 q
EAElectronic Arts Inc	0.16%	105,400	$8M	added×3.1	+0.09 pp	3 q
IFFInternational Flavors & Fragrances Inc.	0.16%	63,500	$9M	held	—	6 q
COSTCostco Wholesale Corp	0.15%	39,000	$8M	held	—	16 q
HXLHexcel Corporation	0.15%	134,000	$8M	added+2%	0.00 pp	9 q
FWONKLiberty Media Corporation Series C Liberty Formula One	0.15%	259,500	$8M	held	—	11 q
PMPhilip Morris International Inc.	0.15%	114,500	$8M	held	—	16 q
VRSKVerisk Analytics, Inc.	0.15%	74,000	$8M	added+1%	0.00 pp	16 q
LM05Liberty Media Corp-liberty-a	0.13%	229,500	$7M	held	—	11 q
ALBAlbemarle Corporation	0.11%	73,000	$6M	held	—	8 q
AMTAmerican Tower Corporation	0.11%	35,500	$6M	held	—	10 q
HCSGHealthcare Services Group	0.11%	146,000	$6M	added+10%	+0.02 pp	8 q
VZVerizon Communications	0.10%	93,000	$5M	held	—	3 q
unresolvedAon PLC	0.10%	37,000	$5M	held	—	15 q
MHKMohawk Industries, Inc.	0.09%	41,000	$5M	added+37%	0.00 pp	2 q
CABOCable One, Inc.	0.08%	5,200	$4M	held	—	14 q
MCKMcKesson Corporation	0.08%	37,100	$4M	held	—	11 q
SHWThe Sherwin-Williams Company	0.08%	11,000	$4M	new	+0.08 pp	new
LUVSouthwest Airlines Co.	0.08%	91,000	$4M	added+14%	0.00 pp	3 q
CMGChipotle Mexican Grill, Inc.	0.07%	8,200	$4M	trimmed−70%	−0.14 pp	4 q
LBTYALiberty Global Ltd. Class A	0.07%	179,000	$4M	added+1%	−0.02 pp	16 q
unresolvedSensata Technologies Hldng NV	0.07%	82,000	$4M	held	—	9 q
GHCGraham Holdings Company	0.06%	5,200	$3M	held	—	16 q
PAGPenske Automotive Group, Inc.	0.06%	72,000	$3M	held	—	11 q
YAlleghany Corporation	0.05%	4,328	$3M	held	—	16 q
DALDelta Air Lines, Inc.	0.05%	54,000	$3M	added+15%	0.00 pp	3 q
WFCWells Fargo & Co.	0.05%	55,000	$3M	added+2%	0.00 pp	3 q
NVRNVR, Inc.	0.04%	770	$2M	new	+0.04 pp	new
NXPINXP Semiconductors N.V.	0.04%	29,000	$2M	added+4%	0.00 pp	2 q
WRBW.R. Berkley Corporation	0.03%	18,000	$1M	held	—	7 q
SHAKShake Shack Inc.	0.03%	31,350	$1M	added+1%	0.00 pp	4 q
ANAutoNation, Inc.	0.02%	29,960	$1M	added+9%	0.00 pp	3 q
BKNGBooking Holdings Inc.	0.01%	250	$431,000	held	—	4 q
CCitigroup Inc.	0.01%	13,570	$707,000	added+14%	0.00 pp	3 q
CCKCrown Holdings Inc.	0.01%	15,000	$624,000	added+36%	0.00 pp	2 q
DHID.R. Horton Inc.	0.01%	9,057	$313,000	added+8%	0.00 pp	3 q
ILMNIllumina Inc	0.01%	1,000	$300,000	held	—	5 q
LILALiberty Latin America Ltd. Class A	0.01%	19,720	$286,000	held	—	4 q
EFXEquifax, Incorporated	0.00%	2,500	$233,000	new	0.00 pp	new
TRUTransUnion	0.00%	4,000	$227,000	new	0.00 pp	new
PXGBXPraxair Inc	—	−94,400	—	exited	−0.26 pp	—
ACNTAscent Industries Co.	—	−414,804	—	exited	−0.16 pp	—
HSYThe Hershey Company	—	−24,100	—	exited	−0.04 pp	—
SYFSynchrony Financial	—	−7,706	—	exited	0.00 pp	—