Markel Group

Q1 2019 13F · by Tom Gayner, portfolio manager

As of: Mar 31, 2019
Filed: May 3, 2019
US stock: $6.0B · prev $5.2B
Positions: 133 · prev 132
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%

Moves54 since the prior filing

+2.7 pp in · −0.4 pp out

New 1 0.00 pp
Added 52 +2.71 pp
Trimmed 1 −0.43 pp
Exited 0 0.00 pp

The book

Diversified · behaves like 43 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Low turnover · 1.0% a year, more than 30 years per position

Low
Moderate
High

Top 5 positions25% of US stock

KMX CarMax Inc. held held5.8%
BRK.A Berkshire Hathaway Inc. held held5.5%
BRK.B BERKSHIRE HATHAWAY Class B added−0.80 pp added−0.805.1%
unresolved Brookfield Asset Mgmt Inc added+0.33 pp added+0.334.5%
DEO Diageo plc held held3.7%

Positions133 in this filing · 0 exited


KMXCarMax Inc.	5.75%	4,913,070	$343M	held	—	17 q
BRK.ABerkshire Hathaway Inc.	5.53%	1,096	$330M	held	—	17 q
BRK.BBERKSHIRE HATHAWAY Class B	5.12%	1,521,117	$306M	added0%	−0.80 pp	17 q
unresolvedBrookfield Asset Mgmt Inc	4.49%	5,737,691	$268M	added+1%	+0.33 pp	17 q
DEODiageo plc	3.70%	1,349,800	$221M	held	—	17 q
DISThe Walt Disney Company	3.36%	1,806,500	$201M	added0%	−0.41 pp	17 q
MARMarriott International Class A	3.22%	1,538,269	$192M	added0%	+0.04 pp	17 q
HDHome Depot, Inc.	2.96%	920,000	$177M	held	—	17 q
AMZNAmazon.Com Inc	2.78%	93,237	$166M	added+4%	+0.20 pp	14 q
DEDeere & Company	2.69%	1,005,900	$161M	trimmed−8%	−0.43 pp	17 q
UNHUNITEDHEALTH GROUP INCORPORATED (Delaware)	2.48%	599,000	$148M	held	—	17 q
GOOGAlphabet Inc. Class C	2.44%	123,939	$145M	added+8%	+0.16 pp	17 q
VVISA Inc.	2.44%	931,800	$146M	added+1%	+0.11 pp	17 q
WBAWalgreens Boots Alliance, Inc	2.28%	2,148,000	$136M	held	—	17 q
BLQADBlackrock Inc	1.48%	206,700	$88M	added+6%	+0.01 pp	17 q
unresolvedUnilever Spn.Adr 1:1	1.48%	1,527,600	$88M	held	—	17 q
RLIRLI Corp.	1.44%	1,197,272	$86M	held	—	17 q
JNJJohnson & Johnson	1.43%	610,800	$85M	held	—	17 q
ADPAutomatic Data Processing	1.42%	530,700	$85M	held	—	17 q
ADIAnalog Devices, Inc.	1.33%	754,811	$79M	added+8%	+0.18 pp	13 q
TXNTexas Instruments Incorporated	1.17%	658,000	$70M	added+3%	+0.02 pp	13 q
GDGeneral Dynamics Corporation	1.10%	387,000	$66M	held	—	17 q
ELVElevance Health, Inc.	1.08%	224,000	$64M	held	—	17 q
ADMArcher Daniels Midland Company	1.06%	1,463,300	$63M	held	—	17 q
LOWLowe's Companies Inc.	1.05%	570,000	$62M	held	—	17 q
MRSHMarsh	0.96%	609,500	$57M	held	—	17 q
NVONovo-Nordisk A/S	0.94%	1,075,000	$56M	held	—	17 q
OAKOaktree Capital Group, LLC	0.89%	1,065,500	$53M	added+4%	+0.11 pp	17 q
AAPLApple Inc.	0.86%	270,735	$51M	added+73%	+0.39 pp	16 q
ECLEcolab, Inc.	0.82%	275,800	$49M	added+2%	+0.06 pp	17 q
MSFTMicrosoft Corp	0.81%	412,300	$49M	added+6%	+0.06 pp	14 q
WSOWatsco, Inc.	0.79%	329,000	$47M	added+12%	+0.01 pp	17 q
SCHWThe Charles Schwab Corporation	0.76%	1,057,100	$45M	held	—	17 q
MAMastercard Incorporated	0.74%	188,100	$44M	added+3%	+0.08 pp	17 q
AXPAmerican Express Company	0.72%	392,000	$43M	added+2%	+0.02 pp	17 q
BF.ABrown-Forman Corporation Class A	0.72%	843,000	$43M	held	—	17 q
NSCNorfolk Southern Corp.	0.72%	229,500	$43M	held	—	17 q
TRVThe Travelers Companies, Inc.	0.72%	315,000	$43M	held	—	17 q
MMM3M Company	0.71%	204,000	$42M	held	—	17 q
BXBlackstone Inc.	0.69%	1,172,000	$41M	added+5%	+0.05 pp	17 q
CATCaterpillar Inc.	0.63%	278,000	$38M	held	—	17 q
MCOMoody's Corporation	0.61%	201,030	$36M	added0%	+0.07 pp	17 q
BABoeing Company	0.60%	94,400	$36M	held	—	14 q
SBUXStarbucks Corp	0.58%	461,618	$34M	added+9%	+0.06 pp	10 q
unresolvedColfax Corp	0.56%	1,135,070	$34M	held	—	17 q
ITICInvestors Title Co	0.56%	213,300	$34M	held	—	17 q
PGRProgressive Corporation	0.56%	467,000	$34M	added+9%	+0.07 pp	5 q
ITWIllinois Tool Works Inc.	0.55%	230,000	$33M	held	—	17 q
ROLRollins, Inc.	0.55%	791,550	$33M	added+1%	+0.01 pp	17 q
GSGoldman Sachs Group Inc.	0.54%	168,880	$32M	added+34%	+0.14 pp	13 q
TROWT Rowe Price Group Inc	0.53%	314,000	$31M	held	—	17 q
HASHasbro, Inc.	0.52%	364,000	$31M	held	—	17 q
LYVLive Nation Entertainment Inc.	0.52%	488,700	$31M	held	—	14 q
NKENike, Inc.	0.52%	366,000	$31M	held	—	17 q
SPGIS&P Global Inc.	0.52%	147,000	$31M	held	—	12 q
KKRKKR & Co. Inc.	0.51%	1,298,500	$31M	added+5%	+0.04 pp	3 q
DISCKDiscovery Inc-c	0.50%	1,171,000	$30M	held	—	17 q
SRCLStericycle Inc	0.50%	545,500	$30M	added+21%	+0.18 pp	12 q
FDSFactset Research Systems	0.48%	116,000	$29M	held	—	17 q
UTXZRTX Corporation	0.48%	224,000	$29M	held	—	17 q
unresolvedApollo Global Management LLC	0.47%	990,500	$28M	added+2%	+0.02 pp	17 q
ACNAccenture PLC	0.47%	159,400	$28M	held	—	17 q
MSCIMSCI, Inc.	0.46%	137,000	$27M	held	—	17 q
HEI.AHeico Corp Cl A	0.43%	304,145	$26M	added+4%	+0.08 pp	12 q
WHRWhirlpool Corp.	0.43%	194,749	$26M	added×2.4	+0.26 pp	4 q
BF.BBrown-Forman Corporation Class B	0.42%	474,187	$25M	held	—	17 q
METAMeta Platforms, Inc. Class A	0.40%	144,080	$24M	added+4%	+0.05 pp	14 q
SMGThe Scotts Miracle-Gro Company	0.39%	298,000	$23M	added+67%	+0.18 pp	5 q
ROKRockwell Automation, Inc.	0.38%	127,800	$22M	held	—	16 q
CMECME Group Inc.	0.37%	135,000	$22M	held	—	17 q
unresolvedThe Carlyle Group	0.35%	1,144,000	$21M	added+5%	+0.02 pp	17 q
PHParker-Hannifin Corporation	0.34%	118,600	$20M	held	—	16 q
SEICSEI Investments Co	0.34%	383,200	$20M	added+6%	+0.02 pp	17 q
LSXMKLiberty Media Cor-siriusxm C	0.33%	522,000	$20M	held	—	12 q
TSNTyson Foods, Inc.	0.33%	286,000	$20M	added+27%	+0.10 pp	10 q
JPMJPMorgan Chase & Co.	0.32%	186,150	$19M	added+2%	−0.02 pp	16 q
LBRDALiberty Broadband Corporation Class A	0.32%	205,250	$19M	held	—	17 q
CSCOCisco Systems, Inc. (DE)	0.31%	342,000	$18M	held	—	13 q
PEPPepsiCo, Inc.	0.30%	145,600	$18M	held	—	17 q
CMCSAComcast Corp	0.29%	440,000	$18M	added+10%	+0.03 pp	12 q
99952EURLinde PLC/OLD	0.28%	94,400	$17M	held	—	2 q
LM03Liberty Media Cor-siriusxm A	0.27%	426,000	$16M	held	—	12 q
LBRDKLiberty Broadband Corporation Class C	0.26%	172,113	$16M	held	—	17 q
GOOGLAlphabet Inc. Class A	0.25%	12,500	$15M	held	—	14 q
CVSCvs Health Corporation	0.25%	275,000	$15M	held	—	17 q
UNPUnion Pacific Corp.	0.24%	85,370	$14M	held	—	14 q
DLTRDollar Tree Inc.	0.22%	123,000	$13M	held	—	10 q
MXIMMaxim Integrated Products	0.22%	252,000	$13M	held	—	13 q
SHWThe Sherwin-Williams Company	0.22%	31,000	$13M	added×2.8	+0.14 pp	2 q
MCHPMicrochip Technology Inc	0.21%	151,000	$13M	held	—	7 q
MHKMohawk Industries, Inc.	0.20%	95,000	$12M	added×2.3	+0.11 pp	3 q
PAYXPaychex Inc	0.20%	150,000	$12M	held	—	17 q
AIYActivision Blizzard Inc	0.19%	248,800	$11M	added+40%	+0.03 pp	4 q
EAElectronic Arts Inc	0.19%	112,400	$11M	added+7%	+0.03 pp	4 q
CHHChoice Hotels Intnl.	0.18%	141,500	$11M	added+20%	+0.02 pp	8 q
LUVSouthwest Airlines Co.	0.18%	211,000	$11M	added×2.3	+0.10 pp	4 q
CDKCDK Global, Inc.	0.17%	176,897	$10M	held	—	17 q
HXLHexcel Corporation	0.17%	146,000	$10M	added+9%	+0.02 pp	10 q
PMPhilip Morris International Inc.	0.17%	114,500	$10M	held	—	17 q
COSTCostco Wholesale Corp	0.16%	39,000	$9M	held	—	17 q
VRSKVerisk Analytics, Inc.	0.16%	74,000	$10M	held	—	17 q
DALDelta Air Lines, Inc.	0.15%	174,000	$9M	added×3.2	+0.10 pp	4 q
FWONKLiberty Media Corporation Series C Liberty Formula One	0.15%	259,500	$9M	held	—	12 q
NVRNVR, Inc.	0.15%	3,275	$9M	added×4.3	+0.11 pp	2 q
IFFInternational Flavors & Fragrances Inc.	0.14%	66,500	$9M	added+5%	−0.02 pp	7 q
LM05Liberty Media Corp-liberty-a	0.13%	229,500	$8M	held	—	12 q
AMTAmerican Tower Corporation	0.12%	35,500	$7M	held	—	11 q
HCSGHealthcare Services Group	0.11%	196,500	$6M	added+35%	0.00 pp	9 q
unresolvedAon PLC	0.11%	37,000	$6M	held	—	16 q
ALBAlbemarle Corporation	0.10%	73,000	$6M	held	—	9 q
CMGChipotle Mexican Grill, Inc.	0.10%	8,200	$6M	held	—	5 q
CABOCable One, Inc.	0.09%	5,200	$5M	held	—	15 q
VZVerizon Communications	0.09%	93,000	$5M	held	—	4 q
EFXEquifax, Incorporated	0.07%	35,500	$4M	added×14.2	+0.07 pp	2 q
MCKMcKesson Corporation	0.07%	37,100	$4M	held	—	12 q
LBTYALiberty Global Ltd. Class A	0.07%	179,000	$4M	held	—	17 q
GHCGraham Holdings Company	0.06%	5,200	$4M	held	—	17 q
unresolvedSensata Technologies Hldng NV	0.06%	82,000	$4M	held	—	10 q
PAGPenske Automotive Group, Inc.	0.05%	72,000	$3M	held	—	12 q
YAlleghany Corporation	0.04%	4,328	$3M	held	—	17 q
CCKCrown Holdings Inc.	0.04%	49,000	$3M	added×3.3	+0.03 pp	3 q
TRUTransUnion	0.04%	40,000	$3M	added×10.0	+0.04 pp	2 q
WFCWells Fargo & Co.	0.04%	55,000	$3M	held	—	4 q
NXPINXP Semiconductors N.V.	0.04%	29,000	$3M	held	—	3 q
WRBW.R. Berkley Corporation	0.03%	18,000	$2M	held	—	8 q
SHAKShake Shack Inc.	0.03%	31,900	$2M	added+2%	0.00 pp	5 q
ANAutoNation, Inc.	0.02%	32,560	$1M	added+9%	0.00 pp	4 q
BKNGBooking Holdings Inc.	0.01%	250	$436,000	held	—	5 q
CCitigroup Inc.	0.01%	13,570	$844,000	held	—	4 q
DHID.R. Horton Inc.	0.01%	9,957	$412,000	added+10%	0.00 pp	4 q
ILMNIllumina Inc	0.01%	1,000	$311,000	held	—	6 q
LILALiberty Latin America Ltd. Class A	0.01%	19,720	$381,000	held	—	5 q
SYFSynchrony Financial	0.00%	8,006	$255,000	new	0.00 pp	new