Markel Group

Q2 2019 13F · by Tom Gayner, portfolio manager

As of: Jun 30, 2019
Filed: Aug 2, 2019
US stock: $6.5B · prev $6.0B
Positions: 137 · 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%

Moves69 since the prior filing

+2.4 pp in · −0.9 pp out

New 6 +0.06 pp
Added 57 +2.36 pp
Trimmed 4 −0.70 pp
Exited 2 −0.19 pp

The book

Diversified · behaves like 43 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Low turnover · 2.9% 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. held held5.4%
BRK.B BERKSHIRE HATHAWAY Class B added−0.13 pp added−0.135.0%
unresolved Brookfield Asset Mgmt Inc added−0.26 pp added−0.264.2%
DIS The Walt Disney Company added+0.55 pp added+0.553.9%

Positions137 in this filing · 2 exited


KMXCarMax Inc.	6.56%	4,913,070	$427M	held	—	18 q
BRK.ABerkshire Hathaway Inc.	5.36%	1,096	$349M	held	—	18 q
BRK.BBERKSHIRE HATHAWAY Class B	4.99%	1,522,987	$325M	added0%	−0.13 pp	18 q
unresolvedBrookfield Asset Mgmt Inc	4.23%	5,764,341	$275M	added0%	−0.26 pp	18 q
DISThe Walt Disney Company	3.91%	1,823,000	$255M	added+1%	+0.55 pp	18 q
DEODiageo plc	3.58%	1,349,800	$233M	held	—	18 q
MARMarriott International Class A	3.36%	1,559,269	$219M	added+1%	+0.14 pp	18 q
HDHome Depot, Inc.	2.94%	920,000	$191M	held	—	18 q
AMZNAmazon.Com Inc	2.76%	94,707	$179M	added+2%	−0.02 pp	15 q
DEDeere & Company	2.56%	1,005,900	$167M	held	—	18 q
VVISA Inc.	2.50%	938,300	$163M	added+1%	+0.06 pp	18 q
UNHUNITEDHEALTH GROUP INCORPORATED (Delaware)	2.25%	599,000	$146M	held	—	18 q
GOOGAlphabet Inc. Class C	2.14%	129,023	$139M	added+4%	−0.30 pp	18 q
WBAWalgreens Boots Alliance, Inc	1.81%	2,148,000	$117M	held	—	18 q
RLIRLI Corp.	1.58%	1,197,272	$103M	held	—	18 q
BLQADBlackrock Inc	1.54%	212,800	$100M	added+3%	+0.06 pp	18 q
unresolvedUnilever Spn.Adr 1:1	1.46%	1,527,600	$95M	held	—	18 q
ADIAnalog Devices, Inc.	1.41%	812,811	$92M	added+8%	+0.08 pp	14 q
ADPAutomatic Data Processing	1.35%	530,700	$88M	held	—	18 q
JNJJohnson & Johnson	1.31%	610,800	$85M	held	—	18 q
TXNTexas Instruments Incorporated	1.19%	677,000	$78M	added+3%	+0.02 pp	14 q
GDGeneral Dynamics Corporation	1.08%	387,000	$70M	held	—	18 q
ELVElevance Health, Inc.	0.97%	224,000	$63M	held	—	18 q
GSGoldman Sachs Group Inc.	0.94%	297,600	$61M	added+76%	+0.40 pp	14 q
MRSHMarsh	0.93%	609,500	$61M	held	—	18 q
ADMArcher Daniels Midland Company	0.92%	1,463,300	$60M	held	—	18 q
MSFTMicrosoft Corp	0.92%	446,400	$60M	added+8%	+0.11 pp	15 q
WSOWatsco, Inc.	0.90%	356,000	$58M	added+8%	+0.11 pp	18 q
AAPLApple Inc.	0.88%	290,485	$57M	added+7%	+0.02 pp	17 q
LOWLowe's Companies Inc.	0.88%	570,000	$58M	held	—	18 q
AXPAmerican Express Company	0.86%	451,000	$56M	added+15%	+0.14 pp	18 q
ECLEcolab, Inc.	0.86%	283,800	$56M	added+3%	+0.04 pp	18 q
NVONovo-Nordisk A/S	0.84%	1,075,000	$55M	held	—	18 q
BXBlackstone Inc.	0.82%	1,206,000	$54M	added+3%	+0.13 pp	18 q
MAMastercard Incorporated	0.79%	194,600	$51M	added+3%	+0.05 pp	18 q
TRVThe Travelers Companies, Inc.	0.72%	315,000	$47M	held	—	18 q
BF.ABrown-Forman Corporation Class A	0.71%	843,000	$46M	held	—	18 q
NSCNorfolk Southern Corp.	0.70%	229,500	$46M	held	—	18 q
PGRProgressive Corporation	0.66%	538,000	$43M	added+15%	+0.10 pp	6 q
SCHWThe Charles Schwab Corporation	0.65%	1,057,000	$42M	trimmed−0%	−0.11 pp	18 q
SBUXStarbucks Corp	0.63%	490,418	$41M	added+6%	+0.05 pp	11 q
MCOMoody's Corporation	0.60%	201,080	$39M	added0%	−0.01 pp	18 q
HASHasbro, Inc.	0.59%	364,000	$38M	held	—	18 q
CATCaterpillar Inc.	0.58%	278,000	$38M	held	—	18 q
ITWIllinois Tool Works Inc.	0.58%	251,000	$38M	added+9%	+0.03 pp	18 q
SMGThe Scotts Miracle-Gro Company	0.57%	378,000	$37M	added+27%	+0.18 pp	6 q
ITICInvestors Title Co	0.55%	213,300	$36M	held	—	18 q
MMM3M Company	0.55%	208,000	$36M	added+2%	−0.16 pp	18 q
unresolvedApollo Global Management LLC	0.53%	1,012,500	$35M	added+2%	+0.06 pp	18 q
BABoeing Company	0.53%	94,400	$34M	held	—	15 q
TROWT Rowe Price Group Inc	0.53%	314,000	$34M	held	—	18 q
HEI.AHeico Corp Cl A	0.52%	326,145	$34M	added+7%	+0.09 pp	13 q
KKRKKR & Co. Inc.	0.52%	1,326,000	$34M	added+2%	+0.01 pp	4 q
WHRWhirlpool Corp.	0.52%	237,319	$34M	added+22%	+0.09 pp	5 q
DISCKDiscovery Inc-c	0.51%	1,176,000	$33M	added0%	+0.01 pp	18 q
FDSFactset Research Systems	0.51%	116,220	$33M	added0%	+0.03 pp	18 q
SPGIS&P Global Inc.	0.51%	147,000	$33M	held	—	13 q
LYVLive Nation Entertainment Inc.	0.50%	488,700	$32M	held	—	15 q
MSCIMSCI, Inc.	0.50%	137,000	$33M	held	—	18 q
unresolvedColfax Corp	0.49%	1,135,070	$32M	held	—	18 q
NKENike, Inc.	0.47%	366,000	$31M	held	—	18 q
UTXZRTX Corporation	0.45%	224,000	$29M	held	—	18 q
ACNAccenture PLC	0.45%	159,400	$29M	held	—	18 q
ROLRollins, Inc.	0.44%	798,050	$29M	added+1%	−0.11 pp	18 q
METAMeta Platforms, Inc. Class A	0.42%	141,530	$27M	trimmed−2%	+0.02 pp	15 q
SRCLStericycle Inc	0.42%	569,500	$27M	added+4%	−0.08 pp	13 q
unresolvedThe Carlyle Group	0.41%	1,177,000	$27M	added+3%	+0.06 pp	18 q
BF.BBrown-Forman Corporation Class B	0.40%	474,187	$26M	held	—	18 q
CMECME Group Inc.	0.40%	135,000	$26M	held	—	18 q
TSNTyson Foods, Inc.	0.39%	311,000	$25M	added+9%	+0.06 pp	11 q
CMCSAComcast Corp	0.33%	512,000	$22M	added+16%	+0.04 pp	13 q
SEICSEI Investments Co	0.33%	383,200	$21M	held	—	18 q
JPMJPMorgan Chase & Co.	0.32%	188,550	$21M	added+1%	0.00 pp	17 q
LBRDALiberty Broadband Corporation Class A	0.32%	205,250	$21M	held	—	18 q
ROKRockwell Automation, Inc.	0.32%	127,800	$21M	held	—	17 q
MHKMohawk Industries, Inc.	0.31%	137,000	$20M	added+44%	+0.11 pp	4 q
PHParker-Hannifin Corporation	0.31%	118,600	$20M	held	—	17 q
LSXMKLiberty Media Cor-siriusxm C	0.30%	522,000	$20M	held	—	13 q
CSCOCisco Systems, Inc. (DE)	0.29%	342,000	$19M	held	—	14 q
NVRNVR, Inc.	0.29%	5,605	$19M	added+71%	+0.14 pp	3 q
PEPPepsiCo, Inc.	0.29%	145,600	$19M	held	—	18 q
99952EURLinde PLC/OLD	0.29%	94,400	$19M	held	—	3 q
LBRDKLiberty Broadband Corporation Class C	0.28%	172,113	$18M	held	—	18 q
OAKOaktree Capital Group, LLC	0.28%	362,000	$18M	trimmed−66%	−0.61 pp	18 q
LUVSouthwest Airlines Co.	0.28%	356,000	$18M	added+69%	+0.10 pp	5 q
DALDelta Air Lines, Inc.	0.26%	299,000	$17M	added+72%	+0.11 pp	5 q
LM03Liberty Media Cor-siriusxm A	0.25%	426,000	$16M	held	—	13 q
CVSCvs Health Corporation	0.23%	275,000	$15M	held	—	18 q
CHHChoice Hotels Intnl.	0.23%	169,500	$15M	added+20%	+0.05 pp	9 q
MXIMMaxim Integrated Products	0.23%	252,000	$15M	held	—	14 q
SHWThe Sherwin-Williams Company	0.22%	31,000	$14M	held	—	3 q
UNPUnion Pacific Corp.	0.22%	85,370	$14M	held	—	15 q
GOOGLAlphabet Inc. Class A	0.21%	12,500	$14M	held	—	15 q
MCHPMicrochip Technology Inc	0.21%	159,000	$14M	added+5%	0.00 pp	8 q
DLTRDollar Tree Inc.	0.20%	123,000	$13M	held	—	11 q
HXLHexcel Corporation	0.20%	159,000	$13M	added+9%	+0.03 pp	11 q
AIYActivision Blizzard Inc	0.19%	262,800	$12M	added+6%	0.00 pp	5 q
EAElectronic Arts Inc	0.19%	119,400	$12M	added+6%	0.00 pp	5 q
PAYXPaychex Inc	0.19%	150,000	$12M	held	—	18 q
VRSKVerisk Analytics, Inc.	0.17%	74,000	$11M	held	—	18 q
COSTCostco Wholesale Corp	0.16%	39,150	$10M	added0%	0.00 pp	18 q
IFFInternational Flavors & Fragrances Inc.	0.15%	66,500	$10M	held	—	8 q
FWONKLiberty Media Corporation Series C Liberty Formula One	0.15%	259,500	$10M	held	—	13 q
PMPhilip Morris International Inc.	0.14%	114,500	$9M	held	—	18 q
CDKCDK Global, Inc.	0.13%	176,897	$9M	held	—	18 q
LM05Liberty Media Corp-liberty-a	0.13%	229,500	$8M	held	—	13 q
EFXEquifax, Incorporated	0.12%	58,500	$8M	added+65%	+0.05 pp	3 q
AMTAmerican Tower Corporation	0.11%	35,500	$7M	held	—	12 q
unresolvedAon PLC	0.11%	37,000	$7M	held	—	17 q
HCSGHealthcare Services Group	0.10%	211,500	$6M	added+8%	−0.01 pp	10 q
CABOCable One, Inc.	0.09%	5,200	$6M	held	—	16 q
MCKMcKesson Corporation	0.09%	43,100	$6M	added+16%	+0.02 pp	13 q
ALBAlbemarle Corporation	0.08%	73,000	$5M	held	—	10 q
CCKCrown Holdings Inc.	0.07%	75,000	$5M	added+53%	+0.03 pp	4 q
TRUTransUnion	0.07%	60,000	$4M	added+50%	+0.03 pp	3 q
LBTYALiberty Global Ltd. Class A	0.07%	179,000	$5M	held	—	18 q
GHCGraham Holdings Company	0.06%	5,200	$4M	held	—	18 q
unresolvedSensata Technologies Hldng NV	0.06%	82,000	$4M	held	—	11 q
YAlleghany Corporation	0.05%	4,328	$3M	held	—	18 q
BNYBank of New York Mellon Corporation	0.05%	80,000	$4M	new	+0.05 pp	new
PAGPenske Automotive Group, Inc.	0.05%	72,000	$3M	held	—	13 q
WFCWells Fargo & Co.	0.05%	67,600	$3M	added+23%	+0.01 pp	5 q
SHAKShake Shack Inc.	0.04%	32,900	$2M	added+3%	+0.01 pp	6 q
NXPINXP Semiconductors N.V.	0.04%	29,000	$3M	held	—	4 q
ANAutoNation, Inc.	0.03%	42,460	$2M	added+30%	+0.01 pp	5 q
WRBW.R. Berkley Corporation	0.03%	27,000	$2M	held	—	9 q
CCitigroup Inc.	0.02%	16,070	$1M	added+18%	+0.01 pp	5 q
BKNGBooking Holdings Inc.	0.01%	200	$375,000	trimmed−20%	0.00 pp	6 q
DHID.R. Horton Inc.	0.01%	11,857	$512,000	added+19%	0.00 pp	5 q
ILMNIllumina Inc	0.01%	1,000	$368,000	held	—	7 q
SYFSynchrony Financial	0.01%	10,556	$366,000	added+32%	+0.01 pp	2 q
TRUPTrupanion, Inc.	0.01%	25,000	$903,000	new	+0.01 pp	new
LILALiberty Latin America Ltd. Class A	0.01%	19,720	$340,000	held	—	6 q
BUDAnheuser-Busch INBEV SA/NV	0.00%	3,000	$266,000	new	0.00 pp	new
BALLBall Corporation	0.00%	3,000	$210,000	new	0.00 pp	new
GTGoodyear Tire & Rubber	0.00%	20,000	$306,000	new	0.00 pp	new
LENLennar Corporation Class A	0.00%	4,900	$238,000	new	0.00 pp	new
CMGChipotle Mexican Grill, Inc.	—	−8,200	—	exited	−0.10 pp	—
VZVerizon Communications	—	−93,000	—	exited	−0.09 pp	—