Markel Group

Q3 2019 13F · by Tom Gayner, portfolio manager

As of: Sep 30, 2019
Filed: Nov 1, 2019
US stock: $6.6B · prev $6.5B
Positions: 132 · prev 137
Options notional: $0
Documents: 1· no amendments

Picture100.0% US stock

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

US stock listed on a US exchange 100.0%
Foreign stock not listed in the US 0.0%
Notes debt, at principal 0.0%
Puts at notional value 0.0%
Calls at notional value 0.0%

Moves74 since the prior filing

+2.0 pp in · −1.6 pp out

New 3 +0.60 pp
Added 60 +1.44 pp
Trimmed 3 −0.24 pp
Exited 8 −1.33 pp

The book

Diversified · behaves like 44 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Low turnover · 6.0% a year, about 16.6 years per position

Low
Moderate
High

Top 5 positions25% of US stock

KMX CarMax Inc. held held6.5%
BRK.A Berkshire Hathaway Inc. held held5.2%
BRK.B BERKSHIRE HATHAWAY Class B added−0.20 pp added−0.204.8%
unresolved Brookfield Asset Mgmt Inc added+0.41 pp added+0.414.6%
DIS The Walt Disney Company added−0.28 pp added−0.283.6%

Positions132 in this filing · 8 exited


KMXCarMax Inc.	6.53%	4,913,070	$432M	held	—	19 q
BRK.ABerkshire Hathaway Inc.	5.16%	1,096	$342M	held	—	19 q
BRK.BBERKSHIRE HATHAWAY Class B	4.79%	1,525,157	$317M	added0%	−0.20 pp	19 q
unresolvedBrookfield Asset Mgmt Inc	4.64%	5,782,141	$307M	added0%	+0.41 pp	19 q
DISThe Walt Disney Company	3.63%	1,842,950	$240M	added+1%	−0.28 pp	19 q
DEODiageo plc	3.33%	1,349,800	$221M	held	—	19 q
HDHome Depot, Inc.	3.23%	920,000	$213M	held	—	19 q
MARMarriott International Class A	2.96%	1,574,269	$196M	added+1%	−0.40 pp	19 q
DEDeere & Company	2.56%	1,005,900	$170M	held	—	19 q
AMZNAmazon.Com Inc	2.55%	97,257	$169M	added+3%	−0.21 pp	16 q
VVISA Inc.	2.47%	949,500	$163M	added+1%	−0.03 pp	19 q
GOOGAlphabet Inc. Class C	2.45%	133,238	$162M	added+3%	+0.31 pp	19 q
UNHUNITEDHEALTH GROUP INCORPORATED (Delaware)	1.97%	599,000	$130M	held	—	19 q
WBAWalgreens Boots Alliance, Inc	1.80%	2,150,500	$119M	added0%	−0.01 pp	19 q
RLIRLI Corp.	1.68%	1,197,272	$111M	held	—	19 q
BLQADBlackrock Inc	1.46%	217,200	$97M	added+2%	−0.08 pp	19 q
ADIAnalog Devices, Inc.	1.42%	843,811	$94M	added+4%	+0.01 pp	15 q
unresolvedUnilever Spn.Adr 1:1	1.39%	1,527,600	$92M	held	—	19 q
TXNTexas Instruments Incorporated	1.37%	703,500	$91M	added+4%	+0.18 pp	15 q
ADPAutomatic Data Processing	1.29%	530,700	$86M	held	—	19 q
JNJJohnson & Johnson	1.19%	610,800	$79M	held	—	19 q
GDGeneral Dynamics Corporation	1.07%	387,000	$71M	held	—	19 q
GSGoldman Sachs Group Inc.	1.05%	334,190	$69M	added+12%	+0.11 pp	15 q
AAPLApple Inc.	1.01%	297,185	$67M	added+2%	+0.13 pp	18 q
MSFTMicrosoft Corp	0.97%	463,200	$64M	added+4%	+0.05 pp	16 q
WSOWatsco, Inc.	0.96%	376,500	$64M	added+6%	+0.06 pp	19 q
LOWLowe's Companies Inc.	0.95%	570,000	$63M	held	—	19 q
MRSHMarsh	0.92%	609,500	$61M	held	—	19 q
ADMArcher Daniels Midland Company	0.91%	1,463,300	$60M	held	—	19 q
BXBlackstone Inc.	0.89%	1,206,000	$59M	held	—	19 q
ECLEcolab, Inc.	0.89%	297,800	$59M	added+5%	+0.03 pp	19 q
AXPAmerican Express Company	0.84%	471,300	$56M	added+5%	−0.02 pp	19 q
NVONovo-Nordisk A/S	0.84%	1,075,000	$56M	held	—	19 q
MAMastercard Incorporated	0.83%	202,400	$55M	added+4%	+0.04 pp	19 q
ELVElevance Health, Inc.	0.81%	224,000	$54M	held	—	19 q
BF.ABrown-Forman Corporation Class A	0.76%	843,000	$50M	held	—	19 q
TRVThe Travelers Companies, Inc.	0.71%	315,000	$47M	held	—	19 q
ITWIllinois Tool Works Inc.	0.68%	286,000	$45M	added+14%	+0.10 pp	19 q
SCHWThe Charles Schwab Corporation	0.68%	1,069,000	$45M	added+1%	+0.03 pp	19 q
SBUXStarbucks Corp	0.68%	505,968	$45M	added+3%	+0.05 pp	12 q
PGRProgressive Corporation	0.67%	578,000	$45M	added+7%	+0.01 pp	7 q
HASHasbro, Inc.	0.65%	364,000	$43M	held	—	19 q
MCOMoody's Corporation	0.64%	206,330	$42M	added+3%	+0.04 pp	19 q
SMGThe Scotts Miracle-Gro Company	0.63%	411,000	$42M	added+9%	+0.06 pp	7 q
NSCNorfolk Southern Corp.	0.62%	229,500	$41M	held	—	19 q
WHRWhirlpool Corp.	0.61%	256,099	$41M	added+8%	+0.09 pp	6 q
APONApollo Asset Management Inc	0.58%	1,012,500	$38M	new	+0.58 pp	new
MMM3M Company	0.55%	223,000	$37M	added+7%	0.00 pp	19 q
BABoeing Company	0.54%	94,400	$36M	held	—	16 q
KKRKKR & Co. Inc.	0.54%	1,330,600	$36M	added0%	+0.02 pp	5 q
TROWT Rowe Price Group Inc	0.54%	314,000	$36M	held	—	19 q
SPGIS&P Global Inc.	0.54%	147,000	$36M	held	—	14 q
CATCaterpillar Inc.	0.53%	278,000	$35M	held	—	19 q
ITICInvestors Title Co	0.52%	213,300	$34M	held	—	19 q
NKENike, Inc.	0.52%	366,000	$34M	held	—	19 q
unresolvedColfax Corp	0.50%	1,135,070	$33M	held	—	19 q
HEI.AHeico Corp Cl A	0.50%	338,344	$33M	added+4%	−0.02 pp	14 q
LYVLive Nation Entertainment Inc.	0.49%	488,700	$32M	held	—	16 q
UTXZRTX Corporation	0.46%	224,000	$31M	held	—	19 q
ACNAccenture PLC	0.46%	159,400	$31M	held	—	19 q
BF.BBrown-Forman Corporation Class B	0.45%	474,187	$30M	held	—	19 q
unresolvedThe Carlyle Group	0.45%	1,177,000	$30M	held	—	19 q
MSCIMSCI, Inc.	0.45%	137,000	$30M	held	—	19 q
SRCLStericycle Inc	0.44%	568,000	$29M	trimmed−0%	+0.02 pp	14 q
TSNTyson Foods, Inc.	0.44%	336,500	$29M	added+8%	+0.05 pp	12 q
FDSFactset Research Systems	0.43%	116,490	$28M	added0%	−0.08 pp	19 q
ROLRollins, Inc.	0.42%	808,350	$28M	added+1%	−0.02 pp	19 q
NVRNVR, Inc.	0.41%	7,255	$27M	added+29%	+0.12 pp	4 q
MHKMohawk Industries, Inc.	0.40%	213,000	$26M	added+55%	+0.09 pp	5 q
METAMeta Platforms, Inc. Class A	0.38%	142,390	$25M	added+1%	−0.04 pp	16 q
JPMJPMorgan Chase & Co.	0.37%	209,210	$25M	added+11%	+0.05 pp	18 q
LUVSouthwest Airlines Co.	0.36%	435,500	$24M	added+22%	+0.08 pp	6 q
CMCSAComcast Corp	0.35%	521,000	$23M	added+2%	+0.02 pp	14 q
ROKRockwell Automation, Inc.	0.34%	134,600	$22M	added+5%	+0.02 pp	18 q
SEICSEI Investments Co	0.34%	383,200	$23M	held	—	19 q
LSXMKLiberty Media Cor-siriusxm C	0.33%	522,000	$22M	held	—	14 q
DALDelta Air Lines, Inc.	0.32%	362,000	$21M	added+21%	+0.06 pp	6 q
LBRDALiberty Broadband Corporation Class A	0.32%	205,250	$21M	held	—	19 q
PHParker-Hannifin Corporation	0.32%	118,600	$21M	held	—	18 q
CVSCvs Health Corporation	0.31%	323,000	$20M	added+17%	+0.08 pp	19 q
PEPPepsiCo, Inc.	0.30%	145,600	$20M	held	—	19 q
99952EURLinde PLC/OLD	0.28%	94,400	$18M	held	—	4 q
LBRDKLiberty Broadband Corporation Class C	0.27%	172,113	$18M	held	—	19 q
LM03Liberty Media Cor-siriusxm A	0.27%	426,000	$18M	held	—	14 q
CSCOCisco Systems, Inc. (DE)	0.26%	342,000	$17M	held	—	15 q
SHWThe Sherwin-Williams Company	0.26%	31,000	$17M	held	—	4 q
CHHChoice Hotels Intnl.	0.25%	187,000	$17M	added+10%	+0.02 pp	10 q
DISCKDiscovery Inc-c	0.25%	677,000	$17M	trimmed−42%	−0.26 pp	19 q
GOOGLAlphabet Inc. Class A	0.23%	12,500	$15M	held	—	16 q
AIYActivision Blizzard Inc	0.22%	280,800	$15M	added+7%	+0.03 pp	6 q
MXIMMaxim Integrated Products	0.22%	252,000	$15M	held	—	15 q
MCHPMicrochip Technology Inc	0.22%	159,000	$15M	held	—	9 q
DLTRDollar Tree Inc.	0.21%	123,000	$14M	held	—	12 q
HXLHexcel Corporation	0.21%	173,000	$14M	added+9%	+0.01 pp	12 q
UNPUnion Pacific Corp.	0.21%	85,370	$14M	held	—	16 q
PAYXPaychex Inc	0.19%	150,000	$12M	held	—	19 q
EAElectronic Arts Inc	0.18%	122,400	$12M	added+3%	−0.01 pp	6 q
EFXEquifax, Incorporated	0.18%	84,500	$12M	added+44%	+0.06 pp	4 q
VRSKVerisk Analytics, Inc.	0.18%	74,000	$12M	held	—	19 q
COSTCostco Wholesale Corp	0.17%	39,150	$11M	held	—	19 q
IFFInternational Flavors & Fragrances Inc.	0.16%	84,500	$10M	added+27%	+0.01 pp	9 q
FWONKLiberty Media Corporation Series C Liberty Formula One	0.16%	259,500	$11M	held	—	14 q
AMTAmerican Tower Corporation	0.15%	45,100	$10M	added+27%	+0.04 pp	13 q
HCSGHealthcare Services Group	0.15%	396,500	$10M	added+87%	+0.05 pp	11 q
BNYBank of New York Mellon Corporation	0.14%	206,000	$9M	added×2.6	+0.09 pp	2 q
LM05Liberty Media Corp-liberty-a	0.14%	229,500	$9M	held	—	14 q
CDKCDK Global, Inc.	0.13%	176,897	$9M	held	—	19 q
PMPhilip Morris International Inc.	0.13%	114,500	$9M	held	—	19 q
MCKMcKesson Corporation	0.12%	60,100	$8M	added+39%	+0.03 pp	14 q
WFCWells Fargo & Co.	0.12%	153,800	$8M	added×2.3	+0.07 pp	6 q
unresolvedAon PLC	0.11%	37,000	$7M	held	—	18 q
CABOCable One, Inc.	0.10%	5,200	$7M	held	—	17 q
CCKCrown Holdings Inc.	0.10%	101,000	$7M	added+35%	+0.03 pp	5 q
TRUTransUnion	0.09%	76,000	$6M	added+27%	+0.02 pp	4 q
ALBAlbemarle Corporation	0.08%	73,000	$5M	held	—	11 q
LBTYALiberty Global Ltd. Class A	0.07%	179,000	$4M	held	—	19 q
YAlleghany Corporation	0.05%	4,328	$3M	held	—	19 q
GHCGraham Holdings Company	0.05%	5,200	$3M	held	—	19 q
PAGPenske Automotive Group, Inc.	0.05%	72,000	$3M	held	—	14 q
SHAKShake Shack Inc.	0.04%	30,000	$3M	trimmed−9%	0.00 pp	7 q
ANAutoNation, Inc.	0.03%	43,210	$2M	added+2%	0.00 pp	6 q
BALLBall Corporation	0.03%	31,000	$2M	added×10.3	+0.03 pp	2 q
WRBW.R. Berkley Corporation	0.03%	27,000	$2M	held	—	10 q
TRUPTrupanion, Inc.	0.03%	77,000	$2M	added×3.1	+0.02 pp	2 q
BUDAnheuser-Busch INBEV SA/NV	0.02%	13,000	$1M	added×4.3	+0.02 pp	2 q
CCitigroup Inc.	0.02%	18,170	$1M	added+13%	0.00 pp	6 q
DHID.R. Horton Inc.	0.02%	29,447	$2M	added×2.5	+0.01 pp	6 q
BKNGBooking Holdings Inc.	0.01%	200	$393,000	held	—	7 q
KHCThe Kraft Heinz Company	0.01%	35,000	$978,000	new	+0.01 pp	new
LEN.BLennar Corporation Class B	0.01%	21,750	$965,000	new	+0.01 pp	new
ILMNIllumina Inc	0.00%	1,000	$304,000	held	—	8 q
LENLennar Corporation Class A	0.00%	5,900	$330,000	added+20%	0.00 pp	2 q
unresolvedApollo Global Management LLC	—	−1,012,500	—	exited	−0.53 pp	—
CMECME Group Inc.	—	−135,000	—	exited	−0.40 pp	—
OAKOaktree Capital Group, LLC	—	−362,000	—	exited	−0.28 pp	—
unresolvedSensata Technologies Hldng NV	—	−82,000	—	exited	−0.06 pp	—
NXPINXP Semiconductors N.V.	—	−29,000	—	exited	−0.04 pp	—
SYFSynchrony Financial	—	−10,556	—	exited	−0.01 pp	—
LILALiberty Latin America Ltd. Class A	—	−19,720	—	exited	−0.01 pp	—
GTGoodyear Tire & Rubber	—	−20,000	—	exited	0.00 pp	—