Markel Group

Q4 2019 13F · by Tom Gayner, portfolio manager

As of: Dec 31, 2019
Filed: Feb 7, 2020
US stock: $7.2B · prev $6.6B
Positions: 134 · prev 132
Options notional: $0
Documents: 1· no amendments

Picture99.3% US stock

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

US stock listed on a US exchange 99.3%
Foreign stock not listed in the US 0.7%
Notes debt, at principal 0.0%
Puts at notional value 0.0%
Calls at notional value 0.0%

Moves69 since the prior filing

+2.2 pp in · −0.9 pp out

New 3 +0.73 pp
Added 63 +1.48 pp
Trimmed 2 −0.32 pp
Exited 1 −0.58 pp

The book

Diversified · behaves like 45 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Low turnover · 3.4% a year, about 29.6 years per position

Low
Moderate
High

Top 5 positions24% of US stock

KMX CarMax Inc. held held6.0%
BRK.A Berkshire Hathaway Inc. added+0.05 pp added+0.055.2%
BRK.B BERKSHIRE HATHAWAY Class B added+0.01 pp added+0.014.8%
unresolved Brookfield Asset Mgmt Inc added+0.01 pp added+0.014.7%
DIS The Walt Disney Company added+0.09 pp added+0.093.7%

Positions134 in this filing · 1 exited


KMXCarMax Inc.	5.98%	4,913,070	$431M	held	—	20 q
BRK.ABerkshire Hathaway Inc.	5.21%	1,105	$375M	added+1%	+0.05 pp	20 q
BRK.BBERKSHIRE HATHAWAY Class B	4.80%	1,526,357	$346M	added0%	+0.01 pp	20 q
unresolvedBrookfield Asset Mgmt Inc	4.65%	5,794,641	$335M	added0%	+0.01 pp	20 q
DISThe Walt Disney Company	3.72%	1,854,430	$268M	added+1%	+0.09 pp	20 q
MARMarriott International Class A	3.33%	1,585,269	$240M	added+1%	+0.37 pp	20 q
DEODiageo plc	3.16%	1,349,800	$227M	held	—	20 q
HDHome Depot, Inc.	2.79%	920,000	$201M	held	—	20 q
GOOGAlphabet Inc. Class C	2.52%	135,558	$181M	added+2%	+0.07 pp	20 q
AMZNAmazon.Com Inc	2.51%	97,932	$181M	added+1%	−0.04 pp	17 q
VVISA Inc.	2.49%	955,150	$179M	added+1%	+0.02 pp	20 q
UNHUNITEDHEALTH GROUP INCORPORATED (Delaware)	2.44%	599,000	$176M	held	—	20 q
DEDeere & Company	2.42%	1,005,900	$174M	held	—	20 q
WBAWalgreens Boots Alliance, Inc	1.68%	2,057,500	$121M	trimmed−4%	−0.12 pp	20 q
BLQADBlackrock Inc	1.54%	220,000	$111M	added+1%	+0.08 pp	20 q
RLIRLI Corp.	1.50%	1,197,272	$108M	held	—	20 q
ADIAnalog Devices, Inc.	1.41%	855,811	$102M	added+1%	−0.01 pp	16 q
TXNTexas Instruments Incorporated	1.27%	714,500	$92M	added+2%	−0.10 pp	16 q
ADPAutomatic Data Processing	1.26%	530,700	$90M	held	—	20 q
JNJJohnson & Johnson	1.24%	610,800	$89M	held	—	20 q
AAPLApple Inc.	1.22%	300,035	$88M	added+1%	+0.21 pp	19 q
unresolvedUnilever Spn.Adr 1:1	1.21%	1,527,600	$87M	held	—	20 q
GSGoldman Sachs Group Inc.	1.09%	341,900	$79M	added+2%	+0.04 pp	16 q
MSFTMicrosoft Corp	1.04%	474,620	$75M	added+2%	+0.07 pp	17 q
LOWLowe's Companies Inc.	0.97%	581,000	$70M	added+2%	+0.02 pp	20 q
WSOWatsco, Inc.	0.97%	387,500	$70M	added+3%	+0.01 pp	20 q
BXBlackstone Inc.	0.95%	1,223,000	$68M	added+1%	+0.06 pp	20 q
GDGeneral Dynamics Corporation	0.95%	387,000	$68M	held	—	20 q
ELVElevance Health, Inc.	0.94%	224,000	$68M	held	—	20 q
ADMArcher Daniels Midland Company	0.94%	1,463,300	$68M	held	—	20 q
MRSHMarsh	0.94%	609,500	$68M	held	—	20 q
NVONovo-Nordisk A/S	0.86%	1,075,000	$62M	held	—	20 q
MAMastercard Incorporated	0.85%	205,850	$61M	added+2%	+0.02 pp	20 q
AXPAmerican Express Company	0.83%	481,250	$60M	added+2%	−0.01 pp	20 q
ECLEcolab, Inc.	0.82%	306,300	$59M	added+3%	−0.07 pp	20 q
ITWIllinois Tool Works Inc.	0.80%	319,000	$57M	added+12%	+0.12 pp	20 q
BF.ABrown-Forman Corporation Class A	0.73%	843,000	$53M	held	—	20 q
SCHWThe Charles Schwab Corporation	0.71%	1,082,700	$51M	added+1%	+0.03 pp	20 q
MCOMoody's Corporation	0.69%	209,780	$50M	added+2%	+0.05 pp	20 q
unresolvedApollo Global Management LLC	0.67%	1,012,500	$48M	new	+0.67 pp	new
PGRProgressive Corporation	0.64%	640,000	$46M	added+11%	−0.03 pp	8 q
SBUXStarbucks Corp	0.63%	519,668	$46M	added+3%	−0.05 pp	13 q
NSCNorfolk Southern Corp.	0.62%	229,500	$45M	held	—	20 q
SMGThe Scotts Miracle-Gro Company	0.62%	422,000	$45M	added+3%	−0.01 pp	8 q
TRVThe Travelers Companies, Inc.	0.60%	315,000	$43M	held	—	20 q
CATCaterpillar Inc.	0.58%	284,000	$42M	added+2%	+0.05 pp	20 q
unresolvedColfax Corp	0.57%	1,135,070	$41M	held	—	20 q
SPGIS&P Global Inc.	0.56%	147,000	$40M	held	—	15 q
MMM3M Company	0.56%	228,500	$40M	added+2%	+0.01 pp	20 q
KKRKKR & Co. Inc.	0.55%	1,365,700	$40M	added+3%	+0.01 pp	6 q
unresolvedThe Carlyle Group	0.54%	1,210,000	$39M	added+3%	+0.09 pp	20 q
WHRWhirlpool Corp.	0.54%	262,539	$39M	added+3%	−0.07 pp	7 q
HASHasbro, Inc.	0.53%	364,000	$38M	held	—	20 q
TROWT Rowe Price Group Inc	0.53%	314,000	$38M	held	—	20 q
NKENike, Inc.	0.51%	366,000	$37M	held	—	20 q
SRCLStericycle Inc	0.50%	568,000	$36M	held	—	15 q
MSCIMSCI, Inc.	0.49%	137,000	$35M	held	—	20 q
MHKMohawk Industries, Inc.	0.49%	261,000	$36M	added+23%	+0.09 pp	6 q
LYVLive Nation Entertainment Inc.	0.48%	488,700	$35M	held	—	17 q
ITICInvestors Title Co	0.47%	213,300	$34M	held	—	20 q
UTXZRTX Corporation	0.47%	224,000	$34M	held	—	20 q
ACNAccenture PLC	0.47%	159,400	$34M	held	—	20 q
BF.BBrown-Forman Corporation Class B	0.45%	474,187	$32M	held	—	20 q
TSNTyson Foods, Inc.	0.45%	355,500	$32M	added+6%	+0.01 pp	13 q
NVRNVR, Inc.	0.44%	8,355	$32M	added+15%	+0.03 pp	5 q
BABoeing Company	0.43%	94,400	$31M	held	—	17 q
FDSFactset Research Systems	0.43%	116,560	$31M	added0%	0.00 pp	20 q
HEI.AHeico Corp Cl A	0.42%	341,644	$31M	added+1%	−0.08 pp	15 q
JPMJPMorgan Chase & Co.	0.42%	215,680	$30M	added+3%	+0.05 pp	19 q
METAMeta Platforms, Inc. Class A	0.41%	143,190	$29M	added+1%	+0.03 pp	17 q
ROKRockwell Automation, Inc.	0.39%	140,100	$28M	added+4%	+0.05 pp	19 q
ROLRollins, Inc.	0.38%	819,350	$27M	added+1%	−0.04 pp	20 q
LUVSouthwest Airlines Co.	0.37%	490,500	$26M	added+13%	+0.01 pp	7 q
LBRDALiberty Broadband Corporation Class A	0.35%	205,250	$26M	held	—	20 q
LSXMKLiberty Media Cor-siriusxm C	0.35%	522,000	$25M	held	—	15 q
SEICSEI Investments Co	0.35%	383,200	$25M	held	—	20 q
CVSCvs Health Corporation	0.34%	332,000	$25M	added+3%	+0.03 pp	20 q
DALDelta Air Lines, Inc.	0.34%	417,000	$24M	added+15%	+0.02 pp	7 q
PHParker-Hannifin Corporation	0.34%	118,600	$24M	held	—	19 q
CMCSAComcast Corp	0.33%	521,000	$23M	held	—	15 q
LBRDKLiberty Broadband Corporation Class C	0.30%	172,113	$22M	held	—	20 q
CHHChoice Hotels Intnl.	0.29%	203,000	$21M	added+9%	+0.04 pp	11 q
LM03Liberty Media Cor-siriusxm A	0.29%	426,000	$21M	held	—	15 q
PEPPepsiCo, Inc.	0.28%	145,600	$20M	held	—	20 q
99952EURLinde PLC/OLD	0.28%	94,400	$20M	held	—	5 q
SHWThe Sherwin-Williams Company	0.25%	31,000	$18M	held	—	5 q
AIYActivision Blizzard Inc	0.23%	280,800	$17M	held	—	7 q
GOOGLAlphabet Inc. Class A	0.23%	12,500	$17M	held	—	17 q
CSCOCisco Systems, Inc. (DE)	0.23%	342,000	$16M	held	—	16 q
MCHPMicrochip Technology Inc	0.23%	159,000	$17M	held	—	10 q
MXIMMaxim Integrated Products	0.22%	252,000	$16M	held	—	16 q
EFXEquifax, Incorporated	0.21%	107,500	$15M	added+27%	+0.03 pp	5 q
UNPUnion Pacific Corp.	0.21%	85,370	$15M	held	—	17 q
HCSGHealthcare Services Group	0.19%	573,500	$14M	added+45%	+0.04 pp	12 q
HXLHexcel Corporation	0.19%	184,000	$13M	added+6%	−0.02 pp	13 q
IFFInternational Flavors & Fragrances Inc.	0.19%	106,000	$14M	added+25%	+0.03 pp	10 q
BNYBank of New York Mellon Corporation	0.18%	254,000	$13M	added+23%	+0.04 pp	3 q
EAElectronic Arts Inc	0.18%	122,400	$13M	held	—	7 q
PAYXPaychex Inc	0.18%	150,000	$13M	held	—	20 q
FWONKLiberty Media Corporation Series C Liberty Formula One	0.17%	259,500	$12M	held	—	15 q
COSTCostco Wholesale Corp	0.16%	39,150	$12M	held	—	20 q
DLTRDollar Tree Inc.	0.16%	123,100	$12M	added0%	−0.05 pp	13 q
AMTAmerican Tower Corporation	0.15%	48,200	$11M	added+7%	0.00 pp	14 q
VRSKVerisk Analytics, Inc.	0.15%	74,000	$11M	held	—	20 q
LM05Liberty Media Corp-liberty-a	0.14%	229,500	$10M	held	—	15 q
PMPhilip Morris International Inc.	0.14%	114,500	$10M	held	—	20 q
CDKCDK Global, Inc.	0.13%	176,897	$10M	held	—	20 q
WFCWells Fargo & Co.	0.13%	175,000	$9M	added+14%	+0.01 pp	7 q
MCKMcKesson Corporation	0.12%	63,100	$9M	added+5%	0.00 pp	15 q
CABOCable One, Inc.	0.11%	5,200	$8M	held	—	18 q
CCKCrown Holdings Inc.	0.11%	112,000	$8M	added+11%	+0.01 pp	6 q
unresolvedAon PLC	0.11%	37,000	$8M	held	—	19 q
TRUTransUnion	0.10%	87,000	$7M	added+14%	+0.01 pp	5 q
ALBAlbemarle Corporation	0.07%	73,000	$5M	held	—	12 q
OIO-I Glass, Inc.	0.06%	350,000	$4M	new	+0.06 pp	new
TRUPTrupanion, Inc.	0.06%	110,000	$4M	added+43%	+0.03 pp	3 q
LBTYALiberty Global Ltd. Class A	0.06%	179,000	$4M	held	—	20 q
YAlleghany Corporation	0.05%	4,328	$3M	held	—	20 q
DISCKDiscovery Inc-c	0.05%	117,000	$4M	trimmed−83%	−0.20 pp	20 q
GHCGraham Holdings Company	0.05%	5,200	$3M	held	—	20 q
PAGPenske Automotive Group, Inc.	0.05%	72,000	$4M	held	—	15 q
BALLBall Corporation	0.04%	42,000	$3M	added+35%	+0.01 pp	3 q
ANAutoNation, Inc.	0.03%	43,610	$2M	added+1%	0.00 pp	7 q
WRBW.R. Berkley Corporation	0.03%	27,000	$2M	held	—	11 q
KHCThe Kraft Heinz Company	0.03%	68,000	$2M	added+94%	+0.02 pp	2 q
CCitigroup Inc.	0.02%	20,320	$2M	added+12%	0.00 pp	7 q
DHID.R. Horton Inc.	0.02%	31,347	$2M	added+6%	0.00 pp	7 q
SHAKShake Shack Inc.	0.02%	30,200	$2M	added+1%	−0.02 pp	8 q
BUDAnheuser-Busch INBEV SA/NV	0.01%	13,000	$1M	held	—	3 q
BKNGBooking Holdings Inc.	0.01%	200	$411,000	held	—	8 q
LEN.BLennar Corporation Class B	0.01%	24,050	$1M	added+11%	0.00 pp	2 q
IACIIac / Interactivecorp (De) Com Stk	0.00%	1,150	$286,000	new	0.00 pp	new
ILMNIllumina Inc	0.00%	1,000	$332,000	held	—	9 q
LENLennar Corporation Class A	0.00%	5,900	$329,000	held	—	3 q
APONApollo Asset Management Inc	—	−1,012,500	—	exited	−0.58 pp	—