Markel Group

Q1 2020 13F · by Tom Gayner, portfolio manager

As of: Mar 31, 2020
Filed: May 1, 2020
US stock: $5.3B · prev $7.2B
Positions: 130 · prev 134
Options notional: $0
Documents: 1· no amendments

Picture99.4% US stock

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

US stock listed on a US exchange 99.4%
Foreign stock not listed in the US 0.6%
Notes debt, at principal 0.0%
Puts at notional value 0.0%
Calls at notional value 0.0%

Moves87 since the prior filing

+4.8 pp in · −6.1 pp out

New 6 +0.55 pp
Added 68 +4.25 pp
Trimmed 3 −0.41 pp
Exited 10 −5.72 pp

The book

Diversified · behaves like 43 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Low turnover · 5.8% a year, about 17.1 years per position

Low
Moderate
High

Top 5 positions24% of US stock

BRK.A Berkshire Hathaway Inc. added+0.49 pp added+0.495.7%
BRK.B BERKSHIRE HATHAWAY Class B added+0.47 pp added+0.475.3%
KMX CarMax Inc. held held5.0%
unresolved Brookfield Asset Mgmt Inc added+0.18 pp added+0.184.8%
AMZN Amazon.Com Inc added+1.10 pp added+1.103.6%

Positions130 in this filing · 10 exited


BRK.ABerkshire Hathaway Inc.	5.70%	1,114	$303M	added+1%	+0.49 pp	21 q
BRK.BBERKSHIRE HATHAWAY Class B	5.27%	1,531,687	$280M	added0%	+0.47 pp	21 q
KMXCarMax Inc.	4.97%	4,913,070	$264M	held	—	21 q
unresolvedBrookfield Asset Mgmt Inc	4.83%	5,800,441	$257M	added0%	+0.18 pp	21 q
AMZNAmazon.Com Inc	3.61%	98,442	$192M	added+1%	+1.10 pp	18 q
DISThe Walt Disney Company	3.38%	1,862,380	$180M	added0%	−0.34 pp	21 q
DEODiageo plc	3.23%	1,349,800	$172M	held	—	21 q
HDHome Depot, Inc.	3.23%	920,000	$172M	held	—	21 q
GOOGAlphabet Inc. Class C	3.01%	137,493	$160M	added+1%	+0.49 pp	21 q
VVISA Inc.	2.90%	956,650	$154M	added0%	+0.41 pp	21 q
DEDeere & Company	2.61%	1,005,900	$139M	held	—	21 q
MARMarriott International Class A	2.24%	1,592,769	$119M	added0%	−1.09 pp	21 q
RLIRLI Corp.	1.98%	1,197,272	$105M	held	—	21 q
BLQADBlackrock Inc	1.82%	220,200	$97M	added0%	+0.28 pp	21 q
WBAWalgreens Boots Alliance, Inc	1.53%	1,782,500	$82M	trimmed−13%	−0.15 pp	21 q
JNJJohnson & Johnson	1.51%	610,800	$80M	held	—	21 q
ADIAnalog Devices, Inc.	1.49%	885,811	$79M	added+4%	+0.08 pp	17 q
AAPLApple Inc.	1.44%	300,635	$76M	added0%	+0.22 pp	20 q
MSFTMicrosoft Corp	1.42%	478,620	$75M	added+1%	+0.38 pp	18 q
ADPAutomatic Data Processing	1.36%	530,700	$73M	held	—	21 q
TXNTexas Instruments Incorporated	1.36%	724,000	$72M	added+1%	+0.09 pp	17 q
NVONovo-Nordisk A/S	1.22%	1,075,000	$65M	held	—	21 q
WSOWatsco, Inc.	1.18%	397,000	$63M	added+2%	+0.21 pp	21 q
BXBlackstone Inc.	1.05%	1,229,000	$56M	added0%	+0.10 pp	21 q
GSGoldman Sachs Group Inc.	1.00%	342,800	$53M	added0%	−0.09 pp	17 q
MRSHMarsh	0.99%	609,500	$53M	held	—	21 q
ADMArcher Daniels Midland Company	0.98%	1,478,300	$52M	added+1%	+0.04 pp	21 q
GDGeneral Dynamics Corporation	0.96%	387,000	$51M	held	—	21 q
LOWLowe's Companies Inc.	0.95%	588,500	$51M	added+1%	−0.02 pp	21 q
MAMastercard Incorporated	0.94%	207,370	$50M	added+1%	+0.09 pp	21 q
PGRProgressive Corporation	0.94%	674,500	$50M	added+5%	+0.30 pp	9 q
ECLEcolab, Inc.	0.91%	309,300	$48M	added+1%	+0.09 pp	21 q
ITWIllinois Tool Works Inc.	0.88%	327,500	$47M	added+3%	+0.08 pp	21 q
MCOMoody's Corporation	0.84%	211,080	$45M	added+1%	+0.15 pp	21 q
BF.ABrown-Forman Corporation Class A	0.81%	843,000	$43M	held	—	21 q
AXPAmerican Express Company	0.78%	483,950	$41M	added+1%	−0.05 pp	21 q
ELVElevance Health, Inc.	0.74%	174,000	$40M	trimmed−22%	−0.20 pp	21 q
MSCIMSCI, Inc.	0.74%	137,000	$40M	held	—	21 q
SCHWThe Charles Schwab Corporation	0.69%	1,095,300	$37M	added+1%	−0.02 pp	21 q
SPGIS&P Global Inc.	0.68%	147,000	$36M	held	—	16 q
SBUXStarbucks Corp	0.65%	527,818	$35M	added+2%	+0.02 pp	14 q
unresolvedApollo Global Management LLC	0.64%	1,012,500	$34M	held	—	2 q
CATCaterpillar Inc.	0.63%	287,500	$33M	added+1%	+0.05 pp	21 q
NSCNorfolk Southern Corp.	0.63%	229,500	$34M	held	—	21 q
KKRKKR & Co. Inc.	0.61%	1,379,400	$32M	added+1%	+0.06 pp	7 q
MMM3M Company	0.60%	234,200	$32M	added+2%	+0.04 pp	21 q
TRVThe Travelers Companies, Inc.	0.59%	315,000	$31M	held	—	21 q
TROWT Rowe Price Group Inc	0.58%	314,000	$31M	held	—	21 q
FDSFactset Research Systems	0.57%	116,680	$30M	added0%	+0.14 pp	21 q
NKENike, Inc.	0.57%	366,000	$30M	held	—	21 q
ROLRollins, Inc.	0.56%	828,850	$30M	added+1%	+0.18 pp	21 q
SRCLStericycle Inc	0.54%	593,700	$29M	added+5%	+0.04 pp	16 q
ITICInvestors Title Co	0.51%	213,300	$27M	held	—	21 q
BF.BBrown-Forman Corporation Class B	0.50%	474,187	$26M	held	—	21 q
CGThe Carlyle Group Inc.	0.50%	1,222,000	$26M	new	+0.50 pp	new
ACNAccenture PLC	0.49%	159,400	$26M	held	—	21 q
METAMeta Platforms, Inc. Class A	0.45%	145,000	$24M	added+1%	+0.04 pp	18 q
WHRWhirlpool Corp.	0.44%	270,939	$23M	added+3%	−0.10 pp	8 q
NVRNVR, Inc.	0.43%	8,855	$23M	added+6%	−0.01 pp	6 q
unresolvedColfax Corp	0.42%	1,135,070	$22M	held	—	21 q
LYVLive Nation Entertainment Inc.	0.42%	488,700	$22M	held	—	18 q
MHKMohawk Industries, Inc.	0.42%	295,000	$22M	added+13%	−0.07 pp	7 q
HEI.AHeico Corp Cl A	0.41%	343,144	$22M	added0%	−0.01 pp	16 q
LBRDALiberty Broadband Corporation Class A	0.41%	205,250	$22M	held	—	21 q
ROKRockwell Automation, Inc.	0.40%	142,100	$21M	added+1%	+0.01 pp	20 q
TSNTyson Foods, Inc.	0.40%	369,000	$21M	added+4%	−0.05 pp	14 q
UTXZRTX Corporation	0.40%	224,000	$21M	held	—	21 q
CVSCvs Health Corporation	0.37%	332,000	$20M	held	—	21 q
JPMJPMorgan Chase & Co.	0.37%	217,350	$20M	added+1%	−0.05 pp	20 q
LUVSouthwest Airlines Co.	0.37%	545,000	$19M	added+11%	0.00 pp	8 q
LBRDKLiberty Broadband Corporation Class C	0.36%	172,113	$19M	held	—	21 q
CMCSAComcast Corp	0.34%	522,000	$18M	added0%	+0.01 pp	16 q
SEICSEI Investments Co	0.33%	383,200	$18M	held	—	21 q
AIYActivision Blizzard Inc	0.32%	283,800	$17M	added+1%	+0.09 pp	8 q
HCSGHealthcare Services Group	0.31%	698,500	$17M	added+22%	+0.12 pp	13 q
LSXMKLiberty Media Cor-siriusxm C	0.31%	522,000	$17M	held	—	16 q
99952EURLinde PLC/OLD	0.31%	94,400	$16M	held	—	6 q
PHParker-Hannifin Corporation	0.29%	118,600	$15M	held	—	20 q
GOOGLAlphabet Inc. Class A	0.27%	12,500	$15M	held	—	18 q
SHWThe Sherwin-Williams Company	0.27%	31,000	$14M	held	—	6 q
BABoeing Company	0.26%	94,400	$14M	held	—	18 q
EFXEquifax, Incorporated	0.26%	114,000	$14M	added+6%	+0.05 pp	6 q
CHHChoice Hotels Intnl.	0.25%	213,000	$13M	added+5%	−0.04 pp	12 q
CSCOCisco Systems, Inc. (DE)	0.25%	342,000	$13M	held	—	17 q
DALDelta Air Lines, Inc.	0.25%	460,500	$13M	added+10%	−0.09 pp	8 q
LM03Liberty Media Cor-siriusxm A	0.25%	426,000	$14M	held	—	16 q
EAElectronic Arts Inc	0.24%	125,200	$13M	added+2%	+0.06 pp	8 q
MXIMMaxim Integrated Products	0.23%	252,000	$12M	held	—	17 q
UNPUnion Pacific Corp.	0.23%	85,370	$12M	held	—	18 q
BNYBank of New York Mellon Corporation	0.22%	350,000	$12M	added+38%	+0.04 pp	4 q
PEPPepsiCo, Inc.	0.22%	95,600	$11M	trimmed−34%	−0.06 pp	21 q
AMTAmerican Tower Corporation	0.21%	51,150	$11M	added+6%	+0.06 pp	15 q
COSTCostco Wholesale Corp	0.21%	39,150	$11M	held	—	21 q
IFFInternational Flavors & Fragrances Inc.	0.21%	107,000	$11M	added+1%	+0.02 pp	11 q
MCHPMicrochip Technology Inc	0.21%	163,000	$11M	added+3%	−0.02 pp	11 q
VRSKVerisk Analytics, Inc.	0.19%	74,000	$10M	held	—	21 q
PAYXPaychex Inc	0.18%	150,000	$9M	held	—	21 q
CABOCable One, Inc.	0.16%	5,200	$9M	held	—	19 q
MCKMcKesson Corporation	0.16%	63,100	$9M	held	—	16 q
PMPhilip Morris International Inc.	0.16%	114,500	$8M	held	—	21 q
CCKCrown Holdings Inc.	0.13%	116,000	$7M	added+4%	+0.02 pp	7 q
HXLHexcel Corporation	0.13%	189,000	$7M	added+3%	−0.06 pp	14 q
FWONKLiberty Media Corporation Series C Liberty Formula One	0.13%	259,500	$7M	held	—	16 q
TRUTransUnion	0.12%	94,500	$6M	added+9%	+0.02 pp	6 q
LM05Liberty Media Corp-liberty-a	0.11%	229,500	$6M	held	—	16 q
WFCWells Fargo & Co.	0.11%	195,450	$6M	added+12%	−0.02 pp	8 q
unresolvedAon PLC	0.11%	37,000	$6M	held	—	20 q
ALBAlbemarle Corporation	0.08%	76,000	$4M	added+4%	+0.01 pp	13 q
TRUPTrupanion, Inc.	0.07%	133,300	$3M	added+21%	+0.01 pp	4 q
BALLBall Corporation	0.06%	46,000	$3M	added+10%	+0.02 pp	4 q
OIO-I Glass, Inc.	0.06%	444,000	$3M	added+27%	0.00 pp	2 q
LBTYALiberty Global Ltd. Class A	0.06%	179,000	$3M	held	—	21 q
YAlleghany Corporation	0.04%	4,328	$2M	held	—	21 q
PAGPenske Automotive Group, Inc.	0.04%	72,000	$2M	held	—	16 q
WRBW.R. Berkley Corporation	0.03%	27,000	$1M	held	—	12 q
GHCGraham Holdings Company	0.03%	5,200	$2M	held	—	21 q
ANAutoNation, Inc.	0.02%	46,860	$1M	added+7%	−0.01 pp	8 q
CCitigroup Inc.	0.02%	22,620	$953,000	added+11%	0.00 pp	8 q
DHID.R. Horton Inc.	0.02%	32,647	$1M	added+4%	0.00 pp	8 q
GWREGuidewire Software, Inc.	0.02%	13,000	$1M	new	+0.02 pp	new
ILMNIllumina Inc	0.02%	4,000	$1M	added×4.0	+0.02 pp	10 q
SHAKShake Shack Inc.	0.02%	30,600	$1M	added+1%	0.00 pp	9 q
AALAmerican Airlines Group Inc.	0.01%	55,000	$670,000	new	+0.01 pp	new
BKNGBooking Holdings Inc.	0.01%	410	$552,000	added×2.0	0.00 pp	9 q
EMNEastman Chemical Company	0.01%	6,000	$279,000	new	+0.01 pp	new
IACIIac / Interactivecorp (De) Com Stk	0.01%	1,650	$296,000	added+43%	+0.01 pp	2 q
LAMRLamar Advertising Co	0.01%	8,500	$436,000	new	+0.01 pp	new
LEN.BLennar Corporation Class B	0.01%	25,700	$743,000	added+7%	0.00 pp	3 q
LENLennar Corporation Class A	0.00%	5,900	$225,000	held	—	4 q
TWTRTwitter, Inc.	0.00%	8,500	$209,000	new	0.00 pp	new
UNHUNITEDHEALTH GROUP INCORPORATED (Delaware)	—	−599,000	—	exited	−2.44 pp	—
unresolvedUnilever Spn.Adr 1:1	—	−1,527,600	—	exited	−1.21 pp	—
SMGThe Scotts Miracle-Gro Company	—	−422,000	—	exited	−0.62 pp	—
unresolvedThe Carlyle Group	—	−1,210,000	—	exited	−0.54 pp	—
HASHasbro, Inc.	—	−364,000	—	exited	−0.53 pp	—
DLTRDollar Tree Inc.	—	−123,100	—	exited	−0.16 pp	—
CDKCDK Global, Inc.	—	−176,897	—	exited	−0.13 pp	—
DISCKDiscovery Inc-c	—	−117,000	—	exited	−0.05 pp	—
KHCThe Kraft Heinz Company	—	−68,000	—	exited	−0.03 pp	—
BUDAnheuser-Busch INBEV SA/NV	—	−13,000	—	exited	−0.01 pp	—