Markel Group

Q2 2020 13F · by Tom Gayner, portfolio manager

As of: Jun 30, 2020
Filed: Jul 31, 2020
US stock: $5.4B · prev $5.3B
Positions: 113 · prev 130
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%

Moves30 since the prior filing

+1.8 pp in · −14.8 pp out

New 4 +1.16 pp
Added 2 +0.65 pp
Trimmed 3 −0.41 pp
Exited 21 −14.39 pp

The book

Diversified · behaves like 41 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Low turnover · 12% a year, about 8.4 years per position

Low
Moderate
High

Top 5 positions25% of US stock

BRK.A Berkshire Hathaway Inc. held held5.5%
unresolved Brookfield Asset Mgmt Inc added+0.50 pp added+0.505.3%
BRK.B BERKSHIRE HATHAWAY Class B held held5.1%
AMZN Amazon.Com Inc held held5.1%
HD Home Depot, Inc. held held4.3%

Positions113 in this filing · 21 exited


BRK.ABerkshire Hathaway Inc.	5.55%	1,114	$298M	held	—	22 q
unresolvedBrookfield Asset Mgmt Inc	5.33%	8,700,661	$286M	added+50%	+0.50 pp	22 q
BRK.BBERKSHIRE HATHAWAY Class B	5.09%	1,531,687	$273M	held	—	22 q
AMZNAmazon.Com Inc	5.06%	98,442	$272M	held	—	19 q
HDHome Depot, Inc.	4.29%	920,000	$230M	held	—	22 q
DISThe Walt Disney Company	3.87%	1,862,380	$208M	held	—	22 q
GOOGAlphabet Inc. Class C	3.62%	137,493	$194M	held	—	22 q
VVISA Inc.	3.44%	956,650	$185M	held	—	22 q
DEODiageo plc	3.38%	1,349,800	$181M	held	—	22 q
BLQADBlackrock Inc	2.23%	220,200	$120M	held	—	22 q
DEDeere & Company	2.21%	755,800	$119M	trimmed−25%	−0.40 pp	22 q
AAPLApple Inc.	2.04%	300,635	$110M	held	—	21 q
ADIAnalog Devices, Inc.	2.02%	885,811	$109M	held	—	18 q
RLIRLI Corp.	1.83%	1,197,272	$98M	held	—	22 q
MSFTMicrosoft Corp	1.81%	478,620	$97M	held	—	19 q
TXNTexas Instruments Incorporated	1.71%	724,000	$92M	held	—	18 q
JNJJohnson & Johnson	1.60%	610,800	$86M	held	—	22 q
LOWLowe's Companies Inc.	1.48%	588,500	$80M	held	—	22 q
NVONovo-Nordisk A/S	1.31%	1,075,000	$70M	held	—	22 q
WSOWatsco, Inc.	1.31%	397,000	$71M	held	—	22 q
BXBlackstone Inc.	1.30%	1,229,000	$70M	held	—	22 q
GSGoldman Sachs Group Inc.	1.26%	342,800	$68M	held	—	18 q
MRSHMarsh	1.22%	609,500	$65M	held	—	22 q
ECLEcolab, Inc.	1.15%	309,300	$62M	held	—	22 q
MAMastercard Incorporated	1.14%	207,370	$61M	held	—	22 q
ADMArcher Daniels Midland Company	1.10%	1,478,300	$59M	held	—	22 q
GDGeneral Dynamics Corporation	1.08%	387,000	$58M	held	—	22 q
MCOMoody's Corporation	1.08%	211,080	$58M	held	—	22 q
ITWIllinois Tool Works Inc.	1.07%	327,500	$57M	held	—	22 q
PGRProgressive Corporation	1.01%	674,500	$54M	held	—	10 q
APONApollo Asset Management Inc	0.94%	1,012,500	$51M	new	+0.94 pp	new
BF.ABrown-Forman Corporation Class A	0.90%	843,000	$49M	held	—	22 q
SPGIS&P Global Inc.	0.90%	147,000	$48M	held	—	17 q
AXPAmerican Express Company	0.86%	483,950	$46M	held	—	22 q
MSCIMSCI, Inc.	0.85%	137,000	$46M	held	—	22 q
KKRKKR & Co. Inc.	0.79%	1,379,400	$43M	held	—	8 q
NSCNorfolk Southern Corp.	0.75%	229,500	$40M	held	—	22 q
TROWT Rowe Price Group Inc	0.72%	314,000	$39M	held	—	22 q
SBUXStarbucks Corp	0.72%	527,818	$39M	held	—	15 q
FDSFactset Research Systems	0.71%	116,680	$38M	held	—	22 q
SCHWThe Charles Schwab Corporation	0.69%	1,095,300	$37M	held	—	22 q
CATCaterpillar Inc.	0.68%	287,500	$36M	held	—	22 q
MMM3M Company	0.68%	234,200	$37M	held	—	22 q
NKENike, Inc.	0.67%	366,000	$36M	held	—	22 q
ROLRollins, Inc.	0.65%	828,850	$35M	held	—	22 q
WHRWhirlpool Corp.	0.65%	270,939	$35M	held	—	9 q
CGThe Carlyle Group Inc.	0.64%	1,222,000	$34M	held	—	2 q
ACNAccenture PLC	0.64%	159,400	$34M	held	—	22 q
SRCLStericycle Inc	0.62%	593,700	$33M	held	—	17 q
METAMeta Platforms, Inc. Class A	0.61%	145,000	$33M	held	—	19 q
unresolvedColfax Corp	0.59%	1,135,070	$32M	held	—	22 q
NVRNVR, Inc.	0.58%	9,495	$31M	added+7%	+0.15 pp	7 q
BF.BBrown-Forman Corporation Class B	0.56%	474,187	$30M	held	—	22 q
MHKMohawk Industries, Inc.	0.56%	295,000	$30M	held	—	8 q
ROKRockwell Automation, Inc.	0.56%	142,100	$30M	held	—	21 q
HEI.AHeico Corp Cl A	0.52%	343,144	$28M	held	—	17 q
ITICInvestors Title Co	0.48%	213,300	$26M	held	—	22 q
LBRDALiberty Broadband Corporation Class A	0.47%	205,250	$25M	held	—	22 q
TSNTyson Foods, Inc.	0.41%	369,000	$22M	held	—	15 q
AIYActivision Blizzard Inc	0.40%	283,800	$22M	held	—	9 q
CVSCvs Health Corporation	0.40%	332,000	$22M	held	—	22 q
LBRDKLiberty Broadband Corporation Class C	0.40%	172,113	$21M	held	—	22 q
SEICSEI Investments Co	0.39%	383,200	$21M	held	—	22 q
CMCSAComcast Corp	0.38%	522,000	$20M	held	—	17 q
JPMJPMorgan Chase & Co.	0.38%	217,350	$20M	held	—	21 q
EFXEquifax, Incorporated	0.37%	114,000	$20M	held	—	7 q
99952EURLinde PLC/OLD	0.37%	94,400	$20M	held	—	7 q
GOOGLAlphabet Inc. Class A	0.33%	12,500	$18M	held	—	19 q
LSXMKLiberty Media Cor-siriusxm C	0.33%	522,000	$18M	held	—	17 q
SHWThe Sherwin-Williams Company	0.33%	31,000	$18M	held	—	7 q
HCSGHealthcare Services Group	0.32%	698,500	$17M	held	—	14 q
MCHPMicrochip Technology Inc	0.32%	163,000	$17M	held	—	12 q
EAElectronic Arts Inc	0.31%	125,200	$17M	held	—	9 q
CSCOCisco Systems, Inc. (DE)	0.30%	342,000	$16M	held	—	18 q
MXIMMaxim Integrated Products	0.28%	252,000	$15M	held	—	18 q
LM03Liberty Media Cor-siriusxm A	0.27%	426,000	$15M	held	—	17 q
UNPUnion Pacific Corp.	0.27%	85,370	$14M	held	—	19 q
RTXRTX Corporation	0.26%	224,000	$14M	held	—	22 q
AMTAmerican Tower Corporation	0.25%	51,150	$13M	held	—	16 q
BNYBank of New York Mellon Corporation	0.25%	350,000	$14M	held	—	5 q
IFFInternational Flavors & Fragrances Inc.	0.24%	107,000	$13M	held	—	12 q
PEPPepsiCo, Inc.	0.24%	95,600	$13M	held	—	22 q
VRSKVerisk Analytics, Inc.	0.23%	74,000	$13M	held	—	22 q
COSTCostco Wholesale Corp	0.22%	39,150	$12M	held	—	22 q
PAYXPaychex Inc	0.21%	150,000	$11M	held	—	22 q
CABOCable One, Inc.	0.17%	5,200	$9M	held	—	20 q
HXLHexcel Corporation	0.16%	189,000	$9M	held	—	15 q
PMPhilip Morris International Inc.	0.15%	114,500	$8M	held	—	22 q
TRUTransUnion	0.15%	94,500	$8M	held	—	7 q
CCKCrown Holdings Inc.	0.14%	116,000	$8M	held	—	8 q
unresolvedAon PLC	0.13%	37,000	$7M	held	—	21 q
OTISOtis Worldwide Corporation	0.12%	112,000	$6M	new	+0.12 pp	new
ALBAlbemarle Corporation	0.11%	76,000	$6M	held	—	14 q
TRUPTrupanion, Inc.	0.11%	133,300	$6M	held	—	5 q
CARRCarrier Global Corporation	0.09%	224,000	$5M	new	+0.09 pp	new
WFCWells Fargo & Co.	0.09%	195,450	$5M	held	—	9 q
OIO-I Glass, Inc.	0.07%	444,000	$4M	held	—	3 q
LBTYALiberty Global Ltd. Class A	0.07%	179,000	$4M	held	—	22 q
BALLBall Corporation	0.06%	46,000	$3M	held	—	5 q
YAlleghany Corporation	0.04%	4,328	$2M	held	—	22 q
WRBW.R. Berkley Corporation	0.03%	27,000	$2M	held	—	13 q
GHCGraham Holdings Company	0.03%	5,200	$2M	held	—	22 q
GWREGuidewire Software, Inc.	0.03%	13,000	$1M	held	—	2 q
ILMNIllumina Inc	0.03%	4,000	$1M	held	—	11 q
SHAKShake Shack Inc.	0.03%	30,600	$2M	held	—	10 q
CCitigroup Inc.	0.02%	22,620	$1M	held	—	9 q
DHID.R. Horton Inc.	0.01%	13,999	$776,000	trimmed−57%	−0.01 pp	9 q
EMNEastman Chemical Company	0.01%	6,000	$418,000	held	—	2 q
IACIIac / Interactivecorp (De) Com Stk	0.01%	1,650	$525,000	held	—	3 q
LAMRLamar Advertising Co	0.01%	8,500	$567,000	held	—	2 q
LEN.BLennar Corporation Class B	0.01%	13,000	$599,000	trimmed−49%	0.00 pp	4 q
PYPLPayPal Holdings, Inc.	0.01%	1,830	$319,000	new	+0.01 pp	new
TWTRTwitter, Inc.	0.00%	8,500	$253,000	held	—	2 q
KMXCarMax Inc.	—	−4,913,070	—	exited	−4.97 pp	—
MARMarriott International Class A	—	−1,592,769	—	exited	−2.24 pp	—
WBAWalgreens Boots Alliance, Inc	—	−1,782,500	—	exited	−1.53 pp	—
ADPAutomatic Data Processing	—	−530,700	—	exited	−1.36 pp	—
ELVElevance Health, Inc.	—	−174,000	—	exited	−0.74 pp	—
unresolvedApollo Global Management LLC	—	−1,012,500	—	exited	−0.64 pp	—
TRVThe Travelers Companies, Inc.	—	−315,000	—	exited	−0.59 pp	—
LYVLive Nation Entertainment Inc.	—	−488,700	—	exited	−0.42 pp	—
LUVSouthwest Airlines Co.	—	−545,000	—	exited	−0.37 pp	—
PHParker-Hannifin Corporation	—	−118,600	—	exited	−0.29 pp	—
BABoeing Company	—	−94,400	—	exited	−0.26 pp	—
CHHChoice Hotels Intnl.	—	−213,000	—	exited	−0.25 pp	—
DALDelta Air Lines, Inc.	—	−460,500	—	exited	−0.25 pp	—
MCKMcKesson Corporation	—	−63,100	—	exited	−0.16 pp	—
FWONKLiberty Media Corporation Series C Liberty Formula One	—	−259,500	—	exited	−0.13 pp	—
LM05Liberty Media Corp-liberty-a	—	−229,500	—	exited	−0.11 pp	—
PAGPenske Automotive Group, Inc.	—	−72,000	—	exited	−0.04 pp	—
ANAutoNation, Inc.	—	−46,860	—	exited	−0.02 pp	—
AALAmerican Airlines Group Inc.	—	−55,000	—	exited	−0.01 pp	—
BKNGBooking Holdings Inc.	—	−410	—	exited	−0.01 pp	—
LENLennar Corporation Class A	—	−5,900	—	exited	0.00 pp	—