Markel Group

Q3 2020 13F · by Tom Gayner, portfolio manager

As of: Sep 30, 2020
Filed: Oct 30, 2020
US stock: $5.9B · prev $5.4B
Positions: 113 · prev 113
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%

Moves2 since the prior filing

0.0 pp in · −0.0 pp out

New 1 +0.01 pp
Added 0 0.00 pp
Trimmed 0 0.00 pp
Exited 1 −0.01 pp

The book

Focused · behaves like 40 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Low turnover · 0.0% a year, more than 30 years per position

Low
Moderate
High

Top 5 positions26% of US stock

BRK.A Berkshire Hathaway Inc. held held6.0%
BRK.B BERKSHIRE HATHAWAY Class B held held5.5%
AMZN Amazon.Com Inc held held5.3%
unresolved Brookfield Asset Mgmt Inc held held4.9%
HD Home Depot, Inc. held held4.3%

Positions113 in this filing · 1 exited


BRK.ABerkshire Hathaway Inc.	6.05%	1,114	$356M	held	—	23 q
BRK.BBERKSHIRE HATHAWAY Class B	5.53%	1,531,687	$326M	held	—	23 q
AMZNAmazon.Com Inc	5.26%	98,442	$310M	held	—	20 q
unresolvedBrookfield Asset Mgmt Inc	4.88%	8,700,661	$288M	held	—	23 q
HDHome Depot, Inc.	4.33%	920,000	$255M	held	—	23 q
DISThe Walt Disney Company	3.92%	1,862,380	$231M	held	—	23 q
GOOGAlphabet Inc. Class C	3.43%	137,493	$202M	held	—	23 q
VVISA Inc.	3.24%	956,650	$191M	held	—	23 q
DEODiageo plc	3.15%	1,349,800	$186M	held	—	23 q
DEDeere & Company	2.84%	755,800	$168M	held	—	23 q
AAPLApple Inc.	2.36%	1,202,540	$139M	held	—	22 q
BLQADBlackrock Inc	2.10%	220,200	$124M	held	—	23 q
ADIAnalog Devices, Inc.	1.75%	885,811	$103M	held	—	19 q
TXNTexas Instruments Incorporated	1.75%	724,000	$103M	held	—	19 q
MSFTMicrosoft Corp	1.71%	478,620	$101M	held	—	20 q
RLIRLI Corp.	1.70%	1,197,272	$100M	held	—	23 q
LOWLowe's Companies Inc.	1.66%	588,500	$98M	held	—	23 q
WSOWatsco, Inc.	1.57%	397,000	$92M	held	—	23 q
JNJJohnson & Johnson	1.54%	610,800	$91M	held	—	23 q
NVONovo-Nordisk A/S	1.27%	1,075,000	$75M	held	—	23 q
MRSHMarsh	1.19%	609,500	$70M	held	—	23 q
MAMastercard Incorporated	1.19%	207,370	$70M	held	—	23 q
ADMArcher Daniels Midland Company	1.17%	1,478,300	$69M	held	—	23 q
GSGoldman Sachs Group Inc.	1.17%	342,800	$69M	held	—	19 q
BXBlackstone Inc.	1.09%	1,229,000	$64M	held	—	23 q
PGRProgressive Corporation	1.08%	674,500	$64M	held	—	11 q
ITWIllinois Tool Works Inc.	1.07%	327,500	$63M	held	—	23 q
ECLEcolab, Inc.	1.05%	309,300	$62M	held	—	23 q
MCOMoody's Corporation	1.04%	211,080	$61M	held	—	23 q
BF.ABrown-Forman Corporation Class A	0.98%	843,000	$58M	held	—	23 q
GDGeneral Dynamics Corporation	0.91%	387,000	$54M	held	—	23 q
SPGIS&P Global Inc.	0.90%	147,000	$53M	held	—	18 q
WHRWhirlpool Corp.	0.84%	270,939	$50M	held	—	10 q
MSCIMSCI, Inc.	0.83%	137,000	$49M	held	—	23 q
NSCNorfolk Southern Corp.	0.83%	229,500	$49M	held	—	23 q
AXPAmerican Express Company	0.82%	483,950	$49M	held	—	23 q
KKRKKR & Co. Inc.	0.80%	1,379,400	$47M	held	—	9 q
NKENike, Inc.	0.78%	366,000	$46M	held	—	23 q
APONApollo Asset Management Inc	0.77%	1,012,500	$45M	held	—	2 q
SBUXStarbucks Corp	0.77%	527,818	$45M	held	—	16 q
ROLRollins, Inc.	0.76%	828,850	$45M	held	—	23 q
CATCaterpillar Inc.	0.73%	287,500	$43M	held	—	23 q
TROWT Rowe Price Group Inc	0.68%	314,000	$40M	held	—	23 q
SCHWThe Charles Schwab Corporation	0.67%	1,095,300	$40M	held	—	23 q
FDSFactset Research Systems	0.66%	116,680	$39M	held	—	23 q
NVRNVR, Inc.	0.66%	9,495	$39M	held	—	8 q
METAMeta Platforms, Inc. Class A	0.64%	145,000	$38M	held	—	20 q
MMM3M Company	0.64%	234,200	$38M	held	—	23 q
SRCLStericycle Inc	0.63%	593,700	$37M	held	—	18 q
BF.BBrown-Forman Corporation Class B	0.61%	474,187	$36M	held	—	23 q
ACNAccenture PLC	0.61%	159,400	$36M	held	—	23 q
unresolvedColfax Corp	0.60%	1,135,070	$36M	held	—	23 q
ROKRockwell Automation, Inc.	0.53%	142,100	$31M	held	—	22 q
HEI.AHeico Corp Cl A	0.52%	343,144	$30M	held	—	18 q
CGThe Carlyle Group Inc.	0.51%	1,222,000	$30M	held	—	3 q
LBRDALiberty Broadband Corporation Class A	0.49%	205,250	$29M	held	—	23 q
MHKMohawk Industries, Inc.	0.49%	295,000	$29M	held	—	9 q
ITICInvestors Title Co	0.47%	213,300	$28M	held	—	23 q
LBRDKLiberty Broadband Corporation Class C	0.42%	172,113	$25M	held	—	23 q
CMCSAComcast Corp	0.41%	522,000	$24M	held	—	18 q
AIYActivision Blizzard Inc	0.39%	283,800	$23M	held	—	10 q
99952EURLinde PLC/OLD	0.38%	94,400	$22M	held	—	8 q
SHWThe Sherwin-Williams Company	0.37%	31,000	$22M	held	—	8 q
TSNTyson Foods, Inc.	0.37%	369,000	$22M	held	—	16 q
JPMJPMorgan Chase & Co.	0.35%	217,350	$21M	held	—	22 q
CVSCvs Health Corporation	0.33%	332,000	$19M	held	—	23 q
SEICSEI Investments Co	0.33%	383,200	$19M	held	—	23 q
GOOGLAlphabet Inc. Class A	0.31%	12,500	$18M	held	—	20 q
EFXEquifax, Incorporated	0.30%	114,000	$18M	held	—	8 q
LSXMKLiberty Media Cor-siriusxm C	0.29%	522,000	$17M	held	—	18 q
MXIMMaxim Integrated Products	0.29%	252,000	$17M	held	—	19 q
UNPUnion Pacific Corp.	0.29%	85,370	$17M	held	—	20 q
EAElectronic Arts Inc	0.28%	125,200	$16M	held	—	10 q
MCHPMicrochip Technology Inc	0.28%	163,000	$17M	held	—	13 q
HCSGHealthcare Services Group	0.26%	698,500	$15M	held	—	15 q
COSTCostco Wholesale Corp	0.24%	39,150	$14M	held	—	23 q
LM03Liberty Media Cor-siriusxm A	0.24%	426,000	$14M	held	—	18 q
CSCOCisco Systems, Inc. (DE)	0.23%	342,000	$13M	held	—	19 q
VRSKVerisk Analytics, Inc.	0.23%	74,000	$14M	held	—	23 q
IFFInternational Flavors & Fragrances Inc.	0.22%	107,000	$13M	held	—	13 q
PEPPepsiCo, Inc.	0.22%	95,600	$13M	held	—	23 q
RTXRTX Corporation	0.22%	224,000	$13M	held	—	23 q
AMTAmerican Tower Corporation	0.21%	51,150	$12M	held	—	17 q
BNYBank of New York Mellon Corporation	0.20%	350,000	$12M	held	—	6 q
PAYXPaychex Inc	0.20%	150,000	$12M	held	—	23 q
TRUPTrupanion, Inc.	0.18%	133,300	$11M	held	—	6 q
CABOCable One, Inc.	0.17%	5,200	$10M	held	—	21 q
CCKCrown Holdings Inc.	0.15%	116,000	$9M	held	—	9 q
PMPhilip Morris International Inc.	0.15%	114,500	$9M	held	—	23 q
TRUTransUnion	0.13%	94,500	$8M	held	—	8 q
unresolvedAon PLC	0.13%	37,000	$8M	held	—	22 q
ALBAlbemarle Corporation	0.12%	76,000	$7M	held	—	15 q
CARRCarrier Global Corporation	0.12%	224,000	$7M	held	—	2 q
OTISOtis Worldwide Corporation	0.12%	112,000	$7M	held	—	2 q
HXLHexcel Corporation	0.11%	189,000	$6M	held	—	16 q
OIO-I Glass, Inc.	0.08%	444,000	$5M	held	—	4 q
WFCWells Fargo & Co.	0.08%	195,450	$5M	held	—	10 q
BALLBall Corporation	0.06%	46,000	$4M	held	—	6 q
LBTYALiberty Global Ltd. Class A	0.06%	179,000	$4M	held	—	23 q
YAlleghany Corporation	0.04%	4,328	$2M	held	—	23 q
GHCGraham Holdings Company	0.04%	5,200	$2M	held	—	23 q
WRBW.R. Berkley Corporation	0.03%	27,000	$2M	held	—	14 q
SHAKShake Shack Inc.	0.03%	30,600	$2M	held	—	11 q
CCitigroup Inc.	0.02%	22,620	$975,000	held	—	10 q
DHID.R. Horton Inc.	0.02%	13,999	$1M	held	—	10 q
GWREGuidewire Software, Inc.	0.02%	13,000	$1M	held	—	3 q
ILMNIllumina Inc	0.02%	4,000	$1M	held	—	12 q
EMNEastman Chemical Company	0.01%	6,000	$469,000	held	—	3 q
LAMRLamar Advertising Co	0.01%	8,500	$562,000	held	—	3 q
LEN.BLennar Corporation Class B	0.01%	13,000	$854,000	held	—	5 q
MTCHMatch Group, Inc	0.01%	3,561	$394,000	new	+0.01 pp	new
PYPLPayPal Holdings, Inc.	0.01%	1,830	$361,000	held	—	2 q
TWTRTwitter, Inc.	0.01%	8,500	$378,000	held	—	3 q
IACIIac / Interactivecorp (De) Com Stk	—	−1,650	—	exited	−0.01 pp	—