Markel Group

Q4 2020 13F · by Tom Gayner, portfolio manager

As of: Dec 31, 2020
Filed: Feb 5, 2021
US stock: $6.7B · prev $5.9B
Positions: 115 · prev 113
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%

Moves38 since the prior filing

+0.5 pp in · −0.1 pp out

New 3 +0.13 pp
Added 29 +0.40 pp
Trimmed 5 +0.04 pp
Exited 1 −0.13 pp

The book

Focused · behaves like 40 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Low turnover · 1.1% a year, more than 30 years per position

Low
Moderate
High

Top 5 positions26% of US stock

BRK.A Berkshire Hathaway Inc. held held5.8%
unresolved Brookfield Asset Mgmt Inc added+0.47 pp added+0.475.3%
BRK.B BERKSHIRE HATHAWAY Class B added−0.24 pp added−0.245.3%
DIS The Walt Disney Company added+1.11 pp added+1.115.0%
AMZN Amazon.Com Inc held held4.8%

Positions115 in this filing · 1 exited


BRK.ABerkshire Hathaway Inc.	5.77%	1,114	$387M	held	—	24 q
unresolvedBrookfield Asset Mgmt Inc	5.35%	8,706,561	$359M	added0%	+0.47 pp	24 q
BRK.BBERKSHIRE HATHAWAY Class B	5.29%	1,531,971	$355M	added0%	−0.24 pp	24 q
DISThe Walt Disney Company	5.03%	1,863,585	$338M	added0%	+1.11 pp	24 q
AMZNAmazon.Com Inc	4.78%	98,442	$321M	held	—	21 q
HDHome Depot, Inc.	3.64%	920,000	$244M	held	—	24 q
GOOGAlphabet Inc. Class C	3.59%	137,493	$241M	held	—	24 q
DEODiageo plc	3.19%	1,350,108	$214M	added0%	+0.04 pp	24 q
VVISA Inc.	3.12%	956,740	$209M	added0%	−0.12 pp	24 q
DEDeere & Company	3.03%	755,800	$203M	held	—	24 q
AAPLApple Inc.	2.37%	1,198,540	$159M	trimmed−0%	+0.01 pp	23 q
BLQADBlackrock Inc	2.37%	220,200	$159M	held	—	24 q
ADIAnalog Devices, Inc.	1.95%	885,811	$131M	held	—	20 q
RLIRLI Corp.	1.86%	1,197,272	$125M	held	—	24 q
TXNTexas Instruments Incorporated	1.77%	724,000	$119M	held	—	20 q
MSFTMicrosoft Corp	1.59%	478,720	$106M	added0%	−0.12 pp	21 q
JNJJohnson & Johnson	1.43%	610,800	$96M	held	—	24 q
LOWLowe's Companies Inc.	1.41%	588,500	$94M	held	—	24 q
GSGoldman Sachs Group Inc.	1.35%	343,500	$91M	added0%	+0.18 pp	20 q
WSOWatsco, Inc.	1.35%	399,000	$90M	added+1%	−0.22 pp	24 q
BXBlackstone Inc.	1.19%	1,229,000	$80M	held	—	24 q
NVONovo-Nordisk A/S	1.12%	1,075,000	$75M	held	—	24 q
ADMArcher Daniels Midland Company	1.11%	1,478,300	$75M	held	—	24 q
MAMastercard Incorporated	1.10%	207,400	$74M	added0%	−0.09 pp	24 q
MRSHMarsh	1.06%	609,500	$71M	held	—	24 q
ECLEcolab, Inc.	1.00%	309,300	$67M	held	—	24 q
PGRProgressive Corporation	1.00%	676,500	$67M	added0%	−0.08 pp	12 q
ITWIllinois Tool Works Inc.	0.99%	327,500	$67M	held	—	24 q
BF.ABrown-Forman Corporation Class A	0.92%	843,000	$62M	held	—	24 q
MSCIMSCI, Inc.	0.91%	137,000	$61M	held	—	24 q
MCOMoody's Corporation	0.91%	211,100	$61M	added0%	−0.13 pp	24 q
AXPAmerican Express Company	0.87%	483,950	$59M	held	—	24 q
SCHWThe Charles Schwab Corporation	0.87%	1,095,300	$58M	held	—	24 q
GDGeneral Dynamics Corporation	0.86%	387,000	$58M	held	—	24 q
KKRKKR & Co. Inc.	0.84%	1,386,400	$56M	added+1%	+0.04 pp	10 q
SBUXStarbucks Corp	0.84%	527,818	$56M	held	—	17 q
NSCNorfolk Southern Corp.	0.81%	229,500	$55M	held	—	24 q
CATCaterpillar Inc.	0.78%	287,500	$52M	held	—	24 q
NKENike, Inc.	0.77%	366,000	$52M	held	—	24 q
APONApollo Asset Management Inc	0.74%	1,012,500	$50M	held	—	3 q
WHRWhirlpool Corp.	0.73%	271,249	$49M	added0%	−0.11 pp	11 q
ROLRollins, Inc.	0.72%	1,243,275	$49M	held	—	24 q
SPGIS&P Global Inc.	0.72%	147,260	$48M	added0%	−0.18 pp	19 q
TROWT Rowe Price Group Inc	0.71%	314,000	$48M	held	—	24 q
unresolvedColfax Corp	0.65%	1,135,070	$43M	held	—	24 q
ACNAccenture PLC	0.62%	159,400	$42M	held	—	24 q
SRCLStericycle Inc	0.61%	593,700	$41M	held	—	19 q
MMM3M Company	0.61%	234,200	$41M	held	—	24 q
HEI.AHeico Corp Cl A	0.60%	343,144	$40M	held	—	19 q
METAMeta Platforms, Inc. Class A	0.59%	145,320	$40M	added0%	−0.05 pp	21 q
FDSFactset Research Systems	0.58%	116,720	$39M	added0%	−0.08 pp	24 q
NVRNVR, Inc.	0.58%	9,521	$39M	added0%	−0.08 pp	9 q
CGThe Carlyle Group Inc.	0.57%	1,222,000	$38M	held	—	4 q
BF.BBrown-Forman Corporation Class B	0.56%	474,187	$38M	held	—	24 q
ROKRockwell Automation, Inc.	0.53%	142,100	$36M	held	—	23 q
ITICInvestors Title Co	0.49%	213,300	$33M	held	—	24 q
LBRDALiberty Broadband Corporation Class A	0.48%	205,250	$32M	held	—	24 q
MHKMohawk Industries, Inc.	0.46%	221,000	$31M	trimmed−25%	−0.03 pp	10 q
CMCSAComcast Corp	0.41%	522,000	$27M	held	—	19 q
JPMJPMorgan Chase & Co.	0.41%	216,550	$28M	trimmed−0%	+0.06 pp	23 q
LBRDKLiberty Broadband Corporation Class C	0.41%	172,113	$27M	held	—	24 q
AIYActivision Blizzard Inc	0.39%	285,100	$26M	added0%	0.00 pp	11 q
99952EURLinde PLC/OLD	0.37%	94,400	$25M	held	—	9 q
SEICSEI Investments Co	0.36%	426,200	$24M	added+11%	+0.03 pp	24 q
TSNTyson Foods, Inc.	0.36%	374,000	$24M	added+1%	−0.01 pp	17 q
CVSCvs Health Corporation	0.34%	332,000	$23M	held	—	24 q
LSXMKLiberty Media Cor-siriusxm C	0.34%	522,000	$23M	held	—	19 q
MCHPMicrochip Technology Inc	0.34%	163,000	$23M	held	—	14 q
SHWThe Sherwin-Williams Company	0.34%	31,064	$23M	added0%	−0.03 pp	9 q
GOOGLAlphabet Inc. Class A	0.33%	12,500	$22M	held	—	21 q
EFXEquifax, Incorporated	0.33%	114,000	$22M	held	—	9 q
HCSGHealthcare Services Group	0.33%	782,500	$22M	added+12%	+0.07 pp	16 q
MXIMMaxim Integrated Products	0.33%	252,000	$22M	held	—	20 q
EAElectronic Arts Inc	0.27%	126,100	$18M	added+1%	−0.01 pp	11 q
LM03Liberty Media Cor-siriusxm A	0.27%	426,000	$18M	held	—	19 q
UNPUnion Pacific Corp.	0.27%	85,698	$18M	added0%	−0.02 pp	21 q
IFFInternational Flavors & Fragrances Inc.	0.24%	146,000	$16M	added+36%	+0.02 pp	14 q
RTXRTX Corporation	0.24%	224,000	$16M	held	—	24 q
TRUPTrupanion, Inc.	0.24%	133,300	$16M	held	—	7 q
BNYBank of New York Mellon Corporation	0.23%	356,750	$15M	added+2%	+0.03 pp	7 q
CSCOCisco Systems, Inc. (DE)	0.23%	342,000	$15M	held	—	20 q
VRSKVerisk Analytics, Inc.	0.23%	74,000	$15M	held	—	24 q
COSTCostco Wholesale Corp	0.22%	39,150	$15M	held	—	24 q
PAYXPaychex Inc	0.21%	150,000	$14M	held	—	24 q
PEPPepsiCo, Inc.	0.21%	96,210	$14M	added+1%	−0.01 pp	24 q
ALBAlbemarle Corporation	0.17%	76,000	$11M	held	—	16 q
AMTAmerican Tower Corporation	0.17%	51,150	$11M	held	—	18 q
CABOCable One, Inc.	0.17%	5,200	$12M	held	—	22 q
CCKCrown Holdings Inc.	0.17%	116,000	$12M	held	—	10 q
HXLHexcel Corporation	0.14%	189,000	$9M	held	—	17 q
PMPhilip Morris International Inc.	0.14%	114,500	$9M	held	—	24 q
TRUTransUnion	0.14%	94,500	$9M	held	—	9 q
CARRCarrier Global Corporation	0.13%	224,000	$8M	held	—	3 q
AONAon plc Class A	0.12%	37,000	$8M	new	+0.12 pp	new
OTISOtis Worldwide Corporation	0.11%	113,060	$8M	added+1%	−0.01 pp	3 q
WFCWells Fargo & Co.	0.09%	195,450	$6M	held	—	11 q
OIO-I Glass, Inc.	0.08%	474,000	$6M	added+7%	0.00 pp	5 q
BALLBall Corporation	0.06%	46,000	$4M	held	—	7 q
LBTYALiberty Global Ltd. Class A	0.06%	179,000	$4M	held	—	24 q
YAlleghany Corporation	0.04%	4,328	$3M	held	—	24 q
GHCGraham Holdings Company	0.04%	5,200	$3M	held	—	24 q
SHAKShake Shack Inc.	0.04%	30,600	$3M	held	—	12 q
WRBW.R. Berkley Corporation	0.03%	27,000	$2M	held	—	15 q
CCitigroup Inc.	0.02%	20,620	$1M	trimmed−9%	0.00 pp	11 q
GWREGuidewire Software, Inc.	0.02%	13,000	$2M	held	—	4 q
ILMNIllumina Inc	0.02%	4,000	$1M	held	—	13 q
DHID.R. Horton Inc.	0.01%	13,999	$965,000	held	—	11 q
EMNEastman Chemical Company	0.01%	6,000	$602,000	held	—	4 q
unresolvedIac/Interactivecorp	0.01%	1,954	$370,000	new	+0.01 pp	new
LAMRLamar Advertising Co	0.01%	8,500	$707,000	held	—	4 q
LEN.BLennar Corporation Class B	0.01%	13,000	$796,000	held	—	6 q
MTCHMatch Group, Inc	0.01%	3,560	$538,000	trimmed−0%	0.00 pp	2 q
PYPLPayPal Holdings, Inc.	0.01%	1,830	$429,000	held	—	3 q
TWTRTwitter, Inc.	0.01%	8,500	$460,000	held	—	4 q
ALLThe Allstate Corporation	0.00%	2,000	$220,000	new	0.00 pp	new
unresolvedAon PLC	—	−37,000	—	exited	−0.13 pp	—