Markel Group

Q1 2021 13F · by Tom Gayner, portfolio manager

As of: Mar 31, 2021
Filed: Apr 30, 2021
US stock: $7.2B · prev $6.7B
Positions: 118 · prev 115
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

+0.3 pp in · −0.3 pp out

New 4 +0.31 pp
Added 30 −0.06 pp
Trimmed 3 −0.24 pp
Exited 1 −0.02 pp

The book

Focused · behaves like 39 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Low turnover · 1.4% 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 held5.4%
unresolved Brookfield Asset Mgmt Inc added+0.01 pp added+0.015.4%
DIS The Walt Disney Company added−0.27 pp added−0.274.8%
AMZN Amazon.Com Inc held held4.2%

Positions118 in this filing · 1 exited


BRK.ABerkshire Hathaway Inc.	5.95%	1,114	$430M	held	—	25 q
BRK.BBERKSHIRE HATHAWAY Class B	5.42%	1,531,971	$391M	held	—	25 q
unresolvedBrookfield Asset Mgmt Inc	5.36%	8,708,941	$388M	added0%	+0.01 pp	25 q
DISThe Walt Disney Company	4.76%	1,863,945	$344M	added0%	−0.27 pp	25 q
AMZNAmazon.Com Inc	4.22%	98,442	$305M	held	—	22 q
GOOGAlphabet Inc. Class C	3.94%	137,493	$284M	held	—	25 q
DEDeere & Company	3.91%	755,800	$283M	held	—	25 q
HDHome Depot, Inc.	3.89%	920,000	$281M	held	—	25 q
DEODiageo plc	3.07%	1,350,208	$222M	added0%	−0.12 pp	25 q
VVISA Inc.	2.81%	957,680	$203M	added0%	−0.31 pp	25 q
BLQADBlackrock Inc	2.30%	220,200	$166M	held	—	25 q
AAPLApple Inc.	2.03%	1,198,540	$146M	held	—	24 q
ADIAnalog Devices, Inc.	1.90%	885,811	$137M	held	—	21 q
TXNTexas Instruments Incorporated	1.89%	724,000	$137M	held	—	21 q
RLIRLI Corp.	1.85%	1,197,272	$134M	held	—	25 q
GSGoldman Sachs Group Inc.	1.56%	343,660	$112M	added0%	+0.21 pp	21 q
MSFTMicrosoft Corp	1.56%	479,300	$113M	added0%	−0.03 pp	22 q
LOWLowe's Companies Inc.	1.55%	588,680	$112M	added0%	+0.14 pp	25 q
WSOWatsco, Inc.	1.46%	403,500	$105M	added+1%	+0.11 pp	25 q
JNJJohnson & Johnson	1.39%	610,800	$100M	held	—	25 q
BXBlackstone Inc.	1.27%	1,229,000	$92M	held	—	25 q
ADMArcher Daniels Midland Company	1.15%	1,463,300	$83M	trimmed−1%	+0.04 pp	25 q
MRSHMarsh	1.03%	609,500	$74M	held	—	25 q
MAMastercard Incorporated	1.02%	207,440	$74M	added0%	−0.08 pp	25 q
ITWIllinois Tool Works Inc.	1.00%	327,500	$73M	held	—	25 q
NVONovo-Nordisk A/S	1.00%	1,075,000	$72M	held	—	25 q
SCHWThe Charles Schwab Corporation	0.99%	1,095,300	$71M	held	—	25 q
GDGeneral Dynamics Corporation	0.97%	387,000	$70M	held	—	25 q
AXPAmerican Express Company	0.95%	484,150	$68M	added0%	+0.08 pp	25 q
KKRKKR & Co. Inc.	0.95%	1,399,400	$68M	added+1%	+0.11 pp	11 q
CATCaterpillar Inc.	0.92%	287,500	$67M	held	—	25 q
ECLEcolab, Inc.	0.92%	309,300	$66M	held	—	25 q
PGRProgressive Corporation	0.92%	692,100	$66M	added+2%	−0.08 pp	13 q
MCOMoody's Corporation	0.87%	211,240	$63M	added0%	−0.04 pp	25 q
NSCNorfolk Southern Corp.	0.85%	229,500	$62M	held	—	25 q
WHRWhirlpool Corp.	0.84%	274,049	$60M	added+1%	+0.11 pp	12 q
MSCIMSCI, Inc.	0.80%	137,000	$57M	held	—	25 q
SBUXStarbucks Corp	0.80%	527,818	$58M	held	—	18 q
TROWT Rowe Price Group Inc	0.75%	314,000	$54M	held	—	25 q
BF.ABrown-Forman Corporation Class A	0.74%	843,000	$54M	held	—	25 q
SPGIS&P Global Inc.	0.72%	148,240	$52M	added+1%	0.00 pp	20 q
unresolvedColfax Corp	0.69%	1,135,070	$50M	held	—	25 q
NKENike, Inc.	0.67%	366,000	$49M	held	—	25 q
APONApollo Asset Management Inc	0.66%	1,012,500	$48M	held	—	4 q
MMM3M Company	0.63%	238,100	$46M	added+2%	+0.02 pp	25 q
CGThe Carlyle Group Inc.	0.62%	1,222,000	$45M	held	—	5 q
NVRNVR, Inc.	0.62%	9,531	$45M	added0%	+0.04 pp	10 q
ACNAccenture PLC	0.61%	159,400	$44M	held	—	25 q
METAMeta Platforms, Inc. Class A	0.60%	146,643	$43M	added+1%	+0.01 pp	22 q
MHKMohawk Industries, Inc.	0.59%	221,000	$43M	held	—	11 q
ROLRollins, Inc.	0.59%	1,243,275	$43M	held	—	25 q
SRCLStericycle Inc	0.55%	593,700	$40M	held	—	20 q
HEI.AHeico Corp Cl A	0.54%	343,144	$39M	held	—	20 q
ROKRockwell Automation, Inc.	0.52%	142,100	$38M	held	—	24 q
FDSFactset Research Systems	0.50%	116,720	$36M	held	—	25 q
ITICInvestors Title Co	0.49%	213,300	$35M	held	—	25 q
JPMJPMorgan Chase & Co.	0.46%	216,550	$33M	held	—	24 q
BF.BBrown-Forman Corporation Class B	0.45%	474,187	$33M	held	—	25 q
LBRDALiberty Broadband Corporation Class A	0.41%	205,250	$30M	held	—	25 q
CMCSAComcast Corp	0.39%	525,740	$28M	added+1%	−0.02 pp	20 q
TSNTyson Foods, Inc.	0.39%	376,500	$28M	added+1%	+0.03 pp	18 q
AIYActivision Blizzard Inc	0.37%	285,100	$27M	held	—	12 q
99952EURLinde PLC/OLD	0.37%	94,400	$26M	held	—	10 q
GOOGLAlphabet Inc. Class A	0.36%	12,500	$26M	held	—	22 q
LBRDKLiberty Broadband Corporation Class C	0.36%	172,113	$26M	held	—	25 q
SEICSEI Investments Co	0.36%	427,200	$26M	added0%	0.00 pp	25 q
CVSCvs Health Corporation	0.35%	332,000	$25M	held	—	25 q
LSXMKLiberty Media Cor-siriusxm C	0.32%	522,000	$23M	held	—	20 q
MXIMMaxim Integrated Products	0.32%	252,000	$23M	held	—	21 q
SHWThe Sherwin-Williams Company	0.32%	31,264	$23M	added+1%	−0.02 pp	10 q
EFXEquifax, Incorporated	0.31%	122,100	$22M	added+7%	−0.02 pp	10 q
HCSGHealthcare Services Group	0.30%	782,500	$22M	held	—	17 q
IFFInternational Flavors & Fragrances Inc.	0.30%	156,000	$22M	added+7%	+0.06 pp	15 q
REGNRegeneron Pharmaceuticals Inc	0.30%	45,500	$22M	new	+0.30 pp	new
LM03Liberty Media Cor-siriusxm A	0.26%	426,000	$19M	held	—	20 q
UNPUnion Pacific Corp.	0.26%	85,778	$19M	added0%	−0.01 pp	22 q
CSCOCisco Systems, Inc. (DE)	0.24%	342,000	$18M	held	—	21 q
EAElectronic Arts Inc	0.24%	126,100	$17M	held	—	12 q
RTXRTX Corporation	0.24%	224,000	$17M	held	—	25 q
BNYBank of New York Mellon Corporation	0.23%	357,750	$17M	added0%	0.00 pp	8 q
PAYXPaychex Inc	0.20%	150,000	$15M	held	—	25 q
COSTCostco Wholesale Corp	0.19%	39,150	$14M	held	—	25 q
PEPPepsiCo, Inc.	0.19%	96,210	$14M	held	—	25 q
VRSKVerisk Analytics, Inc.	0.18%	74,000	$13M	held	—	25 q
AMTAmerican Tower Corporation	0.17%	51,730	$12M	added+1%	0.00 pp	19 q
CCKCrown Holdings Inc.	0.16%	116,000	$11M	held	—	11 q
ALBAlbemarle Corporation	0.15%	76,000	$11M	held	—	17 q
HXLHexcel Corporation	0.15%	189,000	$11M	held	—	18 q
PMPhilip Morris International Inc.	0.14%	114,500	$10M	held	—	25 q
TRUPTrupanion, Inc.	0.14%	133,300	$10M	held	—	8 q
CABOCable One, Inc.	0.13%	5,200	$10M	held	—	23 q
CARRCarrier Global Corporation	0.13%	224,000	$9M	held	—	4 q
AONAon plc Class A	0.13%	41,500	$10M	added+12%	+0.01 pp	2 q
MCHPMicrochip Technology Inc	0.12%	56,000	$9M	trimmed−66%	−0.22 pp	15 q
TRUTransUnion	0.12%	94,500	$9M	held	—	10 q
OTISOtis Worldwide Corporation	0.11%	113,860	$8M	added+1%	0.00 pp	4 q
WFCWells Fargo & Co.	0.11%	195,450	$8M	held	—	12 q
LBTYALiberty Global Ltd. Class A	0.06%	179,000	$5M	held	—	25 q
BALLBall Corporation	0.05%	46,000	$4M	held	—	8 q
SHAKShake Shack Inc.	0.05%	30,600	$3M	held	—	13 q
YAlleghany Corporation	0.04%	4,328	$3M	held	—	25 q
GHCGraham Holdings Company	0.04%	5,200	$3M	held	—	25 q
WRBW.R. Berkley Corporation	0.03%	27,000	$2M	held	—	16 q
CCitigroup Inc.	0.02%	20,620	$2M	held	—	12 q
DHID.R. Horton Inc.	0.02%	13,999	$1M	held	—	12 q
ILMNIllumina Inc	0.02%	4,000	$2M	held	—	14 q
OIO-I Glass, Inc.	0.02%	120,000	$2M	trimmed−75%	−0.06 pp	6 q
EMNEastman Chemical Company	0.01%	9,000	$991,000	added+50%	0.00 pp	5 q
unresolvedIac/Interactivecorp	0.01%	1,954	$423,000	held	—	2 q
LAMRLamar Advertising Co	0.01%	8,500	$798,000	held	—	5 q
LEN.BLennar Corporation Class B	0.01%	13,000	$1M	held	—	7 q
LMTLockheed Martin Corp.	0.01%	1,293	$478,000	new	+0.01 pp	new
MTCHMatch Group, Inc	0.01%	3,560	$489,000	held	—	3 q
PYPLPayPal Holdings, Inc.	0.01%	1,830	$444,000	held	—	4 q
TWTRTwitter, Inc.	0.01%	8,500	$541,000	held	—	5 q
ALLThe Allstate Corporation	0.00%	2,000	$230,000	held	—	2 q
CECelanese Corporation	0.00%	2,400	$360,000	new	0.00 pp	new
ICEIntercontinental Exchange Inc.	0.00%	2,320	$259,000	new	0.00 pp	new
GWREGuidewire Software, Inc.	—	−13,000	—	exited	−0.02 pp	—