Markel Group

Q2 2021 13F · by Tom Gayner, portfolio manager

As of: Jun 30, 2021
Filed: Aug 6, 2021
US stock: $7.9B · prev $7.2B
Positions: 125 · prev 118
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%

Moves46 since the prior filing

+0.5 pp in · −0.3 pp out

New 9 +0.24 pp
Added 35 +0.26 pp
Trimmed 0 0.00 pp
Exited 2 −0.25 pp

The book

Focused · behaves like 40 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Low turnover · 0.9% a year, more than 30 years per position

Low
Moderate
High

Top 5 positions26% of US stock

BRK.A Berkshire Hathaway Inc. held held5.9%
unresolved Brookfield Asset Mgmt Inc added+0.26 pp added+0.265.6%
BRK.B BERKSHIRE HATHAWAY Class B held held5.4%
GOOG Alphabet Inc. Class C held held4.4%
AMZN Amazon.Com Inc added+0.07 pp added+0.074.3%

Positions125 in this filing · 2 exited


BRK.ABerkshire Hathaway Inc.	5.90%	1,114	$466M	held	—	26 q
unresolvedBrookfield Asset Mgmt Inc	5.62%	8,715,741	$444M	added0%	+0.26 pp	26 q
BRK.BBERKSHIRE HATHAWAY Class B	5.39%	1,531,971	$426M	held	—	26 q
GOOGAlphabet Inc. Class C	4.36%	137,493	$345M	held	—	26 q
AMZNAmazon.Com Inc	4.29%	98,518	$339M	added0%	+0.07 pp	23 q
DISThe Walt Disney Company	4.15%	1,864,165	$328M	added0%	−0.61 pp	26 q
HDHome Depot, Inc.	3.71%	920,000	$293M	held	—	26 q
DEDeere & Company	3.37%	755,800	$267M	held	—	26 q
DEODiageo plc	3.28%	1,350,208	$259M	held	—	26 q
VVISA Inc.	2.84%	958,040	$224M	added0%	+0.03 pp	26 q
BLQADBlackrock Inc	2.44%	220,200	$193M	held	—	26 q
AAPLApple Inc.	2.08%	1,198,540	$164M	held	—	25 q
ADIAnalog Devices, Inc.	1.94%	891,411	$153M	added+1%	+0.04 pp	22 q
TXNTexas Instruments Incorporated	1.76%	724,000	$139M	held	—	22 q
GSGoldman Sachs Group Inc.	1.65%	343,860	$131M	added0%	+0.09 pp	22 q
MSFTMicrosoft Corp	1.65%	479,980	$130M	added0%	+0.09 pp	23 q
RLIRLI Corp.	1.59%	1,197,272	$125M	held	—	26 q
BXBlackstone Inc.	1.51%	1,229,000	$119M	held	—	26 q
WSOWatsco, Inc.	1.47%	406,500	$117M	added+1%	+0.01 pp	26 q
LOWLowe's Companies Inc.	1.45%	588,980	$114M	added0%	−0.10 pp	26 q
JNJJohnson & Johnson	1.27%	610,800	$101M	held	—	26 q
NVONovo-Nordisk A/S	1.14%	1,075,000	$90M	held	—	26 q
ADMArcher Daniels Midland Company	1.12%	1,463,300	$89M	held	—	26 q
MRSHMarsh	1.09%	609,500	$86M	held	—	26 q
KKRKKR & Co. Inc.	1.06%	1,407,800	$83M	added+1%	+0.11 pp	12 q
AXPAmerican Express Company	1.01%	484,250	$80M	added0%	+0.06 pp	26 q
SCHWThe Charles Schwab Corporation	1.01%	1,095,300	$80M	held	—	26 q
MCOMoody's Corporation	0.97%	211,240	$77M	held	—	26 q
MAMastercard Incorporated	0.96%	207,540	$76M	added0%	−0.06 pp	26 q
ITWIllinois Tool Works Inc.	0.93%	327,500	$73M	held	—	26 q
GDGeneral Dynamics Corporation	0.92%	387,000	$73M	held	—	26 q
MSCIMSCI, Inc.	0.92%	137,000	$73M	held	—	26 q
PGRProgressive Corporation	0.86%	693,300	$68M	added0%	−0.06 pp	14 q
ECLEcolab, Inc.	0.81%	309,300	$64M	held	—	26 q
APONApollo Asset Management Inc	0.80%	1,012,500	$63M	held	—	5 q
CATCaterpillar Inc.	0.79%	287,500	$63M	held	—	26 q
TROWT Rowe Price Group Inc	0.79%	314,000	$62M	held	—	26 q
NSCNorfolk Southern Corp.	0.77%	229,500	$61M	held	—	26 q
SPGIS&P Global Inc.	0.77%	148,540	$61M	added0%	+0.05 pp	21 q
WHRWhirlpool Corp.	0.76%	276,849	$60M	added+1%	−0.08 pp	13 q
BF.ABrown-Forman Corporation Class A	0.75%	843,000	$59M	held	—	26 q
SBUXStarbucks Corp	0.75%	528,318	$59M	added0%	−0.05 pp	19 q
CGThe Carlyle Group Inc.	0.72%	1,224,000	$57M	added0%	+0.10 pp	6 q
NKENike, Inc.	0.72%	366,000	$57M	held	—	26 q
unresolvedColfax Corp	0.66%	1,135,070	$52M	held	—	26 q
METAMeta Platforms, Inc. Class A	0.65%	147,803	$51M	added+1%	+0.05 pp	23 q
MMM3M Company	0.61%	240,700	$48M	added+1%	−0.02 pp	26 q
NVRNVR, Inc.	0.60%	9,539	$47M	added0%	−0.02 pp	11 q
ACNAccenture PLC	0.59%	159,400	$47M	held	—	26 q
HEI.AHeico Corp Cl A	0.54%	343,144	$43M	held	—	21 q
MHKMohawk Industries, Inc.	0.54%	221,000	$42M	held	—	12 q
ROLRollins, Inc.	0.54%	1,243,275	$43M	held	—	26 q
SRCLStericycle Inc	0.54%	593,700	$42M	held	—	21 q
ROKRockwell Automation, Inc.	0.51%	142,100	$41M	held	—	25 q
FDSFactset Research Systems	0.50%	116,720	$39M	held	—	26 q
ITICInvestors Title Co	0.47%	213,300	$37M	held	—	26 q
REGNRegeneron Pharmaceuticals Inc	0.47%	66,800	$37M	added+47%	+0.17 pp	2 q
BF.BBrown-Forman Corporation Class B	0.45%	474,187	$36M	held	—	26 q
LBRDALiberty Broadband Corporation Class A	0.44%	205,250	$35M	held	—	26 q
JPMJPMorgan Chase & Co.	0.43%	216,550	$34M	held	—	25 q
GOOGLAlphabet Inc. Class A	0.39%	12,500	$31M	held	—	23 q
CMCSAComcast Corp	0.38%	528,280	$30M	added0%	−0.01 pp	21 q
LBRDKLiberty Broadband Corporation Class C	0.38%	172,113	$30M	held	—	26 q
AIYActivision Blizzard Inc	0.37%	306,100	$29M	added+7%	0.00 pp	13 q
EFXEquifax, Incorporated	0.37%	122,100	$29M	held	—	11 q
CVSCvs Health Corporation	0.35%	332,000	$28M	held	—	26 q
TSNTyson Foods, Inc.	0.35%	376,500	$28M	held	—	19 q
99952EURLinde PLC/OLD	0.35%	94,400	$27M	held	—	11 q
MXIMMaxim Integrated Products	0.34%	252,000	$27M	held	—	22 q
SEICSEI Investments Co	0.34%	427,200	$26M	held	—	26 q
HCSGHealthcare Services Group	0.33%	819,000	$26M	added+5%	+0.03 pp	18 q
SHWThe Sherwin-Williams Company	0.32%	94,172	$26M	added0%	0.00 pp	11 q
LSXMKLiberty Media Cor-siriusxm C	0.31%	522,000	$24M	held	—	21 q
IFFInternational Flavors & Fragrances Inc.	0.30%	156,000	$23M	held	—	16 q
LM03Liberty Media Cor-siriusxm A	0.25%	426,000	$20M	held	—	21 q
RTXRTX Corporation	0.24%	224,000	$19M	held	—	26 q
UNPUnion Pacific Corp.	0.24%	85,778	$19M	held	—	23 q
BNYBank of New York Mellon Corporation	0.23%	357,750	$18M	held	—	9 q
CSCOCisco Systems, Inc. (DE)	0.23%	342,000	$18M	held	—	22 q
COSTCostco Wholesale Corp	0.20%	39,150	$15M	held	—	26 q
PAYXPaychex Inc	0.20%	150,000	$16M	held	—	26 q
TRUPTrupanion, Inc.	0.19%	133,400	$15M	added0%	+0.05 pp	9 q
AMTAmerican Tower Corporation	0.18%	51,910	$14M	added0%	+0.01 pp	20 q
PEPPepsiCo, Inc.	0.18%	96,210	$14M	held	—	26 q
ALBAlbemarle Corporation	0.16%	76,000	$13M	held	—	18 q
VRSKVerisk Analytics, Inc.	0.16%	74,000	$13M	held	—	26 q
CCKCrown Holdings Inc.	0.15%	116,000	$12M	held	—	12 q
HXLHexcel Corporation	0.15%	189,000	$12M	held	—	19 q
CARRCarrier Global Corporation	0.14%	224,000	$11M	held	—	5 q
PMPhilip Morris International Inc.	0.14%	114,500	$11M	held	—	26 q
AONAon plc Class A	0.14%	44,900	$11M	added+8%	+0.01 pp	3 q
CABOCable One, Inc.	0.13%	5,200	$10M	held	—	24 q
TRUTransUnion	0.13%	94,500	$10M	held	—	11 q
OTISOtis Worldwide Corporation	0.12%	114,620	$9M	added+1%	+0.01 pp	5 q
MCHPMicrochip Technology Inc	0.11%	56,000	$8M	held	—	16 q
WFCWells Fargo & Co.	0.11%	195,450	$9M	held	—	13 q
TPLTexas Pacific Land Corporation	0.09%	4,500	$7M	new	+0.09 pp	new
LBTYALiberty Global Ltd. Class A	0.06%	179,000	$5M	held	—	26 q
BALLBall Corporation	0.05%	46,000	$4M	held	—	9 q
MTSIMACOM Technology Solutions Holdings, Inc	0.05%	59,000	$4M	new	+0.05 pp	new
MRVLMarvell Technology, Inc.	0.05%	69,000	$4M	new	+0.05 pp	new
YAlleghany Corporation	0.04%	4,328	$3M	held	—	26 q
GHCGraham Holdings Company	0.04%	5,200	$3M	held	—	26 q
SHAKShake Shack Inc.	0.04%	30,600	$3M	held	—	14 q
unresolvedBrookfield Asset Mgmt Reins	0.04%	60,102	$3M	new	+0.04 pp	new
WRBW.R. Berkley Corporation	0.03%	27,000	$2M	held	—	17 q
CCitigroup Inc.	0.02%	21,020	$1M	added+2%	0.00 pp	13 q
DHID.R. Horton Inc.	0.02%	13,999	$1M	held	—	13 q
EMNEastman Chemical Company	0.02%	12,000	$1M	added+33%	+0.01 pp	6 q
ILMNIllumina Inc	0.02%	4,000	$2M	held	—	15 q
OIO-I Glass, Inc.	0.02%	120,000	$2M	held	—	7 q
CECelanese Corporation	0.01%	4,800	$728,000	added×2.0	+0.01 pp	2 q
ICEIntercontinental Exchange Inc.	0.01%	4,120	$489,000	added+78%	+0.01 pp	2 q
LAMRLamar Advertising Co	0.01%	8,500	$888,000	held	—	6 q
LEN.BLennar Corporation Class B	0.01%	13,000	$1M	held	—	8 q
LMTLockheed Martin Corp.	0.01%	2,813	$1M	added×2.2	0.00 pp	2 q
MTCHMatch Group, Inc	0.01%	3,560	$574,000	held	—	4 q
PYPLPayPal Holdings, Inc.	0.01%	1,830	$533,000	held	—	5 q
CRMSalesforce, Inc.	0.01%	1,753	$428,000	new	+0.01 pp	new
TWTRTwitter, Inc.	0.01%	10,500	$723,000	added+24%	0.00 pp	6 q
ALLThe Allstate Corporation	0.00%	2,000	$261,000	held	—	3 q
PPLIPeople Incorporated	0.00%	2,454	$378,000	new	0.00 pp	new
NFLXNetFlix Inc	0.00%	430	$227,000	new	0.00 pp	new
ROPRoper Technologies, Inc.	0.00%	820	$386,000	new	0.00 pp	new
WIXWIX.com Ltd.	0.00%	1,200	$348,000	new	0.00 pp	new
EAElectronic Arts Inc	—	−126,100	—	exited	−0.24 pp	—
unresolvedIac/Interactivecorp	—	−1,954	—	exited	−0.01 pp	—