Markel Group

Q3 2021 13F · by Tom Gayner, portfolio manager

As of: Sep 30, 2021
Filed: Nov 5, 2021
US stock: $7.9B · prev $7.9B
Positions: 125 · prev 125
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%

Moves26 since the prior filing

+0.4 pp in · −0.5 pp out

New 3 +0.11 pp
Added 18 +0.24 pp
Trimmed 2 −0.16 pp
Exited 3 −0.34 pp

The book

Focused · behaves like 39 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Low turnover · 1.9% a year, more than 30 years per position

Low
Moderate
High

Top 5 positions26% of US stock

unresolved Brookfield Asset Mgmt Inc held held5.9%
BRK.A Berkshire Hathaway Inc. held held5.8%
BRK.B BERKSHIRE HATHAWAY Class B held held5.3%
GOOG Alphabet Inc. Class C held held4.6%
AMZN Amazon.Com Inc held held4.1%

Positions125 in this filing · 3 exited


unresolvedBrookfield Asset Mgmt Inc	5.90%	8,715,741	$466M	held	—	27 q
BRK.ABerkshire Hathaway Inc.	5.79%	1,114	$458M	held	—	27 q
BRK.BBERKSHIRE HATHAWAY Class B	5.29%	1,531,971	$418M	held	—	27 q
GOOGAlphabet Inc. Class C	4.63%	137,493	$366M	held	—	27 q
AMZNAmazon.Com Inc	4.09%	98,518	$324M	held	—	24 q
DISThe Walt Disney Company	3.99%	1,864,165	$315M	held	—	27 q
HDHome Depot, Inc.	3.82%	920,000	$302M	held	—	27 q
DEODiageo plc	3.29%	1,350,208	$261M	held	—	27 q
DEDeere & Company	3.20%	755,800	$253M	held	—	27 q
VVISA Inc.	2.70%	958,040	$213M	held	—	27 q
BLQADBlackrock Inc	2.33%	220,200	$185M	held	—	27 q
ADIAnalog Devices, Inc.	2.24%	1,057,421	$177M	added+19%	+0.30 pp	23 q
AAPLApple Inc.	2.14%	1,198,540	$170M	held	—	26 q
BXBlackstone Inc.	1.81%	1,229,000	$143M	held	—	27 q
TXNTexas Instruments Incorporated	1.76%	724,000	$139M	held	—	23 q
MSFTMicrosoft Corp	1.71%	479,980	$135M	held	—	24 q
GSGoldman Sachs Group Inc.	1.64%	343,860	$130M	held	—	23 q
RLIRLI Corp.	1.52%	1,197,272	$120M	held	—	27 q
LOWLowe's Companies Inc.	1.51%	588,980	$119M	held	—	27 q
WSOWatsco, Inc.	1.39%	414,250	$110M	added+2%	−0.08 pp	27 q
NVONovo-Nordisk A/S	1.30%	1,075,000	$103M	held	—	27 q
JNJJohnson & Johnson	1.25%	610,800	$99M	held	—	27 q
MRSHMarsh	1.17%	609,500	$92M	held	—	27 q
ADMArcher Daniels Midland Company	1.11%	1,463,300	$88M	held	—	27 q
KKRKKR & Co. Inc.	1.09%	1,416,300	$86M	added+1%	+0.03 pp	13 q
MSCIMSCI, Inc.	1.05%	137,000	$83M	held	—	27 q
AXPAmerican Express Company	1.03%	484,250	$81M	held	—	27 q
SCHWThe Charles Schwab Corporation	1.01%	1,095,300	$80M	held	—	27 q
GDGeneral Dynamics Corporation	0.96%	387,000	$76M	held	—	27 q
MCOMoody's Corporation	0.95%	211,240	$75M	held	—	27 q
MAMastercard Incorporated	0.91%	207,540	$72M	held	—	27 q
ITWIllinois Tool Works Inc.	0.86%	327,500	$68M	held	—	27 q
ECLEcolab, Inc.	0.82%	309,300	$65M	held	—	27 q
PGRProgressive Corporation	0.80%	702,500	$63M	added+1%	−0.06 pp	15 q
SPGIS&P Global Inc.	0.80%	148,540	$63M	held	—	22 q
APONApollo Asset Management Inc	0.79%	1,012,500	$62M	held	—	6 q
TROWT Rowe Price Group Inc	0.78%	314,000	$62M	held	—	27 q
CGThe Carlyle Group Inc.	0.74%	1,235,000	$58M	added+1%	+0.02 pp	7 q
SBUXStarbucks Corp	0.74%	528,318	$58M	held	—	20 q
WHRWhirlpool Corp.	0.72%	280,949	$57M	added+1%	−0.04 pp	14 q
CATCaterpillar Inc.	0.70%	287,500	$55M	held	—	27 q
NSCNorfolk Southern Corp.	0.69%	229,500	$55M	held	—	27 q
BF.ABrown-Forman Corporation Class A	0.67%	843,000	$53M	held	—	27 q
NKENike, Inc.	0.67%	366,000	$53M	held	—	27 q
unresolvedColfax Corp	0.66%	1,135,070	$52M	held	—	27 q
ACNAccenture PLC	0.64%	159,400	$51M	held	—	27 q
METAMeta Platforms, Inc. Class A	0.63%	147,803	$50M	held	—	24 q
FDSFactset Research Systems	0.58%	116,720	$46M	held	—	27 q
NVRNVR, Inc.	0.58%	9,539	$46M	held	—	12 q
REGNRegeneron Pharmaceuticals Inc	0.57%	74,300	$45M	added+11%	+0.10 pp	3 q
ROLRollins, Inc.	0.56%	1,243,275	$44M	held	—	27 q
ROKRockwell Automation, Inc.	0.55%	147,900	$43M	added+4%	+0.04 pp	26 q
MMM3M Company	0.55%	247,200	$43M	added+3%	−0.06 pp	27 q
HEI.AHeico Corp Cl A	0.51%	343,144	$41M	held	—	22 q
SRCLStericycle Inc	0.51%	593,700	$40M	held	—	22 q
MHKMohawk Industries, Inc.	0.50%	221,000	$39M	held	—	13 q
ITICInvestors Title Co	0.49%	213,300	$39M	held	—	27 q
JPMJPMorgan Chase & Co.	0.45%	216,550	$35M	held	—	26 q
LBRDALiberty Broadband Corporation Class A	0.44%	205,250	$35M	held	—	27 q
GOOGLAlphabet Inc. Class A	0.42%	12,500	$33M	held	—	24 q
BF.BBrown-Forman Corporation Class B	0.40%	474,187	$32M	held	—	27 q
EFXEquifax, Incorporated	0.39%	122,100	$31M	held	—	12 q
LBRDKLiberty Broadband Corporation Class C	0.38%	172,113	$30M	held	—	27 q
TSNTyson Foods, Inc.	0.38%	376,500	$30M	held	—	20 q
CMCSAComcast Corp	0.37%	528,280	$30M	held	—	22 q
CVSCvs Health Corporation	0.36%	332,000	$28M	held	—	27 q
99952EURLinde PLC/OLD	0.35%	94,400	$28M	held	—	12 q
AIYActivision Blizzard Inc	0.33%	335,600	$26M	added+10%	−0.04 pp	14 q
SHWThe Sherwin-Williams Company	0.33%	94,172	$26M	held	—	12 q
SEICSEI Investments Co	0.32%	431,200	$26M	added+1%	−0.02 pp	27 q
LSXMKLiberty Media Cor-siriusxm C	0.31%	522,000	$25M	held	—	22 q
HCSGHealthcare Services Group	0.27%	843,500	$21M	added+3%	−0.06 pp	19 q
LM03Liberty Media Cor-siriusxm A	0.25%	426,000	$20M	held	—	22 q
CSCOCisco Systems, Inc. (DE)	0.24%	342,000	$19M	held	—	23 q
RTXRTX Corporation	0.24%	224,000	$19M	held	—	27 q
BNYBank of New York Mellon Corporation	0.23%	357,750	$19M	held	—	10 q
COSTCostco Wholesale Corp	0.22%	39,150	$18M	held	—	27 q
ALBAlbemarle Corporation	0.21%	76,000	$17M	held	—	19 q
PAYXPaychex Inc	0.21%	150,000	$17M	held	—	27 q
UNPUnion Pacific Corp.	0.21%	85,778	$17M	held	—	24 q
VRSKVerisk Analytics, Inc.	0.19%	74,000	$15M	held	—	27 q
AONAon plc Class A	0.19%	51,600	$15M	added+15%	+0.05 pp	4 q
PEPPepsiCo, Inc.	0.18%	96,210	$14M	held	—	27 q
AMTAmerican Tower Corporation	0.17%	51,910	$14M	held	—	21 q
CARRCarrier Global Corporation	0.15%	230,500	$12M	added+3%	+0.01 pp	6 q
CCKCrown Holdings Inc.	0.15%	116,000	$12M	held	—	13 q
HXLHexcel Corporation	0.14%	189,000	$11M	held	—	20 q
IFFInternational Flavors & Fragrances Inc.	0.14%	81,500	$11M	trimmed−48%	−0.16 pp	17 q
PMPhilip Morris International Inc.	0.14%	114,500	$11M	held	—	27 q
TRUTransUnion	0.13%	94,500	$11M	held	—	12 q
TRUPTrupanion, Inc.	0.13%	133,400	$10M	held	—	10 q
CABOCable One, Inc.	0.12%	5,200	$9M	held	—	25 q
OTISOtis Worldwide Corporation	0.12%	114,620	$9M	held	—	6 q
MCHPMicrochip Technology Inc	0.11%	56,000	$9M	held	—	17 q
TPLTexas Pacific Land Corporation	0.11%	6,900	$8M	added+53%	+0.02 pp	2 q
WFCWells Fargo & Co.	0.11%	195,450	$9M	held	—	14 q
DGDollar General Corp.	0.10%	37,250	$8M	new	+0.10 pp	new
LBTYALiberty Global Ltd. Class A	0.07%	179,000	$5M	held	—	27 q
BALLBall Corporation	0.05%	46,000	$4M	held	—	10 q
MTSIMACOM Technology Solutions Holdings, Inc	0.05%	59,000	$4M	held	—	2 q
MRVLMarvell Technology, Inc.	0.05%	69,000	$4M	held	—	2 q
GHCGraham Holdings Company	0.04%	5,200	$3M	held	—	27 q
unresolvedBrookfield Asset Mgmt Reins	0.04%	60,101	$3M	trimmed0%	0.00 pp	2 q
YAlleghany Corporation	0.03%	4,328	$3M	held	—	27 q
LMTLockheed Martin Corp.	0.03%	7,313	$3M	added×2.6	+0.02 pp	3 q
SHAKShake Shack Inc.	0.03%	30,600	$2M	held	—	15 q
WRBW.R. Berkley Corporation	0.02%	27,000	$2M	held	—	18 q
CCitigroup Inc.	0.02%	21,020	$1M	held	—	14 q
EMNEastman Chemical Company	0.02%	16,050	$2M	added+34%	0.00 pp	7 q
ILMNIllumina Inc	0.02%	4,000	$2M	held	—	16 q
OIO-I Glass, Inc.	0.02%	120,000	$2M	held	—	8 q
ALLThe Allstate Corporation	0.01%	5,500	$700,000	added×2.8	+0.01 pp	4 q
CECelanese Corporation	0.01%	4,800	$723,000	held	—	3 q
DHID.R. Horton Inc.	0.01%	13,999	$1M	held	—	14 q
ICEIntercontinental Exchange Inc.	0.01%	4,120	$473,000	held	—	3 q
INTUIntuit Inc	0.01%	2,040	$1M	new	+0.01 pp	new
LAMRLamar Advertising Co	0.01%	8,500	$964,000	held	—	7 q
LEN.BLennar Corporation Class B	0.01%	13,000	$1M	held	—	9 q
MTCHMatch Group, Inc	0.01%	3,560	$559,000	held	—	5 q
PYPLPayPal Holdings, Inc.	0.01%	1,830	$476,000	held	—	6 q
CRMSalesforce, Inc.	0.01%	1,753	$475,000	held	—	2 q
TWTRTwitter, Inc.	0.01%	10,500	$634,000	held	—	7 q
PPLIPeople Incorporated	0.00%	2,454	$320,000	held	—	2 q
ROPRoper Technologies, Inc.	0.00%	820	$366,000	held	—	2 q
SPOTSpotify Technology S.A.	0.00%	960	$216,000	new	0.00 pp	new
MXIMMaxim Integrated Products	—	−252,000	—	exited	−0.34 pp	—
NFLXNetFlix Inc	—	−430	—	exited	0.00 pp	—
WIXWIX.com Ltd.	—	−1,200	—	exited	0.00 pp	—