Markel Group

Q4 2021 13F · by Tom Gayner, portfolio manager

As of: Dec 31, 2021
Filed: Jun 13, 2022
US stock: $8.7B · prev $7.9B
Positions: 120 · prev 125
Options notional: $0
Documents: 2· 1 amendment

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%

Moves41 since the prior filing

+0.3 pp in · −0.2 pp out

New 5 +0.57 pp
Added 25 −0.27 pp
Trimmed 1 −0.10 pp
Exited 10 −0.10 pp

The book

Focused · behaves like 40 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Low turnover · 0.8% a year, more than 30 years per position

Low
Moderate
High

Top 5 positions26% of US stock

unresolved Brookfield Asset Mgmt Inc held held6.0%
BRK.A Berkshire Hathaway Inc. held held5.8%
BRK.B BERKSHIRE HATHAWAY Class B held held5.2%
GOOG Alphabet Inc. Class C held held4.5%
HD Home Depot, Inc. held held4.4%

Revealed late, restated

revealed late 2 names revealed after the original — carried back to this quarter, never shown as a new buy 13F-HR/A · Jun 13, 2022 ↗

Positions120 in this filing · 10 exited


unresolvedBrookfield Asset Mgmt Inc	6.02%	8,715,741	$526M	held	—	28 q
BRK.ABerkshire Hathaway Inc.	5.75%	1,114	$502M	held	—	28 q
BRK.BBERKSHIRE HATHAWAY Class B	5.24%	1,531,971	$458M	held	—	28 q
GOOGAlphabet Inc. Class C	4.55%	137,493	$398M	held	—	28 q
HDHome Depot, Inc.	4.37%	920,000	$382M	held	—	28 q
AMZNAmazon.Com Inc	3.76%	98,518	$328M	held	—	25 q
DEODiageo plc	3.40%	1,350,208	$297M	held	—	28 q
DISThe Walt Disney Company	3.33%	1,880,165	$291M	added+1%	−0.66 pp	28 q
DEDeere & Company	2.97%	755,800	$259M	held	—	28 q
AAPLApple Inc.	2.44%	1,198,540	$213M	held	—	27 q
VVISA Inc.	2.38%	958,040	$208M	held	—	28 q
BLQADBlackrock Inc	2.31%	220,200	$202M	held	—	28 q
ADIAnalog Devices, Inc.	2.14%	1,062,671	$187M	added+1%	−0.10 pp	24 q
MSFTMicrosoft Corp	1.85%	479,980	$161M	held	—	25 q
BXBlackstone Inc.	1.82%	1,229,000	$159M	held	—	28 q
LOWLowe's Companies Inc.	1.74%	588,980	$152M	held	—	28 q
TXNTexas Instruments Incorporated	1.56%	724,000	$136M	held	—	24 q
RLIRLI Corp.	1.54%	1,197,272	$134M	held	—	28 q
GSGoldman Sachs Group Inc.	1.51%	343,860	$132M	held	—	24 q
WSOWatsco, Inc.	1.50%	418,750	$131M	added+1%	+0.11 pp	28 q
NVONovo-Nordisk A/S	1.38%	1,075,000	$120M	held	—	28 q
KKRKKR & Co. Inc.	1.21%	1,417,300	$106M	added0%	+0.12 pp	14 q
MRSHMarsh	1.21%	609,500	$106M	held	—	28 q
JNJJohnson & Johnson	1.20%	610,800	$104M	held	—	28 q
ADMArcher Daniels Midland Company	1.13%	1,463,300	$99M	held	—	28 q
SCHWThe Charles Schwab Corporation	1.05%	1,095,300	$92M	held	—	28 q
MSCIMSCI, Inc.	0.96%	137,000	$84M	held	—	28 q
MCOMoody's Corporation	0.94%	211,240	$83M	held	—	28 q
ITWIllinois Tool Works Inc.	0.93%	327,500	$81M	held	—	28 q
GDGeneral Dynamics Corporation	0.92%	387,000	$81M	held	—	28 q
AXPAmerican Express Company	0.91%	484,250	$79M	held	—	28 q
MAMastercard Incorporated	0.85%	207,540	$75M	held	—	28 q
PGRProgressive Corporation	0.85%	721,000	$74M	added+3%	+0.05 pp	16 q
APONApollo Asset Management Inc	0.84%	1,012,500	$73M	held	—	7 q
ECLEcolab, Inc.	0.83%	309,300	$73M	held	—	28 q
SPGIS&P Global Inc.	0.80%	148,540	$70M	held	—	23 q
CGThe Carlyle Group Inc.	0.78%	1,237,000	$68M	added0%	+0.04 pp	8 q
NSCNorfolk Southern Corp.	0.78%	229,500	$68M	held	—	28 q
WHRWhirlpool Corp.	0.76%	282,049	$66M	added0%	+0.04 pp	15 q
ACNAccenture PLC	0.76%	159,400	$66M	held	—	28 q
TROWT Rowe Price Group Inc	0.71%	314,000	$62M	held	—	28 q
SBUXStarbucks Corp	0.71%	528,318	$62M	held	—	21 q
NKENike, Inc.	0.70%	366,000	$61M	held	—	28 q
CATCaterpillar Inc.	0.68%	287,500	$59M	held	—	28 q
BF.ABrown-Forman Corporation Class A	0.65%	843,000	$57M	held	—	28 q
FDSFactset Research Systems	0.65%	116,720	$57M	held	—	28 q
NVRNVR, Inc.	0.65%	9,539	$56M	held	—	13 q
unresolvedColfax Corp	0.60%	1,135,070	$52M	held	—	28 q
ROKRockwell Automation, Inc.	0.60%	150,900	$53M	added+2%	+0.05 pp	27 q
METAMeta Platforms, Inc. Class A	0.57%	147,803	$50M	held	—	25 q
REGNRegeneron Pharmaceuticals Inc	0.57%	79,300	$50M	added+7%	0.00 pp	4 q
MMM3M Company	0.51%	253,200	$45M	added+2%	−0.04 pp	28 q
HEI.AHeico Corp Cl A	0.50%	343,144	$44M	held	—	23 q
unresolvedHagerty Inc	0.49%	3,000,000	$43M	new	+0.49 pp	new
ROLRollins, Inc.	0.49%	1,243,275	$43M	held	—	28 q
ITICInvestors Title Co	0.48%	213,300	$42M	held	—	28 q
MHKMohawk Industries, Inc.	0.46%	221,000	$40M	held	—	14 q
GOOGLAlphabet Inc. Class A	0.44%	13,250	$38M	added+6%	+0.02 pp	25 q
EFXEquifax, Incorporated	0.41%	122,100	$36M	held	—	13 q
SRCLStericycle Inc	0.41%	593,700	$35M	held	—	23 q
BF.BBrown-Forman Corporation Class B	0.40%	474,187	$35M	held	—	28 q
CVSCvs Health Corporation	0.39%	332,000	$34M	held	—	28 q
JPMJPMorgan Chase & Co.	0.39%	216,550	$34M	held	—	27 q
LBRDALiberty Broadband Corporation Class A	0.38%	205,250	$33M	held	—	28 q
SHWThe Sherwin-Williams Company	0.38%	94,172	$33M	held	—	13 q
TSNTyson Foods, Inc.	0.38%	376,500	$33M	held	—	21 q
99952EURLinde PLC/OLD	0.37%	94,400	$33M	held	—	13 q
AIYActivision Blizzard Inc	0.35%	453,600	$30M	added+35%	+0.02 pp	15 q
LBRDKLiberty Broadband Corporation Class C	0.32%	172,113	$28M	held	—	28 q
CMCSAComcast Corp	0.31%	532,280	$27M	added+1%	−0.06 pp	23 q
LSXMKLiberty Media Cor-siriusxm C	0.30%	522,000	$27M	held	—	23 q
SEICSEI Investments Co	0.30%	431,200	$26M	held	—	28 q
CSCOCisco Systems, Inc. (DE)	0.25%	342,000	$22M	held	—	24 q
COSTCostco Wholesale Corp	0.25%	39,150	$22M	held	—	28 q
LM03Liberty Media Cor-siriusxm A	0.25%	426,000	$22M	held	—	23 q
UNPUnion Pacific Corp.	0.25%	85,778	$22M	held	—	25 q
BNYBank of New York Mellon Corporation	0.24%	357,750	$21M	held	—	11 q
HCSGHealthcare Services Group	0.23%	1,128,500	$20M	added+34%	−0.04 pp	20 q
PAYXPaychex Inc	0.23%	150,000	$20M	held	—	28 q
RTXRTX Corporation	0.22%	224,000	$19M	held	—	28 q
ALBAlbemarle Corporation	0.20%	76,000	$18M	held	—	20 q
TRUPTrupanion, Inc.	0.20%	133,400	$18M	held	—	11 q
AONAon plc Class A	0.20%	58,100	$17M	added+13%	+0.01 pp	5 q
DGDollar General Corp.	0.19%	69,750	$16M	added+87%	+0.09 pp	2 q
PEPPepsiCo, Inc.	0.19%	96,210	$17M	held	—	28 q
VRSKVerisk Analytics, Inc.	0.19%	74,000	$17M	held	—	28 q
AMTAmerican Tower Corporation	0.17%	51,910	$15M	held	—	22 q
CARRCarrier Global Corporation	0.15%	235,000	$13M	added+2%	0.00 pp	7 q
CCKCrown Holdings Inc.	0.15%	116,000	$13M	held	—	14 q
TRUTransUnion	0.13%	94,500	$11M	held	—	13 q
PMPhilip Morris International Inc.	0.12%	114,500	$11M	held	—	28 q
HXLHexcel Corporation	0.11%	189,000	$10M	held	—	21 q
MCHPMicrochip Technology Inc	0.11%	112,000	$10M	held	—	18 q
OTISOtis Worldwide Corporation	0.11%	114,620	$10M	held	—	7 q
TPLTexas Pacific Land Corporation	0.11%	7,900	$10M	added+14%	0.00 pp	3 q
WFCWells Fargo & Co.	0.11%	195,450	$9M	held	—	15 q
CABOCable One, Inc.	0.10%	5,200	$9M	held	—	26 q
MRVLMarvell Technology, Inc.	0.07%	69,000	$6M	held	—	3 q
LBTYALiberty Global Ltd. Class A	0.06%	179,000	$5M	held	—	28 q
ALLThe Allstate Corporation	0.05%	39,800	$5M	added×7.2	+0.04 pp	5 q
BALLBall Corporation	0.05%	46,000	$4M	held	—	11 q
FDXFedEx Corporation	0.05%	17,500	$5M	new	+0.05 pp	new
MTSIMACOM Technology Solutions Holdings, Inc	0.05%	59,000	$5M	held	—	3 q
GHCGraham Holdings Company	0.04%	5,200	$3M	held	—	28 q
IFFInternational Flavors & Fragrances Inc.	0.04%	23,000	$3M	trimmed−72%	−0.10 pp	18 q
LMTLockheed Martin Corp.	0.04%	9,113	$3M	added+25%	+0.01 pp	4 q
unresolvedBrookfield Asset Mgmt Reins	0.04%	60,101	$4M	held	—	3 q
YAlleghany Corporation	0.03%	4,328	$3M	held	—	28 q
WRBW.R. Berkley Corporation	0.03%	27,000	$2M	held	—	19 q
unresolvedHagerty Inc	0.03%	540,000	$2M	new	+0.03 pp	new
OIO-I Glass, Inc.	0.03%	240,000	$3M	added×2.0	+0.01 pp	9 q
SHAKShake Shack Inc.	0.03%	30,600	$2M	held	—	16 q
EMNEastman Chemical Company	0.02%	17,450	$2M	added+9%	0.00 pp	8 q
INTUIntuit Inc	0.02%	2,720	$2M	added+33%	+0.01 pp	2 q
CECelanese Corporation	0.01%	4,800	$807,000	held	—	4 q
ICEIntercontinental Exchange Inc.	0.01%	5,120	$700,000	added+24%	0.00 pp	4 q
LAMRLamar Advertising Co	0.01%	8,500	$1M	held	—	8 q
SPOTSpotify Technology S.A.	0.01%	2,900	$679,000	added×3.0	+0.01 pp	2 q
CSGPCoStar Group Inc	0.00%	3,100	$245,000	new	0.00 pp	new
TMOThermo Fisher Scientific, Inc.	0.00%	300	$200,000	new	0.00 pp	new
CCitigroup Inc.	—	−21,020	—	exited	−0.02 pp	—
ILMNIllumina Inc	—	−4,000	—	exited	−0.02 pp	—
DHID.R. Horton Inc.	—	−13,999	—	exited	−0.01 pp	—
LEN.BLennar Corporation Class B	—	−13,000	—	exited	−0.01 pp	—
MTCHMatch Group, Inc	—	−3,560	—	exited	−0.01 pp	—
PYPLPayPal Holdings, Inc.	—	−1,830	—	exited	−0.01 pp	—
CRMSalesforce, Inc.	—	−1,753	—	exited	−0.01 pp	—
TWTRTwitter, Inc.	—	−10,500	—	exited	−0.01 pp	—
PPLIPeople Incorporated	—	−2,454	—	exited	0.00 pp	—
ROPRoper Technologies, Inc.	—	−820	—	exited	0.00 pp	—