Markel Group

Q1 2022 13F · by Tom Gayner, portfolio manager

As of: Mar 31, 2022
Filed: Jun 13, 2022
US stock: $8.4B · prev $8.7B
Positions: 126 · prev 120
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%

Moves53 since the prior filing

+1.3 pp in · −1.6 pp out

New 11 +0.94 pp
Added 37 +0.36 pp
Trimmed 0 0.00 pp
Exited 5 −1.64 pp

The book

Focused · behaves like 37 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Low turnover · 6.8% a year, about 14.7 years per position

Low
Moderate
High

Top 5 positions28% of US stock

BRK.A Berkshire Hathaway Inc. held held7.0%
BRK.B BERKSHIRE HATHAWAY Class B held held6.4%
unresolved Brookfield Asset Mgmt Inc held held5.8%
GOOG Alphabet Inc. Class C held held4.6%
AMZN Amazon.Com Inc added+0.07 pp added+0.073.8%

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 ↗

Positions126 in this filing · 5 exited


BRK.ABerkshire Hathaway Inc.	6.99%	1,114	$589M	held	—	29 q
BRK.BBERKSHIRE HATHAWAY Class B	6.41%	1,531,971	$541M	held	—	29 q
unresolvedBrookfield Asset Mgmt Inc	5.85%	8,715,741	$493M	held	—	29 q
GOOGAlphabet Inc. Class C	4.56%	137,493	$384M	held	—	29 q
AMZNAmazon.Com Inc	3.83%	99,068	$323M	added+1%	+0.07 pp	26 q
DEDeere & Company	3.73%	755,800	$314M	held	—	29 q
HDHome Depot, Inc.	3.27%	920,000	$275M	held	—	29 q
DEODiageo plc	3.25%	1,350,208	$274M	held	—	29 q
DISThe Walt Disney Company	3.13%	1,922,665	$264M	added+2%	−0.20 pp	29 q
VVISA Inc.	2.53%	961,105	$213M	added0%	+0.15 pp	29 q
AAPLApple Inc.	2.50%	1,206,990	$211M	added+1%	+0.06 pp	28 q
ADIAnalog Devices, Inc.	2.11%	1,077,821	$178M	added+1%	−0.03 pp	25 q
BLQADBlackrock Inc	2.00%	220,200	$168M	held	—	29 q
BXBlackstone Inc.	1.85%	1,229,000	$156M	held	—	29 q
MSFTMicrosoft Corp	1.76%	479,980	$148M	held	—	26 q
TXNTexas Instruments Incorporated	1.58%	724,000	$133M	held	—	25 q
ADMArcher Daniels Midland Company	1.57%	1,463,300	$132M	held	—	29 q
RLIRLI Corp.	1.57%	1,197,272	$132M	held	—	29 q
WSOWatsco, Inc.	1.51%	418,750	$128M	held	—	29 q
NVONovo-Nordisk A/S	1.42%	1,075,000	$119M	held	—	29 q
LOWLowe's Companies Inc.	1.41%	588,980	$119M	held	—	29 q
GSGoldman Sachs Group Inc.	1.35%	343,860	$114M	held	—	25 q
JNJJohnson & Johnson	1.28%	610,800	$108M	held	—	29 q
MRSHMarsh	1.25%	618,800	$105M	added+2%	+0.04 pp	29 q
GDGeneral Dynamics Corporation	1.12%	390,500	$94M	added+1%	+0.20 pp	29 q
SCHWThe Charles Schwab Corporation	1.10%	1,095,300	$92M	held	—	29 q
AXPAmerican Express Company	1.07%	484,250	$91M	held	—	29 q
PGRProgressive Corporation	1.02%	750,750	$86M	added+4%	+0.17 pp	17 q
KKRKKR & Co. Inc.	0.99%	1,420,650	$83M	added0%	−0.22 pp	15 q
MAMastercard Incorporated	0.88%	207,540	$74M	held	—	29 q
MSCIMSCI, Inc.	0.85%	141,700	$71M	added+3%	−0.11 pp	29 q
MCOMoody's Corporation	0.85%	212,990	$72M	added+1%	−0.09 pp	29 q
ITWIllinois Tool Works Inc.	0.81%	327,500	$69M	held	—	29 q
NSCNorfolk Southern Corp.	0.78%	229,500	$65M	held	—	29 q
CATCaterpillar Inc.	0.76%	287,500	$64M	held	—	29 q
APOApollo Global Management, Inc.	0.74%	1,012,500	$63M	new	+0.74 pp	new
SPGIS&P Global Inc.	0.73%	149,790	$61M	added+1%	−0.07 pp	24 q
CGThe Carlyle Group Inc.	0.72%	1,237,000	$61M	held	—	9 q
REGNRegeneron Pharmaceuticals Inc	0.67%	80,300	$56M	added+1%	+0.10 pp	5 q
ECLEcolab, Inc.	0.65%	309,300	$55M	held	—	29 q
ACNAccenture PLC	0.64%	159,400	$54M	held	—	29 q
BF.ABrown-Forman Corporation Class A	0.63%	843,000	$53M	held	—	29 q
FDSFactset Research Systems	0.60%	116,720	$51M	held	—	29 q
NKENike, Inc.	0.58%	366,000	$49M	held	—	29 q
WHRWhirlpool Corp.	0.58%	282,049	$49M	held	—	16 q
SBUXStarbucks Corp	0.57%	529,318	$48M	added0%	−0.14 pp	22 q
TROWT Rowe Price Group Inc	0.56%	314,000	$47M	held	—	29 q
unresolvedColfax Corp	0.54%	1,135,070	$45M	held	—	29 q
HEI.AHeico Corp Cl A	0.52%	343,144	$44M	held	—	24 q
ROLRollins, Inc.	0.52%	1,248,275	$44M	added0%	+0.03 pp	29 q
GOOGLAlphabet Inc. Class A	0.51%	15,500	$43M	added+17%	+0.07 pp	26 q
ITICInvestors Title Co	0.51%	213,300	$43M	held	—	29 q
NVRNVR, Inc.	0.51%	9,539	$43M	held	—	14 q
ROKRockwell Automation, Inc.	0.51%	152,900	$43M	added+1%	−0.09 pp	28 q
MMM3M Company	0.48%	269,750	$40M	added+7%	−0.03 pp	29 q
SRCLStericycle Inc	0.44%	631,700	$37M	added+6%	+0.03 pp	24 q
AIYActivision Blizzard Inc	0.43%	453,600	$36M	held	—	16 q
METAMeta Platforms, Inc. Class A	0.43%	163,400	$36M	added+11%	−0.14 pp	26 q
TSNTyson Foods, Inc.	0.41%	384,500	$34M	added+2%	+0.03 pp	22 q
CVSCvs Health Corporation	0.40%	332,000	$34M	held	—	29 q
BF.BBrown-Forman Corporation Class B	0.38%	474,187	$32M	held	—	29 q
unresolvedHagerty Inc	0.38%	3,000,000	$32M	held	—	2 q
99952EURLinde PLC/OLD	0.36%	94,400	$30M	held	—	14 q
CMCSAComcast Corp	0.35%	630,612	$30M	added+18%	+0.04 pp	24 q
EFXEquifax, Incorporated	0.35%	125,150	$30M	added+3%	−0.06 pp	14 q
JPMJPMorgan Chase & Co.	0.35%	216,550	$30M	held	—	28 q
DGDollar General Corp.	0.33%	125,750	$28M	added+80%	+0.14 pp	3 q
LBRDALiberty Broadband Corporation Class A	0.32%	205,250	$27M	held	—	29 q
SEICSEI Investments Co	0.32%	445,200	$27M	added+3%	+0.02 pp	29 q
LBRDKLiberty Broadband Corporation Class C	0.28%	172,113	$23M	held	—	29 q
LSXMKLiberty Media Cor-siriusxm C	0.28%	522,000	$24M	held	—	24 q
SHWThe Sherwin-Williams Company	0.28%	94,172	$24M	held	—	14 q
UNPUnion Pacific Corp.	0.28%	85,778	$23M	held	—	26 q
COSTCostco Wholesale Corp	0.27%	39,150	$23M	held	—	29 q
HCSGHealthcare Services Group	0.26%	1,200,500	$22M	added+6%	+0.03 pp	21 q
RTXRTX Corporation	0.26%	224,000	$22M	held	—	29 q
AONAon plc Class A	0.25%	64,950	$21M	added+12%	+0.05 pp	6 q
PAYXPaychex Inc	0.24%	150,000	$20M	held	—	29 q
CSCOCisco Systems, Inc. (DE)	0.23%	342,000	$19M	held	—	25 q
LM03Liberty Media Cor-siriusxm A	0.23%	426,000	$19M	held	—	24 q
BNYBank of New York Mellon Corporation	0.21%	357,750	$18M	held	—	12 q
ALLThe Allstate Corporation	0.19%	116,050	$16M	added×2.9	+0.14 pp	6 q
PEPPepsiCo, Inc.	0.19%	96,210	$16M	held	—	29 q
VRSKVerisk Analytics, Inc.	0.19%	76,500	$16M	added+3%	0.00 pp	29 q
CCKCrown Holdings Inc.	0.17%	116,000	$15M	held	—	15 q
FDXFedEx Corporation	0.16%	58,500	$14M	added×3.3	+0.11 pp	2 q
AMTAmerican Tower Corporation	0.15%	51,910	$13M	held	—	23 q
TRUPTrupanion, Inc.	0.14%	133,400	$12M	held	—	12 q
CARRCarrier Global Corporation	0.13%	235,000	$11M	held	—	8 q
HXLHexcel Corporation	0.13%	189,000	$11M	held	—	22 q
PMPhilip Morris International Inc.	0.13%	114,500	$11M	held	—	29 q
TPLTexas Pacific Land Corporation	0.13%	7,900	$11M	held	—	4 q
TRUTransUnion	0.12%	96,050	$10M	added+2%	−0.01 pp	14 q
WFCWells Fargo & Co.	0.11%	195,450	$9M	held	—	16 q
OTISOtis Worldwide Corporation	0.10%	114,620	$9M	held	—	8 q
CABOCable One, Inc.	0.09%	5,200	$8M	held	—	27 q
THGThe Hanover Insurance Group, Inc.	0.08%	47,000	$7M	new	+0.08 pp	new
OIO-I Glass, Inc.	0.07%	458,000	$6M	added+91%	+0.04 pp	10 q
MRVLMarvell Technology, Inc.	0.06%	75,000	$5M	added+9%	−0.01 pp	4 q
BALLBall Corporation	0.05%	46,000	$4M	held	—	12 q
LMTLockheed Martin Corp.	0.05%	10,363	$5M	added+14%	+0.01 pp	5 q
LBTYALiberty Global Ltd. Class A	0.05%	179,000	$5M	held	—	29 q
YAlleghany Corporation	0.04%	4,328	$4M	held	—	29 q
GHCGraham Holdings Company	0.04%	5,200	$3M	held	—	29 q
IFFInternational Flavors & Fragrances Inc.	0.04%	23,000	$3M	held	—	19 q
MTSIMACOM Technology Solutions Holdings, Inc	0.04%	59,000	$4M	held	—	4 q
unresolvedBrookfield Asset Mgmt Reins	0.04%	60,101	$3M	held	—	4 q
WRBW.R. Berkley Corporation	0.03%	40,500	$3M	held	—	20 q
EAElectronic Arts Inc	0.03%	16,900	$2M	new	+0.03 pp	new
EMNEastman Chemical Company	0.02%	17,450	$2M	held	—	9 q
unresolvedHagerty Inc	0.02%	540,000	$2M	held	—	2 q
INTUIntuit Inc	0.02%	2,720	$1M	held	—	3 q
SHOPShopify Inc. Class A subordinate voting shares	0.02%	2,750	$2M	new	+0.02 pp	new
SONYSony Group Corporation	0.02%	16,000	$2M	new	+0.02 pp	new
SPOTSpotify Technology S.A.	0.02%	12,900	$2M	added×4.4	+0.01 pp	3 q
CECelanese Corporation	0.01%	4,800	$686,000	held	—	5 q
CSGPCoStar Group Inc	0.01%	17,600	$1M	added×5.7	+0.01 pp	2 q
ITGartner, Inc.	0.01%	2,500	$744,000	new	+0.01 pp	new
ICEIntercontinental Exchange Inc.	0.01%	5,120	$676,000	held	—	5 q
LAMRLamar Advertising Co	0.01%	8,500	$988,000	held	—	9 q
PYPLPayPal Holdings, Inc.	0.01%	10,551	$1M	new	+0.01 pp	new
SMGThe Scotts Miracle-Gro Company	0.01%	6,500	$799,000	new	+0.01 pp	new
TMOThermo Fisher Scientific, Inc.	0.01%	1,950	$1M	added×6.5	+0.01 pp	2 q
AXTAAxalta Coating Systems Ltd.	0.01%	20,626	$507,000	new	+0.01 pp	new
WTWWillis Towers Watson Public Limited Company	0.01%	2,050	$484,000	new	+0.01 pp	new
unresolvedDuck Creek Technologies	0.00%	9,250	$205,000	new	0.00 pp	new
APONApollo Asset Management Inc	—	−1,012,500	—	exited	−0.84 pp	—
MHKMohawk Industries, Inc.	—	−221,000	—	exited	−0.46 pp	—
ALBAlbemarle Corporation	—	−76,000	—	exited	−0.20 pp	—
MCHPMicrochip Technology Inc	—	−112,000	—	exited	−0.11 pp	—
SHAKShake Shack Inc.	—	−30,600	—	exited	−0.03 pp	—