Markel Group

Q2 2022 13F · by Tom Gayner, portfolio manager

As of: Jun 30, 2022
Filed: Aug 5, 2022
US stock: $7.0B · prev $8.4B
Positions: 131 · prev 126
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%

Moves56 since the prior filing

+2.1 pp in · −0.8 pp out

New 7 +0.73 pp
Added 45 +1.37 pp
Trimmed 2 −0.22 pp
Exited 2 −0.58 pp

The book

Diversified · behaves like 40 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Low turnover · 3.7% a year, about 27.2 years per position

Low
Moderate
High

Top 5 positions26% of US stock

BRK.A Berkshire Hathaway Inc. held held6.5%
BRK.B BERKSHIRE HATHAWAY Class B held held6.0%
unresolved Brookfield Asset Mgmt Inc held held5.5%
GOOG Alphabet Inc. Class C held held4.3%
HD Home Depot, Inc. held held3.6%

Positions131 in this filing · 2 exited


BRK.ABerkshire Hathaway Inc.	6.51%	1,114	$456M	held	—	30 q
BRK.BBERKSHIRE HATHAWAY Class B	5.98%	1,531,971	$418M	held	—	30 q
unresolvedBrookfield Asset Mgmt Inc	5.54%	8,715,741	$388M	held	—	30 q
GOOGAlphabet Inc. Class C	4.30%	137,493	$301M	held	—	30 q
HDHome Depot, Inc.	3.61%	920,000	$252M	held	—	30 q
DEODiageo plc	3.36%	1,350,208	$235M	held	—	30 q
DEDeere & Company	3.24%	755,800	$226M	held	—	30 q
AMZNAmazon.Com Inc	3.01%	1,981,360	$210M	held	—	27 q
VVISA Inc.	2.71%	962,779	$190M	added0%	+0.18 pp	30 q
DISThe Walt Disney Company	2.65%	1,966,665	$186M	added+2%	−0.48 pp	30 q
AAPLApple Inc.	2.36%	1,206,990	$165M	held	—	29 q
ADIAnalog Devices, Inc.	2.26%	1,083,071	$158M	added0%	+0.15 pp	26 q
RLIRLI Corp.	2.00%	1,197,272	$140M	held	—	30 q
BLQADBlackrock Inc	1.92%	220,200	$134M	held	—	30 q
MSFTMicrosoft Corp	1.76%	479,980	$123M	held	—	27 q
NVONovo-Nordisk A/S	1.71%	1,075,000	$120M	held	—	30 q
ADMArcher Daniels Midland Company	1.62%	1,463,300	$114M	held	—	30 q
BXBlackstone Inc.	1.60%	1,229,000	$112M	held	—	30 q
TXNTexas Instruments Incorporated	1.59%	724,000	$111M	held	—	26 q
JNJJohnson & Johnson	1.55%	610,800	$108M	held	—	30 q
WSOWatsco, Inc.	1.52%	443,750	$106M	added+6%	+0.01 pp	30 q
LOWLowe's Companies Inc.	1.47%	590,480	$103M	added0%	+0.06 pp	30 q
GSGoldman Sachs Group Inc.	1.46%	344,860	$102M	added0%	+0.11 pp	26 q
MRSHMarsh	1.39%	624,600	$97M	added+1%	+0.14 pp	30 q
PGRProgressive Corporation	1.25%	753,750	$88M	added0%	+0.23 pp	18 q
GDGeneral Dynamics Corporation	1.24%	391,000	$87M	added0%	+0.12 pp	30 q
SCHWThe Charles Schwab Corporation	1.00%	1,103,300	$70M	added+1%	−0.10 pp	30 q
AXPAmerican Express Company	0.96%	484,250	$67M	held	—	30 q
KKRKKR & Co. Inc.	0.94%	1,424,808	$66M	added0%	−0.05 pp	16 q
MAMastercard Incorporated	0.94%	207,540	$65M	held	—	30 q
ITWIllinois Tool Works Inc.	0.85%	327,500	$60M	held	—	30 q
MSCIMSCI, Inc.	0.84%	141,950	$59M	added0%	−0.01 pp	30 q
MCOMoody's Corporation	0.83%	212,990	$58M	held	—	30 q
BF.ABrown-Forman Corporation Class A	0.82%	843,000	$57M	held	—	30 q
NSCNorfolk Southern Corp.	0.75%	229,500	$52M	held	—	30 q
CATCaterpillar Inc.	0.73%	287,500	$51M	held	—	30 q
SPGIS&P Global Inc.	0.72%	149,790	$50M	held	—	25 q
APOApollo Global Management, Inc.	0.70%	1,012,500	$49M	held	—	2 q
REGNRegeneron Pharmaceuticals Inc	0.68%	80,300	$47M	held	—	6 q
FDSFactset Research Systems	0.64%	116,720	$45M	held	—	30 q
ROLRollins, Inc.	0.63%	1,262,275	$44M	added+1%	+0.11 pp	30 q
ACNAccenture PLC	0.63%	159,400	$44M	held	—	30 q
WHRWhirlpool Corp.	0.62%	282,049	$44M	held	—	17 q
ECLEcolab, Inc.	0.60%	274,300	$42M	trimmed−11%	−0.05 pp	30 q
SBUXStarbucks Corp	0.58%	532,318	$41M	added+1%	+0.01 pp	23 q
CGThe Carlyle Group Inc.	0.56%	1,237,000	$39M	held	—	10 q
NVRNVR, Inc.	0.55%	9,659	$39M	added+1%	+0.04 pp	15 q
DGDollar General Corp.	0.54%	152,750	$37M	added+21%	+0.21 pp	4 q
NKENike, Inc.	0.53%	366,000	$37M	held	—	30 q
GOOGLAlphabet Inc. Class A	0.52%	16,650	$36M	added+7%	+0.01 pp	27 q
HEI.AHeico Corp Cl A	0.52%	343,144	$36M	held	—	25 q
TROWT Rowe Price Group Inc	0.51%	314,000	$36M	held	—	30 q
AIYActivision Blizzard Inc	0.50%	453,600	$35M	held	—	17 q
MMM3M Company	0.50%	269,750	$35M	held	—	30 q
unresolvedHagerty Inc	0.49%	3,000,000	$34M	held	—	3 q
BF.BBrown-Forman Corporation Class B	0.48%	474,187	$33M	held	—	30 q
ITICInvestors Title Co	0.48%	213,300	$33M	held	—	30 q
TSNTyson Foods, Inc.	0.47%	384,500	$33M	held	—	23 q
CVSCvs Health Corporation	0.44%	332,000	$31M	held	—	30 q
ROKRockwell Automation, Inc.	0.44%	154,900	$31M	added+1%	−0.07 pp	29 q
SEICSEI Investments Co	0.43%	559,200	$30M	added+26%	+0.11 pp	30 q
METAMeta Platforms, Inc. Class A	0.42%	184,029	$30M	added+13%	−0.01 pp	27 q
CMCSAComcast Corp	0.41%	724,912	$28M	added+15%	+0.06 pp	25 q
SRCLStericycle Inc	0.41%	656,700	$29M	added+4%	−0.03 pp	25 q
99952EURLinde PLC/OLD	0.39%	94,400	$27M	held	—	15 q
JPMJPMorgan Chase & Co.	0.35%	216,550	$24M	held	—	29 q
LBRDALiberty Broadband Corporation Class A	0.33%	205,250	$23M	held	—	30 q
RTXRTX Corporation	0.31%	224,000	$22M	held	—	30 q
ENOVEnovis Corporation	0.30%	378,356	$21M	new	+0.30 pp	new
HCSGHealthcare Services Group	0.30%	1,200,500	$21M	held	—	22 q
SHWThe Sherwin-Williams Company	0.30%	94,172	$21M	held	—	15 q
LBRDKLiberty Broadband Corporation Class C	0.28%	172,113	$20M	held	—	30 q
COSTCostco Wholesale Corp	0.27%	39,150	$19M	held	—	30 q
LSXMKLiberty Media Cor-siriusxm C	0.27%	522,000	$19M	held	—	25 q
AONAon plc Class A	0.27%	69,000	$19M	added+6%	+0.02 pp	7 q
UNPUnion Pacific Corp.	0.26%	85,778	$18M	held	—	27 q
ESABESAB Corporation	0.24%	378,356	$17M	new	+0.24 pp	new
FDXFedEx Corporation	0.24%	73,000	$17M	added+25%	+0.08 pp	3 q
PAYXPaychex Inc	0.24%	150,000	$17M	held	—	30 q
PEPPepsiCo, Inc.	0.23%	96,210	$16M	held	—	30 q
LM03Liberty Media Cor-siriusxm A	0.22%	426,000	$15M	held	—	25 q
ALLThe Allstate Corporation	0.21%	117,050	$15M	added+1%	+0.02 pp	7 q
BNYBank of New York Mellon Corporation	0.21%	357,750	$15M	held	—	13 q
CSCOCisco Systems, Inc. (DE)	0.21%	342,000	$15M	held	—	26 q
VRSKVerisk Analytics, Inc.	0.21%	83,000	$14M	added+9%	+0.02 pp	30 q
AMTAmerican Tower Corporation	0.19%	51,910	$13M	held	—	24 q
CABOCable One, Inc.	0.19%	10,200	$13M	added+96%	+0.10 pp	28 q
EFXEquifax, Incorporated	0.18%	69,550	$13M	trimmed−44%	−0.17 pp	15 q
TPLTexas Pacific Land Corporation	0.17%	7,900	$12M	held	—	5 q
THGThe Hanover Insurance Group, Inc.	0.16%	76,000	$11M	added+62%	+0.08 pp	2 q
PMPhilip Morris International Inc.	0.16%	114,500	$11M	held	—	30 q
CCKCrown Holdings Inc.	0.15%	116,000	$11M	held	—	16 q
HXLHexcel Corporation	0.14%	189,000	$10M	held	—	23 q
CARRCarrier Global Corporation	0.12%	235,000	$8M	held	—	9 q
OTISOtis Worldwide Corporation	0.12%	114,620	$8M	held	—	9 q
NFLXNetFlix Inc	0.11%	43,000	$8M	new	+0.11 pp	new
TRUTransUnion	0.11%	96,550	$8M	added+1%	−0.01 pp	15 q
TRUPTrupanion, Inc.	0.11%	133,400	$8M	held	—	13 q
WFCWells Fargo & Co.	0.11%	195,450	$8M	held	—	17 q
EAElectronic Arts Inc	0.10%	56,800	$7M	added×3.4	+0.07 pp	2 q
OIO-I Glass, Inc.	0.09%	468,100	$7M	added+2%	+0.02 pp	11 q
LMTLockheed Martin Corp.	0.07%	10,863	$5M	added+5%	+0.02 pp	6 q
SONYSony Group Corporation	0.06%	49,680	$4M	added×3.1	+0.04 pp	2 q
BALLBall Corporation	0.05%	46,000	$3M	held	—	13 q
MTSIMACOM Technology Solutions Holdings, Inc	0.05%	69,000	$3M	added+17%	+0.01 pp	5 q
MRVLMarvell Technology, Inc.	0.05%	85,000	$4M	added+13%	−0.01 pp	5 q
TMOThermo Fisher Scientific, Inc.	0.05%	6,500	$4M	added×3.3	+0.04 pp	3 q
LBTYALiberty Global Ltd. Class A	0.05%	179,000	$4M	held	—	30 q
WRBW.R. Berkley Corporation	0.04%	40,500	$3M	held	—	21 q
GHCGraham Holdings Company	0.04%	5,200	$3M	held	—	30 q
IFFInternational Flavors & Fragrances Inc.	0.04%	23,000	$3M	held	—	20 q
unresolvedBrookfield Asset Mgmt Reins	0.04%	60,101	$3M	held	—	5 q
CBRLCracker Barrel Old Country Store, Inc,.	0.03%	27,500	$2M	new	+0.03 pp	new
ODFLOld Dominion Freight Line	0.03%	8,000	$2M	new	+0.03 pp	new
SMGThe Scotts Miracle-Gro Company	0.03%	23,500	$2M	added×3.6	+0.02 pp	2 q
SHOPShopify Inc. Class A subordinate voting shares	0.03%	62,500	$2M	added×2.3	+0.01 pp	2 q
SPOTSpotify Technology S.A.	0.03%	25,900	$2M	added×2.0	+0.01 pp	4 q
CSGPCoStar Group Inc	0.02%	18,600	$1M	added+6%	+0.01 pp	3 q
EMNEastman Chemical Company	0.02%	17,450	$2M	held	—	10 q
unresolvedHagerty Inc	0.02%	540,000	$2M	held	—	3 q
PYPLPayPal Holdings, Inc.	0.02%	22,261	$2M	added×2.1	+0.01 pp	2 q
VNTVontier Corporation	0.02%	49,873	$1M	new	+0.02 pp	new
WTWWillis Towers Watson Public Limited Company	0.02%	6,507	$1M	added×3.2	+0.01 pp	2 q
CECelanese Corporation	0.01%	4,800	$564,000	held	—	6 q
ITGartner, Inc.	0.01%	3,000	$726,000	added+20%	0.00 pp	2 q
ICEIntercontinental Exchange Inc.	0.01%	5,120	$481,000	held	—	6 q
INTUIntuit Inc	0.01%	2,720	$1M	held	—	4 q
LAMRLamar Advertising Co	0.01%	8,500	$748,000	held	—	10 q
AXTAAxalta Coating Systems Ltd.	0.01%	28,442	$629,000	added+38%	0.00 pp	2 q
unresolvedDuck Creek Technologies	0.00%	12,250	$182,000	added+32%	0.00 pp	2 q
UAUnder Armour, Inc. Class C, $0.0003 1/3 par value	0.00%	25,304	$192,000	new	0.00 pp	new
unresolvedColfax Corp	—	−1,135,070	—	exited	−0.54 pp	—
YAlleghany Corporation	—	−4,328	—	exited	−0.04 pp	—