Markel Group

Q3 2022 13F · by Tom Gayner, portfolio manager

As of: Sep 30, 2022
Filed: Nov 4, 2022
US stock: $6.8B · prev $7.0B
Positions: 131 · prev 131
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%

Moves51 since the prior filing

+1.2 pp in · −0.1 pp out

New 1 0.00 pp
Added 48 +1.20 pp
Trimmed 1 −0.09 pp
Exited 1 −0.05 pp

The book

Focused · behaves like 40 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Low turnover · 0.6% a year, more than 30 years per position

Low
Moderate
High

Top 5 positions26% of US stock

BRK.A Berkshire Hathaway Inc. held held6.7%
BRK.B BERKSHIRE HATHAWAY Class B held held6.0%
unresolved Brookfield Asset Mgmt Inc held held5.3%
GOOG Alphabet Inc. Class C held held3.9%
HD Home Depot, Inc. held held3.8%

Positions131 in this filing · 1 exited


BRK.ABerkshire Hathaway Inc.	6.68%	1,114	$453M	held	—	31 q
BRK.BBERKSHIRE HATHAWAY Class B	6.04%	1,531,971	$409M	held	—	31 q
unresolvedBrookfield Asset Mgmt Inc	5.26%	8,715,741	$356M	held	—	31 q
GOOGAlphabet Inc. Class C	3.90%	2,749,860	$264M	held	—	31 q
HDHome Depot, Inc.	3.75%	920,000	$254M	held	—	31 q
DEDeere & Company	3.72%	755,800	$252M	held	—	31 q
DEODiageo plc	3.38%	1,350,208	$229M	held	—	31 q
AMZNAmazon.Com Inc	3.31%	1,983,360	$224M	added0%	+0.30 pp	28 q
DISThe Walt Disney Company	2.77%	1,991,665	$188M	added+1%	+0.12 pp	31 q
VVISA Inc.	2.52%	962,779	$171M	held	—	31 q
AAPLApple Inc.	2.46%	1,206,990	$167M	held	—	30 q
ADIAnalog Devices, Inc.	2.24%	1,090,071	$152M	added+1%	−0.02 pp	27 q
RLIRLI Corp.	1.81%	1,197,272	$123M	held	—	31 q
BLQADBlackrock Inc	1.79%	220,200	$121M	held	—	31 q
WSOWatsco, Inc.	1.76%	462,250	$119M	added+4%	+0.24 pp	31 q
ADMArcher Daniels Midland Company	1.74%	1,463,300	$118M	held	—	31 q
LOWLowe's Companies Inc.	1.65%	596,980	$112M	added+1%	+0.18 pp	31 q
MSFTMicrosoft Corp	1.65%	479,980	$112M	held	—	28 q
TXNTexas Instruments Incorporated	1.65%	724,000	$112M	held	—	27 q
NVONovo-Nordisk A/S	1.58%	1,075,000	$107M	held	—	31 q
GSGoldman Sachs Group Inc.	1.55%	357,360	$105M	added+4%	+0.09 pp	27 q
BXBlackstone Inc.	1.52%	1,229,000	$103M	held	—	31 q
JNJJohnson & Johnson	1.47%	610,800	$100M	held	—	31 q
MRSHMarsh	1.38%	628,500	$94M	added+1%	−0.01 pp	31 q
PGRProgressive Corporation	1.29%	753,750	$88M	held	—	19 q
GDGeneral Dynamics Corporation	1.22%	391,000	$83M	held	—	31 q
SCHWThe Charles Schwab Corporation	1.18%	1,116,300	$80M	added+1%	+0.18 pp	31 q
AXPAmerican Express Company	0.96%	484,250	$65M	held	—	31 q
KKRKKR & Co. Inc.	0.91%	1,427,023	$61M	added0%	−0.03 pp	17 q
MSCIMSCI, Inc.	0.89%	142,450	$60M	added0%	+0.05 pp	31 q
ITWIllinois Tool Works Inc.	0.87%	327,500	$59M	held	—	31 q
MAMastercard Incorporated	0.87%	207,540	$59M	held	—	31 q
BF.ABrown-Forman Corporation Class A	0.84%	843,000	$57M	held	—	31 q
REGNRegeneron Pharmaceuticals Inc	0.82%	80,300	$55M	held	—	7 q
MCOMoody's Corporation	0.77%	213,490	$52M	added0%	−0.06 pp	31 q
NSCNorfolk Southern Corp.	0.71%	229,500	$48M	held	—	31 q
CATCaterpillar Inc.	0.70%	287,500	$47M	held	—	31 q
APOApollo Global Management, Inc.	0.69%	1,012,500	$47M	held	—	3 q
FDSFactset Research Systems	0.69%	116,720	$47M	held	—	31 q
SPGIS&P Global Inc.	0.68%	150,290	$46M	added0%	−0.04 pp	26 q
SBUXStarbucks Corp	0.66%	532,318	$45M	held	—	24 q
ROLRollins, Inc.	0.65%	1,275,275	$44M	added+1%	+0.02 pp	31 q
ACNAccenture PLC	0.61%	159,400	$41M	held	—	31 q
DGDollar General Corp.	0.60%	170,250	$41M	added+11%	+0.06 pp	5 q
ECLEcolab, Inc.	0.58%	274,300	$40M	held	—	31 q
HEI.AHeico Corp Cl A	0.58%	343,144	$39M	held	—	26 q
NVRNVR, Inc.	0.58%	9,789	$39M	added+1%	+0.03 pp	16 q
WHRWhirlpool Corp.	0.56%	282,049	$38M	held	—	18 q
AIYActivision Blizzard Inc	0.50%	453,600	$34M	held	—	18 q
GOOGLAlphabet Inc. Class A	0.50%	356,500	$34M	added+7%	−0.02 pp	28 q
CGThe Carlyle Group Inc.	0.50%	1,307,000	$34M	added+6%	−0.06 pp	11 q
TROWT Rowe Price Group Inc	0.49%	314,000	$33M	held	—	31 q
ROKRockwell Automation, Inc.	0.49%	154,900	$33M	held	—	30 q
BF.BBrown-Forman Corporation Class B	0.47%	474,187	$32M	held	—	31 q
CVSCvs Health Corporation	0.47%	332,000	$32M	held	—	31 q
NKENike, Inc.	0.45%	366,000	$30M	held	—	31 q
ITICInvestors Title Co	0.44%	213,300	$30M	held	—	31 q
MMM3M Company	0.44%	269,750	$30M	held	—	31 q
SRCLStericycle Inc	0.42%	668,700	$28M	added+2%	+0.01 pp	26 q
METAMeta Platforms, Inc. Class A	0.40%	197,781	$27M	added+7%	−0.02 pp	28 q
unresolvedHagerty Inc	0.40%	3,000,000	$27M	held	—	4 q
SEICSEI Investments Co	0.40%	559,200	$27M	held	—	31 q
99952EURLinde PLC/OLD	0.38%	94,400	$25M	held	—	16 q
TSNTyson Foods, Inc.	0.37%	384,500	$25M	held	—	24 q
CMCSAComcast Corp	0.36%	826,809	$24M	added+14%	−0.05 pp	26 q
JPMJPMorgan Chase & Co.	0.33%	216,550	$23M	held	—	30 q
LSXMKLiberty Media Cor-siriusxm C	0.29%	522,000	$20M	held	—	26 q
AONAon plc Class A	0.29%	74,050	$20M	added+7%	+0.02 pp	8 q
SHWThe Sherwin-Williams Company	0.28%	94,172	$19M	held	—	16 q
COSTCostco Wholesale Corp	0.27%	39,150	$18M	held	—	31 q
RTXRTX Corporation	0.27%	224,000	$18M	held	—	31 q
ENOVEnovis Corporation	0.26%	378,356	$17M	held	—	2 q
PAYXPaychex Inc	0.25%	150,000	$17M	held	—	31 q
UNPUnion Pacific Corp.	0.25%	85,778	$17M	held	—	28 q
ALLThe Allstate Corporation	0.24%	128,550	$16M	added+10%	+0.03 pp	8 q
LM03Liberty Media Cor-siriusxm A	0.24%	426,000	$16M	held	—	26 q
LBRDALiberty Broadband Corporation Class A	0.23%	205,250	$15M	held	—	31 q
PEPPepsiCo, Inc.	0.23%	96,210	$16M	held	—	31 q
VRSKVerisk Analytics, Inc.	0.23%	90,000	$15M	added+8%	+0.02 pp	31 q
BNYBank of New York Mellon Corporation	0.21%	361,250	$14M	added+1%	0.00 pp	14 q
HCSGHealthcare Services Group	0.21%	1,200,500	$15M	held	—	23 q
TPLTexas Pacific Land Corporation	0.21%	7,900	$14M	held	—	6 q
CSCOCisco Systems, Inc. (DE)	0.20%	342,000	$14M	held	—	27 q
ESABESAB Corporation	0.19%	378,356	$13M	held	—	2 q
FDXFedEx Corporation	0.19%	87,500	$13M	added+20%	−0.05 pp	4 q
THGThe Hanover Insurance Group, Inc.	0.19%	102,000	$13M	added+34%	+0.03 pp	3 q
LBRDKLiberty Broadband Corporation Class C	0.19%	172,113	$13M	held	—	31 q
EFXEquifax, Incorporated	0.18%	70,850	$12M	added+2%	0.00 pp	16 q
AMTAmerican Tower Corporation	0.16%	51,910	$11M	held	—	25 q
CABOCable One, Inc.	0.15%	11,700	$10M	added+15%	−0.04 pp	29 q
NFLXNetFlix Inc	0.15%	43,000	$10M	held	—	2 q
CCKCrown Holdings Inc.	0.14%	121,000	$10M	added+4%	−0.01 pp	17 q
HXLHexcel Corporation	0.14%	189,000	$10M	held	—	24 q
PMPhilip Morris International Inc.	0.14%	114,500	$10M	held	—	31 q
CARRCarrier Global Corporation	0.12%	235,000	$8M	held	—	10 q
CBRLCracker Barrel Old Country Store, Inc,.	0.12%	86,500	$8M	added×3.1	+0.09 pp	2 q
WFCWells Fargo & Co.	0.12%	200,450	$8M	added+3%	+0.01 pp	18 q
OTISOtis Worldwide Corporation	0.11%	114,620	$7M	held	—	10 q
EAElectronic Arts Inc	0.10%	60,800	$7M	added+7%	0.00 pp	3 q
OIO-I Glass, Inc.	0.09%	468,700	$6M	added0%	0.00 pp	12 q
TRUTransUnion	0.09%	99,050	$6M	added+3%	−0.02 pp	16 q
MRVLMarvell Technology, Inc.	0.08%	130,000	$6M	added+53%	+0.03 pp	6 q
SONYSony Group Corporation	0.08%	79,596	$5M	added+60%	+0.02 pp	3 q
ODFLOld Dominion Freight Line	0.07%	19,500	$5M	added×2.4	+0.04 pp	2 q
LMTLockheed Martin Corp.	0.06%	10,863	$4M	held	—	7 q
TMOThermo Fisher Scientific, Inc.	0.06%	7,800	$4M	added+20%	+0.01 pp	4 q
WRBW.R. Berkley Corporation	0.04%	40,500	$3M	held	—	22 q
GHCGraham Holdings Company	0.04%	5,200	$3M	held	—	31 q
PYPLPayPal Holdings, Inc.	0.04%	34,597	$3M	added+55%	+0.02 pp	3 q
SMGThe Scotts Miracle-Gro Company	0.04%	57,500	$2M	added×2.4	+0.01 pp	3 q
SHOPShopify Inc. Class A subordinate voting shares	0.04%	92,750	$2M	added+48%	+0.01 pp	3 q
unresolvedBrookfield Asset Mgmt Reins	0.04%	60,101	$2M	held	—	6 q
LBTYALiberty Global Ltd. Class A	0.04%	179,000	$3M	held	—	31 q
BALLBall Corporation	0.03%	47,000	$2M	added+2%	−0.02 pp	14 q
IFFInternational Flavors & Fragrances Inc.	0.03%	23,000	$2M	held	—	21 q
SPOTSpotify Technology S.A.	0.03%	25,900	$2M	held	—	5 q
CECelanese Corporation	0.02%	16,800	$2M	added×3.5	+0.01 pp	7 q
CSGPCoStar Group Inc	0.02%	18,600	$1M	held	—	4 q
EMNEastman Chemical Company	0.02%	17,450	$1M	held	—	11 q
ITGartner, Inc.	0.02%	4,500	$1M	added+50%	+0.01 pp	3 q
unresolvedHagerty Inc	0.02%	540,000	$1M	held	—	4 q
ICEIntercontinental Exchange Inc.	0.02%	16,171	$1M	added×3.2	+0.01 pp	7 q
INTUIntuit Inc	0.02%	2,720	$1M	held	—	5 q
TRUPTrupanion, Inc.	0.02%	21,377	$1M	trimmed−84%	−0.09 pp	14 q
VNTVontier Corporation	0.02%	86,509	$1M	added+73%	0.00 pp	2 q
WTWWillis Towers Watson Public Limited Company	0.02%	6,507	$1M	held	—	3 q
LAMRLamar Advertising Co	0.01%	8,500	$701,000	held	—	11 q
AXTAAxalta Coating Systems Ltd.	0.01%	28,442	$599,000	held	—	3 q
unresolvedDuck Creek Technologies	0.00%	21,250	$252,000	added+73%	0.00 pp	3 q
UAUnder Armour, Inc. Class C, $0.0003 1/3 par value	0.00%	38,691	$231,000	added+53%	0.00 pp	2 q
RNRRenaissanceRe Holdings Ltd.	0.00%	2,000	$281,000	new	0.00 pp	new
MTSIMACOM Technology Solutions Holdings, Inc	—	−69,000	—	exited	−0.05 pp	—