Markel Group

Q4 2022 13F · by Tom Gayner, portfolio manager

As of: Dec 31, 2022
Filed: Feb 3, 2023
US stock: $7.5B · prev $6.8B
Positions: 134 · 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%

Moves72 since the prior filing

+5.0 pp in · −6.2 pp out

New 8 +4.62 pp
Added 57 +0.39 pp
Trimmed 2 −0.65 pp
Exited 5 −5.53 pp

The book

Diversified · behaves like 41 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Low turnover · 23% a year, about 4.4 years per position

Low
Moderate
High

Top 5 positions25% of US stock

BRK.A Berkshire Hathaway Inc. held held7.0%
BRK.B BERKSHIRE HATHAWAY Class B held held6.3%
DE Deere & Company held held4.3%
HD Home Depot, Inc. held held3.9%
BN Brookfield Corporation new+3.68 pp new+3.683.7%

Positions134 in this filing · 5 exited


BRK.ABerkshire Hathaway Inc.	7.00%	1,114	$522M	held	—	32 q
BRK.BBERKSHIRE HATHAWAY Class B	6.34%	1,531,971	$473M	held	—	32 q
DEDeere & Company	4.34%	755,800	$324M	held	—	32 q
HDHome Depot, Inc.	3.90%	920,000	$291M	held	—	32 q
BNBrookfield Corporation	3.68%	8,715,741	$274M	new	+3.68 pp	new
GOOGAlphabet Inc. Class C	3.27%	2,749,860	$244M	held	—	32 q
DEODiageo plc	3.23%	1,350,208	$241M	held	—	32 q
VVISA Inc.	2.68%	963,261	$200M	added0%	+0.16 pp	32 q
ADIAnalog Devices, Inc.	2.44%	1,109,071	$182M	added+2%	+0.20 pp	28 q
DISThe Walt Disney Company	2.34%	2,005,665	$174M	added+1%	−0.43 pp	32 q
AMZNAmazon.Com Inc	2.25%	1,997,860	$168M	added+1%	−1.06 pp	29 q
RLIRLI Corp.	2.11%	1,197,272	$157M	held	—	32 q
AAPLApple Inc.	2.10%	1,206,990	$157M	held	—	31 q
BLQADBlackrock Inc	2.09%	220,200	$156M	held	—	32 q
NVONovo-Nordisk A/S	1.95%	1,075,000	$145M	held	—	32 q
ADMArcher Daniels Midland Company	1.82%	1,463,300	$136M	held	—	32 q
WSOWatsco, Inc.	1.67%	500,250	$125M	added+8%	−0.09 pp	32 q
GSGoldman Sachs Group Inc.	1.65%	359,360	$123M	added+1%	+0.10 pp	28 q
LOWLowe's Companies Inc.	1.62%	606,480	$121M	added+2%	−0.03 pp	32 q
TXNTexas Instruments Incorporated	1.60%	724,000	$120M	held	—	28 q
MSFTMicrosoft Corp	1.54%	479,980	$115M	held	—	29 q
JNJJohnson & Johnson	1.45%	610,800	$108M	held	—	32 q
MRSHMarsh	1.42%	640,500	$106M	added+2%	+0.04 pp	32 q
PGRProgressive Corporation	1.31%	753,750	$98M	held	—	20 q
GDGeneral Dynamics Corporation	1.30%	391,000	$97M	held	—	32 q
SCHWThe Charles Schwab Corporation	1.27%	1,135,300	$95M	added+2%	+0.09 pp	32 q
BXBlackstone Inc.	1.22%	1,229,000	$91M	held	—	32 q
ITWIllinois Tool Works Inc.	0.97%	327,500	$72M	held	—	32 q
MAMastercard Incorporated	0.97%	207,540	$72M	held	—	32 q
AXPAmerican Express Company	0.96%	484,250	$72M	held	—	32 q
CATCaterpillar Inc.	0.92%	287,500	$69M	held	—	32 q
KKRKKR & Co. Inc.	0.89%	1,427,023	$66M	held	—	18 q
MSCIMSCI, Inc.	0.89%	142,850	$66M	added0%	0.00 pp	32 q
APOApollo Global Management, Inc.	0.87%	1,012,500	$65M	held	—	4 q
BAMBrookfield Asset Management Ltd.	0.84%	2,193,958	$63M	new	+0.84 pp	new
MCOMoody's Corporation	0.80%	213,890	$60M	added0%	+0.03 pp	32 q
NSCNorfolk Southern Corp.	0.76%	229,500	$57M	held	—	32 q
BF.ABrown-Forman Corporation Class A	0.74%	843,000	$55M	held	—	32 q
SBUXStarbucks Corp	0.71%	532,318	$53M	held	—	25 q
SPGIS&P Global Inc.	0.68%	150,690	$50M	added0%	0.00 pp	27 q
AIYActivision Blizzard Inc	0.64%	620,600	$48M	added+37%	+0.14 pp	19 q
ROLRollins, Inc.	0.64%	1,297,775	$47M	added+2%	−0.01 pp	32 q
FDSFactset Research Systems	0.63%	116,720	$47M	held	—	32 q
NVRNVR, Inc.	0.62%	10,029	$46M	added+2%	+0.04 pp	17 q
DGDollar General Corp.	0.61%	185,250	$46M	added+9%	+0.01 pp	6 q
NKENike, Inc.	0.58%	368,900	$43M	added+1%	+0.13 pp	32 q
HEI.AHeico Corp Cl A	0.57%	354,644	$43M	added+3%	−0.01 pp	27 q
ACNAccenture PLC	0.57%	159,400	$43M	held	—	32 q
ECLEcolab, Inc.	0.54%	274,300	$40M	held	—	32 q
CGThe Carlyle Group Inc.	0.53%	1,327,000	$40M	added+2%	+0.03 pp	12 q
ROKRockwell Automation, Inc.	0.53%	154,900	$40M	held	—	31 q
WHRWhirlpool Corp.	0.53%	282,049	$40M	held	—	19 q
TROWT Rowe Price Group Inc	0.46%	314,000	$34M	held	—	32 q
SEICSEI Investments Co	0.46%	589,200	$34M	added+5%	+0.06 pp	32 q
MMM3M Company	0.46%	287,750	$35M	added+7%	+0.02 pp	32 q
SRCLStericycle Inc	0.45%	671,071	$33M	added0%	+0.03 pp	27 q
GOOGLAlphabet Inc. Class A	0.44%	373,000	$33M	added+5%	−0.06 pp	29 q
CMCSAComcast Corp	0.44%	930,572	$33M	added+13%	+0.08 pp	27 q
99952EURLinde PLC/OLD	0.43%	98,400	$32M	added+4%	+0.05 pp	17 q
BF.BBrown-Forman Corporation Class B	0.42%	474,187	$31M	held	—	32 q
ITICInvestors Title Co	0.42%	213,300	$31M	held	—	32 q
CVSCvs Health Corporation	0.41%	332,000	$31M	held	—	32 q
JPMJPMorgan Chase & Co.	0.39%	216,550	$29M	held	—	31 q
METAMeta Platforms, Inc. Class A	0.37%	228,017	$27M	added+15%	−0.03 pp	29 q
LMTLockheed Martin Corp.	0.37%	56,363	$27M	added×5.2	+0.31 pp	8 q
unresolvedHagerty Inc	0.34%	3,000,000	$25M	held	—	5 q
TSNTyson Foods, Inc.	0.32%	387,000	$24M	added+1%	−0.05 pp	25 q
AONAon plc Class A	0.32%	80,050	$24M	added+8%	+0.03 pp	9 q
RTXRTX Corporation	0.30%	224,000	$23M	held	—	32 q
REGNRegeneron Pharmaceuticals Inc	0.30%	30,500	$22M	trimmed−62%	−0.52 pp	8 q
SHWThe Sherwin-Williams Company	0.30%	94,172	$22M	held	—	17 q
LSXMKLiberty Media Cor-siriusxm C	0.27%	522,000	$20M	held	—	27 q
CABOCable One, Inc.	0.25%	26,700	$19M	added×2.3	+0.10 pp	30 q
FDXFedEx Corporation	0.25%	107,000	$19M	added+22%	+0.06 pp	5 q
COSTCostco Wholesale Corp	0.24%	39,150	$18M	held	—	32 q
ESABESAB Corporation	0.24%	378,357	$18M	added0%	+0.05 pp	3 q
UNPUnion Pacific Corp.	0.24%	85,778	$18M	held	—	29 q
ALLThe Allstate Corporation	0.23%	128,550	$17M	held	—	9 q
EFXEquifax, Incorporated	0.23%	87,850	$17M	added+24%	+0.05 pp	17 q
PAYXPaychex Inc	0.23%	150,000	$17M	held	—	32 q
PEPPepsiCo, Inc.	0.23%	96,210	$17M	held	—	32 q
VRSKVerisk Analytics, Inc.	0.23%	96,000	$17M	added+7%	0.00 pp	32 q
BNYBank of New York Mellon Corporation	0.22%	365,250	$17M	added+1%	+0.01 pp	15 q
CSCOCisco Systems, Inc. (DE)	0.22%	342,000	$16M	held	—	28 q
THGThe Hanover Insurance Group, Inc.	0.22%	121,000	$16M	added+19%	+0.03 pp	4 q
LM03Liberty Media Cor-siriusxm A	0.22%	426,000	$17M	held	—	27 q
LBRDALiberty Broadband Corporation Class A	0.21%	205,250	$16M	held	—	32 q
CCKCrown Holdings Inc.	0.20%	178,000	$15M	added+47%	+0.06 pp	18 q
HCSGHealthcare Services Group	0.19%	1,200,500	$14M	held	—	24 q
LBRDKLiberty Broadband Corporation Class C	0.18%	172,113	$13M	held	—	32 q
NFLXNetFlix Inc	0.17%	43,000	$13M	held	—	3 q
PMPhilip Morris International Inc.	0.16%	114,500	$12M	held	—	32 q
AMTAmerican Tower Corporation	0.15%	51,910	$11M	held	—	26 q
HXLHexcel Corporation	0.15%	189,000	$11M	held	—	25 q
ODFLOld Dominion Freight Line	0.14%	37,500	$11M	added+92%	+0.07 pp	3 q
CARRCarrier Global Corporation	0.13%	235,000	$10M	held	—	11 q
ENOVEnovis Corporation	0.13%	178,356	$10M	trimmed−53%	−0.13 pp	3 q
CBRLCracker Barrel Old Country Store, Inc,.	0.12%	97,000	$9M	added+12%	0.00 pp	3 q
OTISOtis Worldwide Corporation	0.12%	114,620	$9M	held	—	11 q
WFCWells Fargo & Co.	0.11%	204,450	$8M	added+2%	−0.01 pp	19 q
EAElectronic Arts Inc	0.10%	60,800	$7M	held	—	4 q
OIO-I Glass, Inc.	0.10%	468,900	$8M	added0%	+0.01 pp	13 q
SONYSony Group Corporation	0.10%	99,649	$8M	added+25%	+0.02 pp	4 q
MRVLMarvell Technology, Inc.	0.08%	160,000	$6M	added+23%	0.00 pp	7 q
SMGThe Scotts Miracle-Gro Company	0.08%	129,235	$6M	added×2.2	+0.04 pp	4 q
TRUTransUnion	0.08%	101,050	$6M	added+2%	−0.01 pp	17 q
CECelanese Corporation	0.06%	45,800	$5M	added×2.7	+0.04 pp	8 q
TMOThermo Fisher Scientific, Inc.	0.06%	8,200	$5M	added+5%	0.00 pp	5 q
PYPLPayPal Holdings, Inc.	0.05%	48,713	$3M	added+41%	+0.01 pp	4 q
SHOPShopify Inc. Class A subordinate voting shares	0.05%	102,750	$4M	added+11%	+0.01 pp	4 q
LBTYALiberty Global Ltd. Class A	0.05%	179,000	$3M	held	—	32 q
WRBW.R. Berkley Corporation	0.04%	40,500	$3M	held	—	23 q
EMNEastman Chemical Company	0.04%	32,450	$3M	added+86%	+0.02 pp	12 q
GHCGraham Holdings Company	0.04%	5,200	$3M	held	—	32 q
BALLBall Corporation	0.03%	51,000	$3M	added+9%	0.00 pp	15 q
KMXCarMax Inc.	0.03%	35,000	$2M	new	+0.03 pp	new
ITGartner, Inc.	0.03%	5,700	$2M	added+27%	+0.01 pp	4 q
IFFInternational Flavors & Fragrances Inc.	0.03%	23,000	$2M	held	—	22 q
VNTVontier Corporation	0.03%	98,971	$2M	added+14%	+0.01 pp	3 q
unresolvedBrookfield Reins Ltd	0.03%	60,101	$2M	new	+0.03 pp	new
RNRRenaissanceRe Holdings Ltd.	0.03%	14,000	$3M	added×7.0	+0.03 pp	2 q
SPOTSpotify Technology S.A.	0.03%	25,900	$2M	held	—	6 q
CSGPCoStar Group Inc	0.02%	18,600	$1M	held	—	5 q
unresolvedHagerty Inc	0.02%	540,000	$1M	held	—	5 q
ICEIntercontinental Exchange Inc.	0.02%	17,665	$2M	added+9%	0.00 pp	8 q
WTWWillis Towers Watson Public Limited Company	0.02%	7,615	$2M	added+17%	0.00 pp	4 q
COFCapital One Financial	0.01%	7,500	$697,200	new	+0.01 pp	new
DNBDun & Bradstreet Holdings, Inc.	0.01%	65,000	$796,900	new	+0.01 pp	new
INTUIntuit Inc	0.01%	2,720	$1M	held	—	6 q
LPLALPL Financial Holdings Inc.	0.01%	2,681	$579,552	new	+0.01 pp	new
LAMRLamar Advertising Co	0.01%	8,500	$802,400	held	—	12 q
TGTTarget Corporation	0.01%	7,500	$1M	new	+0.01 pp	new
AXTAAxalta Coating Systems Ltd.	0.01%	28,442	$724,418	held	—	4 q
unresolvedDuck Creek Technologies	0.00%	25,250	$304,263	added+19%	0.00 pp	4 q
unresolvedBrookfield Asset Mgmt Inc	—	−8,715,741	—	exited	−5.26 pp	—
TPLTexas Pacific Land Corporation	—	−7,900	—	exited	−0.21 pp	—
unresolvedBrookfield Asset Mgmt Reins	—	−60,101	—	exited	−0.04 pp	—
TRUPTrupanion, Inc.	—	−21,377	—	exited	−0.02 pp	—
UAUnder Armour, Inc. Class C, $0.0003 1/3 par value	—	−38,691	—	exited	0.00 pp	—