Markel Group

Q1 2023 13F · by Tom Gayner, CEO

As of: Mar 31, 2023
Filed: Apr 28, 2023
US stock: $7.9B · prev $7.5B
Positions: 131 · prev 134
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

+3.0 pp in · −1.1 pp out

New 3 +0.53 pp
Added 40 +2.52 pp
Trimmed 2 −0.08 pp
Exited 6 −1.04 pp

The book

Diversified · behaves like 42 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Low turnover · 4.5% a year, about 22.1 years per position

Low
Moderate
High

Top 5 positions24% of US stock

BRK.A Berkshire Hathaway Inc. held held6.6%
BRK.B BERKSHIRE HATHAWAY Class B held held6.0%
DE Deere & Company held held4.0%
GOOG Alphabet Inc. Class C held held3.6%
BN Brookfield Corporation held held3.6%

Positions131 in this filing · 6 exited


BRK.ABerkshire Hathaway Inc.	6.60%	1,114	$519M	held	—	33 q
BRK.BBERKSHIRE HATHAWAY Class B	6.02%	1,531,971	$473M	held	—	33 q
DEDeere & Company	3.97%	755,800	$312M	held	—	33 q
GOOGAlphabet Inc. Class C	3.64%	2,749,860	$286M	held	—	33 q
BNBrookfield Corporation	3.61%	8,715,741	$284M	held	—	2 q
HDHome Depot, Inc.	3.45%	920,000	$272M	held	—	33 q
DEODiageo plc	3.11%	1,350,208	$245M	held	—	33 q
ADIAnalog Devices, Inc.	2.80%	1,116,071	$220M	added+1%	+0.36 pp	29 q
VVISA Inc.	2.77%	964,320	$217M	added0%	+0.09 pp	33 q
AMZNAmazon.Com Inc	2.64%	2,009,360	$208M	added+1%	+0.39 pp	30 q
DISThe Walt Disney Company	2.57%	2,018,665	$202M	added+1%	+0.23 pp	33 q
AAPLApple Inc.	2.53%	1,206,990	$199M	held	—	32 q
NVONovo-Nordisk A/S	2.18%	1,075,000	$171M	held	—	33 q
WSOWatsco, Inc.	2.14%	528,750	$168M	added+6%	+0.47 pp	33 q
RLIRLI Corp.	2.02%	1,197,272	$159M	held	—	33 q
BLQADBlackrock Inc	1.87%	220,200	$147M	held	—	33 q
MSFTMicrosoft Corp	1.76%	479,980	$138M	held	—	30 q
TXNTexas Instruments Incorporated	1.71%	724,000	$135M	held	—	29 q
LOWLowe's Companies Inc.	1.58%	619,480	$124M	added+2%	−0.04 pp	33 q
GSGoldman Sachs Group Inc.	1.50%	359,360	$118M	held	—	29 q
ADMArcher Daniels Midland Company	1.48%	1,463,300	$117M	held	—	33 q
MRSHMarsh	1.38%	650,500	$108M	added+2%	−0.04 pp	33 q
BXBlackstone Inc.	1.37%	1,229,000	$108M	held	—	33 q
PGRProgressive Corporation	1.37%	753,750	$108M	held	—	21 q
JNJJohnson & Johnson	1.20%	610,800	$95M	held	—	33 q
GDGeneral Dynamics Corporation	1.14%	391,000	$89M	held	—	33 q
AXPAmerican Express Company	1.02%	484,250	$80M	held	—	33 q
MSCIMSCI, Inc.	1.02%	142,850	$80M	held	—	33 q
ITWIllinois Tool Works Inc.	1.01%	327,500	$80M	held	—	33 q
MAMastercard Incorporated	0.96%	207,540	$75M	held	—	33 q
KKRKKR & Co. Inc.	0.95%	1,427,023	$75M	held	—	19 q
BAMBrookfield Asset Management Ltd.	0.91%	2,193,958	$72M	held	—	2 q
CATCaterpillar Inc.	0.84%	287,500	$66M	held	—	33 q
MCOMoody's Corporation	0.83%	213,890	$65M	held	—	33 q
APOApollo Global Management, Inc.	0.81%	1,012,500	$64M	held	—	5 q
SCHWThe Charles Schwab Corporation	0.78%	1,166,672	$61M	added+3%	−0.49 pp	33 q
DGDollar General Corp.	0.75%	279,250	$59M	added+51%	+0.14 pp	7 q
NVRNVR, Inc.	0.73%	10,264	$57M	added+2%	+0.11 pp	18 q
AIYActivision Blizzard Inc	0.71%	650,600	$56M	added+5%	+0.07 pp	20 q
SBUXStarbucks Corp	0.71%	532,318	$55M	held	—	26 q
GOOGLAlphabet Inc. Class A	0.70%	533,000	$55M	added+43%	+0.26 pp	30 q
BF.ABrown-Forman Corporation Class A	0.70%	843,000	$55M	held	—	33 q
SPGIS&P Global Inc.	0.66%	150,690	$52M	held	—	28 q
METAMeta Platforms, Inc. Class A	0.65%	242,281	$51M	added+6%	+0.28 pp	30 q
HEI.AHeico Corp Cl A	0.64%	370,644	$50M	added+5%	+0.07 pp	28 q
ROLRollins, Inc.	0.63%	1,321,275	$50M	added+2%	−0.01 pp	33 q
FDSFactset Research Systems	0.62%	116,720	$48M	held	—	33 q
NSCNorfolk Southern Corp.	0.62%	229,500	$49M	held	—	33 q
ECLEcolab, Inc.	0.58%	274,300	$45M	held	—	33 q
NKENike, Inc.	0.58%	368,900	$45M	held	—	33 q
ROKRockwell Automation, Inc.	0.58%	154,900	$45M	held	—	32 q
ACNAccenture PLC	0.58%	159,400	$46M	held	—	33 q
CGThe Carlyle Group Inc.	0.52%	1,327,000	$41M	held	—	13 q
CMCSAComcast Corp	0.49%	1,005,716	$38M	added+8%	+0.05 pp	28 q
WHRWhirlpool Corp.	0.47%	282,049	$37M	held	—	20 q
LINLinde plc	0.47%	104,900	$37M	new	+0.47 pp	new
TROWT Rowe Price Group Inc	0.45%	314,000	$35M	held	—	33 q
SEICSEI Investments Co	0.43%	589,200	$34M	held	—	33 q
ITICInvestors Title Co	0.41%	213,300	$32M	held	—	33 q
BF.BBrown-Forman Corporation Class B	0.39%	474,187	$30M	held	—	33 q
MMM3M Company	0.39%	293,750	$31M	added+2%	−0.07 pp	33 q
SRCLStericycle Inc	0.37%	671,071	$29M	held	—	28 q
JPMJPMorgan Chase & Co.	0.36%	216,550	$28M	held	—	32 q
FDXFedEx Corporation	0.35%	120,000	$27M	added+12%	+0.10 pp	6 q
AONAon plc Class A	0.35%	86,550	$27M	added+8%	+0.03 pp	10 q
LMTLockheed Martin Corp.	0.34%	56,363	$27M	held	—	9 q
unresolvedHagerty Inc	0.33%	3,000,000	$26M	held	—	6 q
CVSCvs Health Corporation	0.31%	332,000	$25M	held	—	33 q
TSNTyson Foods, Inc.	0.31%	413,000	$24M	added+7%	−0.01 pp	26 q
RTXRTX Corporation	0.28%	224,000	$22M	held	—	33 q
SHWThe Sherwin-Williams Company	0.27%	94,172	$21M	held	—	18 q
ESABESAB Corporation	0.26%	348,356	$21M	trimmed−8%	+0.02 pp	4 q
COSTCostco Wholesale Corp	0.25%	39,150	$19M	held	—	33 q
VRSKVerisk Analytics, Inc.	0.25%	102,500	$20M	added+7%	+0.02 pp	33 q
CABOCable One, Inc.	0.24%	26,700	$19M	held	—	31 q
CSCOCisco Systems, Inc. (DE)	0.23%	342,000	$18M	held	—	29 q
EFXEquifax, Incorporated	0.23%	87,850	$18M	held	—	18 q
THGThe Hanover Insurance Group, Inc.	0.23%	138,000	$18M	added+14%	+0.01 pp	5 q
ODFLOld Dominion Freight Line	0.22%	50,500	$17M	added+35%	+0.08 pp	4 q
PAYXPaychex Inc	0.22%	150,000	$17M	held	—	33 q
PEPPepsiCo, Inc.	0.22%	96,210	$18M	held	—	33 q
UNPUnion Pacific Corp.	0.22%	85,778	$17M	held	—	30 q
BNYBank of New York Mellon Corporation	0.21%	365,250	$17M	held	—	16 q
LBRDALiberty Broadband Corporation Class A	0.21%	205,250	$17M	held	—	33 q
CCKCrown Holdings Inc.	0.20%	188,000	$16M	added+6%	0.00 pp	19 q
LSXMKLiberty Media Cor-siriusxm C	0.19%	522,000	$15M	held	—	28 q
ALLThe Allstate Corporation	0.18%	128,550	$14M	held	—	10 q
LBRDKLiberty Broadband Corporation Class C	0.18%	172,113	$14M	held	—	33 q
CBRLCracker Barrel Old Country Store, Inc,.	0.16%	110,000	$12M	added+13%	+0.04 pp	4 q
HXLHexcel Corporation	0.16%	189,000	$13M	held	—	26 q
LM03Liberty Media Cor-siriusxm A	0.15%	426,000	$12M	held	—	28 q
CARRCarrier Global Corporation	0.14%	235,000	$11M	held	—	12 q
OIO-I Glass, Inc.	0.14%	468,900	$11M	held	—	14 q
PMPhilip Morris International Inc.	0.14%	114,500	$11M	held	—	33 q
AMTAmerican Tower Corporation	0.13%	51,910	$11M	held	—	27 q
SMGThe Scotts Miracle-Gro Company	0.13%	149,735	$10M	added+16%	+0.05 pp	5 q
EAElectronic Arts Inc	0.12%	80,800	$10M	added+33%	+0.02 pp	5 q
OTISOtis Worldwide Corporation	0.12%	114,620	$10M	held	—	12 q
SONYSony Group Corporation	0.12%	105,121	$10M	added+5%	+0.02 pp	5 q
WFCWells Fargo & Co.	0.10%	204,450	$8M	held	—	20 q
CECelanese Corporation	0.09%	62,800	$7M	added+37%	+0.03 pp	9 q
HCSGHealthcare Services Group	0.09%	508,000	$7M	trimmed−58%	−0.10 pp	25 q
MRVLMarvell Technology, Inc.	0.09%	160,000	$7M	held	—	8 q
TRUTransUnion	0.08%	101,050	$6M	held	—	18 q
TGTTarget Corporation	0.07%	31,000	$5M	added×4.1	+0.06 pp	2 q
COFCapital One Financial	0.06%	46,000	$4M	added×6.1	+0.05 pp	2 q
PYPLPayPal Holdings, Inc.	0.06%	59,877	$5M	added+23%	+0.01 pp	5 q
SHOPShopify Inc. Class A subordinate voting shares	0.06%	102,750	$5M	held	—	5 q
TMOThermo Fisher Scientific, Inc.	0.06%	8,200	$5M	held	—	6 q
RNRRenaissanceRe Holdings Ltd.	0.06%	24,000	$5M	added+71%	+0.03 pp	3 q
KMXCarMax Inc.	0.05%	56,000	$4M	added+60%	+0.02 pp	2 q
EMNEastman Chemical Company	0.05%	49,950	$4M	added+54%	+0.01 pp	13 q
LPLALPL Financial Holdings Inc.	0.05%	19,670	$4M	added×7.3	+0.04 pp	2 q
BALLBall Corporation	0.04%	51,000	$3M	held	—	16 q
GHCGraham Holdings Company	0.04%	5,200	$3M	held	—	33 q
ICEIntercontinental Exchange Inc.	0.04%	33,077	$3M	added+87%	+0.02 pp	9 q
IQVIQVIA Holdings Inc.	0.04%	14,659	$3M	new	+0.04 pp	new
VNTVontier Corporation	0.04%	110,853	$3M	added+12%	+0.01 pp	4 q
LBTYALiberty Global Ltd. Class A	0.04%	179,000	$3M	held	—	33 q
SPOTSpotify Technology S.A.	0.04%	25,900	$3M	held	—	7 q
WRBW.R. Berkley Corporation	0.03%	40,500	$3M	held	—	24 q
IFFInternational Flavors & Fragrances Inc.	0.03%	23,000	$2M	held	—	23 q
unresolvedBrookfield Reins Ltd	0.03%	60,101	$2M	held	—	2 q
WTWWillis Towers Watson Public Limited Company	0.03%	8,627	$2M	added+13%	+0.01 pp	5 q
CSGPCoStar Group Inc	0.02%	18,600	$1M	held	—	6 q
ITGartner, Inc.	0.02%	5,700	$2M	held	—	5 q
unresolvedHagerty Inc	0.02%	540,000	$1M	held	—	6 q
INTUIntuit Inc	0.02%	2,720	$1M	held	—	7 q
SKWDSkyward Specialty Insurance Group, Inc.	0.02%	60,064	$1M	new	+0.02 pp	new
DNBDun & Bradstreet Holdings, Inc.	0.01%	80,000	$939,200	added+23%	0.00 pp	2 q
LAMRLamar Advertising Co	0.01%	8,500	$849,065	held	—	13 q
99952EURLinde PLC/OLD	—	−98,400	—	exited	−0.43 pp	—
REGNRegeneron Pharmaceuticals Inc	—	−30,500	—	exited	−0.30 pp	—
NFLXNetFlix Inc	—	−43,000	—	exited	−0.17 pp	—
ENOVEnovis Corporation	—	−178,356	—	exited	−0.13 pp	—
AXTAAxalta Coating Systems Ltd.	—	−28,442	—	exited	−0.01 pp	—
unresolvedDuck Creek Technologies	—	−25,250	—	exited	0.00 pp	—