Markel Group

Q2 2023 13F · by Tom Gayner, CEO

As of: Jun 30, 2023
Filed: Aug 4, 2023
US stock: $8.4B · prev $7.9B
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%

Moves53 since the prior filing

+2.7 pp in · −1.1 pp out

New 4 +0.35 pp
Added 41 +2.38 pp
Trimmed 4 −0.41 pp
Exited 4 −0.74 pp

The book

Diversified · behaves like 41 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Low turnover · 4.1% a year, about 24.4 years per position

Low
Moderate
High

Top 5 positions24% of US stock

BRK.A Berkshire Hathaway Inc. held held6.9%
BRK.B BERKSHIRE HATHAWAY Class B held held6.2%
GOOG Alphabet Inc. Class C held held4.0%
DE Deere & Company held held3.6%
BN Brookfield Corporation held held3.5%

Positions131 in this filing · 4 exited


BRK.ABerkshire Hathaway Inc.	6.87%	1,114	$577M	held	—	34 q
BRK.BBERKSHIRE HATHAWAY Class B	6.22%	1,531,971	$522M	held	—	34 q
GOOGAlphabet Inc. Class C	3.96%	2,749,860	$333M	held	—	34 q
DEDeere & Company	3.65%	755,800	$306M	held	—	34 q
BNBrookfield Corporation	3.49%	8,715,741	$293M	held	—	3 q
HDHome Depot, Inc.	3.40%	920,000	$286M	held	—	34 q
AMZNAmazon.Com Inc	3.13%	2,018,860	$263M	added0%	+0.49 pp	31 q
AAPLApple Inc.	2.81%	1,215,990	$236M	added+1%	+0.28 pp	33 q
VVISA Inc.	2.80%	989,270	$235M	added+3%	+0.03 pp	34 q
DEODiageo plc	2.79%	1,350,208	$234M	held	—	34 q
ADIAnalog Devices, Inc.	2.60%	1,122,571	$219M	added+1%	−0.20 pp	30 q
WSOWatsco, Inc.	2.45%	539,250	$206M	added+2%	+0.31 pp	34 q
DISThe Walt Disney Company	2.15%	2,020,665	$180M	added0%	−0.42 pp	34 q
NVONovo-Nordisk A/S	2.07%	1,075,000	$174M	held	—	34 q
MSFTMicrosoft Corp	1.97%	485,980	$165M	added+1%	+0.21 pp	31 q
RLIRLI Corp.	1.95%	1,197,272	$163M	held	—	34 q
BLQADBlackrock Inc	1.81%	220,200	$152M	held	—	34 q
LOWLowe's Companies Inc.	1.70%	632,480	$143M	added+2%	+0.12 pp	34 q
TXNTexas Instruments Incorporated	1.55%	724,000	$130M	held	—	30 q
MRSHMarsh	1.48%	659,500	$124M	added+1%	+0.10 pp	34 q
GSGoldman Sachs Group Inc.	1.38%	359,360	$116M	held	—	30 q
BXBlackstone Inc.	1.36%	1,229,000	$114M	held	—	34 q
ADMArcher Daniels Midland Company	1.32%	1,463,300	$111M	held	—	34 q
JNJJohnson & Johnson	1.20%	610,800	$101M	held	—	34 q
PGRProgressive Corporation	1.19%	753,750	$100M	held	—	22 q
DGDollar General Corp.	1.03%	509,250	$86M	added+82%	+0.28 pp	8 q
AXPAmerican Express Company	1.00%	484,250	$84M	held	—	34 q
GDGeneral Dynamics Corporation	1.00%	391,000	$84M	held	—	34 q
ITWIllinois Tool Works Inc.	0.98%	327,500	$82M	held	—	34 q
KKRKKR & Co. Inc.	0.97%	1,449,023	$81M	added+2%	+0.02 pp	20 q
MAMastercard Incorporated	0.97%	207,540	$82M	held	—	34 q
APOApollo Global Management, Inc.	0.93%	1,012,500	$78M	held	—	6 q
MCOMoody's Corporation	0.89%	213,890	$74M	held	—	34 q
CATCaterpillar Inc.	0.86%	293,000	$72M	added+2%	+0.02 pp	34 q
METAMeta Platforms, Inc. Class A	0.86%	252,781	$73M	added+4%	+0.21 pp	31 q
BAMBrookfield Asset Management Ltd.	0.85%	2,193,953	$72M	trimmed0%	−0.06 pp	3 q
SCHWThe Charles Schwab Corporation	0.84%	1,246,266	$71M	added+7%	+0.06 pp	34 q
MSCIMSCI, Inc.	0.80%	142,850	$67M	held	—	34 q
NVRNVR, Inc.	0.80%	10,519	$67M	added+2%	+0.07 pp	19 q
GOOGLAlphabet Inc. Class A	0.78%	550,000	$66M	added+3%	+0.08 pp	31 q
SPGIS&P Global Inc.	0.72%	150,690	$60M	held	—	29 q
ROLRollins, Inc.	0.69%	1,356,275	$58M	added+3%	+0.06 pp	34 q
BF.ABrown-Forman Corporation Class A	0.68%	843,000	$57M	held	—	34 q
AIYActivision Blizzard Inc	0.65%	650,600	$55M	held	—	21 q
HEI.AHeico Corp Cl A	0.64%	379,644	$53M	added+2%	0.00 pp	29 q
SBUXStarbucks Corp	0.63%	532,318	$53M	held	—	27 q
NSCNorfolk Southern Corp.	0.62%	229,500	$52M	held	—	34 q
ECLEcolab, Inc.	0.61%	274,300	$51M	held	—	34 q
ROKRockwell Automation, Inc.	0.61%	154,900	$51M	held	—	33 q
ACNAccenture PLC	0.59%	159,400	$49M	held	—	34 q
FDSFactset Research Systems	0.56%	116,720	$47M	held	—	34 q
CMCSAComcast Corp	0.52%	1,059,741	$44M	added+5%	+0.03 pp	29 q
LINLinde plc	0.52%	114,400	$44M	added+9%	+0.05 pp	2 q
CGThe Carlyle Group Inc.	0.50%	1,327,000	$42M	held	—	14 q
WHRWhirlpool Corp.	0.50%	282,049	$42M	held	—	21 q
NKENike, Inc.	0.48%	368,900	$41M	held	—	34 q
TROWT Rowe Price Group Inc	0.42%	314,000	$35M	held	—	34 q
JPMJPMorgan Chase & Co.	0.40%	228,550	$33M	added+6%	+0.04 pp	33 q
FDXFedEx Corporation	0.39%	133,000	$33M	added+11%	+0.04 pp	7 q
BF.BBrown-Forman Corporation Class B	0.38%	474,187	$32M	held	—	34 q
AONAon plc Class A	0.38%	93,050	$32M	added+8%	+0.03 pp	11 q
ITICInvestors Title Co	0.37%	213,300	$31M	held	—	34 q
SRCLStericycle Inc	0.37%	668,700	$31M	trimmed−0%	0.00 pp	29 q
MMM3M Company	0.35%	293,750	$29M	held	—	34 q
HGTYHagerty, Inc.	0.33%	3,000,000	$28M	new	+0.33 pp	new
LPLALPL Financial Holdings Inc.	0.33%	127,059	$28M	added×6.5	+0.28 pp	3 q
LMTLockheed Martin Corp.	0.31%	56,363	$26M	held	—	10 q
ODFLOld Dominion Freight Line	0.30%	67,500	$25M	added+34%	+0.08 pp	5 q
SHWThe Sherwin-Williams Company	0.30%	94,172	$25M	held	—	19 q
VRSKVerisk Analytics, Inc.	0.29%	109,000	$25M	added+6%	+0.04 pp	34 q
CVSCvs Health Corporation	0.27%	332,000	$23M	held	—	34 q
TSNTyson Foods, Inc.	0.27%	450,000	$23M	added+9%	−0.04 pp	27 q
RTXRTX Corporation	0.26%	224,000	$22M	held	—	34 q
COSTCostco Wholesale Corp	0.25%	39,150	$21M	held	—	34 q
EFXEquifax, Incorporated	0.25%	87,850	$21M	held	—	19 q
CABOCable One, Inc.	0.21%	26,700	$18M	held	—	32 q
CSCOCisco Systems, Inc. (DE)	0.21%	342,000	$18M	held	—	30 q
THGThe Hanover Insurance Group, Inc.	0.21%	158,000	$18M	added+14%	−0.02 pp	6 q
PEPPepsiCo, Inc.	0.21%	96,210	$18M	held	—	34 q
UNPUnion Pacific Corp.	0.21%	85,778	$18M	held	—	31 q
CCKCrown Holdings Inc.	0.20%	189,500	$16M	added+1%	0.00 pp	20 q
LSXMKLiberty Media Cor-siriusxm C	0.20%	522,000	$17M	held	—	29 q
PAYXPaychex Inc	0.20%	150,000	$17M	held	—	34 q
BNYBank of New York Mellon Corporation	0.19%	365,250	$16M	held	—	17 q
LBRDALiberty Broadband Corporation Class A	0.19%	205,250	$16M	held	—	34 q
ALLThe Allstate Corporation	0.17%	128,550	$14M	held	—	11 q
HXLHexcel Corporation	0.17%	189,000	$14M	held	—	27 q
LM03Liberty Media Cor-siriusxm A	0.17%	426,000	$14M	held	—	29 q
LBRDKLiberty Broadband Corporation Class C	0.16%	172,113	$14M	held	—	34 q
CARRCarrier Global Corporation	0.14%	235,000	$12M	held	—	13 q
PMPhilip Morris International Inc.	0.13%	114,500	$11M	held	—	34 q
AMTAmerican Tower Corporation	0.12%	51,910	$10M	held	—	28 q
CBRLCracker Barrel Old Country Store, Inc,.	0.12%	111,000	$10M	added+1%	−0.04 pp	5 q
EAElectronic Arts Inc	0.12%	80,800	$10M	held	—	6 q
OIO-I Glass, Inc.	0.12%	469,000	$10M	added0%	−0.02 pp	15 q
OTISOtis Worldwide Corporation	0.12%	114,620	$10M	held	—	13 q
SEICSEI Investments Co	0.12%	173,200	$10M	trimmed−71%	−0.31 pp	34 q
SONYSony Group Corporation	0.12%	114,996	$10M	added+9%	0.00 pp	6 q
SMGThe Scotts Miracle-Gro Company	0.11%	149,735	$9M	held	—	6 q
COFCapital One Financial	0.10%	77,000	$8M	added+67%	+0.04 pp	3 q
WFCWells Fargo & Co.	0.10%	204,450	$9M	held	—	21 q
CECelanese Corporation	0.09%	65,300	$8M	added+4%	0.00 pp	10 q
IQVIQVIA Holdings Inc.	0.09%	31,826	$7M	added×2.2	+0.05 pp	2 q
TRUTransUnion	0.09%	101,050	$8M	held	—	19 q
SHOPShopify Inc. Class A subordinate voting shares	0.08%	102,750	$7M	held	—	6 q
TGTTarget Corporation	0.08%	54,000	$7M	added+74%	+0.01 pp	3 q
RNRRenaissanceRe Holdings Ltd.	0.08%	36,000	$7M	added+50%	+0.02 pp	4 q
KMXCarMax Inc.	0.07%	69,000	$6M	added+23%	+0.02 pp	3 q
EMNEastman Chemical Company	0.06%	59,950	$5M	added+20%	+0.01 pp	14 q
HCSGHealthcare Services Group	0.05%	308,000	$5M	trimmed−39%	−0.04 pp	26 q
TMOThermo Fisher Scientific, Inc.	0.05%	8,200	$4M	held	—	7 q
SPOTSpotify Technology S.A.	0.05%	25,900	$4M	held	—	8 q
BALLBall Corporation	0.04%	51,000	$3M	held	—	17 q
GHCGraham Holdings Company	0.04%	5,200	$3M	held	—	34 q
ICEIntercontinental Exchange Inc.	0.04%	33,077	$4M	held	—	10 q
LAMRLamar Advertising Co	0.04%	34,500	$3M	added×4.1	+0.03 pp	14 q
VNTVontier Corporation	0.04%	110,853	$4M	held	—	5 q
LBTYALiberty Global Ltd. Class A	0.04%	179,000	$3M	held	—	34 q
WRBW.R. Berkley Corporation	0.03%	40,500	$2M	held	—	25 q
CSGPCoStar Group Inc	0.02%	18,600	$2M	held	—	7 q
DNBDun & Bradstreet Holdings, Inc.	0.02%	115,000	$1M	added+44%	+0.01 pp	3 q
ITGartner, Inc.	0.02%	5,700	$2M	held	—	6 q
unresolvedHagerty Inc	0.02%	540,000	$1M	held	—	7 q
IFFInternational Flavors & Fragrances Inc.	0.02%	23,000	$2M	held	—	24 q
SKWDSkyward Specialty Insurance Group, Inc.	0.02%	60,064	$2M	held	—	2 q
unresolvedBrookfield Reins Ltd	0.02%	60,101	$2M	held	—	3 q
WTWWillis Towers Watson Public Limited Company	0.02%	8,627	$2M	held	—	6 q
BUDAnheuser-Busch INBEV SA/NV	0.01%	9,000	$510,480	new	+0.01 pp	new
CHHChoice Hotels Intnl.	0.01%	5,000	$587,600	new	+0.01 pp	new
INTUIntuit Inc	0.01%	2,720	$1M	held	—	8 q
UBERUber Technologies, Inc.	0.00%	7,000	$302,190	new	0.00 pp	new
unresolvedHagerty Inc	—	−3,000,000	—	exited	−0.33 pp	—
ESABESAB Corporation	—	−348,356	—	exited	−0.26 pp	—
MRVLMarvell Technology, Inc.	—	−160,000	—	exited	−0.09 pp	—
PYPLPayPal Holdings, Inc.	—	−59,877	—	exited	−0.06 pp	—