Markel Group

Q3 2023 13F · by Tom Gayner, CEO

As of: Sep 30, 2023
Filed: Nov 3, 2023
US stock: $8.3B · prev $8.4B
Positions: 133 · 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%

Moves58 since the prior filing

+0.5 pp in · −0.5 pp out

New 6 +0.15 pp
Added 44 +0.32 pp
Trimmed 4 −0.02 pp
Exited 4 −0.44 pp

The book

Diversified · behaves like 41 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Low turnover · 2.1% a year, more than 30 years per position

Low
Moderate
High

Top 5 positions25% of US stock

Positions133 in this filing · 4 exited


BRK.ABerkshire Hathaway Inc.	7.15%	1,114	$592M	held	—	35 q
BRK.BBERKSHIRE HATHAWAY Class B	6.48%	1,531,971	$537M	held	—	35 q
GOOGAlphabet Inc. Class C	4.38%	2,749,860	$363M	held	—	35 q
DEDeere & Company	3.46%	758,800	$286M	added0%	−0.19 pp	35 q
HDHome Depot, Inc.	3.36%	920,000	$278M	held	—	35 q
BNBrookfield Corporation	3.29%	8,715,741	$273M	held	—	4 q
AMZNAmazon.Com Inc	3.11%	2,024,960	$257M	added0%	−0.02 pp	32 q
VVISA Inc.	2.77%	999,285	$230M	added+1%	−0.03 pp	35 q
AAPLApple Inc.	2.53%	1,221,890	$209M	added0%	−0.28 pp	34 q
WSOWatsco, Inc.	2.49%	545,750	$206M	added+1%	+0.04 pp	35 q
DEODiageo plc	2.43%	1,350,208	$201M	held	—	35 q
ADIAnalog Devices, Inc.	2.39%	1,128,671	$198M	added+1%	−0.21 pp	31 q
NVONovo-Nordisk A/S	2.36%	2,150,000	$196M	held	—	35 q
DISThe Walt Disney Company	1.99%	2,029,665	$165M	added0%	−0.16 pp	35 q
RLIRLI Corp.	1.96%	1,197,272	$163M	held	—	35 q
MSFTMicrosoft Corp	1.88%	492,480	$156M	added+1%	−0.09 pp	32 q
BLQADBlackrock Inc	1.72%	220,200	$142M	held	—	35 q
LOWLowe's Companies Inc.	1.62%	645,480	$134M	added+2%	−0.08 pp	35 q
BXBlackstone Inc.	1.59%	1,229,000	$132M	held	—	35 q
MRSHMarsh	1.54%	672,500	$128M	added+2%	+0.06 pp	35 q
GSGoldman Sachs Group Inc.	1.40%	359,360	$116M	held	—	31 q
TXNTexas Instruments Incorporated	1.39%	724,000	$115M	held	—	31 q
ADMArcher Daniels Midland Company	1.33%	1,463,300	$110M	held	—	35 q
PGRProgressive Corporation	1.27%	753,750	$105M	held	—	23 q
JNJJohnson & Johnson	1.15%	610,800	$95M	held	—	35 q
APOApollo Global Management, Inc.	1.10%	1,012,500	$91M	held	—	7 q
KKRKKR & Co. Inc.	1.08%	1,451,800	$89M	added0%	+0.11 pp	21 q
GDGeneral Dynamics Corporation	1.04%	391,000	$86M	held	—	35 q
CATCaterpillar Inc.	0.99%	299,100	$82M	added+2%	+0.13 pp	35 q
MAMastercard Incorporated	0.99%	207,540	$82M	held	—	35 q
METAMeta Platforms, Inc. Class A	0.94%	258,881	$78M	added+2%	+0.08 pp	32 q
ITWIllinois Tool Works Inc.	0.91%	327,500	$75M	held	—	35 q
GOOGLAlphabet Inc. Class A	0.88%	555,000	$73M	added+1%	+0.10 pp	32 q
BAMBrookfield Asset Management Ltd.	0.88%	2,193,953	$73M	held	—	4 q
MSCIMSCI, Inc.	0.88%	142,850	$73M	held	—	35 q
AXPAmerican Express Company	0.87%	484,250	$72M	held	—	35 q
LPLALPL Financial Holdings Inc.	0.86%	301,264	$72M	added×2.4	+0.53 pp	4 q
SCHWThe Charles Schwab Corporation	0.85%	1,276,766	$70M	added+2%	+0.01 pp	35 q
MCOMoody's Corporation	0.82%	213,890	$68M	held	—	35 q
NVRNVR, Inc.	0.78%	10,824	$65M	added+3%	−0.02 pp	20 q
DGDollar General Corp.	0.75%	590,250	$62M	added+16%	−0.28 pp	9 q
AIYActivision Blizzard Inc	0.74%	650,600	$61M	held	—	22 q
SPGIS&P Global Inc.	0.66%	150,690	$55M	held	—	30 q
FDSFactset Research Systems	0.62%	116,720	$51M	held	—	35 q
ROLRollins, Inc.	0.62%	1,383,275	$52M	added+2%	−0.07 pp	35 q
BF.ABrown-Forman Corporation Class A	0.59%	843,000	$49M	held	—	35 q
HEI.AHeico Corp Cl A	0.59%	379,644	$49M	held	—	30 q
SBUXStarbucks Corp	0.59%	532,318	$49M	held	—	28 q
ACNAccenture PLC	0.59%	159,400	$49M	held	—	35 q
CMCSAComcast Corp	0.57%	1,060,741	$47M	added0%	+0.05 pp	30 q
ECLEcolab, Inc.	0.56%	274,300	$46M	held	—	35 q
NSCNorfolk Southern Corp.	0.55%	229,500	$45M	held	—	35 q
LINLinde plc	0.54%	120,500	$45M	added+5%	+0.02 pp	3 q
ROKRockwell Automation, Inc.	0.53%	154,900	$44M	held	—	34 q
CGThe Carlyle Group Inc.	0.48%	1,327,000	$40M	held	—	15 q
FDXFedEx Corporation	0.46%	145,000	$38M	added+9%	+0.07 pp	8 q
WHRWhirlpool Corp.	0.46%	282,049	$38M	held	—	22 q
NKENike, Inc.	0.43%	368,900	$35M	held	—	35 q
JPMJPMorgan Chase & Co.	0.42%	241,550	$35M	added+6%	+0.02 pp	34 q
TROWT Rowe Price Group Inc	0.40%	314,000	$33M	held	—	35 q
ODFLOld Dominion Freight Line	0.39%	79,500	$33M	added+18%	+0.09 pp	6 q
AONAon plc Class A	0.39%	99,550	$32M	added+7%	+0.01 pp	12 q
ITICInvestors Title Co	0.38%	213,300	$32M	held	—	35 q
SRCLStericycle Inc	0.36%	668,700	$30M	held	—	30 q
TSNTyson Foods, Inc.	0.35%	577,500	$29M	added+28%	+0.08 pp	28 q
BF.BBrown-Forman Corporation Class B	0.33%	474,187	$27M	held	—	35 q
MMM3M Company	0.33%	293,750	$28M	held	—	35 q
VRSKVerisk Analytics, Inc.	0.33%	114,700	$27M	added+5%	+0.04 pp	35 q
HGTYHagerty, Inc.	0.30%	3,000,000	$25M	held	—	2 q
SHWThe Sherwin-Williams Company	0.29%	94,172	$24M	held	—	20 q
CVSCvs Health Corporation	0.28%	332,000	$23M	held	—	35 q
CABOCable One, Inc.	0.28%	37,700	$23M	added+41%	+0.07 pp	33 q
LMTLockheed Martin Corp.	0.28%	56,363	$23M	held	—	11 q
COSTCostco Wholesale Corp	0.27%	39,150	$22M	held	—	35 q
THGThe Hanover Insurance Group, Inc.	0.25%	189,000	$21M	added+20%	+0.04 pp	7 q
CSCOCisco Systems, Inc. (DE)	0.22%	342,000	$18M	held	—	31 q
LBRDALiberty Broadband Corporation Class A	0.22%	196,750	$18M	trimmed−4%	+0.03 pp	35 q
PAYXPaychex Inc	0.21%	150,000	$17M	held	—	35 q
UNPUnion Pacific Corp.	0.21%	85,778	$17M	held	—	32 q
CCKCrown Holdings Inc.	0.20%	189,500	$17M	held	—	21 q
PEPPepsiCo, Inc.	0.20%	96,210	$16M	held	—	35 q
ALLThe Allstate Corporation	0.19%	141,550	$16M	added+10%	+0.02 pp	12 q
BNYBank of New York Mellon Corporation	0.19%	365,250	$16M	held	—	18 q
EFXEquifax, Incorporated	0.19%	87,850	$16M	held	—	20 q
RTXRTX Corporation	0.19%	224,000	$16M	held	—	35 q
LBRDKLiberty Broadband Corporation Class C	0.17%	149,859	$14M	trimmed−13%	+0.01 pp	35 q
CARRCarrier Global Corporation	0.16%	235,000	$13M	held	—	14 q
HXLHexcel Corporation	0.15%	189,000	$12M	held	—	28 q
PMPhilip Morris International Inc.	0.13%	114,500	$11M	held	—	35 q
SEICSEI Investments Co	0.13%	173,200	$10M	held	—	35 q
CECelanese Corporation	0.12%	76,800	$10M	added+18%	+0.03 pp	11 q
EAElectronic Arts Inc	0.12%	80,800	$10M	held	—	7 q
RNRRenaissanceRe Holdings Ltd.	0.12%	49,000	$10M	added+36%	+0.04 pp	5 q
COFCapital One Financial	0.11%	90,000	$9M	added+17%	+0.01 pp	4 q
OTISOtis Worldwide Corporation	0.11%	114,620	$9M	held	—	14 q
TGTTarget Corporation	0.11%	83,000	$9M	added+54%	+0.03 pp	4 q
AMTAmerican Tower Corporation	0.10%	51,910	$9M	held	—	29 q
IQVIQVIA Holdings Inc.	0.10%	43,826	$9M	added+38%	+0.01 pp	3 q
SMGThe Scotts Miracle-Gro Company	0.10%	156,000	$8M	added+4%	−0.01 pp	7 q
WFCWells Fargo & Co.	0.10%	204,450	$8M	held	—	22 q
CBRLCracker Barrel Old Country Store, Inc,.	0.09%	111,000	$7M	held	—	6 q
OIO-I Glass, Inc.	0.09%	469,100	$8M	added0%	−0.03 pp	16 q
TRUTransUnion	0.09%	101,050	$7M	held	—	20 q
TMOThermo Fisher Scientific, Inc.	0.08%	13,600	$7M	added+66%	+0.03 pp	8 q
KMXCarMax Inc.	0.07%	84,000	$6M	added+22%	0.00 pp	4 q
EMNEastman Chemical Company	0.07%	72,950	$6M	added+22%	+0.01 pp	15 q
SHOPShopify Inc. Class A subordinate voting shares	0.07%	102,750	$6M	held	—	7 q
SONYSony Group Corporation	0.07%	67,000	$6M	trimmed−42%	−0.05 pp	7 q
CHHChoice Hotels Intnl.	0.05%	33,000	$4M	added×6.6	+0.04 pp	2 q
LAMRLamar Advertising Co	0.05%	50,500	$4M	added+46%	+0.01 pp	15 q
SPOTSpotify Technology S.A.	0.05%	25,900	$4M	held	—	9 q
GHCGraham Holdings Company	0.04%	5,200	$3M	held	—	35 q
ICEIntercontinental Exchange Inc.	0.04%	33,077	$4M	held	—	11 q
LLYVALiberty Media Corp-liberty-a	0.04%	98,000	$3M	new	+0.04 pp	new
VNTVontier Corporation	0.04%	110,853	$3M	held	—	6 q
BALLBall Corporation	0.03%	51,000	$3M	held	—	18 q
WRBW.R. Berkley Corporation	0.03%	40,500	$3M	held	—	26 q
LLYVKLiberty Media Corp-liberty-c	0.03%	80,000	$3M	new	+0.03 pp	new
UNHUNITEDHEALTH GROUP INCORPORATED (Delaware)	0.03%	5,000	$3M	new	+0.03 pp	new
LBTYALiberty Global Ltd. Class A	0.03%	168,000	$3M	trimmed−6%	−0.01 pp	35 q
CSGPCoStar Group Inc	0.02%	18,600	$1M	held	—	8 q
ITGartner, Inc.	0.02%	5,700	$2M	held	—	7 q
HCAHCA Healthcare, Inc.	0.02%	8,050	$2M	new	+0.02 pp	new
IFFInternational Flavors & Fragrances Inc.	0.02%	23,000	$2M	held	—	25 q
INTUIntuit Inc	0.02%	2,720	$1M	held	—	9 q
URIUnited Rentals, Inc.	0.02%	3,000	$1M	new	+0.02 pp	new
unresolvedBrookfield Reins Ltd	0.02%	60,101	$2M	held	—	4 q
WTWWillis Towers Watson Public Limited Company	0.02%	8,627	$2M	held	—	7 q
BUDAnheuser-Busch INBEV SA/NV	0.01%	11,000	$608,300	added+22%	0.00 pp	2 q
DNBDun & Bradstreet Holdings, Inc.	0.01%	115,000	$1M	held	—	4 q
unresolvedHagerty Inc	0.01%	540,000	$1M	held	—	8 q
UBERUber Technologies, Inc.	0.01%	21,000	$965,790	added×3.0	+0.01 pp	2 q
FERGFerguson Enterprises Inc.	0.01%	6,000	$986,820	new	+0.01 pp	new
LSXMKLiberty Media Cor-siriusxm C	—	−522,000	—	exited	−0.20 pp	—
LM03Liberty Media Cor-siriusxm A	—	−426,000	—	exited	−0.17 pp	—
HCSGHealthcare Services Group	—	−308,000	—	exited	−0.05 pp	—
SKWDSkyward Specialty Insurance Group, Inc.	—	−60,064	—	exited	−0.02 pp	—