Markel Group

Q4 2023 13F · by Tom Gayner, CEO

As of: Dec 31, 2023
Filed: Feb 2, 2024
US stock: $9.2B · prev $8.3B
Positions: 128 · prev 133
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%

Moves54 since the prior filing

+1.6 pp in · −1.4 pp out

New 2 +0.03 pp
Added 43 +1.58 pp
Trimmed 2 −0.15 pp
Exited 7 −1.27 pp

The book

Diversified · behaves like 42 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Low turnover · 5.3% a year, about 19.1 years per position

Low
Moderate
High

Top 5 positions24% of US stock

Positions128 in this filing · 7 exited


BRK.ABerkshire Hathaway Inc.	6.57%	1,114	$604M	held	—	36 q
BRK.BBERKSHIRE HATHAWAY Class B	5.94%	1,531,971	$546M	held	—	36 q
GOOGAlphabet Inc. Class C	4.21%	2,749,860	$388M	held	—	36 q
BNBrookfield Corporation	3.80%	8,715,741	$350M	held	—	5 q
DEDeere & Company	3.47%	797,800	$319M	added+5%	+0.01 pp	36 q
HDHome Depot, Inc.	3.47%	920,000	$319M	held	—	36 q
AMZNAmazon.Com Inc	3.35%	2,030,760	$309M	added0%	+0.24 pp	33 q
VVISA Inc.	2.83%	999,285	$260M	held	—	36 q
WSOWatsco, Inc.	2.59%	556,750	$239M	added+2%	+0.10 pp	36 q
AAPLApple Inc.	2.57%	1,225,890	$236M	added0%	+0.04 pp	35 q
ADIAnalog Devices, Inc.	2.51%	1,163,971	$231M	added+3%	+0.12 pp	32 q
NVONovo-Nordisk A/S	2.42%	2,150,000	$222M	held	—	36 q
DEODiageo plc	2.15%	1,354,708	$197M	added0%	−0.28 pp	36 q
MSFTMicrosoft Corp	2.04%	498,480	$187M	added+1%	+0.16 pp	33 q
DISThe Walt Disney Company	1.99%	2,031,665	$183M	added0%	0.00 pp	36 q
BLQADBlackrock Inc	1.94%	220,200	$179M	held	—	36 q
BXBlackstone Inc.	1.75%	1,229,000	$161M	held	—	36 q
RLIRLI Corp.	1.73%	1,197,272	$159M	held	—	36 q
LOWLowe's Companies Inc.	1.59%	656,980	$146M	added+2%	−0.03 pp	36 q
GSGoldman Sachs Group Inc.	1.51%	359,360	$139M	held	—	32 q
MRSHMarsh	1.41%	684,500	$130M	added+2%	−0.13 pp	36 q
TXNTexas Instruments Incorporated	1.34%	724,000	$123M	held	—	32 q
KKRKKR & Co. Inc.	1.31%	1,451,800	$120M	held	—	22 q
PGRProgressive Corporation	1.31%	753,750	$120M	held	—	24 q
ADMArcher Daniels Midland Company	1.15%	1,463,300	$106M	held	—	36 q
GDGeneral Dynamics Corporation	1.10%	391,000	$102M	held	—	36 q
LPLALPL Financial Holdings Inc.	1.06%	426,386	$97M	added+42%	+0.20 pp	5 q
JNJJohnson & Johnson	1.04%	610,800	$96M	held	—	36 q
APOApollo Global Management, Inc.	1.03%	1,012,500	$94M	held	—	8 q
METAMeta Platforms, Inc. Class A	1.02%	264,681	$94M	added+2%	+0.08 pp	33 q
SCHWThe Charles Schwab Corporation	1.00%	1,334,766	$92M	added+5%	+0.15 pp	36 q
AXPAmerican Express Company	0.99%	484,250	$91M	held	—	36 q
CATCaterpillar Inc.	0.97%	303,100	$90M	added+1%	−0.02 pp	36 q
DGDollar General Corp.	0.97%	654,250	$89M	added+11%	+0.22 pp	10 q
BAMBrookfield Asset Management Ltd.	0.96%	2,193,953	$88M	held	—	5 q
MAMastercard Incorporated	0.96%	207,540	$89M	held	—	36 q
ITWIllinois Tool Works Inc.	0.93%	327,500	$86M	held	—	36 q
MCOMoody's Corporation	0.91%	213,890	$84M	held	—	36 q
MSCIMSCI, Inc.	0.88%	142,850	$81M	held	—	36 q
NVRNVR, Inc.	0.85%	11,124	$78M	added+3%	+0.07 pp	21 q
GOOGLAlphabet Inc. Class A	0.84%	555,000	$78M	held	—	33 q
SPGIS&P Global Inc.	0.72%	150,690	$66M	held	—	31 q
ROLRollins, Inc.	0.67%	1,407,275	$61M	added+2%	+0.05 pp	36 q
FDSFactset Research Systems	0.61%	116,720	$56M	held	—	36 q
ACNAccenture PLC	0.61%	159,400	$56M	held	—	36 q
CGThe Carlyle Group Inc.	0.59%	1,327,000	$54M	held	—	16 q
ECLEcolab, Inc.	0.59%	274,300	$54M	held	—	36 q
HEI.AHeico Corp Cl A	0.59%	379,644	$54M	held	—	31 q
NSCNorfolk Southern Corp.	0.59%	229,500	$54M	held	—	36 q
SBUXStarbucks Corp	0.56%	532,318	$51M	held	—	29 q
LINLinde plc	0.56%	126,200	$52M	added+5%	+0.02 pp	4 q
BF.ABrown-Forman Corporation Class A	0.55%	843,000	$50M	held	—	36 q
ROKRockwell Automation, Inc.	0.52%	154,900	$48M	held	—	35 q
CMCSAComcast Corp	0.51%	1,060,741	$47M	held	—	31 q
JPMJPMorgan Chase & Co.	0.47%	252,550	$43M	added+5%	+0.05 pp	35 q
NKENike, Inc.	0.44%	368,900	$40M	held	—	36 q
FDXFedEx Corporation	0.43%	156,500	$40M	added+8%	−0.03 pp	9 q
TSNTyson Foods, Inc.	0.41%	697,500	$37M	added+21%	+0.06 pp	29 q
ODFLOld Dominion Freight Line	0.40%	91,000	$37M	added+14%	+0.01 pp	7 q
ITICInvestors Title Co	0.38%	213,300	$35M	held	—	36 q
TROWT Rowe Price Group Inc	0.37%	314,000	$34M	held	—	36 q
WHRWhirlpool Corp.	0.37%	282,049	$34M	held	—	23 q
SRCLStericycle Inc	0.36%	668,700	$33M	held	—	31 q
MMM3M Company	0.35%	293,750	$32M	held	—	36 q
AONAon plc Class A	0.33%	105,350	$31M	added+6%	−0.06 pp	13 q
SHWThe Sherwin-Williams Company	0.32%	94,172	$29M	held	—	21 q
VRSKVerisk Analytics, Inc.	0.31%	120,700	$29M	added+5%	−0.02 pp	36 q
BF.BBrown-Forman Corporation Class B	0.29%	474,187	$27M	held	—	36 q
CVSCvs Health Corporation	0.28%	332,000	$26M	held	—	36 q
COSTCostco Wholesale Corp	0.28%	39,150	$26M	held	—	36 q
THGThe Hanover Insurance Group, Inc.	0.28%	214,000	$26M	added+13%	+0.03 pp	8 q
LMTLockheed Martin Corp.	0.28%	56,363	$26M	held	—	12 q
CABOCable One, Inc.	0.27%	44,200	$25M	added+17%	−0.01 pp	34 q
EFXEquifax, Incorporated	0.26%	97,850	$24M	added+11%	+0.07 pp	21 q
HGTYHagerty, Inc.	0.25%	3,000,000	$23M	held	—	3 q
ALLThe Allstate Corporation	0.24%	154,550	$22M	added+9%	+0.05 pp	13 q
UNPUnion Pacific Corp.	0.23%	85,778	$21M	held	—	33 q
RTXRTX Corporation	0.20%	224,000	$19M	held	—	36 q
CSCOCisco Systems, Inc. (DE)	0.19%	342,000	$17M	held	—	32 q
CCKCrown Holdings Inc.	0.19%	189,500	$17M	held	—	22 q
PAYXPaychex Inc	0.19%	150,000	$18M	held	—	36 q
TGTTarget Corporation	0.19%	121,000	$17M	added+46%	+0.08 pp	5 q
PEPPepsiCo, Inc.	0.18%	96,210	$16M	held	—	36 q
CARRCarrier Global Corporation	0.15%	235,000	$14M	held	—	15 q
HXLHexcel Corporation	0.15%	189,000	$14M	held	—	29 q
COFCapital One Financial	0.13%	91,000	$12M	added+1%	+0.02 pp	5 q
CECelanese Corporation	0.13%	77,800	$12M	added+1%	+0.01 pp	12 q
IQVIQVIA Holdings Inc.	0.13%	50,626	$12M	added+16%	+0.03 pp	4 q
RNRRenaissanceRe Holdings Ltd.	0.13%	60,500	$12M	added+23%	+0.01 pp	6 q
AMTAmerican Tower Corporation	0.12%	51,910	$11M	held	—	30 q
EAElectronic Arts Inc	0.12%	80,800	$11M	held	—	8 q
PMPhilip Morris International Inc.	0.12%	114,500	$11M	held	—	36 q
SEICSEI Investments Co	0.12%	173,200	$11M	held	—	36 q
OTISOtis Worldwide Corporation	0.11%	114,620	$10M	held	—	15 q
SMGThe Scotts Miracle-Gro Company	0.11%	156,000	$10M	held	—	8 q
TMOThermo Fisher Scientific, Inc.	0.11%	19,600	$10M	added+44%	+0.03 pp	9 q
WFCWells Fargo & Co.	0.11%	204,450	$10M	held	—	23 q
KMXCarMax Inc.	0.09%	110,500	$8M	added+32%	+0.02 pp	5 q
CBRLCracker Barrel Old Country Store, Inc,.	0.09%	111,000	$9M	held	—	7 q
SHOPShopify Inc. Class A subordinate voting shares	0.09%	102,750	$8M	held	—	8 q
CHHChoice Hotels Intnl.	0.08%	61,500	$7M	added+86%	+0.03 pp	3 q
OIO-I Glass, Inc.	0.08%	469,100	$8M	held	—	17 q
TRUTransUnion	0.08%	101,050	$7M	held	—	21 q
FERGFerguson Enterprises Inc.	0.08%	38,500	$7M	added×6.4	+0.07 pp	2 q
BNYBank of New York Mellon Corporation	0.07%	121,500	$6M	trimmed−67%	−0.12 pp	19 q
EMNEastman Chemical Company	0.07%	74,950	$7M	added+3%	0.00 pp	16 q
LAMRLamar Advertising Co	0.07%	62,000	$7M	added+23%	+0.02 pp	16 q
SONYSony Group Corporation	0.07%	67,000	$6M	held	—	8 q
URIUnited Rentals, Inc.	0.06%	9,000	$5M	added×3.0	+0.04 pp	2 q
UNHUNITEDHEALTH GROUP INCORPORATED (Delaware)	0.06%	11,000	$6M	added×2.2	+0.03 pp	2 q
SPOTSpotify Technology S.A.	0.05%	25,900	$5M	held	—	10 q
GHCGraham Holdings Company	0.04%	5,200	$4M	held	—	36 q
HCAHCA Healthcare, Inc.	0.04%	14,141	$4M	added+76%	+0.02 pp	2 q
BALLBall Corporation	0.03%	51,000	$3M	held	—	19 q
WRBW.R. Berkley Corporation	0.03%	40,500	$3M	held	—	27 q
ITGartner, Inc.	0.03%	5,700	$3M	held	—	8 q
GPKGraphic Packaging Holding Company	0.03%	121,601	$3M	new	+0.03 pp	new
UBERUber Technologies, Inc.	0.03%	45,000	$3M	added×2.1	+0.02 pp	3 q
unresolvedBrookfield Reins Ltd	0.03%	60,101	$2M	held	—	5 q
CSGPCoStar Group Inc	0.02%	18,600	$2M	held	—	9 q
IFFInternational Flavors & Fragrances Inc.	0.02%	23,000	$2M	held	—	26 q
INTUIntuit Inc	0.02%	2,720	$2M	held	—	10 q
WTWWillis Towers Watson Public Limited Company	0.02%	8,627	$2M	held	—	8 q
BUDAnheuser-Busch INBEV SA/NV	0.01%	11,000	$710,820	held	—	3 q
DNBDun & Bradstreet Holdings, Inc.	0.01%	115,000	$1M	held	—	5 q
unresolvedHagerty Inc	0.01%	540,000	$891,000	held	—	9 q
ICEIntercontinental Exchange Inc.	0.01%	5,120	$657,562	trimmed−85%	−0.03 pp	12 q
FIXComfort Systems USA, Inc.	0.00%	1,000	$205,670	new	0.00 pp	new
AIYActivision Blizzard Inc	—	−650,600	—	exited	−0.74 pp	—
LBRDALiberty Broadband Corporation Class A	—	−196,750	—	exited	−0.22 pp	—
LBRDKLiberty Broadband Corporation Class C	—	−149,859	—	exited	−0.17 pp	—
LLYVALiberty Media Corp-liberty-a	—	−98,000	—	exited	−0.04 pp	—
VNTVontier Corporation	—	−110,853	—	exited	−0.04 pp	—
LLYVKLiberty Media Corp-liberty-c	—	−80,000	—	exited	−0.03 pp	—
LBTYALiberty Global Ltd. Class A	—	−168,000	—	exited	−0.03 pp	—