Markel Group

Q1 2024 13F · by Tom Gayner, CEO

As of: Mar 31, 2024
Filed: May 3, 2024
US stock: $10.1B · prev $9.2B
Positions: 132 · prev 128
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%

Moves49 since the prior filing

0.0 pp in · −0.4 pp out

New 5 +0.12 pp
Added 42 −0.11 pp
Trimmed 1 −0.34 pp
Exited 1 −0.02 pp

The book

Diversified · behaves like 41 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Low turnover · 1.4% a year, more than 30 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%
GOOG Alphabet Inc. Class C held held4.1%
AMZN Amazon.Com Inc held held3.6%
BN Brookfield Corporation held held3.6%

Positions132 in this filing · 1 exited


BRK.ABerkshire Hathaway Inc.	6.97%	1,114	$707M	held	—	37 q
BRK.BBERKSHIRE HATHAWAY Class B	6.35%	1,531,971	$644M	held	—	37 q
GOOGAlphabet Inc. Class C	4.13%	2,749,860	$419M	held	—	37 q
AMZNAmazon.Com Inc	3.61%	2,030,760	$366M	held	—	34 q
BNBrookfield Corporation	3.60%	8,715,741	$365M	held	—	6 q
HDHome Depot, Inc.	3.48%	920,000	$353M	held	—	37 q
DEDeere & Company	3.34%	823,800	$338M	added+3%	−0.13 pp	37 q
VVISA Inc.	2.75%	999,285	$279M	held	—	37 q
NVONovo-Nordisk A/S	2.72%	2,150,000	$276M	held	—	37 q
DISThe Walt Disney Company	2.45%	2,031,665	$249M	held	—	37 q
WSOWatsco, Inc.	2.41%	566,250	$245M	added+2%	−0.18 pp	37 q
ADIAnalog Devices, Inc.	2.28%	1,167,471	$231M	added0%	−0.23 pp	33 q
MSFTMicrosoft Corp	2.09%	502,830	$212M	added+1%	+0.05 pp	34 q
AAPLApple Inc.	2.08%	1,227,190	$210M	added0%	−0.49 pp	36 q
DEODiageo plc	2.00%	1,360,408	$202M	added0%	−0.15 pp	37 q
BLQADBlackrock Inc	1.81%	220,200	$184M	held	—	37 q
RLIRLI Corp.	1.75%	1,197,272	$178M	held	—	37 q
LOWLowe's Companies Inc.	1.67%	663,480	$169M	added+1%	+0.08 pp	37 q
BXBlackstone Inc.	1.59%	1,229,000	$161M	held	—	37 q
PGRProgressive Corporation	1.54%	753,750	$156M	held	—	25 q
GSGoldman Sachs Group Inc.	1.48%	359,360	$150M	held	—	33 q
KKRKKR & Co. Inc.	1.44%	1,451,800	$146M	held	—	23 q
MRSHMarsh	1.41%	694,000	$143M	added+1%	0.00 pp	37 q
METAMeta Platforms, Inc. Class A	1.28%	267,681	$130M	added+1%	+0.26 pp	34 q
TXNTexas Instruments Incorporated	1.24%	724,000	$126M	held	—	33 q
LPLALPL Financial Holdings Inc.	1.18%	454,291	$120M	added+7%	+0.12 pp	6 q
APOApollo Global Management, Inc.	1.12%	1,012,500	$114M	held	—	9 q
CATCaterpillar Inc.	1.11%	307,600	$113M	added+1%	+0.14 pp	37 q
AXPAmerican Express Company	1.09%	484,250	$110M	held	—	37 q
GDGeneral Dynamics Corporation	1.09%	391,000	$110M	held	—	37 q
DGDollar General Corp.	1.04%	675,250	$105M	added+3%	+0.07 pp	11 q
MAMastercard Incorporated	0.99%	207,540	$100M	held	—	37 q
SCHWThe Charles Schwab Corporation	0.97%	1,353,766	$98M	added+1%	−0.03 pp	37 q
JNJJohnson & Johnson	0.95%	610,800	$97M	held	—	37 q
ADMArcher Daniels Midland Company	0.91%	1,463,300	$92M	held	—	37 q
BAMBrookfield Asset Management Ltd.	0.91%	2,193,953	$92M	held	—	6 q
NVRNVR, Inc.	0.91%	11,349	$92M	added+2%	+0.06 pp	22 q
ITWIllinois Tool Works Inc.	0.87%	327,500	$88M	held	—	37 q
GOOGLAlphabet Inc. Class A	0.83%	555,000	$84M	held	—	34 q
MCOMoody's Corporation	0.83%	213,890	$84M	held	—	37 q
MSCIMSCI, Inc.	0.79%	142,850	$80M	held	—	37 q
ROLRollins, Inc.	0.65%	1,426,275	$66M	added+1%	−0.02 pp	37 q
SPGIS&P Global Inc.	0.63%	150,690	$64M	held	—	32 q
ECLEcolab, Inc.	0.62%	274,300	$63M	held	—	37 q
CGThe Carlyle Group Inc.	0.61%	1,327,000	$62M	held	—	17 q
LINLinde plc	0.60%	131,500	$61M	added+4%	+0.04 pp	5 q
HEI.AHeico Corp Cl A	0.58%	379,644	$58M	held	—	32 q
NSCNorfolk Southern Corp.	0.58%	229,500	$58M	held	—	37 q
ACNAccenture PLC	0.54%	159,400	$55M	held	—	37 q
FDSFactset Research Systems	0.52%	116,720	$53M	held	—	37 q
JPMJPMorgan Chase & Co.	0.50%	252,550	$51M	held	—	36 q
SBUXStarbucks Corp	0.49%	541,318	$49M	added+2%	−0.07 pp	30 q
FDXFedEx Corporation	0.48%	168,000	$49M	added+7%	+0.05 pp	10 q
CMCSAComcast Corp	0.46%	1,072,241	$46M	added+1%	−0.05 pp	32 q
ROKRockwell Automation, Inc.	0.45%	154,900	$45M	held	—	36 q
TSNTyson Foods, Inc.	0.45%	777,500	$46M	added+11%	+0.04 pp	30 q
BF.ABrown-Forman Corporation Class A	0.44%	843,000	$45M	held	—	37 q
ODFLOld Dominion Freight Line	0.42%	195,000	$43M	added+7%	+0.02 pp	8 q
TROWT Rowe Price Group Inc	0.38%	314,000	$38M	held	—	37 q
AONAon plc Class A	0.36%	110,050	$37M	added+4%	+0.03 pp	14 q
NKENike, Inc.	0.35%	375,900	$35M	added+2%	−0.09 pp	37 q
ITICInvestors Title Co	0.34%	213,300	$35M	held	—	37 q
WHRWhirlpool Corp.	0.33%	282,049	$34M	held	—	24 q
SHWThe Sherwin-Williams Company	0.32%	94,172	$33M	held	—	22 q
MMM3M Company	0.31%	293,750	$31M	held	—	37 q
THGThe Hanover Insurance Group, Inc.	0.30%	227,000	$31M	added+6%	+0.02 pp	9 q
VRSKVerisk Analytics, Inc.	0.30%	127,200	$30M	added+5%	−0.01 pp	37 q
COSTCostco Wholesale Corp	0.28%	39,150	$29M	held	—	37 q
HGTYHagerty, Inc.	0.27%	3,000,000	$27M	held	—	4 q
ALLThe Allstate Corporation	0.26%	154,550	$27M	held	—	14 q
CVSCvs Health Corporation	0.26%	332,000	$26M	held	—	37 q
EFXEquifax, Incorporated	0.26%	97,850	$26M	held	—	22 q
LMTLockheed Martin Corp.	0.25%	56,363	$26M	held	—	13 q
BF.BBrown-Forman Corporation Class B	0.24%	474,187	$24M	held	—	37 q
TGTTarget Corporation	0.23%	133,000	$24M	added+10%	+0.04 pp	6 q
RTXRTX Corporation	0.22%	224,000	$22M	held	—	37 q
UNPUnion Pacific Corp.	0.21%	85,778	$21M	held	—	34 q
CABOCable One, Inc.	0.20%	48,100	$20M	added+9%	−0.07 pp	35 q
PAYXPaychex Inc	0.18%	150,000	$18M	held	—	37 q
CSCOCisco Systems, Inc. (DE)	0.17%	342,000	$17M	held	—	33 q
PEPPepsiCo, Inc.	0.17%	96,210	$17M	held	—	37 q
RNRRenaissanceRe Holdings Ltd.	0.16%	70,000	$16M	added+16%	+0.03 pp	7 q
CCKCrown Holdings Inc.	0.15%	189,500	$15M	held	—	23 q
HXLHexcel Corporation	0.14%	189,000	$14M	held	—	30 q
IQVIQVIA Holdings Inc.	0.14%	55,726	$14M	added+10%	+0.01 pp	5 q
TMOThermo Fisher Scientific, Inc.	0.14%	24,700	$14M	added+26%	+0.03 pp	10 q
COFCapital One Financial	0.13%	91,000	$14M	held	—	6 q
CARRCarrier Global Corporation	0.13%	235,000	$14M	held	—	16 q
CECelanese Corporation	0.13%	77,800	$13M	held	—	13 q
SEICSEI Investments Co	0.12%	173,200	$12M	held	—	37 q
SMGThe Scotts Miracle-Gro Company	0.12%	168,000	$13M	added+8%	+0.01 pp	9 q
WFCWells Fargo & Co.	0.12%	204,450	$12M	held	—	24 q
FERGFerguson Enterprises Inc.	0.12%	57,500	$13M	added+49%	+0.04 pp	3 q
KMXCarMax Inc.	0.11%	123,500	$11M	added+12%	+0.02 pp	6 q
CHHChoice Hotels Intnl.	0.11%	84,500	$11M	added+37%	+0.03 pp	4 q
EAElectronic Arts Inc	0.11%	80,800	$11M	held	—	9 q
OTISOtis Worldwide Corporation	0.11%	114,620	$11M	held	—	16 q
URIUnited Rentals, Inc.	0.11%	15,500	$11M	added+72%	+0.05 pp	3 q
AMTAmerican Tower Corporation	0.10%	51,910	$10M	held	—	31 q
PMPhilip Morris International Inc.	0.10%	114,500	$10M	held	—	37 q
LAMRLamar Advertising Co	0.09%	77,000	$9M	added+24%	+0.02 pp	17 q
OIO-I Glass, Inc.	0.09%	539,100	$9M	added+15%	+0.01 pp	18 q
CBRLCracker Barrel Old Country Store, Inc,.	0.08%	111,000	$8M	held	—	8 q
SHOPShopify Inc. Class A subordinate voting shares	0.08%	102,750	$8M	held	—	9 q
TRUTransUnion	0.08%	101,050	$8M	held	—	22 q
UNHUNITEDHEALTH GROUP INCORPORATED (Delaware)	0.08%	16,100	$8M	added+46%	+0.02 pp	3 q
BNYBank of New York Mellon Corporation	0.07%	121,500	$7M	held	—	20 q
EMNEastman Chemical Company	0.07%	74,950	$8M	held	—	17 q
GPKGraphic Packaging Holding Company	0.07%	240,824	$7M	added+98%	+0.04 pp	2 q
HCAHCA Healthcare, Inc.	0.07%	21,432	$7M	added+52%	+0.03 pp	3 q
SPOTSpotify Technology S.A.	0.07%	25,900	$7M	held	—	11 q
SONYSony Group Corporation	0.06%	67,000	$6M	held	—	9 q
APDAir Products & Chemicals, Inc.	0.04%	15,000	$4M	new	+0.04 pp	new
WRBW.R. Berkley Corporation	0.04%	40,500	$4M	held	—	28 q
FIXComfort Systems USA, Inc.	0.04%	13,000	$4M	added×13.0	+0.04 pp	2 q
GHCGraham Holdings Company	0.04%	5,200	$4M	held	—	37 q
UBERUber Technologies, Inc.	0.04%	58,000	$4M	added+29%	+0.01 pp	4 q
BALLBall Corporation	0.03%	51,000	$3M	held	—	20 q
ITGartner, Inc.	0.03%	5,700	$3M	held	—	9 q
CSGPCoStar Group Inc	0.02%	18,600	$2M	held	—	10 q
HSYThe Hershey Company	0.02%	9,500	$2M	new	+0.02 pp	new
NSPInsperity, Inc	0.02%	16,876	$2M	new	+0.02 pp	new
INTUIntuit Inc	0.02%	2,720	$2M	held	—	11 q
MARMarriott International Class A	0.02%	9,000	$2M	new	+0.02 pp	new
SRCLStericycle Inc	0.02%	38,000	$2M	trimmed−94%	−0.34 pp	32 q
YUMYum! Brands, Inc.	0.02%	16,152	$2M	new	+0.02 pp	new
unresolvedBrookfield Reins Ltd	0.02%	60,101	$3M	held	—	6 q
WTWWillis Towers Watson Public Limited Company	0.02%	8,627	$2M	held	—	9 q
BUDAnheuser-Busch INBEV SA/NV	0.01%	11,000	$668,580	held	—	4 q
DNBDun & Bradstreet Holdings, Inc.	0.01%	115,000	$1M	held	—	6 q
unresolvedHagerty Inc	0.01%	540,000	$1M	held	—	10 q
ICEIntercontinental Exchange Inc.	0.01%	5,120	$703,642	held	—	13 q
IFFInternational Flavors & Fragrances Inc.	—	−23,000	—	exited	−0.02 pp	—