Markel Group

Q2 2024 13F · by Tom Gayner, CEO

As of: Jun 30, 2024
Filed: Aug 2, 2024
US stock: $10.2B · prev $10.1B
Positions: 134 · prev 132
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

+1.1 pp in · −0.3 pp out

New 3 +0.34 pp
Added 43 +0.80 pp
Trimmed 2 −0.27 pp
Exited 1 −0.02 pp

The book

Diversified · behaves like 41 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Low turnover · 0.9% a year, more than 30 years per position

Low
Moderate
High

Top 5 positions25% of US stock

BRK.A Berkshire Hathaway Inc. held held6.7%
BRK.B BERKSHIRE HATHAWAY Class B held held6.1%
GOOG Alphabet Inc. Class C held held5.0%
AMZN Amazon.Com Inc held held3.9%
BN Brookfield Corporation held held3.6%

Positions134 in this filing · 1 exited


BRK.ABerkshire Hathaway Inc.	6.71%	1,114	$682M	held	—	38 q
BRK.BBERKSHIRE HATHAWAY Class B	6.13%	1,531,971	$623M	held	—	38 q
GOOGAlphabet Inc. Class C	4.96%	2,749,860	$504M	held	—	38 q
AMZNAmazon.Com Inc	3.86%	2,030,760	$392M	held	—	35 q
BNBrookfield Corporation	3.56%	8,715,741	$362M	held	—	7 q
HDHome Depot, Inc.	3.12%	920,000	$317M	held	—	38 q
DEDeere & Company	3.11%	845,350	$316M	added+3%	−0.23 pp	38 q
NVONovo-Nordisk A/S	3.02%	2,150,000	$307M	held	—	38 q
ADIAnalog Devices, Inc.	2.62%	1,167,671	$267M	added0%	+0.34 pp	34 q
WSOWatsco, Inc.	2.60%	571,250	$265M	added+1%	+0.19 pp	38 q
VVISA Inc.	2.58%	999,285	$262M	held	—	38 q
AAPLApple Inc.	2.54%	1,227,290	$258M	added0%	+0.46 pp	37 q
MSFTMicrosoft Corp	2.23%	507,480	$227M	added+1%	+0.14 pp	35 q
DISThe Walt Disney Company	1.98%	2,031,665	$202M	held	—	38 q
BLQADBlackrock Inc	1.71%	220,200	$173M	held	—	38 q
DEODiageo plc	1.70%	1,366,708	$172M	added0%	−0.30 pp	38 q
RLIRLI Corp.	1.66%	1,197,272	$168M	held	—	38 q
GSGoldman Sachs Group Inc.	1.60%	359,360	$163M	held	—	34 q
PGRProgressive Corporation	1.54%	753,750	$157M	held	—	26 q
BXBlackstone Inc.	1.50%	1,229,000	$152M	held	—	38 q
KKRKKR & Co. Inc.	1.50%	1,451,800	$153M	held	—	24 q
LOWLowe's Companies Inc.	1.47%	675,980	$149M	added+2%	−0.20 pp	38 q
MRSHMarsh	1.46%	706,500	$149M	added+2%	+0.05 pp	38 q
TXNTexas Instruments Incorporated	1.39%	724,000	$141M	held	—	34 q
METAMeta Platforms, Inc. Class A	1.34%	270,981	$137M	added+1%	+0.06 pp	35 q
LPLALPL Financial Holdings Inc.	1.32%	481,791	$135M	added+6%	+0.14 pp	7 q
APOApollo Global Management, Inc.	1.18%	1,012,500	$120M	held	—	10 q
GDGeneral Dynamics Corporation	1.12%	391,000	$113M	held	—	38 q
AXPAmerican Express Company	1.10%	484,250	$112M	held	—	38 q
CATCaterpillar Inc.	1.02%	311,500	$104M	added+1%	−0.09 pp	38 q
GOOGLAlphabet Inc. Class A	0.99%	555,000	$101M	held	—	35 q
SCHWThe Charles Schwab Corporation	0.99%	1,366,766	$101M	added+1%	+0.02 pp	38 q
DGDollar General Corp.	0.91%	697,250	$92M	added+3%	−0.13 pp	12 q
MAMastercard Incorporated	0.90%	207,540	$92M	held	—	38 q
MCOMoody's Corporation	0.89%	213,890	$90M	held	—	38 q
JNJJohnson & Johnson	0.88%	610,800	$89M	held	—	38 q
ADMArcher Daniels Midland Company	0.87%	1,463,300	$88M	held	—	38 q
NVRNVR, Inc.	0.86%	11,529	$87M	added+2%	−0.05 pp	23 q
BAMBrookfield Asset Management Ltd.	0.82%	2,193,953	$83M	held	—	7 q
ITWIllinois Tool Works Inc.	0.76%	327,500	$78M	held	—	38 q
ROLRollins, Inc.	0.69%	1,439,275	$70M	added+1%	+0.04 pp	38 q
MSCIMSCI, Inc.	0.68%	142,850	$69M	held	—	38 q
HEI.AHeico Corp Cl A	0.66%	379,644	$67M	held	—	33 q
SPGIS&P Global Inc.	0.66%	150,690	$67M	held	—	33 q
ECLEcolab, Inc.	0.64%	274,300	$65M	held	—	38 q
LINLinde plc	0.62%	143,500	$63M	added+9%	+0.02 pp	6 q
FDXFedEx Corporation	0.53%	181,000	$54M	added+8%	+0.05 pp	11 q
CGThe Carlyle Group Inc.	0.52%	1,327,000	$53M	held	—	18 q
JPMJPMorgan Chase & Co.	0.50%	252,550	$51M	held	—	37 q
ODFLOld Dominion Freight Line	0.49%	279,500	$49M	added+43%	+0.07 pp	9 q
NSCNorfolk Southern Corp.	0.48%	229,500	$49M	held	—	38 q
ACNAccenture PLC	0.48%	159,400	$48M	held	—	38 q
FDSFactset Research Systems	0.47%	116,720	$48M	held	—	38 q
SBUXStarbucks Corp	0.44%	568,318	$44M	added+5%	−0.05 pp	31 q
TSNTyson Foods, Inc.	0.44%	785,500	$45M	added+1%	−0.01 pp	31 q
CMCSAComcast Corp	0.42%	1,081,241	$42M	added+1%	−0.04 pp	33 q
ROKRockwell Automation, Inc.	0.42%	154,900	$43M	held	—	37 q
ITICInvestors Title Co	0.38%	213,300	$38M	held	—	38 q
BF.ABrown-Forman Corporation Class A	0.37%	843,000	$37M	held	—	38 q
TROWT Rowe Price Group Inc	0.36%	314,000	$36M	held	—	38 q
VRSKVerisk Analytics, Inc.	0.35%	133,700	$36M	added+5%	+0.05 pp	38 q
COSTCostco Wholesale Corp	0.33%	39,150	$33M	held	—	38 q
AONAon plc Class A	0.33%	113,950	$33M	added+4%	−0.03 pp	15 q
HGTYHagerty, Inc.	0.31%	3,000,000	$31M	held	—	5 q
THGThe Hanover Insurance Group, Inc.	0.30%	240,000	$30M	added+6%	0.00 pp	10 q
MMM3M Company	0.30%	293,750	$30M	held	—	38 q
FNVFranco-Nevada Corporation	0.29%	245,000	$29M	new	+0.29 pp	new
NKENike, Inc.	0.29%	388,900	$29M	added+3%	−0.06 pp	38 q
SHWThe Sherwin-Williams Company	0.28%	94,172	$28M	held	—	23 q
WHRWhirlpool Corp.	0.28%	282,049	$29M	held	—	25 q
LMTLockheed Martin Corp.	0.26%	56,363	$26M	held	—	14 q
ALLThe Allstate Corporation	0.24%	154,550	$25M	held	—	15 q
EFXEquifax, Incorporated	0.23%	97,850	$24M	held	—	23 q
RTXRTX Corporation	0.22%	224,000	$22M	held	—	38 q
BF.BBrown-Forman Corporation Class B	0.20%	474,187	$20M	held	—	38 q
CABOCable One, Inc.	0.19%	53,800	$19M	added+12%	−0.01 pp	36 q
TGTTarget Corporation	0.19%	133,000	$20M	held	—	7 q
UNPUnion Pacific Corp.	0.19%	85,778	$19M	held	—	35 q
PAYXPaychex Inc	0.17%	150,000	$18M	held	—	38 q
CSCOCisco Systems, Inc. (DE)	0.16%	342,000	$16M	held	—	34 q
PEPPepsiCo, Inc.	0.16%	96,210	$16M	held	—	38 q
TMOThermo Fisher Scientific, Inc.	0.16%	29,400	$16M	added+19%	+0.02 pp	11 q
CARRCarrier Global Corporation	0.15%	235,000	$15M	held	—	17 q
RNRRenaissanceRe Holdings Ltd.	0.15%	70,000	$16M	held	—	8 q
CCKCrown Holdings Inc.	0.14%	189,500	$14M	held	—	24 q
URIUnited Rentals, Inc.	0.14%	22,000	$14M	added+42%	+0.03 pp	4 q
CHHChoice Hotels Intnl.	0.13%	110,500	$13M	added+31%	+0.02 pp	5 q
FERGFerguson Enterprises Inc.	0.13%	70,500	$14M	added+23%	+0.01 pp	4 q
COFCapital One Financial	0.12%	91,000	$13M	held	—	7 q
HXLHexcel Corporation	0.12%	189,000	$12M	held	—	31 q
IQVIQVIA Holdings Inc.	0.12%	58,726	$12M	added+5%	−0.02 pp	6 q
WFCWells Fargo & Co.	0.12%	204,450	$12M	held	—	25 q
HCAHCA Healthcare, Inc.	0.11%	35,105	$11M	added+64%	+0.04 pp	4 q
LAMRLamar Advertising Co	0.11%	94,000	$11M	added+22%	+0.02 pp	18 q
OTISOtis Worldwide Corporation	0.11%	114,620	$11M	held	—	17 q
PMPhilip Morris International Inc.	0.11%	114,500	$12M	held	—	38 q
SEICSEI Investments Co	0.11%	173,200	$11M	held	—	38 q
SMGThe Scotts Miracle-Gro Company	0.11%	168,000	$11M	held	—	10 q
YUMYum! Brands, Inc.	0.11%	86,502	$11M	added×5.4	+0.09 pp	2 q
APDAir Products & Chemicals, Inc.	0.10%	38,000	$10M	added×2.5	+0.06 pp	2 q
AMTAmerican Tower Corporation	0.10%	51,910	$10M	held	—	32 q
KMXCarMax Inc.	0.10%	136,500	$10M	added+11%	−0.01 pp	7 q
CECelanese Corporation	0.10%	77,800	$10M	held	—	14 q
UNHUNITEDHEALTH GROUP INCORPORATED (Delaware)	0.10%	20,814	$11M	added+29%	+0.02 pp	4 q
GPKGraphic Packaging Holding Company	0.09%	334,725	$9M	added+39%	+0.02 pp	3 q
SPOTSpotify Technology S.A.	0.08%	25,900	$8M	held	—	12 q
BNYBank of New York Mellon Corporation	0.07%	121,500	$7M	held	—	21 q
EMNEastman Chemical Company	0.07%	74,950	$7M	held	—	18 q
EAElectronic Arts Inc	0.07%	49,800	$7M	trimmed−38%	−0.04 pp	10 q
OIO-I Glass, Inc.	0.07%	674,100	$8M	added+25%	−0.02 pp	19 q
SHOPShopify Inc. Class A subordinate voting shares	0.07%	102,750	$7M	held	—	10 q
TRUTransUnion	0.07%	101,050	$7M	held	—	23 q
SONYSony Group Corporation	0.06%	67,000	$6M	held	—	10 q
CBRLCracker Barrel Old Country Store, Inc,.	0.05%	111,000	$5M	held	—	9 q
NSPInsperity, Inc	0.05%	52,906	$5M	added×3.1	+0.03 pp	2 q
MARMarriott International Class A	0.05%	22,000	$5M	added×2.4	+0.03 pp	2 q
UBERUber Technologies, Inc.	0.05%	71,000	$5M	added+22%	+0.01 pp	5 q
FIXComfort Systems USA, Inc.	0.04%	13,000	$4M	held	—	3 q
GHCGraham Holdings Company	0.04%	5,200	$4M	held	—	38 q
HSYThe Hershey Company	0.04%	21,500	$4M	added×2.3	+0.02 pp	2 q
SOLVSolventum Corporation	0.04%	73,437	$4M	new	+0.04 pp	new
BALLBall Corporation	0.03%	51,000	$3M	held	—	21 q
WRBW.R. Berkley Corporation	0.03%	40,500	$3M	held	—	29 q
CVSCvs Health Corporation	0.03%	47,000	$3M	trimmed−86%	−0.23 pp	38 q
ITGartner, Inc.	0.03%	5,700	$3M	held	—	10 q
INTUIntuit Inc	0.02%	2,720	$2M	held	—	12 q
unresolvedBrookfield Reins Ltd	0.02%	60,101	$2M	held	—	7 q
WTWWillis Towers Watson Public Limited Company	0.02%	8,627	$2M	held	—	10 q
BUDAnheuser-Busch INBEV SA/NV	0.01%	11,000	$639,650	held	—	5 q
CSGPCoStar Group Inc	0.01%	18,600	$1M	held	—	11 q
DNBDun & Bradstreet Holdings, Inc.	0.01%	115,000	$1M	held	—	7 q
unresolvedHagerty Inc	0.01%	540,000	$1M	held	—	11 q
ICEIntercontinental Exchange Inc.	0.01%	5,120	$700,877	held	—	14 q
ULSUL Solutions Inc.	0.01%	36,000	$2M	new	+0.01 pp	new
SRCLStericycle Inc	—	−38,000	—	exited	−0.02 pp	—