Markel Group

Q3 2024 13F · by Tom Gayner, CEO

As of: Sep 30, 2024
Filed: Nov 1, 2024
US stock: $11.1B · prev $10.2B
Positions: 132 · prev 134
Options notional: $0
Documents: 1· no amendments

Picture99.8% US stock

Full picture · of what this 13F reports is US stock

US stock listed on a US exchange 99.8%
Foreign stock not listed in the US 0.2%
Notes debt, at principal 0.0%
Puts at notional value 0.0%
Calls at notional value 0.0%

Moves54 since the prior filing

+1.1 pp in · −1.0 pp out

New 6 +0.45 pp
Added 36 +0.65 pp
Trimmed 4 −0.41 pp
Exited 8 −0.54 pp

The book

Diversified · behaves like 41 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Low turnover · 3.0% a year, more than 30 years per position

Low
Moderate
High

Top 5 positions25% of US stock

Positions132 in this filing · 8 exited


BRK.ABerkshire Hathaway Inc.	6.93%	1,114	$770M	held	—	39 q
BRK.BBERKSHIRE HATHAWAY Class B	6.35%	1,531,971	$705M	held	—	39 q
BNBrookfield Corporation	4.17%	8,715,741	$463M	held	—	8 q
GOOGAlphabet Inc. Class C	4.14%	2,749,860	$460M	held	—	39 q
AMZNAmazon.Com Inc	3.41%	2,030,760	$378M	held	—	36 q
HDHome Depot, Inc.	3.36%	920,000	$373M	held	—	39 q
DEDeere & Company	3.26%	869,100	$363M	added+3%	+0.15 pp	39 q
WSOWatsco, Inc.	2.58%	582,500	$287M	added+2%	−0.02 pp	39 q
AAPLApple Inc.	2.57%	1,227,290	$286M	held	—	38 q
VVISA Inc.	2.47%	999,285	$275M	held	—	39 q
ADIAnalog Devices, Inc.	2.42%	1,167,671	$269M	held	—	35 q
NVONovo-Nordisk A/S	2.30%	2,150,000	$256M	held	—	39 q
MSFTMicrosoft Corp	1.99%	514,980	$222M	added+1%	−0.24 pp	36 q
BLQADBlackrock Inc	1.88%	220,200	$209M	held	—	39 q
DISThe Walt Disney Company	1.76%	2,031,665	$195M	held	—	39 q
DEODiageo plc	1.73%	1,366,708	$192M	held	—	39 q
PGRProgressive Corporation	1.72%	753,750	$191M	held	—	27 q
KKRKKR & Co. Inc.	1.71%	1,451,800	$190M	held	—	25 q
BXBlackstone Inc.	1.69%	1,229,000	$188M	held	—	39 q
LOWLowe's Companies Inc.	1.68%	690,480	$187M	added+2%	+0.21 pp	39 q
RLIRLI Corp.	1.67%	1,197,272	$186M	held	—	39 q
GSGoldman Sachs Group Inc.	1.60%	359,360	$178M	held	—	35 q
MRSHMarsh	1.45%	722,500	$161M	added+2%	−0.01 pp	39 q
METAMeta Platforms, Inc. Class A	1.42%	275,231	$158M	added+2%	+0.08 pp	36 q
TXNTexas Instruments Incorporated	1.35%	724,000	$150M	held	—	35 q
AXPAmerican Express Company	1.18%	484,250	$131M	held	—	39 q
APOApollo Global Management, Inc.	1.14%	1,012,500	$126M	held	—	11 q
CATCaterpillar Inc.	1.12%	318,750	$125M	added+2%	+0.10 pp	39 q
LPLALPL Financial Holdings Inc.	1.09%	520,404	$121M	added+8%	−0.23 pp	8 q
GDGeneral Dynamics Corporation	1.06%	391,000	$118M	held	—	39 q
NVRNVR, Inc.	1.03%	11,704	$115M	added+2%	+0.17 pp	24 q
BAMBrookfield Asset Management Ltd.	0.93%	2,193,953	$104M	held	—	8 q
MAMastercard Incorporated	0.92%	207,540	$102M	held	—	39 q
MCOMoody's Corporation	0.91%	213,890	$102M	held	—	39 q
JNJJohnson & Johnson	0.89%	610,800	$99M	held	—	39 q
GOOGLAlphabet Inc. Class A	0.83%	555,000	$92M	held	—	36 q
ADMArcher Daniels Midland Company	0.79%	1,463,300	$87M	held	—	39 q
SCHWThe Charles Schwab Corporation	0.79%	1,350,800	$88M	trimmed−1%	−0.20 pp	39 q
ITWIllinois Tool Works Inc.	0.77%	327,500	$86M	held	—	39 q
MSCIMSCI, Inc.	0.75%	142,850	$83M	held	—	39 q
HEI.AHeico Corp Cl A	0.70%	379,644	$77M	held	—	34 q
SPGIS&P Global Inc.	0.70%	150,690	$78M	held	—	34 q
LINLinde plc	0.67%	155,000	$74M	added+8%	+0.05 pp	7 q
ROLRollins, Inc.	0.66%	1,453,275	$74M	added+1%	−0.03 pp	39 q
ECLEcolab, Inc.	0.63%	274,300	$70M	held	—	39 q
DGDollar General Corp.	0.56%	742,250	$63M	added+6%	−0.35 pp	13 q
ODFLOld Dominion Freight Line	0.53%	295,000	$59M	added+6%	+0.04 pp	10 q
SBUXStarbucks Corp	0.53%	600,318	$59M	added+6%	+0.09 pp	32 q
CGThe Carlyle Group Inc.	0.51%	1,327,000	$57M	held	—	19 q
NSCNorfolk Southern Corp.	0.51%	229,500	$57M	held	—	39 q
ACNAccenture PLC	0.51%	159,400	$56M	held	—	39 q
FDSFactset Research Systems	0.48%	116,720	$54M	held	—	39 q
FDXFedEx Corporation	0.48%	195,000	$53M	added+8%	−0.05 pp	12 q
JPMJPMorgan Chase & Co.	0.48%	252,550	$53M	held	—	38 q
ITICInvestors Title Co	0.44%	213,300	$49M	held	—	39 q
TSNTyson Foods, Inc.	0.42%	789,500	$47M	added+1%	−0.02 pp	32 q
CMCSAComcast Corp	0.41%	1,081,241	$45M	held	—	34 q
FNVFranco-Nevada Corporation	0.39%	345,500	$43M	added+41%	+0.10 pp	2 q
ROKRockwell Automation, Inc.	0.37%	154,900	$42M	held	—	38 q
AONAon plc Class A	0.37%	120,150	$42M	added+5%	+0.04 pp	16 q
BF.ABrown-Forman Corporation Class A	0.36%	843,000	$41M	held	—	39 q
MMM3M Company	0.36%	293,750	$40M	held	—	39 q
VRSKVerisk Analytics, Inc.	0.35%	144,950	$39M	added+8%	0.00 pp	39 q
THGThe Hanover Insurance Group, Inc.	0.34%	254,000	$38M	added+6%	+0.04 pp	11 q
NKENike, Inc.	0.34%	428,900	$38M	added+10%	+0.05 pp	39 q
SHWThe Sherwin-Williams Company	0.32%	94,172	$36M	held	—	24 q
COSTCostco Wholesale Corp	0.31%	39,150	$35M	held	—	39 q
TROWT Rowe Price Group Inc	0.31%	314,000	$34M	held	—	39 q
LMTLockheed Martin Corp.	0.30%	56,363	$33M	held	—	15 q
HGTYHagerty, Inc.	0.27%	3,000,000	$31M	held	—	6 q
ALLThe Allstate Corporation	0.26%	154,550	$29M	held	—	16 q
unresolvedRtx Corporation	0.24%	224,000	$27M	new	+0.24 pp	new
BF.BBrown-Forman Corporation Class B	0.21%	474,187	$23M	held	—	39 q
TMOThermo Fisher Scientific, Inc.	0.20%	35,400	$22M	added+20%	+0.04 pp	12 q
YUMYum! Brands, Inc.	0.20%	156,502	$22M	added+81%	+0.09 pp	3 q
CABOCable One, Inc.	0.19%	60,050	$21M	added+12%	0.00 pp	37 q
EFXEquifax, Incorporated	0.19%	72,850	$21M	trimmed−26%	−0.04 pp	24 q
HCAHCA Healthcare, Inc.	0.19%	50,930	$21M	added+45%	+0.08 pp	5 q
TGTTarget Corporation	0.19%	133,000	$21M	held	—	8 q
UNPUnion Pacific Corp.	0.19%	85,778	$21M	held	—	36 q
URIUnited Rentals, Inc.	0.19%	25,950	$21M	added+18%	+0.05 pp	5 q
PAYXPaychex Inc	0.18%	150,000	$20M	held	—	39 q
CARRCarrier Global Corporation	0.17%	235,000	$19M	held	—	18 q
RNRRenaissanceRe Holdings Ltd.	0.17%	70,000	$19M	held	—	9 q
CSCOCisco Systems, Inc. (DE)	0.16%	342,000	$18M	held	—	35 q
CCKCrown Holdings Inc.	0.16%	189,500	$18M	held	—	25 q
FERGFerguson Enterprises Inc.	0.15%	84,500	$17M	new	+0.15 pp	new
PEPPepsiCo, Inc.	0.15%	96,210	$16M	held	—	39 q
WHRWhirlpool Corp.	0.15%	157,619	$17M	trimmed−44%	−0.13 pp	26 q
APDAir Products & Chemicals, Inc.	0.14%	52,000	$15M	added+37%	+0.04 pp	3 q
CHHChoice Hotels Intnl.	0.14%	115,500	$15M	added+5%	+0.01 pp	6 q
IQVIQVIA Holdings Inc.	0.13%	58,726	$14M	held	—	7 q
LAMRLamar Advertising Co	0.13%	111,000	$15M	added+18%	+0.02 pp	19 q
PMPhilip Morris International Inc.	0.13%	114,500	$14M	held	—	39 q
SMGThe Scotts Miracle-Gro Company	0.13%	168,000	$15M	held	—	11 q
UNHUNITEDHEALTH GROUP INCORPORATED (Delaware)	0.13%	24,064	$14M	added+16%	+0.03 pp	5 q
COFCapital One Financial	0.12%	91,000	$14M	held	—	8 q
AMTAmerican Tower Corporation	0.11%	51,910	$12M	held	—	33 q
GPKGraphic Packaging Holding Company	0.11%	394,725	$12M	added+18%	+0.02 pp	4 q
HXLHexcel Corporation	0.11%	189,000	$12M	held	—	32 q
OTISOtis Worldwide Corporation	0.11%	114,620	$12M	held	—	18 q
SEICSEI Investments Co	0.11%	173,200	$12M	held	—	39 q
KMXCarMax Inc.	0.10%	136,500	$11M	held	—	8 q
CECelanese Corporation	0.10%	77,800	$11M	held	—	15 q
OIO-I Glass, Inc.	0.10%	814,100	$11M	added+21%	+0.03 pp	20 q
TRUTransUnion	0.10%	101,050	$11M	held	—	24 q
WFCWells Fargo & Co.	0.10%	204,450	$12M	held	—	26 q
SPOTSpotify Technology S.A.	0.09%	25,900	$10M	held	—	13 q
BNYBank of New York Mellon Corporation	0.08%	121,500	$9M	held	—	22 q
EMNEastman Chemical Company	0.08%	74,950	$8M	held	—	19 q
MARMarriott International Class A	0.08%	36,000	$9M	added+64%	+0.03 pp	3 q
SHOPShopify Inc. Class A subordinate voting shares	0.07%	102,750	$8M	held	—	11 q
HSYThe Hershey Company	0.06%	36,000	$7M	added+67%	+0.02 pp	3 q
NSPInsperity, Inc	0.06%	70,143	$6M	added+33%	+0.01 pp	3 q
SONYSony Group Corporation	0.06%	67,000	$6M	held	—	11 q
UBERUber Technologies, Inc.	0.06%	88,000	$7M	added+24%	+0.01 pp	6 q
FIXComfort Systems USA, Inc.	0.05%	13,000	$5M	held	—	4 q
GHCGraham Holdings Company	0.04%	5,200	$4M	held	—	39 q
BALLBall Corporation	0.03%	51,000	$3M	held	—	22 q
WRBW.R. Berkley Corporation	0.03%	60,750	$3M	held	—	30 q
ITGartner, Inc.	0.03%	5,700	$3M	held	—	11 q
ABNBAirbnb, Inc. Class A	0.02%	19,150	$2M	new	+0.02 pp	new
DPZDomino's Pizza Inc.	0.02%	4,500	$2M	new	+0.02 pp	new
INTUIntuit Inc	0.02%	2,720	$2M	held	—	13 q
WTWWillis Towers Watson Public Limited Company	0.02%	8,627	$3M	held	—	11 q
BUDAnheuser-Busch INBEV SA/NV	0.01%	11,000	$729,190	held	—	6 q
BCBrunswick Corporation	0.01%	14,000	$1M	new	+0.01 pp	new
CSGPCoStar Group Inc	0.01%	18,600	$1M	held	—	12 q
DNBDun & Bradstreet Holdings, Inc.	0.01%	115,000	$1M	held	—	8 q
ICEIntercontinental Exchange Inc.	0.01%	5,120	$822,477	held	—	15 q
ELThe Estee Lauder Companies Inc. Class A	0.01%	14,000	$1M	new	+0.01 pp	new
SOLVSolventum Corporation	0.00%	750	$52,290	trimmed−99%	−0.04 pp	2 q
RTXRTX Corporation	—	−224,000	—	exited	−0.22 pp	—
FERGFerguson Enterprises Inc.	—	−70,500	—	exited	−0.13 pp	—
EAElectronic Arts Inc	—	−49,800	—	exited	−0.07 pp	—
CBRLCracker Barrel Old Country Store, Inc,.	—	−111,000	—	exited	−0.05 pp	—
CVSCvs Health Corporation	—	−47,000	—	exited	−0.03 pp	—
unresolvedBrookfield Reins Ltd	—	−60,101	—	exited	−0.02 pp	—
unresolvedHagerty Inc	—	−540,000	—	exited	−0.01 pp	—
ULSUL Solutions Inc.	—	−36,000	—	exited	−0.01 pp	—