Markel Group

Q4 2024 13F · by Tom Gayner, CEO

As of: Dec 31, 2024
Filed: Feb 7, 2025
US stock: $11.3B · prev $11.1B
Positions: 132 · 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%

Moves57 since the prior filing

+2.1 pp in · −2.5 pp out

New 6 +2.26 pp
Added 43 −0.16 pp
Trimmed 2 −0.12 pp
Exited 6 −2.39 pp

The book

Diversified · behaves like 40 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Low turnover · 9.7% a year, about 10.3 years per position

Low
Moderate
High

Top 5 positions26% of US stock

Positions132 in this filing · 6 exited


BRK.ABerkshire Hathaway Inc.	6.69%	1,114	$759M	held	—	40 q
BRK.BBERKSHIRE HATHAWAY Class B	6.12%	1,531,971	$694M	held	—	40 q
GOOGAlphabet Inc. Class C	4.62%	2,749,860	$524M	held	—	40 q
BNBrookfield Corporation	4.41%	8,715,741	$501M	held	—	9 q
AMZNAmazon.Com Inc	3.93%	2,030,760	$446M	held	—	37 q
DEDeere & Company	3.27%	874,950	$371M	added+1%	+0.01 pp	40 q
HDHome Depot, Inc.	3.15%	920,000	$358M	held	—	40 q
VVISA Inc.	2.78%	999,285	$316M	held	—	40 q
AAPLApple Inc.	2.71%	1,227,290	$307M	held	—	39 q
WSOWatsco, Inc.	2.47%	590,500	$280M	added+1%	−0.11 pp	40 q
ADIAnalog Devices, Inc.	2.19%	1,167,671	$248M	held	—	36 q
BLKBlackrock, Inc.	1.99%	220,200	$226M	new	+1.99 pp	new
DISThe Walt Disney Company	1.99%	2,031,665	$226M	held	—	40 q
MSFTMicrosoft Corp	1.93%	519,480	$219M	added+1%	−0.06 pp	37 q
KKRKKR & Co. Inc.	1.89%	1,451,800	$215M	held	—	26 q
BXBlackstone Inc.	1.87%	1,229,000	$212M	held	—	40 q
GSGoldman Sachs Group Inc.	1.81%	359,360	$206M	held	—	36 q
RLIRLI Corp.	1.74%	1,197,272	$197M	held	—	40 q
NVONovo-Nordisk A/S	1.63%	2,150,000	$185M	held	—	40 q
PGRProgressive Corporation	1.59%	753,750	$181M	held	—	28 q
DEODiageo plc	1.53%	1,366,708	$174M	held	—	40 q
LPLALPL Financial Holdings Inc.	1.53%	532,404	$174M	added+2%	+0.44 pp	9 q
LOWLowe's Companies Inc.	1.53%	701,480	$173M	added+2%	−0.15 pp	40 q
APOApollo Global Management, Inc.	1.47%	1,012,500	$167M	held	—	12 q
METAMeta Platforms, Inc. Class A	1.44%	278,381	$163M	added+1%	+0.02 pp	37 q
MRSHMarsh	1.38%	735,500	$156M	added+2%	−0.07 pp	40 q
AXPAmerican Express Company	1.27%	484,250	$144M	held	—	40 q
TXNTexas Instruments Incorporated	1.20%	724,000	$136M	held	—	36 q
BAMBrookfield Asset Management Ltd.	1.05%	2,193,953	$119M	held	—	9 q
CATCaterpillar Inc.	1.04%	324,800	$118M	added+2%	−0.08 pp	40 q
MAMastercard Incorporated	0.96%	207,540	$109M	held	—	40 q
GOOGLAlphabet Inc. Class A	0.93%	555,000	$105M	held	—	37 q
GDGeneral Dynamics Corporation	0.91%	391,000	$103M	held	—	40 q
MCOMoody's Corporation	0.89%	213,890	$101M	held	—	40 q
SCHWThe Charles Schwab Corporation	0.89%	1,363,800	$101M	added+1%	+0.10 pp	40 q
NVRNVR, Inc.	0.85%	11,814	$97M	added+1%	−0.18 pp	25 q
JNJJohnson & Johnson	0.78%	610,800	$88M	held	—	40 q
MSCIMSCI, Inc.	0.76%	142,850	$86M	held	—	40 q
ITWIllinois Tool Works Inc.	0.73%	327,500	$83M	held	—	40 q
ADMArcher Daniels Midland Company	0.66%	1,474,300	$74M	added+1%	−0.13 pp	40 q
SPGIS&P Global Inc.	0.66%	150,690	$75M	held	—	35 q
HEI.AHeico Corp Cl A	0.62%	379,644	$71M	held	—	35 q
LINLinde plc	0.62%	168,000	$70M	added+8%	−0.05 pp	8 q
ROLRollins, Inc.	0.60%	1,462,275	$68M	added+1%	−0.06 pp	40 q
CGThe Carlyle Group Inc.	0.59%	1,327,000	$67M	held	—	20 q
ECLEcolab, Inc.	0.57%	274,300	$64M	held	—	40 q
DGDollar General Corp.	0.56%	835,750	$63M	added+13%	0.00 pp	14 q
JPMJPMorgan Chase & Co.	0.53%	252,550	$61M	held	—	39 q
FDXFedEx Corporation	0.51%	206,500	$58M	added+6%	+0.03 pp	13 q
FNVFranco-Nevada Corporation	0.50%	483,250	$57M	added+40%	+0.11 pp	3 q
SBUXStarbucks Corp	0.50%	617,318	$56M	added+3%	−0.03 pp	33 q
FDSFactset Research Systems	0.49%	116,720	$56M	held	—	40 q
ACNAccenture PLC	0.49%	159,400	$56M	held	—	40 q
NSCNorfolk Southern Corp.	0.47%	229,500	$54M	held	—	40 q
ODFLOld Dominion Freight Line	0.47%	300,700	$53M	added+2%	−0.06 pp	11 q
ITICInvestors Title Co	0.45%	213,300	$51M	held	—	40 q
TSNTyson Foods, Inc.	0.40%	798,500	$46M	added+1%	−0.02 pp	33 q
AONAon plc Class A	0.40%	126,200	$45M	added+5%	+0.03 pp	17 q
ROKRockwell Automation, Inc.	0.39%	154,900	$44M	held	—	39 q
VRSKVerisk Analytics, Inc.	0.38%	155,950	$43M	added+8%	+0.03 pp	40 q
THGThe Hanover Insurance Group, Inc.	0.36%	267,000	$41M	added+5%	+0.02 pp	12 q
MMM3M Company	0.33%	293,750	$38M	held	—	40 q
CMCSAComcast Corp	0.32%	961,880	$36M	trimmed−11%	−0.09 pp	35 q
COSTCostco Wholesale Corp	0.32%	39,150	$36M	held	—	40 q
TROWT Rowe Price Group Inc	0.31%	314,000	$36M	held	—	40 q
NKENike, Inc.	0.29%	432,400	$33M	added+1%	−0.05 pp	40 q
BF.ABrown-Forman Corporation Class A	0.28%	843,000	$32M	held	—	40 q
SHWThe Sherwin-Williams Company	0.28%	94,172	$32M	held	—	25 q
ALLThe Allstate Corporation	0.26%	154,550	$30M	held	—	17 q
HGTYHagerty, Inc.	0.26%	3,108,000	$30M	added+4%	−0.01 pp	7 q
LMTLockheed Martin Corp.	0.24%	56,363	$27M	held	—	16 q
YUMYum! Brands, Inc.	0.24%	205,502	$28M	added+31%	+0.04 pp	4 q
RTXRTX Corporation	0.23%	224,000	$26M	new	+0.23 pp	new
PAYXPaychex Inc	0.19%	150,000	$21M	held	—	40 q
TMOThermo Fisher Scientific, Inc.	0.19%	41,100	$21M	added+16%	−0.01 pp	13 q
CSCOCisco Systems, Inc. (DE)	0.18%	342,000	$20M	held	—	36 q
URIUnited Rentals, Inc.	0.18%	29,650	$21M	added+14%	−0.01 pp	6 q
UNPUnion Pacific Corp.	0.17%	85,778	$20M	held	—	37 q
APDAir Products & Chemicals, Inc.	0.16%	64,500	$19M	added+24%	+0.02 pp	4 q
BF.BBrown-Forman Corporation Class B	0.16%	474,187	$18M	held	—	40 q
CABOCable One, Inc.	0.16%	50,900	$18M	trimmed−15%	−0.03 pp	38 q
EFXEquifax, Incorporated	0.16%	72,850	$19M	held	—	25 q
FERGFerguson Enterprises Inc.	0.16%	106,000	$18M	added+25%	+0.01 pp	2 q
TGTTarget Corporation	0.16%	133,000	$18M	held	—	9 q
HCAHCA Healthcare, Inc.	0.15%	56,580	$17M	added+11%	−0.04 pp	6 q
RNRRenaissanceRe Holdings Ltd.	0.15%	70,000	$17M	held	—	10 q
COFCapital One Financial	0.14%	91,000	$16M	held	—	9 q
CARRCarrier Global Corporation	0.14%	235,000	$16M	held	—	19 q
CHHChoice Hotels Intnl.	0.14%	115,500	$16M	held	—	7 q
CCKCrown Holdings Inc.	0.14%	189,500	$16M	held	—	26 q
ABNBAirbnb, Inc. Class A	0.13%	115,310	$15M	added×6.0	+0.11 pp	2 q
LAMRLamar Advertising Co	0.13%	124,000	$15M	added+12%	0.00 pp	20 q
PEPPepsiCo, Inc.	0.13%	96,210	$15M	held	—	40 q
SEICSEI Investments Co	0.13%	173,200	$14M	held	—	40 q
WFCWells Fargo & Co.	0.13%	204,450	$14M	held	—	27 q
MARMarriott International Class A	0.12%	47,000	$13M	added+31%	+0.04 pp	4 q
PMPhilip Morris International Inc.	0.12%	114,500	$14M	held	—	40 q
UNHUNITEDHEALTH GROUP INCORPORATED (Delaware)	0.12%	26,714	$14M	added+11%	−0.01 pp	6 q
KMXCarMax Inc.	0.10%	136,500	$11M	held	—	9 q
GPKGraphic Packaging Holding Company	0.10%	427,225	$12M	added+8%	−0.01 pp	5 q
HXLHexcel Corporation	0.10%	189,000	$12M	held	—	33 q
IQVIQVIA Holdings Inc.	0.10%	58,726	$12M	held	—	8 q
SMGThe Scotts Miracle-Gro Company	0.10%	168,000	$11M	held	—	12 q
SHOPShopify Inc. Class A subordinate voting shares	0.10%	102,750	$11M	held	—	12 q
SPOTSpotify Technology S.A.	0.10%	25,900	$12M	held	—	14 q
NSPInsperity, Inc	0.09%	131,728	$10M	added+88%	+0.03 pp	4 q
OTISOtis Worldwide Corporation	0.09%	114,620	$11M	held	—	19 q
BNYBank of New York Mellon Corporation	0.08%	121,500	$9M	held	—	23 q
OIO-I Glass, Inc.	0.08%	824,100	$9M	added+1%	−0.02 pp	21 q
TRUTransUnion	0.08%	101,050	$9M	held	—	25 q
HSYThe Hershey Company	0.07%	45,000	$8M	added+25%	+0.01 pp	4 q
EMNEastman Chemical Company	0.06%	74,950	$7M	held	—	20 q
SONYSony Group Corporation	0.06%	335,000	$7M	held	—	12 q
UBERUber Technologies, Inc.	0.06%	109,000	$7M	added+24%	0.00 pp	7 q
CECelanese Corporation	0.05%	81,300	$6M	added+5%	−0.05 pp	16 q
FIXComfort Systems USA, Inc.	0.05%	13,000	$6M	held	—	5 q
GHCGraham Holdings Company	0.04%	5,200	$5M	held	—	40 q
WRBW.R. Berkley Corporation	0.03%	60,750	$4M	held	—	31 q
BALLBall Corporation	0.02%	51,000	$3M	held	—	23 q
DPZDomino's Pizza Inc.	0.02%	5,500	$2M	added+22%	0.00 pp	2 q
ITGartner, Inc.	0.02%	5,700	$3M	held	—	12 q
INTUIntuit Inc	0.02%	2,720	$2M	held	—	14 q
WTWWillis Towers Watson Public Limited Company	0.02%	8,627	$3M	held	—	12 q
AYIAcuity Inc.	0.01%	3,000	$876,390	new	+0.01 pp	new
BCBrunswick Corporation	0.01%	15,000	$970,200	added+7%	0.00 pp	2 q
CMECME Group Inc.	0.01%	3,000	$696,690	new	+0.01 pp	new
CSGPCoStar Group Inc	0.01%	18,600	$1M	held	—	13 q
HIIHuntington Ingalls Industries, Inc.	0.01%	4,000	$755,880	new	+0.01 pp	new
ICEIntercontinental Exchange Inc.	0.01%	5,120	$762,931	held	—	16 q
ELThe Estee Lauder Companies Inc. Class A	0.01%	15,000	$1M	added+7%	0.00 pp	2 q
MGMMgm Resorts International	0.01%	40,000	$1M	new	+0.01 pp	new
BUDAnheuser-Busch INBEV SA/NV	0.00%	11,000	$550,770	held	—	7 q
BLQADBlackrock Inc	—	−220,200	—	exited	−1.88 pp	—
unresolvedRtx Corporation	—	−224,000	—	exited	−0.24 pp	—
WHRWhirlpool Corp.	—	−157,619	—	exited	−0.15 pp	—
AMTAmerican Tower Corporation	—	−51,910	—	exited	−0.11 pp	—
DNBDun & Bradstreet Holdings, Inc.	—	−115,000	—	exited	−0.01 pp	—
SOLVSolventum Corporation	—	−750	—	exited	0.00 pp	—