0000950123-19-003906.txt : 20190503 0000950123-19-003906.hdr.sgml : 20190503 20190503170524 ACCESSION NUMBER: 0000950123-19-003906 CONFORMED SUBMISSION TYPE: 13F-HR PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20190331 FILED AS OF DATE: 20190503 DATE AS OF CHANGE: 20190503 EFFECTIVENESS DATE: 20190503 FILER: COMPANY DATA: COMPANY CONFORMED NAME: MARKEL CORP CENTRAL INDEX KEY: 0001096343 STANDARD INDUSTRIAL CLASSIFICATION: FIRE, MARINE & CASUALTY INSURANCE [6331] IRS NUMBER: 541959284 STATE OF INCORPORATION: VA FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 13F-HR SEC ACT: 1934 Act SEC FILE NUMBER: 028-06647 FILM NUMBER: 19797121 BUSINESS ADDRESS: STREET 1: 4521 HIGHWOODS PARKWAY CITY: GLEN ALLEN STATE: VA ZIP: 23060-6148 BUSINESS PHONE: 8047470136 MAIL ADDRESS: STREET 1: 4521 HIGHWOODS PKWY CITY: GLEN ALLEN STATE: VA ZIP: 23060 FORMER COMPANY: FORMER CONFORMED NAME: MARKEL HOLDINGS INC DATE OF NAME CHANGE: 19991005 13F-HR 1 primary_doc.xml 13F-HR LIVE false true false 0001096343 XXXXXXXX 03-31-2019 03-31-2019 MARKEL CORP

4521 Highwoods Pkwy Glen Allen VA 23060

13F HOLDINGS REPORT 028-06647 N Thomas S. Gayner 804-527-3806 /s/ Thomas S. Gayner Glen Allen VA 05-03-2019 1 243 5966826 false 1 28-6056 Markel Gayner Asset Management Corporation INFORMATION TABLE 2 form13fInfoTable.xml INFORMATION TABLE FOR FORM 13F 3M Company COM 88579Y101 15583 75000 SH SOLE 75000 0 0 3M Company COM 88579Y101 26804 129000 SH DFND 1 129000 0 0 Accenture COM G1151C101 11811 67100 SH SOLE 67100 0 0 Accenture COM G1151C101 16247 92300 SH DFND 1 92300 0 0 Activision Blizzard Inc COM 00507V109 82 1800 SH SOLE 1800 0 0 Activision Blizzard Inc COM 00507V109 11246 247000 SH DFND 1 247000 0 0 Albemarle Corp COM 012653101 5985 73000 SH DFND 1 73000 0 0 Alleghany Corporation COM 017175100 2650 4328 SH SOLE 4328 0 0 Alphabet Inc COM 02079K107 12612 10749 SH SOLE 10749 0 0 Alphabet Inc COM 02079K107 132807 113190 SH DFND 1 113190 0 0 Alphabet Inc Class A COM 02079K305 3884 3300 SH SOLE 3300 0 0 Alphabet Inc Class A COM 02079K305 10827 9200 SH DFND 1 9200 0 0 Amazon.com COM 023135106 22081 12400 SH SOLE 12400 0 0 Amazon.com COM 023135106 143950 80837 SH DFND 1 80837 0 0 American Express COM 025816109 1093 10000 SH SOLE 10000 0 0 American Express COM 025816109 41753 382000 SH DFND 1 382000 0 0 American Tower COM 03027X100 197 1000 SH SOLE 1000 0 0 American Tower COM 03027X100 6799 34500 SH DFND 1 34500 0 0 Analog Devices Inc COM 032654105 21429 203565 SH SOLE 203565 0 0 Analog Devices Inc COM 032654105 58030 551246 SH DFND 1 551246 0 0 Anthem Inc COM 036752103 8322 29000 SH SOLE 29000 0 0 Anthem Inc COM 036752103 55961 195000 SH DFND 1 195000 0 0 Aon Corporation COM G0408V102 6316 37000 SH DFND 1 37000 0 0 Apollo Global Management - A COM 037612306 636 22500 SH SOLE 22500 0 0 Apollo Global Management - A COM 037612306 27346 968000 SH DFND 1 968000 0 0 Apple Inc COM 037833100 2289 12050 SH SOLE 12050 0 0 Apple Inc COM 037833100 49137 258685 SH DFND 1 258685 0 0 Archer Daniels COM 039483102 25619 594000 SH SOLE 594000 0 0 Archer Daniels COM 039483102 37493 869300 SH DFND 1 869300 0 0 Automatic Data Processing COM 053015103 20287 127000 SH SOLE 127000 0 0 Automatic Data Processing COM 053015103 64487 403700 SH DFND 1 403700 0 0 Autonation Inc COM 05329W102 43 1200 SH SOLE 1200 0 0 Autonation Inc COM 05329W102 1120 31360 SH DFND 1 31360 0 0 Berkshire Hathaway Class B COM 084670702 132913 661620 SH SOLE 661620 0 0 Berkshire Hathaway Class B COM 084670702 172664 859497 SH DFND 1 859497 0 0 Berkshire Hathaway, Inc. COM 084670108 102413 340 SH SOLE 340 0 0 Berkshire Hathaway, Inc. COM 084670108 227719 756 SH DFND 1 756 0 0 Blackrock Inc COM 09247X101 5128 12000 SH SOLE 12000 0 0 Blackrock Inc COM 09247X101 83209 194700 SH DFND 1 194700 0 0 Blackstone Group COM 09253U108 1206 34500 SH SOLE 34500 0 0 Blackstone Group COM 09253U108 39778 1137500 SH DFND 1 1137500 0 0 Boeing Co COM 097023105 4539 11900 SH SOLE 11900 0 0 Boeing Co COM 097023105 31467 82500 SH DFND 1 82500 0 0 Booking Holdings Inc COM 09857L108 436 250 SH DFND 1 250 0 0 Brookfield Asset Management COM 112585104 70198 1504782 SH SOLE 1504782 0 0 Brookfield Asset Management COM 112585104 197465 4232909 SH DFND 1 4232909 0 0 Brown Forman Class A COM 115637100 25206 492600 SH SOLE 492600 0 0 Brown Forman Class A COM 115637100 17930 350400 SH DFND 1 350400 0 0 Brown-Forman Class B COM 115637209 11968 226750 SH SOLE 226750 0 0 Brown-Forman Class B COM 115637209 13060 247437 SH DFND 1 247437 0 0 CDK Global Inc COM 12508E101 2490 42333 SH SOLE 42333 0 0 CDK Global Inc COM 12508E101 7915 134564 SH DFND 1 134564 0 0 CME Group Inc COM 12572Q105 823 5000 SH SOLE 5000 0 0 CME Group Inc COM 12572Q105 21395 130000 SH DFND 1 130000 0 0 CVS Corporation COM 126650100 108 2000 SH SOLE 2000 0 0 CVS Corporation COM 126650100 14723 273000 SH DFND 1 273000 0 0 Cable One COM 12685J105 5103 5200 SH DFND 1 5200 0 0 Carmax COM 143130102 78115 1119126 SH SOLE 1119126 0 0 Carmax COM 143130102 264817 3793944 SH DFND 1 3793944 0 0 Caterpillar Inc COM 149123101 1355 10000 SH SOLE 10000 0 0 Caterpillar Inc COM 149123101 36311 268000 SH DFND 1 268000 0 0 Charles Schwab COM 808513105 5131 120000 SH SOLE 120000 0 0 Charles Schwab COM 808513105 40070 937100 SH DFND 1 937100 0 0 Chipotle Mexican Grill Inc COM 169656105 5825 8200 SH DFND 1 8200 0 0 Choice Hotels Intl Inc COM 169905106 233 3000 SH SOLE 3000 0 0 Choice Hotels Intl Inc COM 169905106 10767 138500 SH DFND 1 138500 0 0 Cisco COM 17275R102 7991 148000 SH SOLE 148000 0 0 Cisco COM 17275R102 10474 194000 SH DFND 1 194000 0 0 Citigroup Inc COM 172967424 82 1320 SH SOLE 1320 0 0 Citigroup Inc COM 172967424 762 12250 SH DFND 1 12250 0 0 Colfax Corporation COM 194014106 32205 1085070 SH SOLE 1085070 0 0 Colfax Corporation COM 194014106 1484 50000 SH DFND 1 50000 0 0 Comcast Corp- Class A COM 20030N101 4118 103000 SH SOLE 103000 0 0 Comcast Corp- Class A COM 20030N101 13473 337000 SH DFND 1 337000 0 0 Costco COM 22160K105 3148 13000 SH SOLE 13000 0 0 Costco COM 22160K105 6296 26000 SH DFND 1 26000 0 0 Crown Holdings Inc COM 228368106 2674 49000 SH DFND 1 49000 0 0 DR Horton Inc COM 23331A109 35 850 SH SOLE 850 0 0 DR Horton Inc COM 23331A109 377 9107 SH DFND 1 9107 0 0 Delta Air Lines COM 247361702 310 6000 SH SOLE 6000 0 0 Delta Air Lines COM 247361702 8677 168000 SH DFND 1 168000 0 0 Diageo PLC COM 25243Q205 96252 588300 SH SOLE 588300 0 0 Diageo PLC COM 25243Q205 124589 761500 SH DFND 1 761500 0 0 Discovery Communications COM 25470F302 381 15000 SH SOLE 15000 0 0 Discovery Communications COM 25470F302 29386 1156000 SH DFND 1 1156000 0 0 Disney COM 254687106 38272 344700 SH SOLE 344700 0 0 Disney COM 254687106 162304 1461800 SH DFND 1 1461800 0 0 Dollar Tree Inc COM 256746108 1366 13000 SH SOLE 13000 0 0 Dollar Tree Inc COM 256746108 11554 110000 SH DFND 1 110000 0 0 Ecolab COM 278865100 4060 23000 SH SOLE 23000 0 0 Ecolab COM 278865100 44629 252800 SH DFND 1 252800 0 0 Electronic Arts Inc COM 285512109 91 900 SH SOLE 900 0 0 Electronic Arts Inc COM 285512109 11332 111500 SH DFND 1 111500 0 0 Equifax Inc COM 294429105 4207 35500 SH DFND 1 35500 0 0 Facebook COM 30303M102 3102 18610 SH SOLE 18610 0 0 Facebook COM 30303M102 20915 125470 SH DFND 1 125470 0 0 Factset Research COM 303075105 5710 23000 SH SOLE 23000 0 0 Factset Research COM 303075105 23089 93000 SH DFND 1 93000 0 0 General Dynamics COM 369550108 7448 44000 SH SOLE 44000 0 0 General Dynamics COM 369550108 58063 343000 SH DFND 1 343000 0 0 Goldman Sachs COM 38141G104 3427 17850 SH SOLE 17850 0 0 Goldman Sachs COM 38141G104 28996 151030 SH DFND 1 151030 0 0 Graham Holdings Co COM 384637104 3553 5200 SH DFND 1 5200 0 0 Hasbro, Inc COM 418056107 8876 104400 SH SOLE 104400 0 0 Hasbro, Inc COM 418056107 22071 259600 SH DFND 1 259600 0 0 Healthcare Services Group COM 421906108 165 5000 SH SOLE 5000 0 0 Healthcare Services Group COM 421906108 6318 191500 SH DFND 1 191500 0 0 Heico Corp Class A COM 422806208 647 7702 SH SOLE 7702 0 0 Heico Corp Class A COM 422806208 24919 296443 SH DFND 1 296443 0 0 Hexcel Corp COM 428291108 277 4000 SH SOLE 4000 0 0 Hexcel Corp COM 428291108 9821 142000 SH DFND 1 142000 0 0 Home Depot COM 437076102 7100 37000 SH SOLE 37000 0 0 Home Depot COM 437076102 169439 883000 SH DFND 1 883000 0 0 Illinois Tool Works COM 452308109 12200 85000 SH SOLE 85000 0 0 Illinois Tool Works COM 452308109 20812 145000 SH DFND 1 145000 0 0 Illumina Inc COM 452327109 311 1000 SH DFND 1 1000 0 0 Intl Flavors & Fragrances COM 459506101 1932 15000 SH SOLE 15000 0 0 Intl Flavors & Fragrances COM 459506101 6633 51500 SH DFND 1 51500 0 0 Investors Title Company COM 461804106 33680 213300 SH DFND 1 213300 0 0 JP Morgan COM 46625H100 18844 186150 SH DFND 1 186150 0 0 John Deere COM 244199105 160783 1005900 SH DFND 1 1005900 0 0 Johnson and Johnson COM 478160104 15964 114200 SH SOLE 114200 0 0 Johnson and Johnson COM 478160104 69420 496600 SH DFND 1 496600 0 0 KKR & Co LLC COM 48251W104 423 18000 SH SOLE 18000 0 0 KKR & Co LLC COM 48251W104 30079 1280500 SH DFND 1 1280500 0 0 Liberty Broadband A COM 530307107 1993 21750 SH SOLE 21750 0 0 Liberty Broadband A COM 530307107 16816 183500 SH DFND 1 183500 0 0 Liberty Broadband Class C COM 530307305 3748 40853 SH SOLE 40853 0 0 Liberty Broadband Class C COM 530307305 12042 131260 SH DFND 1 131260 0 0 Liberty Global PLC COM G5480U104 75 3000 SH SOLE 3000 0 0 Liberty Global PLC COM G5480U104 4386 176000 SH DFND 1 176000 0 0 Liberty Latin America COM G9001E102 381 19720 SH DFND 1 19720 0 0 Liberty Media Group A COM 531229870 647 19000 SH SOLE 19000 0 0 Liberty Media Group A COM 531229870 7165 210500 SH DFND 1 210500 0 0 Liberty Media Group C COM 531229854 1016 29000 SH SOLE 29000 0 0 Liberty Media Group C COM 531229854 8079 230500 SH DFND 1 230500 0 0 Liberty Sirius Group A COM 531229409 1985 52000 SH SOLE 52000 0 0 Liberty Sirius Group A COM 531229409 14279 374000 SH DFND 1 374000 0 0 Liberty Sirius Group C COM 531229607 5124 134000 SH SOLE 134000 0 0 Liberty Sirius Group C COM 531229607 14837 388000 SH DFND 1 388000 0 0 Linde PLC COM G5494J103 1038 5900 SH SOLE 5900 0 0 Linde PLC COM G5494J103 15570 88500 SH DFND 1 88500 0 0 Live Nation COM 538034109 667 10500 SH SOLE 10500 0 0 Live Nation COM 538034109 30385 478200 SH DFND 1 478200 0 0 Lowes COM 548661107 23755 217000 SH SOLE 217000 0 0 Lowes COM 548661107 38643 353000 SH DFND 1 353000 0 0 MSCI COM 55354G100 199 1000 SH SOLE 1000 0 0 MSCI COM 55354G100 27042 136000 SH DFND 1 136000 0 0 Marriott International COM 571903202 25775 206049 SH SOLE 206049 0 0 Marriott International COM 571903202 166647 1332220 SH DFND 1 1332220 0 0 Marsh & McLennan COM 571748102 1643 17500 SH SOLE 17500 0 0 Marsh & McLennan COM 571748102 55589 592000 SH DFND 1 592000 0 0 Mastercard, Inc COM 57636Q104 8476 36000 SH SOLE 36000 0 0 Mastercard, Inc COM 57636Q104 35812 152100 SH DFND 1 152100 0 0 Maxim Integrated Products COM 57772K101 3722 70000 SH SOLE 70000 0 0 Maxim Integrated Products COM 57772K101 9677 182000 SH DFND 1 182000 0 0 McKesson Corp COM 58155Q103 433 3700 SH SOLE 3700 0 0 McKesson Corp COM 58155Q103 3910 33400 SH DFND 1 33400 0 0 Microchip Technology COM 595017104 332 4000 SH SOLE 4000 0 0 Microchip Technology COM 595017104 12195 147000 SH DFND 1 147000 0 0 Microsoft Corp COM 594918104 9789 83000 SH SOLE 83000 0 0 Microsoft Corp COM 594918104 38838 329300 SH DFND 1 329300 0 0 Mohawk Industries COM 608190104 11984 95000 SH DFND 1 95000 0 0 Moody's Corp COM 615369105 18652 103000 SH SOLE 103000 0 0 Moody's Corp COM 615369105 17752 98030 SH DFND 1 98030 0 0 NVR Inc COM 62944T105 9062 3275 SH DFND 1 3275 0 0 NXP Semiconductors NV COM N6596X109 2563 29000 SH DFND 1 29000 0 0 Nike COM 654106103 6905 82000 SH SOLE 82000 0 0 Nike COM 654106103 23916 284000 SH DFND 1 284000 0 0 Norfolk Southern COM 655844108 13643 73000 SH SOLE 73000 0 0 Norfolk Southern COM 655844108 29248 156500 SH DFND 1 156500 0 0 Novo-Nordisk A/S COM 670100205 27463 525000 SH SOLE 525000 0 0 Novo-Nordisk A/S COM 670100205 28770 550000 SH DFND 1 550000 0 0 Oaktree Capital Group LLC COM 674001201 2880 58000 SH SOLE 58000 0 0 Oaktree Capital Group LLC COM 674001201 50022 1007500 SH DFND 1 1007500 0 0 Parker-Hannifin Corp COM 701094104 1047 6100 SH SOLE 6100 0 0 Parker-Hannifin Corp COM 701094104 19307 112500 SH DFND 1 112500 0 0 Paychex COM 704326107 5614 70000 SH SOLE 70000 0 0 Paychex COM 704326107 6416 80000 SH DFND 1 80000 0 0 Penske Automotive Group COM 70959W103 1116 25000 SH SOLE 25000 0 0 Penske Automotive Group COM 70959W103 2099 47000 SH DFND 1 47000 0 0 Pepsico COM 713448108 2328 19000 SH SOLE 19000 0 0 Pepsico COM 713448108 15515 126600 SH DFND 1 126600 0 0 Philip Morris International COM 718172109 10121 114500 SH DFND 1 114500 0 0 Progressive Corp COM 743315103 3965 55000 SH SOLE 55000 0 0 Progressive Corp COM 743315103 29701 412000 SH DFND 1 412000 0 0 RLI Corporation COM 749607107 19875 277000 SH SOLE 277000 0 0 RLI Corporation COM 749607107 66030 920272 SH DFND 1 920272 0 0 Rockwell Automation Inc COM 773903109 1035 5900 SH SOLE 5900 0 0 Rockwell Automation Inc COM 773903109 21389 121900 SH DFND 1 121900 0 0 Rollins, Inc. COM 775711104 1505 36150 SH SOLE 36150 0 0 Rollins, Inc. COM 775711104 31440 755400 SH DFND 1 755400 0 0 S&P Global COM 78409V104 211 1000 SH SOLE 1000 0 0 S&P Global COM 78409V104 30740 146000 SH DFND 1 146000 0 0 SEI Investments Co COM 784117103 3083 59000 SH SOLE 59000 0 0 SEI Investments Co COM 784117103 16939 324200 SH DFND 1 324200 0 0 Scotts Miracle-Gro Co COM 810186106 2750 35000 SH SOLE 35000 0 0 Scotts Miracle-Gro Co COM 810186106 20667 263000 SH DFND 1 263000 0 0 Sensata Technologies Holding COM N7902X106 90 2000 SH SOLE 2000 0 0 Sensata Technologies Holding COM N7902X106 3602 80000 SH DFND 1 80000 0 0 Shake Shack Inc - Class A COM 819047101 177 3000 SH SOLE 3000 0 0 Shake Shack Inc - Class A COM 819047101 1709 28900 SH DFND 1 28900 0 0 Sherwin Williams COM 824348106 13352 31000 SH DFND 1 31000 0 0 Southwest Airlines COM 844741108 882 17000 SH SOLE 17000 0 0 Southwest Airlines COM 844741108 10071 194000 SH DFND 1 194000 0 0 Starbucks Corp COM 855244109 2862 38500 SH SOLE 38500 0 0 Starbucks Corp COM 855244109 31455 423118 SH DFND 1 423118 0 0 Stericycle Inc COM 858912108 1360 25000 SH SOLE 25000 0 0 Stericycle Inc COM 858912108 28326 520500 SH DFND 1 520500 0 0 Synchrony Financial COM 87165B103 30 950 SH SOLE 950 0 0 Synchrony Financial COM 87165B103 225 7056 SH DFND 1 7056 0 0 T.Rowe Price COM 74144T108 3204 32000 SH SOLE 32000 0 0 T.Rowe Price COM 74144T108 28234 282000 SH DFND 1 282000 0 0 Texas Instruments Inc COM 882508104 18138 171000 SH SOLE 171000 0 0 Texas Instruments Inc COM 882508104 51656 487000 SH DFND 1 487000 0 0 The Carlyle Group COM 14309L102 813 44500 SH SOLE 44500 0 0 The Carlyle Group COM 14309L102 20099 1099500 SH DFND 1 1099500 0 0 The Travelers Companies Inc COM 89417E109 43205 315000 SH DFND 1 315000 0 0 TransUnion COM 89400J107 2674 40000 SH DFND 1 40000 0 0 Tyson Foods COM 902494103 19857 286000 SH DFND 1 286000 0 0 Unilever PLC ADR COM 904767704 231 4000 SH SOLE 4000 0 0 Unilever PLC ADR COM 904767704 87942 1523600 SH DFND 1 1523600 0 0 Union Pacific COM 907818108 1856 11100 SH SOLE 11100 0 0 Union Pacific COM 907818108 12418 74270 SH DFND 1 74270 0 0 United Health Group Inc COM 91324P102 11918 48200 SH SOLE 48200 0 0 United Health Group Inc COM 91324P102 136191 550800 SH DFND 1 550800 0 0 United Technologies COM 913017109 7037 54600 SH SOLE 54600 0 0 United Technologies COM 913017109 21834 169400 SH DFND 1 169400 0 0 Verisk Analytics Inc COM 92345Y106 133 1000 SH SOLE 1000 0 0 Verisk Analytics Inc COM 92345Y106 9709 73000 SH DFND 1 73000 0 0 Verizon COM 92343V104 1064 18000 SH SOLE 18000 0 0 Verizon COM 92343V104 4435 75000 SH DFND 1 75000 0 0 Visa COM 92826C839 13292 85100 SH SOLE 85100 0 0 Visa COM 92826C839 132246 846700 SH DFND 1 846700 0 0 WR Berkley Corp COM 084423102 1525 18000 SH DFND 1 18000 0 0 Walgreens Boots Alliance Inc COM 931427108 43381 685650 SH SOLE 685650 0 0 Walgreens Boots Alliance Inc COM 931427108 92523 1462350 SH DFND 1 1462350 0 0 Watsco Inc COM 942622200 3165 22100 SH SOLE 22100 0 0 Watsco Inc COM 942622200 43951 306900 SH DFND 1 306900 0 0 Wells Fargo COM 949746101 821 17000 SH SOLE 17000 0 0 Wells Fargo COM 949746101 1836 38000 SH DFND 1 38000 0 0 Whirlpool Corp COM 963320106 31 230 SH SOLE 230 0 0 Whirlpool Corp COM 963320106 25850 194519 SH DFND 1 194519 0 0