0000950123-22-010875.txt : 20221104 0000950123-22-010875.hdr.sgml : 20221104 20221104163008 ACCESSION NUMBER: 0000950123-22-010875 CONFORMED SUBMISSION TYPE: 13F-HR PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20220930 FILED AS OF DATE: 20221104 DATE AS OF CHANGE: 20221104 EFFECTIVENESS DATE: 20221104 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: 221362690 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 0001096343 XXXXXXXX 09-30-2022 09-30-2022 false 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 11-04-2022 1 211 6774975 false 1 28-6056 Markel Gayner Asset Management Corporation INFORMATION TABLE 2 18187.xml INFORMATION TABLE FOR FORM 13F 3M CO COM 88579Y101 8509 77000 SH SOLE 77000 0 0 3M CO COM 88579Y101 21300 192750 SH DFND 1 192750 0 0 ACCENTURE PLC IRELAND SHS CLASS A G1151C101 17265 67100 SH SOLE 67100 0 0 ACCENTURE PLC IRELAND SHS CLASS A G1151C101 23748 92300 SH DFND 1 92300 0 0 ACTIVISION BLIZZARD INC COM 00507V109 134 1800 SH SOLE 1800 0 0 ACTIVISION BLIZZARD INC COM 00507V109 33588 451800 SH DFND 1 451800 0 0 ALLSTATE CORP COM 020002101 16009 128550 SH DFND 1 128550 0 0 ALPHABET INC CAP STK CL A 02079K305 6313 66000 SH SOLE 66000 0 0 ALPHABET INC CAP STK CL A 02079K305 27786 290500 SH DFND 1 290500 0 0 ALPHABET INC CAP STK CL C 02079K107 88937 924980 SH SOLE 924980 0 0 ALPHABET INC CAP STK CL C 02079K107 175462 1824880 SH DFND 1 1824880 0 0 AMAZON COM INC COM 023135106 75484 668000 SH SOLE 668000 0 0 AMAZON COM INC COM 023135106 148636 1315360 SH DFND 1 1315360 0 0 AMERICAN EXPRESS CO COM 025816109 1349 10000 SH SOLE 10000 0 0 AMERICAN EXPRESS CO COM 025816109 63982 474250 SH DFND 1 474250 0 0 AMERICAN TOWER CORP NEW COM 03027X100 215 1000 SH SOLE 1000 0 0 AMERICAN TOWER CORP NEW COM 03027X100 10930 50910 SH DFND 1 50910 0 0 ANALOG DEVICES INC COM 032654105 34510 247665 SH SOLE 247665 0 0 ANALOG DEVICES INC COM 032654105 117382 842406 SH DFND 1 842406 0 0 AON PLC SHS CL A G0403H108 19836 74050 SH DFND 1 74050 0 0 APOLLO GLOBAL MGMT INC COM 03769M106 1046 22500 SH SOLE 22500 0 0 APOLLO GLOBAL MGMT INC COM 03769M106 46036 990000 SH DFND 1 990000 0 0 APPLE INC COM 037833100 6661 48200 SH SOLE 48200 0 0 APPLE INC COM 037833100 160144 1158790 SH DFND 1 1158790 0 0 ARCHER DANIELS MIDLAND CO COM 039483102 47788 594000 SH SOLE 594000 0 0 ARCHER DANIELS MIDLAND CO COM 039483102 69935 869300 SH DFND 1 869300 0 0 AXALTA COATING SYS LTD COM G0750C108 599 28442 SH DFND 1 28442 0 0 BALL CORP COM 058498106 2271 47000 SH DFND 1 47000 0 0 BANK NEW YORK MELLON CORP COM 064058100 13917 361250 SH DFND 1 361250 0 0 BERKLEY W R CORP COM 084423102 2616 40500 SH DFND 1 40500 0 0 BERKSHIRE HATHAWAY INC DEL CL A 084670108 284529 700 SH SOLE 700 0 0 BERKSHIRE HATHAWAY INC DEL CL A 084670108 168278 414 SH DFND 1 414 0 0 BERKSHIRE HATHAWAY INC DEL CL B NEW 084670702 294913 1104460 SH SOLE 1104460 0 0 BERKSHIRE HATHAWAY INC DEL CL B NEW 084670702 114154 427511 SH DFND 1 427511 0 0 BLACKROCK INC COM 09247X101 6603 12000 SH SOLE 12000 0 0 BLACKROCK INC COM 09247X101 114568 208200 SH DFND 1 208200 0 0 BLACKSTONE INC COM 09260D107 2888 34500 SH SOLE 34500 0 0 BLACKSTONE INC COM 09260D107 99981 1194500 SH DFND 1 1194500 0 0 BROOKFIELD ASSET MGMT INC CL A LTD VT SH 112585104 201560 4929329 SH SOLE 4929329 0 0 BROOKFIELD ASSET MGMT INC CL A LTD VT SH 112585104 154827 3786412 SH DFND 1 3786412 0 0 BROOKFIELD ASSET MGMT REINS CL A EXCH LT VTG G16169107 1009 24674 SH SOLE 24674 0 0 BROOKFIELD ASSET MGMT REINS CL A EXCH LT VTG G16169107 1450 35427 SH DFND 1 35427 0 0 BROWN FORMAN CORP CL A 115637100 33280 492600 SH SOLE 492600 0 0 BROWN FORMAN CORP CL A 115637100 23673 350400 SH DFND 1 350400 0 0 BROWN FORMAN CORP CL B 115637209 15094 226750 SH SOLE 226750 0 0 BROWN FORMAN CORP CL B 115637209 16471 247437 SH DFND 1 247437 0 0 CABLE ONE INC COM 12685J105 9981 11700 SH DFND 1 11700 0 0 CARLYLE GROUP INC COM 14316J108 1149 44500 SH SOLE 44500 0 0 CARLYLE GROUP INC COM 14316J108 32623 1262500 SH DFND 1 1262500 0 0 CARRIER GLOBAL CORPORATION COM 14448C104 1942 54600 SH SOLE 54600 0 0 CARRIER GLOBAL CORPORATION COM 14448C104 6414 180400 SH DFND 1 180400 0 0 CATERPILLAR INC COM 149123101 31093 189500 SH SOLE 189500 0 0 CATERPILLAR INC COM 149123101 16080 98000 SH DFND 1 98000 0 0 CELANESE CORP DEL COM 150870103 1518 16800 SH DFND 1 16800 0 0 CISCO SYS INC COM 17275R102 5920 148000 SH SOLE 148000 0 0 CISCO SYS INC COM 17275R102 7760 194000 SH DFND 1 194000 0 0 COMCAST CORP NEW CL A 20030N101 3021 103000 SH SOLE 103000 0 0 COMCAST CORP NEW CL A 20030N101 21230 723809 SH DFND 1 723809 0 0 COSTAR GROUP INC COM 22160N109 1296 18600 SH DFND 1 18600 0 0 COSTCO WHSL CORP NEW COM 22160K105 17544 37150 SH SOLE 37150 0 0 COSTCO WHSL CORP NEW COM 22160K105 945 2000 SH DFND 1 2000 0 0 CRACKER BARREL OLD CTRY STOR COM 22410J106 8008 86500 SH DFND 1 86500 0 0 CROWN HLDGS INC COM 228368106 9804 121000 SH DFND 1 121000 0 0 CVS HEALTH CORP COM 126650100 191 2000 SH SOLE 2000 0 0 CVS HEALTH CORP COM 126650100 31471 330000 SH DFND 1 330000 0 0 DEERE & CO COM 244199105 252355 755800 SH DFND 1 755800 0 0 DIAGEO PLC SPON ADR NEW 25243Q205 146117 860472 SH SOLE 860472 0 0 DIAGEO PLC SPON ADR NEW 25243Q205 83162 489736 SH DFND 1 489736 0 0 DISNEY WALT CO COM 254687106 80571 854133 SH SOLE 854133 0 0 DISNEY WALT CO COM 254687106 107303 1137532 SH DFND 1 1137532 0 0 DOLLAR GEN CORP NEW COM 256677105 40835 170250 SH DFND 1 170250 0 0 DUCK CREEK TECHNOLOGIES INC SHS 264120106 252 21250 SH DFND 1 21250 0 0 EASTMAN CHEM CO COM 277432100 1239 17450 SH DFND 1 17450 0 0 ECOLAB INC COM 278865100 3322 23000 SH SOLE 23000 0 0 ECOLAB INC COM 278865100 36292 251300 SH DFND 1 251300 0 0 ELECTRONIC ARTS INC COM 285512109 7035 60800 SH DFND 1 60800 0 0 ENOVIS CORPORATION COM 194014502 16663 361690 SH SOLE 361690 0 0 ENOVIS CORPORATION COM 194014502 768 16666 SH DFND 1 16666 0 0 EQUIFAX INC COM 294429105 12146 70850 SH DFND 1 70850 0 0 ESAB CORPORATION COM 29605J106 12066 361690 SH SOLE 361690 0 0 ESAB CORPORATION COM 29605J106 556 16666 SH DFND 1 16666 0 0 FACTSET RESH SYS INC COM 303075105 9203 23000 SH SOLE 23000 0 0 FACTSET RESH SYS INC COM 303075105 37499 93720 SH DFND 1 93720 0 0 FEDEX CORP COM 31428X106 12992 87500 SH DFND 1 87500 0 0 GARTNER INC COM 366651107 1245 4500 SH DFND 1 4500 0 0 GENERAL DYNAMICS CORP COM 369550108 9335 44000 SH SOLE 44000 0 0 GENERAL DYNAMICS CORP COM 369550108 73622 347000 SH DFND 1 347000 0 0 GOLDMAN SACHS GROUP INC COM 38141G104 14419 49204 SH SOLE 49204 0 0 GOLDMAN SACHS GROUP INC COM 38141G104 90305 308156 SH DFND 1 308156 0 0 GRAHAM HLDGS CO COM CL B 384637104 2797 5200 SH DFND 1 5200 0 0 HAGERTY INC COM CL A 405166909 26970 3000000 SH SOLE 3000000 0 0 HAGERTY INC W EXP 12/31/2027 405166117 1323 540000 SH SOLE 540000 0 0 HANOVER INS GROUP INC COM 410867105 13070 102000 SH DFND 1 102000 0 0 HEALTHCARE SVCS GROUP INC COM 421906108 5066 419000 SH SOLE 419000 0 0 HEALTHCARE SVCS GROUP INC COM 421906108 9448 781500 SH DFND 1 781500 0 0 HEICO CORP NEW CL A 422806208 883 7702 SH SOLE 7702 0 0 HEICO CORP NEW CL A 422806208 38448 335442 SH DFND 1 335442 0 0 HEXCEL CORP NEW COM 428291108 1965 38000 SH SOLE 38000 0 0 HEXCEL CORP NEW COM 428291108 7811 151000 SH DFND 1 151000 0 0 HOME DEPOT INC COM 437076102 115094 417098 SH SOLE 417098 0 0 HOME DEPOT INC COM 437076102 138772 502902 SH DFND 1 502902 0 0 ILLINOIS TOOL WKS INC COM 452308109 15356 85000 SH SOLE 85000 0 0 ILLINOIS TOOL WKS INC COM 452308109 43808 242500 SH DFND 1 242500 0 0 INTERCONTINENTAL EXCHANGE IN COM 45866F104 1461 16171 SH DFND 1 16171 0 0 INTERNATIONAL FLAVORS&FRAGRA COM 459506101 2089 23000 SH DFND 1 23000 0 0 INTUIT COM 461202103 1053 2720 SH DFND 1 2720 0 0 INVESTORS TITLE CO NC COM 461804106 30075 213300 SH DFND 1 213300 0 0 JOHNSON & JOHNSON COM 478160104 18656 114200 SH SOLE 114200 0 0 JOHNSON & JOHNSON COM 478160104 81126 496600 SH DFND 1 496600 0 0 JPMORGAN CHASE & CO COM 46625H100 22629 216550 SH DFND 1 216550 0 0 KKR & CO INC COM 48251W104 2666 62000 SH SOLE 62000 0 0 KKR & CO INC COM 48251W104 58698 1365023 SH DFND 1 1365023 0 0 LAMAR ADVERTISING CO NEW CL A 512816109 701 8500 SH DFND 1 8500 0 0 LIBERTY BROADBAND CORP COM SER A 530307107 1623 21750 SH SOLE 21750 0 0 LIBERTY BROADBAND CORP COM SER A 530307107 13690 183500 SH DFND 1 183500 0 0 LIBERTY BROADBAND CORP COM SER C 530307305 3015 40853 SH SOLE 40853 0 0 LIBERTY BROADBAND CORP COM SER C 530307305 9686 131260 SH DFND 1 131260 0 0 LIBERTY GLOBAL PLC SHS CL A G5480U104 47 3000 SH SOLE 3000 0 0 LIBERTY GLOBAL PLC SHS CL A G5480U104 2744 176000 SH DFND 1 176000 0 0 LIBERTY MEDIA CORP DEL COM A SIRIUSXM 531229409 1980 52000 SH SOLE 52000 0 0 LIBERTY MEDIA CORP DEL COM A SIRIUSXM 531229409 14237 374000 SH DFND 1 374000 0 0 LIBERTY MEDIA CORP DEL COM C SIRIUSXM 531229607 5053 134000 SH SOLE 134000 0 0 LIBERTY MEDIA CORP DEL COM C SIRIUSXM 531229607 14631 388000 SH DFND 1 388000 0 0 LINDE PLC SHS G5494J103 1591 5900 SH SOLE 5900 0 0 LINDE PLC SHS G5494J103 23858 88500 SH DFND 1 88500 0 0 LOCKHEED MARTIN CORP COM 539830109 4196 10863 SH DFND 1 10863 0 0 LOWES COS INC COM 548661107 48267 257000 SH SOLE 257000 0 0 LOWES COS INC COM 548661107 63852 339980 SH DFND 1 339980 0 0 MARSH & MCLENNAN COS INC COM 571748102 2613 17500 SH SOLE 17500 0 0 MARSH & MCLENNAN COS INC COM 571748102 91217 611000 SH DFND 1 611000 0 0 MARVELL TECHNOLOGY INC COM 573874104 5578 130000 SH DFND 1 130000 0 0 MASTERCARD INCORPORATED CL A 57636Q104 10236 36000 SH SOLE 36000 0 0 MASTERCARD INCORPORATED CL A 57636Q104 48777 171540 SH DFND 1 171540 0 0 META PLATFORMS INC CL A 30303M102 2525 18610 SH SOLE 18610 0 0 META PLATFORMS INC CL A 30303M102 24310 179171 SH DFND 1 179171 0 0 MICROSOFT CORP COM 594918104 19797 85000 SH SOLE 85000 0 0 MICROSOFT CORP COM 594918104 91990 394980 SH DFND 1 394980 0 0 MOODYS CORP COM 615369105 25284 104000 SH SOLE 104000 0 0 MOODYS CORP COM 615369105 26617 109490 SH DFND 1 109490 0 0 MSCI INC COM 55354G100 422 1000 SH SOLE 1000 0 0 MSCI INC COM 55354G100 59663 141450 SH DFND 1 141450 0 0 NETFLIX INC COM 64110L106 10124 43000 SH DFND 1 43000 0 0 NIKE INC CL B 654106103 13466 162000 SH SOLE 162000 0 0 NIKE INC CL B 654106103 16956 204000 SH DFND 1 204000 0 0 NORFOLK SOUTHN CORP COM 655844108 15305 73000 SH SOLE 73000 0 0 NORFOLK SOUTHN CORP COM 655844108 32809 156500 SH DFND 1 156500 0 0 NOVO-NORDISK A S ADR 670100205 107103 1075000 SH SOLE 1075000 0 0 NVR INC COM 62944T105 399 100 SH SOLE 100 0 0 NVR INC COM 62944T105 38630 9689 SH DFND 1 9689 0 0 O-I GLASS INC COM 67098H104 6070 468700 SH DFND 1 468700 0 0 OLD DOMINION FREIGHT LINE IN COM 679580100 4850 19500 SH DFND 1 19500 0 0 OTIS WORLDWIDE CORP COM 68902V107 1742 27300 SH SOLE 27300 0 0 OTIS WORLDWIDE CORP COM 68902V107 5571 87320 SH DFND 1 87320 0 0 PAYCHEX INC COM 704326107 7855 70000 SH SOLE 70000 0 0 PAYCHEX INC COM 704326107 8977 80000 SH DFND 1 80000 0 0 PAYPAL HLDGS INC COM 70450Y103 2979 34597 SH DFND 1 34597 0 0 PEPSICO INC COM 713448108 15707 96210 SH DFND 1 96210 0 0 PHILIP MORRIS INTL INC COM 718172109 9505 114500 SH DFND 1 114500 0 0 PRICE T ROWE GROUP INC COM 74144T108 3360 32000 SH SOLE 32000 0 0 PRICE T ROWE GROUP INC COM 74144T108 29612 282000 SH DFND 1 282000 0 0 PROGRESSIVE CORP COM 743315103 6973 60000 SH SOLE 60000 0 0 PROGRESSIVE CORP COM 743315103 80620 693750 SH DFND 1 693750 0 0 RAYTHEON TECHNOLOGIES CORP COM 75513E101 4470 54600 SH SOLE 54600 0 0 RAYTHEON TECHNOLOGIES CORP COM 75513E101 13866 169400 SH DFND 1 169400 0 0 REGENERON PHARMACEUTICALS COM 75886F107 55317 80300 SH DFND 1 80300 0 0 RENAISSANCERE HLDGS LTD COM G7496G103 281 2000 SH DFND 1 2000 0 0 RLI CORP COM 749607107 38597 377000 SH SOLE 377000 0 0 RLI CORP COM 749607107 83979 820272 SH DFND 1 820272 0 0 ROCKWELL AUTOMATION INC COM 773903109 1699 7900 SH SOLE 7900 0 0 ROCKWELL AUTOMATION INC COM 773903109 31622 147000 SH DFND 1 147000 0 0 ROLLINS INC COM 775711104 1907 54975 SH SOLE 54975 0 0 ROLLINS INC COM 775711104 42320 1220300 SH DFND 1 1220300 0 0 S&P GLOBAL INC COM 78409V104 305 1000 SH SOLE 1000 0 0 S&P GLOBAL INC COM 78409V104 45586 149290 SH DFND 1 149290 0 0 SCHWAB CHARLES CORP COM 808513105 8840 123000 SH SOLE 123000 0 0 SCHWAB CHARLES CORP COM 808513105 71387 993300 SH DFND 1 993300 0 0 SCOTTS MIRACLE-GRO CO CL A 810186106 2458 57500 SH DFND 1 57500 0 0 SEI INVTS CO COM 784117103 2894 59000 SH SOLE 59000 0 0 SEI INVTS CO COM 784117103 24535 500200 SH DFND 1 500200 0 0 SHERWIN WILLIAMS CO COM 824348106 19282 94172 SH DFND 1 94172 0 0 SHOPIFY INC CL A 82509L107 2498 92750 SH DFND 1 92750 0 0 SONY GROUP CORPORATION SPONSORED ADR 835699307 5099 79596 SH DFND 1 79596 0 0 SPOTIFY TECHNOLOGY S A SHS L8681T102 2236 25900 SH DFND 1 25900 0 0 STARBUCKS CORP COM 855244109 3413 40500 SH SOLE 40500 0 0 STARBUCKS CORP COM 855244109 41441 491818 SH DFND 1 491818 0 0 STERICYCLE INC COM 858912108 1053 25000 SH SOLE 25000 0 0 STERICYCLE INC COM 858912108 27108 643700 SH DFND 1 643700 0 0 TEXAS INSTRS INC COM 882508104 27241 176000 SH SOLE 176000 0 0 TEXAS INSTRS INC COM 882508104 84820 548000 SH DFND 1 548000 0 0 TEXAS PACIFIC LAND CORPORATI COM 88262P102 14040 7900 SH DFND 1 7900 0 0 THERMO FISHER SCIENTIFIC INC COM 883556102 3956 7800 SH DFND 1 7800 0 0 TRANSUNION COM 89400J107 178 3000 SH SOLE 3000 0 0 TRANSUNION COM 89400J107 5714 96050 SH DFND 1 96050 0 0 TRUPANION INC COM 898202106 1270 21377 SH DFND 1 21377 0 0 TYSON FOODS INC CL A 902494103 330 5000 SH SOLE 5000 0 0 TYSON FOODS INC CL A 902494103 25020 379500 SH DFND 1 379500 0 0 UNDER ARMOUR INC CL C 904311206 231 38691 SH DFND 1 38691 0 0 UNION PAC CORP COM 907818108 2163 11100 SH SOLE 11100 0 0 UNION PAC CORP COM 907818108 14548 74678 SH DFND 1 74678 0 0 VERISK ANALYTICS INC COM 92345Y106 171 1000 SH SOLE 1000 0 0 VERISK ANALYTICS INC COM 92345Y106 15179 89000 SH DFND 1 89000 0 0 VISA INC COM CL A 92826C839 33061 186100 SH SOLE 186100 0 0 VISA INC COM CL A 92826C839 137977 776679 SH DFND 1 776679 0 0 VONTIER CORPORATION COM 928881101 1445 86509 SH DFND 1 86509 0 0 WATSCO INC COM 942622200 6977 27100 SH SOLE 27100 0 0 WATSCO INC COM 942622200 112032 435150 SH DFND 1 435150 0 0 WELLS FARGO CO NEW COM 949746101 1287 32000 SH SOLE 32000 0 0 WELLS FARGO CO NEW COM 949746101 6776 168450 SH DFND 1 168450 0 0 WHIRLPOOL CORP COM 963320106 705 5230 SH SOLE 5230 0 0 WHIRLPOOL CORP COM 963320106 37318 276819 SH DFND 1 276819 0 0 WILLIS TOWERS WATSON PLC LTD SHS G96629103 1308 6507 SH DFND 1 6507 0 0