<SEC-DOCUMENT>0000950123-21-009862.txt : 20210806
<SEC-HEADER>0000950123-21-009862.hdr.sgml : 20210806
<ACCEPTANCE-DATETIME>20210806163110
ACCESSION NUMBER:		0000950123-21-009862
CONFORMED SUBMISSION TYPE:	13F-HR
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20210630
FILED AS OF DATE:		20210806
DATE AS OF CHANGE:		20210806
EFFECTIVENESS DATE:		20210806

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:		211153356

	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
</SEC-HEADER>
<DOCUMENT>
<TYPE>13F-HR
<SEQUENCE>1
<FILENAME>primary_doc.xml
<TEXT>
<XML>
<?xml version="1.0" encoding="UTF-8"?>
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  <headerData>
    <submissionType>13F-HR</submissionType>
    <filerInfo>
      <liveTestFlag>LIVE</liveTestFlag>
      <flags/>
      <filer>
        <credentials>
          <cik>0001096343</cik>
          <ccc>XXXXXXXX</ccc>
        </credentials>
      </filer>
      <periodOfReport>06-30-2021</periodOfReport>
    </filerInfo>
  </headerData>
  <formData>
    <coverPage>
      <reportCalendarOrQuarter>06-30-2021</reportCalendarOrQuarter>
      <isAmendment>false</isAmendment>
      <filingManager>
        <name>MARKEL CORP</name>
        <address>
          <ns1:street1>4521 Highwoods Pkwy</ns1:street1>
          <ns1:city>Glen Allen</ns1:city>
          <ns1:stateOrCountry>VA</ns1:stateOrCountry>
          <ns1:zipCode>23060</ns1:zipCode>
        </address>
      </filingManager>
      <reportType>13F HOLDINGS REPORT</reportType>
      <form13FFileNumber>028-06647</form13FFileNumber>
      <provideInfoForInstruction5>N</provideInfoForInstruction5>
    </coverPage>
    <signatureBlock>
      <name>Thomas S. Gayner</name>
      <title>Co-Chief Executive Officer</title>
      <phone>804-527-3806</phone>
      <signature>/s/ Thomas S. Gayner</signature>
      <city>Glen Allen</city>
      <stateOrCountry>VA</stateOrCountry>
      <signatureDate>08-06-2021</signatureDate>
    </signatureBlock>
    <summaryPage>
      <otherIncludedManagersCount>1</otherIncludedManagersCount>
      <tableEntryTotal>212</tableEntryTotal>
      <tableValueTotal>7899837</tableValueTotal>
      <isConfidentialOmitted>false</isConfidentialOmitted>
      <otherManagers2Info>
        <otherManager2>
          <sequenceNumber>1</sequenceNumber>
          <otherManager>
            <form13FFileNumber>28-6056</form13FFileNumber>
            <name>Markel Gayner Asset Management Corporation</name>
          </otherManager>
        </otherManager2>
      </otherManagers2Info>
    </summaryPage>
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</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>INFORMATION TABLE
<SEQUENCE>2
<FILENAME>5262.xml
<DESCRIPTION>INFORMATION TABLE FOR FORM 13F
<TEXT>
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    <titleOfClass>COM</titleOfClass>
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    <nameOfIssuer>ALLEGHANY CORP DEL</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>017175100</cusip>
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    <shrsOrPrnAmt>
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    </votingAuthority>
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  <infoTable>
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      <sshPrnamt>27000</sshPrnamt>
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    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>BERKSHIRE HATHAWAY I</nameOfIssuer>
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      <sshPrnamt>661</sshPrnamt>
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    <cusip>25243Q205</cusip>
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      <sshPrnamt>738300</sshPrnamt>
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    <cusip>25243Q205</cusip>
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      <None>0</None>
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    <nameOfIssuer>DISNEY WALT CO</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>254687106</cusip>
    <value>120079</value>
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      <sshPrnamt>683158</sshPrnamt>
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      <None>0</None>
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    <nameOfIssuer>DISNEY WALT CO</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>254687106</cusip>
    <value>207586</value>
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      <sshPrnamt>1181007</sshPrnamt>
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      <Sole>1181007</Sole>
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      <None>0</None>
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    <nameOfIssuer>EASTMAN CHEM CO</nameOfIssuer>
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    <cusip>277432100</cusip>
    <value>1401</value>
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      <sshPrnamt>12000</sshPrnamt>
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      <None>0</None>
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    <nameOfIssuer>ECOLAB INC</nameOfIssuer>
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    <cusip>278865100</cusip>
    <value>4737</value>
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      <sshPrnamt>23000</sshPrnamt>
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    <votingAuthority>
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      <None>0</None>
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    <nameOfIssuer>ECOLAB INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
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    <value>58969</value>
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      <None>0</None>
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    <nameOfIssuer>EQUIFAX INC</nameOfIssuer>
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    <cusip>294429105</cusip>
    <value>29244</value>
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      <sshPrnamt>122100</sshPrnamt>
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      <Sole>122100</Sole>
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      <None>0</None>
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    <nameOfIssuer>FACEBOOK INC</nameOfIssuer>
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    <cusip>30303M102</cusip>
    <value>6471</value>
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      <sshPrnamt>18610</sshPrnamt>
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      <Sole>18610</Sole>
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      <None>0</None>
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    <nameOfIssuer>FACEBOOK INC</nameOfIssuer>
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      <Sole>129193</Sole>
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      <None>0</None>
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    <nameOfIssuer>FACTSET RESH SYS INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>303075105</cusip>
    <value>7719</value>
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      <sshPrnamt>23000</sshPrnamt>
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      <None>0</None>
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    <nameOfIssuer>FACTSET RESH SYS INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>303075105</cusip>
    <value>31453</value>
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      <sshPrnamt>93720</sshPrnamt>
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    <nameOfIssuer>GENERAL DYNAMICS COR</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>369550108</cusip>
    <value>8283</value>
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      <sshPrnamt>44000</sshPrnamt>
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    <votingAuthority>
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    <nameOfIssuer>GENERAL DYNAMICS COR</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>369550108</cusip>
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      <sshPrnamt>343000</sshPrnamt>
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      <None>0</None>
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    <nameOfIssuer>GOLDMAN SACHS GROUP</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>38141G104</cusip>
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      <sshPrnamt>17850</sshPrnamt>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>17850</Sole>
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      <None>0</None>
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    <nameOfIssuer>GOLDMAN SACHS GROUP</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>38141G104</cusip>
    <value>123731</value>
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      <None>0</None>
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    <nameOfIssuer>GRAHAM HLDGS CO</nameOfIssuer>
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    <cusip>384637104</cusip>
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      <Sole>5200</Sole>
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      <None>0</None>
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    <nameOfIssuer>HEALTHCARE SVCS GROU</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>421906108</cusip>
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      <sshPrnamt>20000</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>20000</Sole>
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    <nameOfIssuer>HEALTHCARE SVCS GROU</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
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    <value>25224</value>
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    <investmentDiscretion>DFND</investmentDiscretion>
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      <Sole>799000</Sole>
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      <None>0</None>
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    <nameOfIssuer>HEICO CORP NEW</nameOfIssuer>
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    <cusip>422806208</cusip>
    <value>956</value>
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    <investmentDiscretion>SOLE</investmentDiscretion>
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      <Sole>7702</Sole>
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    <nameOfIssuer>HEICO CORP NEW</nameOfIssuer>
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    <investmentDiscretion>DFND</investmentDiscretion>
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      <Sole>335442</Sole>
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      <None>0</None>
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    <nameOfIssuer>HEXCEL CORP NEW</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>428291108</cusip>
    <value>250</value>
    <shrsOrPrnAmt>
      <sshPrnamt>4000</sshPrnamt>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
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      <None>0</None>
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    <nameOfIssuer>HEXCEL CORP NEW</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>428291108</cusip>
    <value>11544</value>
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    <investmentDiscretion>DFND</investmentDiscretion>
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    <nameOfIssuer>HOME DEPOT INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>437076102</cusip>
    <value>60773</value>
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    <investmentDiscretion>SOLE</investmentDiscretion>
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    <nameOfIssuer>HOME DEPOT INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>437076102</cusip>
    <value>232606</value>
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    <investmentDiscretion>DFND</investmentDiscretion>
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      <Sole>729423</Sole>
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    <nameOfIssuer>IAC INTERACTIVECORP</nameOfIssuer>
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    <value>378</value>
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      <Sole>2454</Sole>
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      <None>0</None>
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    <nameOfIssuer>ILLINOIS TOOL WKS IN</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>452308109</cusip>
    <value>19003</value>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>85000</Sole>
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  <infoTable>
    <nameOfIssuer>ILLINOIS TOOL WKS IN</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>452308109</cusip>
    <value>54213</value>
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      <Sole>242500</Sole>
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      <None>0</None>
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    <nameOfIssuer>ILLUMINA INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>452327109</cusip>
    <value>1893</value>
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      <Sole>4000</Sole>
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    <nameOfIssuer>INTERCONTINENTAL EXC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>45866F104</cusip>
    <value>489</value>
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    <investmentDiscretion>DFND</investmentDiscretion>
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      <Sole>4120</Sole>
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    <nameOfIssuer>INTERNATIONAL FLAVOR</nameOfIssuer>
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    <value>2241</value>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>15000</Sole>
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      <None>0</None>
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  <infoTable>
    <nameOfIssuer>INTERNATIONAL FLAVOR</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>459506101</cusip>
    <value>21065</value>
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      <Sole>141000</Sole>
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  <infoTable>
    <nameOfIssuer>INVESTORS TITLE CO N</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>461804106</cusip>
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    <cusip>478160104</cusip>
    <value>18813</value>
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    <nameOfIssuer>JOHNSON &amp; JOHNSON</nameOfIssuer>
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    <cusip>478160104</cusip>
    <value>81810</value>
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      <sshPrnamt>496600</sshPrnamt>
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    <cusip>46625H100</cusip>
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  <infoTable>
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    <titleOfClass>COM</titleOfClass>
    <cusip>48251W104</cusip>
    <value>3673</value>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>62000</Sole>
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  <infoTable>
    <nameOfIssuer>KKR &amp; CO INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>48251W104</cusip>
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    <investmentDiscretion>DFND</investmentDiscretion>
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      <Sole>1345800</Sole>
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  <infoTable>
    <nameOfIssuer>LAMAR ADVERTISING CO</nameOfIssuer>
    <titleOfClass>CL A</titleOfClass>
    <cusip>512816109</cusip>
    <value>888</value>
    <shrsOrPrnAmt>
      <sshPrnamt>8500</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <otherManager>1</otherManager>
    <votingAuthority>
      <Sole>8500</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>LENNAR CORP</nameOfIssuer>
    <titleOfClass>CL B</titleOfClass>
    <cusip>526057302</cusip>
    <value>1059</value>
    <shrsOrPrnAmt>
      <sshPrnamt>13000</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <otherManager>1</otherManager>
    <votingAuthority>
      <Sole>13000</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>LIBERTY BROADBAND CO</nameOfIssuer>
    <titleOfClass>COM SER A</titleOfClass>
    <cusip>530307107</cusip>
    <value>3658</value>
    <shrsOrPrnAmt>
      <sshPrnamt>21750</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>21750</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>LIBERTY BROADBAND CO</nameOfIssuer>
    <titleOfClass>COM SER A</titleOfClass>
    <cusip>530307107</cusip>
    <value>30859</value>
    <shrsOrPrnAmt>
      <sshPrnamt>183500</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <otherManager>1</otherManager>
    <votingAuthority>
      <Sole>183500</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>LIBERTY BROADBAND CO</nameOfIssuer>
    <titleOfClass>COM SER C</titleOfClass>
    <cusip>530307305</cusip>
    <value>7095</value>
    <shrsOrPrnAmt>
      <sshPrnamt>40853</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>40853</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>LIBERTY BROADBAND CO</nameOfIssuer>
    <titleOfClass>COM SER C</titleOfClass>
    <cusip>530307305</cusip>
    <value>22795</value>
    <shrsOrPrnAmt>
      <sshPrnamt>131260</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <otherManager>1</otherManager>
    <votingAuthority>
      <Sole>131260</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>LIBERTY GLOBAL PLC</nameOfIssuer>
    <titleOfClass>SHS CL A</titleOfClass>
    <cusip>G5480U104</cusip>
    <value>81</value>
    <shrsOrPrnAmt>
      <sshPrnamt>3000</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>3000</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>LIBERTY GLOBAL PLC</nameOfIssuer>
    <titleOfClass>SHS CL A</titleOfClass>
    <cusip>G5480U104</cusip>
    <value>4780</value>
    <shrsOrPrnAmt>
      <sshPrnamt>176000</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <otherManager>1</otherManager>
    <votingAuthority>
      <Sole>176000</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>LIBERTY MEDIA CORP D</nameOfIssuer>
    <titleOfClass>COM A SIRIUSXM</titleOfClass>
    <cusip>531229409</cusip>
    <value>2422</value>
    <shrsOrPrnAmt>
      <sshPrnamt>52000</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>52000</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>LIBERTY MEDIA CORP D</nameOfIssuer>
    <titleOfClass>COM A SIRIUSXM</titleOfClass>
    <cusip>531229409</cusip>
    <value>17421</value>
    <shrsOrPrnAmt>
      <sshPrnamt>374000</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <otherManager>1</otherManager>
    <votingAuthority>
      <Sole>374000</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>LIBERTY MEDIA CORP D</nameOfIssuer>
    <titleOfClass>COM C SIRIUSXM</titleOfClass>
    <cusip>531229607</cusip>
    <value>6216</value>
    <shrsOrPrnAmt>
      <sshPrnamt>134000</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>134000</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>LIBERTY MEDIA CORP D</nameOfIssuer>
    <titleOfClass>COM C SIRIUSXM</titleOfClass>
    <cusip>531229607</cusip>
    <value>17999</value>
    <shrsOrPrnAmt>
      <sshPrnamt>388000</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <otherManager>1</otherManager>
    <votingAuthority>
      <Sole>388000</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>LINDE PLC</nameOfIssuer>
    <titleOfClass>SHS</titleOfClass>
    <cusip>G5494J103</cusip>
    <value>1706</value>
    <shrsOrPrnAmt>
      <sshPrnamt>5900</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>5900</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>LINDE PLC</nameOfIssuer>
    <titleOfClass>SHS</titleOfClass>
    <cusip>G5494J103</cusip>
    <value>25585</value>
    <shrsOrPrnAmt>
      <sshPrnamt>88500</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <otherManager>1</otherManager>
    <votingAuthority>
      <Sole>88500</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>LOCKHEED MARTIN CORP</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>539830109</cusip>
    <value>1064</value>
    <shrsOrPrnAmt>
      <sshPrnamt>2813</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <otherManager>1</otherManager>
    <votingAuthority>
      <Sole>2813</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>LOWES COS INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>548661107</cusip>
    <value>49850</value>
    <shrsOrPrnAmt>
      <sshPrnamt>257000</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>257000</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>LOWES COS INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>548661107</cusip>
    <value>64394</value>
    <shrsOrPrnAmt>
      <sshPrnamt>331980</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <otherManager>1</otherManager>
    <votingAuthority>
      <Sole>331980</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>MACOM TECH SOLUTIONS</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>55405Y100</cusip>
    <value>3781</value>
    <shrsOrPrnAmt>
      <sshPrnamt>59000</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <otherManager>1</otherManager>
    <votingAuthority>
      <Sole>59000</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>MARSH &amp; MCLENNAN COS</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>571748102</cusip>
    <value>2462</value>
    <shrsOrPrnAmt>
      <sshPrnamt>17500</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>17500</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>MARSH &amp; MCLENNAN COS</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>571748102</cusip>
    <value>83283</value>
    <shrsOrPrnAmt>
      <sshPrnamt>592000</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <otherManager>1</otherManager>
    <votingAuthority>
      <Sole>592000</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>MARVELL TECHNOLOGY INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>573874104</cusip>
    <value>4025</value>
    <shrsOrPrnAmt>
      <sshPrnamt>69000</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <otherManager>1</otherManager>
    <votingAuthority>
      <Sole>69000</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>MASTERCARD INCORPORA</nameOfIssuer>
    <titleOfClass>CL A</titleOfClass>
    <cusip>57636Q104</cusip>
    <value>13143</value>
    <shrsOrPrnAmt>
      <sshPrnamt>36000</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>36000</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>MASTERCARD INCORPORA</nameOfIssuer>
    <titleOfClass>CL A</titleOfClass>
    <cusip>57636Q104</cusip>
    <value>62628</value>
    <shrsOrPrnAmt>
      <sshPrnamt>171540</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <otherManager>1</otherManager>
    <votingAuthority>
      <Sole>171540</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>MATCH GROUP INC NEW</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>57667L107</cusip>
    <value>574</value>
    <shrsOrPrnAmt>
      <sshPrnamt>3560</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <otherManager>1</otherManager>
    <votingAuthority>
      <Sole>3560</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>MAXIM INTEGRATED PRO</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>57772K101</cusip>
    <value>7375</value>
    <shrsOrPrnAmt>
      <sshPrnamt>70000</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>70000</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>MAXIM INTEGRATED PRO</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>57772K101</cusip>
    <value>19176</value>
    <shrsOrPrnAmt>
      <sshPrnamt>182000</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <otherManager>1</otherManager>
    <votingAuthority>
      <Sole>182000</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>MICROCHIP TECHNOLOGY</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>595017104</cusip>
    <value>8385</value>
    <shrsOrPrnAmt>
      <sshPrnamt>56000</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <otherManager>1</otherManager>
    <votingAuthority>
      <Sole>56000</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>MICROSOFT CORP</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>594918104</cusip>
    <value>23027</value>
    <shrsOrPrnAmt>
      <sshPrnamt>85000</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>85000</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>MICROSOFT CORP</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>594918104</cusip>
    <value>107000</value>
    <shrsOrPrnAmt>
      <sshPrnamt>394980</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <otherManager>1</otherManager>
    <votingAuthority>
      <Sole>394980</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>MOHAWK INDS INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>608190104</cusip>
    <value>961</value>
    <shrsOrPrnAmt>
      <sshPrnamt>5000</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>5000</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>MOHAWK INDS INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>608190104</cusip>
    <value>41513</value>
    <shrsOrPrnAmt>
      <sshPrnamt>216000</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <otherManager>1</otherManager>
    <votingAuthority>
      <Sole>216000</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>MOODYS CORP</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>615369105</cusip>
    <value>37686</value>
    <shrsOrPrnAmt>
      <sshPrnamt>104000</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>104000</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>MOODYS CORP</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>615369105</cusip>
    <value>38861</value>
    <shrsOrPrnAmt>
      <sshPrnamt>107240</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <otherManager>1</otherManager>
    <votingAuthority>
      <Sole>107240</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>MSCI INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>55354G100</cusip>
    <value>533</value>
    <shrsOrPrnAmt>
      <sshPrnamt>1000</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>1000</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>MSCI INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>55354G100</cusip>
    <value>72499</value>
    <shrsOrPrnAmt>
      <sshPrnamt>136000</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <otherManager>1</otherManager>
    <votingAuthority>
      <Sole>136000</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>NETFLIX INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>64110L106</cusip>
    <value>227</value>
    <shrsOrPrnAmt>
      <sshPrnamt>430</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <otherManager>1</otherManager>
    <votingAuthority>
      <Sole>430</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>NIKE INC</nameOfIssuer>
    <titleOfClass>CL B</titleOfClass>
    <cusip>654106103</cusip>
    <value>12668</value>
    <shrsOrPrnAmt>
      <sshPrnamt>82000</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>82000</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>NIKE INC</nameOfIssuer>
    <titleOfClass>CL B</titleOfClass>
    <cusip>654106103</cusip>
    <value>43875</value>
    <shrsOrPrnAmt>
      <sshPrnamt>284000</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <otherManager>1</otherManager>
    <votingAuthority>
      <Sole>284000</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>NORFOLK SOUTHN CORP</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>655844108</cusip>
    <value>19375</value>
    <shrsOrPrnAmt>
      <sshPrnamt>73000</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>73000</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>NORFOLK SOUTHN CORP</nameOfIssuer>
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    <cusip>882508104</cusip>
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      <sshPrnamt>176000</sshPrnamt>
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</informationTable>
</XML>
</TEXT>
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</SEC-DOCUMENT>
