Thomas Gayner - Markel Asset Management
As of Q2 2026, Thomas Gayner reported 130 long-equity positions worth $13.13B in aggregate.
Copy-investor backtest
- Latest quarter
- +2.15%
- 1-year
- +12.18%
- 3-year
- +45.42%
- 5-year
- +43.61%
- 3-year vs S&P 500
- -21.77%
- 5-year vs S&P 500
- -25.22%
- 5-year top 5
- +48.42%
Return from mechanically copying the disclosed 13F equity portfolio after each filing and rebalancing at the next. The vs S&P 500 figures subtract SPY over that manager's own rebalance dates, so both sides cover the same days; both are price return, excluding dividends. Method & limitations.
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Updated 2026-08-01 from SEC 13F data.
Live quotes available for 129 of 132 rows. Rows without a quote are marked unavailable.
| 1 | GOOG | ALPHABET INC | 7.40% | - | 2,749,860 | $971.61M | $353.33 | |
| 2 | BRK-A | BERKSHIRE HATHAWAY INC DEL | 6.35% | - | 1,114 | $834.22M | $748850.00 | |
| 3 | BRK-B | BERKSHIRE HATHAWAY INC DEL | 5.84% | - | 1,531,971 | $766.58M | $500.39 | |
| 4 | DE | DEERE & CO | 4.24% | - | 877,900 | $556.88M | $634.33 | |
| 5 | BN | BROOKFIELD CORP | 4.24% | - | 13,073,609 | $556.81M | $42.59 | |
| 6 | AMZN | AMAZON COM INC | 3.69% | - | 2,030,760 | $484.01M | $238.34 | |
| 7 | ADI | ANALOG DEVICES INC | 3.02% | Reduce -2.3% | 999,671 | $397.04M | $397.17 | |
| 8 | GS | GOLDMAN SACHS GROUP INC | 2.77% | - | 359,360 | $363.45M | $1011.37 | |
| 9 | AAPL | APPLE INC | 2.70% | - | 1,227,290 | $355.13M | $289.36 | |
| 10 | CAT | CATERPILLAR INC | 2.67% | - | 328,650 | $349.98M | $1064.90 | |
| 11 | V | VISA INC | 2.65% | Add +0.9% | 1,013,912 | $347.86M | $343.09 | |
| 12 | HD | HOME DEPOT INC | 2.48% | Add +0.3% | 922,500 | $325.35M | $352.68 | |
| 13 | WSO | WATSCO INC | 1.90% | Add +2.7% | 597,750 | $249.1M | $416.73 | |
| 14 | TXN | TEXAS INSTRS INC | 1.64% | - | 724,000 | $215.8M | $298.07 | |
| 15 | BLK | BLACKROCK INC | 1.61% | - | 220,200 | $211.74M | $961.56 | |
| 16 | GOOGL | ALPHABET INC | 1.56% | - | 572,000 | $204.42M | $357.37 | |
| 17 | MSFT | MICROSOFT CORP | 1.53% | - | 537,630 | $200.55M | $373.02 | |
| 18 | DIS | DISNEY WALT CO | 1.49% | - | 2,031,665 | $195.55M | $96.25 | |
| 19 | AXP | AMERICAN EXPRESS CO | 1.26% | - | 490,450 | $165.89M | $338.25 | |
| 20 | LOW | LOWES COS INC | 1.26% | Add +1.8% | 751,980 | $165.8M | $220.49 | |
| 21 | PGR | PROGRESSIVE CORP | 1.25% | - | 753,750 | $164.66M | $218.45 | |
| 22 | FNV | FRANCO NEV CORP | 1.23% | Add +9.2% | 773,500 | $161.23M | $208.44 | |
| 23 | LPLA | LPL FINL HLDGS INC | 1.20% | - | 559,951 | $157.73M | $281.68 | |
| 24 | JNJ | JOHNSON & JOHNSON | 1.18% | - | 610,800 | $155.12M | $253.97 | |
| 25 | BX | BLACKSTONE INC | 1.10% | - | 1,229,000 | $144.62M | $117.67 | |
| 26 | RLI | RLI CORP | 1.08% | - | 2,394,544 | $141.45M | $59.07 | |
| 27 | GD | GENERAL DYNAMICS CORP | 1.05% | - | 391,000 | $138.51M | $354.24 | |
| 28 | NVO | NOVO-NORDISK A S | 1.05% | - | 2,869,774 | $137.58M | $47.94 | |
| 29 | KKR | KKR & CO INC | 1.01% | - | 1,451,800 | $133.25M | $91.78 | |
| 30 | META | META PLATFORMS INC | 1.00% | Reduce -5.7% | 234,163 | $131.9M | $563.29 | |
| 31 | SCHW | SCHWAB CHARLES CORP | 0.98% | Add +0.8% | 1,394,800 | $128.7M | $92.27 | |
| 32 | MMC | MARSH & MCLENNAN COS INC | 0.97% | - | 763,500 | $127.25M | No quote | No quote |
| 33 | APO | APOLLO GLOBAL MGMT INC | 0.91% | - | 1,012,500 | $119.79M | $118.31 | |
| 34 | ADM | ARCHER DANIELS MIDLAND CO | 0.88% | - | 1,505,800 | $115.04M | $76.40 | |
| 35 | LIN | LINDE PLC | 0.85% | Add +5.4% | 215,600 | $111.88M | $518.94 | |
| 36 | DEO | DIAGEO PLC | 0.84% | - | 1,372,208 | $110.3M | $80.38 | |
| 37 | MA | MASTERCARD INCORPORATED | 0.81% | - | 207,540 | $106.59M | $513.60 | |
| 38 | DG | DOLLAR GEN CORP | 0.76% | - | 869,250 | $100.06M | $115.11 | |
| 39 | BAM | BROOKFIELD ASSET MANAGMT LTD | 0.75% | - | 2,193,953 | $98.4M | $44.85 | |
| 40 | HEI-A | HEICO CORP NEW | 0.75% | - | 379,644 | $97.91M | $257.91 | |
| 41 | MCO | MOODYS CORP | 0.74% | - | 213,890 | $96.88M | $452.92 | |
| 42 | ODFL | OLD DOMINION FREIGHT LINE IN | 0.71% | - | 429,150 | $92.95M | $216.60 | |
| 43 | NSC | NORFOLK SOUTHN CORP | 0.68% | - | 282,500 | $88.87M | $314.59 | |
| 44 | ITW | ILLINOIS TOOL WKS INC | 0.67% | - | 327,500 | $88.58M | $270.47 | |
| 45 | JPM | JPMORGAN CHASE & CO | 0.63% | - | 252,550 | $82.67M | $327.33 | |
| 46 | NVR | NVR INC | 0.63% | Add +0.1% | 12,097 | $82.42M | $6813.40 | |
| 47 | MSCI | MSCI INC | 0.61% | - | 142,850 | $80M | $560.04 | |
| 48 | ROK | ROCKWELL AUTOMATION INC | 0.58% | - | 154,900 | $76.69M | $495.08 | |
| 49 | ECL | ECOLAB INC | 0.58% | - | 274,300 | $76.42M | $278.61 | |
| 50 | SUNB | SUNBELT RENTALS HOLDINGS INC | 0.56% | Add +1.1% | 974,361 | $72.89M | $74.81 | |
| 51 | SBUX | STARBUCKS CORP | 0.49% | - | 623,818 | $63.75M | $102.19 | |
| 52 | ROL | ROLLINS INC | 0.48% | Add +1.2% | 1,516,525 | $63.3M | $41.74 | |
| 53 | THG | HANOVER INS GROUP INC | 0.46% | - | 281,000 | $60.17M | $214.12 | |
| 54 | ITIC | INVESTORS TITLE CO NC | 0.44% | - | 213,300 | $58.38M | $273.68 | |
| 55 | CG | CARLYLE GROUP INC | 0.43% | - | 1,327,000 | $55.88M | $42.11 | |
| 56 | TSN | TYSON FOODS INC | 0.40% | Add +2.7% | 913,500 | $52.3M | $57.25 | |
| 57 | SPGI | S&P GLOBAL INC | 0.36% | - | 117,690 | $47.93M | $407.26 | |
| 58 | AON | AON PLC | 0.34% | - | 135,800 | $45.04M | $331.69 | |
| 59 | UNP | UNION PAC CORP | 0.33% | Add +7.2% | 161,028 | $43.8M | $272.00 | |
| 60 | FERG | FERGUSON ENTERPRISES INC | 0.33% | Add +5.6% | 180,200 | $42.77M | $237.33 | |
| 61 | RTX | RTX CORPORATION | 0.32% | - | 224,000 | $42.5M | $189.73 | |
| 62 | CSCO | CISCO SYS INC | 0.32% | - | 355,500 | $41.76M | $117.46 | |
| 63 | MELI | MERCADOLIBRE INC | 0.31% | Add +340.4% | 24,000 | $40.74M | $1697.39 | |
| 64 | YUM | YUM BRANDS INC | 0.30% | - | 245,213 | $39.2M | $159.86 | |
| 65 | MAR | MARRIOTT INTL INC NEW | 0.28% | Add +6.1% | 99,500 | $36.87M | $370.59 | |
| 66 | ALL | ALLSTATE CORP | 0.28% | - | 154,550 | $36.77M | $237.94 | |
| 67 | TMO | THERMO FISHER SCIENTIFIC INC | 0.28% | Add +8.9% | 73,100 | $36.65M | $501.36 | |
| 68 | COST | COSTCO WHOLESALE CORPORATION | 0.28% | - | 39,150 | $36.62M | $935.47 | |
| 69 | HGTY | HAGERTY INC | 0.27% | - | 3,108,000 | $35.9M | $11.55 | |
| 70 | TROW | PRICE T ROWE GROUP INC | 0.27% | - | 314,000 | $35.7M | $113.69 | |
| 71 | URI | UNITED RENTALS INC | 0.27% | - | 31,150 | $35.29M | $1132.89 | |
| 72 | ABNB | AIRBNB INC | 0.26% | - | 242,389 | $34.69M | $143.10 | |
| 73 | LMT | LOCKHEED MARTIN CORP | 0.25% | - | 65,213 | $33.22M | $509.46 | |
| 74 | HCA | HCA HEALTHCARE INC | 0.25% | Add +2.4% | 84,366 | $32.89M | $389.89 | |
| 75 | SHW | SHERWIN WILLIAMS CO | 0.25% | - | 94,172 | $32.43M | $344.32 | |
| 76 | FDS | FACTSET RESH SYS INC | 0.24% | - | 135,376 | $31.15M | $230.08 | |
| 77 | LAMR | LAMAR ADVERTISING CO | 0.23% | - | 193,000 | $30.1M | $155.98 | |
| 78 | VRSK | VERISK ANALYTICS INC | 0.21% | - | 155,950 | $28M | $179.53 | |
| 79 | CSX | CSX CORP | 0.21% | Add +10.3% | 584,500 | $27.78M | $47.53 | |
| 80 | AMAT | APPLIED MATLS INC | 0.20% | - | 36,350 | $26.28M | $723.00 | |
| 81 | APD | AIR PRODUCTS AND CHEMICALS I | 0.20% | Add +17.2% | 88,500 | $25.95M | $293.18 | |
| 82 | FIX | COMFORT SYS USA INC | 0.20% | - | 13,000 | $25.77M | $1981.95 | |
| 83 | CCK | CROWN HLDGS INC | 0.19% | - | 220,000 | $24.6M | $111.82 | |
| 84 | BF-A | BROWN FORMAN CORP | 0.18% | - | 843,000 | $23.06M | $27.36 | |
| 85 | RNR | RENAISSANCERE HLDGS LTD | 0.17% | - | 70,000 | $22.18M | $316.90 | |
| 86 | EPD | ENTERPRISE PRODS PARTNERS L | 0.16% | Add +181.7% | 569,000 | $20.92M | $36.76 | |
| 87 | PM | PHILIP MORRIS INTL INC | 0.16% | - | 114,500 | $20.71M | $180.91 | |
| 88 | ACN | ACCENTURE PLC IRELAND | 0.15% | - | 159,400 | $19.84M | $124.44 | |
| 89 | CMCSA | COMCAST CORP NEW | 0.15% | Reduce -16.6% | 802,074 | $19.69M | $24.55 | |
| 90 | HXL | HEXCEL CORP NEW | 0.14% | - | 189,000 | $18.91M | $100.06 | |
| 91 | NKE | NIKE INC | 0.14% | - | 447,400 | $18.37M | $41.05 | |
| 92 | COF | CAPITAL ONE FINL CORP | 0.14% | - | 91,000 | $18.26M | $200.62 | |
| 93 | BK | BANK NEW YORK MELLON CORP | 0.14% | - | 124,500 | $18M | $144.61 | |
| 94 | CARR | CARRIER GLOBAL CORPORATION | 0.13% | - | 235,000 | $17.24M | $73.35 | |
| 95 | WFC | WELLS FARGO & CO | 0.13% | - | 204,450 | $16.9M | $82.64 | |
| 96 | SEIC | SEI INVTS CO | 0.12% | - | 173,200 | $15.19M | $87.71 | |
| 97 | PAYX | PAYCHEX INC | 0.11% | - | 150,000 | $14.75M | $98.33 | |
| 98 | HSY | HERSHEY CO | 0.10% | - | 75,000 | $13.16M | $175.45 | |
| 99 | PEP | PEPSICO INC | 0.10% | - | 96,210 | $13.03M | $135.40 | |
| 100 | BF-B | BROWN FORMAN CORP | 0.10% | - | 474,187 | $12.64M | $26.65 | |
| 101 | SPOT | SPOTIFY TECHNOLOGY S A | 0.09% | - | 25,900 | $11.89M | $459.13 | |
| 102 | SHOP | SHOPIFY INC | 0.09% | - | 102,750 | $11.73M | $114.18 | |
| 103 | EFX | EQUIFAX INC | 0.09% | - | 72,850 | $11.56M | $158.72 | |
| 104 | CME | CME GROUP INC | 0.08% | - | 49,750 | $10.99M | $220.83 | |
| 105 | CBOE | CBOE GLOBAL MKTS INC | 0.08% | - | 43,700 | $10.6M | $242.67 | |
| 106 | UBER | UBER TECHNOLOGIES INC | 0.08% | - | 142,500 | $10.28M | $72.16 | |
| 107 | OTIS | OTIS WORLDWIDE CORP | 0.07% | Add +16.6% | 133,620 | $9.57M | $71.60 | |
| 108 | IQV | IQVIA HLDGS INC | 0.07% | - | 46,900 | $9.06M | $193.22 | |
| 109 | HII | HUNTINGTON INGALLS INDS INC | 0.06% | - | 27,500 | $7.7M | $279.89 | |
| 110 | XOM | EXXON MOBIL CORP | 0.06% | Add +19.4% | 56,100 | $7.67M | $136.72 | |
| 111 | NSP | INSPERITY INC | 0.06% | - | 181,336 | $7.49M | $41.31 | |
| 112 | KMX | CARMAX INC | 0.06% | - | 136,500 | $7.22M | $52.89 | |
| 113 | SONY | SONY GROUP CORP | 0.05% | - | 335,000 | $6.72M | $20.06 | |
| 114 | CNI | CANADIAN NATL RY CO | 0.05% | - | 53,500 | $6.38M | $119.24 | |
| 115 | CP | CANADIAN PACIFIC KANSAS CITY | 0.05% | Add +22.7% | 73,000 | $6.33M | $86.65 | |
| 116 | GHC | GRAHAM HLDGS CO | 0.05% | - | 5,200 | $5.94M | $1141.42 | |
| 117 | EMN | EASTMAN CHEM CO | 0.04% | - | 74,950 | $5.02M | $66.98 | |
| 118 | ZTS | ZOETIS INC | 0.04% | New | 66,195 | $4.76M | $71.86 | |
| 119 | BC | BRUNSWICK CORP | 0.03% | - | 51,250 | $4.32M | $84.24 | |
| 120 | WRB | BERKLEY W R CORP | 0.03% | - | 60,750 | $4.28M | $70.53 | |
| 121 | MGM | MGM RESORTS INTERNATIONAL | 0.03% | - | 87,500 | $4.18M | $47.81 | |
| 122 | AYI | ACUITY INC | 0.03% | - | 9,750 | $3.67M | $376.66 | |
| 123 | ICE | INTERCONTINENTAL EXCHANGE IN | 0.03% | - | 28,870 | $3.55M | $123.11 | |
| 124 | EXP | EAGLE MATLS INC | 0.03% | - | 14,750 | $3.32M | $225.00 | |
| 125 | WY | WEYERHAEUSER CO | 0.02% | Add +585.7% | 120,000 | $2.87M | $23.94 | |
| 126 | NFLX | NETFLIX INC. | 0.02% | New | 40,000 | $2.86M | $71.40 | |
| 127 | SYY | SYSCO CORP | 0.02% | - | 30,500 | $2.55M | $83.58 | |
| 128 | DPZ | DOMINOS PIZZA INC | 0.01% | - | 5,500 | $1.63M | $296.04 | |
| 129 | BRO | BROWN & BROWN INC | 0.01% | - | 14,000 | $898.1K | $64.15 | |
| 130 | UFPI | UFP INDUSTRIES INC | 0.00% | New | 4,000 | $362.96K | $90.74 | No quote |
| 132 | UNH | UNITEDHEALTH GROUP INC | - | Sold | 0 | $0 | No quote | No quote |
| 131 | SMG | SCOTTS MIRACLE-GRO CO | - | Sold | 0 | $0 | No quote | No quote |