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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All activity
This tab shows every position the manager opened, added to, reduced, or exited compared with the prior quarter, so you can see exactly what changed. The quarter shown is Q2 2026.
| Ticker | Security | Activity | % portfolio | Shares | Value | Reported price | Q range |
|---|---|---|---|---|---|---|---|
| ZTS | ZOETIS INC | New | 0.04% | 66,195 | $4.76M | $71.86 | $71.47 - $123.32(1%)$117.29 -> $71.86 |
| NFLX | NETFLIX INC. | New | 0.02% | 40,000 | $2.86M | $71.40 | $70.86 - $108.95(1%)$95.55 -> $71.40 |
| UFPI | UFP INDUSTRIES INC | New | 0.00% | 4,000 | $362.96K | $90.74 | - |
| SMG | SCOTTS MIRACLE-GRO CO | Sold | — | 0 | $0 | — | - |
| UNH | UNITEDHEALTH GROUP INC | Sold | — | 0 | $0 | — | - |
| MELI | MERCADOLIBRE INC | Add +340.4% | 0.31% | 24,000 | $40.74M | $1697.39 | $1495.00 - $1903.00(50%)$1718.97 -> $1697.39 |
| FNV | FRANCO NEV CORP | Add +9.2% | 1.23% | 773,500 | $161.23M | $208.44 | $203.50 - $272.98(7%)$255.49 -> $208.56 |
| EPD | ENTERPRISE PRODS PARTNERS L | Add +181.7% | 0.16% | 569,000 | $20.92M | $36.76 | $35.98 - $40.17(19%)$37.43 -> $36.76 |
| ADI | ANALOG DEVICES INC | Reduce -2.3% | 3.02% | 999,671 | $397.04M | $397.17 | $309.79 - $444.75(65%)$320.58 -> $397.87 |
| META | META PLATFORMS INC | Reduce -5.7% | 1.00% | 234,163 | $131.9M | $563.29 | $540.21 - $691.52(15%)$579.23 -> $563.29 |
| WSO | WATSCO INC | Add +2.7% | 1.90% | 597,750 | $249.1M | $416.73 | $355.16 - $459.00(59%)$375.92 -> $416.73 |
| LIN | LINDE PLC | Add +5.4% | 0.85% | 215,600 | $111.88M | $518.94 | $482.77 - $527.94(80%)$493.83 -> $518.94 |
| CMCSA | COMCAST CORP NEW | Reduce -16.6% | 0.15% | 802,074 | $19.69M | $24.55 | $22.13 - $32.08(24%)$28.05 -> $24.55 |
| APD | AIR PRODUCTS AND CHEMICALS I | Add +17.2% | 0.20% | 88,500 | $25.95M | $293.18 | $270.11 - $307.96(61%)$289.43 -> $292.96 |
| V | VISA INC | Add +0.9% | 2.65% | 1,013,912 | $347.86M | $343.09 | $293.89 - $345.80(95%)$298.51 -> $343.09 |
| TMO | THERMO FISHER SCIENTIFIC INC | Add +8.9% | 0.28% | 73,100 | $36.65M | $501.36 | $435.27 - $538.41(64%)$494.54 -> $501.36 |
| LOW | LOWES COS INC | Add +1.8% | 1.26% | 751,980 | $165.8M | $220.49 | $203.40 - $257.10(32%)$235.98 -> $220.49 |
| UNP | UNION PAC CORP | Add +7.2% | 0.33% | 161,028 | $43.8M | $272.00 | $240.00 - $279.70(81%)$243.12 -> $272.00 |
| CSX | CSX CORP | Add +10.3% | 0.21% | 584,500 | $27.78M | $47.53 | $40.34 - $48.41(89%)$41.44 -> $47.53 |
| WY | WEYERHAEUSER CO | Add +585.7% | 0.02% | 120,000 | $2.87M | $23.94 | $22.45 - $25.86(44%)$24.20 -> $23.94 |
| FERG | FERGUSON ENTERPRISES INC | Add +5.6% | 0.33% | 180,200 | $42.77M | $237.33 | $214.44 - $268.95(42%)$239.06 -> $237.40 |
| MAR | MARRIOTT INTL INC NEW | Add +6.1% | 0.28% | 99,500 | $36.87M | $370.59 | $324.89 - $410.98(53%)$333.46 -> $370.59 |
| TSN | TYSON FOODS INC | Add +2.7% | 0.40% | 913,500 | $52.3M | $57.25 | $55.22 - $69.48(14%)$64.30 -> $57.25 |
| OTIS | OTIS WORLDWIDE CORP | Add +16.6% | 0.07% | 133,620 | $9.57M | $71.60 | $69.16 - $82.64(18%)$77.45 -> $71.60 |
| XOM | EXXON MOBIL CORP | Add +19.4% | 0.06% | 56,100 | $7.67M | $136.72 | $134.95 - $168.00(5%)$160.78 -> $136.72 |
| CP | CANADIAN PACIFIC KANSAS CITY | Add +22.7% | 0.05% | 73,000 | $6.33M | $86.65 | $76.99 - $91.49(67%)$78.02 -> $86.64 |
| SCHW | SCHWAB CHARLES CORP | Add +0.8% | 0.98% | 1,394,800 | $128.7M | $92.27 | $83.96 - $100.76(49%)$92.36 -> $92.27 |
| HD | HOME DEPOT INC | Add +0.3% | 2.48% | 922,500 | $325.35M | $352.68 | $289.10 - $353.55(99%)$329.56 -> $352.68 |
| SUNB | SUNBELT RENTALS HOLDINGS INC | Add +1.1% | 0.56% | 974,361 | $72.89M | $74.81 | $61.03 - $85.94(55%)$64.45 -> $74.81 |
| ROL | ROLLINS INC | Add +1.2% | 0.48% | 1,516,525 | $63.3M | $41.74 | $41.50 - $57.44(2%)$53.49 -> $41.74 |
| HCA | HCA HEALTHCARE INC | Add +2.4% | 0.25% | 84,366 | $32.89M | $389.89 | $358.96 - $512.14(20%)$474.75 -> $389.89 |
| NVR | NVR INC | Add +0.1% | 0.63% | 12,097 | $82.42M | $6813.40 | $5501.01 - $7294.50(73%)$6664.19 -> $6813.40 |