As of Q1 2026, Thomas Gayner reported 129 long-equity positions worth $11.94B in aggregate.
Copy-investor backtest
Return from mechanically copying the disclosed 13F equity portfolio after each filing and rebalancing at the next. Method & limitations.
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These are the positions the manager opened or added to this quarter, showing where they put more money to work. The quarter shown is Q1 2026.
| Ticker | Security | Activity | % portfolio | Shares | Value | Reported price | Q range |
|---|---|---|---|---|---|---|---|
| ICE | INTERCONTINENTAL EXCHANGE IN | Add +38.3% | 0.04% | 28,870 | $4.54M | $157.28 | $144.18 - $176.05(41%)$159.99 -> $157.28 |
| BRO | BROWN & BROWN INC | Add +27.3% | 0.01% | 14,000 | $912.94K | $65.21 | $63.29 - $81.25(11%)$77.62 -> $65.21 |
| XOM | EXXON MOBIL CORP | Add +23.7% | 0.07% | 47,000 | $7.97M | $169.66 | $118.27 - $176.41(88%)$122.65 -> $169.66 |
| CSX | CSX CORP | Add +20.4% | 0.18% | 530,000 | $21.76M | $41.05 | $34.79 - $43.35(73%)$36.27 -> $41.05 |
| CNI | CANADIAN NATL RY CO | Add +20.2% | 0.05% | 53,500 | $5.5M | $102.77 | $94.06 - $113.09(46%)$100.30 -> $102.77 |
| NSP | INSPERITY INC | Add +18.6% | 0.04% | 181,336 | $4.9M | $27.04 | $18.57 - $48.14(29%)$38.62 -> $27.04 |
| CP | CANADIAN PACIFIC KANSAS CITY | Add +17.8% | 0.04% | 59,500 | $4.68M | $78.66 | $70.01 - $89.42(45%)$74.45 -> $78.66 |
| HSY | HERSHEY CO | Add +11.1% | 0.13% | 75,000 | $15.59M | $207.89 | $178.65 - $239.48(48%)$182.41 -> $207.89 |
| FDS | FACTSET RESH SYS INC | Add +11.1% | 0.25% | 135,376 | $29.38M | $216.99 | $185.00 - $300.63(28%)$284.90 -> $216.99 |
| CME | CME GROUP INC | Add +8.7% | 0.12% | 49,750 | $14.69M | $295.35 | $262.19 - $329.16(50%)$269.68 -> $295.35 |
| YUM | YUM BRANDS INC | Add +8.3% | 0.32% | 245,213 | $38.13M | $155.48 | $148.24 - $169.39(34%)$150.49 -> $155.48 |
| HII | HUNTINGTON INGALLS INDS INC | Add +7.8% | 0.09% | 27,500 | $10.45M | $379.90 | $336.00 - $460.00(35%)$349.75 -> $379.90 |
| BC | BRUNSWICK CORP | Add +7.3% | 0.03% | 51,250 | $3.73M | $72.76 | $67.06 - $90.25(25%)$75.89 -> $72.76 |
| TMO | THERMO FISHER SCIENTIFIC INC | Add +6.8% | 0.28% | 67,100 | $32.98M | $491.53 | $458.34 - $643.99(18%)$592.51 -> $491.53 |
| AMAT | APPLIED MATLS INC | Add +6.6% | 0.10% | 36,350 | $12.42M | $341.79 | $265.10 - $395.95(59%)$268.87 -> $341.79 |
| UNP | UNION PAC CORP | Add +6.4% | 0.31% | 150,278 | $36.46M | $242.62 | $219.98 - $268.14(47%)$231.91 -> $242.62 |
| APD | AIR PRODS & CHEMS INC | Add +5.6% | 0.18% | 75,500 | $21.93M | $290.49 | $242.34 - $296.82(88%)$250.47 -> $290.49 |
| CBOE | CBOE GLOBAL MKTS INC | Add +4.7% | 0.10% | 43,700 | $12.28M | $281.07 | $247.33 - $305.68(58%)$248.11 -> $281.07 |
| MAR | MARRIOTT INTL INC NEW | Add +4.5% | 0.26% | 93,750 | $30.66M | $327.07 | $308.31 - $370.00(30%)$313.41 -> $327.07 |
| FERG | FERGUSON ENTERPRISES INC | Add +4.4% | 0.33% | 170,700 | $39.82M | $233.26 | $214.51 - $271.64(33%)$225.02 -> $233.26 |
| LAMR | LAMAR ADVERTISING CO NEW | Add +4.3% | 0.20% | 193,000 | $24.45M | $126.66 | $122.31 - $139.76(25%)$124.12 -> $126.66 |
| CCK | CROWN HLDGS INC | Add +3.8% | 0.18% | 220,000 | $22.06M | $100.25 | $97.20 - $116.62(16%)$104.18 -> $100.25 |
| FNV | FRANCO NEV CORP | Add +3.7% | 1.47% | 708,500 | $175.03M | $247.05 | $202.62 - $285.67(53%)$208.58 -> $247.05 |
| NSC | NORFOLK SOUTHN CORP | Add +3.3% | 0.68% | 282,500 | $81.08M | $287.00 | $277.80 - $319.94(22%)$287.82 -> $287.00 |
| BK | BANK NEW YORK MELLON CORP | Add +2.5% | 0.12% | 124,500 | $14.77M | $118.63 | $111.71 - $128.76(41%)$117.04 -> $118.63 |
| LIN | LINDE PLC | Add +2.3% | 0.85% | 204,600 | $101.43M | $495.76 | $422.08 - $510.65(83%)$429.11 -> $495.76 |
| HCA | HCA HEALTHCARE INC | Add +2.2% | 0.33% | 82,430 | $39.01M | $473.24 | $461.44 - $556.52(12%)$470.39 -> $473.24 |
| UBER | UBER TECHNOLOGIES INC | Add +1.8% | 0.09% | 142,500 | $10.25M | $71.93 | $68.46 - $88.24(18%)$82.86 -> $71.93 |
| ODFL | OLD DOMINION FREIGHT LINE IN | Add +1.8% | 0.70% | 429,150 | $83.86M | $195.40 | $156.00 - $221.63(60%)$159.19 -> $195.40 |
| AON | AON PLC | Add +1.3% | 0.37% | 135,800 | $43.83M | $322.78 | $304.59 - $358.04(34%)$344.27 -> $322.78 |
| LMT | LOCKHEED MARTIN CORP | Add +1.1% | 0.33% | 65,213 | $39.41M | $604.39 | $476.54 - $692.00(59%)$497.07 -> $604.39 |
| SUNB | SUNBELT RENTALS HOLDINGS INC | New | 0.53% | 963,361 | $62.71M | $65.09 | $61.85 - $76.77(22%)$73.79 -> $65.09 |
| MELI | MERCADOLIBRE INC | New | 0.08% | 5,450 | $9.42M | $1729.02 | $1593.21 - $2342.00(18%)$1973.70 -> $1729.02 |
| EPD | ENTERPRISE PRODS PARTNERS L | New | 0.06% | 202,000 | $7.64M | $37.84 | $31.55 - $39.74(77%)$32.16 -> $37.84 |
| WY | WEYERHAEUSER CO MTN BE | New | 0.00% | 17,500 | $427.53K | $24.43 | $22.41 - $27.75(38%)$23.80 -> $24.43 |
| ABNB | AIRBNB INC | Add +0.9% | 0.26% | 242,389 | $30.61M | $126.28 | $115.53 - $141.40(42%)$133.01 -> $126.28 |
| WSO | WATSCO INC | Add +0.8% | 1.77% | 582,169 | $211.79M | $363.79 | $336.96 - $437.18(27%)$347.33 -> $363.79 |
| NVR | NVR INC | Add +0.7% | 0.67% | 12,087 | $79.65M | $6589.83 | $6301.03 - $8200.00(15%)$7278.87 -> $6589.83 |
| ROL | ROLLINS INC | Add +0.6% | 0.67% | 1,498,025 | $80.01M | $53.41 | $52.32 - $66.14(8%)$59.01 -> $53.41 |
| SCHW | SCHWAB CHARLES CORP | Add +0.6% | 1.09% | 1,383,800 | $130.05M | $93.98 | $90.51 - $107.50(20%)$101.57 -> $93.98 |
| TSN | TYSON FOODS INC | Add +0.6% | 0.48% | 889,500 | $56.99M | $64.07 | $55.70 - $66.41(78%)$58.04 -> $64.07 |
| LOW | LOWES COS INC | Add +0.5% | 1.46% | 738,480 | $174.49M | $236.28 | $224.15 - $293.06(18%)$246.89 -> $236.28 |
| V | VISA INC | Add +0.5% | 2.54% | 1,004,331 | $303.55M | $302.24 | $294.32 - $358.62(12%)$346.48 -> $302.24 |
| AXP | AMERICAN EXPRESS CO | Add +0.4% | 1.24% | 490,450 | $148.35M | $302.48 | $290.97 - $386.26(12%)$372.73 -> $302.48 |
| MSFT | MICROSOFT CORP | Add +0.4% | 1.67% | 537,630 | $199.01M | $370.17 | $356.28 - $489.70(10%)$472.94 -> $370.17 |
| MMC | MARSH & MCLENNAN COS INC | Add +0.2% | 1.11% | 763,500 | $132.43M | — | - |
| DEO | DIAGEO PLC | Add +0.0% | 0.86% | 1,372,208 | $102.16M | $74.45 | $72.45 - $102.74(7%)$87.09 -> $74.45 |
