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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Buys

These are the positions the manager opened or added to this quarter, showing where they put more money to work. The quarter shown is Q2 2026.

Filing period

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	-
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
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
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