Thomas Gayner - Markel Asset Management
As of Q3 2026, Thomas Gayner reported 145 long-equity positions worth $12.84B in aggregate.
Copy-investor backtest
- Latest quarter
- -0.60%
- 1-year
- +11.38%
- 3-year
- +43.89%
- 5-year
- +41.20%
- 3-year vs S&P 500
- -25.24%
- 5-year vs S&P 500
- -29.59%
- 5-year top 5
- +41.82%
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 Q3 2026.
| Ticker | Security | Activity | % portfolio | Shares | Value | Reported price | Q range |
|---|---|---|---|---|---|---|---|
| XOM | EXXONMOBIL HOLDINGS ORD | New | 0.08% | 60,400 | $9.83M | $162.75 | $135.63 - $169.64(80%)$136.28 -> $162.75 |
| ZBRA | ZEBRA TECHNOLOGIES CORPORATI | New | 0.02% | 6,300 | $2.35M | $373.31 | $250.32 - $386.23(90%)$267.85 -> $373.31 |
| MBGL | MOBILITY GLOBAL INC | New | 0.02% | 117,690 | $2.02M | $17.15 | $17.14 - $22.33(0%)$21.19 -> $17.15 |
| SLAB | SILICON LABORATORIES INC | New | 0.01% | 8,292 | $1.84M | $221.58 | $216.03 - $222.49(86%)$218.38 -> $221.58 |
| TYL | TYLER TECHNOLOGIES INC | New | 0.01% | 5,400 | $1.72M | $318.60 | $282.82 - $393.53(32%)$301.67 -> $318.60 |
| VGZ | VISTA GOLD CORP | New | 0.01% | 615,000 | $1.67M | $2.71 | $1.49 - $2.89(87%)$1.86 -> $2.71 |
| WSC | WILLSCOT HLDGS CORP | New | 0.01% | 90,000 | $1.55M | $17.18 | $17.07 - $29.02(1%)$27.36 -> $17.18 |
| XPO | XPO INC | New | 0.01% | 8,674 | $1.53M | $175.98 | $170.45 - $220.49(11%)$207.06 -> $175.98 |
| XYL | XYLEM INC | New | 0.01% | 12,283 | $1.24M | $101.27 | $100.17 - $127.16(4%)$117.27 -> $101.27 |
| WTS | WATTS WATER TECHNOLOGIES INC | New | 0.01% | 3,377 | $1.2M | $354.18 | $334.12 - $393.57(34%)$381.20 -> $354.18 |
| VVV | VALVOLINE INC | New | 0.01% | 33,760 | $1.02M | $30.14 | $26.21 - $41.08(26%)$38.15 -> $30.14 |
| XPEL | XPEL INC | New | 0.01% | 20,872 | $921.92K | $44.17 | $40.54 - $52.05(32%)$48.92 -> $44.17 |
| TOST | TOAST INC | New | 0.01% | 27,000 | $782.73K | $28.99 | $27.92 - $37.20(12%)$28.71 -> $28.99 |
| GMRE | CHIRON REAL ESTATE INC | New | 0.01% | 21,631 | $751.89K | — | - |
| SITE | SITEONE LANDSCAPE SUPPLY INC | New | 0.01% | 7,956 | $718.51K | $90.31 | $86.20 - $116.27(14%)$109.80 -> $90.31 |
| CPRT | COPART INC | New | 0.00% | 10,000 | $272.8K | $27.28 | $26.74 - $34.63(7%)$28.79 -> $27.28 |
| VMC | VULCAN MATLS CO | New | 0.00% | 958 | $234.36K | $244.63 | $239.90 - $305.83(7%)$295.03 -> $244.63 |
| ZTS | ZOETIS INC | Add +542.5% | 0.23% | 425,296 | $29.7M | $69.83 | $69.52 - $80.17(3%)$72.45 -> $69.83 |
| WSO | WATSCO INC | Add +4.2% | 1.47% | 623,010 | $188.58M | $302.69 | $295.75 - $417.68(6%)$407.62 -> $302.69 |
| FNV | FRANCO NEV CORP | Add +1.8% | 1.46% | 787,000 | $187.39M | $238.11 | $195.29 - $273.98(54%)$208.49 -> $238.11 |
| HD | HOME DEPOT INC | Add +1.0% | 2.07% | 932,000 | $265.14M | $284.49 | $284.01 - $358.85(1%)$350.84 -> $284.49 |
| LIN | LINDE PLC | Add +2.3% | 0.82% | 220,600 | $104.71M | $474.65 | $454.19 - $548.20(22%)$533.55 -> $474.65 |
| ROL | ROLLINS INC | Add +4.3% | 0.37% | 1,581,025 | $47.62M | $30.12 | $29.70 - $46.36(3%)$42.14 -> $30.12 |
| NFLX | NETFLIX INC. | Add +68.8% | 0.04% | 67,500 | $4.7M | $69.58 | $65.08 - $83.60(24%)$74.19 -> $69.58 |
| LPLA | LPL FINL HLDGS INC | Add +1.1% | 1.35% | 566,132 | $173.12M | $305.80 | $280.00 - $379.00(26%)$293.27 -> $305.80 |
| LOW | LOWES COS INC | Add +1.3% | 1.09% | 761,480 | $140.33M | $184.29 | $184.23 - $228.81(0%)$221.92 -> $184.29 |
| WY | WEYERHAEUSER CO | Add +68.3% | 0.03% | 202,000 | $3.85M | $19.05 | $19.05 - $26.00(0%)$23.56 -> $19.05 |
| EPD | ENTERPRISE PRODS PARTNERS L | Add +7.6% | 0.17% | 612,000 | $21.79M | $35.61 | $35.58 - $39.69(1%)$36.52 -> $35.61 |
| RLI | RLI CORP | Add +1.1% | 1.04% | 2,421,922 | $133.96M | $55.31 | $54.50 - $67.00(6%)$60.66 -> $55.31 |
| UNP | UNION PAC CORP | Add +3.1% | 0.35% | 166,028 | $45.18M | $272.13 | $268.26 - $315.99(8%)$277.73 -> $272.13 |
| APD | AIR PRODUCTS AND CHEMICALS I | Add +4.8% | 0.20% | 92,750 | $25.81M | $278.23 | $276.47 - $314.87(5%)$306.40 -> $278.23 |
| FERG | FERGUSON ENTERPRISES INC | Add +2.2% | 0.32% | 184,200 | $41.01M | $222.62 | $212.13 - $267.84(19%)$229.20 -> $222.62 |
| DIS | DISNEY WALT CO | Add +0.4% | 1.67% | 2,039,165 | $213.91M | $104.90 | $92.49 - $111.87(64%)$95.71 -> $104.90 |
| OTIS | OTIS WORLDWIDE CORP | Add +9.0% | 0.07% | 145,620 | $9.37M | $64.32 | $64.27 - $75.91(0%)$70.64 -> $64.32 |
| UFPI | UFP INDUSTRIES INC | Add +250.0% | 0.01% | 14,000 | $1.08M | $77.22 | $77.19 - $94.93(0%)$89.15 -> $77.22 |
| TMO | THERMO FISHER SCIENTIFIC INC | Add +1.4% | 0.39% | 74,100 | $50.02M | $675.05 | $495.04 - $683.63(95%)$513.33 -> $675.05 |
| SUNB | SUNBELT RENTALS HOLDINGS INC | Add +0.9% | 0.56% | 983,207 | $71.98M | $73.21 | $64.87 - $85.22(41%)$72.94 -> $73.21 |
| CSX | CSX CORP | Add +2.2% | 0.22% | 597,500 | $27.79M | $46.51 | $45.79 - $53.60(9%)$48.33 -> $46.51 |
| CP | CANADIAN PACIFIC KANSAS CITY | Add +8.9% | 0.05% | 79,500 | $6.77M | $85.10 | $85.06 - $96.90(0%)$85.92 -> $85.10 |
| NVR | NVR INC | Add +0.6% | 0.58% | 12,167 | $74.88M | $6154.39 | $5919.25 - $6879.12(24%)$6643.73 -> $6154.39 |
| MELI | MERCADOLIBRE INC | Add +0.8% | 0.33% | 24,200 | $41.83M | $1728.53 | $1685.55 - $2066.00(11%)$1742.19 -> $1728.53 |
| CARR | CARRIER GLOBAL CORPORATION | Add +2.1% | 0.10% | 240,000 | $13.17M | $54.86 | $52.96 - $73.76(9%)$72.07 -> $54.86 |
| HCA | HCA HEALTHCARE INC | Add +0.7% | 0.28% | 84,972 | $36.26M | $426.74 | $353.99 - $446.36(79%)$393.24 -> $426.74 |
| MAR | MARRIOTT INTL INC NEW | Add +0.3% | 0.28% | 99,750 | $35.48M | $355.67 | $320.91 - $384.23(55%)$368.32 -> $355.67 |