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.
Get email alerts when Thomas Gayner files a new 13F — sign in or create a free account.
Updated 2026-06-06 from SEC 13F data.
Live quotes available for 56 of 85 rows. Rows without a quote are marked unavailable.
| 1 | FRFHF | Fairfax Financial Holdings Ltd COM | 13.87% | - | 279,459 | $104.81M | $375.04 | No quote |
| 2 | UBSH | Union First Market Bankshares COM | 7.01% | New | 3,504,920 | $52.92M | No quote | No quote |
| 3 | RLI | RLI Corporation COM | 4.67% | - | 619,016 | $35.3M | $57.02 | No quote |
| 4 | BRK/A | Berkshire Hathaway, Inc. COMCUSIP 084670108 | 4.43% | - | 275 | $33.5M | No quote | No quote |
| 5 | - | Level 3 Communications CONVCUSIP 52729NBM1 | 4.36% | - | 25,000,000 | $32.91M | No quote | No quote |
| 6 | BRK/B | Berkshire Hathaway Class B COMCUSIP 084670702 | 4.14% | New | 385,100 | $31.3M | No quote | No quote |
| 7 | GD | General Dynamics COM | 3.99% | Reduce -0.5% | 390,862 | $30.18M | $77.20 | No quote |
| 8 | WPC | W.P. Carey COM | 3.66% | Add +8.8% | 941,500 | $27.66M | $29.38 | No quote |
| 9 | DEO | Diageo PLC COM | 2.93% | - | 328,500 | $22.16M | $67.45 | No quote |
| 10 | JNJ | Johnson and Johnson COM | 2.42% | - | 280,000 | $18.26M | $65.20 | No quote |
| 11 | NVO | Novo-Nordisk A/S COM | 2.36% | Add +39.0% | 231,500 | $17.85M | $77.12 | No quote |
| 12 | BF/A | Brown Forman Class A COMCUSIP 115637100 | 2.36% | - | 283,860 | $17.83M | No quote | No quote |
| 13 | NSH | NuStar GP Holdings COM | 2.30% | - | 586,300 | $17.37M | No quote | No quote |
| 14 | ADP | Automatic Data Processing COM | 2.19% | Add +17.4% | 371,200 | $16.51M | $44.47 | No quote |
| 15 | CAT | Caterpillar Inc COM | 1.97% | - | 236,300 | $14.85M | $62.85 | No quote |
| 16 | XOM | Exxon Corporation COM | 1.77% | - | 199,800 | $13.38M | $66.98 | No quote |
| 17 | WTM | White Mountains COM | 1.72% | Reduce -2.7% | 36,600 | $12.99M | $355.00 | No quote |
| 18 | LUK | Leucadia National Corp COM | 1.67% | Add +21.5% | 508,400 | $12.61M | No quote | No quote |
| 19 | ELME | Washington Real Estate Investm COM | 1.65% | - | 407,475 | $12.45M | No quote | No quote |
| 20 | MCD | McDonalds COM | 1.62% | Add +49.2% | 182,902 | $12.2M | $66.72 | No quote |
| 21 | FCEA | Forest City Enterprises Class COM | 1.61% | - | 843,767 | $12.16M | No quote | No quote |
| 22 | SCHW | Charles Schwab COM | 1.52% | Add +16.0% | 615,900 | $11.51M | $18.69 | No quote |
| 23 | ITW | Illinois Tool Works COM | 1.52% | Add +0.0% | 243,039 | $11.51M | $47.36 | No quote |
| 24 | EMR | Emerson Electric COM | 1.17% | - | 175,400 | $8.83M | $50.34 | No quote |
| 25 | ITC | ITC Holdings Corp COM | 1.15% | Add +53.3% | 158,200 | $8.7M | No quote | No quote |
| 26 | WAG | Walgreen COM | 1.09% | Add +74.7% | 222,260 | $8.24M | No quote | No quote |
| 27 | ITIC | Investors Title Company COM | 1.03% | - | 228,850 | $7.78M | $33.99 | No quote |
| 28 | NTRS | Northern Trust Corp COM | 1.02% | - | 140,000 | $7.74M | $55.26 | No quote |
| 29 | BAM | Brookfield Asset Management COM | 1.01% | - | 300,000 | $7.63M | $25.42 | No quote |
| 30 | DIS | Disney COM | 0.92% | - | 200,000 | $6.98M | $34.91 | No quote |
| 31 | FNF | Fidelity National Financial COM | 0.92% | - | 468,850 | $6.95M | $14.82 | No quote |
| 32 | WMT | Wal-Mart Stores COM | 0.86% | - | 116,425 | $6.47M | $55.60 | No quote |
| 33 | PM | Philip Morris International COM | 0.81% | - | 116,700 | $6.09M | $52.16 | No quote |
| 34 | PCL | Plum Creek Lumber MLP COM | 0.77% | - | 150,000 | $5.84M | No quote | No quote |
| 35 | MAR | Marriott International COM | 0.76% | - | 181,965 | $5.74M | $31.52 | No quote |
| 36 | GE | General Electric COM | 0.71% | - | 295,000 | $5.37M | $18.20 | No quote |
| 37 | IGT | International Game Technology COM | 0.61% | - | 250,000 | $4.61M | No quote | No quote |
| 38 | UPS | United Parcel Service COM | 0.59% | - | 69,520 | $4.48M | $64.41 | No quote |
| 39 | BF/B | Brown-Forman Class B COMCUSIP 115637209 | 0.56% | - | 70,915 | $4.22M | No quote | No quote |
| 40 | SLB | Schlumberger COM | 0.55% | - | 66,000 | $4.19M | $63.45 | No quote |
| 41 | PEP | Pepsico COM | 0.54% | Add +82.3% | 62,000 | $4.1M | $66.16 | No quote |
| 42 | KMX | Carmax COM | 0.53% | - | 160,000 | $4.02M | $25.12 | No quote |
| 43 | PG | Procter & Gamble COM | 0.53% | Add +260.2% | 63,400 | $4.01M | $63.27 | No quote |
| 44 | PDCO | Patterson Companies Inc. COM | 0.51% | Add +38.4% | 124,300 | $3.86M | No quote | No quote |
| 45 | NKE | Nike COM | 0.49% | - | 50,200 | $3.69M | $73.51 | No quote |
| 46 | ABT | Abbott Laboratories COM | 0.49% | Add +134.7% | 69,700 | $3.67M | $52.68 | No quote |
| 47 | BUD | Anheuser-Busch Inbev ADR COM | 0.47% | New | 70,000 | $3.53M | $50.44 | No quote |
| 48 | EOG | EOG Resources, Inc. COM | 0.44% | New | 36,000 | $3.35M | $92.94 | No quote |
| 49 | BRO | Brown & Brown COM | 0.43% | - | 180,000 | $3.23M | $17.92 | No quote |
| 50 | KO | Coca Cola Co COM | 0.40% | Add +150.7% | 54,900 | $3.02M | $54.99 | No quote |
| 51 | CPB | Campbell Soup Co COM | 0.34% | Add +107.3% | 73,400 | $2.6M | $35.35 | No quote |
| 53 | SYY | Sysco Corp COM | 0.33% | - | 85,000 | $2.51M | $29.49 | No quote |
| 52 | MMM | 3M Company COM | 0.33% | - | 30,000 | $2.51M | $83.57 | No quote |
| 54 | WPO | Washington Post Co COM | 0.32% | - | 5,400 | $2.4M | No quote | No quote |
| 55 | MO | Altria COM | 0.32% | - | 116,700 | $2.4M | $20.52 | No quote |
| 56 | LOW | Lowes COM | 0.30% | - | 95,000 | $2.3M | $24.24 | No quote |
| 57 | FO | Fortune Brands COM | 0.29% | - | 45,700 | $2.22M | No quote | No quote |
| 58 | POOL | Pool Corp COM | 0.28% | Add +72.7% | 95,000 | $2.15M | $22.64 | No quote |
| 59 | CTAS | Cintas Corp COM | 0.26% | - | 70,000 | $1.97M | $28.10 | No quote |
| 60 | STT | State Street Corp COM | 0.24% | - | 40,400 | $1.82M | $45.15 | No quote |
| 61 | PAYX | Paychex COM | 0.21% | - | 50,900 | $1.56M | $30.73 | No quote |
| 62 | MSFT | Microsoft COM | 0.20% | Add +22.3% | 52,190 | $1.53M | $29.30 | No quote |
| 63 | INTC | Intel COM | 0.18% | - | 60,000 | $1.34M | $22.28 | No quote |
| 64 | IBM | International Business Machine COM | 0.17% | - | 10,000 | $1.28M | $128.20 | No quote |
| 65 | XRAY | DENTSPLY COM | 0.16% | - | 35,400 | $1.24M | $34.89 | No quote |
| 66 | Y | Alleghany Corporation COM | 0.16% | - | 4,161 | $1.21M | No quote | No quote |
| 67 | CMCSA | Comcast COM | 0.13% | Reduce -5.4% | 51,200 | $964K | $18.83 | No quote |
| 68 | HCCI | Heritage Crystal Clean Inc COM | 0.12% | Add +174.5% | 82,900 | $937K | No quote | No quote |
| 69 | HD | Home Depot COM | 0.09% | - | 20,000 | $647K | $32.35 | No quote |
| 70 | TROW | T.Rowe Price COM | 0.08% | - | 11,000 | $605K | $55.00 | No quote |
| 71 | CLMT | Calumet COM | 0.07% | New | 25,700 | $535K | No quote | No quote |
| 72 | EPE | Enterprise GP Holdings COM | 0.06% | - | 10,000 | $429K | No quote | No quote |
| 73 | ACN | Accenture COM | 0.06% | - | 10,000 | $419K | $41.90 | No quote |
| 74 | AXP | American Express COM | 0.05% | - | 10,000 | $413K | $41.30 | No quote |
| 75 | APD | Air Products & Chemicals COM | 0.04% | New | 4,100 | $303K | $73.90 | No quote |
| 76 | COST | Costco COM | 0.04% | - | 5,000 | $299K | $59.80 | No quote |
| 77 | FHI | Federated Investors COM | 0.03% | - | 10,000 | $264K | No quote | No quote |
| 78 | BK | Bank of New York Mellon Corp COM | 0.01% | - | 3,019 | $93K | $30.80 | No quote |
| 85 | SLG | SL Green Corp COM | - | Sold | 0 | $0 | No quote | No quote |
| 84 | SAP | SAP Aktiengesellschaft COM | - | Sold | 0 | $0 | No quote | No quote |
| 83 | MHP | McGraw-Hill Companies COM | - | Sold | 0 | $0 | No quote | No quote |
| 82 | MAN | Manpower Inc. COM | - | Sold | 0 | $0 | No quote | No quote |
| 81 | CME | CME Group Inc COM | - | Sold | 0 | $0 | No quote | No quote |
| 80 | BRKB | Berkshire Hathaway Class B COM | - | Sold | 0 | $0 | No quote | No quote |
| 79 | AFL | Aflac COM | - | Sold | 0 | $0 | No quote | No quote |