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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Updated 2026-06-06 from SEC 13F data.
Live quotes available for 58 of 81 rows. Rows without a quote are marked unavailable.
| 1 | FRFHF | Fairfax Financial Holdings Ltd COM | 15.55% | - | 279,459 | $113.77M | $407.11 | No quote |
| 2 | UBSH | Union First Market Bankshares COM | 6.25% | - | 3,504,920 | $45.77M | No quote | No quote |
| 3 | RLI | RLI Corporation COM | 4.78% | Reduce -0.0% | 617,666 | $34.97M | $56.62 | No quote |
| 4 | BRK/A | Berkshire Hathaway, Inc. COMCUSIP 084670108 | 4.68% | - | 275 | $34.24M | No quote | No quote |
| 5 | BRK/B | Berkshire Hathaway Class B COMCUSIP 084670702 | 4.35% | - | 385,100 | $31.84M | No quote | No quote |
| 6 | GD | General Dynamics COM | 3.35% | Reduce -0.1% | 390,218 | $24.51M | $62.81 | No quote |
| 7 | NVO | Novo-Nordisk A/S COM | 3.11% | Reduce -0.3% | 230,850 | $22.73M | $98.44 | No quote |
| 8 | DEO | Diageo PLC COM | 3.10% | - | 328,500 | $22.67M | $69.01 | No quote |
| 9 | NSH | NuStar GP Holdings COM | 2.71% | - | 585,300 | $19.85M | No quote | No quote |
| 10 | CAT | Caterpillar Inc COM | 2.64% | Add +3.8% | 245,300 | $19.3M | $78.68 | No quote |
| 11 | ADP | Automatic Data Processing COM | 2.50% | Add +6.6% | 434,900 | $18.28M | $42.03 | No quote |
| 12 | BF/A | Brown Forman Class A COMCUSIP 115637100 | 2.39% | - | 283,760 | $17.47M | No quote | No quote |
| 13 | JNJ | Johnson and Johnson COM | 2.37% | - | 280,000 | $17.35M | $61.96 | No quote |
| 14 | - | Level 3 Communications CONVCUSIP 52729NBM1 | 2.26% | - | 15,000,000 | $16.54M | No quote | No quote |
| 15 | MCD | McDonalds COM | 1.96% | Reduce -0.1% | 192,753 | $14.36M | $74.51 | No quote |
| 16 | LUK | Leucadia National Corp COM | 1.90% | Add +7.3% | 588,400 | $13.9M | No quote | No quote |
| 17 | ELME | Washington Real Estate Investm COM | 1.77% | - | 407,475 | $12.93M | No quote | No quote |
| 18 | XOM | Exxon Corporation COM | 1.69% | - | 199,800 | $12.35M | $61.79 | No quote |
| 19 | SCHW | Charles Schwab COM | 1.61% | Add +17.3% | 849,100 | $11.8M | $13.90 | No quote |
| 20 | ITW | Illinois Tool Works COM | 1.56% | Reduce -0.0% | 242,949 | $11.42M | $47.02 | No quote |
| 21 | ITC | ITC Holdings Corp COM | 1.47% | - | 173,200 | $10.78M | No quote | No quote |
| 22 | WTM | White Mountains COM | 1.41% | - | 33,456 | $10.32M | $308.46 | No quote |
| 23 | EMR | Emerson Electric COM | 1.25% | Reduce -0.6% | 174,400 | $9.18M | $52.66 | No quote |
| 24 | BAM | Brookfield Asset Management COM | 1.16% | - | 300,000 | $8.51M | $28.37 | No quote |
| 25 | BUD | Anheuser-Busch Inbev ADR COM | 1.08% | Add +11.7% | 134,000 | $7.87M | $58.75 | No quote |
| 26 | ITIC | Investors Title Company COM | 1.02% | - | 228,850 | $7.46M | $32.59 | No quote |
| 27 | WAG | Walgreen COM | 1.02% | Reduce -0.1% | 222,060 | $7.44M | No quote | No quote |
| 28 | FNF | Fidelity National Financial COM | 1.01% | - | 468,850 | $7.37M | $15.71 | No quote |
| 29 | NTRS | Northern Trust Corp COM | 0.92% | - | 140,000 | $6.75M | $48.24 | No quote |
| 30 | DIS | Disney COM | 0.90% | - | 200,000 | $6.62M | $33.10 | No quote |
| 31 | PM | Philip Morris International COM | 0.89% | - | 116,700 | $6.54M | $56.02 | No quote |
| 32 | MAR | Marriott International COM | 0.89% | - | 181,965 | $6.52M | $35.83 | No quote |
| 33 | WMT | Wal-Mart Stores COM | 0.85% | - | 116,425 | $6.23M | $53.52 | No quote |
| 34 | NSRGY | Nestle ADR COM | 0.73% | New | 100,100 | $5.36M | $53.59 | No quote |
| 35 | PCL | Plum Creek Lumber MLP COM | 0.72% | - | 150,000 | $5.3M | No quote | No quote |
| 36 | GE | General Electric COM | 0.66% | - | 295,000 | $4.79M | $16.25 | No quote |
| 37 | TEVA | Teva Pharmaceuticals COM | 0.65% | Add +48.7% | 89,500 | $4.72M | $52.75 | No quote |
| 38 | UPS | United Parcel Service COM | 0.63% | - | 69,520 | $4.64M | $66.69 | No quote |
| 39 | KMX | Carmax COM | 0.61% | - | 160,000 | $4.46M | $27.86 | No quote |
| 40 | PEP | Pepsico COM | 0.61% | - | 67,000 | $4.45M | $66.43 | No quote |
| 41 | BF/B | Brown-Forman Class B COMCUSIP 115637209 | 0.60% | - | 70,915 | $4.37M | No quote | No quote |
| 42 | SLB | Schlumberger COM | 0.56% | Reduce -0.1% | 66,300 | $4.09M | $61.61 | No quote |
| 43 | NKE | Nike COM | 0.55% | - | 50,200 | $4.02M | $80.14 | No quote |
| 44 | PDCO | Patterson Companies Inc. COM | 0.54% | Reduce -0.2% | 139,000 | $3.98M | No quote | No quote |
| 45 | KO | Coca Cola Co COM | 0.52% | - | 65,200 | $3.82M | $58.53 | No quote |
| 46 | PG | Procter & Gamble COM | 0.52% | - | 63,400 | $3.8M | $59.97 | No quote |
| 47 | ABT | Abbott Laboratories COM | 0.50% | - | 70,000 | $3.66M | $52.24 | No quote |
| 48 | NOV | National Oilwell COM | 0.50% | New | 82,000 | $3.65M | $44.48 | No quote |
| 49 | BRO | Brown & Brown COM | 0.50% | - | 180,000 | $3.63M | $20.19 | No quote |
| 50 | EOG | EOG Resources, Inc. COM | 0.50% | - | 39,000 | $3.63M | $92.97 | No quote |
| 51 | IGT | International Game Technology COM | 0.49% | - | 250,000 | $3.61M | No quote | No quote |
| 52 | MO | Altria COM | 0.38% | - | 116,700 | $2.8M | $24.02 | No quote |
| 53 | CPB | Campbell Soup Co COM | 0.36% | - | 74,400 | $2.66M | $35.75 | No quote |
| 54 | MMM | 3M Company COM | 0.36% | - | 30,000 | $2.6M | $86.70 | No quote |
| 55 | MSFT | Microsoft COM | 0.34% | Add +95.6% | 102,290 | $2.51M | $24.49 | No quote |
| 56 | SYY | Sysco Corp COM | 0.33% | - | 85,000 | $2.42M | $28.52 | No quote |
| 57 | HCCI | Heritage Crystal Clean Inc COM | 0.33% | - | 239,500 | $2.38M | No quote | No quote |
| 58 | FO | Fortune Brands COM | 0.31% | Add +0.4% | 45,900 | $2.26M | No quote | No quote |
| 59 | WPO | Washington Post Co COM | 0.29% | - | 5,400 | $2.16M | No quote | No quote |
| 60 | LOW | Lowes COM | 0.29% | - | 95,000 | $2.12M | $22.29 | No quote |
| 61 | POOL | Pool Corp COM | 0.26% | - | 95,000 | $1.91M | $20.07 | No quote |
| 62 | STT | State Street Corp COM | 0.21% | - | 40,400 | $1.52M | $37.65 | No quote |
| 63 | PAYX | Paychex COM | 0.19% | - | 50,900 | $1.4M | $27.49 | No quote |
| 64 | IBM | International Business Machine COM | 0.18% | - | 10,000 | $1.34M | $134.10 | No quote |
| 65 | WPC | W.P. Carey COM | 0.18% | Reduce -95.3% | 45,000 | $1.3M | $28.96 | No quote |
| 66 | Y | Alleghany Corporation COM | 0.18% | - | 4,244 | $1.29M | No quote | No quote |
| 67 | INTC | Intel COM | 0.16% | - | 60,000 | $1.15M | $19.20 | No quote |
| 68 | XRAY | DENTSPLY COM | 0.15% | - | 35,400 | $1.13M | $31.98 | No quote |
| 69 | PPD | Prepaid Legal Services COM | 0.13% | - | 15,000 | $937K | No quote | No quote |
| 70 | HD | Home Depot COM | 0.09% | - | 20,000 | $634K | $31.70 | No quote |
| 71 | EPE | Enterprise GP Holdings COM | 0.08% | - | 10,000 | $587K | No quote | No quote |
| 72 | TROW | T.Rowe Price COM | 0.08% | - | 11,000 | $551K | $50.09 | No quote |
| 73 | APD | Air Products & Chemicals COM | 0.06% | - | 5,600 | $464K | $82.86 | No quote |
| 74 | ACN | Accenture COM | 0.06% | - | 10,000 | $425K | $42.50 | No quote |
| 75 | AXP | American Express COM | 0.06% | - | 10,000 | $420K | $42.00 | No quote |
| 76 | COST | Costco COM | 0.04% | - | 5,000 | $322K | $64.40 | No quote |
| 77 | FCEA | Forest City Enterprises Class COM | 0.03% | Reduce -97.7% | 19,367 | $248K | No quote | No quote |
| 78 | FHI | Federated Investors COM | 0.03% | - | 10,000 | $228K | No quote | No quote |
| 79 | CLMT | Calumet COM | 0.03% | Reduce -61.1% | 10,000 | $197K | No quote | No quote |
| 80 | CMCSA | Comcast COM | 0.03% | Reduce -6.5% | 10,800 | $195K | $18.06 | No quote |
| 81 | BK | Bank of New York Mellon Corp COM | 0.01% | - | 3,019 | $79K | $26.17 | No quote |