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 61 of 87 rows. Rows without a quote are marked unavailable.
| 1 | FRFHF | Fairfax Financial Holdings Ltd COM | 13.05% | Reduce -4.4% | 267,104 | $109.4M | $409.56 | No quote |
| 2 | UBSH | Union First Market Bankshares COM | 6.18% | - | 3,504,920 | $51.8M | No quote | No quote |
| 3 | BRK/B | Berkshire Hathaway Class B COMCUSIP 084670702 | 4.64% | Add +26.0% | 485,100 | $38.86M | No quote | No quote |
| 4 | BRK/A | Berkshire Hathaway, Inc. COMCUSIP 084670108 | 3.95% | - | 275 | $33.12M | No quote | No quote |
| 5 | RLI | RLI Corporation COM | 3.87% | - | 617,666 | $32.47M | $52.57 | No quote |
| 6 | GD | General Dynamics COM | 3.30% | Reduce -0.1% | 389,876 | $27.67M | $70.96 | No quote |
| 7 | NVO | Novo-Nordisk A/S COM | 3.10% | Reduce -0.1% | 230,650 | $25.96M | $112.57 | No quote |
| 8 | GE | General Electric COM | 2.97% | Add +361.9% | 1,362,450 | $24.92M | $18.29 | No quote |
| 9 | DEO | Diageo PLC COM | 2.91% | - | 328,500 | $24.42M | $74.33 | No quote |
| 10 | FNF | Fidelity National Financial COM | 2.86% | Add +273.6% | 1,751,373 | $23.96M | $13.68 | No quote |
| 11 | CAT | Caterpillar Inc COM | 2.76% | Add +0.8% | 247,300 | $23.16M | $93.66 | No quote |
| 12 | NSH | NuStar GP Holdings COM | 2.54% | - | 585,300 | $21.26M | No quote | No quote |
| 13 | ADP | Automatic Data Processing COM | 2.48% | Add +3.4% | 449,700 | $20.81M | $46.28 | No quote |
| 14 | BF/A | Brown Forman Class A COMCUSIP 115637100 | 2.35% | - | 283,760 | $19.7M | No quote | No quote |
| 15 | JNJ | Johnson and Johnson COM | 2.07% | - | 280,000 | $17.32M | $61.85 | No quote |
| 16 | LUK | Leucadia National Corp COM | 2.05% | - | 588,400 | $17.17M | No quote | No quote |
| 17 | - | Level 3 Communications CONVCUSIP 52729NBM1 | 2.00% | - | 15,000,000 | $16.73M | No quote | No quote |
| 18 | SCHW | Charles Schwab COM | 1.89% | Add +9.1% | 926,300 | $15.85M | $17.11 | No quote |
| 19 | BUD | Anheuser-Busch Inbev ADR COM | 1.81% | Add +98.5% | 266,000 | $15.19M | $57.09 | No quote |
| 20 | MCD | McDonalds COM | 1.76% | Reduce -0.1% | 192,654 | $14.79M | $76.76 | No quote |
| 21 | XOM | Exxon Corporation COM | 1.74% | - | 199,800 | $14.61M | $73.12 | No quote |
| 22 | BAM | Brookfield Asset Management COM | 1.71% | Add +43.3% | 430,000 | $14.32M | $33.29 | No quote |
| 23 | ITW | Illinois Tool Works COM | 1.61% | Add +4.1% | 252,854 | $13.5M | $53.40 | No quote |
| 24 | ELME | Washington Real Estate Investm COM | 1.51% | - | 407,475 | $12.63M | No quote | No quote |
| 25 | ITC | ITC Holdings Corp COM | 1.28% | - | 173,200 | $10.74M | No quote | No quote |
| 26 | EMR | Emerson Electric COM | 1.19% | - | 174,400 | $9.97M | $57.17 | No quote |
| 27 | BRO | Brown & Brown COM | 1.04% | Add +103.1% | 365,628 | $8.75M | $23.94 | No quote |
| 28 | WAG | Walgreen COM | 1.03% | Add +0.2% | 222,560 | $8.67M | No quote | No quote |
| 29 | NTRS | Northern Trust Corp COM | 0.93% | - | 140,000 | $7.76M | $55.41 | No quote |
| 30 | MAR | Marriott International COM | 0.90% | - | 181,965 | $7.56M | $41.54 | No quote |
| 31 | DIS | Disney COM | 0.90% | - | 200,000 | $7.5M | $37.51 | No quote |
| 32 | KMX | Carmax COM | 0.89% | Add +46.9% | 235,000 | $7.49M | $31.88 | No quote |
| 33 | EOG | EOG Resources, Inc. COM | 0.86% | Add +102.0% | 78,800 | $7.2M | $91.41 | No quote |
| 34 | ITIC | Investors Title Company COM | 0.83% | - | 228,850 | $6.98M | $30.50 | No quote |
| 35 | PM | Philip Morris International COM | 0.82% | - | 116,700 | $6.83M | $58.53 | No quote |
| 36 | TEVA | Teva Pharmaceuticals COM | 0.76% | Add +35.9% | 121,600 | $6.34M | $52.13 | No quote |
| 37 | WMT | Wal-Mart Stores COM | 0.75% | - | 116,425 | $6.28M | $53.93 | No quote |
| 38 | SLB | Schlumberger COM | 0.70% | Add +6.0% | 70,300 | $5.87M | $83.50 | No quote |
| 39 | MSFT | Microsoft COM | 0.69% | Add +103.9% | 208,590 | $5.82M | $27.91 | No quote |
| 40 | NOV | National Oilwell COM | 0.68% | Add +3.7% | 85,000 | $5.72M | $67.25 | No quote |
| 41 | PCL | Plum Creek Lumber MLP COM | 0.67% | - | 150,000 | $5.62M | No quote | No quote |
| 42 | UPS | United Parcel Service COM | 0.60% | - | 69,520 | $5.05M | $72.58 | No quote |
| 43 | BF/B | Brown-Forman Class B COMCUSIP 115637209 | 0.59% | - | 70,915 | $4.94M | No quote | No quote |
| 44 | IGT | International Game Technology COM | 0.53% | - | 250,000 | $4.42M | No quote | No quote |
| 45 | PEP | Pepsico COM | 0.52% | - | 67,000 | $4.38M | $65.33 | No quote |
| 46 | KO | Coca Cola Co COM | 0.51% | Add +0.5% | 65,500 | $4.31M | $65.77 | No quote |
| 47 | NKE | Nike COM | 0.51% | - | 50,200 | $4.29M | $85.42 | No quote |
| 48 | PDCO | Patterson Companies Inc. COM | 0.51% | - | 139,000 | $4.26M | No quote | No quote |
| 49 | PG | Procter & Gamble COM | 0.49% | - | 63,400 | $4.08M | $64.34 | No quote |
| 50 | ABT | Abbott Laboratories COM | 0.40% | - | 70,000 | $3.35M | $47.91 | No quote |
| 51 | MO | Altria COM | 0.34% | - | 116,700 | $2.87M | $24.62 | No quote |
| 52 | FO | Fortune Brands COM | 0.33% | - | 45,900 | $2.77M | No quote | No quote |
| 53 | MMM | 3M Company COM | 0.31% | - | 30,000 | $2.59M | $86.30 | No quote |
| 54 | CPB | Campbell Soup Co COM | 0.31% | - | 74,400 | $2.59M | $34.74 | No quote |
| 55 | SYY | Sysco Corp COM | 0.30% | - | 85,000 | $2.5M | $29.40 | No quote |
| 56 | HCCI | Heritage Crystal Clean Inc COM | 0.29% | - | 239,500 | $2.41M | No quote | No quote |
| 57 | LOW | Lowes COM | 0.28% | - | 95,000 | $2.38M | $25.08 | No quote |
| 58 | WPO | Washington Post Co COM | 0.28% | - | 5,400 | $2.37M | No quote | No quote |
| 59 | WTM | White Mountains COM | 0.28% | Reduce -78.9% | 7,056 | $2.37M | $335.60 | No quote |
| 60 | POOL | Pool Corp COM | 0.26% | - | 95,000 | $2.14M | $22.54 | No quote |
| 61 | ABH | AbitibiBowater, Inc COM | 0.24% | New | 85,392 | $2.02M | No quote | No quote |
| 62 | STT | State Street Corp COM | 0.22% | - | 40,400 | $1.87M | $46.34 | No quote |
| 63 | PAYX | Paychex COM | 0.19% | - | 50,900 | $1.57M | $30.90 | No quote |
| 64 | IBM | International Business Machine COM | 0.18% | - | 10,000 | $1.47M | $146.80 | No quote |
| 65 | WPC | W.P. Carey COM | 0.17% | - | 45,000 | $1.41M | $31.29 | No quote |
| 66 | Y | Alleghany Corporation COM | 0.16% | - | 4,244 | $1.3M | No quote | No quote |
| 67 | INTC | Intel COM | 0.15% | - | 60,000 | $1.26M | $21.03 | No quote |
| 68 | XRAY | DENTSPLY COM | 0.14% | - | 35,400 | $1.21M | $34.18 | No quote |
| 69 | KMB | Kimberly Clark Corp COM | 0.09% | New | 12,200 | $769K | $63.03 | No quote |
| 70 | CLX | Clorox Company COM | 0.09% | New | 12,000 | $759K | $63.25 | No quote |
| 71 | WU | Western Union COM | 0.09% | New | 40,000 | $743K | $18.57 | No quote |
| 72 | TROW | T.Rowe Price COM | 0.08% | - | 11,000 | $710K | $64.55 | No quote |
| 73 | HD | Home Depot COM | 0.08% | - | 20,000 | $701K | $35.05 | No quote |
| 74 | EPD | Enterprise Products Lmtd Ptnsh COM | 0.07% | New | 15,000 | $624K | $41.60 | No quote |
| 75 | APD | Air Products & Chemicals COM | 0.06% | Reduce -3.6% | 5,400 | $491K | $90.93 | No quote |
| 76 | ACN | Accenture COM | 0.06% | - | 10,000 | $485K | $48.50 | No quote |
| 77 | AXP | American Express COM | 0.05% | - | 10,000 | $429K | $42.90 | No quote |
| 78 | COST | Costco COM | 0.04% | - | 5,000 | $361K | $72.20 | No quote |
| 79 | V | Visa COM | 0.03% | New | 4,100 | $289K | $70.49 | No quote |
| 80 | FHI | Federated Investors COM | 0.03% | - | 10,000 | $262K | No quote | No quote |
| 81 | CLMT | Calumet COM | 0.03% | - | 10,000 | $213K | No quote | No quote |
| 82 | FCEA | Forest City Enterprises Class COM | 0.02% | Reduce -41.1% | 11,400 | $190K | No quote | No quote |
| 83 | BK | Bank of New York Mellon Corp COM | 0.01% | - | 3,019 | $91K | $30.14 | No quote |
| 87 | PPD | Prepaid Legal Services COM | - | Sold | 0 | $0 | No quote | No quote |
| 86 | NSRGY | Nestle ADR COM | - | Sold | 0 | $0 | No quote | No quote |
| 85 | EPE | Enterprise GP Holdings COM | - | Sold | 0 | $0 | No quote | No quote |
| 84 | CMCSA | Comcast COM | - | Sold | 0 | $0 | No quote | No quote |