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 62 of 86 rows. Rows without a quote are marked unavailable.
| 1 | FRFHF | Fairfax Financial Holdings Ltd COM | 11.94% | - | 267,104 | $100.92M | $377.81 | No quote |
| 2 | BRK/B | Berkshire Hathaway Class B COMCUSIP 084670702 | 4.80% | - | 485,100 | $40.57M | No quote | No quote |
| 3 | UBSH | Union First Market Bankshares COM | 4.66% | - | 3,504,920 | $39.43M | No quote | No quote |
| 4 | RLI | RLI Corporation COM | 4.21% | - | 617,666 | $35.61M | $57.65 | No quote |
| 5 | BRK/A | Berkshire Hathaway, Inc. COMCUSIP 084670108 | 4.08% | - | 275 | $34.46M | No quote | No quote |
| 6 | GD | General Dynamics COM | 3.53% | Add +0.0% | 389,879 | $29.85M | $76.56 | No quote |
| 7 | NVO | Novo-Nordisk A/S COM | 3.40% | Reduce -0.4% | 229,650 | $28.76M | $125.23 | No quote |
| 8 | CAT | Caterpillar Inc COM | 3.26% | - | 247,300 | $27.54M | $111.35 | No quote |
| 9 | GE | General Electric COM | 3.23% | - | 1,362,450 | $27.32M | $20.05 | No quote |
| 10 | DEO | Diageo PLC COM | 2.96% | - | 328,500 | $25.04M | $76.22 | No quote |
| 11 | FNF | Fidelity National Financial COM | 2.92% | Reduce -0.1% | 1,749,679 | $24.72M | $14.13 | No quote |
| 12 | ADP | Automatic Data Processing COM | 2.84% | Add +4.0% | 467,700 | $24M | $51.31 | No quote |
| 13 | LUK | Leucadia National Corp COM | 2.61% | - | 588,400 | $22.09M | No quote | No quote |
| 14 | NSH | NuStar GP Holdings COM | 2.52% | - | 585,300 | $21.33M | No quote | No quote |
| 15 | BF/A | Brown Forman Class A COMCUSIP 115637100 | 2.28% | - | 283,760 | $19.29M | No quote | No quote |
| 16 | SCHW | Charles Schwab COM | 2.05% | Add +3.7% | 960,300 | $17.31M | $18.03 | No quote |
| 17 | XOM | Exxon Corporation COM | 1.99% | - | 199,800 | $16.81M | $84.13 | No quote |
| 18 | JNJ | Johnson and Johnson COM | 1.96% | - | 280,000 | $16.59M | $59.25 | No quote |
| 19 | BUD | Anheuser-Busch Inbev ADR COM | 1.93% | Add +7.4% | 285,800 | $16.34M | $57.17 | No quote |
| 20 | MCD | McDonalds COM | 1.73% | Reduce -0.2% | 192,355 | $14.64M | $76.09 | No quote |
| 21 | BAM | Brookfield Asset Management COM | 1.65% | - | 430,000 | $13.96M | $32.46 | No quote |
| 22 | ITW | Illinois Tool Works COM | 1.61% | Add +0.0% | 252,859 | $13.58M | $53.72 | No quote |
| 23 | ELME | Washington Real Estate Investm COM | 1.50% | - | 407,475 | $12.67M | No quote | No quote |
| 24 | ITC | ITC Holdings Corp COM | 1.43% | - | 173,200 | $12.11M | No quote | No quote |
| 25 | EMR | Emerson Electric COM | 1.21% | - | 174,400 | $10.19M | $58.43 | No quote |
| 26 | EOG | EOG Resources, Inc. COM | 1.18% | Add +7.0% | 84,300 | $9.99M | $118.51 | No quote |
| 27 | BRO | Brown & Brown COM | 1.12% | - | 365,628 | $9.43M | $25.80 | No quote |
| 28 | WAG | Walgreen COM | 1.05% | Reduce -0.2% | 222,160 | $8.92M | No quote | No quote |
| 29 | DIS | Disney COM | 1.02% | - | 200,000 | $8.62M | $43.09 | No quote |
| 30 | PM | Philip Morris International COM | 0.91% | - | 116,700 | $7.66M | $65.63 | No quote |
| 31 | KMX | Carmax COM | 0.89% | - | 235,000 | $7.54M | $32.10 | No quote |
| 32 | MSFT | Microsoft Corp COM | 0.88% | Add +40.9% | 293,990 | $7.46M | $25.39 | No quote |
| 33 | ITIC | Investors Title Company COM | 0.86% | - | 228,850 | $7.28M | $31.80 | No quote |
| 34 | TEVA | Teva Pharmaceuticals COM | 0.85% | Add +17.3% | 142,600 | $7.15M | $50.17 | No quote |
| 35 | NTRS | Northern Trust Corp COM | 0.84% | - | 140,000 | $7.11M | $50.75 | No quote |
| 36 | NOV | National Oilwell COM | 0.80% | - | 85,000 | $6.74M | $79.27 | No quote |
| 37 | SLB | Schlumberger COM | 0.78% | - | 70,300 | $6.56M | $93.26 | No quote |
| 38 | PCL | Plum Creek Lumber MLP COM | 0.77% | - | 150,000 | $6.54M | No quote | No quote |
| 39 | MAR | Marriott International COM | 0.77% | - | 181,965 | $6.47M | $35.58 | No quote |
| 40 | WMT | Wal-Mart Stores COM | 0.72% | - | 116,425 | $6.06M | $52.05 | No quote |
| 41 | PEP | Pepsico COM | 0.69% | Add +35.8% | 91,000 | $5.86M | $64.41 | No quote |
| 42 | UPS | United Parcel Service COM | 0.61% | - | 69,520 | $5.17M | $74.32 | No quote |
| 43 | BF/B | Brown-Forman Class B COMCUSIP 115637209 | 0.57% | - | 70,915 | $4.84M | No quote | No quote |
| 44 | PDCO | Patterson Companies Inc. COM | 0.53% | - | 139,000 | $4.47M | No quote | No quote |
| 45 | ABT | Abbott Laboratories COM | 0.51% | Add +26.4% | 88,500 | $4.34M | $49.05 | No quote |
| 46 | KO | Coca Cola Co COM | 0.51% | Reduce -0.5% | 65,200 | $4.33M | $66.33 | No quote |
| 47 | IGT | International Game Technology COM | 0.48% | - | 250,000 | $4.06M | No quote | No quote |
| 48 | PG | Procter & Gamble COM | 0.46% | - | 63,400 | $3.91M | $61.59 | No quote |
| 49 | NKE | Nike COM | 0.45% | - | 50,200 | $3.8M | $75.70 | No quote |
| 50 | HCCI | Heritage Crystal Clean Inc COM | 0.40% | - | 239,500 | $3.41M | No quote | No quote |
| 51 | MO | Altria COM | 0.36% | - | 116,700 | $3.04M | $26.03 | No quote |
| 52 | MMM | 3M Company COM | 0.33% | - | 30,000 | $2.81M | $93.50 | No quote |
| 53 | WTM | White Mountains COM | 0.30% | - | 7,056 | $2.57M | $364.23 | No quote |
| 54 | LOW | Lowes COM | 0.30% | - | 95,000 | $2.51M | $26.43 | No quote |
| 55 | CPB | Campbell Soup Co COM | 0.29% | - | 74,400 | $2.46M | $33.10 | No quote |
| 56 | WPO | Washington Post Co COM | 0.28% | - | 5,400 | $2.36M | No quote | No quote |
| 57 | SYY | Sysco Corp COM | 0.28% | - | 85,000 | $2.35M | $27.69 | No quote |
| 58 | POOL | Pool Corp COM | 0.27% | - | 95,000 | $2.29M | $24.11 | No quote |
| 59 | STT | State Street Corp COM | 0.21% | - | 40,400 | $1.82M | $44.95 | No quote |
| 60 | MCF | Contango Oil & Gas COM | 0.21% | New | 28,500 | $1.8M | No quote | No quote |
| 61 | IBM | International Business Machine COM | 0.19% | - | 10,000 | $1.63M | $163.10 | No quote |
| 62 | WPC | W.P. Carey COM | 0.19% | - | 45,000 | $1.61M | $35.69 | No quote |
| 63 | PAYX | Paychex COM | 0.19% | - | 50,900 | $1.6M | $31.38 | No quote |
| 64 | Y | Alleghany Corporation COM | 0.17% | - | 4,244 | $1.41M | No quote | No quote |
| 65 | XRAY | DENTSPLY COM | 0.15% | - | 35,400 | $1.31M | $36.98 | No quote |
| 66 | WU | Western Union COM | 0.15% | Add +52.5% | 61,000 | $1.27M | $20.77 | No quote |
| 67 | INTC | Intel COM | 0.14% | - | 60,000 | $1.21M | $20.18 | No quote |
| 68 | CLX | Clorox Company COM | 0.13% | Add +33.3% | 16,000 | $1.12M | $70.06 | No quote |
| 69 | DST | DST Systems, Inc COM | 0.13% | New | 21,000 | $1.11M | No quote | No quote |
| 70 | KMB | Kimberly Clark Corp COM | 0.11% | Add +16.4% | 14,200 | $927K | $65.28 | No quote |
| 71 | HD | Home Depot COM | 0.09% | - | 20,000 | $741K | $37.05 | No quote |
| 72 | TROW | T.Rowe Price COM | 0.09% | - | 11,000 | $731K | $66.45 | No quote |
| 73 | EPD | Enterprise Products Lmtd Ptnsh COM | 0.08% | - | 15,000 | $646K | $43.07 | No quote |
| 74 | ACN | Accenture COM | 0.07% | - | 10,000 | $550K | $55.00 | No quote |
| 75 | APD | Air Products & Chemicals COM | 0.06% | Reduce -3.7% | 5,200 | $469K | $90.19 | No quote |
| 76 | AXP | American Express COM | 0.05% | - | 10,000 | $452K | $45.20 | No quote |
| 77 | COST | Costco COM | 0.04% | - | 5,000 | $367K | $73.40 | No quote |
| 78 | WSO | Watsco Inc COM | 0.04% | New | 5,000 | $349K | $69.80 | No quote |
| 79 | V | Visa COM | 0.04% | - | 4,100 | $302K | $73.66 | No quote |
| 80 | FHI | Federated Investors COM | 0.03% | - | 10,000 | $267K | No quote | No quote |
| 81 | FCEA | Forest City Enterprises Class COM | 0.03% | - | 11,400 | $215K | No quote | No quote |
| 82 | CLMT | Calumet COM | 0.03% | - | 10,000 | $212K | No quote | No quote |
| 83 | BK | Bank of New York Mellon Corp COM | 0.01% | - | 3,019 | $90K | $29.81 | No quote |
| 86 | - | Level 3 Communications CONVCUSIP 52729NBM1 | - | Sold | 0 | $0 | No quote | No quote |
| 85 | FO | Fortune Brands COM | - | Sold | 0 | $0 | No quote | No quote |
| 84 | ABH | AbitibiBowater, Inc COM | - | Sold | 0 | $0 | No quote | No quote |