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 71 of 100 rows. Rows without a quote are marked unavailable.
| 1 | FRFHF | Fairfax Financial Holdings Ltd COM | 12.59% | - | 267,104 | $115.18M | $431.20 | No quote |
| 2 | UBSH | Union First Market Bankshares COM | 5.09% | - | 3,504,920 | $46.58M | No quote | No quote |
| 3 | RLI | RLI Corporation COM | 4.90% | - | 615,096 | $44.82M | $72.86 | No quote |
| 4 | BRK/B | Berkshire Hathaway Class B COMCUSIP 084670702 | 4.04% | - | 485,100 | $37.01M | No quote | No quote |
| 5 | BRK/A | Berkshire Hathaway, Inc. COMCUSIP 084670108 | 3.45% | - | 275 | $31.56M | No quote | No quote |
| 6 | DEO | Diageo PLC COM | 3.14% | - | 328,500 | $28.72M | $87.42 | No quote |
| 7 | ADP | Automatic Data Processing COM | 2.96% | Add +2.9% | 501,800 | $27.1M | $54.01 | No quote |
| 8 | FNF | Fidelity National Financial COM | 2.94% | Reduce -0.6% | 1,690,800 | $26.93M | $15.93 | No quote |
| 9 | NVO | Novo-Nordisk A/S COM | 2.89% | Reduce -0.1% | 229,200 | $26.42M | $115.26 | No quote |
| 10 | GD | General Dynamics COM | 2.82% | Reduce -0.2% | 388,188 | $25.78M | $66.41 | No quote |
| 11 | BUD | Anheuser-Busch Inbev ADR COM | 2.70% | Reduce -0.2% | 404,801 | $24.69M | $60.99 | No quote |
| 12 | GE | General Electric COM | 2.67% | - | 1,362,450 | $24.4M | $17.91 | No quote |
| 13 | BF/A | Brown Forman Class A COMCUSIP 115637100 | 2.46% | - | 283,760 | $22.49M | No quote | No quote |
| 14 | CAT | Caterpillar Inc COM | 2.44% | Reduce -0.2% | 246,734 | $22.35M | $90.60 | No quote |
| 15 | MCD | McDonalds COM | 2.10% | Add +0.2% | 191,907 | $19.25M | $100.33 | No quote |
| 16 | MSFT | Microsoft Corp COM | 2.08% | Add +63.0% | 734,690 | $19.07M | $25.96 | No quote |
| 17 | TEVA | Teva Pharmaceuticals COM | 2.06% | Add +38.4% | 468,100 | $18.89M | $40.36 | No quote |
| 18 | JNJ | Johnson and Johnson COM | 2.01% | - | 280,000 | $18.36M | $65.58 | No quote |
| 19 | XOM | Exxon Corporation COM | 1.85% | - | 199,800 | $16.94M | $84.76 | No quote |
| 20 | LUK | Leucadia National Corp COM | 1.56% | Add +6.7% | 627,766 | $14.28M | No quote | No quote |
| 21 | ITC | ITC Holdings Corp COM | 1.44% | - | 173,200 | $13.14M | No quote | No quote |
| 22 | BAM | Brookfield Asset Management COM | 1.29% | - | 430,000 | $11.82M | $27.48 | No quote |
| 23 | ITW | Illinois Tool Works COM | 1.27% | Reduce -0.2% | 249,641 | $11.66M | $46.71 | No quote |
| 24 | ORCL | Oracle Corp COM | 1.18% | Add +27.1% | 421,300 | $10.81M | $25.65 | No quote |
| 25 | SCHW | Charles Schwab COM | 1.17% | Reduce -1.2% | 949,700 | $10.69M | $11.26 | No quote |
| 26 | PM | Philip Morris International COM | 1.00% | - | 116,700 | $9.16M | $78.48 | No quote |
| 27 | NSH | NuStar GP Holdings COM | 0.94% | Reduce -53.8% | 258,500 | $8.6M | No quote | No quote |
| 28 | V | Visa COM | 0.93% | Add +154.1% | 84,100 | $8.54M | $101.53 | No quote |
| 29 | EOG | EOG Resources, Inc. COM | 0.90% | Reduce -0.4% | 84,000 | $8.28M | $98.51 | No quote |
| 30 | BRO | Brown & Brown COM | 0.90% | - | 365,628 | $8.27M | $22.63 | No quote |
| 31 | ITIC | Investors Title Company COM | 0.89% | - | 228,850 | $8.19M | $35.77 | No quote |
| 32 | EMR | Emerson Electric COM | 0.89% | Reduce -0.2% | 174,300 | $8.12M | $46.59 | No quote |
| 33 | LII | Lennox International COM | 0.85% | Add +108.6% | 230,500 | $7.78M | $33.75 | No quote |
| 34 | DIS | Disney COM | 0.82% | - | 200,000 | $7.5M | $37.50 | No quote |
| 35 | WAG | Walgreen COM | 0.80% | Add +0.2% | 222,360 | $7.35M | No quote | No quote |
| 36 | KMX | Carmax COM | 0.78% | - | 235,000 | $7.16M | $30.48 | No quote |
| 37 | PEP | Pepsico COM | 0.76% | - | 105,000 | $6.97M | $66.35 | No quote |
| 38 | WMT | Wal-Mart Stores COM | 0.76% | - | 116,425 | $6.96M | $59.76 | No quote |
| 39 | NOV | National Oilwell COM | 0.63% | - | 85,000 | $5.78M | $67.99 | No quote |
| 40 | BF/B | Brown-Forman Class B COMCUSIP 115637209 | 0.62% | - | 70,915 | $5.71M | No quote | No quote |
| 41 | NTRS | Northern Trust Corp COM | 0.61% | - | 140,000 | $5.55M | $39.66 | No quote |
| 42 | PCL | Plum Creek Lumber MLP COM | 0.60% | - | 150,000 | $5.48M | No quote | No quote |
| 43 | COF | Capital One COM | 0.59% | Add +1066.4% | 128,300 | $5.43M | $42.29 | No quote |
| 44 | MAR | Marriott International COM | 0.58% | - | 181,965 | $5.31M | $29.17 | No quote |
| 45 | UPS | United Parcel Service COM | 0.56% | - | 69,520 | $5.09M | $73.19 | No quote |
| 46 | ABT | Abbott Laboratories COM | 0.55% | Reduce -30.5% | 90,000 | $5.06M | $56.23 | No quote |
| 47 | WU | Western Union COM | 0.54% | Add +26.5% | 272,000 | $4.97M | $18.26 | No quote |
| 48 | NKE | Nike COM | 0.53% | - | 50,200 | $4.84M | $96.37 | No quote |
| 49 | SLB | Schlumberger COM | 0.52% | Reduce -0.9% | 69,400 | $4.74M | $68.31 | No quote |
| 50 | KO | Coca Cola Co COM | 0.49% | - | 64,000 | $4.48M | $69.97 | No quote |
| 51 | PAYX | Paychex COM | 0.48% | Add +186.6% | 145,900 | $4.39M | $30.11 | No quote |
| 52 | PDCO | Patterson Companies Inc. COM | 0.47% | - | 146,600 | $4.33M | No quote | No quote |
| 53 | IGT | International Game Technology COM | 0.47% | - | 250,000 | $4.3M | No quote | No quote |
| 54 | HCCI | Heritage Crystal Clean Inc COM | 0.43% | - | 239,500 | $3.97M | No quote | No quote |
| 55 | UTX | United Technologies COM | 0.43% | Add +188.2% | 53,600 | $3.92M | No quote | No quote |
| 56 | MCF | Contango Oil & Gas COM | 0.38% | - | 60,500 | $3.52M | No quote | No quote |
| 57 | MO | Altria COM | 0.38% | - | 117,400 | $3.48M | $29.65 | No quote |
| 58 | PG | Procter & Gamble COM | 0.31% | Reduce -31.9% | 43,200 | $2.88M | $66.71 | No quote |
| 59 | POOL | Pool Corp COM | 0.31% | - | 95,000 | $2.86M | $30.09 | No quote |
| 60 | ECL | Ecolab COM | 0.31% | Add +83.3% | 48,400 | $2.8M | $57.81 | No quote |
| 61 | L | Loews Corporation COM | 0.29% | New | 70,500 | $2.65M | $37.65 | No quote |
| 62 | WSO | Watsco Inc COM | 0.29% | - | 40,000 | $2.63M | $65.65 | No quote |
| 63 | SYY | Sysco Corp COM | 0.27% | - | 85,000 | $2.49M | $29.33 | No quote |
| 64 | MMM | 3M Company COM | 0.27% | - | 30,000 | $2.45M | $81.73 | No quote |
| 65 | LOW | Lowes COM | 0.26% | - | 95,000 | $2.41M | $25.38 | No quote |
| 66 | WPO | Washington Post Co COM | 0.22% | - | 5,400 | $2.04M | No quote | No quote |
| 67 | NICK | Nicholas Financial COM | 0.22% | Add +83.8% | 153,500 | $1.97M | No quote | No quote |
| 68 | EXPD | Expeditors Int'l Wash Inc COM | 0.21% | Add +182.3% | 48,000 | $1.97M | $40.96 | No quote |
| 69 | WPC | W.P. Carey COM | 0.20% | - | 45,000 | $1.84M | $40.93 | No quote |
| 70 | IBM | International Business Machine COM | 0.20% | - | 10,000 | $1.84M | $183.90 | No quote |
| 71 | SEIC | SEI Investments Co COM | 0.18% | New | 95,000 | $1.65M | $17.35 | No quote |
| 72 | STT | State Street Corp COM | 0.18% | - | 40,400 | $1.63M | $40.32 | No quote |
| 73 | LEN/B | Lennar Corp - B COMCUSIP 526057302 | 0.16% | New | 96,700 | $1.51M | No quote | No quote |
| 74 | INTC | Intel COM | 0.16% | - | 60,000 | $1.46M | $24.25 | No quote |
| 75 | EXP | Eagle Materials COM | 0.15% | Add +105.7% | 54,500 | $1.4M | $25.65 | No quote |
| 76 | MOS | Mosaic Company COM | 0.15% | New | 27,000 | $1.36M | $50.44 | No quote |
| 77 | DST | DST Systems, Inc COM | 0.14% | - | 28,000 | $1.28M | No quote | No quote |
| 78 | XRAY | DENTSPLY COM | 0.14% | - | 35,400 | $1.24M | $35.00 | No quote |
| 79 | Y | Alleghany Corporation COM | 0.14% | - | 4,328 | $1.24M | No quote | No quote |
| 80 | MA | Mastercard, Inc COM | 0.12% | - | 3,000 | $1.12M | $372.67 | No quote |
| 81 | LPX | Louisiana Pacific Corp COM | 0.09% | Add +87.7% | 107,000 | $863K | $8.07 | No quote |
| 82 | HD | Home Depot COM | 0.09% | - | 20,000 | $841K | $42.05 | No quote |
| 83 | DWA | Dreamworks Animation SKG, Inc COM | 0.09% | New | 50,000 | $830K | No quote | No quote |
| 84 | MKC | McCormick and Company COM | 0.08% | New | 15,000 | $756K | $50.40 | No quote |
| 85 | BRP | Brookfield Residential COM | 0.08% | Add +29.8% | 91,500 | $715K | No quote | No quote |
| 86 | TROW | T.Rowe Price COM | 0.07% | - | 11,000 | $626K | $56.91 | No quote |
| 87 | ACN | Accenture COM | 0.06% | - | 10,000 | $532K | $53.20 | No quote |
| 88 | AXP | American Express COM | 0.05% | - | 10,000 | $472K | $47.20 | No quote |
| 89 | VOD | Vodafone Group COM | 0.05% | New | 15,000 | $420K | No quote | No quote |
| 90 | COST | Costco COM | 0.05% | - | 5,000 | $417K | $83.40 | No quote |
| 91 | APD | Air Products & Chemicals COM | 0.04% | Reduce -2.0% | 4,800 | $409K | $85.21 | No quote |
| 92 | ELME | Washington Real Estate Investm COM | 0.04% | Reduce -5.9% | 12,366 | $338K | No quote | No quote |
| 93 | VAC | Marriott Vacations Worldwide COM | 0.03% | New | 18,196 | $312K | $17.15 | No quote |
| 94 | EPD | Enterprise Products Lmtd Ptnsh COM | 0.03% | Reduce -58.0% | 6,300 | $292K | $46.35 | No quote |
| 95 | CLMT | Calumet COM | 0.02% | - | 10,000 | $202K | No quote | No quote |
| 96 | FHI | Federated Investors COM | 0.02% | - | 10,000 | $151K | No quote | No quote |
| 97 | BK | Bank of New York Mellon Corp COM | 0.01% | - | 3,019 | $60K | $19.87 | No quote |
| 100 | LEN | Lennar Corporation COM | - | Sold | 0 | $0 | No quote | No quote |
| 99 | ECA | Encana Corp COM | - | Sold | 0 | $0 | No quote | No quote |
| 98 | CPB | Campbell Soup Co COM | - | Sold | 0 | $0 | No quote | No quote |