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 73 of 109 rows. Rows without a quote are marked unavailable.
| 1 | WAG | Walgreen COM | 7.41% | Reduce -0.1% | 2,151,460 | $102.58M | No quote | No quote |
| 2 | WMT | Wal-Mart Stores COM | 6.00% | Add +853.7% | 1,110,318 | $83.09M | $74.83 | No quote |
| 3 | FRFHF | Fairfax Financial Holdings Ltd COM | 5.57% | Reduce -26.2% | 197,104 | $77.1M | $391.14 | No quote |
| 4 | GE | General Electric COM | 3.99% | Reduce -0.6% | 2,387,311 | $55.2M | $23.12 | No quote |
| 5 | BRK/B | Berkshire Hathaway Class B COMCUSIP 084670702 | 3.65% | - | 485,100 | $50.55M | No quote | No quote |
| 6 | CFX | Colfax Corporation COM | 3.65% | - | 1,085,070 | $50.5M | No quote | No quote |
| 7 | ADM | Archer Daniels COM | 3.29% | Add +1.2% | 1,350,300 | $45.55M | $33.73 | No quote |
| 8 | RLI | RLI Corporation COM | 3.18% | Reduce -0.1% | 612,658 | $44.02M | $71.85 | No quote |
| 9 | BRK/A | Berkshire Hathaway, Inc. COMCUSIP 084670108 | 3.10% | - | 275 | $42.98M | No quote | No quote |
| 10 | DEO | Diageo PLC COM | 2.98% | - | 328,500 | $41.34M | $125.84 | No quote |
| 11 | BUD | Anheuser-Busch Inbev ADR COM | 2.86% | Reduce -0.6% | 397,951 | $39.62M | $99.55 | No quote |
| 12 | UBSH | Union First Market Bankshares COM | 2.68% | Reduce -27.7% | 1,898,339 | $37.13M | No quote | No quote |
| 13 | NVO | Novo-Nordisk A/S COM | 2.64% | Reduce -0.4% | 226,400 | $36.56M | $161.50 | No quote |
| 14 | ADP | Automatic Data Processing COM | 2.46% | Add +1.6% | 523,900 | $34.07M | $65.03 | No quote |
| 15 | BF/A | Brown Forman Class A COMCUSIP 115637100 | 2.26% | - | 425,640 | $31.33M | No quote | No quote |
| 16 | GD | General Dynamics COM | 2.04% | Add +0.9% | 401,555 | $28.31M | $70.51 | No quote |
| 17 | TEVA | Teva Pharmaceuticals COM | 1.90% | Add +3.0% | 663,600 | $26.33M | $39.68 | No quote |
| 18 | MSFT | Microsoft Corp COM | 1.66% | Reduce -0.1% | 802,590 | $22.96M | $28.60 | No quote |
| 19 | UNH | United Health Group Inc COM | 1.62% | New | 392,300 | $22.44M | $57.21 | No quote |
| 20 | CAT | Caterpillar Inc COM | 1.54% | Reduce -0.3% | 245,200 | $21.33M | $86.97 | No quote |
| 21 | ORCL | Oracle Corp COM | 1.54% | Add +1.8% | 658,900 | $21.3M | $32.33 | No quote |
| 22 | LUK | Leucadia National Corp COM | 1.48% | - | 745,033 | $20.44M | No quote | No quote |
| 23 | MCD | McDonalds COM | 1.37% | Add +0.1% | 189,861 | $18.93M | $99.69 | No quote |
| 24 | V | Visa COM | 1.36% | Add +9.9% | 111,100 | $18.87M | $169.84 | No quote |
| 25 | SCHW | Charles Schwab COM | 1.32% | Add +1.8% | 1,031,013 | $18.24M | $17.69 | No quote |
| 26 | XOM | Exxon Corporation COM | 1.30% | - | 199,800 | $18M | $90.11 | No quote |
| 27 | ITIC | Investors Title Company COM | 1.14% | Reduce -0.2% | 228,150 | $15.76M | $69.07 | No quote |
| 28 | BAM | Brookfield Asset Management COM | 1.13% | - | 430,000 | $15.69M | $36.49 | No quote |
| 29 | ITW | Illinois Tool Works COM | 1.08% | Reduce -0.2% | 245,000 | $14.93M | $60.94 | No quote |
| 30 | BRO | Brown & Brown COM | 0.85% | - | 365,628 | $11.72M | $32.04 | No quote |
| 31 | DIS | Disney COM | 0.82% | - | 200,000 | $11.36M | $56.80 | No quote |
| 32 | SYY | Sysco Corp COM | 0.80% | Reduce -45.0% | 314,278 | $11.05M | $35.17 | No quote |
| 33 | SLB | Schlumberger COM | 0.79% | - | 146,000 | $10.93M | $74.89 | No quote |
| 34 | PM | Philip Morris International COM | 0.78% | - | 116,700 | $10.82M | $92.71 | No quote |
| 35 | EOG | EOG Resources, Inc. COM | 0.77% | Reduce -0.5% | 83,500 | $10.69M | $128.07 | No quote |
| 36 | L | Loews Corporation COM | 0.77% | - | 240,700 | $10.61M | $44.07 | No quote |
| 37 | PEP | Pepsico COM | 0.73% | - | 127,300 | $10.07M | $79.11 | No quote |
| 38 | COF | Capital One COM | 0.71% | - | 179,400 | $9.86M | $54.95 | No quote |
| 39 | KMX | Carmax COM | 0.71% | - | 235,000 | $9.8M | $41.70 | No quote |
| 40 | NOV | National Oilwell COM | 0.69% | Add +10.6% | 136,000 | $9.62M | $70.75 | No quote |
| 41 | EMR | Emerson Electric COM | 0.69% | - | 171,300 | $9.57M | $55.87 | No quote |
| 42 | AHGP | Alliance Holdings GP COM | 0.63% | - | 166,500 | $8.77M | No quote | No quote |
| 43 | HAS | Hasbro, Inc COM | 0.60% | Add +25.3% | 189,800 | $8.34M | $43.94 | No quote |
| 44 | MCO | Moody's Corp COM | 0.60% | Add +62.9% | 155,400 | $8.29M | $53.32 | No quote |
| 45 | ART | Artio Global Investors COM | 0.58% | Reduce -47.9% | 2,968,400 | $8.07M | No quote | No quote |
| 46 | PCL | Plum Creek Lumber MLP COM | 0.57% | - | 150,000 | $7.83M | No quote | No quote |
| 47 | MAR | Marriott International COM | 0.55% | - | 181,965 | $7.68M | $42.23 | No quote |
| 48 | NTRS | Northern Trust Corp COM | 0.55% | - | 140,000 | $7.64M | $54.56 | No quote |
| 49 | BF/B | Brown-Forman Class B COMCUSIP 115637209 | 0.55% | - | 106,372 | $7.6M | No quote | No quote |
| 50 | NSC | Norfolk Southern COM | 0.52% | Add +30.5% | 94,100 | $7.25M | $77.08 | No quote |
| 51 | NKE | Nike COM | 0.51% | - | 120,400 | $7.11M | $59.01 | No quote |
| 52 | MAT | Mattel COM | 0.44% | Add +38.6% | 140,000 | $6.13M | $43.77 | No quote |
| 53 | UPS | United Parcel Service COM | 0.43% | - | 69,520 | $5.97M | $85.90 | No quote |
| 54 | PDCO | Patterson Companies Inc. COM | 0.40% | - | 146,100 | $5.56M | No quote | No quote |
| 55 | KO | Coca Cola Co COM | 0.39% | Add +8.1% | 134,000 | $5.42M | $40.44 | No quote |
| 56 | PAYX | Paychex COM | 0.38% | - | 150,900 | $5.29M | $35.06 | No quote |
| 57 | UTX | United Technologies COM | 0.36% | - | 53,600 | $5.01M | No quote | No quote |
| 58 | EXPD | Expeditors Int'l Wash Inc COM | 0.34% | - | 133,000 | $4.75M | $35.73 | No quote |
| 59 | LMCAD | Liberty Media COM | 0.34% | New | 42,000 | $4.69M | No quote | No quote |
| 60 | JNJ | Johnson and Johnson COM | 0.32% | Reduce -80.4% | 55,000 | $4.48M | $81.53 | No quote |
| 61 | MA | Mastercard, Inc COM | 0.31% | Add +166.7% | 8,000 | $4.33M | $541.13 | No quote |
| 62 | IGT | International Game Technology COM | 0.30% | - | 250,000 | $4.13M | No quote | No quote |
| 63 | GOOGL | Google COM | 0.29% | New | 5,000 | $3.97M | $794.20 | No quote |
| 64 | HCCI | Heritage Crystal Clean Inc COM | 0.28% | - | 259,500 | $3.92M | No quote | No quote |
| 65 | ECL | Ecolab COM | 0.28% | - | 48,400 | $3.88M | $80.19 | No quote |
| 66 | BTU | Peabody Energy COM | 0.27% | - | 180,000 | $3.81M | $21.15 | No quote |
| 67 | MON | Monsanto Co COM | 0.27% | Add +0.8% | 35,700 | $3.77M | No quote | No quote |
| 68 | SEIC | SEI Investments Co COM | 0.27% | Add +18.2% | 130,000 | $3.75M | $28.85 | No quote |
| 69 | LOW | Lowes COM | 0.26% | - | 95,000 | $3.6M | $37.92 | No quote |
| 70 | WLP | Wellpoint Inc COM | 0.24% | New | 50,000 | $3.31M | No quote | No quote |
| 71 | MMM | 3M Company COM | 0.23% | - | 30,000 | $3.19M | $106.30 | No quote |
| 72 | WPC | W.P. Carey COM | 0.22% | - | 45,000 | $3.03M | $67.40 | No quote |
| 73 | FDS | Factset Research COM | 0.19% | New | 29,000 | $2.69M | $92.59 | No quote |
| 74 | PG | Procter & Gamble COM | 0.19% | Reduce -0.9% | 34,100 | $2.63M | $77.07 | No quote |
| 75 | STT | State Street Corp COM | 0.17% | - | 40,400 | $2.39M | $59.08 | No quote |
| 76 | NRP | Natural Resource Partners COM | 0.17% | - | 101,400 | $2.37M | $23.40 | No quote |
| 77 | WPO | Washington Post Co COM | 0.17% | - | 5,300 | $2.37M | No quote | No quote |
| 78 | APD | Air Products & Chemicals COM | 0.17% | Reduce -3.3% | 26,400 | $2.3M | $87.12 | No quote |
| 79 | IBM | International Business Machine COM | 0.15% | - | 10,000 | $2.13M | $213.30 | No quote |
| 80 | ANR | Alpha Natural Resources COM | 0.14% | - | 242,500 | $1.99M | No quote | No quote |
| 81 | Y | Alleghany Corporation COM | 0.12% | - | 4,328 | $1.71M | No quote | No quote |
| 82 | CRR | Carbo Ceramics Inc COM | 0.12% | - | 18,000 | $1.64M | No quote | No quote |
| 83 | AMZN | Amazon.com COM | 0.11% | New | 5,500 | $1.47M | $266.55 | No quote |
| 84 | HD | Home Depot COM | 0.10% | - | 20,000 | $1.4M | $69.80 | No quote |
| 85 | INTC | Intel COM | 0.09% | - | 60,000 | $1.31M | $21.83 | No quote |
| 86 | CNX | Consol Energy COM | 0.07% | - | 30,000 | $1.01M | $33.63 | No quote |
| 87 | TROW | T.Rowe Price COM | 0.06% | - | 11,000 | $824K | $74.91 | No quote |
| 88 | ACN | Accenture COM | 0.05% | - | 10,000 | $760K | $76.00 | No quote |
| 89 | AXP | American Express COM | 0.05% | - | 10,000 | $675K | $67.50 | No quote |
| 90 | BG | Bunge Limited COM | 0.05% | - | 9,000 | $664K | $73.78 | No quote |
| 91 | COST | Costco COM | 0.04% | - | 5,000 | $531K | $106.20 | No quote |
| 92 | EPD | Enterprise Products Lmtd Ptnsh COM | 0.03% | - | 6,300 | $380K | $60.32 | No quote |
| 93 | CLMT | Calumet COM | 0.03% | - | 10,000 | $372K | No quote | No quote |
| 94 | FNF | Fidelity National Financial COM | 0.02% | Reduce -10.7% | 12,500 | $315K | $25.20 | No quote |
| 95 | ACI | Arch Coal Inc COM | 0.02% | - | 56,000 | $304K | $5.43 | No quote |
| 96 | STRZA | Starz Liberty Capital COM | 0.02% | New | 12,000 | $266K | No quote | No quote |
| 97 | ELME | Washington Real Estate Investm COM | 0.02% | - | 9,200 | $256K | No quote | No quote |
| 98 | FHI | Federated Investors COM | 0.02% | - | 10,000 | $237K | No quote | No quote |
| 99 | BK | Bank of New York Mellon Corp COM | 0.01% | - | 3,019 | $85K | $28.16 | No quote |
| 100 | QTRRF | Quaterra Resources COM | 0.00% | - | 200,000 | $40K | No quote | No quote |
| 109 | RFP | Resolute Forest Products COM | - | Sold | 0 | $0 | No quote | No quote |
| 108 | NICK | Nicholas Financial COM | - | Sold | 0 | $0 | No quote | No quote |
| 107 | MKC | McCormick and Company COM | - | Sold | 0 | $0 | No quote | No quote |
| 106 | LMCA | Liberty Media COM | - | Sold | 0 | $0 | No quote | No quote |
| 105 | LII | Lennox International COM | - | Sold | 0 | $0 | No quote | No quote |
| 104 | XRAY | DENTSPLY COM | - | Sold | 0 | $0 | No quote | No quote |
| 103 | DELL | Dell Inc COM | - | Sold | 0 | $0 | No quote | No quote |
| 102 | CLMS | Calamos Asset Management COM | - | Sold | 0 | $0 | No quote | No quote |
| 101 | BBSI | Barrett Business Systems COM | - | Sold | 0 | $0 | No quote | No quote |