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 85 of 115 rows. Rows without a quote are marked unavailable.
| 1 | KMX | Carmax | 7.47% | Reduce -0.2% | 5,026,288 | $236.34M | $47.02 | No quote |
| 2 | BRK/A | Berkshire Hathaway, Inc.CUSIP 084670108 | 6.15% | - | 1,094 | $194.62M | No quote | No quote |
| 3 | BRK/B | Berkshire Hathaway Class BCUSIP 084670702 | 5.72% | Reduce -0.3% | 1,527,257 | $181.07M | No quote | No quote |
| 4 | DEO | Diageo PLC | 5.07% | Reduce -0.1% | 1,210,820 | $160.34M | $132.42 | No quote |
| 5 | BAM | Brookfield Asset Management | 3.95% | Add +1.6% | 3,217,573 | $124.94M | $38.83 | No quote |
| 6 | WAG | Walgreen | 3.90% | Reduce -0.1% | 2,147,450 | $123.35M | No quote | No quote |
| 7 | DIS | Disney | 3.64% | Reduce -0.2% | 1,508,500 | $115.25M | $76.40 | No quote |
| 8 | FRFHF | Fairfax Financial Holdings Ltd | 3.53% | - | 279,459 | $111.8M | $400.06 | No quote |
| 9 | WMT | Wal-Mart Stores | 2.81% | Add +1.4% | 1,130,000 | $88.92M | $78.69 | No quote |
| 10 | XOM | Exxon Corporation | 2.81% | Add +2.4% | 877,266 | $88.78M | $101.20 | No quote |
| 11 | UPS | United Parcel Service | 2.44% | Reduce -0.3% | 735,800 | $77.32M | $105.08 | No quote |
| 12 | HD | Home Depot | 2.44% | Reduce -0.3% | 935,900 | $77.06M | $82.34 | No quote |
| 13 | GE | General Electric | 2.30% | Add +5.9% | 2,598,300 | $72.83M | $28.03 | No quote |
| 14 | CFX | Colfax Corporation | 2.18% | - | 1,085,070 | $69.11M | No quote | No quote |
| 15 | MAR | Marriott International | 2.09% | Add +0.2% | 1,342,533 | $66.26M | $49.35 | No quote |
| 16 | FHI | Federated Investors | 1.96% | Reduce -0.0% | 2,155,700 | $62.08M | No quote | No quote |
| 17 | ADM | Archer Daniels | 1.90% | - | 1,383,800 | $60.06M | $43.40 | No quote |
| 18 | RLI | RLI Corporation | 1.85% | - | 601,260 | $58.55M | $97.38 | No quote |
| 19 | WPC | W.P. Carey | 1.85% | Reduce -0.0% | 953,200 | $58.48M | $61.35 | No quote |
| 20 | JNJ | Johnson and Johnson | 1.68% | Reduce -0.0% | 580,600 | $53.18M | $91.59 | No quote |
| 21 | UNH | United Health Group Inc | 1.44% | Add +5.3% | 606,900 | $45.7M | $75.30 | No quote |
| 22 | BUD | Anheuser-Busch Inbev ADR | 1.39% | Reduce -0.2% | 411,600 | $43.82M | $106.46 | No quote |
| 23 | ADP | Automatic Data Processing | 1.36% | Reduce -0.1% | 532,100 | $42.99M | $80.80 | No quote |
| 24 | NVO | Novo-Nordisk A/S | 1.29% | Reduce -0.2% | 221,200 | $40.87M | $184.76 | No quote |
| 25 | GD | General Dynamics | 1.20% | Reduce -0.2% | 398,400 | $38.07M | $95.55 | No quote |
| 26 | AXP | American Express | 1.01% | Reduce -0.5% | 352,500 | $31.98M | $90.73 | No quote |
| 27 | BF/A | Brown Forman Class ACUSIP 115637100 | 0.99% | - | 425,490 | $31.39M | No quote | No quote |
| 28 | MSFT | Microsoft Corp | 0.98% | Add +2.8% | 825,100 | $30.87M | $37.41 | No quote |
| 29 | V | Visa | 0.96% | Add +11.4% | 136,600 | $30.42M | $222.68 | No quote |
| 30 | MMM | 3M Company | 0.91% | - | 205,700 | $28.85M | $140.25 | No quote |
| 31 | TEVA | Teva Pharmaceuticals | 0.89% | Reduce -0.0% | 699,900 | $28.05M | $40.08 | No quote |
| 32 | LOW | Lowes | 0.88% | Reduce -0.1% | 560,400 | $27.77M | $49.55 | No quote |
| 33 | SCHW | Charles Schwab | 0.82% | Reduce -0.4% | 999,700 | $25.99M | $26.00 | No quote |
| 34 | INTC | Intel | 0.82% | Add +16.2% | 998,700 | $25.92M | $25.95 | No quote |
| 35 | ORCL | Oracle Corp | 0.78% | Reduce -0.3% | 641,500 | $24.54M | $38.26 | No quote |
| 36 | CAT | Caterpillar Inc | 0.69% | Reduce -0.1% | 242,000 | $21.98M | $90.81 | No quote |
| 37 | TROW | T.Rowe Price | 0.66% | - | 250,500 | $20.98M | $83.77 | No quote |
| 38 | ITW | Illinois Tool Works | 0.64% | Reduce -0.7% | 241,200 | $20.28M | $84.08 | No quote |
| 39 | LMCAD | Liberty Media | 0.62% | Add +21.8% | 134,000 | $19.6M | No quote | No quote |
| 40 | NOV | National Oilwell | 0.61% | Add +14.7% | 242,000 | $19.25M | $79.53 | No quote |
| 41 | BLK | Blackrock Inc | 0.59% | Add +78.4% | 59,400 | $18.8M | $316.46 | No quote |
| 42 | IGT | International Game Technology | 0.59% | Reduce -12.8% | 1,031,700 | $18.74M | No quote | No quote |
| 43 | MCD | McDonalds | 0.57% | Reduce -0.2% | 184,700 | $17.92M | $97.03 | No quote |
| 44 | ITIC | Investors Title Company | 0.55% | Reduce -0.1% | 216,100 | $17.5M | $80.98 | No quote |
| 45 | SLB | Schlumberger | 0.50% | Add +13.0% | 174,000 | $15.68M | $90.11 | No quote |
| 46 | COF | Capital One | 0.45% | - | 187,400 | $14.36M | $76.61 | No quote |
| 47 | GOOGL | 0.44% | Add +5.0% | 12,500 | $14.01M | $1120.72 | No quote | |
| 48 | MCO | Moody's Corp | 0.44% | Add +14.2% | 177,400 | $13.92M | $78.47 | No quote |
| 49 | ACNT | Synalloy Corporation | 0.38% | - | 785,343 | $12.06M | No quote | No quote |
| 50 | HAS | Hasbro, Inc | 0.38% | Add +14.7% | 218,800 | $12.04M | $55.01 | No quote |
| 51 | CVX | Chevron | 0.38% | Add +25.0% | 95,000 | $11.87M | $124.91 | No quote |
| 52 | BRO | Brown & Brown | 0.36% | - | 365,628 | $11.48M | $31.39 | No quote |
| 53 | EMR | Emerson Electric | 0.36% | Reduce -0.1% | 162,900 | $11.43M | $70.18 | No quote |
| 54 | L | Loews Corporation | 0.36% | Reduce -2.4% | 235,000 | $11.34M | $48.24 | No quote |
| 55 | PEP | Pepsico | 0.34% | - | 130,300 | $10.81M | $82.94 | No quote |
| 56 | CPRT | Copart Inc | 0.32% | Add +2700.0% | 280,000 | $10.26M | $36.65 | No quote |
| 57 | PM | Philip Morris International | 0.32% | - | 114,500 | $9.98M | $87.13 | No quote |
| 58 | WLP | Wellpoint Inc | 0.31% | Add +35.9% | 106,000 | $9.79M | No quote | No quote |
| 59 | AHGP | Alliance Holdings GP | 0.31% | - | 166,500 | $9.76M | No quote | No quote |
| 60 | NKE | Nike | 0.30% | - | 120,400 | $9.47M | $78.64 | No quote |
| 61 | ACN | Accenture | 0.30% | Reduce -0.2% | 114,400 | $9.41M | $82.22 | No quote |
| 62 | BX | Blackstone Group | 0.29% | Add +26.1% | 294,400 | $9.27M | $31.50 | No quote |
| 63 | UL | Unilever PLC ADR | 0.28% | New | 217,000 | $8.94M | $41.20 | No quote |
| 64 | MAT | Mattel | 0.28% | Add +30.2% | 185,500 | $8.83M | $47.58 | No quote |
| 65 | NSC | Norfolk Southern | 0.28% | - | 94,400 | $8.76M | $92.83 | No quote |
| 66 | NTRS | Northern Trust Corp | 0.27% | - | 140,000 | $8.67M | $61.89 | No quote |
| 67 | E | ENI Spa ADR | 0.26% | Add +21.0% | 167,000 | $8.1M | No quote | No quote |
| 68 | BF/B | Brown-Forman Class BCUSIP 115637209 | 0.25% | - | 106,372 | $8.04M | No quote | No quote |
| 69 | MOS | Mosaic Company | 0.23% | Add +3.3% | 155,000 | $7.33M | $47.27 | No quote |
| 70 | KKR | KKR & Co LLC | 0.22% | Add +20.8% | 290,000 | $7.06M | $24.34 | No quote |
| 71 | CG | Carlyle Group | 0.22% | Add +45.2% | 196,000 | $6.98M | $35.62 | No quote |
| 72 | SEIC | SEI Investments Co | 0.22% | Add +53.9% | 200,000 | $6.95M | $34.73 | No quote |
| 73 | PAYX | Paychex | 0.22% | - | 150,900 | $6.87M | $45.53 | No quote |
| 74 | MA | Mastercard, Inc | 0.21% | - | 8,000 | $6.68M | $835.50 | No quote |
| 75 | AMZN | Amazon.com | 0.20% | Add +5.4% | 15,700 | $6.26M | $398.79 | No quote |
| 76 | UTX | United Technologies | 0.19% | - | 53,600 | $6.1M | No quote | No quote |
| 77 | FDS | Factset Research | 0.19% | Add +51.4% | 56,000 | $6.08M | $108.57 | No quote |
| 78 | EXPD | Expeditors Int'l Wash Inc | 0.19% | Add +3.0% | 137,000 | $6.06M | $44.25 | No quote |
| 79 | PDCO | Patterson Companies Inc. | 0.19% | Reduce -0.3% | 145,000 | $5.97M | No quote | No quote |
| 80 | ECL | Ecolab | 0.19% | Add +16.5% | 56,400 | $5.88M | $104.27 | No quote |
| 81 | KO | Coca Cola Co | 0.17% | Reduce -0.8% | 131,900 | $5.45M | $41.31 | No quote |
| 82 | HCCI | Heritage Crystal Clean Inc | 0.17% | - | 259,500 | $5.32M | No quote | No quote |
| 83 | BTU | Peabody Energy | 0.16% | - | 260,000 | $5.08M | $19.53 | No quote |
| 84 | APO | Apollo Global Management - A | 0.16% | Add +54.8% | 155,300 | $4.91M | $31.61 | No quote |
| 85 | COST | Costco | 0.15% | Reduce -1.0% | 39,300 | $4.68M | $119.01 | No quote |
| 86 | IBM | International Business Machine | 0.14% | Add +20.4% | 24,200 | $4.54M | $187.56 | No quote |
| 87 | MON | Monsanto Co | 0.13% | - | 35,700 | $4.16M | No quote | No quote |
| 88 | BK | Bank of New York Mellon Corp | 0.12% | Reduce -57.3% | 111,603 | $3.9M | $34.94 | No quote |
| 89 | GHC | Graham Holdings Co | 0.11% | New | 5,300 | $3.52M | $663.40 | No quote |
| 90 | BPY | Brookfield Property Partners | 0.11% | Reduce -0.2% | 172,624 | $3.44M | No quote | No quote |
| 91 | PG | Procter & Gamble | 0.11% | Add +22.9% | 41,900 | $3.41M | $81.41 | No quote |
| 92 | APOL | Apollo Group | 0.09% | - | 105,000 | $2.87M | No quote | No quote |
| 93 | APD | Air Products & Chemicals | 0.09% | - | 25,000 | $2.79M | $111.76 | No quote |
| 94 | POT | Potash Corp | 0.08% | Add +14.3% | 80,000 | $2.64M | No quote | No quote |
| 95 | FNF | Fidelity National Financial | 0.08% | New | 79,700 | $2.59M | $32.45 | No quote |
| 96 | MHP | McGraw Hill Financial | 0.07% | New | 30,000 | $2.35M | No quote | No quote |
| 97 | CLB | Core Labs NV | 0.06% | - | 10,000 | $1.91M | $190.90 | No quote |
| 98 | Y | Alleghany Corporation | 0.05% | - | 4,328 | $1.73M | No quote | No quote |
| 99 | ROST | Ross Stores, Inc | 0.05% | - | 23,000 | $1.72M | $74.91 | No quote |
| 100 | TGT | Target | 0.05% | New | 24,000 | $1.52M | $63.25 | No quote |
| 101 | ROL | Rollins, Inc. | 0.04% | New | 47,000 | $1.42M | $30.30 | No quote |
| 102 | CLMT | Calumet | 0.04% | Add +40.5% | 52,000 | $1.35M | No quote | No quote |
| 103 | ACI | Arch Coal Inc | 0.03% | Reduce -37.9% | 246,000 | $1.1M | $4.45 | No quote |
| 104 | OKE | Oneok,Inc | 0.02% | Reduce -90.9% | 10,000 | $622K | $62.20 | No quote |
| 105 | EPD | Enterprise Products Lmtd Ptnsh | 0.01% | - | 6,300 | $418K | $66.35 | No quote |
| 106 | SYY | Sysco Corp | 0.01% | Reduce -21.3% | 10,300 | $372K | $36.12 | No quote |
| 107 | STRZA | Starz Liberty Capital | 0.01% | - | 12,000 | $351K | No quote | No quote |
| 108 | UTI | Universal Technical Institute | 0.01% | New | 23,000 | $320K | $13.91 | No quote |
| 109 | MSCI | MSCI | 0.01% | New | 5,000 | $219K | $43.80 | No quote |
| 115 | WPO | Washington Post Co | - | Sold | 0 | $0 | No quote | No quote |
| 114 | NRP | Natural Resource Partners | - | Sold | 0 | $0 | No quote | No quote |
| 113 | LUK | Leucadia National Corp | - | Sold | 0 | $0 | No quote | No quote |
| 112 | CNX | Consol Energy | - | Sold | 0 | $0 | No quote | No quote |
| 111 | CRR | Carbo Ceramics Inc | - | Sold | 0 | $0 | No quote | No quote |
| 110 | ANR | Alpha Natural Resources | - | Sold | 0 | $0 | No quote | No quote |