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 81 of 115 rows. Rows without a quote are marked unavailable.
| 1 | KMX | Carmax | 7.13% | Reduce -1.3% | 4,963,070 | $232.27M | $46.80 | No quote |
| 2 | BRK/A | Berkshire Hathaway, Inc.CUSIP 084670108 | 6.20% | Reduce -1.5% | 1,078 | $201.96M | No quote | No quote |
| 3 | BRK/B | Berkshire Hathaway Class BCUSIP 084670702 | 5.80% | Reduce -1.0% | 1,511,607 | $188.91M | No quote | No quote |
| 4 | DEO | Diageo PLC | 4.60% | Reduce -0.7% | 1,202,000 | $149.76M | $124.59 | No quote |
| 5 | WAG | Walgreen | 4.33% | Reduce -0.6% | 2,135,000 | $140.97M | No quote | No quote |
| 6 | BAM | Brookfield Asset Management | 4.01% | Reduce -0.6% | 3,198,548 | $130.66M | $40.85 | No quote |
| 7 | FRFHF | Fairfax Financial Holdings Ltd | 3.72% | - | 279,459 | $121.03M | $433.10 | No quote |
| 8 | DIS | Disney | 3.65% | Reduce -1.6% | 1,484,500 | $118.86M | $80.07 | No quote |
| 9 | XOM | Exxon Corporation | 2.61% | Reduce -1.0% | 868,800 | $84.86M | $97.68 | No quote |
| 10 | WMT | Wal-Mart Stores | 2.58% | Reduce -2.8% | 1,098,000 | $83.92M | $76.43 | No quote |
| 11 | CFX | Colfax Corporation | 2.38% | - | 1,085,070 | $77.4M | No quote | No quote |
| 12 | MAR | Marriott International | 2.24% | Reduce -3.0% | 1,302,869 | $72.99M | $56.02 | No quote |
| 13 | HD | Home Depot | 2.24% | Reduce -1.7% | 920,000 | $72.8M | $79.13 | No quote |
| 14 | UPS | United Parcel Service | 2.14% | Reduce -2.8% | 715,500 | $69.68M | $97.38 | No quote |
| 15 | GE | General Electric | 2.09% | Add +1.2% | 2,630,000 | $68.09M | $25.89 | No quote |
| 16 | FHI | Federated Investors | 2.00% | Reduce -1.0% | 2,134,000 | $65.17M | No quote | No quote |
| 17 | ADM | Archer Daniels | 1.83% | Reduce -0.6% | 1,376,000 | $59.71M | $43.39 | No quote |
| 18 | WPC | W.P. Carey | 1.75% | Reduce -0.3% | 950,200 | $57.08M | $60.07 | No quote |
| 19 | JNJ | Johnson and Johnson | 1.73% | Reduce -1.1% | 574,200 | $56.4M | $98.23 | No quote |
| 20 | RLI | RLI Corporation | 1.63% | Add +99.1% | 1,197,272 | $52.97M | $44.24 | No quote |
| 21 | NVO | Novo-Nordisk A/S | 1.51% | Add +386.0% | 1,075,000 | $49.07M | $45.65 | No quote |
| 22 | UNH | United Health Group Inc | 1.51% | Reduce -1.5% | 598,000 | $49.03M | $81.99 | No quote |
| 23 | BUD | Anheuser-Busch Inbev ADR | 1.33% | Reduce -0.4% | 410,000 | $43.17M | $105.30 | No quote |
| 24 | GD | General Dynamics | 1.29% | Reduce -2.9% | 387,000 | $42.15M | $108.92 | No quote |
| 25 | ADP | Automatic Data Processing | 1.25% | Reduce -0.8% | 527,700 | $40.77M | $77.26 | No quote |
| 26 | BF/A | Brown Forman Class ACUSIP 115637100 | 1.15% | Reduce -0.9% | 421,500 | $37.48M | No quote | No quote |
| 27 | TEVA | Teva Pharmaceuticals | 1.13% | Reduce -0.8% | 694,000 | $36.67M | $52.84 | No quote |
| 28 | MSFT | Microsoft Corp | 1.03% | Reduce -0.9% | 818,000 | $33.53M | $40.99 | No quote |
| 29 | V | Visa | 0.98% | Add +8.0% | 147,500 | $31.84M | $215.86 | No quote |
| 30 | AXP | American Express | 0.96% | Reduce -1.0% | 349,000 | $31.42M | $90.03 | No quote |
| 31 | SCHW | Charles Schwab | 0.89% | Add +5.7% | 1,057,000 | $28.89M | $27.33 | No quote |
| 32 | MMM | 3M Company | 0.85% | Reduce -0.8% | 204,000 | $27.68M | $135.66 | No quote |
| 33 | LOW | Lowes | 0.81% | Reduce -3.6% | 540,000 | $26.41M | $48.90 | No quote |
| 34 | UL | Unilever PLC ADR | 0.80% | Add +179.7% | 607,000 | $25.97M | $42.78 | No quote |
| 35 | ORCL | Oracle Corp | 0.79% | Reduce -1.5% | 632,000 | $25.86M | $40.91 | No quote |
| 36 | INTC | Intel | 0.79% | Reduce -0.8% | 991,000 | $25.58M | $25.81 | No quote |
| 37 | SLB | Schlumberger | 0.78% | Add +49.4% | 260,000 | $25.35M | $97.50 | No quote |
| 38 | NOV | National Oilwell | 0.75% | Add +28.9% | 312,000 | $24.3M | $77.87 | No quote |
| 39 | CAT | Caterpillar Inc | 0.74% | Reduce -0.4% | 241,000 | $23.95M | $99.37 | No quote |
| 40 | BLK | Blackrock Inc | 0.71% | Add +24.6% | 74,000 | $23.27M | $314.49 | No quote |
| 41 | LMCAD | Liberty Media | 0.70% | Add +30.6% | 175,000 | $22.88M | No quote | No quote |
| 42 | TROW | T.Rowe Price | 0.63% | Reduce -0.2% | 250,000 | $20.59M | $82.35 | No quote |
| 43 | ITW | Illinois Tool Works | 0.57% | Reduce -4.6% | 230,000 | $18.71M | $81.33 | No quote |
| 44 | CPRT | Copart Inc | 0.55% | Add +75.0% | 490,000 | $17.83M | $36.39 | No quote |
| 45 | MCD | McDonalds | 0.54% | Reduce -2.0% | 181,000 | $17.74M | $98.03 | No quote |
| 46 | MCO | Moody's Corp | 0.50% | Add +16.7% | 207,000 | $16.42M | $79.32 | No quote |
| 47 | ITIC | Investors Title Company | 0.50% | Reduce -1.3% | 213,300 | $16.19M | $75.90 | No quote |
| 48 | GOOGL | 0.43% | - | 12,500 | $13.93M | $1114.48 | No quote | |
| 49 | COF | Capital One | 0.42% | Reduce -5.0% | 178,000 | $13.73M | $77.16 | No quote |
| 50 | WLP | Wellpoint Inc | 0.41% | Add +26.4% | 134,000 | $13.34M | No quote | No quote |
| 51 | IGT | International Game Technology | 0.40% | Reduce -11.3% | 915,000 | $12.87M | No quote | No quote |
| 52 | HAS | Hasbro, Inc | 0.37% | Add +0.1% | 219,000 | $12.18M | $55.62 | No quote |
| 53 | CVX | Chevron | 0.36% | Add +3.2% | 98,000 | $11.65M | $118.91 | No quote |
| 54 | ACNT | Synalloy Corporation | 0.35% | - | 785,343 | $11.28M | No quote | No quote |
| 55 | BRO | Brown & Brown | 0.35% | - | 365,628 | $11.25M | $30.76 | No quote |
| 56 | PEP | Pepsico | 0.33% | Reduce -0.8% | 129,300 | $10.8M | $83.50 | No quote |
| 57 | BX | Blackstone Group | 0.33% | Add +8.4% | 319,000 | $10.61M | $33.25 | No quote |
| 58 | EMR | Emerson Electric | 0.32% | Reduce -3.0% | 158,000 | $10.55M | $66.80 | No quote |
| 59 | BF/B | Brown-Forman Class BCUSIP 115637209 | 0.29% | Reduce -0.9% | 105,375 | $9.45M | No quote | No quote |
| 60 | PM | Philip Morris International | 0.29% | - | 114,500 | $9.37M | $81.87 | No quote |
| 61 | L | Loews Corporation | 0.28% | Reduce -10.6% | 210,000 | $9.25M | $44.05 | No quote |
| 62 | NTRS | Northern Trust Corp | 0.28% | - | 140,000 | $9.18M | $65.56 | No quote |
| 63 | MAT | Mattel | 0.27% | Add +20.2% | 223,000 | $8.95M | $40.11 | No quote |
| 64 | NSC | Norfolk Southern | 0.27% | Reduce -2.5% | 92,000 | $8.94M | $97.17 | No quote |
| 65 | NKE | Nike | 0.27% | Reduce -0.3% | 120,000 | $8.86M | $73.86 | No quote |
| 66 | FDS | Factset Research | 0.27% | Add +46.4% | 82,000 | $8.84M | $107.80 | No quote |
| 67 | ACN | Accenture | 0.27% | Reduce -3.9% | 110,000 | $8.77M | $79.72 | No quote |
| 68 | E | ENI Spa ADR | 0.26% | - | 167,000 | $8.38M | No quote | No quote |
| 69 | CG | Carlyle Group | 0.24% | Add +13.8% | 223,000 | $7.84M | $35.14 | No quote |
| 70 | MOS | Mosaic Company | 0.24% | - | 155,000 | $7.75M | $50.00 | No quote |
| 71 | PG | Procter & Gamble | 0.24% | Add +126.7% | 95,000 | $7.66M | $80.60 | No quote |
| 72 | SEIC | SEI Investments Co | 0.23% | Add +13.5% | 227,000 | $7.63M | $33.61 | No quote |
| 73 | ECL | Ecolab | 0.23% | Add +24.1% | 70,000 | $7.56M | $107.99 | No quote |
| 74 | KKR | KKR & Co LLC | 0.23% | Add +11.4% | 323,000 | $7.38M | $22.84 | No quote |
| 75 | CVS | CVS Corporation | 0.22% | New | 96,000 | $7.19M | $74.86 | No quote |
| 76 | PAYX | Paychex | 0.20% | Reduce -0.6% | 150,000 | $6.39M | $42.60 | No quote |
| 77 | UTX | United Technologies | 0.19% | Reduce -1.1% | 53,000 | $6.19M | No quote | No quote |
| 78 | PDCO | Patterson Companies Inc. | 0.19% | - | 145,000 | $6.06M | No quote | No quote |
| 79 | MA | Mastercard, Inc | 0.18% | Add +900.0% | 80,000 | $5.98M | $74.70 | No quote |
| 80 | APO | Apollo Global Management - A | 0.18% | Add +17.2% | 182,000 | $5.79M | $31.80 | No quote |
| 81 | EXPD | Expeditors Int'l Wash Inc | 0.17% | - | 137,000 | $5.43M | $39.63 | No quote |
| 82 | TRV | The Travelers Companies Inc | 0.16% | New | 61,000 | $5.19M | $85.10 | No quote |
| 83 | KO | Coca Cola Co | 0.15% | Reduce -1.4% | 130,000 | $5.03M | $38.66 | No quote |
| 84 | MHP | McGraw Hill Financial | 0.14% | Add +100.0% | 60,000 | $4.58M | No quote | No quote |
| 85 | COST | Costco | 0.13% | Reduce -0.8% | 39,000 | $4.36M | $111.67 | No quote |
| 86 | MON | Monsanto Co | 0.12% | Reduce -7.6% | 33,000 | $3.75M | No quote | No quote |
| 87 | GHC | Graham Holdings Co | 0.11% | Reduce -1.9% | 5,200 | $3.66M | $703.65 | No quote |
| 88 | CB | Chubb Corp | 0.10% | New | 38,000 | $3.39M | $89.29 | No quote |
| 89 | BPY | Brookfield Property Partners | 0.10% | Reduce -2.4% | 168,439 | $3.15M | No quote | No quote |
| 90 | POT | Potash Corp | 0.09% | - | 80,000 | $2.9M | No quote | No quote |
| 91 | APD | Air Products & Chemicals | 0.09% | Reduce -4.0% | 24,000 | $2.86M | $119.04 | No quote |
| 92 | HCCI | Heritage Crystal Clean Inc | 0.09% | Reduce -40.6% | 154,041 | $2.79M | No quote | No quote |
| 93 | FNF | Fidelity National Financial | 0.07% | Reduce -4.6% | 76,000 | $2.39M | $31.43 | No quote |
| 94 | ROL | Rollins, Inc. | 0.07% | Add +59.6% | 75,000 | $2.27M | $30.24 | No quote |
| 95 | TGT | Target | 0.06% | Add +37.5% | 33,000 | $2M | $60.52 | No quote |
| 96 | CLB | Core Labs NV | 0.06% | - | 10,000 | $1.98M | $198.40 | No quote |
| 97 | Y | Alleghany Corporation | 0.05% | - | 4,328 | $1.76M | No quote | No quote |
| 98 | ROST | Ross Stores, Inc | 0.05% | - | 23,000 | $1.65M | $71.57 | No quote |
| 99 | MSCI | MSCI | 0.04% | Add +560.0% | 33,000 | $1.42M | $43.03 | No quote |
| 100 | UTI | Universal Technical Institute | 0.02% | Add +113.0% | 49,000 | $635K | $12.96 | No quote |
| 101 | MMC | Marsh & McLennan | 0.02% | New | 12,000 | $592K | No quote | No quote |
| 102 | CLMT | Calumet | 0.02% | Reduce -61.5% | 20,000 | $517K | No quote | No quote |
| 103 | CSCO | Cisco | 0.02% | New | 23,000 | $516K | $22.43 | No quote |
| 104 | STRZA | Starz Liberty Capital | 0.01% | - | 12,000 | $387K | No quote | No quote |
| 105 | CULP | Culp Inc | 0.01% | New | 10,000 | $197K | No quote | No quote |
| 115 | SYY | Sysco Corp | - | Sold | 0 | $0 | No quote | No quote |
| 114 | BTU | Peabody Energy | - | Sold | 0 | $0 | No quote | No quote |
| 113 | OKE | Oneok,Inc | - | Sold | 0 | $0 | No quote | No quote |
| 112 | IBM | International Business Machine | - | Sold | 0 | $0 | No quote | No quote |
| 111 | EPD | Enterprise Products Lmtd Ptnsh | - | Sold | 0 | $0 | No quote | No quote |
| 110 | BK | Bank of New York Mellon Corp | - | Sold | 0 | $0 | No quote | No quote |
| 109 | ACI | Arch Coal Inc | - | Sold | 0 | $0 | No quote | No quote |
| 108 | APOL | Apollo Group | - | Sold | 0 | $0 | No quote | No quote |
| 107 | AMZN | Amazon.com | - | Sold | 0 | $0 | No quote | No quote |
| 106 | AHGP | Alliance Holdings GP | - | Sold | 0 | $0 | No quote | No quote |