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 | 7.36% | - | 4,963,070 | $258.13M | $52.01 | No quote |
| 2 | BRK/A | Berkshire Hathaway, Inc.CUSIP 084670108 | 5.84% | - | 1,078 | $204.71M | No quote | No quote |
| 3 | BRK/B | Berkshire Hathaway Class BCUSIP 084670702 | 5.45% | - | 1,511,607 | $191.31M | No quote | No quote |
| 4 | WAG | Walgreen | 4.51% | - | 2,135,000 | $158.27M | No quote | No quote |
| 5 | DEO | Diageo PLC | 4.41% | Add +1.2% | 1,216,000 | $154.76M | $127.27 | No quote |
| 6 | BAM | Brookfield Asset Management | 4.10% | Add +2.1% | 3,264,548 | $143.71M | $44.02 | No quote |
| 7 | FRFHF | Fairfax Financial Holdings Ltd | 3.76% | - | 279,459 | $132.05M | $472.50 | No quote |
| 8 | DIS | Disney | 3.67% | Add +1.0% | 1,499,500 | $128.57M | $85.74 | No quote |
| 9 | XOM | Exxon Corporation | 2.49% | - | 868,800 | $87.47M | $100.68 | No quote |
| 10 | MAR | Marriott International | 2.39% | Add +0.2% | 1,305,869 | $83.71M | $64.10 | No quote |
| 11 | WMT | Wal-Mart Stores | 2.35% | - | 1,098,000 | $82.43M | $75.07 | No quote |
| 12 | CFX | Colfax Corporation | 2.31% | - | 1,085,070 | $80.88M | No quote | No quote |
| 13 | HD | Home Depot | 2.12% | - | 920,000 | $74.48M | $80.96 | No quote |
| 14 | GE | General Electric | 2.11% | Add +7.1% | 2,816,000 | $74M | $26.28 | No quote |
| 15 | UPS | United Parcel Service | 2.09% | - | 715,500 | $73.45M | $102.66 | No quote |
| 16 | FHI | Federated Investors | 1.88% | - | 2,134,000 | $65.98M | No quote | No quote |
| 17 | WPC | W.P. Carey | 1.74% | - | 950,200 | $61.19M | $64.40 | No quote |
| 18 | ADM | Archer Daniels | 1.73% | - | 1,376,000 | $60.7M | $44.11 | No quote |
| 19 | JNJ | Johnson and Johnson | 1.71% | - | 574,200 | $60.07M | $104.62 | No quote |
| 20 | RLI | RLI Corporation | 1.56% | - | 1,197,272 | $54.81M | $45.78 | No quote |
| 21 | UNH | United Health Group Inc | 1.46% | Add +4.8% | 627,000 | $51.26M | $81.75 | No quote |
| 22 | NVO | Novo-Nordisk A/S | 1.42% | - | 1,075,000 | $49.65M | $46.19 | No quote |
| 23 | BUD | Anheuser-Busch Inbev ADR | 1.36% | Add +1.2% | 415,000 | $47.7M | $114.94 | No quote |
| 24 | GD | General Dynamics | 1.29% | - | 387,000 | $45.11M | $116.55 | No quote |
| 25 | ADP | Automatic Data Processing | 1.19% | - | 527,700 | $41.84M | $79.28 | No quote |
| 26 | UL | Unilever PLC ADR | 1.18% | Add +50.3% | 912,000 | $41.32M | $45.31 | No quote |
| 27 | BF/A | Brown Forman Class ACUSIP 115637100 | 1.11% | - | 421,500 | $38.92M | No quote | No quote |
| 28 | SLB | Schlumberger | 1.04% | Add +19.2% | 310,000 | $36.56M | $117.95 | No quote |
| 29 | TEVA | Teva Pharmaceuticals | 1.04% | - | 694,000 | $36.38M | $52.42 | No quote |
| 30 | V | Visa | 0.99% | Add +11.5% | 164,500 | $34.66M | $210.71 | No quote |
| 31 | MSFT | Microsoft Corp | 0.97% | - | 818,000 | $34.11M | $41.70 | No quote |
| 32 | LMCAD | Liberty Media | 0.96% | Add +40.6% | 246,000 | $33.62M | No quote | No quote |
| 33 | AXP | American Express | 0.94% | - | 349,000 | $33.11M | $94.87 | No quote |
| 34 | NOV | National Oilwell | 0.92% | Add +26.0% | 393,000 | $32.36M | $82.35 | No quote |
| 35 | INTC | Intel | 0.87% | - | 991,000 | $30.62M | $30.90 | No quote |
| 36 | MMM | 3M Company | 0.83% | - | 204,000 | $29.22M | $143.24 | No quote |
| 37 | SCHW | Charles Schwab | 0.81% | - | 1,057,000 | $28.47M | $26.93 | No quote |
| 38 | BLK | Blackrock Inc | 0.81% | Add +20.3% | 89,000 | $28.44M | $319.60 | No quote |
| 39 | CAT | Caterpillar Inc | 0.75% | - | 241,000 | $26.19M | $108.67 | No quote |
| 40 | LOW | Lowes | 0.74% | - | 540,000 | $25.92M | $47.99 | No quote |
| 41 | ORCL | Oracle Corp | 0.74% | Add +0.9% | 638,000 | $25.86M | $40.53 | No quote |
| 42 | CPRT | Copart Inc | 0.65% | Add +28.6% | 630,000 | $22.66M | $35.96 | No quote |
| 43 | TROW | T.Rowe Price | 0.60% | - | 250,000 | $21.1M | $84.41 | No quote |
| 44 | WLP | Wellpoint Inc | 0.58% | Add +40.3% | 188,000 | $20.23M | No quote | No quote |
| 45 | ITW | Illinois Tool Works | 0.57% | - | 230,000 | $20.14M | $87.56 | No quote |
| 46 | MCO | Moody's Corp | 0.57% | Add +9.7% | 227,000 | $19.9M | $87.66 | No quote |
| 47 | MCD | McDonalds | 0.52% | - | 181,000 | $18.23M | $100.74 | No quote |
| 48 | - | Deere & CoCUSIP 214199105 | 0.49% | New | 190,000 | $17.2M | No quote | No quote |
| 49 | TRV | The Travelers Companies Inc | 0.46% | Add +178.7% | 170,000 | $15.99M | $94.07 | No quote |
| 50 | CB | Chubb Corp | 0.45% | Add +352.6% | 172,000 | $15.85M | $92.17 | No quote |
| 51 | CVS | CVS Corporation | 0.42% | Add +105.2% | 197,000 | $14.85M | $75.37 | No quote |
| 52 | IGT | International Game Technology | 0.42% | - | 915,000 | $14.56M | No quote | No quote |
| 53 | ITIC | Investors Title Company | 0.41% | - | 213,300 | $14.37M | $67.38 | No quote |
| 54 | HAS | Hasbro, Inc | 0.37% | Add +11.4% | 244,000 | $12.94M | $53.05 | No quote |
| 55 | ACNT | Synalloy Corporation | 0.37% | - | 785,343 | $12.9M | No quote | No quote |
| 56 | FDS | Factset Research | 0.35% | Add +25.6% | 103,000 | $12.39M | $120.28 | No quote |
| 57 | PEP | Pepsico | 0.34% | Add +3.9% | 134,300 | $12M | $89.34 | No quote |
| 58 | BX | Blackstone Group | 0.34% | Add +10.7% | 353,000 | $11.8M | $33.44 | No quote |
| 59 | BRO | Brown & Brown | 0.32% | - | 365,628 | $11.23M | $30.71 | No quote |
| 60 | EMR | Emerson Electric | 0.30% | - | 158,000 | $10.49M | $66.36 | No quote |
| 61 | NKE | Nike | 0.29% | Add +9.2% | 131,000 | $10.16M | $77.55 | No quote |
| 62 | PG | Procter & Gamble | 0.28% | Add +33.7% | 127,000 | $9.98M | $78.59 | No quote |
| 63 | BF/B | Brown-Forman Class BCUSIP 115637209 | 0.28% | - | 105,375 | $9.92M | No quote | No quote |
| 64 | ECL | Ecolab | 0.28% | Add +25.7% | 88,000 | $9.8M | $111.34 | No quote |
| 65 | MAT | Mattel | 0.28% | Add +12.6% | 251,000 | $9.78M | $38.97 | No quote |
| 66 | PM | Philip Morris International | 0.28% | - | 114,500 | $9.65M | $84.31 | No quote |
| 67 | NSC | Norfolk Southern | 0.27% | - | 92,000 | $9.48M | $103.03 | No quote |
| 68 | ACN | Accenture | 0.27% | Add +5.5% | 116,000 | $9.38M | $80.84 | No quote |
| 69 | NTRS | Northern Trust Corp | 0.26% | - | 140,000 | $8.99M | $64.21 | No quote |
| 70 | CG | Carlyle Group | 0.25% | Add +15.3% | 257,000 | $8.73M | $33.96 | No quote |
| 71 | KKR | KKR & Co LLC | 0.25% | Add +10.8% | 358,000 | $8.71M | $24.33 | No quote |
| 72 | SEIC | SEI Investments Co | 0.22% | Add +4.4% | 237,000 | $7.77M | $32.77 | No quote |
| 73 | GOOGL | Google Class A | 0.21% | - | 12,500 | $7.31M | $584.64 | No quote |
| 74 | MMC | Marsh & McLennan | 0.21% | Add +1075.0% | 141,000 | $7.31M | No quote | No quote |
| 75 | GOOG | Google Class C | 0.20% | New | 12,500 | $7.19M | $575.28 | No quote |
| 76 | MHP | McGraw Hill Financial | 0.19% | Add +33.3% | 80,000 | $6.64M | No quote | No quote |
| 77 | PAYX | Paychex | 0.18% | - | 150,000 | $6.23M | $41.56 | No quote |
| 78 | APO | Apollo Global Management - A | 0.17% | Add +21.4% | 221,000 | $6.13M | $27.72 | No quote |
| 79 | PDCO | Patterson Companies Inc. | 0.17% | Add +6.9% | 155,000 | $6.12M | No quote | No quote |
| 80 | UTX | United Technologies | 0.17% | - | 53,000 | $6.12M | No quote | No quote |
| 81 | EXPD | Expeditors Int'l Wash Inc | 0.17% | - | 137,000 | $6.05M | $44.16 | No quote |
| 82 | MA | Mastercard, Inc | 0.17% | - | 80,000 | $5.88M | $73.47 | No quote |
| 83 | KO | Coca Cola Co | 0.16% | - | 130,000 | $5.51M | $42.36 | No quote |
| 84 | COST | Costco | 0.13% | - | 39,000 | $4.49M | $115.15 | No quote |
| 85 | AAN | Aaron's Inc | 0.13% | New | 125,000 | $4.46M | No quote | No quote |
| 86 | MON | Monsanto Co | 0.12% | - | 33,000 | $4.12M | No quote | No quote |
| 87 | GHC | Graham Holdings Co | 0.11% | - | 5,200 | $3.73M | $718.08 | No quote |
| 88 | DNOW | Now Inc | 0.10% | New | 93,500 | $3.39M | $36.21 | No quote |
| 89 | UPBD | Rent-A-Center | 0.09% | New | 110,000 | $3.16M | $28.68 | No quote |
| 90 | MSCI | MSCI | 0.08% | Add +75.8% | 58,000 | $2.66M | $45.84 | No quote |
| 91 | ROL | Rollins, Inc. | 0.07% | Add +16.0% | 87,000 | $2.61M | $30.00 | No quote |
| 92 | TGT | Target | 0.05% | - | 33,000 | $1.91M | $57.94 | No quote |
| 93 | Y | Alleghany Corporation | 0.05% | - | 4,328 | $1.9M | No quote | No quote |
| 94 | CME | CME Group Inc | 0.05% | New | 24,000 | $1.7M | $70.96 | No quote |
| 95 | CLB | Core Labs NV | 0.05% | - | 10,000 | $1.67M | $167.10 | No quote |
| 96 | LH | Laboratory Corp of America | 0.04% | New | 15,000 | $1.54M | $102.40 | No quote |
| 97 | ROST | Ross Stores, Inc | 0.04% | - | 23,000 | $1.52M | $66.13 | No quote |
| 98 | BUD | Anheuser Busch | 0.03% | New | 10,000 | $1.15M | $114.90 | No quote |
| 99 | HCCI | Heritage Crystal Clean Inc | 0.03% | Reduce -70.1% | 46,003 | $903K | No quote | No quote |
| 100 | SIAL | Sigma Aldrich | 0.02% | New | 6,000 | $609K | No quote | No quote |
| 101 | CSCO | Cisco | 0.02% | - | 23,000 | $572K | $24.87 | No quote |
| 102 | CULP | Culp Inc | 0.01% | Add +202.3% | 30,227 | $526K | No quote | No quote |
| 103 | UTI | Universal Technical Institute | 0.01% | Reduce -31.0% | 33,800 | $410K | $12.13 | No quote |
| 104 | STRZA | Starz Liberty Capital | 0.01% | - | 12,000 | $357K | No quote | No quote |
| 105 | RBA | Ritchie Bros | 0.01% | New | 10,000 | $246K | No quote | No quote |
| 115 | POT | Potash Corp | - | Sold | 0 | $0 | No quote | No quote |
| 114 | MOS | Mosaic Company | - | Sold | 0 | $0 | No quote | No quote |
| 113 | L | Loews Corporation | - | Sold | 0 | $0 | No quote | No quote |
| 112 | FNF | Fidelity National Financial | - | Sold | 0 | $0 | No quote | No quote |
| 111 | E | ENI Spa ADR | - | Sold | 0 | $0 | No quote | No quote |
| 110 | CVX | Chevron | - | Sold | 0 | $0 | No quote | No quote |
| 109 | COF | Capital One | - | Sold | 0 | $0 | No quote | No quote |
| 108 | CLMT | Calumet | - | Sold | 0 | $0 | No quote | No quote |
| 107 | BPY | Brookfield Property Partners | - | Sold | 0 | $0 | No quote | No quote |
| 106 | APD | Air Products & Chemicals | - | Sold | 0 | $0 | No quote | No quote |