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 79 of 109 rows. Rows without a quote are marked unavailable.
| 1 | KMX | Carmax | 6.50% | - | 4,963,070 | $230.54M | $46.45 | No quote |
| 2 | BRK/A | Berkshire Hathaway, Inc.CUSIP 084670108 | 6.29% | - | 1,078 | $223.04M | No quote | No quote |
| 3 | BRK/B | Berkshire Hathaway Class BCUSIP 084670702 | 5.89% | - | 1,511,607 | $208.81M | No quote | No quote |
| 4 | BAM | Brookfield Asset Management | 4.17% | Add +0.7% | 3,286,548 | $147.76M | $44.96 | No quote |
| 5 | DEO | Diageo PLC | 4.00% | Add +1.1% | 1,230,000 | $141.94M | $115.40 | No quote |
| 6 | DIS | Disney | 3.80% | Add +1.0% | 1,514,500 | $134.84M | $89.03 | No quote |
| 7 | WAG | Walgreen | 3.57% | - | 2,135,000 | $126.54M | No quote | No quote |
| 8 | FRFHF | Fairfax Financial Holdings Ltd | 3.52% | - | 279,459 | $124.7M | $446.21 | No quote |
| 9 | MAR | Marriott International | 2.62% | Add +1.9% | 1,330,869 | $93.03M | $69.90 | No quote |
| 10 | HD | Home Depot | 2.38% | - | 920,000 | $84.4M | $91.74 | No quote |
| 11 | WMT | Wal-Mart Stores | 2.37% | - | 1,098,000 | $83.96M | $76.47 | No quote |
| 12 | XOM | Exxon Corporation | 2.30% | - | 868,800 | $81.71M | $94.05 | No quote |
| 13 | GE | General Electric | 2.08% | Add +2.1% | 2,874,000 | $73.63M | $25.62 | No quote |
| 14 | UPS | United Parcel Service | 2.01% | Add +1.5% | 726,500 | $71.41M | $98.29 | No quote |
| 15 | ADM | Archer Daniels | 1.98% | - | 1,376,000 | $70.31M | $51.10 | No quote |
| 16 | FHI | Federated Investors | 1.77% | - | 2,134,000 | $62.66M | No quote | No quote |
| 17 | CFX | Colfax Corporation | 1.74% | - | 1,085,070 | $61.82M | No quote | No quote |
| 18 | JNJ | Johnson and Johnson | 1.73% | - | 574,200 | $61.2M | $106.59 | No quote |
| 19 | WPC | W.P. Carey | 1.71% | - | 950,200 | $60.6M | $63.77 | No quote |
| 20 | UNH | United Health Group Inc | 1.57% | Add +2.7% | 644,000 | $55.55M | $86.25 | No quote |
| 21 | RLI | RLI Corporation | 1.46% | - | 1,197,272 | $51.83M | $43.29 | No quote |
| 22 | NVO | Novo-Nordisk A/S | 1.44% | - | 1,075,000 | $51.19M | $47.62 | No quote |
| 23 | UL | Unilever PLC ADR | 1.41% | Add +31.3% | 1,197,000 | $50.15M | $41.90 | No quote |
| 24 | GD | General Dynamics | 1.39% | - | 387,000 | $49.18M | $127.09 | No quote |
| 25 | BUD | Anheuser-Busch Inbev ADR | 1.33% | Add +2.4% | 425,000 | $47.11M | $110.85 | No quote |
| 26 | DE | John Deere | 1.25% | New | 540,000 | $44.28M | $81.99 | No quote |
| 27 | ADP | Automatic Data Processing | 1.24% | Add +0.6% | 530,700 | $44.09M | $83.08 | No quote |
| 28 | V | Visa | 1.07% | Add +8.5% | 178,500 | $38.09M | $213.37 | No quote |
| 29 | MSFT | Microsoft Corp | 1.07% | - | 818,000 | $37.92M | $46.36 | No quote |
| 30 | BF/A | Brown Forman Class ACUSIP 115637100 | 1.06% | - | 421,500 | $37.59M | No quote | No quote |
| 31 | INTC | Intel | 0.97% | - | 991,000 | $34.51M | $34.82 | No quote |
| 32 | BLK | Blackrock Inc | 0.95% | Add +15.7% | 103,000 | $33.82M | $328.32 | No quote |
| 33 | SLB | Schlumberger | 0.94% | Add +5.5% | 327,000 | $33.25M | $101.69 | No quote |
| 34 | NOV | National Oilwell | 0.91% | Add +7.9% | 424,000 | $32.27M | $76.10 | No quote |
| 35 | SCHW | Charles Schwab | 0.88% | - | 1,057,000 | $31.07M | $29.39 | No quote |
| 36 | AXP | American Express | 0.86% | - | 349,000 | $30.55M | $87.54 | No quote |
| 37 | MMM | 3M Company | 0.82% | - | 204,000 | $28.9M | $141.68 | No quote |
| 38 | LOW | Lowes | 0.81% | - | 540,000 | $28.58M | $52.92 | No quote |
| 39 | WLP | Wellpoint Inc | 0.69% | Add +9.0% | 205,000 | $24.52M | No quote | No quote |
| 40 | ORCL | Oracle Corp | 0.69% | - | 638,000 | $24.42M | $38.28 | No quote |
| 41 | LMCK | Liberty Media Corp Class C | 0.68% | New | 516,000 | $24.25M | No quote | No quote |
| 42 | CAT | Caterpillar Inc | 0.67% | - | 241,000 | $23.87M | $99.03 | No quote |
| 43 | TEVA | Teva Pharmaceuticals | 0.67% | Reduce -36.0% | 444,000 | $23.87M | $53.75 | No quote |
| 44 | MCO | Moody's Corp | 0.65% | Add +6.6% | 242,000 | $22.87M | $94.50 | No quote |
| 45 | CPRT | Copart Inc | 0.63% | Add +13.2% | 713,000 | $22.33M | $31.32 | No quote |
| 46 | CB | Chubb Corp | 0.58% | Add +30.2% | 224,000 | $20.4M | $91.08 | No quote |
| 47 | TRV | The Travelers Companies Inc | 0.57% | Add +25.9% | 214,000 | $20.1M | $93.94 | No quote |
| 48 | TROW | T.Rowe Price | 0.55% | - | 250,000 | $19.6M | $78.40 | No quote |
| 49 | ITW | Illinois Tool Works | 0.55% | - | 230,000 | $19.42M | $84.42 | No quote |
| 50 | CVS | CVS Corporation | 0.49% | Add +10.7% | 218,000 | $17.35M | $79.59 | No quote |
| 51 | MCD | McDonalds | 0.48% | - | 181,000 | $17.16M | $94.81 | No quote |
| 52 | ITIC | Investors Title Company | 0.44% | - | 213,300 | $15.61M | $73.20 | No quote |
| 53 | HAS | Hasbro, Inc | 0.44% | Add +15.2% | 281,000 | $15.45M | $55.00 | No quote |
| 54 | FDS | Factset Research | 0.40% | Add +12.6% | 116,000 | $14.1M | $121.53 | No quote |
| 55 | LMCAD | Liberty Media | 0.39% | Add +19.1% | 293,000 | $13.82M | No quote | No quote |
| 56 | ACNT | Synalloy Corporation | 0.39% | - | 785,343 | $13.67M | No quote | No quote |
| 57 | NKE | Nike | 0.36% | Add +9.2% | 143,000 | $12.76M | $89.20 | No quote |
| 58 | PEP | Pepsico | 0.35% | - | 134,300 | $12.5M | $93.09 | No quote |
| 59 | BX | Blackstone Group | 0.34% | Add +9.3% | 386,000 | $12.15M | $31.48 | No quote |
| 60 | MMC | Marsh & McLennan | 0.34% | Add +63.8% | 231,000 | $12.09M | No quote | No quote |
| 61 | BRO | Brown & Brown | 0.33% | - | 365,628 | $11.76M | $32.15 | No quote |
| 62 | ECL | Ecolab | 0.33% | Add +14.8% | 101,000 | $11.6M | $114.83 | No quote |
| 63 | PG | Procter & Gamble | 0.30% | - | 127,000 | $10.64M | $83.74 | No quote |
| 64 | ACN | Accenture | 0.29% | Add +10.3% | 128,000 | $10.41M | $81.32 | No quote |
| 65 | NSC | Norfolk Southern | 0.29% | - | 92,000 | $10.27M | $111.60 | No quote |
| 66 | EMR | Emerson Electric | 0.28% | - | 158,000 | $9.89M | $62.58 | No quote |
| 67 | PM | Philip Morris International | 0.27% | - | 114,500 | $9.55M | $83.40 | No quote |
| 68 | BF/B | Brown-Forman Class BCUSIP 115637209 | 0.27% | - | 105,375 | $9.51M | No quote | No quote |
| 69 | KKR | KKR & Co LLC | 0.25% | Add +11.4% | 399,000 | $8.9M | $22.30 | No quote |
| 70 | CG | Carlyle Group | 0.25% | Add +12.8% | 290,000 | $8.83M | $30.46 | No quote |
| 71 | MAT | Mattel | 0.25% | Add +13.9% | 286,000 | $8.77M | $30.65 | No quote |
| 72 | SEIC | SEI Investments Co | 0.24% | - | 237,000 | $8.57M | $36.16 | No quote |
| 73 | MHP | McGraw Hill Financial | 0.24% | Add +23.8% | 99,000 | $8.36M | No quote | No quote |
| 74 | GOOGL | Google Class A | 0.21% | - | 12,500 | $7.36M | $588.40 | No quote |
| 75 | GOOG | Google Class C | 0.20% | - | 12,500 | $7.22M | $577.36 | No quote |
| 76 | PAYX | Paychex | 0.19% | - | 150,000 | $6.63M | $44.20 | No quote |
| 77 | APO | Apollo Global Management - A | 0.18% | Add +24.4% | 275,000 | $6.56M | $23.84 | No quote |
| 78 | PDCO | Patterson Companies Inc. | 0.18% | - | 155,000 | $6.42M | No quote | No quote |
| 79 | MA | Mastercard, Inc | 0.17% | - | 80,000 | $5.91M | $73.92 | No quote |
| 80 | MON | Monsanto Co | 0.17% | Add +57.6% | 52,000 | $5.85M | No quote | No quote |
| 81 | UTX | United Technologies | 0.16% | - | 53,000 | $5.6M | No quote | No quote |
| 82 | EXPD | Expeditors Int'l Wash Inc | 0.16% | - | 137,000 | $5.56M | $40.58 | No quote |
| 83 | KO | Coca Cola Co | 0.16% | - | 130,000 | $5.55M | $42.66 | No quote |
| 84 | UPBD | Rent-A-Center | 0.15% | Add +58.2% | 174,000 | $5.28M | $30.35 | No quote |
| 85 | AAN | Aaron's Inc | 0.14% | Add +63.2% | 204,000 | $4.96M | No quote | No quote |
| 86 | COST | Costco | 0.14% | - | 39,000 | $4.89M | $125.33 | No quote |
| 87 | MSCI | MSCI | 0.11% | Add +48.3% | 86,000 | $4.04M | $47.02 | No quote |
| 88 | GHC | Graham Holdings Co | 0.10% | - | 5,200 | $3.64M | $699.62 | No quote |
| 89 | IGT | International Game Technology | 0.10% | Reduce -76.5% | 215,000 | $3.63M | No quote | No quote |
| 90 | CME | CME Group Inc | 0.10% | Add +87.5% | 45,000 | $3.6M | $79.96 | No quote |
| 91 | DNOW | Now Inc | 0.08% | - | 93,500 | $2.84M | $30.41 | No quote |
| 92 | ROL | Rollins, Inc. | 0.07% | - | 87,000 | $2.55M | $29.28 | No quote |
| 93 | SIAL | Sigma Aldrich | 0.07% | Add +200.0% | 18,000 | $2.45M | No quote | No quote |
| 94 | TGT | Target | 0.06% | - | 33,000 | $2.07M | $62.67 | No quote |
| 95 | Y | Alleghany Corporation | 0.05% | - | 4,328 | $1.81M | No quote | No quote |
| 96 | OAK | Oaktree Capital Group LLC | 0.05% | New | 35,000 | $1.79M | No quote | No quote |
| 97 | ROST | Ross Stores, Inc | 0.05% | - | 23,000 | $1.74M | $75.57 | No quote |
| 98 | LH | Laboratory Corp of America | 0.04% | - | 15,000 | $1.53M | $101.73 | No quote |
| 99 | CLB | Core Labs NV | 0.04% | - | 10,000 | $1.46M | $146.30 | No quote |
| 100 | RBA | Ritchie Bros | 0.03% | Add +400.0% | 50,000 | $1.12M | No quote | No quote |
| 101 | CSCO | Cisco | 0.02% | - | 23,000 | $579K | $25.17 | No quote |
| 102 | CULP | Culp Inc | 0.02% | - | 30,227 | $549K | No quote | No quote |
| 103 | STRZA | Starz Liberty Capital | 0.01% | - | 12,000 | $397K | No quote | No quote |
| 104 | NICK | Nicholas Financial | 0.00% | New | 10,000 | $116K | No quote | No quote |
| 109 | UTI | Universal Technical Institute | - | Sold | 0 | $0 | No quote | No quote |
| 108 | NTRS | Northern Trust Corp | - | Sold | 0 | $0 | No quote | No quote |
| 107 | HCCI | Heritage Crystal Clean Inc | - | Sold | 0 | $0 | No quote | No quote |
| 106 | - | Deere & CoCUSIP 214199105 | - | Sold | 0 | $0 | No quote | No quote |
| 105 | BUD | Anheuser Busch | - | Sold | 0 | $0 | No quote | No quote |