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 86 of 115 rows. Rows without a quote are marked unavailable.
| 1 | KMX | Carmax | 8.12% | - | 4,913,070 | $325.29M | $66.21 | No quote |
| 2 | BRK/A | Berkshire Hathaway, Inc.CUSIP 084670108 | 5.51% | - | 1,078 | $220.83M | No quote | No quote |
| 3 | BRK/B | Berkshire Hathaway Class BCUSIP 084670702 | 5.14% | - | 1,511,607 | $205.75M | No quote | No quote |
| 4 | WBA | Walgreens Boots Alliance Inc | 4.50% | - | 2,135,000 | $180.28M | No quote | No quote |
| 5 | DIS | Disney | 4.42% | Add +0.7% | 1,552,500 | $177.2M | $114.14 | No quote |
| 6 | BAM | Brookfield Asset Management | 4.36% | Add +50.6% | 5,000,821 | $174.68M | $34.93 | No quote |
| 7 | DEO | Diageo PLC | 3.63% | Add +0.2% | 1,251,000 | $145.17M | $116.04 | No quote |
| 8 | MAR | Marriott International | 2.57% | Add +1.1% | 1,383,869 | $102.95M | $74.39 | No quote |
| 9 | HD | Home Depot | 2.55% | - | 920,000 | $102.24M | $111.13 | No quote |
| 10 | DE | John Deere | 2.39% | Add +8.7% | 985,000 | $95.59M | $97.05 | No quote |
| 11 | UNH | United Health Group Inc | 2.02% | - | 663,000 | $80.89M | $122.00 | No quote |
| 12 | GE | General Electric | 1.97% | - | 2,963,000 | $78.73M | $26.57 | No quote |
| 13 | WMT | Wal-Mart Stores | 1.94% | - | 1,098,000 | $77.88M | $70.93 | No quote |
| 14 | XOM | Exxon Corporation | 1.84% | Add +2.2% | 887,800 | $73.87M | $83.20 | No quote |
| 15 | UPS | United Parcel Service | 1.83% | Add +1.5% | 755,500 | $73.22M | $96.91 | No quote |
| 16 | FHI | Federated Investors | 1.78% | - | 2,134,000 | $71.47M | No quote | No quote |
| 17 | ADM | Archer Daniels | 1.66% | - | 1,376,000 | $66.35M | $48.22 | No quote |
| 18 | UL | Unilever PLC ADR | 1.58% | Add +0.8% | 1,472,000 | $63.24M | $42.96 | No quote |
| 19 | RLI | RLI Corporation | 1.54% | - | 1,197,272 | $61.53M | $51.39 | No quote |
| 20 | NVO | Novo-Nordisk A/S | 1.47% | - | 1,075,000 | $58.87M | $54.76 | No quote |
| 21 | WPC | W.P. Carey | 1.40% | - | 950,200 | $56M | $58.94 | No quote |
| 22 | JNJ | Johnson and Johnson | 1.40% | - | 574,200 | $55.96M | $97.46 | No quote |
| 23 | V | Visa | 1.37% | Add +1.4% | 819,000 | $55M | $67.15 | No quote |
| 24 | GD | General Dynamics | 1.37% | - | 387,000 | $54.83M | $141.69 | No quote |
| 25 | SLB | Schlumberger | 1.34% | Add +14.1% | 622,000 | $53.61M | $86.19 | No quote |
| 26 | BUD | Anheuser-Busch Inbev ADR | 1.28% | - | 425,000 | $51.29M | $120.67 | No quote |
| 27 | CFX | Colfax Corporation | 1.25% | - | 1,085,070 | $50.08M | No quote | No quote |
| 28 | BLK | Blackrock Inc | 1.21% | Add +8.5% | 140,000 | $48.44M | $345.98 | No quote |
| 29 | BF/A | Brown Forman Class ACUSIP 115637100 | 1.17% | - | 421,500 | $46.96M | No quote | No quote |
| 30 | ADP | Automatic Data Processing | 1.06% | - | 530,700 | $42.58M | $80.23 | No quote |
| 31 | ELV | Anthem Inc | 0.92% | - | 224,000 | $36.77M | $164.14 | No quote |
| 32 | LOW | Lowes | 0.90% | - | 540,000 | $36.16M | $66.97 | No quote |
| 33 | SCHW | Charles Schwab | 0.86% | - | 1,057,000 | $34.51M | $32.65 | No quote |
| 34 | CPRT | Copart Inc | 0.84% | Add +6.2% | 946,000 | $33.56M | $35.48 | No quote |
| 35 | MMM | 3M Company | 0.79% | - | 204,000 | $31.48M | $154.30 | No quote |
| 36 | INTC | Intel | 0.75% | - | 991,000 | $30.14M | $30.41 | No quote |
| 37 | MCO | Moody's Corp | 0.75% | Add +4.1% | 278,000 | $30.01M | $107.96 | No quote |
| 38 | CB | Chubb Corp | 0.75% | Add +12.9% | 314,000 | $29.87M | $95.14 | No quote |
| 39 | NOV | National Oilwell | 0.74% | Add +6.1% | 610,000 | $29.45M | $48.28 | No quote |
| 40 | AXP | American Express | 0.71% | Add +1.7% | 367,000 | $28.52M | $77.72 | No quote |
| 41 | HAS | Hasbro, Inc | 0.68% | Add +1.7% | 364,000 | $27.22M | $74.79 | No quote |
| 42 | TRV | The Travelers Companies Inc | 0.65% | Add +4.3% | 270,000 | $26.1M | $96.66 | No quote |
| 43 | CVS | CVS Corporation | 0.65% | Add +0.8% | 247,000 | $25.91M | $104.88 | No quote |
| 44 | MMC | Marsh & McLennan | 0.65% | Add +13.7% | 456,000 | $25.86M | No quote | No quote |
| 45 | ORCL | Oracle Corp | 0.64% | - | 638,000 | $25.71M | $40.30 | No quote |
| 46 | FDS | Factset Research | 0.62% | Add +7.8% | 152,000 | $24.7M | $162.51 | No quote |
| 47 | ITW | Illinois Tool Works | 0.53% | - | 230,000 | $21.11M | $91.79 | No quote |
| 48 | CAT | Caterpillar Inc | 0.51% | - | 241,000 | $20.44M | $84.82 | No quote |
| 49 | MON | Monsanto Co | 0.51% | Add +24.0% | 191,000 | $20.36M | No quote | No quote |
| 50 | TROW | T.Rowe Price | 0.49% | Add +1.6% | 254,000 | $19.74M | $77.73 | No quote |
| 51 | BX | Blackstone Group | 0.47% | Add +5.0% | 461,000 | $18.84M | $40.87 | No quote |
| 52 | LMCK | Liberty Media Corp Class C | 0.46% | - | 516,000 | $18.52M | No quote | No quote |
| 53 | NKE | Nike | 0.43% | - | 160,000 | $17.28M | $108.02 | No quote |
| 54 | OAK | Oaktree Capital Group LLC | 0.43% | Add +30.1% | 324,500 | $17.26M | No quote | No quote |
| 55 | MCD | McDonalds | 0.43% | - | 181,000 | $17.21M | $95.07 | No quote |
| 56 | ECL | Ecolab | 0.39% | Add +8.7% | 137,000 | $15.49M | $113.07 | No quote |
| 57 | ITIC | Investors Title Company | 0.38% | - | 213,300 | $15.12M | $70.89 | No quote |
| 58 | LMCAD | Liberty Media | 0.37% | Add +7.4% | 408,000 | $14.7M | No quote | No quote |
| 59 | MHP | McGraw Hill Financial | 0.34% | Add +8.9% | 135,000 | $13.56M | No quote | No quote |
| 60 | ACN | Accenture | 0.33% | - | 135,000 | $13.07M | $96.78 | No quote |
| 61 | MAT | Mattel | 0.32% | Add +16.8% | 493,000 | $12.67M | $25.69 | No quote |
| 62 | PEP | Pepsico | 0.31% | - | 134,300 | $12.54M | $93.34 | No quote |
| 63 | CLB | Core Labs NV | 0.31% | Add +6.9% | 109,000 | $12.43M | $114.04 | No quote |
| 64 | AAN | Aaron's Inc | 0.29% | Add +7.6% | 324,000 | $11.73M | No quote | No quote |
| 65 | SEIC | SEI Investments Co | 0.29% | - | 237,000 | $11.62M | $49.03 | No quote |
| 66 | WSO | Watsco Inc | 0.29% | Add +60.3% | 93,000 | $11.51M | $123.74 | No quote |
| 67 | KKR | KKR & Co LLC | 0.28% | Add +6.4% | 498,000 | $11.38M | $22.85 | No quote |
| 68 | MA | Mastercard, Inc | 0.27% | Add +10.4% | 117,000 | $10.94M | $93.48 | No quote |
| 69 | ACNT | Synalloy Corporation | 0.27% | - | 785,343 | $10.76M | No quote | No quote |
| 70 | CME | CME Group Inc | 0.26% | Add +12.9% | 114,000 | $10.61M | $93.06 | No quote |
| 72 | CG | The Carlyle Group | 0.26% | Add +6.8% | 375,000 | $10.56M | $28.15 | No quote |
| 71 | BF/B | Brown-Forman Class BCUSIP 115637209 | 0.26% | - | 105,375 | $10.56M | No quote | No quote |
| 73 | PG | Procter & Gamble | 0.25% | - | 127,000 | $9.94M | $78.24 | No quote |
| 74 | CDK | CDK Global Inc | 0.24% | - | 176,897 | $9.55M | No quote | No quote |
| 75 | HAL | Halliburton | 0.24% | Add +41.3% | 219,000 | $9.43M | $43.07 | No quote |
| 76 | PM | Philip Morris International | 0.23% | - | 114,500 | $9.18M | $80.17 | No quote |
| 77 | CRR | Carbo Ceramics Inc | 0.22% | Add +7.5% | 215,000 | $8.95M | No quote | No quote |
| 78 | LBRDK | Liberty Broadband C | 0.22% | - | 172,113 | $8.81M | $51.16 | No quote |
| 79 | EMR | Emerson Electric | 0.22% | - | 158,000 | $8.76M | $55.43 | No quote |
| 80 | NSC | Norfolk Southern | 0.21% | Add +6.5% | 98,000 | $8.56M | $87.36 | No quote |
| 81 | PDCO | Patterson Companies Inc. | 0.20% | Add +7.7% | 167,000 | $8.13M | No quote | No quote |
| 82 | APO | Apollo Global Management - A | 0.20% | Add +8.0% | 363,000 | $8.04M | $22.15 | No quote |
| 83 | MSCI | MSCI | 0.19% | Add +9.7% | 125,000 | $7.69M | $61.55 | No quote |
| 84 | DISCK | Discovery Communications | 0.18% | Add +156.7% | 231,000 | $7.18M | No quote | No quote |
| 85 | PAYX | Paychex | 0.18% | - | 150,000 | $7.03M | $46.88 | No quote |
| 86 | ROL | Rollins, Inc. | 0.17% | Add +15.9% | 240,000 | $6.85M | $28.53 | No quote |
| 87 | GOOGL | Google Class A | 0.17% | - | 12,500 | $6.75M | $540.00 | No quote |
| 88 | UPBD | Rent-A-Center | 0.17% | Add +9.8% | 236,000 | $6.69M | $28.35 | No quote |
| 89 | GOOG | Google Class C | 0.16% | Add +0.3% | 12,531 | $6.52M | $520.47 | No quote |
| 90 | UTX | United Technologies | 0.15% | - | 53,000 | $5.88M | No quote | No quote |
| 91 | JPM | JP Morgan | 0.14% | New | 85,000 | $5.76M | $67.76 | No quote |
| 92 | GHC | Graham Holdings Co | 0.14% | - | 5,200 | $5.59M | $1075.00 | No quote |
| 93 | LBTYA | Liberty Global PLC | 0.14% | Add +38.9% | 100,000 | $5.41M | $54.07 | No quote |
| 94 | COST | Costco | 0.13% | - | 39,000 | $5.27M | $135.05 | No quote |
| 95 | LBRDA | Liberty Broadband A | 0.10% | - | 80,250 | $4.09M | $50.97 | No quote |
| 96 | WAIR | Wesco Aircraft Holdings | 0.09% | Add +53.1% | 245,000 | $3.71M | No quote | No quote |
| 97 | RBA | Ritchie Bros | 0.07% | Add +11.5% | 107,000 | $2.99M | No quote | No quote |
| 98 | HOG | Harley Davidson | 0.06% | New | 45,000 | $2.54M | $56.36 | No quote |
| 99 | DNOW | Now Inc | 0.06% | Add +26.7% | 118,500 | $2.36M | $19.91 | No quote |
| 100 | VRSK | Verisk Analytics Inc | 0.06% | Add +255.6% | 32,000 | $2.33M | $72.75 | No quote |
| 101 | ROK | Rockwell Automation Inc | 0.06% | New | 18,000 | $2.24M | $124.67 | No quote |
| 102 | ROST | Ross Stores, Inc | 0.06% | Add +100.0% | 46,000 | $2.24M | $48.61 | No quote |
| 103 | Y | Alleghany Corporation | 0.05% | - | 4,328 | $2.03M | No quote | No quote |
| 104 | COH | Coach Inc | 0.04% | Add +172.2% | 49,000 | $1.7M | No quote | No quote |
| 105 | DAR | Darling Ingredients Inc | 0.02% | New | 65,000 | $953K | $14.66 | No quote |
| 106 | CULP | Culp Inc | 0.02% | - | 30,227 | $937K | No quote | No quote |
| 107 | PH | Parker-Hannifin Corp | 0.02% | New | 8,000 | $931K | $116.38 | No quote |
| 108 | AAPL | Apple Inc | 0.02% | New | 6,000 | $753K | $125.50 | No quote |
| 109 | AMT | American Tower | 0.02% | New | 8,000 | $746K | $93.25 | No quote |
| 110 | STRZA | Starz Liberty Capital | 0.01% | - | 12,000 | $537K | No quote | No quote |
| 111 | AON | Aon Corporation | 0.01% | New | 4,000 | $399K | $99.75 | No quote |
| 112 | RUSHA | Rush Enterprises Inc | 0.01% | Add +66.7% | 15,000 | $393K | $26.20 | No quote |
| 115 | MSFT | Microsoft Corp | - | Sold | 0 | $0 | No quote | No quote |
| 114 | LGIH | LGI Homes, Inc | - | Sold | 0 | $0 | No quote | No quote |
| 113 | CSCO | Cisco | - | Sold | 0 | $0 | No quote | No quote |