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 99 of 138 rows. Rows without a quote are marked unavailable.
| 1 | KMX | Carmax | 6.74% | - | 4,913,070 | $251.06M | $51.10 | No quote |
| 2 | BRK/A | Berkshire Hathaway, Inc.CUSIP 084670108 | 6.21% | - | 1,084 | $231.38M | No quote | No quote |
| 3 | BRK/B | Berkshire Hathaway Class BCUSIP 084670702 | 5.76% | - | 1,511,607 | $214.47M | No quote | No quote |
| 4 | WBA | Walgreens Boots Alliance Inc | 4.83% | - | 2,135,000 | $179.85M | No quote | No quote |
| 5 | BAM | Brookfield Asset Management | 4.71% | Add +0.1% | 5,048,021 | $175.62M | $34.79 | No quote |
| 6 | DIS | Disney | 4.24% | Add +0.1% | 1,591,200 | $158.02M | $99.31 | No quote |
| 7 | DEO | Diageo PLC | 3.73% | Add +0.2% | 1,286,700 | $138.8M | $107.87 | No quote |
| 8 | HD | Home Depot | 3.30% | - | 920,000 | $122.76M | $133.43 | No quote |
| 9 | MAR | Marriott International | 2.77% | Add +0.2% | 1,451,769 | $103.34M | $71.18 | No quote |
| 10 | UNH | United Health Group Inc | 2.29% | - | 663,000 | $85.46M | $128.90 | No quote |
| 11 | DE | John Deere | 2.26% | Add +0.1% | 1,092,400 | $84.1M | $76.99 | No quote |
| 12 | RLI | RLI Corporation | 2.15% | - | 1,197,272 | $80.05M | $66.86 | No quote |
| 13 | XOM | Exxon Corporation | 2.12% | - | 944,800 | $78.98M | $83.59 | No quote |
| 14 | UL | Unilever PLC ADR | 1.85% | Add +0.3% | 1,525,900 | $68.94M | $45.18 | No quote |
| 15 | JNJ | Johnson and Johnson | 1.77% | Add +0.9% | 610,800 | $66.09M | $108.20 | No quote |
| 16 | V | Visa | 1.75% | Add +0.4% | 854,700 | $65.37M | $76.48 | No quote |
| 17 | WPC | W.P. Carey | 1.59% | - | 950,200 | $59.14M | $62.24 | No quote |
| 18 | NVO | Novo-Nordisk A/S | 1.56% | - | 1,075,000 | $58.25M | $54.19 | No quote |
| 19 | ADM | Archer Daniels | 1.40% | Add +0.5% | 1,431,300 | $51.97M | $36.31 | No quote |
| 20 | BLK | Blackrock Inc | 1.39% | - | 152,000 | $51.77M | $340.57 | No quote |
| 21 | GD | General Dynamics | 1.36% | - | 387,000 | $50.84M | $131.37 | No quote |
| 22 | SLB | Schlumberger | 1.31% | Add +0.1% | 662,500 | $48.86M | $73.75 | No quote |
| 23 | ADP | Automatic Data Processing | 1.28% | - | 530,700 | $47.61M | $89.71 | No quote |
| 24 | BF/A | Brown Forman Class ACUSIP 115637100 | 1.21% | - | 421,500 | $44.97M | No quote | No quote |
| 25 | LOW | Lowes | 1.10% | - | 540,000 | $40.91M | $75.75 | No quote |
| 26 | CPRT | Copart Inc | 1.06% | - | 965,000 | $39.34M | $40.77 | No quote |
| 27 | TRV | The Travelers Companies Inc | 0.99% | - | 315,000 | $36.76M | $116.71 | No quote |
| 28 | MMC | Marsh & McLennan | 0.96% | - | 589,500 | $35.84M | No quote | No quote |
| 29 | MON | Monsanto Co | 0.93% | Add +1.2% | 396,700 | $34.81M | No quote | No quote |
| 30 | MMM | 3M Company | 0.91% | - | 204,000 | $33.99M | $166.63 | No quote |
| 31 | CFX | Colfax Corporation | 0.87% | - | 1,135,070 | $32.45M | No quote | No quote |
| 32 | ELV | Anthem Inc | 0.84% | - | 224,000 | $31.13M | $138.99 | No quote |
| 33 | SCHW | Charles Schwab | 0.80% | - | 1,057,000 | $29.62M | $28.02 | No quote |
| 34 | HAS | Hasbro, Inc | 0.78% | - | 364,000 | $29.16M | $80.10 | No quote |
| 35 | OAK | Oaktree Capital Group LLC | 0.78% | Add +3.5% | 589,500 | $29.08M | No quote | No quote |
| 36 | MCO | Moody's Corp | 0.75% | - | 290,000 | $28M | $96.56 | No quote |
| 37 | ORCL | Oracle Corp | 0.70% | - | 638,000 | $26.1M | $40.91 | No quote |
| 38 | CVS | CVS Corporation | 0.69% | - | 247,000 | $25.62M | $103.73 | No quote |
| 39 | FDS | Factset Research | 0.67% | - | 164,000 | $24.85M | $151.53 | No quote |
| 40 | AXP | American Express | 0.64% | - | 386,000 | $23.7M | $61.40 | No quote |
| 41 | ITW | Illinois Tool Works | 0.63% | - | 230,000 | $23.56M | $102.44 | No quote |
| 42 | MAT | Mattel | 0.57% | - | 636,000 | $21.38M | $33.62 | No quote |
| 43 | FHI | Federated Investors | 0.57% | Reduce -3.3% | 739,000 | $21.32M | No quote | No quote |
| 44 | CAT | Caterpillar Inc | 0.57% | - | 278,000 | $21.28M | $76.54 | No quote |
| 45 | TROW | T.Rowe Price | 0.56% | - | 285,000 | $20.94M | $73.46 | No quote |
| 46 | DISCK | Discovery Communications | 0.53% | Add +2.8% | 738,000 | $19.93M | No quote | No quote |
| 47 | LMCK | Liberty Media Corp Class C | 0.53% | - | 522,000 | $19.88M | No quote | No quote |
| 48 | NKE | Nike | 0.53% | - | 320,000 | $19.67M | $61.47 | No quote |
| 49 | ITIC | Investors Title Company | 0.52% | - | 213,300 | $19.43M | $91.07 | No quote |
| 50 | NOV | National Oilwell | 0.51% | - | 610,000 | $18.97M | $31.10 | No quote |
| 51 | ECL | Ecolab | 0.48% | Add +1.6% | 162,000 | $18.07M | $111.52 | No quote |
| 52 | NSC | Norfolk Southern | 0.47% | Add +0.7% | 208,500 | $17.36M | $83.25 | No quote |
| 53 | WSO | Watsco Inc | 0.46% | Add +1.9% | 127,400 | $17.17M | $134.74 | No quote |
| 54 | GOOG | Alphabet Inc | 0.46% | Add +43.7% | 23,031 | $17.16M | $744.95 | No quote |
| 55 | LMCAD | Liberty Media | 0.44% | - | 426,000 | $16.46M | No quote | No quote |
| 56 | ACN | Accenture | 0.43% | Add +1.7% | 139,300 | $16.08M | $115.40 | No quote |
| 57 | HOG | Harley Davidson | 0.40% | - | 292,000 | $14.99M | $51.33 | No quote |
| 58 | MHP | McGraw Hill Financial | 0.39% | - | 147,000 | $14.55M | No quote | No quote |
| 59 | PEP | Pepsico | 0.38% | - | 139,300 | $14.28M | $102.48 | No quote |
| 60 | BX | Blackstone Group | 0.37% | - | 487,000 | $13.66M | $28.05 | No quote |
| 61 | MA | Mastercard, Inc | 0.36% | Add +0.8% | 143,600 | $13.57M | $94.50 | No quote |
| 62 | CLB | Core Labs NV | 0.33% | Add +0.9% | 110,000 | $12.37M | $112.41 | No quote |
| 63 | PM | Philip Morris International | 0.30% | - | 114,500 | $11.23M | $98.11 | No quote |
| 64 | CME | CME Group Inc | 0.30% | - | 116,000 | $11.14M | $96.05 | No quote |
| 65 | JPM | JP Morgan | 0.29% | - | 183,000 | $10.84M | $59.22 | No quote |
| 66 | PG | Procter & Gamble | 0.28% | - | 127,000 | $10.45M | $82.31 | No quote |
| 67 | BF/B | Brown-Forman Class BCUSIP 115637209 | 0.28% | - | 105,375 | $10.38M | No quote | No quote |
| 68 | SEIC | SEI Investments Co | 0.28% | Add +1.3% | 240,000 | $10.33M | $43.05 | No quote |
| 69 | MSCI | MSCI | 0.27% | - | 137,000 | $10.15M | $74.08 | No quote |
| 70 | LBRDK | Liberty Broadband Class C | 0.27% | - | 172,113 | $9.97M | $57.95 | No quote |
| 71 | GOOGL | Alphabet Inc Class A | 0.26% | - | 12,500 | $9.54M | $762.88 | No quote |
| 72 | COF | Capital One Financial Corp | 0.23% | - | 126,000 | $8.73M | $69.31 | No quote |
| 73 | HAL | Halliburton | 0.23% | - | 244,000 | $8.72M | $35.72 | No quote |
| 74 | EMR | Emerson Electric | 0.23% | - | 158,000 | $8.59M | $54.38 | No quote |
| 75 | CDK | CDK Global Inc | 0.22% | - | 176,897 | $8.24M | No quote | No quote |
| 76 | ROL | Rollins, Inc. | 0.22% | Add +1.2% | 302,100 | $8.19M | $27.12 | No quote |
| 77 | AAN | Aaron's Inc | 0.22% | - | 326,000 | $8.18M | No quote | No quote |
| 78 | PAYX | Paychex | 0.22% | - | 150,000 | $8.1M | $54.01 | No quote |
| 79 | KKR | KKR & Co LLC | 0.21% | - | 533,000 | $7.83M | $14.69 | No quote |
| 80 | PDCO | Patterson Companies Inc. | 0.21% | - | 168,000 | $7.82M | No quote | No quote |
| 81 | CG | The Carlyle Group | 0.18% | - | 399,000 | $6.74M | $16.88 | No quote |
| 82 | APO | Apollo Global Management - A | 0.18% | - | 387,000 | $6.63M | $17.12 | No quote |
| 83 | PCAR | Paccar | 0.17% | Add +0.7% | 118,300 | $6.47M | $54.69 | No quote |
| 84 | UTX | United Technologies | 0.17% | Add +1.3% | 61,800 | $6.19M | No quote | No quote |
| 85 | COST | Costco | 0.17% | - | 39,000 | $6.15M | $157.59 | No quote |
| 86 | ROK | Rockwell Automation Inc | 0.15% | Add +5.7% | 50,200 | $5.71M | $113.75 | No quote |
| 87 | ACNT | Synalloy Corporation | 0.15% | Reduce -12.1% | 690,481 | $5.47M | No quote | No quote |
| 88 | UNP | Union Pacific | 0.15% | Add +5.4% | 68,500 | $5.45M | $79.55 | No quote |
| 89 | AMZN | Amazon.com | 0.14% | Add +172.7% | 9,000 | $5.34M | $593.67 | No quote |
| 90 | PH | Parker-Hannifin Corp | 0.14% | Add +6.2% | 46,200 | $5.13M | $111.08 | No quote |
| 91 | LBRDA | Liberty Broadband A | 0.13% | - | 86,250 | $5.02M | $58.16 | No quote |
| 92 | LBTYA | Liberty Global PLC | 0.12% | - | 118,000 | $4.54M | $38.50 | No quote |
| 93 | VRSK | Verisk Analytics Inc | 0.11% | - | 52,000 | $4.16M | $79.92 | No quote |
| 94 | WAIR | Wesco Aircraft Holdings | 0.11% | - | 287,000 | $4.13M | No quote | No quote |
| 95 | CMI | Cummins Inc. | 0.11% | Add +4.2% | 37,500 | $4.12M | $109.95 | No quote |
| 96 | AON | Aon Corporation | 0.10% | - | 37,000 | $3.87M | $104.46 | No quote |
| 97 | UPBD | Rent-A-Center | 0.10% | - | 238,000 | $3.77M | $15.85 | No quote |
| 98 | MSFT | Microsoft Corp | 0.09% | Add +113.3% | 64,000 | $3.54M | $55.23 | No quote |
| 99 | ADI | Analog Devices Inc | 0.09% | New | 56,000 | $3.32M | $59.20 | No quote |
| 100 | TXN | Texas Instruments Inc | 0.08% | New | 55,000 | $3.16M | $57.42 | No quote |
| 101 | CRR | Carbo Ceramics Inc | 0.08% | - | 215,000 | $3.05M | No quote | No quote |
| 102 | RBA | Ritchie Bros | 0.08% | - | 109,000 | $2.95M | No quote | No quote |
| 103 | LLTC | Linear Technology Corp | 0.08% | New | 66,000 | $2.94M | No quote | No quote |
| 104 | AAPL | Apple Inc | 0.08% | Add +8.8% | 26,100 | $2.85M | $109.00 | No quote |
| 105 | ROST | Ross Stores, Inc | 0.07% | - | 46,000 | $2.66M | $57.89 | No quote |
| 106 | GHC | Graham Holdings Co | 0.07% | - | 5,200 | $2.5M | $480.00 | No quote |
| 107 | MJN | Mead Johnson Nutrition | 0.07% | Add +85.8% | 28,800 | $2.45M | No quote | No quote |
| 108 | CSX | CSX Corporation | 0.06% | Add +5.9% | 90,000 | $2.32M | $25.74 | No quote |
| 109 | CABO | Cable One | 0.06% | - | 5,200 | $2.27M | $437.12 | No quote |
| 110 | Y | Alleghany Corporation | 0.06% | - | 4,328 | $2.15M | No quote | No quote |
| 111 | DNOW | Now Inc | 0.06% | - | 118,500 | $2.1M | $17.72 | No quote |
| 112 | AMT | American Tower | 0.05% | - | 20,000 | $2.05M | $102.35 | No quote |
| 113 | BCR | CR Bard | 0.05% | - | 9,000 | $1.82M | No quote | No quote |
| 114 | CSCO | Cisco | 0.05% | New | 63,000 | $1.79M | $28.48 | No quote |
| 115 | PX | Praxair Inc. | 0.04% | Add +23.5% | 14,200 | $1.63M | No quote | No quote |
| 116 | META | 0.04% | Add +300.0% | 14,000 | $1.6M | $114.07 | No quote | |
| 117 | HSY | Hershey Foods | 0.04% | Add +36.7% | 16,400 | $1.51M | $92.07 | No quote |
| 118 | BDX | Becton Dickinson | 0.04% | - | 9,000 | $1.37M | $151.78 | No quote |
| 119 | BAX | Baxter International Inc | 0.02% | - | 22,000 | $904K | $41.09 | No quote |
| 120 | CULP | Culp Inc | 0.02% | - | 30,227 | $793K | No quote | No quote |
| 121 | LYV | Live Nation | 0.02% | Add +33.6% | 33,400 | $745K | $22.31 | No quote |
| 122 | MXIM | Maxim Integrated Products | 0.02% | New | 20,000 | $736K | No quote | No quote |
| 123 | GWR | Genesee and Wyoming | 0.02% | Add +10.0% | 11,000 | $690K | No quote | No quote |
| 124 | BG | Bunge Limited | 0.02% | Add +68.6% | 11,800 | $669K | $56.69 | No quote |
| 125 | BA | Boeing Co | 0.02% | Add +6.3% | 5,100 | $647K | $126.86 | No quote |
| 126 | BMY | Bristol Myers Squibb | 0.02% | - | 10,000 | $639K | $63.90 | No quote |
| 127 | GS | Goldman Sachs | 0.02% | New | 3,600 | $565K | $156.94 | No quote |
| 128 | NVS | Novartis AG-Sponsored ADR | 0.01% | New | 3,700 | $268K | $72.43 | No quote |
| 129 | VFC | VF Corp | 0.01% | New | 3,200 | $207K | $64.69 | No quote |
| 138 | UPS | United Parcel Service | - | Sold | 0 | $0 | No quote | No quote |
| 137 | STT | State Street Corp | - | Sold | 0 | $0 | No quote | No quote |
| 136 | STRZA | Starz Liberty Capital | - | Sold | 0 | $0 | No quote | No quote |
| 135 | RUSHA | Rush Enterprises Inc | - | Sold | 0 | $0 | No quote | No quote |
| 134 | PJT | PJT Partners Inc A | - | Sold | 0 | $0 | No quote | No quote |
| 133 | LILA | Liberty Global PLC Lilac | - | Sold | 0 | $0 | No quote | No quote |
| 132 | FDX | Fedex Corp | - | Sold | 0 | $0 | No quote | No quote |
| 131 | DCI | Donaldson | - | Sold | 0 | $0 | No quote | No quote |
| 130 | COH | Coach Inc | - | Sold | 0 | $0 | No quote | No quote |