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 101 of 145 rows. Rows without a quote are marked unavailable.
| 1 | KMX | Carmax | 6.35% | - | 4,913,070 | $240.89M | $49.03 | No quote |
| 2 | BRK/A | Berkshire Hathaway, Inc.CUSIP 084670108 | 6.20% | - | 1,084 | $235.2M | No quote | No quote |
| 3 | BRK/B | Berkshire Hathaway Class BCUSIP 084670702 | 5.77% | - | 1,511,607 | $218.87M | No quote | No quote |
| 4 | WBA | Walgreens Boots Alliance Inc | 4.69% | - | 2,135,000 | $177.78M | No quote | No quote |
| 5 | BAM | Brookfield Asset Management | 4.43% | Add +0.7% | 5,082,821 | $168.09M | $33.07 | No quote |
| 6 | DIS | Disney | 4.15% | Add +1.3% | 1,611,200 | $157.61M | $97.82 | No quote |
| 7 | DEO | Diageo PLC | 3.87% | Add +1.2% | 1,302,300 | $147M | $112.88 | No quote |
| 8 | HD | Home Depot | 3.10% | - | 920,000 | $117.48M | $127.69 | No quote |
| 9 | MAR | Marriott International | 2.58% | Add +1.4% | 1,472,269 | $97.85M | $66.46 | No quote |
| 10 | UNH | United Health Group Inc | 2.47% | - | 663,000 | $93.62M | $141.20 | No quote |
| 11 | XOM | Exxon Corporation | 2.33% | - | 944,800 | $88.57M | $93.74 | No quote |
| 12 | DE | John Deere | 2.33% | - | 1,092,400 | $88.53M | $81.04 | No quote |
| 13 | RLI | RLI Corporation | 2.17% | - | 1,197,272 | $82.35M | $68.78 | No quote |
| 14 | JNJ | Johnson and Johnson | 1.95% | - | 610,800 | $74.09M | $121.30 | No quote |
| 15 | UL | Unilever PLC ADR | 1.93% | Add +0.1% | 1,527,600 | $73.19M | $47.91 | No quote |
| 16 | WPC | W.P. Carey | 1.74% | - | 950,200 | $65.96M | $69.42 | No quote |
| 17 | V | Visa | 1.68% | Add +0.8% | 861,700 | $63.91M | $74.17 | No quote |
| 18 | ADM | Archer Daniels | 1.65% | Add +2.2% | 1,463,300 | $62.76M | $42.89 | No quote |
| 19 | NVO | Novo-Nordisk A/S | 1.52% | - | 1,075,000 | $57.81M | $53.78 | No quote |
| 20 | GD | General Dynamics | 1.42% | - | 387,000 | $53.89M | $139.24 | No quote |
| 21 | BLK | Blackrock Inc | 1.39% | Add +1.6% | 154,500 | $52.92M | $342.53 | No quote |
| 22 | SLB | Schlumberger | 1.38% | - | 662,500 | $52.39M | $79.08 | No quote |
| 23 | ADP | Automatic Data Processing | 1.28% | - | 530,700 | $48.76M | $91.87 | No quote |
| 24 | CPRT | Copart Inc | 1.25% | - | 965,000 | $47.3M | $49.01 | No quote |
| 25 | BF/A | Brown Forman Class ACUSIP 115637100 | 1.20% | - | 421,500 | $45.54M | No quote | No quote |
| 26 | LOW | Lowes | 1.13% | - | 540,000 | $42.75M | $79.17 | No quote |
| 27 | MMC | Marsh & McLennan | 1.10% | Add +3.4% | 609,500 | $41.73M | No quote | No quote |
| 28 | MON | Monsanto Co | 1.08% | - | 396,700 | $41.02M | No quote | No quote |
| 29 | TRV | The Travelers Companies Inc | 0.99% | - | 315,000 | $37.5M | $119.04 | No quote |
| 30 | MMM | 3M Company | 0.94% | - | 204,000 | $35.73M | $175.12 | No quote |
| 31 | HAS | Hasbro, Inc | 0.81% | - | 364,000 | $30.57M | $83.99 | No quote |
| 32 | CFX | Colfax Corporation | 0.79% | - | 1,135,070 | $30.03M | No quote | No quote |
| 33 | ELV | Anthem Inc | 0.78% | - | 224,000 | $29.42M | $131.34 | No quote |
| 34 | OAK | Oaktree Capital Group LLC | 0.76% | Add +9.3% | 644,500 | $28.85M | No quote | No quote |
| 35 | MCO | Moody's Corp | 0.72% | - | 290,000 | $27.18M | $93.71 | No quote |
| 36 | SCHW | Charles Schwab | 0.71% | - | 1,057,000 | $26.75M | $25.31 | No quote |
| 37 | FDS | Factset Research | 0.70% | - | 164,000 | $26.47M | $161.42 | No quote |
| 38 | ORCL | Oracle Corp | 0.69% | - | 638,000 | $26.11M | $40.93 | No quote |
| 39 | ITW | Illinois Tool Works | 0.63% | - | 230,000 | $23.96M | $104.16 | No quote |
| 40 | CVS | CVS Corporation | 0.62% | - | 247,000 | $23.65M | $95.74 | No quote |
| 41 | AXP | American Express | 0.62% | - | 386,000 | $23.45M | $60.76 | No quote |
| 42 | GOOG | Alphabet Inc | 0.61% | Add +45.6% | 33,531 | $23.21M | $692.11 | No quote |
| 43 | WSO | Watsco Inc | 0.56% | Add +18.1% | 150,500 | $21.17M | $140.69 | No quote |
| 44 | CAT | Caterpillar Inc | 0.56% | - | 278,000 | $21.08M | $75.81 | No quote |
| 45 | TROW | T.Rowe Price | 0.55% | - | 285,000 | $20.8M | $72.97 | No quote |
| 46 | NOV | National Oilwell | 0.54% | - | 610,000 | $20.53M | $33.65 | No quote |
| 47 | ITIC | Investors Title Company | 0.54% | - | 213,300 | $20.32M | $95.25 | No quote |
| 48 | ECL | Ecolab | 0.52% | Add +2.4% | 165,800 | $19.66M | $118.60 | No quote |
| 49 | NSC | Norfolk Southern | 0.51% | Add +10.1% | 229,500 | $19.54M | $85.13 | No quote |
| 50 | DISCK | Discovery Communications | 0.48% | Add +2.4% | 756,000 | $18.03M | No quote | No quote |
| 51 | NKE | Nike | 0.47% | - | 320,000 | $17.66M | $55.20 | No quote |
| 52 | ACN | Accenture | 0.44% | Add +5.1% | 146,400 | $16.59M | $113.29 | No quote |
| 53 | LSXMK | Liberty Sirius Group C | 0.42% | New | 522,000 | $16.11M | No quote | No quote |
| 54 | SPGI | S&P Global | 0.42% | New | 147,000 | $15.77M | $107.26 | No quote |
| 55 | PEP | Pepsico | 0.41% | Add +4.2% | 145,100 | $15.37M | $105.94 | No quote |
| 56 | TXN | Texas Instruments Inc | 0.37% | Add +309.1% | 225,000 | $14.1M | $62.65 | No quote |
| 57 | AMZN | Amazon.com | 0.37% | Add +116.7% | 19,500 | $13.96M | $715.64 | No quote |
| 58 | HOG | Harley Davidson | 0.36% | Add +4.5% | 305,000 | $13.82M | $45.30 | No quote |
| 59 | CLB | Core Labs NV | 0.36% | - | 110,000 | $13.63M | $123.89 | No quote |
| 60 | LSXMA | Liberty Sirius Group A | 0.35% | New | 426,000 | $13.36M | No quote | No quote |
| 61 | MA | Mastercard, Inc | 0.35% | Add +4.9% | 150,600 | $13.26M | $88.06 | No quote |
| 62 | BX | Blackstone Group | 0.32% | Add +2.5% | 499,000 | $12.25M | $24.54 | No quote |
| 63 | CME | CME Group Inc | 0.32% | Add +6.0% | 123,000 | $11.98M | $97.40 | No quote |
| 64 | SEIC | SEI Investments Co | 0.31% | Add +2.8% | 246,800 | $11.87M | $48.11 | No quote |
| 65 | ADI | Analog Devices Inc | 0.31% | Add +267.9% | 206,000 | $11.67M | $56.64 | No quote |
| 66 | PM | Philip Morris International | 0.31% | - | 114,500 | $11.65M | $101.72 | No quote |
| 67 | JPM | JP Morgan | 0.30% | - | 183,000 | $11.37M | $62.14 | No quote |
| 68 | MSCI | MSCI | 0.28% | - | 137,000 | $10.57M | $77.12 | No quote |
| 69 | BF/B | Brown-Forman Class BCUSIP 115637209 | 0.28% | - | 105,375 | $10.51M | No quote | No quote |
| 70 | LBRDK | Liberty Broadband Class C | 0.27% | - | 172,113 | $10.33M | $60.00 | No quote |
| 71 | CDK | CDK Global Inc | 0.26% | - | 176,897 | $9.82M | No quote | No quote |
| 72 | ROL | Rollins, Inc. | 0.25% | Add +8.5% | 327,700 | $9.59M | $29.27 | No quote |
| 73 | UTX | United Technologies | 0.24% | Add +41.4% | 87,400 | $8.96M | No quote | No quote |
| 74 | PAYX | Paychex | 0.24% | - | 150,000 | $8.93M | $59.50 | No quote |
| 75 | GOOGL | Alphabet Inc Class A | 0.23% | - | 12,500 | $8.79M | $703.52 | No quote |
| 76 | EMR | Emerson Electric | 0.22% | - | 158,000 | $8.24M | $52.16 | No quote |
| 77 | LLTC | Linear Technology Corp | 0.22% | Add +166.7% | 176,000 | $8.19M | No quote | No quote |
| 78 | MSFT | Microsoft Corp | 0.22% | Add +150.0% | 160,000 | $8.19M | $51.17 | No quote |
| 79 | PDCO | Patterson Companies Inc. | 0.21% | - | 168,000 | $8.05M | No quote | No quote |
| 80 | COF | Capital One Financial Corp | 0.21% | - | 126,000 | $8M | $63.51 | No quote |
| 81 | UNP | Union Pacific | 0.19% | Add +23.5% | 84,600 | $7.38M | $87.25 | No quote |
| 82 | ROK | Rockwell Automation Inc | 0.18% | Add +17.1% | 58,800 | $6.75M | $114.81 | No quote |
| 83 | KKR | KKR & Co LLC | 0.18% | Add +2.3% | 545,000 | $6.73M | $12.34 | No quote |
| 84 | CG | The Carlyle Group | 0.18% | Add +3.0% | 411,000 | $6.67M | $16.23 | No quote |
| 85 | PH | Parker-Hannifin Corp | 0.16% | Add +23.4% | 57,000 | $6.16M | $108.05 | No quote |
| 86 | PCAR | Paccar | 0.16% | - | 118,300 | $6.14M | $51.87 | No quote |
| 87 | COST | Costco | 0.16% | - | 39,000 | $6.12M | $157.03 | No quote |
| 88 | APO | Apollo Global Management - A | 0.15% | - | 387,000 | $5.86M | $15.15 | No quote |
| 89 | CSCO | Cisco | 0.15% | Add +209.5% | 195,000 | $5.6M | $28.69 | No quote |
| 90 | LBRDA | Liberty Broadband A | 0.14% | - | 86,250 | $5.12M | $59.40 | No quote |
| 91 | BG | Bunge Limited | 0.11% | Add +508.5% | 71,800 | $4.25M | $59.15 | No quote |
| 93 | VRSK | Verisk Analytics Inc | 0.11% | - | 52,000 | $4.22M | $81.08 | No quote |
| 92 | CMI | Cummins Inc. | 0.11% | - | 37,500 | $4.22M | $112.43 | No quote |
| 94 | AON | Aon Corporation | 0.11% | - | 37,000 | $4.04M | $109.24 | No quote |
| 95 | RBA | Ritchie Bros | 0.10% | - | 109,000 | $3.68M | No quote | No quote |
| 96 | CSX | CSX Corporation | 0.10% | Add +55.6% | 140,000 | $3.65M | $26.08 | No quote |
| 97 | META | 0.09% | Add +117.9% | 30,500 | $3.49M | $114.30 | No quote | |
| 98 | AAPL | Apple Inc | 0.09% | Add +38.3% | 36,100 | $3.45M | $95.60 | No quote |
| 99 | LBTYA | Liberty Global PLC | 0.09% | - | 118,000 | $3.43M | $29.06 | No quote |
| 100 | MXIM | Maxim Integrated Products | 0.09% | Add +360.0% | 92,000 | $3.28M | No quote | No quote |
| 101 | ACNT | Synalloy Corporation | 0.08% | Reduce -39.9% | 414,804 | $3.18M | No quote | No quote |
| 102 | CRR | Carbo Ceramics Inc | 0.07% | - | 215,000 | $2.82M | No quote | No quote |
| 103 | MJN | Mead Johnson Nutrition | 0.07% | Add +5.2% | 30,300 | $2.75M | No quote | No quote |
| 104 | HSY | Hershey Foods | 0.07% | Add +47.0% | 24,100 | $2.74M | $113.49 | No quote |
| 105 | CABO | Cable One | 0.07% | - | 5,200 | $2.66M | $511.35 | No quote |
| 106 | PX | Praxair Inc. | 0.07% | Add +60.6% | 22,800 | $2.56M | No quote | No quote |
| 107 | GHC | Graham Holdings Co | 0.07% | - | 5,200 | $2.55M | $489.62 | No quote |
| 108 | GS | Goldman Sachs | 0.07% | Add +375.0% | 17,100 | $2.54M | $148.60 | No quote |
| 109 | FWONK | Liberty Media Group C | 0.07% | New | 132,500 | $2.51M | $18.97 | No quote |
| 110 | Y | Alleghany Corporation | 0.06% | - | 4,328 | $2.38M | No quote | No quote |
| 111 | FWONA | Liberty Media Group A | 0.06% | New | 121,500 | $2.33M | $19.14 | No quote |
| 112 | CMCSA | Comcast Corp- Class A | 0.06% | New | 35,000 | $2.28M | $65.20 | No quote |
| 113 | BA | Boeing Co | 0.06% | Add +229.4% | 16,800 | $2.18M | $129.88 | No quote |
| 114 | BCR | CR Bard | 0.06% | - | 9,000 | $2.12M | No quote | No quote |
| 115 | BBU | Brookfield Business Partners | 0.05% | New | 101,594 | $1.94M | No quote | No quote |
| 116 | MCK | McKesson Corp | 0.04% | New | 9,100 | $1.7M | $186.70 | No quote |
| 117 | BDX | Becton Dickinson | 0.04% | - | 9,000 | $1.53M | $169.56 | No quote |
| 118 | BATRK | Liberty Braves Group C | 0.04% | New | 99,788 | $1.46M | $14.66 | No quote |
| 119 | BAX | Baxter International Inc | 0.03% | - | 22,000 | $995K | $45.23 | No quote |
| 120 | PAG | Penske Automotive Group | 0.03% | New | 31,000 | $975K | No quote | No quote |
| 121 | VFC | VF Corp | 0.02% | Add +378.1% | 15,300 | $941K | $61.50 | No quote |
| 122 | LYV | Live Nation | 0.02% | Add +6.9% | 35,700 | $839K | $23.50 | No quote |
| 123 | BMY | Bristol Myers Squibb | 0.02% | - | 10,000 | $735K | $73.50 | No quote |
| 124 | SRCL | Stericycle Inc | 0.02% | New | 7,000 | $729K | No quote | No quote |
| 125 | BATRA | Liberty Braves Group A | 0.02% | New | 42,600 | $641K | $15.05 | No quote |
| 126 | LILA | Liberty Global PLC Lilac | 0.01% | New | 14,724 | $475K | $32.26 | No quote |
| 127 | MRK | Merck | 0.01% | New | 5,600 | $323K | $57.68 | No quote |
| 128 | NVS | Novartis AG-Sponsored ADR | 0.01% | - | 3,700 | $305K | $82.43 | No quote |
| 129 | PCLN | Priceline Group Inc | 0.01% | New | 200 | $250K | No quote | No quote |
| 130 | HEI/A | Heico Corp Class ACUSIP 422806208 | 0.01% | New | 4,000 | $215K | No quote | No quote |
| 145 | WAIR | Wesco Aircraft Holdings | - | Sold | 0 | $0 | No quote | No quote |
| 144 | ROST | Ross Stores, Inc | - | Sold | 0 | $0 | No quote | No quote |
| 143 | UPBD | Rent-A-Center | - | Sold | 0 | $0 | No quote | No quote |
| 142 | PG | Procter & Gamble | - | Sold | 0 | $0 | No quote | No quote |
| 141 | DNOW | Now Inc | - | Sold | 0 | $0 | No quote | No quote |
| 140 | MHP | McGraw Hill Financial | - | Sold | 0 | $0 | No quote | No quote |
| 139 | MAT | Mattel | - | Sold | 0 | $0 | No quote | No quote |
| 138 | LMCK | Liberty Media Corp Class C | - | Sold | 0 | $0 | No quote | No quote |
| 137 | LMCAD | Liberty Media | - | Sold | 0 | $0 | No quote | No quote |
| 136 | HAL | Halliburton | - | Sold | 0 | $0 | No quote | No quote |
| 135 | GWR | Genesee and Wyoming | - | Sold | 0 | $0 | No quote | No quote |
| 134 | FHI | Federated Investors | - | Sold | 0 | $0 | No quote | No quote |
| 133 | CULP | Culp Inc | - | Sold | 0 | $0 | No quote | No quote |
| 132 | AMT | American Tower | - | Sold | 0 | $0 | No quote | No quote |
| 131 | AAN | Aaron's Inc | - | Sold | 0 | $0 | No quote | No quote |