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 110 of 138 rows. Rows without a quote are marked unavailable.
| 1 | KMX | Carmax | 6.61% | - | 4,913,070 | $309.82M | $63.06 | No quote |
| 2 | BRK/A | Berkshire Hathaway, Inc.CUSIP 084670108 | 5.91% | - | 1,088 | $277.11M | No quote | No quote |
| 3 | BRK/B | Berkshire Hathaway Class BCUSIP 084670702 | 5.46% | - | 1,511,607 | $256.02M | No quote | No quote |
| 4 | BAM | Brookfield Asset Management | 4.48% | Add +2.0% | 5,360,821 | $210.2M | $39.21 | No quote |
| 5 | DIS | Disney | 3.82% | Add +1.4% | 1,687,200 | $179.27M | $106.25 | No quote |
| 6 | WBA | Walgreens Boots Alliance Inc | 3.57% | - | 2,135,000 | $167.19M | No quote | No quote |
| 7 | DEO | Diageo PLC | 3.44% | Add +1.0% | 1,347,800 | $161.51M | $119.83 | No quote |
| 8 | MAR | Marriott International | 3.23% | - | 1,508,269 | $151.29M | $100.31 | No quote |
| 9 | HD | Home Depot | 3.01% | - | 920,000 | $141.13M | $153.40 | No quote |
| 10 | DE | John Deere | 2.89% | - | 1,095,400 | $135.38M | $123.59 | No quote |
| 11 | UNH | United Health Group Inc | 2.62% | - | 663,000 | $122.93M | $185.42 | No quote |
| 12 | V | Visa | 1.81% | Add +1.5% | 904,300 | $84.81M | $93.78 | No quote |
| 13 | UL | Unilever PLC ADR | 1.76% | - | 1,527,600 | $82.67M | $54.12 | No quote |
| 14 | JNJ | Johnson and Johnson | 1.72% | - | 610,800 | $80.8M | $132.29 | No quote |
| 15 | GOOG | Alphabet Inc | 1.69% | Add +17.6% | 87,031 | $79.09M | $908.73 | No quote |
| 16 | GD | General Dynamics | 1.64% | - | 387,000 | $76.67M | $198.10 | No quote |
| 17 | XOM | Exxon Corporation | 1.63% | - | 944,800 | $76.27M | $80.73 | No quote |
| 18 | BLK | Blackrock Inc | 1.58% | Add +3.9% | 175,000 | $73.92M | $422.41 | No quote |
| 19 | AMZN | Amazon.com | 1.45% | Add +18.6% | 70,000 | $67.76M | $968.00 | No quote |
| 20 | RLI | RLI Corporation | 1.39% | - | 1,197,272 | $65.4M | $54.62 | No quote |
| 21 | WPC | W.P. Carey | 1.34% | - | 950,200 | $62.72M | $66.01 | No quote |
| 22 | ADM | Archer Daniels | 1.29% | - | 1,463,300 | $60.55M | $41.38 | No quote |
| 23 | ADP | Automatic Data Processing | 1.16% | - | 530,700 | $54.38M | $102.46 | No quote |
| 24 | MMC | Marsh & McLennan | 1.01% | - | 609,500 | $47.52M | No quote | No quote |
| 25 | MON | Monsanto Co | 1.00% | - | 396,700 | $46.95M | No quote | No quote |
| 26 | NVO | Novo-Nordisk A/S | 0.98% | - | 1,075,000 | $46.11M | $42.89 | No quote |
| 27 | SCHW | Charles Schwab | 0.97% | - | 1,057,000 | $45.41M | $42.96 | No quote |
| 28 | CFX | Colfax Corporation | 0.95% | - | 1,135,070 | $44.69M | No quote | No quote |
| 29 | LOW | Lowes | 0.94% | Add +1.2% | 570,000 | $44.19M | $77.53 | No quote |
| 30 | MMM | 3M Company | 0.91% | - | 204,000 | $42.47M | $208.19 | No quote |
| 31 | ELV | Anthem Inc | 0.90% | - | 224,000 | $42.14M | $188.13 | No quote |
| 32 | BF/A | Brown Forman Class ACUSIP 115637100 | 0.89% | - | 843,000 | $41.56M | No quote | No quote |
| 33 | ITIC | Investors Title Company | 0.88% | - | 213,300 | $41.26M | $193.44 | No quote |
| 34 | HAS | Hasbro, Inc | 0.87% | - | 364,000 | $40.59M | $111.51 | No quote |
| 35 | ADI | Analog Devices Inc | 0.86% | Add +3.0% | 515,811 | $40.13M | $77.80 | No quote |
| 36 | TRV | The Travelers Companies Inc | 0.85% | - | 315,000 | $39.86M | $126.53 | No quote |
| 37 | OAK | Oaktree Capital Group LLC | 0.85% | Add +16.4% | 850,500 | $39.63M | No quote | No quote |
| 38 | TXN | Texas Instruments Inc | 0.82% | Add +5.1% | 498,000 | $38.31M | $76.93 | No quote |
| 39 | MCO | Moody's Corp | 0.75% | - | 290,000 | $35.29M | $121.68 | No quote |
| 40 | WSO | Watsco Inc | 0.72% | Add +10.6% | 219,500 | $33.85M | $154.20 | No quote |
| 41 | ITW | Illinois Tool Works | 0.70% | - | 230,000 | $32.95M | $143.25 | No quote |
| 42 | AXP | American Express | 0.69% | - | 386,000 | $32.52M | $84.24 | No quote |
| 43 | CAT | Caterpillar Inc | 0.64% | - | 278,000 | $29.87M | $107.46 | No quote |
| 44 | ECL | Ecolab | 0.62% | Add +6.3% | 218,800 | $29.05M | $132.75 | No quote |
| 45 | NSC | Norfolk Southern | 0.60% | - | 229,500 | $27.93M | $121.70 | No quote |
| 46 | FDS | Factset Research | 0.58% | - | 164,000 | $27.25M | $166.18 | No quote |
| 47 | BX | Blackstone Group | 0.54% | Add +27.7% | 760,000 | $25.35M | $33.35 | No quote |
| 48 | DISCK | Discovery Communications | 0.52% | Add +3.6% | 965,000 | $24.33M | No quote | No quote |
| 49 | TROW | T.Rowe Price | 0.50% | - | 314,000 | $23.3M | $74.21 | No quote |
| 50 | LSXMK | Liberty Sirius Group C | 0.46% | - | 522,000 | $21.77M | No quote | No quote |
| 51 | CVS | CVS Corporation | 0.46% | Add +1.1% | 267,000 | $21.48M | $80.46 | No quote |
| 52 | SPGI | S&P Global | 0.46% | - | 147,000 | $21.46M | $145.99 | No quote |
| 53 | NKE | Nike | 0.45% | Add +3.7% | 361,000 | $21.3M | $59.00 | No quote |
| 54 | MA | Mastercard, Inc | 0.45% | Add +8.2% | 172,100 | $20.9M | $121.45 | No quote |
| 55 | MSFT | Microsoft Corp | 0.41% | Add +15.2% | 280,000 | $19.3M | $68.93 | No quote |
| 56 | ROK | Rockwell Automation Inc | 0.41% | Add +12.4% | 117,800 | $19.08M | $161.96 | No quote |
| 57 | UTX | United Technologies | 0.40% | Add +12.6% | 152,500 | $18.62M | No quote | No quote |
| 58 | ACN | Accenture | 0.39% | - | 148,400 | $18.35M | $123.68 | No quote |
| 59 | LSXMA | Liberty Sirius Group A | 0.38% | - | 426,000 | $17.88M | No quote | No quote |
| 60 | PH | Parker-Hannifin Corp | 0.37% | Add +13.6% | 108,600 | $17.36M | $159.82 | No quote |
| 61 | CME | CME Group Inc | 0.36% | - | 135,000 | $16.91M | $125.24 | No quote |
| 62 | ROL | Rollins, Inc. | 0.36% | Add +10.4% | 413,700 | $16.84M | $40.71 | No quote |
| 63 | PEP | Pepsico | 0.36% | - | 145,600 | $16.82M | $115.49 | No quote |
| 64 | JPM | JP Morgan | 0.36% | - | 183,000 | $16.73M | $91.40 | No quote |
| 65 | BA | Boeing Co | 0.35% | Add +20.2% | 83,400 | $16.49M | $197.75 | No quote |
| 66 | SEIC | SEI Investments Co | 0.35% | Add +0.7% | 306,200 | $16.47M | $53.78 | No quote |
| 67 | KKR | KKR & Co LLC | 0.34% | Add +27.7% | 852,000 | $15.85M | $18.60 | No quote |
| 68 | LBRDA | Liberty Broadband A | 0.34% | Add +15.1% | 183,250 | $15.72M | $85.79 | No quote |
| 69 | APO | Apollo Global Management - A | 0.33% | Add +39.3% | 585,000 | $15.47M | $26.45 | No quote |
| 70 | SRCL | Stericycle Inc | 0.32% | Add +23.1% | 197,000 | $15.04M | No quote | No quote |
| 71 | LBRDK | Liberty Broadband Class C | 0.32% | - | 172,113 | $14.93M | $86.75 | No quote |
| 72 | META | 0.32% | Add +25.5% | 98,500 | $14.87M | $150.98 | No quote | |
| 73 | AAPL | Apple Inc | 0.32% | Add +14.4% | 103,100 | $14.85M | $144.02 | No quote |
| 74 | MSCI | MSCI | 0.30% | - | 137,000 | $14.11M | $102.99 | No quote |
| 75 | CG | The Carlyle Group | 0.29% | Add +31.3% | 692,000 | $13.67M | $19.75 | No quote |
| 76 | PM | Philip Morris International | 0.29% | - | 114,500 | $13.45M | $117.45 | No quote |
| 77 | LYV | Live Nation | 0.27% | Add +11.9% | 366,700 | $12.78M | $34.85 | No quote |
| 78 | GOOGL | Alphabet Inc Class A | 0.25% | - | 12,500 | $11.62M | $929.68 | No quote |
| 79 | CLB | Core Labs NV | 0.24% | - | 110,000 | $11.14M | $101.27 | No quote |
| 80 | CDK | CDK Global Inc | 0.23% | - | 176,897 | $10.98M | No quote | No quote |
| 81 | CSCO | Cisco | 0.23% | - | 342,000 | $10.71M | $31.30 | No quote |
| 82 | BF/B | Brown-Forman Class BCUSIP 115637209 | 0.22% | - | 210,750 | $10.24M | No quote | No quote |
| 83 | PX | Praxair Inc. | 0.21% | Add +21.2% | 74,400 | $9.86M | No quote | No quote |
| 84 | FWONK | Liberty Media Group C | 0.20% | Add +6.6% | 259,500 | $9.5M | $36.62 | No quote |
| 85 | UNP | Union Pacific | 0.20% | - | 84,600 | $9.21M | $108.91 | No quote |
| 86 | TSN | Tyson Foods | 0.19% | Add +100.0% | 142,000 | $8.89M | $62.63 | No quote |
| 87 | PAYX | Paychex | 0.18% | - | 150,000 | $8.54M | $56.94 | No quote |
| 88 | MXIM | Maxim Integrated Products | 0.18% | Add +7.5% | 187,000 | $8.4M | No quote | No quote |
| 89 | CMCSA | Comcast Corp- Class A | 0.18% | Add +1.0% | 211,000 | $8.21M | $38.92 | No quote |
| 90 | AGN | Allergan, Inc. | 0.17% | Add +22.2% | 33,000 | $8.02M | No quote | No quote |
| 91 | PDCO | Patterson Companies Inc. | 0.17% | - | 168,000 | $7.89M | No quote | No quote |
| 92 | PCAR | Paccar | 0.17% | - | 118,300 | $7.81M | $66.04 | No quote |
| 93 | HEI/A | Heico Corp Class ACUSIP 422806208 | 0.16% | Add +73.6% | 122,375 | $7.59M | No quote | No quote |
| 94 | ST | Sensata Technologies Holding | 0.13% | Add +42.3% | 148,000 | $6.32M | $42.72 | No quote |
| 95 | COST | Costco | 0.13% | - | 39,000 | $6.24M | $159.95 | No quote |
| 96 | VRSK | Verisk Analytics Inc | 0.13% | - | 73,000 | $6.16M | $84.37 | No quote |
| 97 | ALB | Albemarle Corp | 0.13% | Add +286.7% | 58,000 | $6.12M | $105.53 | No quote |
| 98 | BG | Bunge Limited | 0.11% | - | 71,800 | $5.36M | $74.60 | No quote |
| 99 | AON | Aon Corporation | 0.10% | - | 37,000 | $4.92M | $132.95 | No quote |
| 100 | AMT | American Tower | 0.10% | Add +20.3% | 35,500 | $4.7M | $132.31 | No quote |
| 101 | ACNT | Synalloy Corporation | 0.10% | - | 414,804 | $4.69M | No quote | No quote |
| 102 | FWONA | Liberty Media Group A | 0.10% | Add +6.6% | 129,500 | $4.54M | $35.03 | No quote |
| 103 | DLTR | Dollar Tree Inc | 0.09% | Add +34.8% | 62,000 | $4.34M | $69.92 | No quote |
| 104 | NXPI | NXP Semiconductors NV | 0.08% | - | 35,000 | $3.83M | $109.46 | No quote |
| 105 | GS | Goldman Sachs | 0.08% | - | 17,100 | $3.79M | $221.87 | No quote |
| 106 | LBTYA | Liberty Global PLC | 0.08% | - | 118,000 | $3.79M | $32.12 | No quote |
| 107 | CABO | Cable One | 0.08% | - | 5,200 | $3.7M | $710.96 | No quote |
| 108 | HXL | Hexcel Corp | 0.07% | Add +97.0% | 65,000 | $3.43M | $52.78 | No quote |
| 109 | RBA | Ritchie Bros | 0.07% | - | 114,000 | $3.28M | No quote | No quote |
| 110 | GHC | Graham Holdings Co | 0.07% | - | 5,200 | $3.12M | $599.62 | No quote |
| 111 | COL | Rockwell Collins Inc | 0.06% | Add +86.7% | 28,000 | $2.94M | No quote | No quote |
| 112 | BBU | Brookfield Business Partners | 0.06% | - | 101,594 | $2.75M | No quote | No quote |
| 113 | PAG | Penske Automotive Group | 0.06% | Add +26.5% | 62,000 | $2.72M | No quote | No quote |
| 114 | FLS | Flowserve | 0.06% | Add +29.6% | 57,000 | $2.65M | $46.44 | No quote |
| 115 | HSY | Hershey Foods | 0.06% | - | 24,100 | $2.59M | $107.39 | No quote |
| 116 | HCSG | Healthcare Services Group | 0.05% | - | 55,000 | $2.58M | $46.84 | No quote |
| 117 | Y | Alleghany Corporation | 0.05% | - | 4,328 | $2.57M | No quote | No quote |
| 118 | MCK | McKesson Corp | 0.05% | Add +65.9% | 15,100 | $2.49M | $164.57 | No quote |
| 119 | IBM | IBM | 0.05% | Add +61.9% | 15,700 | $2.42M | $153.82 | No quote |
| 120 | BATRK | Liberty Braves Group C | 0.05% | - | 99,788 | $2.39M | $23.97 | No quote |
| 121 | GILD | Gilead Sciences Inc | 0.05% | Add +22.2% | 33,000 | $2.34M | $70.79 | No quote |
| 122 | SBUX | Starbucks Corp | 0.05% | Add +50.0% | 39,000 | $2.27M | $58.31 | No quote |
| 123 | VFC | VF Corp | 0.04% | - | 30,800 | $1.77M | $57.60 | No quote |
| 124 | BDX | Becton Dickinson | 0.04% | - | 9,000 | $1.76M | $195.11 | No quote |
| 125 | CHH | Choice Hotels Intl Inc | 0.04% | New | 27,000 | $1.74M | $64.26 | No quote |
| 126 | BAX | Baxter International Inc | 0.03% | - | 22,000 | $1.33M | $60.55 | No quote |
| 127 | UA | Under Armour Inc-Class C | 0.03% | New | 60,000 | $1.21M | $20.17 | No quote |
| 128 | GE | General Electric | 0.02% | New | 40,000 | $1.08M | $27.00 | No quote |
| 129 | BATRA | Liberty Braves Group A | 0.02% | - | 42,600 | $1.02M | $23.90 | No quote |
| 130 | BMY | Bristol Myers Squibb | 0.01% | - | 10,000 | $557K | $55.70 | No quote |
| 131 | WRB | WR Berkley Corp | 0.01% | New | 8,000 | $553K | $69.13 | No quote |
| 132 | PCLN | Priceline Group Inc | 0.01% | - | 200 | $374K | No quote | No quote |
| 133 | MRK | Merck | 0.01% | - | 5,600 | $359K | $64.11 | No quote |
| 134 | LILA | Liberty Global PLC Lilac | 0.01% | - | 14,720 | $320K | $21.74 | No quote |
| 135 | NVS | Novartis AG-Sponsored ADR | 0.01% | - | 3,700 | $309K | $83.51 | No quote |
| 136 | HEI | Heico Corp | 0.01% | Add +25.0% | 3,750 | $269K | No quote | No quote |
| 137 | SLB | Schlumberger | 0.01% | Reduce -99.4% | 4,000 | $263K | $65.75 | No quote |
| 138 | HRL | Hormel Foods | 0.01% | New | 7,000 | $239K | $34.14 | No quote |