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 111 of 141 rows. Rows without a quote are marked unavailable.
| 1 | KMX | Carmax | 7.42% | - | 4,913,070 | $372.46M | $75.81 | No quote |
| 2 | BRK/A | Berkshire Hathaway, Inc.CUSIP 084670108 | 5.95% | - | 1,088 | $298.92M | No quote | No quote |
| 3 | BRK/B | Berkshire Hathaway Class BCUSIP 084670702 | 5.52% | - | 1,511,607 | $277.11M | No quote | No quote |
| 4 | BAM | Brookfield Asset Management | 4.47% | Add +1.4% | 5,435,821 | $224.5M | $41.30 | No quote |
| 5 | DEO | Diageo PLC | 3.55% | Add +0.1% | 1,349,800 | $178.35M | $132.13 | No quote |
| 6 | DIS | Disney | 3.33% | Add +0.7% | 1,699,200 | $167.49M | $98.57 | No quote |
| 7 | MAR | Marriott International | 3.31% | - | 1,508,269 | $166.3M | $110.26 | No quote |
| 8 | WBA | Walgreens Boots Alliance Inc | 3.28% | - | 2,135,000 | $164.87M | No quote | No quote |
| 9 | HD | Home Depot | 3.00% | - | 920,000 | $150.48M | $163.56 | No quote |
| 10 | DE | John Deere | 2.74% | - | 1,095,400 | $137.57M | $125.59 | No quote |
| 11 | UNH | United Health Group Inc | 2.59% | - | 663,000 | $129.85M | $195.85 | No quote |
| 12 | V | Visa | 1.92% | Add +1.1% | 914,300 | $96.22M | $105.24 | No quote |
| 13 | GOOG | Alphabet Inc | 1.85% | Add +11.5% | 97,031 | $93.06M | $959.11 | No quote |
| 14 | UL | Unilever PLC ADR | 1.76% | - | 1,527,600 | $88.54M | $57.96 | No quote |
| 15 | BLK | Blackrock Inc | 1.60% | Add +2.9% | 180,000 | $80.48M | $447.09 | No quote |
| 16 | GD | General Dynamics | 1.58% | - | 387,000 | $79.56M | $205.58 | No quote |
| 17 | JNJ | Johnson and Johnson | 1.58% | - | 610,800 | $79.41M | $130.01 | No quote |
| 18 | AMZN | Amazon.com | 1.53% | Add +14.3% | 80,000 | $76.91M | $961.35 | No quote |
| 19 | RLI | RLI Corporation | 1.37% | - | 1,197,272 | $68.68M | $57.36 | No quote |
| 20 | WPC | W.P. Carey | 1.27% | - | 950,200 | $64.03M | $67.39 | No quote |
| 21 | ADM | Archer Daniels | 1.24% | - | 1,463,300 | $62.21M | $42.51 | No quote |
| 22 | ADP | Automatic Data Processing | 1.16% | - | 530,700 | $58.02M | $109.32 | No quote |
| 23 | NVO | Novo-Nordisk A/S | 1.03% | - | 1,075,000 | $51.76M | $48.15 | No quote |
| 24 | MMC | Marsh & McLennan | 1.02% | - | 609,500 | $51.08M | No quote | No quote |
| 25 | MON | Monsanto Co | 0.95% | - | 396,700 | $47.53M | No quote | No quote |
| 26 | CFX | Colfax Corporation | 0.94% | - | 1,135,070 | $47.26M | No quote | No quote |
| 27 | TXN | Texas Instruments Inc | 0.94% | Add +5.6% | 526,000 | $47.15M | $89.64 | No quote |
| 28 | BF/A | Brown Forman Class ACUSIP 115637100 | 0.93% | - | 843,000 | $46.95M | No quote | No quote |
| 29 | ADI | Analog Devices Inc | 0.92% | Add +4.3% | 537,811 | $46.34M | $86.17 | No quote |
| 30 | SCHW | Charles Schwab | 0.92% | - | 1,057,000 | $46.23M | $43.74 | No quote |
| 31 | LOW | Lowes | 0.91% | - | 570,000 | $45.57M | $79.94 | No quote |
| 32 | XOM | Exxon Corporation | 0.89% | Reduce -42.3% | 544,800 | $44.66M | $81.98 | No quote |
| 33 | MMM | 3M Company | 0.85% | - | 204,000 | $42.82M | $209.90 | No quote |
| 34 | ELV | Anthem Inc | 0.85% | - | 224,000 | $42.53M | $189.88 | No quote |
| 35 | OAK | Oaktree Capital Group LLC | 0.83% | Add +4.2% | 886,500 | $41.71M | No quote | No quote |
| 36 | MCO | Moody's Corp | 0.80% | - | 290,000 | $40.37M | $139.21 | No quote |
| 37 | TRV | The Travelers Companies Inc | 0.77% | - | 315,000 | $38.59M | $122.52 | No quote |
| 38 | ITIC | Investors Title Company | 0.76% | - | 213,300 | $38.2M | $179.07 | No quote |
| 39 | WSO | Watsco Inc | 0.76% | Add +7.3% | 235,500 | $37.93M | $161.07 | No quote |
| 40 | HAS | Hasbro, Inc | 0.71% | - | 364,000 | $35.55M | $97.67 | No quote |
| 41 | AXP | American Express | 0.70% | - | 386,000 | $34.92M | $90.46 | No quote |
| 42 | CAT | Caterpillar Inc | 0.69% | - | 278,000 | $34.67M | $124.71 | No quote |
| 43 | ITW | Illinois Tool Works | 0.68% | - | 230,000 | $34.03M | $147.96 | No quote |
| 44 | NSC | Norfolk Southern | 0.60% | - | 229,500 | $30.35M | $132.24 | No quote |
| 45 | FDS | Factset Research | 0.59% | - | 164,000 | $29.54M | $180.11 | No quote |
| 46 | ECL | Ecolab | 0.59% | Add +4.6% | 228,800 | $29.43M | $128.61 | No quote |
| 47 | TROW | T.Rowe Price | 0.57% | - | 314,000 | $28.46M | $90.65 | No quote |
| 48 | BX | Blackstone Group | 0.56% | Add +11.8% | 850,000 | $28.36M | $33.37 | No quote |
| 49 | MA | Mastercard, Inc | 0.51% | Add +5.8% | 182,100 | $25.71M | $141.20 | No quote |
| 50 | BA | Boeing Co | 0.48% | Add +13.2% | 94,400 | $24M | $254.21 | No quote |
| 51 | MSFT | Microsoft Corp | 0.46% | Add +11.4% | 312,000 | $23.24M | $74.49 | No quote |
| 52 | SPGI | S&P Global | 0.46% | - | 147,000 | $22.98M | $156.31 | No quote |
| 53 | ROK | Rockwell Automation Inc | 0.45% | Add +8.5% | 127,800 | $22.78M | $178.21 | No quote |
| 54 | LSXMK | Liberty Sirius Group C | 0.44% | - | 522,000 | $21.86M | No quote | No quote |
| 55 | CVS | CVS Corporation | 0.43% | - | 267,000 | $21.71M | $81.32 | No quote |
| 56 | ACN | Accenture | 0.43% | Add +7.4% | 159,400 | $21.53M | $135.07 | No quote |
| 57 | DISCK | Discovery Communications | 0.41% | Add +6.5% | 1,028,000 | $20.83M | No quote | No quote |
| 58 | PH | Parker-Hannifin Corp | 0.41% | Add +9.2% | 118,600 | $20.76M | $175.02 | No quote |
| 59 | APO | Apollo Global Management - A | 0.41% | Add +17.1% | 685,000 | $20.62M | $30.10 | No quote |
| 60 | ROL | Rollins, Inc. | 0.41% | Add +7.3% | 443,700 | $20.47M | $46.14 | No quote |
| 61 | KKR | KKR & Co LLC | 0.39% | Add +13.5% | 967,000 | $19.66M | $20.33 | No quote |
| 62 | LBRDA | Liberty Broadband A | 0.38% | Add +12.0% | 205,250 | $19.33M | $94.18 | No quote |
| 63 | UTX | United Technologies | 0.38% | Add +8.2% | 165,000 | $19.15M | No quote | No quote |
| 64 | NKE | Nike | 0.38% | Add +1.4% | 366,000 | $18.98M | $51.85 | No quote |
| 65 | CG | The Carlyle Group | 0.37% | Add +15.2% | 797,000 | $18.81M | $23.60 | No quote |
| 66 | SEIC | SEI Investments Co | 0.37% | - | 306,200 | $18.7M | $61.06 | No quote |
| 67 | META | 0.37% | Add +10.2% | 108,500 | $18.54M | $170.87 | No quote | |
| 68 | CME | CME Group Inc | 0.36% | - | 135,000 | $18.32M | $135.68 | No quote |
| 69 | LYV | Live Nation | 0.36% | Add +13.9% | 417,700 | $18.19M | $43.55 | No quote |
| 70 | LSXMA | Liberty Sirius Group A | 0.36% | - | 426,000 | $17.85M | No quote | No quote |
| 71 | JPM | JP Morgan | 0.35% | - | 183,000 | $17.48M | $95.51 | No quote |
| 72 | AAPL | Apple Inc | 0.35% | Add +9.7% | 113,100 | $17.43M | $154.12 | No quote |
| 73 | SRCL | Stericycle Inc | 0.33% | Add +17.8% | 232,000 | $16.62M | No quote | No quote |
| 74 | LBRDK | Liberty Broadband Class C | 0.33% | - | 172,113 | $16.4M | $95.30 | No quote |
| 75 | PEP | Pepsico | 0.32% | - | 145,600 | $16.22M | $111.43 | No quote |
| 76 | MSCI | MSCI | 0.32% | - | 137,000 | $16.02M | $116.90 | No quote |
| 77 | PM | Philip Morris International | 0.25% | - | 114,500 | $12.71M | $111.01 | No quote |
| 78 | TSN | Tyson Foods | 0.25% | Add +25.4% | 178,000 | $12.54M | $70.45 | No quote |
| 79 | GOOGL | Alphabet Inc Class A | 0.24% | - | 12,500 | $12.17M | $973.68 | No quote |
| 80 | PX | Praxair Inc. | 0.23% | Add +13.4% | 84,400 | $11.79M | No quote | No quote |
| 81 | CSCO | Cisco | 0.23% | - | 342,000 | $11.5M | $33.63 | No quote |
| 82 | BF/B | Brown-Forman Class BCUSIP 115637209 | 0.23% | - | 210,750 | $11.44M | No quote | No quote |
| 83 | CDK | CDK Global Inc | 0.22% | - | 176,897 | $11.16M | No quote | No quote |
| 84 | HEI/A | Heico Corp Class ACUSIP 422806208 | 0.21% | Add +13.1% | 138,375 | $10.54M | No quote | No quote |
| 85 | ALB | Albemarle Corp | 0.20% | Add +25.9% | 73,000 | $9.95M | $136.32 | No quote |
| 86 | FWONK | Liberty Media Group C | 0.20% | - | 259,500 | $9.88M | $38.09 | No quote |
| 87 | UNP | Union Pacific | 0.20% | - | 84,600 | $9.81M | $115.97 | No quote |
| 88 | MXIM | Maxim Integrated Products | 0.19% | Add +5.3% | 197,000 | $9.4M | No quote | No quote |
| 89 | GS | Goldman Sachs | 0.18% | Add +128.7% | 39,100 | $9.27M | $237.19 | No quote |
| 90 | PAYX | Paychex | 0.18% | - | 150,000 | $8.99M | $59.96 | No quote |
| 91 | PCAR | Paccar | 0.17% | - | 118,300 | $8.56M | $72.34 | No quote |
| 92 | CMCSA | Comcast Corp- Class A | 0.16% | - | 211,000 | $8.12M | $38.48 | No quote |
| 93 | ST | Sensata Technologies Holding | 0.16% | Add +13.5% | 168,000 | $8.08M | $48.07 | No quote |
| 94 | DLTR | Dollar Tree Inc | 0.15% | Add +41.9% | 88,000 | $7.64M | $86.82 | No quote |
| 95 | AGN | Allergan, Inc. | 0.13% | - | 33,000 | $6.76M | No quote | No quote |
| 96 | PDCO | Patterson Companies Inc. | 0.13% | - | 168,000 | $6.49M | No quote | No quote |
| 97 | COST | Costco | 0.13% | - | 39,000 | $6.41M | $164.28 | No quote |
| 98 | VRSK | Verisk Analytics Inc | 0.12% | - | 73,000 | $6.07M | $83.19 | No quote |
| 99 | FWONA | Liberty Media Group A | 0.11% | Add +21.6% | 157,500 | $5.75M | $36.49 | No quote |
| 100 | AON | Aon Corporation | 0.11% | - | 37,000 | $5.41M | $146.11 | No quote |
| 101 | ACNT | Synalloy Corporation | 0.10% | - | 414,804 | $5.19M | No quote | No quote |
| 102 | BG | Bunge Limited | 0.10% | - | 71,800 | $4.99M | $69.46 | No quote |
| 103 | HXL | Hexcel Corp | 0.10% | Add +32.3% | 86,000 | $4.94M | $57.42 | No quote |
| 104 | AMT | American Tower | 0.10% | - | 35,500 | $4.85M | $136.68 | No quote |
| 105 | COL | Rockwell Collins Inc | 0.10% | Add +32.1% | 37,000 | $4.84M | No quote | No quote |
| 106 | LBTYA | Liberty Global PLC | 0.08% | Add +5.1% | 124,000 | $4.21M | $33.91 | No quote |
| 107 | MCK | McKesson Corp | 0.08% | Add +72.8% | 26,100 | $4.01M | $153.60 | No quote |
| 108 | CABO | Cable One | 0.07% | - | 5,200 | $3.76M | $722.12 | No quote |
| 109 | RBA | Ritchie Bros | 0.07% | - | 114,000 | $3.61M | No quote | No quote |
| 110 | PAG | Penske Automotive Group | 0.07% | Add +16.1% | 72,000 | $3.43M | No quote | No quote |
| 111 | GHC | Graham Holdings Co | 0.06% | - | 5,200 | $3.04M | $585.19 | No quote |
| 112 | BBU | Brookfield Business Partners | 0.06% | - | 101,594 | $3.01M | No quote | No quote |
| 113 | HCSG | Healthcare Services Group | 0.06% | - | 55,000 | $2.97M | $53.96 | No quote |
| 114 | CHH | Choice Hotels Intl Inc | 0.06% | Add +66.7% | 45,000 | $2.88M | $63.89 | No quote |
| 115 | FLS | Flowserve | 0.06% | Add +17.5% | 67,000 | $2.85M | $42.60 | No quote |
| 116 | SBUX | Starbucks Corp | 0.06% | Add +33.3% | 52,000 | $2.79M | $53.71 | No quote |
| 117 | GILD | Gilead Sciences Inc | 0.05% | - | 33,000 | $2.67M | $81.03 | No quote |
| 118 | HSY | Hershey Foods | 0.05% | - | 24,100 | $2.63M | $109.17 | No quote |
| 119 | BATRK | Liberty Braves Group C | 0.05% | - | 99,788 | $2.52M | $25.27 | No quote |
| 120 | Y | Alleghany Corporation | 0.05% | - | 4,328 | $2.4M | No quote | No quote |
| 121 | GE | General Electric | 0.05% | Add +137.5% | 95,000 | $2.3M | $24.18 | No quote |
| 122 | IBM | IBM | 0.05% | - | 15,700 | $2.28M | $145.10 | No quote |
| 123 | VFC | VF Corp | 0.04% | - | 30,800 | $1.96M | $63.57 | No quote |
| 124 | BDX | Becton Dickinson | 0.04% | - | 9,000 | $1.76M | $196.00 | No quote |
| 125 | UA | Under Armour Inc-Class C | 0.03% | Add +83.3% | 110,000 | $1.65M | $15.02 | No quote |
| 126 | BAX | Baxter International Inc | 0.03% | - | 22,000 | $1.38M | $62.73 | No quote |
| 127 | WRB | WR Berkley Corp | 0.02% | Add +125.0% | 18,000 | $1.2M | $66.72 | No quote |
| 128 | IFF | Intl Flavors & Fragrances | 0.02% | New | 8,000 | $1.14M | $142.88 | No quote |
| 129 | BATRA | Liberty Braves Group A | 0.02% | - | 42,600 | $1.08M | $25.38 | No quote |
| 130 | MCHP | Microchip Technology | 0.01% | New | 8,000 | $718K | $89.75 | No quote |
| 131 | GT | Goodyear Tire & Rubber Co. | 0.01% | New | 20,000 | $665K | $33.25 | No quote |
| 132 | BMY | Bristol Myers Squibb | 0.01% | - | 10,000 | $637K | $63.70 | No quote |
| 133 | HRL | Hormel Foods | 0.01% | Add +171.4% | 19,000 | $611K | $32.16 | No quote |
| 134 | PCLN | Priceline Group Inc | 0.01% | - | 200 | $366K | No quote | No quote |
| 135 | MRK | Merck | 0.01% | - | 5,600 | $359K | $64.11 | No quote |
| 136 | LILA | Liberty Global PLC Lilac | 0.01% | - | 14,720 | $350K | $23.78 | No quote |
| 137 | HEI | Heico Corp | 0.01% | - | 3,750 | $337K | No quote | No quote |
| 138 | NVS | Novartis AG-Sponsored ADR | 0.01% | - | 3,700 | $318K | $85.95 | No quote |
| 139 | SLB | Schlumberger | 0.01% | - | 4,000 | $279K | $69.75 | No quote |
| 141 | NXPI | NXP Semiconductors NV | - | Sold | 0 | $0 | No quote | No quote |
| 140 | CLB | Core Labs NV | - | Sold | 0 | $0 | No quote | No quote |