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 140 rows. Rows without a quote are marked unavailable.
| 1 | BRK/A | Berkshire Hathaway, Inc.CUSIP 084670108 | 6.11% | - | 1,088 | $323.79M | No quote | No quote |
| 2 | KMX | Carmax | 5.95% | - | 4,913,070 | $315.08M | $64.13 | No quote |
| 3 | BRK/B | Berkshire Hathaway Class BCUSIP 084670702 | 5.66% | - | 1,511,607 | $299.63M | No quote | No quote |
| 4 | BAM | Brookfield Asset Management | 4.47% | - | 5,435,821 | $236.68M | $43.54 | No quote |
| 5 | MAR | Marriott International | 3.87% | - | 1,508,269 | $204.72M | $135.73 | No quote |
| 6 | DEO | Diageo PLC | 3.72% | - | 1,349,800 | $197.11M | $146.03 | No quote |
| 7 | DIS | Disney | 3.45% | - | 1,699,200 | $182.68M | $107.51 | No quote |
| 8 | HD | Home Depot | 3.29% | - | 920,000 | $174.37M | $189.53 | No quote |
| 9 | DE | John Deere | 3.24% | - | 1,095,400 | $171.44M | $156.51 | No quote |
| 10 | WBA | Walgreens Boots Alliance Inc | 2.93% | - | 2,135,000 | $155.04M | No quote | No quote |
| 11 | UNH | United Health Group Inc | 2.76% | - | 663,000 | $146.17M | $220.46 | No quote |
| 12 | V | Visa | 1.97% | - | 914,300 | $104.25M | $114.02 | No quote |
| 13 | GOOG | Alphabet Inc | 1.92% | - | 97,031 | $101.53M | $1046.40 | No quote |
| 14 | AMZN | Amazon.com | 1.77% | - | 80,000 | $93.56M | $1169.47 | No quote |
| 15 | BLK | Blackrock Inc | 1.75% | - | 180,000 | $92.47M | $513.71 | No quote |
| 16 | JNJ | Johnson and Johnson | 1.61% | - | 610,800 | $85.34M | $139.72 | No quote |
| 17 | UL | Unilever PLC ADR | 1.60% | - | 1,527,600 | $84.54M | $55.34 | No quote |
| 18 | GD | General Dynamics | 1.49% | - | 387,000 | $78.74M | $203.45 | No quote |
| 19 | RLI | RLI Corporation | 1.37% | - | 1,197,272 | $72.63M | $60.66 | No quote |
| 20 | WPC | W.P. Carey | 1.24% | - | 950,200 | $65.47M | $68.90 | No quote |
| 21 | ADP | Automatic Data Processing | 1.17% | - | 530,700 | $62.19M | $117.19 | No quote |
| 22 | ADM | Archer Daniels | 1.11% | - | 1,463,300 | $58.65M | $40.08 | No quote |
| 23 | NVO | Novo-Nordisk A/S | 1.09% | - | 1,075,000 | $57.7M | $53.67 | No quote |
| 24 | BF/A | Brown Forman Class ACUSIP 115637100 | 1.07% | - | 843,000 | $56.68M | No quote | No quote |
| 25 | TXN | Texas Instruments Inc | 1.04% | - | 526,000 | $54.94M | $104.44 | No quote |
| 26 | SCHW | Charles Schwab | 1.03% | - | 1,057,000 | $54.3M | $51.37 | No quote |
| 27 | LOW | Lowes | 1.00% | - | 570,000 | $52.98M | $92.94 | No quote |
| 28 | ELV | Anthem Inc | 0.95% | - | 224,000 | $50.4M | $225.01 | No quote |
| 29 | MMC | Marsh & McLennan | 0.94% | - | 609,500 | $49.61M | No quote | No quote |
| 30 | MMM | 3M Company | 0.91% | - | 204,000 | $48.02M | $235.37 | No quote |
| 31 | ADI | Analog Devices Inc | 0.90% | - | 537,811 | $47.88M | $89.03 | No quote |
| 32 | MON | Monsanto Co | 0.87% | - | 396,700 | $46.33M | No quote | No quote |
| 33 | CFX | Colfax Corporation | 0.85% | - | 1,135,070 | $44.97M | No quote | No quote |
| 34 | CAT | Caterpillar Inc | 0.83% | - | 278,000 | $43.81M | $157.58 | No quote |
| 35 | MCO | Moody's Corp | 0.81% | - | 290,000 | $42.81M | $147.61 | No quote |
| 36 | TRV | The Travelers Companies Inc | 0.81% | - | 315,000 | $42.73M | $135.64 | No quote |
| 37 | ITIC | Investors Title Company | 0.80% | - | 213,300 | $42.31M | $198.35 | No quote |
| 38 | WSO | Watsco Inc | 0.76% | - | 235,500 | $40.04M | $170.04 | No quote |
| 39 | ITW | Illinois Tool Works | 0.72% | - | 230,000 | $38.38M | $166.85 | No quote |
| 40 | AXP | American Express | 0.72% | - | 386,000 | $38.33M | $99.31 | No quote |
| 41 | OAK | Oaktree Capital Group LLC | 0.70% | - | 886,500 | $37.32M | No quote | No quote |
| 42 | NSC | Norfolk Southern | 0.63% | - | 229,500 | $33.26M | $144.90 | No quote |
| 43 | HAS | Hasbro, Inc | 0.62% | - | 364,000 | $33.08M | $90.89 | No quote |
| 44 | TROW | T.Rowe Price | 0.62% | - | 314,000 | $32.95M | $104.93 | No quote |
| 45 | FDS | Factset Research | 0.60% | - | 164,000 | $31.61M | $192.76 | No quote |
| 46 | ECL | Ecolab | 0.58% | - | 228,800 | $30.7M | $134.18 | No quote |
| 47 | BA | Boeing Co | 0.53% | - | 94,400 | $27.84M | $294.92 | No quote |
| 48 | MA | Mastercard, Inc | 0.52% | - | 182,100 | $27.56M | $151.36 | No quote |
| 49 | BX | Blackstone Group | 0.51% | - | 850,000 | $27.22M | $32.02 | No quote |
| 50 | MSFT | Microsoft Corp | 0.50% | - | 312,000 | $26.69M | $85.54 | No quote |
| 51 | ROK | Rockwell Automation Inc | 0.47% | - | 127,800 | $25.09M | $196.35 | No quote |
| 52 | SPGI | S&P Global | 0.47% | - | 147,000 | $24.9M | $169.40 | No quote |
| 53 | ACN | Accenture | 0.46% | - | 159,400 | $24.4M | $153.09 | No quote |
| 54 | PH | Parker-Hannifin Corp | 0.45% | - | 118,600 | $23.67M | $199.58 | No quote |
| 55 | APO | Apollo Global Management - A | 0.43% | - | 685,000 | $22.93M | $33.47 | No quote |
| 56 | NKE | Nike | 0.43% | - | 366,000 | $22.89M | $62.55 | No quote |
| 57 | SEIC | SEI Investments Co | 0.42% | - | 306,200 | $22M | $71.86 | No quote |
| 58 | DISCK | Discovery Communications | 0.41% | - | 1,028,000 | $21.76M | No quote | No quote |
| 59 | UTX | United Technologies | 0.40% | - | 165,000 | $21.05M | No quote | No quote |
| 60 | LSXMK | Liberty Sirius Group C | 0.39% | - | 522,000 | $20.7M | No quote | No quote |
| 61 | ROL | Rollins, Inc. | 0.39% | - | 443,700 | $20.65M | $46.53 | No quote |
| 62 | KKR | KKR & Co LLC | 0.38% | - | 967,000 | $20.37M | $21.06 | No quote |
| 63 | CME | CME Group Inc | 0.37% | - | 135,000 | $19.72M | $146.05 | No quote |
| 64 | JPM | JP Morgan | 0.37% | - | 183,000 | $19.57M | $106.94 | No quote |
| 65 | CVS | CVS Corporation | 0.37% | - | 267,000 | $19.36M | $72.50 | No quote |
| 66 | META | 0.36% | - | 108,500 | $19.15M | $176.46 | No quote | |
| 67 | AAPL | Apple Inc | 0.36% | - | 113,100 | $19.14M | $169.23 | No quote |
| 68 | CG | The Carlyle Group | 0.34% | - | 797,000 | $18.25M | $22.90 | No quote |
| 69 | LYV | Live Nation | 0.34% | - | 417,700 | $17.78M | $42.57 | No quote |
| 70 | PEP | Pepsico | 0.33% | - | 145,600 | $17.46M | $119.92 | No quote |
| 71 | LBRDA | Liberty Broadband A | 0.33% | - | 205,250 | $17.46M | $85.05 | No quote |
| 72 | MSCI | MSCI | 0.33% | - | 137,000 | $17.34M | $126.54 | No quote |
| 73 | LSXMA | Liberty Sirius Group A | 0.32% | - | 426,000 | $16.9M | No quote | No quote |
| 74 | SRCL | Stericycle Inc | 0.30% | - | 232,000 | $15.77M | No quote | No quote |
| 75 | LBRDK | Liberty Broadband Class C | 0.28% | - | 172,113 | $14.66M | $85.17 | No quote |
| 76 | BF/B | Brown-Forman Class BCUSIP 115637209 | 0.27% | - | 210,750 | $14.47M | No quote | No quote |
| 77 | TSN | Tyson Foods | 0.27% | - | 178,000 | $14.43M | $81.07 | No quote |
| 78 | GOOGL | Alphabet Inc Class A | 0.25% | - | 12,500 | $13.17M | $1053.36 | No quote |
| 79 | CSCO | Cisco | 0.25% | - | 342,000 | $13.1M | $38.30 | No quote |
| 80 | PX | Praxair Inc. | 0.25% | - | 84,400 | $13.06M | No quote | No quote |
| 81 | CDK | CDK Global Inc | 0.24% | - | 176,897 | $12.61M | No quote | No quote |
| 82 | PM | Philip Morris International | 0.23% | - | 114,500 | $12.1M | $105.65 | No quote |
| 83 | UNP | Union Pacific | 0.21% | - | 84,600 | $11.35M | $134.10 | No quote |
| 84 | HEI/A | Heico Corp Class ACUSIP 422806208 | 0.21% | - | 138,375 | $10.94M | No quote | No quote |
| 85 | MXIM | Maxim Integrated Products | 0.19% | - | 197,000 | $10.3M | No quote | No quote |
| 86 | PAYX | Paychex | 0.19% | - | 150,000 | $10.21M | $68.08 | No quote |
| 87 | GS | Goldman Sachs | 0.19% | - | 39,100 | $9.96M | $254.76 | No quote |
| 88 | DLTR | Dollar Tree Inc | 0.18% | - | 88,000 | $9.44M | $107.31 | No quote |
| 89 | ALB | Albemarle Corp | 0.18% | - | 73,000 | $9.34M | $127.89 | No quote |
| 90 | FWONK | Liberty Media Group C | 0.17% | - | 259,500 | $8.87M | $34.16 | No quote |
| 91 | ST | Sensata Technologies Holding | 0.16% | - | 168,000 | $8.59M | $51.11 | No quote |
| 92 | CMCSA | Comcast Corp- Class A | 0.16% | - | 211,000 | $8.45M | $40.05 | No quote |
| 93 | PCAR | Paccar | 0.16% | - | 118,300 | $8.41M | $71.08 | No quote |
| 94 | COST | Costco | 0.14% | - | 39,000 | $7.26M | $186.13 | No quote |
| 95 | VRSK | Verisk Analytics Inc | 0.13% | - | 73,000 | $7.01M | $96.00 | No quote |
| 96 | PDCO | Patterson Companies Inc. | 0.11% | - | 168,000 | $6.07M | No quote | No quote |
| 97 | ACNT | Synalloy Corporation | 0.10% | - | 414,804 | $5.56M | No quote | No quote |
| 98 | AGN | Allergan, Inc. | 0.10% | - | 33,000 | $5.4M | No quote | No quote |
| 99 | HXL | Hexcel Corp | 0.10% | - | 86,000 | $5.32M | $61.85 | No quote |
| 100 | FWONA | Liberty Media Group A | 0.10% | - | 157,500 | $5.15M | $32.72 | No quote |
| 101 | AMT | American Tower | 0.10% | - | 35,500 | $5.07M | $142.68 | No quote |
| 102 | COL | Rockwell Collins Inc | 0.09% | - | 37,000 | $5.02M | No quote | No quote |
| 103 | AON | Aon Corporation | 0.09% | - | 37,000 | $4.96M | $134.00 | No quote |
| 104 | BG | Bunge Limited | 0.09% | - | 71,800 | $4.82M | $67.08 | No quote |
| 105 | LBTYA | Liberty Global PLC | 0.08% | - | 124,000 | $4.44M | $35.84 | No quote |
| 106 | MCK | McKesson Corp | 0.08% | - | 26,100 | $4.07M | $155.94 | No quote |
| 107 | CABO | Cable One | 0.07% | - | 5,200 | $3.66M | $703.27 | No quote |
| 108 | BBU | Brookfield Business Partners | 0.07% | - | 101,594 | $3.51M | No quote | No quote |
| 109 | CHH | Choice Hotels Intl Inc | 0.07% | - | 45,000 | $3.49M | $77.60 | No quote |
| 110 | PAG | Penske Automotive Group | 0.07% | - | 72,000 | $3.45M | No quote | No quote |
| 111 | RBA | Ritchie Bros | 0.06% | - | 114,000 | $3.41M | No quote | No quote |
| 112 | SBUX | Starbucks Corp | 0.06% | - | 52,000 | $2.99M | $57.42 | No quote |
| 113 | GHC | Graham Holdings Co | 0.05% | - | 5,200 | $2.9M | $558.27 | No quote |
| 114 | HCSG | Healthcare Services Group | 0.05% | - | 55,000 | $2.9M | $52.73 | No quote |
| 115 | FLS | Flowserve | 0.05% | - | 67,000 | $2.82M | $42.13 | No quote |
| 116 | HSY | Hershey Foods | 0.05% | - | 24,100 | $2.74M | $113.53 | No quote |
| 117 | Y | Alleghany Corporation | 0.05% | - | 4,328 | $2.58M | No quote | No quote |
| 118 | IBM | IBM | 0.05% | - | 15,700 | $2.41M | $153.44 | No quote |
| 119 | GILD | Gilead Sciences Inc | 0.04% | - | 33,000 | $2.36M | $71.64 | No quote |
| 120 | VFC | VF Corp | 0.04% | - | 30,800 | $2.28M | $73.99 | No quote |
| 121 | BATRK | Liberty Braves Group C | 0.04% | - | 99,788 | $2.22M | $22.22 | No quote |
| 122 | BDX | Becton Dickinson | 0.04% | - | 9,000 | $1.93M | $214.11 | No quote |
| 123 | GE | General Electric | 0.03% | - | 95,000 | $1.66M | $17.45 | No quote |
| 124 | UA | Under Armour Inc-Class C | 0.03% | - | 110,000 | $1.47M | $13.32 | No quote |
| 125 | BAX | Baxter International Inc | 0.03% | - | 22,000 | $1.42M | $64.64 | No quote |
| 126 | WRB | WR Berkley Corp | 0.02% | - | 18,000 | $1.29M | $71.67 | No quote |
| 127 | IFF | Intl Flavors & Fragrances | 0.02% | - | 8,000 | $1.22M | $152.63 | No quote |
| 128 | BATRA | Liberty Braves Group A | 0.02% | - | 42,600 | $939K | $22.04 | No quote |
| 129 | MCHP | Microchip Technology | 0.01% | - | 8,000 | $703K | $87.88 | No quote |
| 130 | HRL | Hormel Foods | 0.01% | - | 19,000 | $691K | $36.37 | No quote |
| 131 | GT | Goodyear Tire & Rubber Co. | 0.01% | - | 20,000 | $646K | $32.30 | No quote |
| 132 | BMY | Bristol Myers Squibb | 0.01% | - | 10,000 | $613K | $61.30 | No quote |
| 133 | HEI | Heico Corp | 0.01% | - | 3,750 | $354K | No quote | No quote |
| 134 | PCLN | Priceline Group Inc | 0.01% | - | 200 | $348K | No quote | No quote |
| 135 | MRK | Merck | 0.01% | - | 5,600 | $315K | $56.25 | No quote |
| 136 | NVS | Novartis AG-Sponsored ADR | 0.01% | - | 3,700 | $311K | $84.05 | No quote |
| 137 | LILA | Liberty Global PLC Lilac | 0.01% | - | 14,720 | $297K | $20.18 | No quote |
| 138 | ILMN | Illumina Inc | 0.00% | New | 1,000 | $218K | $218.00 | No quote |
| 140 | SLB | Schlumberger | - | Sold | 0 | $0 | No quote | No quote |
| 139 | XOM | Exxon Corporation | - | Sold | 0 | $0 | No quote | No quote |