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 112 of 148 rows. Rows without a quote are marked unavailable.
| 1 | KMX | Carmax | 6.57% | - | 4,913,070 | $358.02M | $72.87 | No quote |
| 2 | BRK/A | Berkshire Hathaway, Inc.CUSIP 084670108 | 5.67% | Add +0.2% | 1,096 | $309.12M | No quote | No quote |
| 3 | BRK/B | Berkshire Hathaway Class BCUSIP 084670702 | 5.19% | Add +0.1% | 1,515,032 | $282.78M | No quote | No quote |
| 4 | BAM | Brookfield Asset Management | 4.18% | Add +1.3% | 5,619,221 | $227.8M | $40.54 | No quote |
| 5 | DEO | Diageo PLC | 3.57% | - | 1,349,800 | $194.38M | $144.01 | No quote |
| 6 | MAR | Marriott International | 3.52% | Add +0.5% | 1,515,269 | $191.83M | $126.60 | No quote |
| 7 | DIS | Disney | 3.40% | Add +1.5% | 1,769,200 | $185.43M | $104.81 | No quote |
| 8 | HD | Home Depot | 3.29% | - | 920,000 | $179.49M | $195.10 | No quote |
| 9 | UNH | United Health Group Inc | 2.99% | - | 663,000 | $162.66M | $245.34 | No quote |
| 10 | DE | John Deere | 2.81% | - | 1,095,400 | $153.14M | $139.80 | No quote |
| 11 | AMZN | Amazon.com | 2.73% | Add +3.2% | 87,420 | $148.6M | $1699.81 | No quote |
| 12 | WBA | Walgreens Boots Alliance Inc | 2.37% | Add +0.6% | 2,148,000 | $128.91M | No quote | No quote |
| 13 | GOOG | Alphabet Inc | 2.24% | Add +5.6% | 109,524 | $122.19M | $1115.65 | No quote |
| 14 | V | Visa | 2.24% | - | 920,400 | $121.91M | $132.45 | No quote |
| 15 | BLK | Blackrock Inc | 1.76% | Add +2.3% | 191,900 | $95.77M | $499.04 | No quote |
| 16 | UL | Unilever PLC ADR | 1.55% | - | 1,527,600 | $84.45M | $55.28 | No quote |
| 17 | RLI | RLI Corporation | 1.45% | - | 1,197,272 | $79.25M | $66.19 | No quote |
| 18 | JNJ | Johnson and Johnson | 1.36% | - | 610,800 | $74.12M | $121.34 | No quote |
| 19 | GD | General Dynamics | 1.32% | - | 387,000 | $72.14M | $186.41 | No quote |
| 20 | ADP | Automatic Data Processing | 1.31% | - | 530,700 | $71.19M | $134.14 | No quote |
| 21 | TXN | Texas Instruments Inc | 1.24% | Add +6.4% | 612,000 | $67.47M | $110.25 | No quote |
| 22 | ADM | Archer Daniels | 1.23% | - | 1,463,300 | $67.06M | $45.83 | No quote |
| 23 | ADI | Analog Devices Inc | 1.12% | Add +8.3% | 636,811 | $61.08M | $95.92 | No quote |
| 24 | LOW | Lowes | 1.00% | - | 570,000 | $54.48M | $95.57 | No quote |
| 25 | SCHW | Charles Schwab | 0.99% | - | 1,057,000 | $54.01M | $51.10 | No quote |
| 26 | ELV | Anthem Inc | 0.98% | - | 224,000 | $53.32M | $238.03 | No quote |
| 27 | MMC | Marsh & McLennan | 0.92% | - | 609,500 | $49.96M | No quote | No quote |
| 28 | NVO | Novo-Nordisk A/S | 0.91% | - | 1,075,000 | $49.58M | $46.12 | No quote |
| 29 | WSO | Watsco Inc | 0.90% | Add +6.8% | 276,000 | $49.21M | $178.28 | No quote |
| 30 | WPC | W.P. Carey | 0.85% | Reduce -26.3% | 700,200 | $46.46M | $66.35 | No quote |
| 31 | BF/A | Brown Forman Class ACUSIP 115637100 | 0.76% | - | 843,000 | $41.19M | No quote | No quote |
| 32 | OAK | Oaktree Capital Group LLC | 0.75% | Add +4.5% | 1,003,500 | $40.79M | No quote | No quote |
| 33 | MMM | 3M Company | 0.74% | - | 204,000 | $40.13M | $196.72 | No quote |
| 34 | ITIC | Investors Title Company | 0.72% | - | 213,300 | $39.39M | $184.66 | No quote |
| 35 | TRV | The Travelers Companies Inc | 0.71% | - | 315,000 | $38.54M | $122.34 | No quote |
| 36 | AXP | American Express | 0.69% | - | 386,000 | $37.83M | $98.00 | No quote |
| 37 | CAT | Caterpillar Inc | 0.69% | - | 278,000 | $37.72M | $135.67 | No quote |
| 38 | ECL | Ecolab | 0.67% | Add +5.0% | 260,800 | $36.6M | $140.33 | No quote |
| 39 | TROW | T.Rowe Price | 0.67% | - | 314,000 | $36.45M | $116.09 | No quote |
| 40 | MA | Mastercard, Inc | 0.66% | - | 182,100 | $35.79M | $196.52 | No quote |
| 41 | MSFT | Microsoft Corp | 0.65% | Add +6.5% | 361,000 | $35.6M | $98.61 | No quote |
| 42 | CFX | Colfax Corporation | 0.64% | - | 1,135,070 | $34.79M | No quote | No quote |
| 43 | NSC | Norfolk Southern | 0.64% | - | 229,500 | $34.63M | $150.87 | No quote |
| 44 | BX | Blackstone Group | 0.63% | Add +8.1% | 1,070,500 | $34.44M | $32.17 | No quote |
| 45 | MCO | Moody's Corp | 0.63% | - | 200,000 | $34.11M | $170.56 | No quote |
| 46 | HAS | Hasbro, Inc | 0.62% | - | 364,000 | $33.6M | $92.31 | No quote |
| 47 | ITW | Illinois Tool Works | 0.58% | - | 230,000 | $31.86M | $138.54 | No quote |
| 48 | BA | Boeing Co | 0.58% | - | 94,400 | $31.67M | $335.51 | No quote |
| 49 | SPGI | S&P Global | 0.55% | - | 147,000 | $29.97M | $203.89 | No quote |
| 50 | DISCK | Discovery Communications | 0.55% | Add +7.0% | 1,169,000 | $29.81M | No quote | No quote |
| 51 | KKR | KKR & Co LLC | 0.55% | Add +5.6% | 1,195,000 | $29.7M | $24.85 | No quote |
| 52 | APO | Apollo Global Management - A | 0.54% | Add +9.5% | 925,000 | $29.48M | $31.87 | No quote |
| 53 | NKE | Nike | 0.54% | - | 366,000 | $29.16M | $79.68 | No quote |
| 54 | AAPL | Apple Inc | 0.51% | Add +6.2% | 149,205 | $27.62M | $185.11 | No quote |
| 55 | ROL | Rollins, Inc. | 0.49% | Add +5.2% | 504,700 | $26.54M | $52.58 | No quote |
| 56 | ACN | Accenture | 0.48% | - | 159,400 | $26.08M | $163.59 | No quote |
| 57 | META | 0.46% | Add +4.3% | 128,480 | $24.97M | $194.32 | No quote | |
| 58 | SRCL | Stericycle Inc | 0.44% | Add +19.3% | 370,500 | $24.19M | No quote | No quote |
| 59 | UTX | United Technologies | 0.44% | Add +6.7% | 192,500 | $24.07M | No quote | No quote |
| 60 | LSXMK | Liberty Sirius Group C | 0.43% | - | 522,000 | $23.68M | No quote | No quote |
| 61 | BF/B | Brown-Forman Class BCUSIP 115637209 | 0.43% | - | 474,187 | $23.24M | No quote | No quote |
| 62 | LYV | Live Nation | 0.43% | Add +3.0% | 477,700 | $23.2M | $48.57 | No quote |
| 63 | FDS | Factset Research | 0.42% | - | 116,000 | $22.98M | $198.10 | No quote |
| 64 | MSCI | MSCI | 0.42% | - | 137,000 | $22.66M | $165.43 | No quote |
| 65 | CG | The Carlyle Group | 0.41% | Add +8.9% | 1,047,500 | $22.31M | $21.30 | No quote |
| 66 | CME | CME Group Inc | 0.41% | - | 135,000 | $22.13M | $163.92 | No quote |
| 67 | ROK | Rockwell Automation Inc | 0.39% | - | 127,800 | $21.24M | $166.23 | No quote |
| 68 | GS | Goldman Sachs | 0.38% | Add +43.7% | 94,750 | $20.9M | $220.57 | No quote |
| 69 | LSXMA | Liberty Sirius Group A | 0.35% | - | 426,000 | $19.19M | No quote | No quote |
| 70 | SEIC | SEI Investments Co | 0.35% | - | 306,200 | $19.14M | $62.52 | No quote |
| 71 | JPM | JP Morgan | 0.35% | - | 183,000 | $19.07M | $104.20 | No quote |
| 72 | PGR | Progressive Corp | 0.34% | Add +50.0% | 315,000 | $18.63M | $59.15 | No quote |
| 73 | PH | Parker-Hannifin Corp | 0.34% | - | 118,600 | $18.48M | $155.85 | No quote |
| 74 | CVS | CVS Corporation | 0.32% | - | 275,000 | $17.7M | $64.35 | No quote |
| 75 | HEI/A | Heico Corp Class ACUSIP 422806208 | 0.30% | Add +38.5% | 271,147 | $16.53M | No quote | No quote |
| 76 | PEP | Pepsico | 0.29% | - | 145,600 | $15.85M | $108.87 | No quote |
| 77 | LBRDA | Liberty Broadband A | 0.28% | - | 205,250 | $15.53M | $75.64 | No quote |
| 78 | TSN | Tyson Foods | 0.28% | - | 221,000 | $15.22M | $68.85 | No quote |
| 79 | PX | Praxair Inc. | 0.27% | - | 94,400 | $14.93M | No quote | No quote |
| 80 | SBUX | Starbucks Corp | 0.27% | Add +45.6% | 304,448 | $14.87M | $48.85 | No quote |
| 81 | CSCO | Cisco | 0.27% | - | 342,000 | $14.72M | $43.03 | No quote |
| 82 | MXIM | Maxim Integrated Products | 0.26% | Add +8.6% | 241,000 | $14.14M | No quote | No quote |
| 83 | GOOGL | Alphabet Inc Class A | 0.26% | - | 12,500 | $14.12M | $1129.20 | No quote |
| 84 | LBRDK | Liberty Broadband Class C | 0.24% | - | 172,113 | $13.03M | $75.72 | No quote |
| 85 | UNP | Union Pacific | 0.22% | Add +0.4% | 85,370 | $12.1M | $141.68 | No quote |
| 86 | CMG | Chipotle Mexican Grill Inc | 0.22% | Add +55.4% | 27,200 | $11.73M | $431.36 | No quote |
| 87 | CDK | CDK Global Inc | 0.21% | - | 176,897 | $11.51M | No quote | No quote |
| 88 | PAYX | Paychex | 0.19% | - | 150,000 | $10.25M | $68.35 | No quote |
| 89 | FWONK | Liberty Media Group C | 0.18% | - | 259,500 | $9.64M | $37.13 | No quote |
| 90 | CMCSA | Comcast Corp- Class A | 0.18% | Add +37.9% | 291,000 | $9.55M | $32.81 | No quote |
| 91 | PM | Philip Morris International | 0.17% | - | 114,500 | $9.25M | $80.74 | No quote |
| 92 | DLTR | Dollar Tree Inc | 0.16% | Add +13.6% | 100,000 | $8.5M | $85.00 | No quote |
| 93 | MCHP | Microchip Technology | 0.15% | Add +85.7% | 91,000 | $8.28M | $90.95 | No quote |
| 94 | ACNT | Synalloy Corporation | 0.15% | - | 414,804 | $8.28M | No quote | No quote |
| 95 | COST | Costco | 0.15% | - | 39,000 | $8.15M | $208.97 | No quote |
| 96 | ST | Sensata Technologies Holding | 0.15% | - | 168,000 | $7.99M | $47.58 | No quote |
| 97 | HXL | Hexcel Corp | 0.15% | Add +12.7% | 120,000 | $7.97M | $66.38 | No quote |
| 98 | VRSK | Verisk Analytics Inc | 0.14% | - | 73,000 | $7.86M | $107.64 | No quote |
| 99 | FWONA | Liberty Media Group A | 0.14% | Add +17.7% | 219,500 | $7.75M | $35.31 | No quote |
| 100 | CHH | Choice Hotels Intl Inc | 0.14% | Add +19.8% | 100,000 | $7.56M | $75.60 | No quote |
| 101 | COF | Capital One Financial Corp | 0.13% | - | 75,000 | $6.89M | $91.89 | No quote |
| 102 | ALB | Albemarle Corp | 0.13% | - | 73,000 | $6.89M | $94.33 | No quote |
| 103 | SMG | Scotts Miracle-Gro Co | 0.11% | Add +469.2% | 74,000 | $6.15M | $83.16 | No quote |
| 104 | AMT | American Tower | 0.09% | - | 35,500 | $5.12M | $144.17 | No quote |
| 105 | AON | Aon Corporation | 0.09% | - | 37,000 | $5.08M | $137.16 | No quote |
| 106 | IFF | Intl Flavors & Fragrances | 0.09% | Add +300.0% | 40,000 | $4.96M | $123.95 | No quote |
| 107 | MCK | McKesson Corp | 0.09% | Add +23.3% | 37,100 | $4.95M | $133.40 | No quote |
| 108 | LBTYA | Liberty Global PLC | 0.08% | Add +10.5% | 168,000 | $4.63M | $27.54 | No quote |
| 109 | HCSG | Healthcare Services Group | 0.08% | Add +80.0% | 99,000 | $4.28M | $43.19 | No quote |
| 110 | CABO | Cable One | 0.07% | - | 5,200 | $3.81M | $733.27 | No quote |
| 111 | PAG | Penske Automotive Group | 0.06% | - | 72,000 | $3.37M | No quote | No quote |
| 112 | MAT | Mattel | 0.06% | Add +106.1% | 204,000 | $3.35M | $16.42 | No quote |
| 113 | GT | Goodyear Tire & Rubber Co. | 0.06% | - | 135,000 | $3.14M | $23.29 | No quote |
| 114 | GHC | Graham Holdings Co | 0.06% | - | 5,200 | $3.05M | $586.15 | No quote |
| 115 | VZ | Verizon | 0.05% | New | 52,000 | $2.62M | $50.31 | No quote |
| 116 | Y | Alleghany Corporation | 0.05% | - | 4,328 | $2.49M | No quote | No quote |
| 117 | HSY | Hershey Foods | 0.04% | - | 24,100 | $2.24M | $93.07 | No quote |
| 118 | SHAK | Shake Shack Inc - Class A | 0.04% | Add +164.6% | 29,100 | $1.93M | $66.19 | No quote |
| 119 | LUV | Southwest Airlines | 0.03% | New | 30,000 | $1.53M | $50.87 | No quote |
| 120 | WRB | WR Berkley Corp | 0.02% | - | 18,000 | $1.3M | $72.39 | No quote |
| 121 | GE | General Electric | 0.02% | - | 95,000 | $1.29M | $13.61 | No quote |
| 122 | ATVI | Activision Blizzard Inc | 0.02% | New | 16,500 | $1.26M | No quote | No quote |
| 123 | DAL | Delta Air Lines | 0.02% | New | 22,000 | $1.09M | $49.55 | No quote |
| 124 | AN | Autonation Inc | 0.02% | New | 22,200 | $1.08M | $48.56 | No quote |
| 125 | EA | Electronic Arts Inc | 0.01% | New | 5,800 | $818K | $141.03 | No quote |
| 126 | WFC | Wells Fargo | 0.01% | New | 12,000 | $665K | $55.42 | No quote |
| 127 | C | Citigroup Inc | 0.01% | New | 7,120 | $476K | $66.85 | No quote |
| 128 | BKNG | Booking Holdings Inc | 0.01% | Add +9.5% | 230 | $466K | $2026.09 | No quote |
| 129 | LILA | Liberty Latin America | 0.01% | Add +34.0% | 19,720 | $377K | $19.12 | No quote |
| 130 | ILMN | Illumina Inc | 0.01% | - | 1,000 | $279K | $279.00 | No quote |
| 131 | DHI | DR Horton Inc | 0.00% | New | 6,157 | $252K | $40.93 | No quote |
| 132 | SYF | Synchrony Financial | 0.00% | New | 6,606 | $221K | $33.45 | No quote |
| 133 | WHR | Whirlpool Corp | 0.00% | New | 1,444 | $211K | $146.12 | No quote |
| 148 | UA | Under Armour Inc-Class C | - | Sold | 0 | $0 | No quote | No quote |
| 147 | RBA | Ritchie Bros | - | Sold | 0 | $0 | No quote | No quote |
| 146 | NVS | Novartis AG-Sponsored ADR | - | Sold | 0 | $0 | No quote | No quote |
| 145 | MRK | Merck | - | Sold | 0 | $0 | No quote | No quote |
| 144 | BATRK | Liberty Braves Group C | - | Sold | 0 | $0 | No quote | No quote |
| 143 | BATRA | Liberty Braves Group A | - | Sold | 0 | $0 | No quote | No quote |
| 142 | IBM | IBM | - | Sold | 0 | $0 | No quote | No quote |
| 141 | HRL | Hormel Foods | - | Sold | 0 | $0 | No quote | No quote |
| 140 | HEI | Heico Corp | - | Sold | 0 | $0 | No quote | No quote |
| 139 | GILD | Gilead Sciences Inc | - | Sold | 0 | $0 | No quote | No quote |
| 138 | FLS | Flowserve | - | Sold | 0 | $0 | No quote | No quote |
| 137 | BBU | Brookfield Business Partners | - | Sold | 0 | $0 | No quote | No quote |
| 136 | BMY | Bristol Myers Squibb | - | Sold | 0 | $0 | No quote | No quote |
| 135 | BDX | Becton Dickinson | - | Sold | 0 | $0 | No quote | No quote |
| 134 | BAX | Baxter International Inc | - | Sold | 0 | $0 | No quote | No quote |