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 113 of 136 rows. Rows without a quote are marked unavailable.
| 1 | BRK/A | Berkshire Hathaway, Inc.CUSIP 084670108 | 6.41% | - | 1,096 | $335.38M | No quote | No quote |
| 2 | BRK/B | Berkshire Hathaway Class BCUSIP 084670702 | 5.92% | Add +0.1% | 1,518,747 | $310.1M | No quote | No quote |
| 3 | KMX | Carmax | 5.89% | - | 4,913,070 | $308.2M | $62.73 | No quote |
| 4 | BAM | Brookfield Asset Management | 4.16% | Add +0.2% | 5,674,141 | $217.6M | $38.35 | No quote |
| 5 | DIS | Disney | 3.77% | Add +0.1% | 1,800,500 | $197.42M | $109.65 | No quote |
| 6 | DEO | Diageo PLC | 3.66% | - | 1,349,800 | $191.4M | $141.80 | No quote |
| 7 | MAR | Marriott International | 3.18% | Add +0.1% | 1,532,269 | $166.34M | $108.56 | No quote |
| 8 | DE | John Deere | 3.12% | - | 1,095,400 | $163.4M | $149.17 | No quote |
| 9 | HD | Home Depot | 3.02% | - | 920,000 | $158.07M | $171.82 | No quote |
| 10 | UNH | United Health Group Inc | 2.85% | Reduce -9.7% | 599,000 | $149.22M | $249.12 | No quote |
| 11 | WBA | Walgreens Boots Alliance Inc | 2.80% | - | 2,148,000 | $146.77M | No quote | No quote |
| 12 | AMZN | Amazon.com | 2.58% | Add +0.5% | 89,745 | $134.79M | $1501.97 | No quote |
| 13 | V | Visa | 2.33% | Add +0.1% | 925,800 | $122.15M | $131.94 | No quote |
| 14 | GOOG | Alphabet Inc | 2.28% | Add +1.2% | 115,189 | $119.29M | $1035.61 | No quote |
| 15 | RLI | RLI Corporation | 1.58% | - | 1,197,272 | $82.6M | $68.99 | No quote |
| 16 | UL | Unilever PLC ADR | 1.52% | - | 1,527,600 | $79.82M | $52.25 | No quote |
| 17 | JNJ | Johnson and Johnson | 1.51% | - | 610,800 | $78.82M | $129.05 | No quote |
| 18 | BLK | Blackrock Inc | 1.47% | Add +0.1% | 195,700 | $76.88M | $392.82 | No quote |
| 19 | ADP | Automatic Data Processing | 1.33% | - | 530,700 | $69.59M | $131.12 | No quote |
| 20 | GD | General Dynamics | 1.16% | - | 387,000 | $60.84M | $157.21 | No quote |
| 21 | TXN | Texas Instruments Inc | 1.15% | Add +0.2% | 636,000 | $60.1M | $94.50 | No quote |
| 22 | ADI | Analog Devices Inc | 1.15% | Add +6.1% | 699,811 | $60.07M | $85.83 | No quote |
| 23 | ADM | Archer Daniels | 1.15% | - | 1,463,300 | $59.95M | $40.97 | No quote |
| 24 | ELV | Anthem Inc | 1.12% | - | 224,000 | $58.83M | $262.63 | No quote |
| 25 | LOW | Lowes | 1.01% | - | 570,000 | $52.65M | $92.36 | No quote |
| 26 | NVO | Novo-Nordisk A/S | 0.95% | - | 1,075,000 | $49.53M | $46.07 | No quote |
| 27 | MMC | Marsh & McLennan | 0.93% | - | 609,500 | $48.61M | No quote | No quote |
| 28 | SCHW | Charles Schwab | 0.84% | - | 1,057,100 | $43.9M | $41.53 | No quote |
| 29 | WSO | Watsco Inc | 0.78% | Add +1.0% | 295,000 | $41.05M | $139.14 | No quote |
| 30 | OAK | Oaktree Capital Group LLC | 0.78% | Add +0.1% | 1,020,500 | $40.56M | No quote | No quote |
| 31 | BF/A | Brown Forman Class ACUSIP 115637100 | 0.76% | - | 843,000 | $39.98M | No quote | No quote |
| 32 | ECL | Ecolab | 0.76% | Add +0.3% | 269,800 | $39.76M | $147.35 | No quote |
| 33 | MSFT | Microsoft Corp | 0.75% | Add +0.5% | 389,000 | $39.51M | $101.57 | No quote |
| 34 | MMM | 3M Company | 0.74% | - | 204,000 | $38.87M | $190.54 | No quote |
| 35 | TRV | The Travelers Companies Inc | 0.72% | - | 315,000 | $37.72M | $119.75 | No quote |
| 36 | ITIC | Investors Title Company | 0.72% | - | 213,300 | $37.69M | $176.68 | No quote |
| 37 | AXP | American Express | 0.70% | - | 386,000 | $36.79M | $95.32 | No quote |
| 38 | CAT | Caterpillar Inc | 0.68% | - | 278,000 | $35.33M | $127.07 | No quote |
| 39 | MA | Mastercard, Inc | 0.66% | - | 182,100 | $34.35M | $188.65 | No quote |
| 40 | NSC | Norfolk Southern | 0.66% | - | 229,500 | $34.32M | $149.54 | No quote |
| 41 | BX | Blackstone Group | 0.64% | Add +0.3% | 1,116,000 | $33.27M | $29.81 | No quote |
| 42 | BA | Boeing Co | 0.58% | - | 94,400 | $30.44M | $322.50 | No quote |
| 43 | HAS | Hasbro, Inc | 0.57% | - | 364,000 | $29.57M | $81.25 | No quote |
| 44 | ITW | Illinois Tool Works | 0.56% | - | 230,000 | $29.14M | $126.69 | No quote |
| 45 | TROW | T.Rowe Price | 0.55% | - | 314,000 | $28.99M | $92.32 | No quote |
| 46 | ROL | Rollins, Inc. | 0.54% | Add +50.6% | 785,550 | $28.36M | $36.10 | No quote |
| 47 | MCO | Moody's Corp | 0.54% | Add +0.1% | 200,100 | $28.02M | $140.04 | No quote |
| 48 | SBUX | Starbucks Corp | 0.52% | Add +1.3% | 425,168 | $27.38M | $64.40 | No quote |
| 49 | NKE | Nike | 0.52% | - | 366,000 | $27.14M | $74.14 | No quote |
| 50 | DISCK | Discovery Communications | 0.52% | - | 1,171,000 | $27.03M | No quote | No quote |
| 51 | PGR | Progressive Corp | 0.49% | Add +1.1% | 429,000 | $25.88M | $60.33 | No quote |
| 52 | CME | CME Group Inc | 0.49% | - | 135,000 | $25.4M | $188.13 | No quote |
| 53 | SPGI | S&P Global | 0.48% | - | 147,000 | $24.98M | $169.94 | No quote |
| 54 | AAPL | Apple Inc | 0.47% | Add +1.2% | 156,285 | $24.65M | $157.74 | No quote |
| 55 | KKR | KKR & Co LLC | 0.47% | Add +0.2% | 1,241,000 | $24.36M | $19.63 | No quote |
| 56 | LYV | Live Nation | 0.46% | Add +0.2% | 488,700 | $24.07M | $49.25 | No quote |
| 57 | UTX | United Technologies | 0.46% | Add +0.5% | 224,000 | $23.85M | No quote | No quote |
| 58 | APO | Apollo Global Management - A | 0.45% | Add +0.1% | 968,500 | $23.77M | $24.54 | No quote |
| 59 | CFX | Colfax Corporation | 0.45% | - | 1,135,070 | $23.72M | No quote | No quote |
| 60 | FDS | Factset Research | 0.44% | - | 116,000 | $23.22M | $200.13 | No quote |
| 61 | BF/B | Brown-Forman Class BCUSIP 115637209 | 0.43% | - | 474,187 | $22.56M | No quote | No quote |
| 62 | ACN | Accenture | 0.43% | - | 159,400 | $22.48M | $141.01 | No quote |
| 63 | GS | Goldman Sachs | 0.40% | Add +3.6% | 125,920 | $21.04M | $167.05 | No quote |
| 64 | MSCI | MSCI | 0.39% | - | 137,000 | $20.2M | $147.42 | No quote |
| 65 | LSXMK | Liberty Sirius Group C | 0.37% | - | 522,000 | $19.3M | No quote | No quote |
| 66 | ROK | Rockwell Automation Inc | 0.37% | - | 127,800 | $19.23M | $150.49 | No quote |
| 67 | HEI/A | Heico Corp Class ACUSIP 422806208 | 0.35% | Add +0.7% | 292,145 | $18.41M | No quote | No quote |
| 68 | META | 0.35% | Add +1.1% | 138,530 | $18.16M | $131.09 | No quote | |
| 69 | CVS | CVS Corporation | 0.34% | - | 275,000 | $18.02M | $65.52 | No quote |
| 70 | JPM | JP Morgan | 0.34% | - | 183,000 | $17.86M | $97.62 | No quote |
| 71 | PH | Parker-Hannifin Corp | 0.34% | - | 118,600 | $17.69M | $149.14 | No quote |
| 72 | CG | The Carlyle Group | 0.33% | Add +0.3% | 1,093,000 | $17.22M | $15.75 | No quote |
| 73 | SEIC | SEI Investments Co | 0.32% | Add +10.3% | 363,200 | $16.78M | $46.20 | No quote |
| 74 | SRCL | Stericycle Inc | 0.32% | Add +13.0% | 451,500 | $16.57M | No quote | No quote |
| 75 | PEP | Pepsico | 0.31% | - | 145,600 | $16.09M | $110.48 | No quote |
| 76 | LSXMA | Liberty Sirius Group A | 0.30% | - | 426,000 | $15.68M | No quote | No quote |
| 77 | CSCO | Cisco | 0.28% | - | 342,000 | $14.82M | $43.33 | No quote |
| 78 | LBRDA | Liberty Broadband A | 0.28% | - | 205,250 | $14.74M | $71.81 | No quote |
| 79 | LIN | Linde PLC | 0.28% | New | 94,400 | $14.73M | $156.05 | No quote |
| 80 | CMCSA | Comcast Corp- Class A | 0.26% | Add +0.8% | 399,000 | $13.59M | $34.05 | No quote |
| 81 | GOOGL | Alphabet Inc Class A | 0.25% | - | 12,500 | $13.06M | $1044.96 | No quote |
| 82 | MXIM | Maxim Integrated Products | 0.24% | Add +0.4% | 252,000 | $12.81M | No quote | No quote |
| 83 | LBRDK | Liberty Broadband Class C | 0.24% | - | 172,113 | $12.4M | $72.03 | No quote |
| 84 | TSN | Tyson Foods | 0.23% | - | 226,000 | $12.07M | $53.40 | No quote |
| 85 | UNP | Union Pacific | 0.23% | - | 85,370 | $11.8M | $138.22 | No quote |
| 86 | DLTR | Dollar Tree Inc | 0.21% | - | 123,000 | $11.11M | $90.32 | No quote |
| 87 | SMG | Scotts Miracle-Gro Co | 0.21% | Add +5.3% | 178,000 | $10.94M | $61.46 | No quote |
| 88 | MCHP | Microchip Technology | 0.21% | Add +33.6% | 151,000 | $10.86M | $71.92 | No quote |
| 89 | PAYX | Paychex | 0.19% | - | 150,000 | $9.77M | $65.15 | No quote |
| 90 | WHR | Whirlpool Corp | 0.17% | Add +308.8% | 81,259 | $8.69M | $106.88 | No quote |
| 91 | IFF | Intl Flavors & Fragrances | 0.16% | - | 63,500 | $8.53M | $134.27 | No quote |
| 92 | CDK | CDK Global Inc | 0.16% | - | 176,897 | $8.47M | No quote | No quote |
| 93 | CHH | Choice Hotels Intl Inc | 0.16% | Add +2.6% | 117,500 | $8.41M | $71.58 | No quote |
| 94 | EA | Electronic Arts Inc | 0.16% | Add +206.4% | 105,400 | $8.32M | $78.91 | No quote |
| 95 | ATVI | Activision Blizzard Inc | 0.16% | Add +288.2% | 177,800 | $8.28M | No quote | No quote |
| 96 | VRSK | Verisk Analytics Inc | 0.15% | Add +1.4% | 74,000 | $8.07M | $109.04 | No quote |
| 97 | FWONK | Liberty Media Group C | 0.15% | - | 259,500 | $7.97M | $30.70 | No quote |
| 98 | COST | Costco | 0.15% | - | 39,000 | $7.94M | $203.69 | No quote |
| 99 | HXL | Hexcel Corp | 0.15% | Add +1.5% | 134,000 | $7.68M | $57.34 | No quote |
| 100 | PM | Philip Morris International | 0.15% | - | 114,500 | $7.64M | $66.76 | No quote |
| 101 | FWONA | Liberty Media Group A | 0.13% | - | 229,500 | $6.82M | $29.72 | No quote |
| 102 | HCSG | Healthcare Services Group | 0.11% | Add +9.8% | 146,000 | $5.87M | $40.18 | No quote |
| 103 | ALB | Albemarle Corp | 0.11% | - | 73,000 | $5.63M | $77.07 | No quote |
| 104 | AMT | American Tower | 0.11% | - | 35,500 | $5.62M | $158.20 | No quote |
| 105 | AON | Aon Corporation | 0.10% | - | 37,000 | $5.38M | $145.35 | No quote |
| 106 | VZ | Verizon | 0.10% | - | 93,000 | $5.23M | $56.22 | No quote |
| 107 | MHK | Mohawk Industries | 0.09% | Add +36.7% | 41,000 | $4.8M | $116.95 | No quote |
| 108 | SHW | Sherwin Williams | 0.08% | New | 11,000 | $4.33M | $393.45 | No quote |
| 109 | CABO | Cable One | 0.08% | - | 5,200 | $4.27M | $820.19 | No quote |
| 110 | LUV | Southwest Airlines | 0.08% | Add +13.8% | 91,000 | $4.23M | $46.48 | No quote |
| 111 | MCK | McKesson Corp | 0.08% | - | 37,100 | $4.1M | $110.49 | No quote |
| 112 | LBTYA | Liberty Global PLC | 0.07% | Add +0.6% | 179,000 | $3.82M | $21.34 | No quote |
| 113 | ST | Sensata Technologies Holding | 0.07% | - | 82,000 | $3.68M | $44.84 | No quote |
| 114 | CMG | Chipotle Mexican Grill Inc | 0.07% | Reduce -69.8% | 8,200 | $3.54M | $431.83 | No quote |
| 115 | GHC | Graham Holdings Co | 0.06% | - | 5,200 | $3.33M | $640.58 | No quote |
| 116 | PAG | Penske Automotive Group | 0.06% | - | 72,000 | $2.9M | No quote | No quote |
| 117 | Y | Alleghany Corporation | 0.05% | - | 4,328 | $2.7M | No quote | No quote |
| 118 | DAL | Delta Air Lines | 0.05% | Add +14.9% | 54,000 | $2.69M | $49.89 | No quote |
| 119 | WFC | Wells Fargo | 0.05% | Add +1.9% | 55,000 | $2.53M | $46.07 | No quote |
| 120 | NXPI | NXP Semiconductors NV | 0.04% | Add +3.6% | 29,000 | $2.13M | $73.28 | No quote |
| 121 | NVR | NVR Inc | 0.04% | New | 770 | $1.88M | $2436.36 | No quote |
| 122 | SHAK | Shake Shack Inc - Class A | 0.03% | Add +0.8% | 31,350 | $1.42M | $45.42 | No quote |
| 123 | WRB | WR Berkley Corp | 0.03% | - | 18,000 | $1.33M | $73.89 | No quote |
| 124 | AN | Autonation Inc | 0.02% | Add +8.9% | 29,960 | $1.07M | $35.71 | No quote |
| 125 | C | Citigroup Inc | 0.01% | Add +14.3% | 13,570 | $707K | $52.10 | No quote |
| 126 | CCK | Crown Holdings Inc | 0.01% | Add +36.4% | 15,000 | $624K | $41.60 | No quote |
| 127 | BKNG | Booking Holdings Inc | 0.01% | - | 250 | $431K | $1724.00 | No quote |
| 128 | DHI | DR Horton Inc | 0.01% | Add +7.7% | 9,057 | $313K | $34.56 | No quote |
| 129 | ILMN | Illumina Inc | 0.01% | - | 1,000 | $300K | $300.00 | No quote |
| 130 | LILA | Liberty Latin America | 0.01% | - | 19,720 | $286K | $14.50 | No quote |
| 131 | EFX | Equifax Inc | 0.00% | New | 2,500 | $233K | $93.20 | No quote |
| 132 | TRU | TransUnion | 0.00% | New | 4,000 | $227K | $56.75 | No quote |
| 136 | SYF | Synchrony Financial | - | Sold | 0 | $0 | No quote | No quote |
| 135 | ACNT | Synalloy Corporation | - | Sold | 0 | $0 | No quote | No quote |
| 134 | PX | Praxair Inc. | - | Sold | 0 | $0 | No quote | No quote |
| 133 | HSY | Hershey Foods | - | Sold | 0 | $0 | No quote | No quote |