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 118 of 139 rows. Rows without a quote are marked unavailable.
| 1 | KMX | Carmax | 6.56% | - | 4,913,070 | $426.6M | $86.83 | No quote |
| 2 | BRK/A | Berkshire Hathaway, Inc.CUSIP 084670108 | 5.36% | - | 1,096 | $348.91M | No quote | No quote |
| 3 | BRK/B | Berkshire Hathaway Class BCUSIP 084670702 | 4.99% | Add +0.1% | 1,522,987 | $324.66M | No quote | No quote |
| 4 | BAM | Brookfield Asset Management | 4.23% | Add +0.5% | 5,764,341 | $275.42M | $47.78 | No quote |
| 5 | DIS | Disney | 3.91% | Add +0.9% | 1,823,000 | $254.56M | $139.64 | No quote |
| 6 | DEO | Diageo PLC | 3.58% | - | 1,349,800 | $232.6M | $172.32 | No quote |
| 7 | MAR | Marriott International | 3.36% | Add +1.4% | 1,559,269 | $218.75M | $140.29 | No quote |
| 8 | HD | Home Depot | 2.94% | - | 920,000 | $191.33M | $207.97 | No quote |
| 9 | AMZN | Amazon.com | 2.76% | Add +1.6% | 94,707 | $179.34M | $1893.63 | No quote |
| 10 | DE | John Deere | 2.56% | - | 1,005,900 | $166.69M | $165.71 | No quote |
| 11 | V | Visa | 2.50% | Add +0.7% | 938,300 | $162.84M | $173.55 | No quote |
| 12 | UNH | United Health Group Inc | 2.25% | - | 599,000 | $146.16M | $244.01 | No quote |
| 13 | GOOG | Alphabet Inc | 2.14% | Add +4.1% | 129,023 | $139.46M | $1080.91 | No quote |
| 14 | WBA | Walgreens Boots Alliance Inc | 1.81% | - | 2,148,000 | $117.43M | No quote | No quote |
| 15 | RLI | RLI Corporation | 1.58% | - | 1,197,272 | $102.62M | $85.71 | No quote |
| 16 | BLK | Blackrock Inc | 1.54% | Add +3.0% | 212,800 | $99.87M | $469.30 | No quote |
| 17 | UL | Unilever PLC ADR | 1.46% | - | 1,527,600 | $94.67M | $61.97 | No quote |
| 18 | ADI | Analog Devices Inc | 1.41% | Add +7.7% | 812,811 | $91.74M | $112.87 | No quote |
| 19 | ADP | Automatic Data Processing | 1.35% | - | 530,700 | $87.74M | $165.33 | No quote |
| 20 | JNJ | Johnson and Johnson | 1.31% | - | 610,800 | $85.07M | $139.28 | No quote |
| 21 | TXN | Texas Instruments Inc | 1.19% | Add +2.9% | 677,000 | $77.69M | $114.76 | No quote |
| 22 | GD | General Dynamics | 1.08% | - | 387,000 | $70.36M | $181.82 | No quote |
| 23 | ELV | Anthem Inc | 0.97% | - | 224,000 | $63.22M | $282.21 | No quote |
| 24 | GS | Goldman Sachs | 0.94% | Add +76.2% | 297,600 | $60.89M | $204.60 | No quote |
| 25 | MMC | Marsh & McLennan | 0.93% | - | 609,500 | $60.8M | No quote | No quote |
| 26 | MSFT | Microsoft Corp | 0.92% | Add +8.3% | 446,400 | $59.8M | $133.96 | No quote |
| 27 | ADM | Archer Daniels | 0.92% | - | 1,463,300 | $59.7M | $40.80 | No quote |
| 28 | WSO | Watsco Inc | 0.90% | Add +8.2% | 356,000 | $58.22M | $163.53 | No quote |
| 29 | LOW | Lowes | 0.88% | - | 570,000 | $57.52M | $100.91 | No quote |
| 30 | AAPL | Apple Inc | 0.88% | Add +7.3% | 290,485 | $57.49M | $197.92 | No quote |
| 31 | ECL | Ecolab | 0.86% | Add +2.9% | 283,800 | $56.03M | $197.44 | No quote |
| 32 | AXP | American Express | 0.86% | Add +15.1% | 451,000 | $55.67M | $123.44 | No quote |
| 33 | NVO | Novo-Nordisk A/S | 0.84% | - | 1,075,000 | $54.87M | $51.04 | No quote |
| 34 | BX | Blackstone Group | 0.82% | Add +2.9% | 1,206,000 | $53.57M | $44.42 | No quote |
| 35 | MA | Mastercard, Inc | 0.79% | Add +3.5% | 194,600 | $51.48M | $264.53 | No quote |
| 36 | TRV | The Travelers Companies Inc | 0.72% | - | 315,000 | $47.1M | $149.52 | No quote |
| 37 | BF/A | Brown Forman Class ACUSIP 115637100 | 0.71% | - | 843,000 | $46.37M | No quote | No quote |
| 38 | NSC | Norfolk Southern | 0.70% | - | 229,500 | $45.75M | $199.33 | No quote |
| 39 | PGR | Progressive Corp | 0.66% | Add +15.2% | 538,000 | $43M | $79.93 | No quote |
| 40 | SCHW | Charles Schwab | 0.65% | Reduce -0.0% | 1,057,000 | $42.48M | $40.19 | No quote |
| 41 | SBUX | Starbucks Corp | 0.63% | Add +6.2% | 490,418 | $41.11M | $83.83 | No quote |
| 42 | MCO | Moody's Corp | 0.60% | Add +0.0% | 201,080 | $39.27M | $195.31 | No quote |
| 43 | HAS | Hasbro, Inc | 0.59% | - | 364,000 | $38.47M | $105.68 | No quote |
| 44 | CAT | Caterpillar Inc | 0.58% | - | 278,000 | $37.89M | $136.29 | No quote |
| 45 | ITW | Illinois Tool Works | 0.58% | Add +9.1% | 251,000 | $37.85M | $150.81 | No quote |
| 46 | SMG | Scotts Miracle-Gro Co | 0.57% | Add +26.9% | 378,000 | $37.23M | $98.50 | No quote |
| 47 | MMM | 3M Company | 0.55% | Add +2.0% | 208,000 | $36.05M | $173.34 | No quote |
| 48 | ITIC | Investors Title Company | 0.55% | - | 213,300 | $35.62M | $167.00 | No quote |
| 49 | APO | Apollo Global Management - A | 0.53% | Add +2.2% | 1,012,500 | $34.73M | $34.30 | No quote |
| 50 | TROW | T.Rowe Price | 0.53% | - | 314,000 | $34.45M | $109.71 | No quote |
| 51 | BA | Boeing Co | 0.53% | - | 94,400 | $34.36M | $364.01 | No quote |
| 52 | WHR | Whirlpool Corp | 0.52% | Add +21.9% | 237,319 | $33.79M | $142.36 | No quote |
| 53 | HEI/A | Heico Corp Class ACUSIP 422806208 | 0.52% | Add +7.2% | 326,145 | $33.71M | No quote | No quote |
| 54 | KKR | KKR & Co LLC | 0.52% | Add +2.1% | 1,326,000 | $33.51M | $25.27 | No quote |
| 55 | SPGI | S&P Global | 0.51% | - | 147,000 | $33.49M | $227.79 | No quote |
| 56 | DISCK | Discovery Communications | 0.51% | Add +0.4% | 1,176,000 | $33.46M | No quote | No quote |
| 57 | FDS | Factset Research | 0.51% | Add +0.2% | 116,220 | $33.3M | $286.56 | No quote |
| 58 | MSCI | MSCI | 0.50% | - | 137,000 | $32.71M | $238.79 | No quote |
| 59 | LYV | Live Nation | 0.50% | - | 488,700 | $32.38M | $66.25 | No quote |
| 60 | CFX | Colfax Corporation | 0.49% | - | 1,135,070 | $31.82M | No quote | No quote |
| 61 | NKE | Nike | 0.47% | - | 366,000 | $30.73M | $83.95 | No quote |
| 62 | ACN | Accenture | 0.45% | - | 159,400 | $29.45M | $184.77 | No quote |
| 63 | UTX | United Technologies | 0.45% | - | 224,000 | $29.17M | No quote | No quote |
| 64 | ROL | Rollins, Inc. | 0.44% | Add +0.8% | 798,050 | $28.63M | $35.87 | No quote |
| 65 | META | 0.42% | Reduce -1.8% | 141,530 | $27.32M | $193.00 | No quote | |
| 66 | SRCL | Stericycle Inc | 0.42% | Add +4.4% | 569,500 | $27.19M | No quote | No quote |
| 67 | CG | The Carlyle Group | 0.41% | Add +2.9% | 1,177,000 | $26.61M | $22.61 | No quote |
| 68 | BF/B | Brown-Forman Class BCUSIP 115637209 | 0.40% | - | 474,187 | $26.28M | No quote | No quote |
| 69 | CME | CME Group Inc | 0.40% | - | 135,000 | $26.21M | $194.11 | No quote |
| 70 | TSN | Tyson Foods | 0.39% | Add +8.7% | 311,000 | $25.11M | $80.74 | No quote |
| 71 | CMCSA | Comcast Corp- Class A | 0.33% | Add +16.4% | 512,000 | $21.65M | $42.28 | No quote |
| 72 | SEIC | SEI Investments Co | 0.33% | - | 383,200 | $21.5M | $56.10 | No quote |
| 73 | LBRDA | Liberty Broadband A | 0.32% | - | 205,250 | $21.11M | $102.84 | No quote |
| 74 | JPM | JP Morgan | 0.32% | Add +1.3% | 188,550 | $21.08M | $111.80 | No quote |
| 75 | ROK | Rockwell Automation Inc | 0.32% | - | 127,800 | $20.94M | $163.83 | No quote |
| 76 | MHK | Mohawk Industries | 0.31% | Add +44.2% | 137,000 | $20.2M | $147.47 | No quote |
| 77 | PH | Parker-Hannifin Corp | 0.31% | - | 118,600 | $20.16M | $170.01 | No quote |
| 78 | LSXMK | Liberty Sirius Group C | 0.30% | - | 522,000 | $19.83M | No quote | No quote |
| 79 | PEP | Pepsico | 0.29% | - | 145,600 | $19.09M | $131.13 | No quote |
| 80 | LIN | Linde PLC | 0.29% | - | 94,400 | $18.96M | $200.81 | No quote |
| 81 | NVR | NVR Inc | 0.29% | Add +71.2% | 5,605 | $18.89M | $3370.21 | No quote |
| 82 | CSCO | Cisco | 0.29% | - | 342,000 | $18.72M | $54.73 | No quote |
| 83 | LUV | Southwest Airlines | 0.28% | Add +68.7% | 356,000 | $18.08M | $50.78 | No quote |
| 84 | LBRDK | Liberty Broadband Class C | 0.28% | - | 172,113 | $17.94M | $104.22 | No quote |
| 85 | OAK | Oaktree Capital Group LLC | 0.28% | Reduce -66.0% | 362,000 | $17.93M | No quote | No quote |
| 86 | DAL | Delta Air Lines | 0.26% | Add +71.8% | 299,000 | $16.97M | $56.75 | No quote |
| 87 | LSXMA | Liberty Sirius Group A | 0.25% | - | 426,000 | $16.11M | No quote | No quote |
| 88 | MXIM | Maxim Integrated Products | 0.23% | - | 252,000 | $15.07M | No quote | No quote |
| 89 | CVS | CVS Corporation | 0.23% | - | 275,000 | $14.99M | $54.49 | No quote |
| 90 | CHH | Choice Hotels Intl Inc | 0.23% | Add +19.8% | 169,500 | $14.75M | $87.01 | No quote |
| 91 | UNP | Union Pacific | 0.22% | - | 85,370 | $14.44M | $169.11 | No quote |
| 92 | SHW | Sherwin Williams | 0.22% | - | 31,000 | $14.21M | $458.29 | No quote |
| 93 | MCHP | Microchip Technology | 0.21% | Add +5.3% | 159,000 | $13.79M | $86.70 | No quote |
| 94 | GOOGL | Alphabet Inc Class A | 0.21% | - | 12,500 | $13.54M | $1082.80 | No quote |
| 95 | DLTR | Dollar Tree Inc | 0.20% | - | 123,000 | $13.21M | $107.39 | No quote |
| 96 | HXL | Hexcel Corp | 0.20% | Add +8.9% | 159,000 | $12.86M | $80.88 | No quote |
| 97 | ATVI | Activision Blizzard Inc | 0.19% | Add +5.6% | 262,800 | $12.4M | No quote | No quote |
| 98 | PAYX | Paychex | 0.19% | - | 150,000 | $12.34M | $82.29 | No quote |
| 99 | EA | Electronic Arts Inc | 0.19% | Add +6.2% | 119,400 | $12.09M | $101.26 | No quote |
| 100 | VRSK | Verisk Analytics Inc | 0.17% | - | 74,000 | $10.84M | $146.46 | No quote |
| 101 | COST | Costco | 0.16% | Add +0.4% | 39,150 | $10.35M | $264.24 | No quote |
| 102 | FWONK | Liberty Media Group C | 0.15% | - | 259,500 | $9.71M | $37.41 | No quote |
| 103 | IFF | Intl Flavors & Fragrances | 0.15% | - | 66,500 | $9.65M | $145.08 | No quote |
| 104 | PM | Philip Morris International | 0.14% | - | 114,500 | $8.99M | $78.53 | No quote |
| 105 | CDK | CDK Global Inc | 0.13% | - | 176,897 | $8.75M | No quote | No quote |
| 106 | FWONA | Liberty Media Group A | 0.13% | - | 229,500 | $8.23M | $35.86 | No quote |
| 107 | EFX | Equifax Inc | 0.12% | Add +64.8% | 58,500 | $7.91M | $135.25 | No quote |
| 108 | AMT | American Tower | 0.11% | - | 35,500 | $7.26M | $204.45 | No quote |
| 109 | AON | Aon Corporation | 0.11% | - | 37,000 | $7.14M | $192.97 | No quote |
| 110 | HCSG | Healthcare Services Group | 0.10% | Add +7.6% | 211,500 | $6.41M | $30.32 | No quote |
| 111 | CABO | Cable One | 0.09% | - | 5,200 | $6.09M | $1170.96 | No quote |
| 112 | MCK | McKesson Corp | 0.09% | Add +16.2% | 43,100 | $5.79M | $134.39 | No quote |
| 113 | ALB | Albemarle Corp | 0.08% | - | 73,000 | $5.14M | $70.41 | No quote |
| 114 | LBTYA | Liberty Global PLC | 0.07% | - | 179,000 | $4.83M | $26.99 | No quote |
| 115 | CCK | Crown Holdings Inc | 0.07% | Add +53.1% | 75,000 | $4.58M | $61.09 | No quote |
| 116 | TRU | TransUnion | 0.07% | Add +50.0% | 60,000 | $4.41M | $73.52 | No quote |
| 117 | ST | Sensata Technologies Holding | 0.06% | - | 82,000 | $4.02M | $49.00 | No quote |
| 118 | GHC | Graham Holdings Co | 0.06% | - | 5,200 | $3.59M | $690.00 | No quote |
| 119 | BK | Bank of New York Mellon Corp | 0.05% | New | 80,000 | $3.53M | $44.15 | No quote |
| 120 | PAG | Penske Automotive Group | 0.05% | - | 72,000 | $3.41M | No quote | No quote |
| 121 | WFC | Wells Fargo | 0.05% | Add +22.9% | 67,600 | $3.2M | $47.31 | No quote |
| 122 | Y | Alleghany Corporation | 0.05% | - | 4,328 | $2.95M | No quote | No quote |
| 123 | NXPI | NXP Semiconductors NV | 0.04% | - | 29,000 | $2.83M | $97.62 | No quote |
| 124 | SHAK | Shake Shack Inc - Class A | 0.04% | Add +3.1% | 32,900 | $2.38M | $72.22 | No quote |
| 126 | WRB | WR Berkley Corp | 0.03% | Add +50.0% | 27,000 | $1.78M | $65.93 | No quote |
| 125 | AN | Autonation Inc | 0.03% | Add +30.4% | 42,460 | $1.78M | $41.92 | No quote |
| 127 | C | Citigroup Inc | 0.02% | Add +18.4% | 16,070 | $1.13M | $70.01 | No quote |
| 128 | TRUP | Trupanion | 0.01% | New | 25,000 | $903K | $36.12 | No quote |
| 129 | DHI | DR Horton Inc | 0.01% | Add +19.1% | 11,857 | $512K | $43.18 | No quote |
| 130 | BKNG | Booking Holdings Inc | 0.01% | Reduce -20.0% | 200 | $375K | $1875.00 | No quote |
| 131 | ILMN | Illumina Inc | 0.01% | - | 1,000 | $368K | $368.00 | No quote |
| 132 | SYF | Synchrony Financial | 0.01% | Add +31.9% | 10,556 | $366K | $34.67 | No quote |
| 133 | LILA | Liberty Latin America | 0.01% | - | 19,720 | $340K | $17.24 | No quote |
| 134 | GT | Goodyear Tire & Rubber Co. | 0.00% | New | 20,000 | $306K | $15.30 | No quote |
| 135 | BUD | Anheuser-Busch Inbev ADR | 0.00% | New | 3,000 | $266K | $88.67 | No quote |
| 136 | LEN | Lennar Corporation | 0.00% | New | 4,900 | $238K | $48.57 | No quote |
| 137 | BALL | Ball Corporation | 0.00% | New | 3,000 | $210K | $70.00 | No quote |
| 139 | VZ | Verizon | - | Sold | 0 | $0 | No quote | No quote |
| 138 | CMG | Chipotle Mexican Grill Inc | - | Sold | 0 | $0 | No quote | No quote |