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 114 of 134 rows. Rows without a quote are marked unavailable.
| 1 | KMX | Carmax | 5.98% | - | 4,913,070 | $430.73M | $87.67 | No quote |
| 2 | BRK/A | Berkshire Hathaway, Inc.CUSIP 084670108 | 5.21% | Add +0.8% | 1,105 | $375.25M | No quote | No quote |
| 3 | BRK/B | Berkshire Hathaway Class BCUSIP 084670702 | 4.80% | Add +0.1% | 1,526,357 | $345.72M | No quote | No quote |
| 4 | BAM | Brookfield Asset Management | 4.65% | Add +0.2% | 5,794,641 | $334.93M | $57.80 | No quote |
| 5 | DIS | Disney | 3.72% | Add +0.6% | 1,854,430 | $268.21M | $144.63 | No quote |
| 6 | MAR | Marriott International | 3.33% | Add +0.7% | 1,585,269 | $240.06M | $151.43 | No quote |
| 7 | DEO | Diageo PLC | 3.16% | - | 1,349,800 | $227.33M | $168.42 | No quote |
| 8 | HD | Home Depot | 2.79% | - | 920,000 | $200.91M | $218.38 | No quote |
| 9 | GOOG | Alphabet Inc | 2.52% | Add +1.7% | 135,558 | $181.24M | $1337.02 | No quote |
| 10 | AMZN | Amazon.com | 2.51% | Add +0.7% | 97,932 | $180.96M | $1847.84 | No quote |
| 11 | V | Visa | 2.49% | Add +0.6% | 955,150 | $179.47M | $187.90 | No quote |
| 12 | UNH | United Health Group Inc | 2.44% | - | 599,000 | $176.09M | $293.98 | No quote |
| 13 | DE | John Deere | 2.42% | - | 1,005,900 | $174.28M | $173.26 | No quote |
| 14 | WBA | Walgreens Boots Alliance Inc | 1.68% | Reduce -4.3% | 2,057,500 | $121.31M | No quote | No quote |
| 15 | BLK | Blackrock Inc | 1.54% | Add +1.3% | 220,000 | $110.59M | $502.70 | No quote |
| 16 | RLI | RLI Corporation | 1.50% | - | 1,197,272 | $107.78M | $90.02 | No quote |
| 17 | ADI | Analog Devices Inc | 1.41% | Add +1.4% | 855,811 | $101.71M | $118.84 | No quote |
| 18 | TXN | Texas Instruments Inc | 1.27% | Add +1.6% | 714,500 | $91.66M | $128.29 | No quote |
| 19 | ADP | Automatic Data Processing | 1.26% | - | 530,700 | $90.48M | $170.50 | No quote |
| 20 | JNJ | Johnson and Johnson | 1.24% | - | 610,800 | $89.1M | $145.87 | No quote |
| 21 | AAPL | Apple Inc | 1.22% | Add +1.0% | 300,035 | $88.11M | $293.65 | No quote |
| 22 | UL | Unilever PLC ADR | 1.21% | - | 1,527,600 | $87.33M | $57.17 | No quote |
| 23 | GS | Goldman Sachs | 1.09% | Add +2.3% | 341,900 | $78.61M | $229.93 | No quote |
| 24 | MSFT | Microsoft Corp | 1.04% | Add +2.5% | 474,620 | $74.85M | $157.70 | No quote |
| 25 | WSO | Watsco Inc | 0.97% | Add +2.9% | 387,500 | $69.81M | $180.15 | No quote |
| 26 | LOW | Lowes | 0.97% | Add +1.9% | 581,000 | $69.58M | $119.76 | No quote |
| 27 | BX | Blackstone Group | 0.95% | Add +1.4% | 1,223,000 | $68.42M | $55.94 | No quote |
| 28 | GD | General Dynamics | 0.95% | - | 387,000 | $68.25M | $176.35 | No quote |
| 29 | MMC | Marsh & McLennan | 0.94% | - | 609,500 | $67.91M | No quote | No quote |
| 30 | ADM | Archer Daniels | 0.94% | - | 1,463,300 | $67.82M | $46.35 | No quote |
| 31 | ELV | Anthem Inc | 0.94% | - | 224,000 | $67.66M | $302.03 | No quote |
| 32 | NVO | Novo-Nordisk A/S | 0.86% | - | 1,075,000 | $62.22M | $57.88 | No quote |
| 33 | MA | Mastercard, Inc | 0.85% | Add +1.7% | 205,850 | $61.47M | $298.59 | No quote |
| 34 | AXP | American Express | 0.83% | Add +2.1% | 481,250 | $59.91M | $124.49 | No quote |
| 35 | ECL | Ecolab | 0.82% | Add +2.9% | 306,300 | $59.11M | $192.99 | No quote |
| 36 | ITW | Illinois Tool Works | 0.80% | Add +11.5% | 319,000 | $57.3M | $179.63 | No quote |
| 37 | BF/A | Brown Forman Class ACUSIP 115637100 | 0.73% | - | 843,000 | $52.92M | No quote | No quote |
| 38 | SCHW | Charles Schwab | 0.71% | Add +1.3% | 1,082,700 | $51.49M | $47.56 | No quote |
| 39 | MCO | Moody's Corp | 0.69% | Add +1.7% | 209,780 | $49.8M | $237.41 | No quote |
| 40 | APO | Apollo Global Management - A | 0.67% | - | 1,012,500 | $48.31M | $47.71 | No quote |
| 41 | PGR | Progressive Corp | 0.64% | Add +10.7% | 640,000 | $46.33M | $72.39 | No quote |
| 42 | SBUX | Starbucks Corp | 0.63% | Add +2.7% | 519,668 | $45.69M | $87.92 | No quote |
| 43 | SMG | Scotts Miracle-Gro Co | 0.62% | Add +2.7% | 422,000 | $44.81M | $106.18 | No quote |
| 44 | NSC | Norfolk Southern | 0.62% | - | 229,500 | $44.55M | $194.13 | No quote |
| 45 | TRV | The Travelers Companies Inc | 0.60% | - | 315,000 | $43.14M | $136.95 | No quote |
| 46 | CAT | Caterpillar Inc | 0.58% | Add +2.2% | 284,000 | $41.94M | $147.68 | No quote |
| 47 | CFX | Colfax Corporation | 0.57% | - | 1,135,070 | $41.29M | No quote | No quote |
| 48 | MMM | 3M Company | 0.56% | Add +2.5% | 228,500 | $40.31M | $176.42 | No quote |
| 49 | SPGI | S&P Global | 0.56% | - | 147,000 | $40.14M | $273.05 | No quote |
| 50 | KKR | KKR & Co LLC | 0.55% | Add +2.6% | 1,365,700 | $39.84M | $29.17 | No quote |
| 51 | CG | The Carlyle Group | 0.54% | Add +2.8% | 1,210,000 | $38.82M | $32.08 | No quote |
| 52 | WHR | Whirlpool Corp | 0.54% | Add +2.5% | 262,539 | $38.73M | $147.53 | No quote |
| 53 | HAS | Hasbro, Inc | 0.53% | - | 364,000 | $38.44M | $105.61 | No quote |
| 54 | TROW | T.Rowe Price | 0.53% | - | 314,000 | $38.26M | $121.84 | No quote |
| 55 | NKE | Nike | 0.51% | - | 366,000 | $37.08M | $101.31 | No quote |
| 56 | SRCL | Stericycle Inc | 0.50% | - | 568,000 | $36.24M | No quote | No quote |
| 57 | MHK | Mohawk Industries | 0.49% | Add +22.5% | 261,000 | $35.6M | $136.38 | No quote |
| 58 | MSCI | MSCI | 0.49% | - | 137,000 | $35.37M | $258.18 | No quote |
| 59 | LYV | Live Nation | 0.48% | - | 488,700 | $34.93M | $71.47 | No quote |
| 60 | ITIC | Investors Title Company | 0.47% | - | 213,300 | $33.96M | $159.20 | No quote |
| 61 | ACN | Accenture | 0.47% | - | 159,400 | $33.57M | $210.57 | No quote |
| 62 | UTX | United Technologies | 0.47% | - | 224,000 | $33.55M | No quote | No quote |
| 63 | TSN | Tyson Foods | 0.45% | Add +5.7% | 355,500 | $32.37M | $91.04 | No quote |
| 64 | BF/B | Brown-Forman Class BCUSIP 115637209 | 0.45% | - | 474,187 | $32.06M | No quote | No quote |
| 65 | NVR | NVR Inc | 0.44% | Add +15.2% | 8,355 | $31.82M | $3808.38 | No quote |
| 66 | FDS | Factset Research | 0.43% | Add +0.1% | 116,560 | $31.27M | $268.30 | No quote |
| 67 | BA | Boeing Co | 0.43% | - | 94,400 | $30.75M | $325.76 | No quote |
| 68 | HEI/A | Heico Corp Class ACUSIP 422806208 | 0.42% | Add +1.0% | 341,644 | $30.59M | No quote | No quote |
| 69 | JPM | JP Morgan | 0.42% | Add +3.1% | 215,680 | $30.07M | $139.40 | No quote |
| 70 | META | 0.41% | Add +0.6% | 143,190 | $29.39M | $205.25 | No quote | |
| 71 | ROK | Rockwell Automation Inc | 0.39% | Add +4.1% | 140,100 | $28.39M | $202.67 | No quote |
| 72 | ROL | Rollins, Inc. | 0.38% | Add +1.4% | 819,350 | $27.17M | $33.16 | No quote |
| 73 | LUV | Southwest Airlines | 0.37% | Add +12.6% | 490,500 | $26.48M | $53.98 | No quote |
| 74 | LBRDA | Liberty Broadband A | 0.35% | - | 205,250 | $25.57M | $124.56 | No quote |
| 75 | LSXMK | Liberty Sirius Group C | 0.35% | - | 522,000 | $25.13M | No quote | No quote |
| 76 | SEIC | SEI Investments Co | 0.35% | - | 383,200 | $25.09M | $65.48 | No quote |
| 77 | CVS | CVS Corporation | 0.34% | Add +2.8% | 332,000 | $24.67M | $74.29 | No quote |
| 78 | PH | Parker-Hannifin Corp | 0.34% | - | 118,600 | $24.41M | $205.83 | No quote |
| 79 | DAL | Delta Air Lines | 0.34% | Add +15.2% | 417,000 | $24.39M | $58.48 | No quote |
| 80 | CMCSA | Comcast Corp- Class A | 0.33% | - | 521,000 | $23.43M | $44.97 | No quote |
| 81 | LBRDK | Liberty Broadband Class C | 0.30% | - | 172,113 | $21.64M | $125.75 | No quote |
| 82 | CHH | Choice Hotels Intl Inc | 0.29% | Add +8.6% | 203,000 | $21M | $103.43 | No quote |
| 83 | LSXMA | Liberty Sirius Group A | 0.29% | - | 426,000 | $20.59M | No quote | No quote |
| 84 | LIN | Linde PLC | 0.28% | - | 94,400 | $20.1M | $212.90 | No quote |
| 85 | PEP | Pepsico | 0.28% | - | 145,600 | $19.9M | $136.67 | No quote |
| 86 | SHW | Sherwin Williams | 0.25% | - | 31,000 | $18.09M | $583.55 | No quote |
| 87 | GOOGL | Alphabet Inc Class A | 0.23% | - | 12,500 | $16.74M | $1339.36 | No quote |
| 88 | ATVI | Activision Blizzard Inc | 0.23% | - | 280,800 | $16.69M | No quote | No quote |
| 89 | MCHP | Microchip Technology | 0.23% | - | 159,000 | $16.65M | $104.72 | No quote |
| 90 | CSCO | Cisco | 0.23% | - | 342,000 | $16.4M | $47.96 | No quote |
| 91 | MXIM | Maxim Integrated Products | 0.22% | - | 252,000 | $15.5M | No quote | No quote |
| 92 | UNP | Union Pacific | 0.21% | - | 85,370 | $15.43M | $180.79 | No quote |
| 93 | EFX | Equifax Inc | 0.21% | Add +27.2% | 107,500 | $15.06M | $140.12 | No quote |
| 94 | HCSG | Healthcare Services Group | 0.19% | Add +44.6% | 573,500 | $13.95M | $24.32 | No quote |
| 95 | IFF | Intl Flavors & Fragrances | 0.19% | Add +25.4% | 106,000 | $13.68M | $129.02 | No quote |
| 96 | HXL | Hexcel Corp | 0.19% | Add +6.4% | 184,000 | $13.49M | $73.31 | No quote |
| 97 | EA | Electronic Arts Inc | 0.18% | - | 122,400 | $13.16M | $107.51 | No quote |
| 98 | BK | Bank of New York Mellon Corp | 0.18% | Add +23.3% | 254,000 | $12.78M | $50.33 | No quote |
| 99 | PAYX | Paychex | 0.18% | - | 150,000 | $12.76M | $85.06 | No quote |
| 100 | FWONK | Liberty Media Group C | 0.17% | - | 259,500 | $11.93M | $45.97 | No quote |
| 101 | DLTR | Dollar Tree Inc | 0.16% | Add +0.1% | 123,100 | $11.58M | $94.05 | No quote |
| 102 | COST | Costco | 0.16% | - | 39,150 | $11.51M | $293.92 | No quote |
| 103 | AMT | American Tower | 0.15% | Add +6.9% | 48,200 | $11.08M | $229.83 | No quote |
| 104 | VRSK | Verisk Analytics Inc | 0.15% | - | 74,000 | $11.05M | $149.34 | No quote |
| 105 | FWONA | Liberty Media Group A | 0.14% | - | 229,500 | $10.05M | $43.78 | No quote |
| 106 | PM | Philip Morris International | 0.14% | - | 114,500 | $9.74M | $85.09 | No quote |
| 107 | CDK | CDK Global Inc | 0.13% | - | 176,897 | $9.67M | No quote | No quote |
| 108 | WFC | Wells Fargo | 0.13% | Add +13.8% | 175,000 | $9.42M | $53.80 | No quote |
| 109 | MCK | McKesson Corp | 0.12% | Add +5.0% | 63,100 | $8.73M | $138.32 | No quote |
| 110 | CCK | Crown Holdings Inc | 0.11% | Add +10.9% | 112,000 | $8.12M | $72.54 | No quote |
| 111 | CABO | Cable One | 0.11% | - | 5,200 | $7.74M | $1488.46 | No quote |
| 112 | AON | Aon Corporation | 0.11% | - | 37,000 | $7.71M | $208.30 | No quote |
| 113 | TRU | TransUnion | 0.10% | Add +14.5% | 87,000 | $7.45M | $85.61 | No quote |
| 114 | ALB | Albemarle Corp | 0.07% | - | 73,000 | $5.33M | $73.04 | No quote |
| 115 | OI | Owens-Illinois Inc | 0.06% | New | 350,000 | $4.18M | No quote | No quote |
| 116 | TRUP | Trupanion | 0.06% | Add +42.9% | 110,000 | $4.12M | $37.45 | No quote |
| 117 | LBTYA | Liberty Global PLC | 0.06% | - | 179,000 | $4.07M | $22.74 | No quote |
| 118 | PAG | Penske Automotive Group | 0.05% | - | 72,000 | $3.62M | No quote | No quote |
| 119 | DISCK | Discovery Communications | 0.05% | Reduce -82.7% | 117,000 | $3.57M | No quote | No quote |
| 120 | Y | Alleghany Corporation | 0.05% | - | 4,328 | $3.46M | No quote | No quote |
| 121 | GHC | Graham Holdings Co | 0.05% | - | 5,200 | $3.32M | $639.04 | No quote |
| 122 | BALL | Ball Corporation | 0.04% | Add +35.5% | 42,000 | $2.72M | $64.67 | No quote |
| 123 | KHC | Kraft Heinz Co | 0.03% | Add +94.3% | 68,000 | $2.19M | $32.13 | No quote |
| 124 | AN | Autonation Inc | 0.03% | Add +0.9% | 43,610 | $2.12M | $48.61 | No quote |
| 125 | WRB | WR Berkley Corp | 0.03% | - | 27,000 | $1.87M | $69.11 | No quote |
| 126 | SHAK | Shake Shack Inc - Class A | 0.03% | Add +0.7% | 30,200 | $1.8M | $59.57 | No quote |
| 127 | DHI | DR Horton Inc | 0.02% | Add +6.5% | 31,347 | $1.65M | $52.76 | No quote |
| 128 | C | Citigroup Inc | 0.02% | Add +11.8% | 20,320 | $1.62M | $79.87 | No quote |
| 129 | LEN/B | Lennar Corp - BCUSIP 526057302 | 0.01% | Add +10.6% | 24,050 | $1.08M | No quote | No quote |
| 130 | BUD | Anheuser-Busch Inbev ADR | 0.01% | - | 13,000 | $1.07M | $82.08 | No quote |
| 131 | BKNG | Booking Holdings Inc | 0.01% | - | 200 | $411K | $2055.00 | No quote |
| 132 | ILMN | Illumina Inc | 0.00% | - | 1,000 | $332K | $332.00 | No quote |
| 133 | LEN | Lennar Corporation | 0.00% | - | 5,900 | $329K | $55.76 | No quote |
| 134 | IAC | InterActiveCorp | 0.00% | New | 1,150 | $286K | $248.70 | No quote |