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 111 of 139 rows. Rows without a quote are marked unavailable.
| 1 | BRK/A | Berkshire Hathaway, Inc.CUSIP 084670108 | 5.70% | Add +0.8% | 1,114 | $303.01M | No quote | No quote |
| 2 | BRK/B | Berkshire Hathaway Class BCUSIP 084670702 | 5.27% | Add +0.3% | 1,531,687 | $280.04M | No quote | No quote |
| 3 | KMX | Carmax | 4.97% | - | 4,913,070 | $264.47M | $53.83 | |
| 4 | BAM | Brookfield Asset Management | 4.83% | Add +0.1% | 5,800,441 | $256.67M | $44.25 | No quote |
| 5 | AMZN | Amazon.com | 3.61% | Add +0.5% | 98,442 | $191.94M | $1949.73 | |
| 6 | DIS | Disney | 3.38% | Add +0.4% | 1,862,380 | $179.91M | $96.60 | |
| 7 | HD | Home Depot | 3.23% | - | 920,000 | $171.77M | $186.71 | |
| 8 | DEO | Diageo PLC | 3.23% | - | 1,349,800 | $171.59M | $127.12 | |
| 9 | GOOG | Alphabet Inc | 3.01% | Add +1.4% | 137,493 | $159.88M | $1162.82 | |
| 10 | V | Visa | 2.90% | Add +0.2% | 956,650 | $154.14M | $161.12 | |
| 11 | DE | John Deere | 2.61% | - | 1,005,900 | $138.98M | $138.16 | |
| 12 | MAR | Marriott International | 2.24% | Add +0.5% | 1,592,769 | $119.16M | $74.81 | |
| 13 | RLI | RLI Corporation | 1.98% | - | 1,197,272 | $105.28M | $87.93 | |
| 14 | BLK | Blackrock Inc | 1.82% | Add +0.1% | 220,200 | $96.88M | $439.97 | |
| 15 | WBA | Walgreens Boots Alliance Inc | 1.53% | Reduce -13.4% | 1,782,500 | $81.55M | No quote | No quote |
| 16 | JNJ | Johnson and Johnson | 1.51% | - | 610,800 | $80.09M | $131.13 | |
| 17 | ADI | Analog Devices Inc | 1.49% | Add +3.5% | 885,811 | $79.41M | $89.65 | |
| 18 | AAPL | Apple Inc | 1.44% | Add +0.2% | 300,635 | $76.45M | $254.29 | |
| 19 | MSFT | Microsoft Corp | 1.42% | Add +0.8% | 478,620 | $75.48M | $157.71 | |
| 20 | ADP | Automatic Data Processing | 1.36% | - | 530,700 | $72.54M | $136.68 | |
| 21 | TXN | Texas Instruments Inc | 1.36% | Add +1.3% | 724,000 | $72.35M | $99.93 | |
| 22 | NVO | Novo-Nordisk A/S | 1.22% | - | 1,075,000 | $64.72M | $60.20 | |
| 23 | WSO | Watsco Inc | 1.18% | Add +2.5% | 397,000 | $62.74M | $158.03 | |
| 24 | BX | Blackstone Group | 1.05% | Add +0.5% | 1,229,000 | $56.01M | $45.57 | |
| 25 | GS | Goldman Sachs | 1.00% | Add +0.3% | 342,800 | $52.99M | $154.59 | |
| 26 | MMC | Marsh & McLennan | 0.99% | - | 609,500 | $52.7M | No quote | No quote |
| 27 | ADM | Archer Daniels | 0.98% | Add +1.0% | 1,478,300 | $52.01M | $35.18 | |
| 28 | GD | General Dynamics | 0.96% | - | 387,000 | $51.2M | $132.31 | |
| 29 | LOW | Lowes | 0.95% | Add +1.3% | 588,500 | $50.64M | $86.05 | |
| 30 | MA | Mastercard, Inc | 0.94% | Add +0.7% | 207,370 | $50.09M | $241.56 | |
| 31 | PGR | Progressive Corp | 0.94% | Add +5.4% | 674,500 | $49.81M | $73.84 | |
| 32 | ECL | Ecolab | 0.91% | Add +1.0% | 309,300 | $48.2M | $155.83 | |
| 33 | ITW | Illinois Tool Works | 0.88% | Add +2.7% | 327,500 | $46.54M | $142.12 | |
| 34 | MCO | Moody's Corp | 0.84% | Add +0.6% | 211,080 | $44.64M | $211.50 | |
| 35 | BF/A | Brown Forman Class ACUSIP 115637100 | 0.81% | - | 843,000 | $43.31M | No quote | No quote |
| 36 | AXP | American Express | 0.78% | Add +0.6% | 483,950 | $41.43M | $85.61 | |
| 37 | MSCI | MSCI | 0.74% | - | 137,000 | $39.59M | $288.96 | |
| 38 | ELV | Anthem Inc | 0.74% | Reduce -22.3% | 174,000 | $39.51M | $227.04 | |
| 39 | SCHW | Charles Schwab | 0.69% | Add +1.2% | 1,095,300 | $36.82M | $33.62 | |
| 40 | SPGI | S&P Global | 0.68% | - | 147,000 | $36.02M | $245.05 | |
| 41 | SBUX | Starbucks Corp | 0.65% | Add +1.6% | 527,818 | $34.7M | $65.74 | |
| 42 | APO | Apollo Global Management - A | 0.64% | - | 1,012,500 | $33.92M | $33.50 | |
| 43 | NSC | Norfolk Southern | 0.63% | - | 229,500 | $33.51M | $146.00 | |
| 44 | CAT | Caterpillar Inc | 0.63% | Add +1.2% | 287,500 | $33.36M | $116.04 | |
| 45 | KKR | KKR & Co LLC | 0.61% | Add +1.0% | 1,379,400 | $32.37M | $23.47 | |
| 46 | MMM | 3M Company | 0.60% | Add +2.5% | 234,200 | $31.97M | $136.51 | |
| 47 | TRV | The Travelers Companies Inc | 0.59% | - | 315,000 | $31.3M | $99.35 | |
| 48 | TROW | T.Rowe Price | 0.58% | - | 314,000 | $30.66M | $97.65 | |
| 49 | FDS | Factset Research | 0.57% | Add +0.1% | 116,680 | $30.42M | $260.69 | |
| 50 | NKE | Nike | 0.57% | - | 366,000 | $30.28M | $82.74 | |
| 51 | ROL | Rollins, Inc. | 0.56% | Add +1.2% | 828,850 | $29.96M | $36.14 | |
| 52 | SRCL | Stericycle Inc | 0.54% | Add +4.5% | 593,700 | $28.84M | No quote | No quote |
| 53 | ITIC | Investors Title Company | 0.51% | - | 213,300 | $27.3M | $128.00 | |
| 54 | CG | The Carlyle Group | 0.50% | Add +1.0% | 1,222,000 | $26.46M | $21.65 | |
| 55 | BF/B | Brown-Forman Class BCUSIP 115637209 | 0.50% | - | 474,187 | $26.32M | No quote | No quote |
| 56 | ACN | Accenture | 0.49% | - | 159,400 | $26.02M | $163.26 | |
| 57 | META | 0.45% | Add +1.3% | 145,000 | $24.19M | $166.80 | ||
| 58 | WHR | Whirlpool Corp | 0.44% | Add +3.2% | 270,939 | $23.25M | $85.80 | |
| 59 | NVR | NVR Inc | 0.43% | Add +6.0% | 8,855 | $22.75M | $2569.17 | |
| 60 | MHK | Mohawk Industries | 0.42% | Add +13.0% | 295,000 | $22.49M | $76.24 | |
| 61 | CFX | Colfax Corporation | 0.42% | - | 1,135,070 | $22.47M | No quote | No quote |
| 62 | LYV | Live Nation | 0.42% | - | 488,700 | $22.22M | $45.46 | |
| 63 | LBRDA | Liberty Broadband A | 0.41% | - | 205,250 | $21.96M | $107.00 | |
| 64 | HEI/A | Heico Corp Class ACUSIP 422806208 | 0.41% | Add +0.4% | 343,144 | $21.93M | No quote | No quote |
| 65 | ROK | Rockwell Automation Inc | 0.40% | Add +1.4% | 142,100 | $21.44M | $150.91 | |
| 66 | TSN | Tyson Foods | 0.40% | Add +3.8% | 369,000 | $21.35M | $57.87 | |
| 67 | UTX | United Technologies | 0.40% | - | 224,000 | $21.13M | No quote | No quote |
| 68 | CVS | CVS Corporation | 0.37% | - | 332,000 | $19.7M | $59.33 | |
| 69 | JPM | JP Morgan | 0.37% | Add +0.8% | 217,350 | $19.57M | $90.03 | |
| 70 | LUV | Southwest Airlines | 0.36% | Add +11.1% | 545,000 | $19.41M | $35.61 | |
| 71 | LBRDK | Liberty Broadband Class C | 0.36% | - | 172,113 | $19.06M | $110.72 | |
| 72 | CMCSA | Comcast Corp- Class A | 0.34% | Add +0.2% | 522,000 | $17.95M | $34.38 | |
| 73 | SEIC | SEI Investments Co | 0.33% | - | 383,200 | $17.76M | $46.34 | |
| 74 | ATVI | Activision Blizzard Inc | 0.32% | Add +1.1% | 283,800 | $16.88M | No quote | No quote |
| 75 | HCSG | Healthcare Services Group | 0.31% | Add +21.8% | 698,500 | $16.7M | $23.91 | |
| 76 | LSXMK | Liberty Sirius Group C | 0.31% | - | 522,000 | $16.51M | No quote | No quote |
| 77 | LIN | Linde PLC | 0.31% | - | 94,400 | $16.33M | $173.00 | |
| 78 | PH | Parker-Hannifin Corp | 0.29% | - | 118,600 | $15.39M | $129.73 | |
| 79 | GOOGL | Alphabet Inc Class A | 0.27% | - | 12,500 | $14.52M | $1161.92 | |
| 80 | SHW | Sherwin Williams | 0.27% | - | 31,000 | $14.25M | $459.52 | |
| 81 | BA | Boeing Co | 0.26% | - | 94,400 | $14.08M | $149.14 | |
| 82 | EFX | Equifax Inc | 0.26% | Add +6.0% | 114,000 | $13.62M | $119.45 | |
| 83 | LSXMA | Liberty Sirius Group A | 0.25% | - | 426,000 | $13.5M | No quote | No quote |
| 84 | CSCO | Cisco | 0.25% | - | 342,000 | $13.44M | $39.31 | |
| 85 | DAL | Delta Air Lines | 0.25% | Add +10.4% | 460,500 | $13.14M | $28.53 | |
| 86 | CHH | Choice Hotels Intl Inc | 0.25% | Add +4.9% | 213,000 | $13.05M | $61.25 | |
| 87 | EA | Electronic Arts Inc | 0.24% | Add +2.3% | 125,200 | $12.54M | $100.17 | |
| 88 | MXIM | Maxim Integrated Products | 0.23% | - | 252,000 | $12.25M | No quote | No quote |
| 89 | UNP | Union Pacific | 0.23% | - | 85,370 | $12.04M | $141.04 | |
| 90 | BK | Bank of New York Mellon Corp | 0.22% | Add +37.8% | 350,000 | $11.79M | $33.68 | |
| 91 | PEP | Pepsico | 0.22% | Reduce -34.3% | 95,600 | $11.48M | $120.10 | |
| 92 | COST | Costco | 0.21% | - | 39,150 | $11.16M | $285.13 | |
| 93 | AMT | American Tower | 0.21% | Add +6.1% | 51,150 | $11.14M | $217.75 | |
| 94 | MCHP | Microchip Technology | 0.21% | Add +2.5% | 163,000 | $11.05M | $67.80 | |
| 95 | IFF | Intl Flavors & Fragrances | 0.21% | Add +0.9% | 107,000 | $10.92M | $102.07 | |
| 96 | VRSK | Verisk Analytics Inc | 0.19% | - | 74,000 | $10.31M | $139.38 | |
| 97 | PAYX | Paychex | 0.18% | - | 150,000 | $9.44M | $62.92 | |
| 98 | CABO | Cable One | 0.16% | - | 5,200 | $8.55M | $1644.04 | |
| 99 | MCK | McKesson Corp | 0.16% | - | 63,100 | $8.54M | $135.26 | |
| 100 | PM | Philip Morris International | 0.16% | - | 114,500 | $8.35M | $72.96 | |
| 101 | FWONK | Liberty Media Group C | 0.13% | - | 259,500 | $7.07M | $27.23 | |
| 102 | HXL | Hexcel Corp | 0.13% | Add +2.7% | 189,000 | $7.03M | $37.19 | |
| 103 | CCK | Crown Holdings Inc | 0.13% | Add +3.6% | 116,000 | $6.73M | $58.04 | |
| 104 | TRU | TransUnion | 0.12% | Add +8.6% | 94,500 | $6.25M | $66.18 | |
| 105 | AON | Aon Corporation | 0.11% | - | 37,000 | $6.11M | $165.03 | |
| 106 | FWONA | Liberty Media Group A | 0.11% | - | 229,500 | $5.93M | $25.82 | |
| 107 | WFC | Wells Fargo | 0.11% | Add +11.7% | 195,450 | $5.61M | $28.70 | |
| 108 | ALB | Albemarle Corp | 0.08% | Add +4.1% | 76,000 | $4.28M | $56.37 | |
| 109 | TRUP | Trupanion | 0.07% | Add +21.2% | 133,300 | $3.47M | $26.03 | |
| 110 | OI | Owens-Illinois Inc | 0.06% | Add +26.9% | 444,000 | $3.16M | No quote | No quote |
| 111 | BALL | Ball Corporation | 0.06% | Add +9.5% | 46,000 | $2.97M | $64.65 | |
| 112 | LBTYA | Liberty Global PLC | 0.06% | - | 179,000 | $2.96M | $16.51 | |
| 113 | Y | Alleghany Corporation | 0.04% | - | 4,328 | $2.39M | No quote | No quote |
| 114 | PAG | Penske Automotive Group | 0.04% | - | 72,000 | $2.02M | No quote | No quote |
| 115 | GHC | Graham Holdings Co | 0.03% | - | 5,200 | $1.77M | $341.15 | |
| 116 | WRB | WR Berkley Corp | 0.03% | - | 27,000 | $1.41M | $52.19 | |
| 117 | AN | Autonation Inc | 0.02% | Add +7.5% | 46,860 | $1.32M | $28.06 | |
| 118 | SHAK | Shake Shack Inc - Class A | 0.02% | Add +1.3% | 30,600 | $1.16M | $37.75 | |
| 119 | DHI | DR Horton Inc | 0.02% | Add +4.2% | 32,647 | $1.11M | $34.00 | |
| 120 | ILMN | Illumina Inc | 0.02% | Add +300.0% | 4,000 | $1.09M | $273.00 | |
| 121 | GWRE | Guidewire Software Inc | 0.02% | New | 13,000 | $1.03M | $79.31 | |
| 122 | C | Citigroup Inc | 0.02% | Add +11.3% | 22,620 | $953K | $42.13 | |
| 123 | LEN/B | Lennar Corp - BCUSIP 526057302 | 0.01% | Add +6.9% | 25,700 | $743K | No quote | No quote |
| 124 | AAL | American Airlines Group | 0.01% | New | 55,000 | $670K | $12.18 | |
| 125 | BKNG | Booking Holdings Inc | 0.01% | Add +105.0% | 410 | $552K | $1346.34 | |
| 126 | LAMR | Lamar Advertising Company | 0.01% | New | 8,500 | $436K | $51.29 | |
| 127 | IAC | InterActiveCorp | 0.01% | Add +43.5% | 1,650 | $296K | $179.39 | No quote |
| 128 | EMN | Eastman Chemical Company | 0.01% | New | 6,000 | $279K | $46.50 | |
| 129 | LEN | Lennar Corporation | 0.00% | - | 5,900 | $225K | $38.14 | |
| 130 | TWTR | Twitter Inc | 0.00% | New | 8,500 | $209K | No quote | No quote |
| 139 | UNH | United Health Group Inc | - | Sold | 0 | $0 | No quote | No quote |
| 138 | UL | Unilever PLC ADR | - | Sold | 0 | $0 | No quote | No quote |
| 137 | SMG | Scotts Miracle-Gro Co | - | Sold | 0 | $0 | No quote | No quote |
| 136 | KHC | Kraft Heinz Co | - | Sold | 0 | $0 | No quote | No quote |
| 135 | HAS | Hasbro, Inc | - | Sold | 0 | $0 | No quote | No quote |
| 134 | DLTR | Dollar Tree Inc | - | Sold | 0 | $0 | No quote | No quote |
| 133 | DISCK | Discovery Communications | - | Sold | 0 | $0 | No quote | No quote |
| 132 | CDK | CDK Global Inc | - | Sold | 0 | $0 | No quote | No quote |
| 131 | BUD | Anheuser-Busch Inbev ADR | - | Sold | 0 | $0 | No quote | No quote |