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 108 of 128 rows. Rows without a quote are marked unavailable.
| 1 | BAM | BROOKFIELD ASSET MGM | 5.90% | - | 8,715,741 | $466.38M | $53.51 | No quote |
| 2 | BRK/A | BERKSHIRE HATHAWAY ICUSIP 084670108 | 5.79% | - | 1,114 | $458.28M | No quote | No quote |
| 3 | BRK/B | BERKSHIRE HATHAWAY ICUSIP 084670702 | 5.29% | - | 1,531,971 | $418.14M | No quote | No quote |
| 4 | GOOG | ALPHABET INC | 4.63% | - | 137,493 | $366.46M | $2665.31 | |
| 5 | AMZN | AMAZON COM INC | 4.09% | - | 98,518 | $323.64M | $3285.03 | |
| 6 | DIS | DISNEY WALT CO | 3.99% | - | 1,864,165 | $315.36M | $169.17 | |
| 7 | HD | HOME DEPOT INC | 3.82% | - | 920,000 | $302M | $328.26 | |
| 8 | DEO | DIAGEO PLC | 3.29% | - | 1,350,208 | $260.59M | $193.00 | |
| 9 | DE | DEERE & CO | 3.20% | - | 755,800 | $253.25M | $335.07 | |
| 10 | V | VISA INC | 2.70% | - | 958,040 | $213.4M | $222.75 | |
| 11 | BLK | BLACKROCK INC | 2.33% | - | 220,200 | $184.67M | $838.66 | |
| 12 | ADI | ANALOG DEVICES INC | 2.24% | Add +18.6% | 1,057,421 | $177.1M | $167.48 | |
| 13 | AAPL | APPLE INC | 2.14% | - | 1,198,540 | $169.59M | $141.50 | |
| 14 | BX | BLACKSTONE GROUP INC | 1.81% | - | 1,229,000 | $142.98M | $116.34 | |
| 15 | TXN | TEXAS INSTRS INC | 1.76% | - | 724,000 | $139.16M | $192.21 | |
| 16 | MSFT | MICROSOFT CORP | 1.71% | - | 479,980 | $135.32M | $281.92 | |
| 17 | GS | GOLDMAN SACHS GROUP | 1.64% | - | 343,860 | $129.99M | $378.03 | |
| 18 | RLI | RLI CORP | 1.52% | - | 1,197,272 | $120.05M | $100.27 | |
| 19 | LOW | LOWES COS INC | 1.51% | - | 588,980 | $119.48M | $202.86 | |
| 20 | WSO | WATSCO INC | 1.39% | Add +1.9% | 414,250 | $109.62M | $264.62 | |
| 21 | NVO | NOVO-NORDISK A S | 1.30% | - | 1,075,000 | $103.21M | $96.01 | |
| 22 | JNJ | JOHNSON & JOHNSON | 1.25% | - | 610,800 | $98.64M | $161.50 | |
| 23 | MMC | MARSH & MCLENNAN COS | 1.17% | - | 609,500 | $92.3M | No quote | No quote |
| 24 | ADM | ARCHER DANIELS MIDLA | 1.11% | - | 1,463,300 | $87.81M | $60.01 | |
| 25 | KKR | KKR & CO INC | 1.09% | Add +0.6% | 1,416,300 | $86.23M | $60.88 | |
| 26 | MSCI | MSCI INC | 1.05% | - | 137,000 | $83.34M | $608.34 | |
| 27 | AXP | AMERICAN EXPRESS CO | 1.03% | - | 484,250 | $81.13M | $167.53 | |
| 28 | SCHW | SCHWAB CHARLES CORP | 1.01% | - | 1,095,300 | $79.78M | $72.84 | |
| 29 | GD | GENERAL DYNAMICS COR | 0.96% | - | 387,000 | $75.86M | $196.03 | |
| 30 | MCO | MOODYS CORP | 0.95% | - | 211,240 | $75.01M | $355.11 | |
| 31 | MA | MASTERCARD INCORPORA | 0.91% | - | 207,540 | $72.16M | $347.68 | |
| 32 | ITW | ILLINOIS TOOL WKS IN | 0.86% | - | 327,500 | $67.67M | $206.63 | |
| 33 | ECL | ECOLAB INC | 0.82% | - | 309,300 | $64.53M | $208.62 | |
| 34 | PGR | PROGRESSIVE CORP | 0.80% | Add +1.3% | 702,500 | $63.5M | $90.39 | |
| 35 | SPGI | S&P GLOBAL INC | 0.80% | - | 148,540 | $63.11M | $424.89 | |
| 36 | APO | APOLLO GLOBAL MGMT I | 0.79% | - | 1,012,500 | $62.36M | $61.59 | |
| 37 | TROW | PRICE T ROWE GROUP I | 0.78% | - | 314,000 | $61.76M | $196.70 | |
| 38 | CG | CARLYLE GROUP INC | 0.74% | Add +0.9% | 1,235,000 | $58.39M | $47.28 | |
| 39 | SBUX | STARBUCKS CORP | 0.74% | - | 528,318 | $58.28M | $110.31 | |
| 40 | WHR | WHIRLPOOL CORP | 0.72% | Add +1.5% | 280,949 | $57.27M | $203.86 | |
| 41 | CAT | CATERPILLAR INC | 0.70% | - | 287,500 | $55.19M | $191.97 | |
| 42 | NSC | NORFOLK SOUTHN CORP | 0.69% | - | 229,500 | $54.91M | $239.25 | |
| 43 | NKE | NIKE INC | 0.67% | - | 366,000 | $53.15M | $145.23 | |
| 44 | BF/A | BROWN FORMAN CORPCUSIP 115637100 | 0.67% | - | 843,000 | $52.83M | No quote | No quote |
| 45 | CFX | COLFAX CORP | 0.66% | - | 1,135,070 | $52.1M | No quote | No quote |
| 46 | ACN | ACCENTURE PLC IRELAN | 0.64% | - | 159,400 | $51M | $319.92 | |
| 47 | META | FACEBOOK INC | 0.63% | - | 147,803 | $50.16M | $339.39 | |
| 48 | FDS | FACTSET RESH SYS INC | 0.58% | - | 116,720 | $46.08M | $394.78 | |
| 49 | NVR | NVR INC | 0.58% | - | 9,539 | $45.73M | $4794.00 | |
| 50 | REGN | REGENERON PHARMACEUT | 0.57% | Add +11.2% | 74,300 | $44.97M | $605.18 | |
| 51 | ROL | ROLLINS INC | 0.56% | - | 1,243,275 | $43.93M | $35.33 | |
| 52 | ROK | ROCKWELL AUTOMATION | 0.55% | Add +4.1% | 147,900 | $43.49M | $294.04 | |
| 53 | MMM | 3M CO | 0.55% | Add +2.7% | 247,200 | $43.36M | $175.42 | |
| 54 | HEI/A | HEICO CORP NEWCUSIP 422806208 | 0.51% | - | 343,144 | $40.64M | No quote | No quote |
| 55 | SRCL | STERICYCLE INC | 0.51% | - | 593,700 | $40.35M | No quote | No quote |
| 56 | MHK | MOHAWK INDS INC | 0.50% | - | 221,000 | $39.21M | $177.40 | |
| 57 | ITIC | INVESTORS TITLE CO N | 0.49% | - | 213,300 | $38.95M | $182.60 | |
| 58 | JPM | JPMORGAN CHASE & CO | 0.45% | - | 216,550 | $35.45M | $163.69 | |
| 59 | LBRDA | LIBERTY BROADBAND CO | 0.44% | - | 205,250 | $34.55M | $168.35 | |
| 60 | GOOGL | ALPHABET INC | 0.42% | - | 12,500 | $33.42M | $2673.52 | |
| 61 | BF/B | BROWN FORMAN CORPCUSIP 115637209 | 0.40% | - | 474,187 | $31.78M | No quote | No quote |
| 62 | EFX | EQUIFAX INC | 0.39% | - | 122,100 | $30.94M | $253.42 | |
| 63 | LBRDK | LIBERTY BROADBAND CO | 0.38% | - | 172,113 | $29.72M | $172.70 | |
| 64 | TSN | TYSON FOODS INC | 0.38% | - | 376,500 | $29.72M | $78.94 | |
| 65 | CMCSA | COMCAST CORP NEW | 0.37% | - | 528,280 | $29.55M | $55.93 | |
| 66 | CVS | CVS HEALTH CORP | 0.36% | - | 332,000 | $28.17M | $84.86 | |
| 67 | LIN | LINDE PLC | 0.35% | - | 94,400 | $27.7M | $293.38 | |
| 68 | SHW | SHERWIN WILLIAMS CO | 0.33% | - | 94,172 | $26.34M | $279.73 | |
| 69 | ATVI | ACTIVISION BLIZZARD | 0.33% | Add +9.6% | 335,600 | $25.97M | No quote | No quote |
| 70 | SEIC | SEI INVTS CO | 0.32% | Add +0.9% | 431,200 | $25.57M | $59.30 | |
| 71 | LSXMK | LIBERTY MEDIA CORP D | 0.31% | - | 522,000 | $24.78M | No quote | No quote |
| 72 | HCSG | HEALTHCARE SVCS GROU | 0.27% | Add +3.0% | 843,500 | $21.08M | $24.99 | |
| 73 | LSXMA | LIBERTY MEDIA CORP D | 0.25% | - | 426,000 | $20.1M | No quote | No quote |
| 74 | RTX | RAYTHEON TECHNOLOGIE | 0.24% | - | 224,000 | $19.26M | $85.96 | |
| 75 | CSCO | CISCO SYS INC | 0.24% | - | 342,000 | $18.62M | $54.43 | |
| 76 | BK | BANK NEW YORK MELLON | 0.23% | - | 357,750 | $18.55M | $51.84 | |
| 77 | COST | COSTCO WHSL CORP NEW | 0.22% | - | 39,150 | $17.59M | $449.37 | |
| 78 | PAYX | PAYCHEX INC | 0.21% | - | 150,000 | $16.87M | $112.45 | |
| 79 | UNP | UNION PAC CORP | 0.21% | - | 85,778 | $16.81M | $196.02 | |
| 80 | ALB | ALBEMARLE CORP | 0.21% | - | 76,000 | $16.64M | $218.97 | |
| 81 | VRSK | VERISK ANALYTICS INC | 0.19% | - | 74,000 | $14.82M | $200.27 | |
| 82 | AON | AON PLC | 0.19% | Add +14.9% | 51,600 | $14.75M | $285.78 | |
| 83 | PEP | PEPSICO INC | 0.18% | - | 96,210 | $14.47M | $150.41 | |
| 84 | AMT | AMERICAN TOWER CORP | 0.17% | - | 51,910 | $13.78M | $265.40 | |
| 85 | CARR | CARRIER GLOBAL CORPO | 0.15% | Add +2.9% | 230,500 | $11.93M | $51.76 | |
| 86 | CCK | CROWN HLDGS INC | 0.15% | - | 116,000 | $11.69M | $100.78 | |
| 87 | HXL | HEXCEL CORP NEW | 0.14% | - | 189,000 | $11.23M | $59.39 | |
| 88 | IFF | INTERNATIONAL FLAVOR | 0.14% | Reduce -47.8% | 81,500 | $10.9M | $133.72 | |
| 89 | PM | PHILIP MORRIS INTL I | 0.14% | - | 114,500 | $10.85M | $94.79 | |
| 90 | TRU | TRANSUNION | 0.13% | - | 94,500 | $10.61M | $112.31 | |
| 91 | TRUP | TRUPANION INC | 0.13% | - | 133,400 | $10.36M | $77.67 | |
| 92 | OTIS | OTIS WORLDWIDE CORP | 0.12% | - | 114,620 | $9.43M | $82.28 | |
| 93 | CABO | CABLE ONE INC | 0.12% | - | 5,200 | $9.43M | $1813.08 | |
| 94 | WFC | WELLS FARGO CO NEW | 0.11% | - | 195,450 | $9.07M | $46.41 | |
| 95 | MCHP | MICROCHIP TECHNOLOGY | 0.11% | - | 56,000 | $8.6M | $153.48 | |
| 96 | TPL | TEXAS PACIFIC LAND C | 0.11% | Add +53.3% | 6,900 | $8.35M | No quote | No quote |
| 97 | DG | DOLLAR GEN CORP NEW | 0.10% | New | 37,250 | $7.9M | $212.13 | |
| 98 | LBTYA | LIBERTY GLOBAL PLC | 0.07% | - | 179,000 | $5.33M | $29.80 | |
| 99 | MRVL | MARVELL TECHNOLOGY I | 0.05% | - | 69,000 | $4.16M | $60.30 | |
| 100 | BALL | BALL CORP | 0.05% | - | 46,000 | $4.14M | $89.98 | |
| 101 | MTSI | MACOM TECH SOLUTIONS | 0.05% | - | 59,000 | $3.83M | $64.86 | |
| 102 | BAMR | BROOKFIELD ASSET MGM | 0.04% | Reduce 0.0% | 60,101 | $3.34M | No quote | No quote |
| 103 | GHC | GRAHAM HLDGS CO | 0.04% | - | 5,200 | $3.06M | $589.23 | |
| 104 | Y | ALLEGHANY CORP MD | 0.03% | - | 4,328 | $2.7M | No quote | No quote |
| 105 | LMT | LOCKHEED MARTIN CORP | 0.03% | Add +160.0% | 7,313 | $2.52M | $345.14 | |
| 106 | SHAK | SHAKE SHACK INC | 0.03% | - | 30,600 | $2.4M | $78.43 | |
| 107 | WRB | BERKLEY W R CORP | 0.03% | - | 27,000 | $1.98M | $73.19 | |
| 108 | OI | O-I GLASS INC | 0.02% | - | 120,000 | $1.71M | No quote | No quote |
| 109 | ILMN | ILLUMINA INC | 0.02% | - | 4,000 | $1.62M | $405.50 | |
| 110 | EMN | EASTMAN CHEM CO | 0.02% | Add +33.8% | 16,050 | $1.62M | $100.75 | |
| 111 | C | CITIGROUP INC | 0.02% | - | 21,020 | $1.48M | $70.22 | |
| 112 | DHI | D R HORTON INC | 0.01% | - | 13,999 | $1.18M | $83.93 | |
| 113 | INTU | INTUIT | 0.01% | New | 2,040 | $1.1M | $539.71 | |
| 114 | LEN/B | LENNAR CORPCUSIP 526057302 | 0.01% | - | 13,000 | $1.01M | No quote | No quote |
| 115 | LAMR | LAMAR ADVERTISING CO | 0.01% | - | 8,500 | $964K | $113.41 | |
| 116 | CE | CELANESE CORP DEL | 0.01% | - | 4,800 | $723K | $150.63 | |
| 117 | ALL | ALLSTATE CORP | 0.01% | Add +175.0% | 5,500 | $700K | $127.27 | |
| 118 | TWTR | TWITTER INC | 0.01% | - | 10,500 | $634K | No quote | No quote |
| 119 | MTCH | MATCH GROUP INC NEW | 0.01% | - | 3,560 | $559K | $157.02 | |
| 120 | PYPL | PAYPAL HLDGS INC | 0.01% | - | 1,830 | $476K | $260.11 | |
| 121 | CRM | SALESFORCE COM INC | 0.01% | - | 1,753 | $475K | $270.96 | |
| 122 | ICE | INTERCONTINENTAL EXC | 0.01% | - | 4,120 | $473K | $114.81 | |
| 123 | ROP | ROPER TECHNOLOGIES I | 0.00% | - | 820 | $366K | $446.34 | |
| 124 | IAC | IAC INTERACTIVECORP | 0.00% | - | 2,454 | $320K | $130.40 | |
| 125 | SPOT | SPOTIFY TECHNOLOGY S | 0.00% | New | 960 | $216K | $225.00 | |
| 128 | WIX | WIX COM LTD | - | Sold | 0 | $0 | No quote | No quote |
| 127 | NFLX | NETFLIX INC | - | Sold | 0 | $0 | No quote | No quote |
| 126 | MXIM | MAXIM INTEGRATED PRO | - | Sold | 0 | $0 | No quote | No quote |