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 2026-09-12 from SEC 13F data.
Live quotes available for 113 of 129 rows. Rows without a quote are marked unavailable.
| 1 | BRK-A | BERKSHIRE HATHAWAY INC DEL | 7.02% | - | 1,114 | $589.22M | $528921.01 | |
| 2 | BRK-B | BERKSHIRE HATHAWAY INC DEL | 6.44% | - | 1,531,971 | $540.65M | $352.91 | |
| 3 | BAM | BROOKFIELD ASSET MGMT INC | 5.87% | - | 8,715,741 | $493.05M | $56.57 | No quote |
| 4 | GOOG | ALPHABET INC | 4.57% | - | 137,493 | $384.02M | $2792.99 | |
| 5 | AMZN | AMAZON COM INC | 3.85% | Add +0.6% | 99,068 | $322.96M | $3259.94 | |
| 6 | DE | DEERE & CO | 3.74% | - | 755,800 | $314.01M | $415.46 | |
| 7 | HD | HOME DEPOT INC | 3.28% | - | 920,000 | $275.38M | $299.33 | |
| 8 | DEO | DIAGEO PLC | 3.27% | - | 1,350,208 | $274.28M | $203.14 | |
| 9 | DIS | DISNEY WALT CO | 3.14% | Add +2.3% | 1,922,665 | $263.71M | $137.16 | |
| 10 | V | VISA INC | 2.54% | Add +0.3% | 961,105 | $213.14M | $221.77 | |
| 11 | AAPL | APPLE INC | 2.51% | Add +0.7% | 1,206,990 | $210.75M | $174.61 | |
| 12 | ADI | ANALOG DEVICES INC | 2.12% | Add +1.4% | 1,077,821 | $178.03M | $165.18 | |
| 13 | BLK | BLACKROCK INC | 2.00% | - | 220,200 | $168.27M | $764.17 | |
| 14 | BX | BLACKSTONE INC | 1.86% | - | 1,229,000 | $156.01M | $126.94 | |
| 15 | MSFT | MICROSOFT CORP | 1.76% | - | 479,980 | $147.98M | $308.31 | |
| 16 | TXN | TEXAS INSTRS INC | 1.58% | - | 724,000 | $132.84M | $183.48 | |
| 17 | RLI | RLI CORP | 1.58% | - | 1,197,272 | $132.46M | $110.63 | |
| 18 | ADM | ARCHER DANIELS MIDLAND CO | 1.57% | - | 1,463,300 | $132.08M | $90.26 | |
| 19 | WSO | WATSCO INC | 1.52% | - | 418,750 | $127.57M | $304.64 | |
| 20 | NVO | NOVO-NORDISK A S | 1.42% | - | 1,075,000 | $119.38M | $111.05 | |
| 21 | LOW | LOWES COS INC | 1.42% | - | 588,980 | $119.09M | $202.19 | |
| 22 | GS | GOLDMAN SACHS GROUP INC | 1.35% | - | 343,860 | $113.51M | $330.10 | |
| 23 | JNJ | JOHNSON & JOHNSON | 1.29% | - | 610,800 | $108.25M | $177.23 | |
| 24 | MMC | MARSH & MCLENNAN COS INC | 1.26% | Add +1.5% | 618,800 | $105.46M | No quote | No quote |
| 25 | GD | GENERAL DYNAMICS CORP | 1.12% | Add +0.9% | 390,500 | $94.18M | $241.18 | |
| 26 | SCHW | SCHWAB CHARLES CORP | 1.10% | - | 1,095,300 | $92.35M | $84.31 | |
| 27 | AXP | AMERICAN EXPRESS CO | 1.08% | - | 484,250 | $90.56M | $187.00 | |
| 28 | PGR | PROGRESSIVE CORP | 1.02% | Add +4.1% | 750,750 | $85.58M | $113.99 | |
| 29 | KKR | KKR & CO INC | 0.99% | Add +0.2% | 1,420,650 | $83.07M | $58.47 | |
| 30 | MA | MASTERCARD INCORPORATED | 0.88% | - | 207,540 | $74.17M | $357.38 | |
| 31 | MCO | MOODYS CORP | 0.86% | Add +0.8% | 212,990 | $71.87M | $337.41 | |
| 32 | MSCI | MSCI INC | 0.85% | Add +3.4% | 141,700 | $71.26M | $502.88 | |
| 33 | ITW | ILLINOIS TOOL WKS INC | 0.82% | - | 327,500 | $68.58M | $209.40 | |
| 34 | NSC | NORFOLK SOUTHN CORP | 0.78% | - | 229,500 | $65.46M | $285.22 | |
| 35 | CAT | CATERPILLAR INC | 0.76% | - | 287,500 | $64.06M | $222.82 | |
| 36 | APO | APOLLO GLOBAL MGMT INC | 0.75% | New | 1,012,500 | $62.77M | $61.99 | |
| 37 | SPGI | S&P GLOBAL INC | 0.73% | Add +0.8% | 149,790 | $61.44M | $410.18 | |
| 38 | CG | CARLYLE GROUP INC | 0.72% | - | 1,237,000 | $60.5M | $48.91 | |
| 39 | REGN | REGENERON PHARMACEUTICALS | 0.67% | Add +1.3% | 80,300 | $56.08M | $698.42 | |
| 40 | ECL | ECOLAB INC | 0.65% | - | 309,300 | $54.61M | $176.56 | |
| 41 | ACN | ACCENTURE PLC IRELAND | 0.64% | - | 159,400 | $53.75M | $337.23 | |
| 42 | BF-A | BROWN FORMAN CORP | 0.63% | - | 843,000 | $52.89M | $62.74 | |
| 43 | FDS | FACTSET RESH SYS INC | 0.60% | - | 116,720 | $50.67M | $434.15 | |
| 44 | NKE | NIKE INC | 0.59% | - | 366,000 | $49.25M | $134.56 | |
| 45 | WHR | WHIRLPOOL CORP | 0.58% | - | 282,049 | $48.73M | $172.78 | |
| 46 | SBUX | STARBUCKS CORP | 0.57% | Add +0.2% | 529,318 | $48.15M | $90.97 | |
| 47 | TROW | PRICE T ROWE GROUP INC | 0.57% | - | 314,000 | $47.47M | $151.19 | |
| 48 | CFX | COLFAX CORP | 0.54% | - | 1,135,070 | $45.17M | No quote | No quote |
| 49 | ROL | ROLLINS INC | 0.52% | Add +0.4% | 1,248,275 | $43.75M | $35.05 | |
| 50 | HEI-A | HEICO CORP NEW | 0.52% | - | 343,144 | $43.52M | $126.83 | |
| 51 | ITIC | INVESTORS TITLE CO NC | 0.52% | - | 213,300 | $43.35M | $203.21 | |
| 52 | GOOGL | ALPHABET INC | 0.51% | Add +17.0% | 15,500 | $43.11M | $2781.29 | |
| 53 | ROK | ROCKWELL AUTOMATION INC | 0.51% | Add +1.3% | 152,900 | $42.82M | $280.03 | |
| 54 | NVR | NVR INC | 0.51% | - | 9,539 | $42.61M | $4467.34 | |
| 55 | MMM | 3M CO | 0.48% | Add +6.5% | 269,750 | $40.16M | $148.88 | |
| 56 | SRCL | STERICYCLE INC | 0.44% | Add +6.4% | 631,700 | $37.22M | No quote | No quote |
| 57 | ATVI | ACTIVISION BLIZZARD INC | 0.43% | - | 453,600 | $36.34M | No quote | No quote |
| 58 | META | META PLATFORMS INC | 0.43% | Add +10.6% | 163,400 | $36.33M | $222.36 | |
| 59 | TSN | TYSON FOODS INC | 0.41% | Add +2.1% | 384,500 | $34.46M | $89.63 | |
| 60 | CVS | CVS HEALTH CORP | 0.40% | - | 332,000 | $33.6M | $101.21 | |
| 61 | BF-B | BROWN FORMAN CORP | 0.38% | - | 474,187 | $31.78M | $67.02 | |
| 62 | LIN | LINDE PLC | 0.36% | - | 94,400 | $30.16M | $319.44 | |
| 63 | EFX | EQUIFAX INC | 0.35% | Add +2.5% | 125,150 | $29.67M | $237.10 | |
| 64 | CMCSA | COMCAST CORP NEW | 0.35% | Add +18.5% | 630,612 | $29.53M | $46.82 | |
| 65 | JPM | JPMORGAN CHASE & CO | 0.35% | - | 216,550 | $29.52M | $136.32 | |
| 66 | DG | DOLLAR GEN CORP NEW | 0.33% | Add +80.3% | 125,750 | $28M | $222.63 | |
| 67 | LBRDA | LIBERTY BROADBAND CORP | 0.32% | - | 205,250 | $26.9M | $131.06 | |
| 68 | SEIC | SEI INVTS CO | 0.32% | Add +3.3% | 445,200 | $26.81M | $60.21 | |
| 69 | LSXMK | LIBERTY MEDIA CORP DEL | 0.28% | - | 522,000 | $23.87M | No quote | No quote |
| 70 | SHW | SHERWIN WILLIAMS CO | 0.28% | - | 94,172 | $23.51M | $249.62 | |
| 71 | UNP | UNION PAC CORP | 0.28% | - | 85,778 | $23.44M | $273.22 | |
| 72 | LBRDK | LIBERTY BROADBAND CORP | 0.28% | - | 172,113 | $23.29M | $135.32 | |
| 73 | COST | COSTCO WHSL CORP NEW | 0.27% | - | 39,150 | $22.55M | $575.86 | |
| 74 | HCSG | HEALTHCARE SVCS GROUP INC | 0.27% | Add +6.4% | 1,200,500 | $22.29M | $18.57 | |
| 75 | RTX | RAYTHEON TECHNOLOGIES CORP | 0.26% | - | 224,000 | $22.19M | $99.07 | |
| 76 | AON | AON PLC | 0.25% | Add +11.8% | 64,950 | $21.15M | $325.64 | |
| 77 | PAYX | PAYCHEX INC | 0.24% | - | 150,000 | $20.47M | $136.47 | |
| 78 | LSXMA | LIBERTY MEDIA CORP DEL | 0.23% | - | 426,000 | $19.47M | No quote | No quote |
| 79 | CSCO | CISCO SYS INC | 0.23% | - | 342,000 | $19.07M | $55.76 | |
| 80 | BK | BANK NEW YORK MELLON CORP | 0.21% | - | 357,750 | $17.76M | $49.63 | |
| 81 | VRSK | VERISK ANALYTICS INC | 0.20% | Add +3.4% | 76,500 | $16.42M | $214.64 | |
| 82 | PEP | PEPSICO INC | 0.19% | - | 96,210 | $16.1M | $167.38 | |
| 83 | ALL | ALLSTATE CORP | 0.19% | Add +191.6% | 116,050 | $16.07M | $138.51 | |
| 84 | CCK | CROWN HLDGS INC | 0.17% | - | 116,000 | $14.51M | $125.09 | |
| 85 | FDX | FEDEX CORP | 0.16% | Add +234.3% | 58,500 | $13.54M | $231.38 | |
| 86 | AMT | AMERICAN TOWER CORP NEW | 0.16% | - | 51,910 | $13.04M | $251.22 | |
| 87 | TRUP | TRUPANION INC | 0.14% | - | 133,400 | $11.89M | $89.12 | |
| 88 | HXL | HEXCEL CORP NEW | 0.13% | - | 189,000 | $11.24M | $59.47 | |
| 89 | CARR | CARRIER GLOBAL CORPORATION | 0.13% | - | 235,000 | $10.78M | $45.87 | |
| 90 | PM | PHILIP MORRIS INTL INC | 0.13% | - | 114,500 | $10.76M | $93.94 | |
| 91 | TPL | TEXAS PACIFIC LAND CORPORATI | 0.13% | - | 7,900 | $10.68M | No quote | No quote |
| 92 | TRU | TRANSUNION | 0.12% | Add +1.6% | 96,050 | $9.93M | $103.34 | |
| 93 | WFC | WELLS FARGO CO NEW | 0.11% | - | 195,450 | $9.47M | $48.46 | |
| 94 | OTIS | OTIS WORLDWIDE CORP | 0.11% | - | 114,620 | $8.82M | $76.95 | |
| 95 | CABO | CABLE ONE INC | 0.09% | - | 5,200 | $7.61M | $1464.23 | |
| 96 | THG | HANOVER INS GROUP INC | 0.08% | New | 47,000 | $7.03M | $149.51 | |
| 97 | OI | O-I GLASS INC | 0.07% | Add +90.8% | 458,000 | $6.04M | No quote | No quote |
| 98 | MRVL | MARVELL TECHNOLOGY INC | 0.06% | Add +8.7% | 75,000 | $5.38M | $71.71 | |
| 99 | LMT | LOCKHEED MARTIN CORP | 0.05% | Add +13.7% | 10,363 | $4.57M | $441.38 | |
| 100 | LBTYA | LIBERTY GLOBAL PLC | 0.05% | - | 179,000 | $4.57M | $25.51 | |
| 101 | BALL | BALL CORP | 0.05% | - | 46,000 | $4.14M | $90.00 | |
| 102 | Y | ALLEGHANY CORP MD | 0.04% | - | 4,328 | $3.67M | No quote | No quote |
| 103 | MTSI | MACOM TECH SOLUTIONS HLDGS I | 0.04% | - | 59,000 | $3.53M | $59.86 | |
| 104 | BAMR | BROOKFIELD ASSET MGMT REINS | 0.04% | - | 60,101 | $3.44M | No quote | No quote |
| 105 | GHC | GRAHAM HLDGS CO | 0.04% | - | 5,200 | $3.18M | $611.54 | |
| 106 | IFF | INTERNATIONAL FLAVORS&FRAGRA | 0.04% | - | 23,000 | $3.02M | $131.35 | |
| 107 | WRB | BERKLEY W R CORP | 0.03% | -1.5:1 split | 40,500 | $2.7M | $66.59 | |
| 108 | EA | ELECTRONIC ARTS INC | 0.03% | New | 16,900 | $2.14M | $126.51 | |
| 109 | EMN | EASTMAN CHEM CO | 0.02% | - | 17,450 | $1.96M | $112.03 | |
| 110 | SPOT | SPOTIFY TECHNOLOGY S A | 0.02% | Add +344.8% | 12,900 | $1.95M | $151.01 | |
| 111 | SHOP | SHOPIFY INC | 0.02% | New | 2,750 | $1.86M | $676.00 | |
| 112 | SONY | SONY GROUP CORPORATION | 0.02% | New | 16,000 | $1.64M | $102.69 | |
| 113 | INTU | INTUIT | 0.02% | - | 2,720 | $1.31M | $480.88 | |
| 114 | PYPL | PAYPAL HLDGS INC | 0.01% | New | 10,551 | $1.22M | $115.63 | |
| 115 | CSGP | COSTAR GROUP INC | 0.01% | Add +467.7% | 17,600 | $1.17M | $66.59 | |
| 116 | TMO | THERMO FISHER SCIENTIFIC INC | 0.01% | Add +550.0% | 1,950 | $1.15M | $590.77 | |
| 117 | LAMR | LAMAR ADVERTISING CO NEW | 0.01% | - | 8,500 | $988K | $116.24 | |
| 118 | SMG | SCOTTS MIRACLE-GRO CO | 0.01% | New | 6,500 | $799K | $122.92 | |
| 119 | IT | GARTNER INC | 0.01% | New | 2,500 | $744K | $297.60 | |
| 120 | CE | CELANESE CORP DEL | 0.01% | - | 4,800 | $686K | $142.92 | |
| 121 | ICE | INTERCONTINENTAL EXCHANGE IN | 0.01% | - | 5,120 | $676K | $132.03 | |
| 122 | AXTA | AXALTA COATING SYS LTD | 0.01% | New | 20,626 | $507K | $24.58 | |
| 123 | WTW | WILLIS TOWERS WATSON PLC LTD | 0.01% | New | 2,050 | $484K | $236.10 | |
| 124 | DCT | DUCK CREEK TECHNOLOGIES INC | 0.00% | New | 9,250 | $205K | No quote | No quote |
| 129 | SHAK | SHAKE SHACK INC | - | Sold | 0 | $0 | No quote | No quote |
| 128 | MHK | MOHAWK INDS INC | - | Sold | 0 | $0 | No quote | No quote |
| 127 | MCHP | MICROCHIP TECHNOLOGY | - | Sold | 0 | $0 | No quote | No quote |
| 126 | APO | APOLLO GLOBAL MGMT I | - | Sold | 0 | $0 | No quote | No quote |
| 125 | ALB | ALBEMARLE CORP | - | Sold | 0 | $0 | No quote | No quote |