Thomas Gayner - Markel Asset Management
As of Q3 2026, Thomas Gayner reported 145 long-equity positions worth $12.84B in aggregate.
Copy-investor backtest
- Latest quarter
- -0.60%
- 1-year
- +11.38%
- 3-year
- +43.89%
- 5-year
- +41.20%
- 3-year vs S&P 500
- -25.24%
- 5-year vs S&P 500
- -29.59%
- 5-year top 5
- +41.82%
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 2026-10-30 from SEC 13F data.
Live quotes available for 143 of 147 rows. Rows without a quote are marked unavailable.
| 1 | GOOG | ALPHABET INC | 7.30% | - | 2,749,860 | $936.99M | $340.74 | |
| 2 | BRK-A | BERKSHIRE HATHAWAY INC DEL | 6.48% | - | 1,114 | $832.16M | $747005.00 | |
| 3 | BRK-B | BERKSHIRE HATHAWAY INC DEL | 5.94% | - | 1,531,971 | $762.84M | $497.95 | |
| 4 | DE | DEERE & CO | 4.50% | Reduce -1.9% | 861,150 | $578.31M | $671.55 | |
| 5 | AMZN | AMAZON COM INC | 3.94% | - | 2,030,760 | $505.96M | $249.15 | |
| 6 | BN | BROOKFIELD CORP | 3.71% | - | 13,073,609 | $476.66M | $36.46 | |
| 7 | AAPL | APPLE INC | 3.18% | - | 1,227,290 | $408.71M | $333.02 | |
| 8 | ADI | ANALOG DEVICES INC | 3.09% | - | 999,671 | $396.58M | $396.71 | |
| 9 | V | VISA INC | 2.84% | - | 1,013,912 | $364.33M | $359.33 | |
| 10 | GS | GOLDMAN SACHS GROUP INC | 2.52% | - | 359,360 | $323.55M | $900.36 | |
| 11 | MSFT | MICROSOFT CORP | 2.15% | - | 537,630 | $275.75M | $512.90 | |
| 12 | CAT | CATERPILLAR INC | 2.08% | - | 328,650 | $266.47M | $810.79 | |
| 13 | HD | HOME DEPOT INC | 2.07% | Add +1.0% | 932,000 | $265.14M | $284.49 | |
| 14 | BLK | BLACKROCK INC | 1.81% | - | 220,200 | $233.04M | $1058.29 | |
| 15 | DIS | DISNEY WALT CO | 1.67% | Add +0.4% | 2,039,165 | $213.91M | $104.90 | |
| 16 | TXN | TEXAS INSTRS INC | 1.58% | - | 724,000 | $202.79M | $280.09 | |
| 17 | WSO | WATSCO INC | 1.47% | Add +4.2% | 623,010 | $188.58M | $302.69 | |
| 18 | FNV | FRANCO NEV CORP | 1.46% | Add +1.8% | 787,000 | $187.39M | $238.11 | |
| 19 | GOOGL | ALPHABET INC | 1.39% | Reduce -9.1% | 519,975 | $178.91M | $344.08 | |
| 20 | LPLA | LPL FINL HLDGS INC | 1.35% | Add +1.1% | 566,132 | $173.12M | $305.80 | |
| 21 | JNJ | JOHNSON & JOHNSON | 1.26% | - | 610,800 | $161.7M | $264.74 | |
| 22 | PGR | PROGRESSIVE CORP | 1.22% | - | 753,750 | $156.26M | $207.31 | |
| 23 | META | META PLATFORMS INC | 1.18% | Reduce -10.7% | 209,163 | $151.68M | $725.18 | |
| 24 | AXP | AMERICAN EXPRESS CO | 1.16% | - | 490,450 | $149.15M | $304.10 | |
| 25 | LOW | LOWES COS INC | 1.09% | Add +1.3% | 761,480 | $140.33M | $184.29 | |
| 26 | BX | BLACKSTONE INC | 1.07% | - | 1,229,000 | $137.76M | $112.09 | |
| 27 | SCHW | SCHWAB CHARLES CORP | 1.06% | - | 1,394,800 | $136.33M | $97.74 | |
| 28 | RLI | RLI CORP | 1.04% | Add +1.1% | 2,421,922 | $133.96M | $55.31 | |
| 29 | KKR | KKR & CO INC | 1.03% | - | 1,451,800 | $132.55M | $91.30 | |
| 30 | MMC | MARSH & MCLENNAN COS INC | 1.02% | - | 763,500 | $130.35M | No quote | No quote |
| 31 | GD | GENERAL DYNAMICS CORP | 1.01% | - | 391,000 | $129.75M | $331.83 | |
| 32 | ADM | ARCHER DANIELS MIDLAND CO | 0.93% | - | 1,505,800 | $119.53M | $79.38 | |
| 33 | APO | APOLLO GLOBAL MGMT INC | 0.92% | - | 1,012,500 | $117.51M | $116.06 | |
| 34 | DEO | DIAGEO PLC | 0.91% | - | 1,372,208 | $117.46M | $85.60 | |
| 35 | MA | MASTERCARD INCORPORATED | 0.89% | - | 207,540 | $114.45M | $551.47 | |
| 36 | NVO | NOVO-NORDISK A S | 0.85% | - | 2,869,774 | $108.79M | $37.91 | |
| 37 | LIN | LINDE PLC | 0.82% | Add +2.3% | 220,600 | $104.71M | $474.65 | |
| 38 | DG | DOLLAR GEN CORP | 0.81% | - | 869,250 | $103.94M | $119.58 | |
| 39 | MCO | MOODYS CORP | 0.76% | - | 213,890 | $97.13M | $454.13 | |
| 40 | BAM | BROOKFIELD ASSET MANAGMT LTD | 0.75% | Reduce -0.9% | 2,173,953 | $96.91M | $44.58 | |
| 41 | NSC | NORFOLK SOUTHN CORP | 0.68% | - | 282,500 | $87.29M | $309.00 | |
| 42 | HEI-A | HEICO CORP NEW | 0.68% | - | 379,644 | $86.68M | $228.33 | |
| 43 | ITW | ILLINOIS TOOL WKS INC | 0.66% | - | 327,500 | $84.26M | $257.28 | |
| 44 | JPM | JPMORGAN CHASE & CO | 0.65% | - | 252,550 | $83.55M | $330.83 | |
| 45 | MSCI | MSCI INC | 0.60% | - | 142,850 | $76.95M | $538.66 | |
| 46 | ECL | ECOLAB INC | 0.59% | - | 274,300 | $75.32M | $274.58 | |
| 47 | NVR | NVR INC | 0.58% | Add +0.6% | 12,167 | $74.88M | $6154.39 | |
| 48 | ODFL | OLD DOMINION FREIGHT LINE IN | 0.58% | - | 429,150 | $74.6M | $173.84 | |
| 49 | SUNB | SUNBELT RENTALS HOLDINGS INC | 0.56% | Add +0.9% | 983,207 | $71.98M | $73.21 | |
| 50 | ROK | ROCKWELL AUTOMATION INC | 0.53% | - | 154,900 | $67.43M | $435.33 | |
| 51 | ITIC | INVESTORS TITLE CO NC | 0.47% | - | 213,300 | $60.34M | $282.90 | |
| 52 | THG | HANOVER INS GROUP INC | 0.47% | - | 281,000 | $60.17M | $214.12 | |
| 53 | SBUX | STARBUCKS CORP | 0.46% | - | 623,818 | $58.61M | $93.96 | |
| 54 | CG | CARLYLE GROUP INC | 0.41% | - | 1,327,000 | $52.63M | $39.66 | |
| 55 | TMO | THERMO FISHER SCIENTIFIC INC | 0.39% | Add +1.4% | 74,100 | $50.02M | $675.05 | |
| 56 | ROL | ROLLINS INC | 0.37% | Add +4.3% | 1,581,025 | $47.62M | $30.12 | |
| 57 | SPGI | S&P GLOBAL INC | 0.36% | - | 117,690 | $46.43M | $394.47 | |
| 58 | TSN | TYSON FOODS INC | 0.36% | - | 913,500 | $46.16M | $50.53 | |
| 59 | UNP | UNION PAC CORP | 0.35% | Add +3.1% | 166,028 | $45.18M | $272.13 | |
| 60 | HGTY | HAGERTY INC | 0.33% | - | 3,108,000 | $41.83M | $13.46 | |
| 61 | MELI | MERCADOLIBRE INC | 0.33% | Add +0.8% | 24,200 | $41.83M | $1728.53 | |
| 62 | RTX | RTX CORPORATION | 0.32% | - | 224,000 | $41.59M | $185.65 | |
| 63 | FERG | FERGUSON ENTERPRISES INC | 0.32% | Add +2.2% | 184,200 | $41.01M | $222.62 | |
| 64 | CSCO | CISCO SYS INC | 0.30% | - | 355,500 | $38.26M | $107.63 | |
| 65 | AON | AON PLC | 0.29% | - | 135,800 | $37.59M | $276.77 | |
| 66 | FDS | FACTSET RESH SYS INC | 0.28% | - | 135,376 | $36.54M | $269.95 | |
| 67 | HCA | HCA HEALTHCARE INC | 0.28% | Add +0.7% | 84,972 | $36.26M | $426.74 | |
| 68 | MAR | MARRIOTT INTL INC NEW | 0.28% | Add +0.3% | 99,750 | $35.48M | $355.67 | |
| 69 | ALL | ALLSTATE CORP | 0.27% | - | 154,550 | $34.29M | $221.86 | |
| 70 | LMT | LOCKHEED MARTIN CORP | 0.26% | - | 65,213 | $33.21M | $509.25 | |
| 71 | TROW | PRICE T ROWE GROUP INC | 0.25% | - | 314,000 | $32.67M | $104.05 | |
| 72 | URI | UNITED RENTALS INC | 0.24% | - | 31,150 | $31.17M | $1000.78 | |
| 73 | COST | COSTCO WHOLESALE CORPORATION | 0.24% | Reduce -13.8% | 33,748 | $30.72M | $910.34 | |
| 74 | SHW | SHERWIN WILLIAMS CO | 0.24% | - | 94,172 | $30.44M | $323.27 | |
| 75 | ZTS | ZOETIS INC | 0.23% | Add +542.5% | 425,296 | $29.7M | $69.83 | |
| 76 | ACN | ACCENTURE PLC IRELAND | 0.23% | - | 159,400 | $29.23M | $183.37 | |
| 77 | LAMR | LAMAR ADVERTISING CO | 0.22% | - | 193,000 | $27.81M | $144.11 | |
| 78 | CSX | CSX CORP | 0.22% | Add +2.2% | 597,500 | $27.79M | $46.51 | |
| 79 | VRSK | VERISK ANALYTICS INC | 0.20% | - | 155,950 | $26.18M | $167.85 | |
| 80 | APD | AIR PRODUCTS AND CHEMICALS I | 0.20% | Add +4.8% | 92,750 | $25.81M | $278.23 | |
| 81 | CCK | CROWN HLDGS INC | 0.18% | - | 220,000 | $23.19M | $105.41 | |
| 82 | BF-A | BROWN FORMAN CORP | 0.18% | - | 843,000 | $22.62M | $26.83 | |
| 83 | RNR | RENAISSANCERE HLDGS LTD | 0.17% | - | 70,000 | $22.28M | $318.23 | |
| 84 | PM | PHILIP MORRIS INTL INC | 0.17% | - | 114,500 | $21.85M | $190.82 | |
| 85 | EPD | ENTERPRISE PRODS PARTNERS L | 0.17% | Add +7.6% | 612,000 | $21.79M | $35.61 | |
| 86 | FIX | COMFORT SYS USA INC | 0.17% | - | 13,000 | $21.5M | $1654.09 | |
| 87 | YUM | YUM BRANDS INC | 0.15% | Reduce -42.1% | 142,059 | $19.37M | $136.34 | |
| 88 | AMAT | APPLIED MATLS INC | 0.14% | - | 36,350 | $18.59M | $511.38 | |
| 89 | BK | BANK OF NY MELLON CORP | 0.14% | - | 124,500 | $18.01M | $144.63 | |
| 90 | SEIC | SEI INVTS CO | 0.14% | - | 173,200 | $17.78M | $102.66 | |
| 91 | COF | CAPITAL ONE FINL CORP | 0.14% | - | 91,000 | $17.57M | $193.07 | |
| 92 | WFC | WELLS FARGO & CO | 0.13% | - | 204,450 | $16.37M | $80.05 | |
| 93 | HXL | HEXCEL CORP NEW | 0.12% | - | 189,000 | $15.86M | $83.92 | |
| 94 | NKE | NIKE INC | 0.12% | - | 447,400 | $15.84M | $35.40 | |
| 95 | SHOP | SHOPIFY INC | 0.12% | - | 102,750 | $15.24M | $148.30 | |
| 96 | PAYX | PAYCHEX INC | 0.12% | - | 150,000 | $14.78M | $98.50 | |
| 97 | CARR | CARRIER GLOBAL CORPORATION | 0.10% | Add +2.1% | 240,000 | $13.17M | $54.86 | |
| 98 | CME | CME GROUP INC | 0.10% | - | 49,750 | $13.03M | $261.98 | |
| 99 | SPOT | SPOTIFY TECHNOLOGY S A | 0.10% | - | 25,900 | $12.62M | $487.38 | |
| 100 | IQV | IQVIA HLDGS INC | 0.10% | - | 46,900 | $12.61M | $268.85 | |
| 101 | BF-B | BROWN FORMAN CORP | 0.10% | - | 474,187 | $12.42M | $26.20 | |
| 102 | PEP | PEPSICO INC | 0.10% | - | 96,210 | $12.19M | $126.72 | |
| 103 | CBOE | CBOE GLOBAL MKTS INC | 0.09% | - | 43,700 | $12.03M | $275.29 | |
| 104 | HSY | HERSHEY CO | 0.09% | - | 75,000 | $11.82M | $157.61 | |
| 105 | ABNB | AIRBNB INC | 0.09% | Reduce -69.7% | 73,355 | $11.78M | $160.65 | |
| 106 | EFX | EQUIFAX INC | 0.08% | - | 72,850 | $10M | $137.24 | |
| 107 | XOM | EXXONMOBIL HOLDINGS ORD | 0.08% | New | 60,400 | $9.83M | $162.75 | |
| 108 | UBER | UBER TECHNOLOGIES INC | 0.08% | - | 142,500 | $9.76M | $68.51 | |
| 109 | OTIS | OTIS WORLDWIDE CORP | 0.07% | Add +9.0% | 145,620 | $9.37M | $64.32 | |
| 110 | NSP | INSPERITY INC | 0.07% | - | 181,336 | $8.45M | $46.59 | |
| 111 | SONY | SONY GROUP CORP | 0.06% | - | 335,000 | $7.88M | $23.53 | |
| 112 | KMX | CARMAX INC | 0.06% | - | 136,500 | $7.52M | $55.11 | |
| 113 | HII | HUNTINGTON INGALLS INDS INC | 0.06% | - | 27,500 | $7.34M | $267.07 | |
| 114 | CP | CANADIAN PACIFIC KANSAS CITY | 0.05% | Add +8.9% | 79,500 | $6.77M | $85.10 | |
| 115 | CNI | CANADIAN NATL RY CO | 0.05% | - | 53,500 | $6.36M | $118.90 | |
| 116 | CMCSA | COMCAST CORP NEW | 0.05% | Reduce -64.0% | 288,334 | $6.27M | $21.76 | |
| 117 | GHC | GRAHAM HLDGS CO | 0.05% | - | 5,200 | $5.9M | $1134.67 | |
| 118 | EMN | EASTMAN CHEM CO | 0.04% | - | 74,950 | $4.86M | $64.84 | |
| 119 | NFLX | NETFLIX INC. | 0.04% | Add +68.8% | 67,500 | $4.7M | $69.58 | |
| 120 | ICE | INTERCONTINENTAL EXCHANGE IN | 0.03% | - | 28,870 | $4.39M | $152.03 | |
| 121 | WRB | BERKLEY W R CORP | 0.03% | - | 60,750 | $4.1M | $67.54 | |
| 122 | WY | WEYERHAEUSER CO | 0.03% | Add +68.3% | 202,000 | $3.85M | $19.05 | |
| 123 | BC | BRUNSWICK CORP | 0.03% | - | 51,250 | $3.29M | $64.24 | |
| 124 | AYI | ACUITY INC | 0.02% | - | 9,750 | $3.02M | $309.81 | |
| 125 | MGM | MGM RESORTS INTERNATIONAL | 0.02% | - | 87,500 | $2.72M | $31.05 | |
| 126 | EXP | EAGLE MATLS INC | 0.02% | - | 14,750 | $2.52M | $171.02 | |
| 127 | SYY | SYSCO CORP | 0.02% | - | 30,500 | $2.38M | $77.96 | |
| 128 | ZBRA | ZEBRA TECHNOLOGIES CORPORATI | 0.02% | New | 6,300 | $2.35M | $373.31 | |
| 129 | MBGL | MOBILITY GLOBAL INC | 0.02% | New | 117,690 | $2.02M | $17.15 | |
| 130 | SLAB | SILICON LABORATORIES INC | 0.01% | New | 8,292 | $1.84M | $221.58 | |
| 131 | TYL | TYLER TECHNOLOGIES INC | 0.01% | New | 5,400 | $1.72M | $318.60 | |
| 132 | VGZ | VISTA GOLD CORP | 0.01% | New | 615,000 | $1.67M | $2.71 | |
| 133 | DPZ | DOMINOS PIZZA INC | 0.01% | - | 5,500 | $1.65M | $299.61 | |
| 134 | WSC | WILLSCOT HLDGS CORP | 0.01% | New | 90,000 | $1.55M | $17.18 | |
| 135 | XPO | XPO INC | 0.01% | New | 8,674 | $1.53M | $175.98 | |
| 136 | XYL | XYLEM INC | 0.01% | New | 12,283 | $1.24M | $101.27 | |
| 137 | WTS | WATTS WATER TECHNOLOGIES INC | 0.01% | New | 3,377 | $1.2M | $354.18 | |
| 138 | UFPI | UFP INDUSTRIES INC | 0.01% | Add +250.0% | 14,000 | $1.08M | $77.22 | |
| 139 | VVV | VALVOLINE INC | 0.01% | New | 33,760 | $1.02M | $30.14 | |
| 140 | XPEL | XPEL INC | 0.01% | New | 20,872 | $921.92K | $44.17 | |
| 141 | TOST | TOAST INC | 0.01% | New | 27,000 | $782.73K | $28.99 | |
| 142 | GMRE | CHIRON REAL ESTATE INC | 0.01% | New | 21,631 | $751.89K | No quote | No quote |
| 143 | SITE | SITEONE LANDSCAPE SUPPLY INC | 0.01% | New | 7,956 | $718.51K | $90.31 | |
| 144 | CPRT | COPART INC | 0.00% | New | 10,000 | $272.8K | $27.28 | |
| 145 | VMC | VULCAN MATLS CO | 0.00% | New | 958 | $234.36K | $244.63 | |
| 147 | XOM | EXXON MOBIL CORP | - | Sold | 0 | $0 | No quote | No quote |
| 146 | BRO | BROWN & BROWN INC | - | Sold | 0 | $0 | No quote | No quote |