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 57 of 79 rows. Rows without a quote are marked unavailable.
| 1 | FRFHF | Fairfax Financial Holdings Ltd COM | 17.12% | - | 279,459 | $108.98M | $389.96 | No quote |
| 2 | RLI | RLI Corporation COM | 5.18% | - | 619,016 | $32.96M | $53.25 | No quote |
| 3 | - | Level 3 Communications CONVCUSIP 52729NBM1 | 4.83% | - | 25,000,000 | $30.75M | No quote | No quote |
| 4 | BRK/A | Berkshire Hathaway, Inc. COMCUSIP 084670108 | 4.29% | - | 275 | $27.28M | No quote | No quote |
| 5 | GD | General Dynamics COM | 4.21% | - | 392,723 | $26.77M | $68.17 | No quote |
| 6 | BRKB | Berkshire Hathaway Class B COM | 3.98% | - | 7,702 | $25.31M | No quote | No quote |
| 7 | WPC | W.P. Carey COM | 3.76% | - | 865,500 | $23.96M | $27.68 | No quote |
| 8 | DEO | Diageo PLC COM | 3.58% | - | 328,500 | $22.8M | $69.41 | No quote |
| 9 | JNJ | Johnson and Johnson COM | 2.83% | - | 280,000 | $18.04M | $64.41 | No quote |
| 10 | BF/A | Brown Forman Class A COMCUSIP 115637100 | 2.51% | - | 283,860 | $15.99M | No quote | No quote |
| 11 | NSH | NuStar GP Holdings COM | 2.48% | - | 586,300 | $15.78M | No quote | No quote |
| 12 | XOM | Exxon Corporation COM | 2.14% | - | 199,800 | $13.62M | $68.19 | No quote |
| 13 | ADP | Automatic Data Processing COM | 2.13% | - | 316,200 | $13.54M | $42.82 | No quote |
| 14 | CAT | Caterpillar Inc COM | 2.12% | - | 236,300 | $13.47M | $56.99 | No quote |
| 15 | WTM | White Mountains COM | 1.97% | - | 37,600 | $12.51M | $332.66 | No quote |
| 16 | ITW | Illinois Tool Works COM | 1.83% | - | 243,034 | $11.66M | $47.99 | No quote |
| 17 | ELME | Washington Real Estate Investm COM | 1.76% | - | 407,475 | $11.23M | No quote | No quote |
| 18 | NVO | Novo-Nordisk A/S COM | 1.67% | - | 166,500 | $10.63M | $63.85 | No quote |
| 19 | SCHW | Charles Schwab COM | 1.57% | - | 530,900 | $9.99M | $18.82 | No quote |
| 20 | LUK | Leucadia National Corp COM | 1.56% | - | 418,400 | $9.95M | No quote | No quote |
| 21 | FCEA | Forest City Enterprises Class COM | 1.56% | - | 843,767 | $9.94M | No quote | No quote |
| 22 | MCD | McDonalds COM | 1.20% | - | 122,601 | $7.66M | $62.44 | No quote |
| 23 | EMR | Emerson Electric COM | 1.17% | - | 175,400 | $7.47M | $42.60 | No quote |
| 24 | NTRS | Northern Trust Corp COM | 1.15% | - | 140,000 | $7.34M | $52.40 | No quote |
| 25 | ITIC | Investors Title Company COM | 1.11% | - | 228,850 | $7.07M | $30.90 | No quote |
| 26 | BAM | Brookfield Asset Management COM | 1.05% | - | 300,000 | $6.65M | $22.18 | No quote |
| 27 | DIS | Disney COM | 1.01% | - | 200,000 | $6.45M | $32.25 | No quote |
| 28 | FNF | Fidelity National Financial COM | 0.99% | - | 468,850 | $6.31M | $13.46 | No quote |
| 29 | WMT | Wal-Mart Stores COM | 0.98% | - | 116,425 | $6.22M | $53.45 | No quote |
| 30 | MHP | McGraw-Hill Companies COM | 0.90% | - | 170,000 | $5.7M | No quote | No quote |
| 31 | PCL | Plum Creek Lumber MLP COM | 0.89% | - | 150,000 | $5.66M | No quote | No quote |
| 32 | PM | Philip Morris International COM | 0.88% | - | 116,700 | $5.62M | $48.19 | No quote |
| 33 | ITC | ITC Holdings Corp COM | 0.84% | - | 103,200 | $5.38M | No quote | No quote |
| 34 | MAR | Marriott International COM | 0.78% | - | 181,965 | $4.96M | $27.25 | No quote |
| 35 | AFL | Aflac COM | 0.76% | - | 105,000 | $4.86M | $46.25 | No quote |
| 36 | IGT | International Game Technology COM | 0.74% | - | 250,000 | $4.69M | No quote | No quote |
| 37 | WAG | Walgreen COM | 0.73% | - | 127,260 | $4.67M | No quote | No quote |
| 38 | SAP | SAP Aktiengesellschaft COM | 0.72% | - | 97,500 | $4.56M | $46.81 | No quote |
| 39 | GE | General Electric COM | 0.70% | - | 295,000 | $4.46M | $15.13 | No quote |
| 40 | SLB | Schlumberger COM | 0.67% | - | 66,000 | $4.3M | $65.09 | No quote |
| 41 | UPS | United Parcel Service COM | 0.63% | - | 69,520 | $3.99M | $57.36 | No quote |
| 42 | KMX | Carmax COM | 0.61% | - | 160,000 | $3.88M | $24.25 | No quote |
| 43 | BF/B | Brown-Forman Class B COMCUSIP 115637209 | 0.60% | - | 70,915 | $3.8M | No quote | No quote |
| 44 | NKE | Nike COM | 0.52% | - | 50,200 | $3.32M | $66.08 | No quote |
| 45 | BRO | Brown & Brown COM | 0.51% | - | 180,000 | $3.24M | $17.97 | No quote |
| 46 | PDCO | Patterson Companies Inc. COM | 0.39% | - | 89,800 | $2.51M | No quote | No quote |
| 47 | MMM | 3M Company COM | 0.39% | - | 30,000 | $2.48M | $82.67 | No quote |
| 48 | SYY | Sysco Corp COM | 0.37% | - | 85,000 | $2.38M | $27.94 | No quote |
| 49 | WPO | Washington Post Co COM | 0.37% | - | 5,400 | $2.37M | No quote | No quote |
| 50 | MO | Altria COM | 0.36% | - | 116,700 | $2.29M | $19.63 | No quote |
| 51 | SLG | SL Green Corp COM | 0.36% | - | 45,500 | $2.29M | No quote | No quote |
| 52 | LOW | Lowes COM | 0.35% | - | 95,000 | $2.22M | $23.39 | No quote |
| 53 | PEP | Pepsico COM | 0.32% | - | 34,000 | $2.07M | $60.79 | No quote |
| 54 | FO | Fortune Brands COM | 0.31% | - | 45,700 | $1.97M | No quote | No quote |
| 55 | CTAS | Cintas Corp COM | 0.29% | - | 70,000 | $1.83M | $26.07 | No quote |
| 56 | STT | State Street Corp COM | 0.28% | - | 40,400 | $1.76M | $43.54 | No quote |
| 57 | ABT | Abbott Laboratories COM | 0.25% | - | 29,700 | $1.6M | $54.01 | No quote |
| 58 | PAYX | Paychex COM | 0.25% | - | 50,900 | $1.56M | $30.65 | No quote |
| 59 | IBM | International Business Machine COM | 0.21% | - | 10,000 | $1.31M | $130.90 | No quote |
| 60 | MSFT | Microsoft COM | 0.20% | - | 42,690 | $1.3M | $30.48 | No quote |
| 61 | KO | Coca Cola Co COM | 0.20% | - | 21,900 | $1.25M | $56.99 | No quote |
| 62 | XRAY | DENTSPLY COM | 0.20% | - | 35,400 | $1.25M | $35.17 | No quote |
| 63 | INTC | Intel COM | 0.19% | - | 60,000 | $1.22M | $20.40 | No quote |
| 64 | CPB | Campbell Soup Co COM | 0.19% | - | 35,400 | $1.2M | $33.81 | No quote |
| 65 | Y | Alleghany Corporation COM | 0.18% | - | 4,161 | $1.15M | No quote | No quote |
| 66 | PG | Procter & Gamble COM | 0.17% | - | 17,600 | $1.07M | $60.63 | No quote |
| 67 | POOL | Pool Corp COM | 0.16% | - | 55,000 | $1.05M | $19.07 | No quote |
| 68 | CMCSA | Comcast COM | 0.14% | - | 54,100 | $912K | $16.86 | No quote |
| 69 | TROW | T.Rowe Price COM | 0.09% | - | 11,000 | $586K | $53.27 | No quote |
| 70 | HD | Home Depot COM | 0.09% | - | 20,000 | $579K | $28.95 | No quote |
| 71 | ACN | Accenture COM | 0.07% | - | 10,000 | $415K | $41.50 | No quote |
| 72 | AXP | American Express COM | 0.06% | - | 10,000 | $405K | $40.50 | No quote |
| 73 | EPE | Enterprise GP Holdings COM | 0.06% | - | 10,000 | $390K | No quote | No quote |
| 74 | MAN | Manpower Inc. COM | 0.06% | - | 7,000 | $382K | $54.57 | No quote |
| 75 | CME | CME Group Inc COM | 0.05% | - | 1,000 | $336K | $336.00 | No quote |
| 76 | HCCI | Heritage Crystal Clean Inc COM | 0.05% | - | 30,200 | $316K | No quote | No quote |
| 77 | COST | Costco COM | 0.05% | - | 5,000 | $296K | $59.20 | No quote |
| 78 | FHI | Federated Investors COM | 0.04% | - | 10,000 | $275K | No quote | No quote |
| 79 | BK | Bank of New York Mellon Corp COM | 0.01% | - | 3,019 | $84K | $27.82 | No quote |