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 56 of 80 rows. Rows without a quote are marked unavailable.
| 1 | FRFHF | Fairfax Financial Holdings Ltd COM | 15.06% | - | 279,459 | $103.6M | $370.71 | No quote |
| 2 | UBSH | Union First Market Bankshares COM | 6.25% | - | 3,504,920 | $42.97M | No quote | No quote |
| 3 | BRK/A | Berkshire Hathaway, Inc. COMCUSIP 084670108 | 4.80% | - | 275 | $33M | No quote | No quote |
| 4 | RLI | RLI Corporation COM | 4.72% | Reduce -0.2% | 617,816 | $32.44M | $52.51 | No quote |
| 5 | BRK/B | Berkshire Hathaway Class B COMCUSIP 084670702 | 4.46% | - | 385,100 | $30.69M | No quote | No quote |
| 6 | WPC | W.P. Carey COM | 3.89% | Add +2.7% | 967,200 | $26.73M | $27.64 | No quote |
| 7 | GD | General Dynamics COM | 3.32% | Reduce -0.1% | 390,465 | $22.87M | $58.56 | No quote |
| 8 | DEO | Diageo PLC COM | 3.00% | - | 328,500 | $20.61M | $62.74 | No quote |
| 9 | NVO | Novo-Nordisk A/S COM | 2.73% | - | 231,500 | $18.76M | $81.02 | No quote |
| 10 | NSH | NuStar GP Holdings COM | 2.62% | Reduce -0.2% | 585,300 | $18M | No quote | No quote |
| 11 | - | Level 3 Communications CONVCUSIP 52729NBM1 | 2.43% | Reduce -40.0% | 15,000,000 | $16.69M | No quote | No quote |
| 12 | JNJ | Johnson and Johnson COM | 2.40% | - | 280,000 | $16.54M | $59.06 | No quote |
| 13 | BF/A | Brown Forman Class A COMCUSIP 115637100 | 2.40% | Reduce -0.0% | 283,760 | $16.52M | No quote | No quote |
| 14 | ADP | Automatic Data Processing COM | 2.39% | Add +9.9% | 408,100 | $16.43M | $40.26 | No quote |
| 15 | CAT | Caterpillar Inc COM | 2.06% | Add +0.0% | 236,400 | $14.2M | $60.07 | No quote |
| 16 | MCD | McDonalds COM | 1.85% | Add +5.5% | 192,903 | $12.71M | $65.87 | No quote |
| 17 | XOM | Exxon Corporation COM | 1.66% | - | 199,800 | $11.4M | $57.07 | No quote |
| 18 | ELME | Washington Real Estate Investm COM | 1.63% | - | 407,475 | $11.24M | No quote | No quote |
| 19 | WTM | White Mountains COM | 1.58% | Reduce -8.6% | 33,456 | $10.85M | $324.19 | No quote |
| 20 | LUK | Leucadia National Corp COM | 1.55% | Add +7.9% | 548,400 | $10.7M | No quote | No quote |
| 21 | SCHW | Charles Schwab COM | 1.49% | Add +17.6% | 724,200 | $10.27M | $14.18 | No quote |
| 22 | ITW | Illinois Tool Works COM | 1.46% | Add +0.0% | 243,043 | $10.03M | $41.28 | No quote |
| 23 | FCEA | Forest City Enterprises Class COM | 1.39% | - | 843,767 | $9.55M | No quote | No quote |
| 24 | ITC | ITC Holdings Corp COM | 1.33% | Add +9.5% | 173,200 | $9.16M | No quote | No quote |
| 25 | EMR | Emerson Electric COM | 1.11% | - | 175,400 | $7.66M | $43.69 | No quote |
| 26 | ITIC | Investors Title Company COM | 1.05% | - | 228,850 | $7.26M | $31.70 | No quote |
| 27 | BAM | Brookfield Asset Management COM | 0.99% | - | 300,000 | $6.79M | $22.62 | No quote |
| 28 | NTRS | Northern Trust Corp COM | 0.95% | - | 140,000 | $6.54M | $46.70 | No quote |
| 29 | DIS | Disney COM | 0.92% | - | 200,000 | $6.3M | $31.50 | No quote |
| 30 | FNF | Fidelity National Financial COM | 0.89% | - | 468,850 | $6.09M | $12.99 | No quote |
| 31 | WAG | Walgreen COM | 0.86% | - | 222,260 | $5.93M | No quote | No quote |
| 32 | BUD | Anheuser-Busch Inbev ADR COM | 0.84% | Add +71.4% | 120,000 | $5.76M | $48.01 | No quote |
| 33 | WMT | Wal-Mart Stores COM | 0.81% | - | 116,425 | $5.6M | $48.07 | No quote |
| 34 | MAR | Marriott International COM | 0.79% | - | 181,965 | $5.45M | $29.94 | No quote |
| 35 | PM | Philip Morris International COM | 0.78% | - | 116,700 | $5.35M | $45.84 | No quote |
| 36 | PCL | Plum Creek Lumber MLP COM | 0.75% | - | 150,000 | $5.18M | No quote | No quote |
| 37 | GE | General Electric COM | 0.62% | - | 295,000 | $4.25M | $14.42 | No quote |
| 38 | PEP | Pepsico COM | 0.59% | Add +8.1% | 67,000 | $4.08M | $60.96 | No quote |
| 39 | BF/B | Brown-Forman Class B COMCUSIP 115637209 | 0.59% | - | 70,915 | $4.06M | No quote | No quote |
| 40 | PDCO | Patterson Companies Inc. COM | 0.58% | Add +12.1% | 139,300 | $3.97M | No quote | No quote |
| 41 | UPS | United Parcel Service COM | 0.57% | - | 69,520 | $3.96M | $56.89 | No quote |
| 42 | IGT | International Game Technology COM | 0.57% | - | 250,000 | $3.93M | No quote | No quote |
| 43 | EOG | EOG Resources, Inc. COM | 0.56% | Add +8.3% | 39,000 | $3.84M | $98.36 | No quote |
| 44 | PG | Procter & Gamble COM | 0.55% | - | 63,400 | $3.8M | $59.98 | No quote |
| 45 | SLB | Schlumberger COM | 0.53% | Add +0.6% | 66,400 | $3.68M | $55.35 | No quote |
| 46 | BRO | Brown & Brown COM | 0.50% | - | 180,000 | $3.45M | $19.14 | No quote |
| 47 | NKE | Nike COM | 0.49% | - | 50,200 | $3.39M | $67.55 | No quote |
| 48 | ABT | Abbott Laboratories COM | 0.48% | Add +0.4% | 70,000 | $3.28M | $46.79 | No quote |
| 49 | KO | Coca Cola Co COM | 0.47% | Add +18.8% | 65,200 | $3.27M | $50.12 | No quote |
| 50 | KMX | Carmax COM | 0.46% | - | 160,000 | $3.18M | $19.90 | No quote |
| 51 | TEVA | Teva Pharmaceuticals COM | 0.45% | New | 60,200 | $3.13M | $51.99 | No quote |
| 52 | CPB | Campbell Soup Co COM | 0.39% | Add +1.4% | 74,400 | $2.67M | $35.83 | No quote |
| 53 | SYY | Sysco Corp COM | 0.35% | - | 85,000 | $2.43M | $28.56 | No quote |
| 54 | MMM | 3M Company COM | 0.34% | - | 30,000 | $2.37M | $79.00 | No quote |
| 55 | MO | Altria COM | 0.34% | - | 116,700 | $2.34M | $20.04 | No quote |
| 56 | WPO | Washington Post Co COM | 0.32% | - | 5,400 | $2.22M | No quote | No quote |
| 57 | POOL | Pool Corp COM | 0.30% | - | 95,000 | $2.08M | $21.92 | No quote |
| 58 | LOW | Lowes COM | 0.28% | - | 95,000 | $1.94M | $20.42 | No quote |
| 59 | HCCI | Heritage Crystal Clean Inc COM | 0.28% | Add +188.9% | 239,500 | $1.93M | No quote | No quote |
| 60 | FO | Fortune Brands COM | 0.26% | - | 45,700 | $1.79M | No quote | No quote |
| 61 | STT | State Street Corp COM | 0.20% | - | 40,400 | $1.37M | $33.81 | No quote |
| 62 | PAYX | Paychex COM | 0.19% | - | 50,900 | $1.32M | $25.97 | No quote |
| 63 | Y | Alleghany Corporation COM | 0.18% | Add +2.0% | 4,244 | $1.25M | No quote | No quote |
| 64 | IBM | International Business Machine COM | 0.18% | - | 10,000 | $1.24M | $123.50 | No quote |
| 65 | MSFT | Microsoft COM | 0.17% | Add +0.2% | 52,290 | $1.2M | $23.01 | No quote |
| 66 | INTC | Intel COM | 0.17% | - | 60,000 | $1.17M | $19.45 | No quote |
| 67 | XRAY | DENTSPLY COM | 0.15% | - | 35,400 | $1.06M | $29.92 | No quote |
| 68 | PPD | Prepaid Legal Services COM | 0.10% | New | 15,000 | $682K | No quote | No quote |
| 69 | HD | Home Depot COM | 0.08% | - | 20,000 | $561K | $28.05 | No quote |
| 70 | TROW | T.Rowe Price COM | 0.07% | - | 11,000 | $488K | $44.36 | No quote |
| 71 | EPE | Enterprise GP Holdings COM | 0.07% | - | 10,000 | $474K | No quote | No quote |
| 72 | CLMT | Calumet COM | 0.07% | - | 25,700 | $454K | No quote | No quote |
| 73 | AXP | American Express COM | 0.06% | - | 10,000 | $397K | $39.70 | No quote |
| 74 | ACN | Accenture COM | 0.06% | - | 10,000 | $386K | $38.60 | No quote |
| 75 | APD | Air Products & Chemicals COM | 0.05% | Add +36.6% | 5,600 | $363K | $64.82 | No quote |
| 76 | COST | Costco COM | 0.04% | - | 5,000 | $274K | $54.80 | No quote |
| 77 | FHI | Federated Investors COM | 0.03% | - | 10,000 | $207K | No quote | No quote |
| 78 | CMCSA | Comcast COM | 0.03% | Reduce -77.4% | 11,550 | $201K | $17.40 | No quote |
| 79 | BK | Bank of New York Mellon Corp COM | 0.01% | - | 3,019 | $75K | $24.84 | No quote |
| 80 | CTAS | Cintas Corp COM | - | Sold | 0 | $0 | No quote | No quote |