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 64 of 86 rows. Rows without a quote are marked unavailable.
| 1 | FRFHF | Fairfax Financial Holdings Ltd COM | 12.23% | - | 267,104 | $107.15M | $401.14 | No quote |
| 2 | UBSH | Union First Market Bankshares COM | 4.87% | - | 3,504,920 | $42.69M | No quote | No quote |
| 3 | RLI | RLI Corporation COM | 4.35% | Reduce -0.2% | 616,166 | $38.15M | $61.92 | No quote |
| 4 | BRK/B | Berkshire Hathaway Class B COMCUSIP 084670702 | 4.28% | - | 485,100 | $37.54M | No quote | No quote |
| 5 | BRK/A | Berkshire Hathaway, Inc. COMCUSIP 084670108 | 3.64% | - | 275 | $31.93M | No quote | No quote |
| 6 | GD | General Dynamics COM | 3.32% | Add +0.0% | 389,881 | $29.05M | $74.52 | No quote |
| 7 | NVO | Novo-Nordisk A/S COM | 3.28% | Reduce -0.1% | 229,450 | $28.75M | $125.28 | No quote |
| 8 | DEO | Diageo PLC COM | 3.07% | - | 328,500 | $26.89M | $81.87 | No quote |
| 9 | FNF | Fidelity National Financial COM | 3.07% | Reduce -2.4% | 1,707,950 | $26.88M | $15.74 | No quote |
| 10 | CAT | Caterpillar Inc COM | 3.00% | Reduce -0.0% | 247,234 | $26.32M | $106.46 | No quote |
| 11 | GE | General Electric COM | 2.93% | - | 1,362,450 | $25.7M | $18.86 | No quote |
| 12 | ADP | Automatic Data Processing COM | 2.82% | Add +0.3% | 468,900 | $24.7M | $52.68 | No quote |
| 13 | NSH | NuStar GP Holdings COM | 2.40% | Reduce -0.2% | 584,300 | $21.04M | No quote | No quote |
| 14 | BF/A | Brown Forman Class A COMCUSIP 115637100 | 2.33% | - | 283,760 | $20.43M | No quote | No quote |
| 15 | LUK | Leucadia National Corp COM | 2.29% | Reduce -0.0% | 588,266 | $20.06M | No quote | No quote |
| 16 | BUD | Anheuser-Busch Inbev ADR COM | 2.23% | Add +17.8% | 336,601 | $19.53M | $58.01 | No quote |
| 17 | JNJ | Johnson and Johnson COM | 2.13% | - | 280,000 | $18.63M | $66.52 | No quote |
| 18 | XOM | Exxon Corporation COM | 1.86% | - | 199,800 | $16.26M | $81.38 | No quote |
| 19 | MCD | McDonalds COM | 1.85% | Reduce -0.1% | 192,156 | $16.2M | $84.32 | No quote |
| 20 | SCHW | Charles Schwab COM | 1.80% | - | 960,300 | $15.8M | $16.45 | No quote |
| 21 | ITW | Illinois Tool Works COM | 1.63% | Reduce -0.1% | 252,530 | $14.27M | $56.49 | No quote |
| 22 | BAM | Brookfield Asset Management COM | 1.63% | - | 430,000 | $14.26M | $33.17 | No quote |
| 23 | ITC | ITC Holdings Corp COM | 1.42% | - | 173,200 | $12.43M | No quote | No quote |
| 24 | TEVA | Teva Pharmaceuticals COM | 1.39% | Add +76.8% | 252,100 | $12.16M | $48.22 | No quote |
| 25 | EMR | Emerson Electric COM | 1.12% | - | 174,400 | $9.81M | $56.25 | No quote |
| 26 | MSFT | Microsoft Corp COM | 1.11% | Add +27.2% | 373,990 | $9.72M | $26.00 | No quote |
| 27 | WAG | Walgreen COM | 1.08% | Reduce -0.1% | 221,960 | $9.42M | No quote | No quote |
| 28 | BRO | Brown & Brown COM | 1.07% | - | 365,628 | $9.38M | $25.66 | No quote |
| 29 | ITIC | Investors Title Company COM | 1.04% | - | 228,850 | $9.12M | $39.86 | No quote |
| 30 | EOG | EOG Resources, Inc. COM | 1.01% | - | 84,300 | $8.81M | $104.56 | No quote |
| 31 | DIS | Disney COM | 0.89% | - | 200,000 | $7.81M | $39.04 | No quote |
| 32 | PM | Philip Morris International COM | 0.89% | - | 116,700 | $7.79M | $66.77 | No quote |
| 33 | KMX | Carmax COM | 0.89% | - | 235,000 | $7.77M | $33.07 | No quote |
| 34 | PEP | Pepsico COM | 0.84% | Add +15.4% | 105,000 | $7.4M | $70.43 | No quote |
| 35 | ELME | Washington Real Estate Investm COM | 0.80% | Reduce -46.9% | 216,508 | $7.04M | No quote | No quote |
| 36 | ABT | Abbott Laboratories COM | 0.78% | Add +46.3% | 129,500 | $6.81M | $52.62 | No quote |
| 37 | NOV | National Oilwell COM | 0.76% | - | 85,000 | $6.65M | $78.21 | No quote |
| 38 | ORCL | Oracle Corp COM | 0.76% | New | 201,700 | $6.64M | $32.91 | No quote |
| 39 | MAR | Marriott International COM | 0.74% | - | 181,965 | $6.46M | $35.49 | No quote |
| 40 | NTRS | Northern Trust Corp COM | 0.73% | - | 140,000 | $6.43M | $45.96 | No quote |
| 41 | WMT | Wal-Mart Stores COM | 0.71% | - | 116,425 | $6.19M | $53.14 | No quote |
| 42 | PCL | Plum Creek Lumber MLP COM | 0.69% | - | 150,000 | $6.08M | No quote | No quote |
| 43 | SLB | Schlumberger COM | 0.69% | - | 70,300 | $6.07M | $86.40 | No quote |
| 44 | BF/B | Brown-Forman Class B COMCUSIP 115637209 | 0.60% | - | 70,915 | $5.3M | No quote | No quote |
| 45 | UPS | United Parcel Service COM | 0.58% | - | 69,520 | $5.07M | $72.93 | No quote |
| 46 | HCCI | Heritage Crystal Clean Inc COM | 0.52% | - | 239,500 | $4.59M | No quote | No quote |
| 47 | NKE | Nike COM | 0.52% | - | 50,200 | $4.52M | $89.98 | No quote |
| 48 | PDCO | Patterson Companies Inc. COM | 0.51% | Reduce -1.7% | 136,600 | $4.49M | No quote | No quote |
| 49 | IGT | International Game Technology COM | 0.50% | - | 250,000 | $4.4M | No quote | No quote |
| 50 | KO | Coca Cola Co COM | 0.50% | Reduce -0.3% | 65,000 | $4.37M | $67.29 | No quote |
| 51 | PG | Procter & Gamble COM | 0.46% | - | 63,400 | $4.03M | $63.56 | No quote |
| 52 | MO | Altria COM | 0.35% | - | 116,700 | $3.08M | $26.41 | No quote |
| 53 | WTM | White Mountains COM | 0.34% | - | 7,056 | $2.97M | $420.21 | No quote |
| 54 | MCF | Contango Oil & Gas COM | 0.34% | Add +77.2% | 50,500 | $2.95M | No quote | No quote |
| 55 | MMM | 3M Company COM | 0.32% | - | 30,000 | $2.85M | $94.83 | No quote |
| 56 | POOL | Pool Corp COM | 0.32% | - | 95,000 | $2.83M | $29.81 | No quote |
| 57 | SYY | Sysco Corp COM | 0.30% | - | 85,000 | $2.65M | $31.18 | No quote |
| 58 | CPB | Campbell Soup Co COM | 0.29% | Reduce -2.0% | 72,900 | $2.52M | $34.55 | No quote |
| 59 | WU | Western Union COM | 0.27% | Add +93.4% | 118,000 | $2.36M | $20.03 | No quote |
| 60 | WPO | Washington Post Co COM | 0.26% | - | 5,400 | $2.26M | No quote | No quote |
| 61 | LOW | Lowes COM | 0.25% | - | 95,000 | $2.21M | $23.31 | No quote |
| 63 | WPC | W.P. Carey COM | 0.21% | - | 45,000 | $1.82M | $40.49 | No quote |
| 62 | STT | State Street Corp COM | 0.21% | - | 40,400 | $1.82M | $45.10 | No quote |
| 64 | IBM | International Business Machine COM | 0.20% | - | 10,000 | $1.72M | $171.50 | No quote |
| 65 | PAYX | Paychex COM | 0.18% | - | 50,900 | $1.56M | $30.73 | No quote |
| 66 | Y | Alleghany Corporation COM | 0.16% | Add +2.0% | 4,328 | $1.44M | No quote | No quote |
| 67 | XRAY | DENTSPLY COM | 0.15% | - | 35,400 | $1.35M | $38.08 | No quote |
| 68 | INTC | Intel COM | 0.15% | - | 60,000 | $1.33M | $22.17 | No quote |
| 69 | DST | DST Systems, Inc COM | 0.15% | Add +19.1% | 25,000 | $1.32M | No quote | No quote |
| 70 | CLX | Clorox Company COM | 0.12% | - | 16,000 | $1.08M | $67.44 | No quote |
| 71 | KMB | Kimberly Clark Corp COM | 0.12% | Add +14.1% | 16,200 | $1.08M | $66.54 | No quote |
| 72 | HD | Home Depot COM | 0.08% | - | 20,000 | $724K | $36.20 | No quote |
| 73 | TROW | T.Rowe Price COM | 0.08% | - | 11,000 | $664K | $60.36 | No quote |
| 74 | EPD | Enterprise Products Lmtd Ptnsh COM | 0.07% | - | 15,000 | $648K | $43.20 | No quote |
| 75 | ACN | Accenture COM | 0.07% | - | 10,000 | $604K | $60.40 | No quote |
| 76 | AXP | American Express COM | 0.06% | - | 10,000 | $517K | $51.70 | No quote |
| 77 | APD | Air Products & Chemicals COM | 0.06% | Add +1.9% | 5,300 | $507K | $95.66 | No quote |
| 78 | LEN | Lennar Corporation COM | 0.05% | New | 25,000 | $454K | $18.16 | No quote |
| 79 | COST | Costco COM | 0.05% | - | 5,000 | $406K | $81.20 | No quote |
| 80 | V | Visa COM | 0.04% | - | 4,100 | $345K | $84.15 | No quote |
| 81 | WSO | Watsco Inc COM | 0.04% | - | 5,000 | $340K | $68.00 | No quote |
| 82 | BRP | Brookfield Residential COM | 0.03% | New | 27,000 | $268K | No quote | No quote |
| 83 | FHI | Federated Investors COM | 0.03% | - | 10,000 | $238K | No quote | No quote |
| 84 | CLMT | Calumet COM | 0.02% | - | 10,000 | $215K | No quote | No quote |
| 85 | BK | Bank of New York Mellon Corp COM | 0.01% | - | 3,019 | $77K | $25.51 | No quote |
| 86 | FCEA | Forest City Enterprises Class COM | - | Sold | 0 | $0 | No quote | No quote |