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 68 of 95 rows. Rows without a quote are marked unavailable.
| 1 | FRFHF | Fairfax Financial Holdings Ltd COM | 13.08% | - | 267,104 | $102.75M | $384.68 | No quote |
| 2 | RLI | RLI Corporation COM | 4.98% | Reduce -0.2% | 615,096 | $39.11M | $63.58 | No quote |
| 3 | UBSH | Union First Market Bankshares COM | 4.78% | - | 3,504,920 | $37.57M | No quote | No quote |
| 4 | BRK/B | Berkshire Hathaway Class B COMCUSIP 084670702 | 4.39% | - | 485,100 | $34.46M | No quote | No quote |
| 5 | BRK/A | Berkshire Hathaway, Inc. COMCUSIP 084670108 | 3.74% | - | 275 | $29.37M | No quote | No quote |
| 6 | FNF | Fidelity National Financial COM | 3.29% | Reduce -0.4% | 1,700,950 | $25.82M | $15.18 | No quote |
| 7 | DEO | Diageo PLC COM | 3.17% | - | 328,500 | $24.94M | $75.93 | No quote |
| 8 | ADP | Automatic Data Processing COM | 2.93% | Add +4.0% | 487,900 | $23M | $47.15 | No quote |
| 9 | NVO | Novo-Nordisk A/S COM | 2.91% | - | 229,450 | $22.84M | $99.52 | No quote |
| 10 | GD | General Dynamics COM | 2.82% | Reduce -0.3% | 388,885 | $22.12M | $56.89 | No quote |
| 11 | BUD | Anheuser-Busch Inbev ADR COM | 2.74% | Add +20.5% | 405,601 | $21.49M | $52.98 | No quote |
| 12 | GE | General Electric COM | 2.64% | - | 1,362,450 | $20.74M | $15.22 | No quote |
| 13 | BF/A | Brown Forman Class A COMCUSIP 115637100 | 2.45% | - | 283,760 | $19.28M | No quote | No quote |
| 14 | CAT | Caterpillar Inc COM | 2.32% | - | 247,234 | $18.26M | $73.84 | No quote |
| 15 | JNJ | Johnson and Johnson COM | 2.27% | - | 280,000 | $17.83M | $63.69 | No quote |
| 16 | NSH | NuStar GP Holdings COM | 2.18% | Reduce -4.3% | 559,300 | $17.15M | No quote | No quote |
| 17 | MCD | McDonalds COM | 2.14% | Reduce -0.4% | 191,456 | $16.81M | $87.82 | No quote |
| 18 | XOM | Exxon Corporation COM | 1.85% | - | 199,800 | $14.51M | $72.63 | No quote |
| 19 | ITC | ITC Holdings Corp COM | 1.71% | - | 173,200 | $13.41M | No quote | No quote |
| 20 | LUK | Leucadia National Corp COM | 1.70% | - | 588,266 | $13.34M | No quote | No quote |
| 21 | TEVA | Teva Pharmaceuticals COM | 1.60% | Add +34.1% | 338,200 | $12.59M | $37.22 | No quote |
| 22 | BAM | Brookfield Asset Management COM | 1.51% | - | 430,000 | $11.85M | $27.55 | No quote |
| 23 | MSFT | Microsoft Corp COM | 1.43% | Add +20.5% | 450,690 | $11.22M | $24.89 | No quote |
| 24 | SCHW | Charles Schwab COM | 1.38% | Add +0.1% | 961,300 | $10.83M | $11.27 | No quote |
| 25 | ITW | Illinois Tool Works COM | 1.32% | Reduce -1.0% | 250,035 | $10.4M | $41.60 | No quote |
| 26 | ORCL | Oracle Corp COM | 1.21% | Add +64.3% | 331,500 | $9.53M | $28.74 | No quote |
| 27 | ITIC | Investors Title Company COM | 1.03% | - | 228,850 | $8.08M | $35.29 | No quote |
| 28 | WAG | Walgreen COM | 0.93% | - | 221,960 | $7.3M | No quote | No quote |
| 29 | PM | Philip Morris International COM | 0.93% | - | 116,700 | $7.28M | $62.38 | No quote |
| 30 | EMR | Emerson Electric COM | 0.92% | Add +0.1% | 174,600 | $7.21M | $41.31 | No quote |
| 31 | ABT | Abbott Laboratories COM | 0.84% | - | 129,500 | $6.62M | $51.14 | No quote |
| 32 | BRO | Brown & Brown COM | 0.83% | - | 365,628 | $6.51M | $17.80 | No quote |
| 33 | PEP | Pepsico COM | 0.83% | - | 105,000 | $6.5M | $61.90 | No quote |
| 34 | WMT | Wal-Mart Stores COM | 0.77% | - | 116,425 | $6.04M | $51.90 | No quote |
| 35 | DIS | Disney COM | 0.77% | - | 200,000 | $6.03M | $30.16 | No quote |
| 36 | EOG | EOG Resources, Inc. COM | 0.76% | - | 84,300 | $5.99M | $71.01 | No quote |
| 37 | KMX | Carmax COM | 0.71% | - | 235,000 | $5.61M | $23.85 | No quote |
| 38 | PCL | Plum Creek Lumber MLP COM | 0.66% | - | 150,000 | $5.21M | No quote | No quote |
| 39 | BF/B | Brown-Forman Class B COMCUSIP 115637209 | 0.63% | - | 70,915 | $4.97M | No quote | No quote |
| 40 | MAR | Marriott International COM | 0.63% | - | 181,965 | $4.96M | $27.24 | No quote |
| 41 | NTRS | Northern Trust Corp COM | 0.62% | - | 140,000 | $4.9M | $34.98 | No quote |
| 42 | UPS | United Parcel Service COM | 0.56% | - | 69,520 | $4.39M | $63.15 | No quote |
| 43 | NOV | National Oilwell COM | 0.55% | - | 85,000 | $4.35M | $51.22 | No quote |
| 44 | HCCI | Heritage Crystal Clean Inc COM | 0.55% | - | 239,500 | $4.35M | No quote | No quote |
| 45 | KO | Coca Cola Co COM | 0.55% | Reduce -1.5% | 64,000 | $4.32M | $67.56 | No quote |
| 46 | NKE | Nike COM | 0.55% | - | 50,200 | $4.29M | $85.52 | No quote |
| 47 | PDCO | Patterson Companies Inc. COM | 0.53% | Add +7.3% | 146,600 | $4.2M | No quote | No quote |
| 48 | SLB | Schlumberger COM | 0.53% | Reduce -0.4% | 70,000 | $4.18M | $59.73 | No quote |
| 49 | PG | Procter & Gamble COM | 0.51% | - | 63,400 | $4.01M | $63.19 | No quote |
| 50 | IGT | International Game Technology COM | 0.46% | - | 250,000 | $3.63M | No quote | No quote |
| 51 | MCF | Contango Oil & Gas COM | 0.42% | Add +19.8% | 60,500 | $3.31M | No quote | No quote |
| 52 | WU | Western Union COM | 0.42% | Add +82.2% | 215,000 | $3.29M | $15.29 | No quote |
| 53 | MO | Altria COM | 0.40% | Add +0.6% | 117,400 | $3.15M | $26.81 | No quote |
| 54 | LII | Lennox International COM | 0.36% | New | 110,500 | $2.85M | $25.78 | No quote |
| 55 | V | Visa COM | 0.36% | Add +707.3% | 33,100 | $2.84M | $85.71 | No quote |
| 56 | POOL | Pool Corp COM | 0.32% | - | 95,000 | $2.49M | $26.18 | No quote |
| 57 | CPB | Campbell Soup Co COM | 0.30% | - | 72,900 | $2.36M | $32.37 | No quote |
| 58 | SYY | Sysco Corp COM | 0.28% | - | 85,000 | $2.2M | $25.89 | No quote |
| 59 | MMM | 3M Company COM | 0.27% | - | 30,000 | $2.15M | $71.80 | No quote |
| 60 | WSO | Watsco Inc COM | 0.26% | Add +700.0% | 40,000 | $2.04M | $51.10 | No quote |
| 61 | LOW | Lowes COM | 0.23% | - | 95,000 | $1.84M | $19.34 | No quote |
| 62 | WPO | Washington Post Co COM | 0.22% | - | 5,400 | $1.77M | No quote | No quote |
| 63 | IBM | International Business Machine COM | 0.22% | - | 10,000 | $1.75M | $174.90 | No quote |
| 64 | WPC | W.P. Carey COM | 0.21% | - | 45,000 | $1.64M | $36.42 | No quote |
| 65 | PAYX | Paychex COM | 0.17% | - | 50,900 | $1.34M | $26.37 | No quote |
| 66 | UTX | United Technologies COM | 0.17% | New | 18,600 | $1.31M | No quote | No quote |
| 67 | STT | State Street Corp COM | 0.17% | - | 40,400 | $1.3M | $32.15 | No quote |
| 68 | ECL | Ecolab COM | 0.16% | New | 26,400 | $1.29M | $48.90 | No quote |
| 69 | INTC | Intel COM | 0.16% | - | 60,000 | $1.28M | $21.33 | No quote |
| 70 | Y | Alleghany Corporation COM | 0.16% | - | 4,328 | $1.25M | No quote | No quote |
| 71 | DST | DST Systems, Inc COM | 0.16% | Add +12.0% | 28,000 | $1.23M | No quote | No quote |
| 72 | XRAY | DENTSPLY COM | 0.14% | - | 35,400 | $1.09M | $30.68 | No quote |
| 73 | MA | Mastercard, Inc COM | 0.12% | New | 3,000 | $951K | $317.00 | No quote |
| 74 | NICK | Nicholas Financial COM | 0.10% | New | 83,500 | $816K | No quote | No quote |
| 75 | LEN | Lennar Corporation COM | 0.10% | Add +128.0% | 57,000 | $772K | $13.54 | No quote |
| 76 | EXPD | Expeditors Int'l Wash Inc COM | 0.09% | New | 17,000 | $689K | $40.53 | No quote |
| 77 | HD | Home Depot COM | 0.08% | - | 20,000 | $657K | $32.85 | No quote |
| 78 | EPD | Enterprise Products Lmtd Ptnsh COM | 0.08% | - | 15,000 | $602K | $40.13 | No quote |
| 79 | ECA | Encana Corp COM | 0.07% | New | 28,000 | $538K | No quote | No quote |
| 80 | ACN | Accenture COM | 0.07% | - | 10,000 | $527K | $52.70 | No quote |
| 81 | TROW | T.Rowe Price COM | 0.07% | - | 11,000 | $525K | $47.73 | No quote |
| 82 | BRP | Brookfield Residential COM | 0.06% | Add +161.1% | 70,500 | $469K | No quote | No quote |
| 83 | AXP | American Express COM | 0.06% | - | 10,000 | $449K | $44.90 | No quote |
| 84 | EXP | Eagle Materials COM | 0.06% | New | 26,500 | $441K | $16.64 | No quote |
| 85 | COF | Capital One COM | 0.06% | New | 11,000 | $436K | $39.64 | No quote |
| 86 | COST | Costco COM | 0.05% | - | 5,000 | $411K | $82.20 | No quote |
| 87 | APD | Air Products & Chemicals COM | 0.05% | Reduce -7.5% | 4,900 | $374K | $76.33 | No quote |
| 88 | ELME | Washington Real Estate Investm COM | 0.05% | Reduce -93.9% | 13,141 | $370K | No quote | No quote |
| 89 | LPX | Louisiana Pacific Corp COM | 0.04% | New | 57,000 | $291K | $5.11 | No quote |
| 90 | FHI | Federated Investors COM | 0.02% | - | 10,000 | $175K | No quote | No quote |
| 91 | CLMT | Calumet COM | 0.02% | - | 10,000 | $169K | No quote | No quote |
| 92 | BK | Bank of New York Mellon Corp COM | 0.01% | - | 3,019 | $56K | $18.55 | No quote |
| 95 | WTM | White Mountains COM | - | Sold | 0 | $0 | No quote | No quote |
| 94 | KMB | Kimberly Clark Corp COM | - | Sold | 0 | $0 | No quote | No quote |
| 93 | CLX | Clorox Company COM | - | Sold | 0 | $0 | No quote | No quote |