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 71 of 104 rows. Rows without a quote are marked unavailable.
| 1 | FRFHF | Fairfax Financial Holdings Ltd COM | 10.30% | - | 267,104 | $107.53M | $402.59 | No quote |
| 2 | UBSH | Union First Market Bankshares COM | 4.70% | - | 3,504,920 | $49.07M | No quote | No quote |
| 3 | RLI | RLI Corporation COM | 4.17% | Reduce -1.3% | 607,212 | $43.5M | $71.64 | No quote |
| 4 | BRK/B | Berkshire Hathaway Class B COMCUSIP 084670702 | 3.77% | - | 485,100 | $39.37M | No quote | No quote |
| 5 | CFX | Colfax Corporation COM | 3.66% | New | 1,085,070 | $38.24M | No quote | No quote |
| 6 | BRK/A | Berkshire Hathaway, Inc. COMCUSIP 084670108 | 3.21% | - | 275 | $33.52M | No quote | No quote |
| 7 | DEO | Diageo PLC COM | 3.04% | - | 328,500 | $31.7M | $96.50 | No quote |
| 8 | NVO | Novo-Nordisk A/S COM | 3.02% | Reduce -1.0% | 227,000 | $31.49M | $138.71 | No quote |
| 9 | BUD | Anheuser-Busch Inbev ADR COM | 2.80% | Reduce -0.5% | 402,601 | $29.28M | $72.72 | No quote |
| 10 | GD | General Dynamics COM | 2.80% | Add +2.5% | 397,841 | $29.19M | $73.38 | No quote |
| 11 | ADP | Automatic Data Processing COM | 2.74% | Add +3.5% | 519,200 | $28.66M | $55.19 | No quote |
| 12 | GE | General Electric COM | 2.62% | - | 1,362,450 | $27.34M | $20.07 | No quote |
| 13 | CAT | Caterpillar Inc COM | 2.49% | Reduce -1.3% | 243,634 | $25.95M | $106.52 | No quote |
| 14 | MSFT | Microsoft Corp COM | 2.47% | Add +8.6% | 798,090 | $25.74M | $32.25 | No quote |
| 15 | TEVA | Teva Pharmaceuticals COM | 2.32% | Add +14.6% | 536,600 | $24.18M | $45.06 | No quote |
| 16 | BF/A | Brown Forman Class A COMCUSIP 115637100 | 2.22% | - | 283,760 | $23.18M | No quote | No quote |
| 17 | WAG | Walgreen COM | 2.20% | Add +208.0% | 684,860 | $22.94M | No quote | No quote |
| 18 | JNJ | Johnson and Johnson COM | 1.77% | - | 280,000 | $18.47M | $65.96 | No quote |
| 19 | MCD | McDonalds COM | 1.76% | Reduce -2.7% | 186,808 | $18.33M | $98.10 | No quote |
| 20 | XOM | Exxon Corporation COM | 1.66% | - | 199,800 | $17.33M | $86.73 | No quote |
| 21 | LUK | Leucadia National Corp COM | 1.64% | Add +4.5% | 655,766 | $17.12M | No quote | No quote |
| 22 | ORCL | Oracle Corp COM | 1.44% | Add +22.3% | 515,400 | $15.03M | $29.16 | No quote |
| 23 | ITW | Illinois Tool Works COM | 1.36% | Reduce -0.4% | 248,647 | $14.2M | $57.12 | No quote |
| 24 | SCHW | Charles Schwab COM | 1.35% | Add +3.6% | 984,200 | $14.14M | $14.37 | No quote |
| 25 | BAM | Brookfield Asset Management COM | 1.30% | - | 430,000 | $13.58M | $31.57 | No quote |
| 26 | FNF | Fidelity National Financial COM | 1.19% | Reduce -59.2% | 689,300 | $12.43M | $18.03 | No quote |
| 27 | ADM | Archer Daniels COM | 1.14% | New | 376,000 | $11.9M | $31.66 | No quote |
| 28 | V | Visa COM | 1.09% | Add +14.3% | 96,100 | $11.34M | $118.00 | No quote |
| 29 | ITIC | Investors Title Company COM | 0.98% | Reduce -3.9% | 219,850 | $10.27M | $46.72 | No quote |
| 30 | LII | Lennox International COM | 0.98% | Add +10.0% | 253,500 | $10.22M | $40.30 | No quote |
| 31 | PM | Philip Morris International COM | 0.97% | Reduce -1.9% | 114,500 | $10.15M | $88.61 | No quote |
| 32 | COF | Capital One COM | 0.95% | Add +39.4% | 178,800 | $9.97M | $55.74 | No quote |
| 33 | EOG | EOG Resources, Inc. COM | 0.89% | Reduce -0.1% | 83,900 | $9.32M | $111.10 | No quote |
| 34 | EMR | Emerson Electric COM | 0.86% | Reduce -0.8% | 172,900 | $9.02M | $52.18 | No quote |
| 35 | DIS | Disney COM | 0.84% | - | 200,000 | $8.76M | $43.78 | No quote |
| 36 | BRO | Brown & Brown COM | 0.83% | - | 365,628 | $8.7M | $23.78 | No quote |
| 37 | KMX | Carmax COM | 0.78% | - | 235,000 | $8.14M | $34.65 | No quote |
| 38 | L | Loews Corporation COM | 0.77% | Add +184.4% | 200,500 | $7.99M | $39.87 | No quote |
| 39 | WMT | Wal-Mart Stores COM | 0.68% | - | 116,425 | $7.13M | $61.20 | No quote |
| 40 | PEP | Pepsico COM | 0.67% | - | 105,000 | $6.97M | $66.35 | No quote |
| 41 | MAR | Marriott International COM | 0.66% | - | 181,965 | $6.89M | $37.85 | No quote |
| 42 | NOV | National Oilwell COM | 0.65% | - | 85,000 | $6.76M | $79.47 | No quote |
| 43 | ART | Artio Global Investors COM | 0.64% | New | 1,408,600 | $6.72M | No quote | No quote |
| 44 | NTRS | Northern Trust Corp COM | 0.64% | - | 140,000 | $6.64M | $47.45 | No quote |
| 45 | ITC | ITC Holdings Corp COM | 0.61% | Reduce -52.0% | 83,200 | $6.4M | No quote | No quote |
| 46 | SLB | Schlumberger COM | 0.61% | Add +31.1% | 91,000 | $6.36M | $69.93 | No quote |
| 47 | PCL | Plum Creek Lumber MLP COM | 0.60% | - | 150,000 | $6.23M | No quote | No quote |
| 48 | WU | Western Union COM | 0.57% | Add +25.0% | 340,000 | $5.98M | $17.60 | No quote |
| 49 | BF/B | Brown-Forman Class B COMCUSIP 115637209 | 0.57% | - | 70,915 | $5.91M | No quote | No quote |
| 50 | UPS | United Parcel Service COM | 0.54% | - | 69,520 | $5.61M | $80.72 | No quote |
| 51 | NKE | Nike COM | 0.52% | - | 50,200 | $5.44M | $108.45 | No quote |
| 52 | PDCO | Patterson Companies Inc. COM | 0.47% | - | 146,600 | $4.9M | No quote | No quote |
| 53 | HCCI | Heritage Crystal Clean Inc COM | 0.46% | - | 239,500 | $4.78M | No quote | No quote |
| 54 | PAYX | Paychex COM | 0.45% | Add +3.4% | 150,900 | $4.68M | $30.99 | No quote |
| 55 | KO | Coca Cola Co COM | 0.45% | Reduce -1.6% | 63,000 | $4.66M | $74.02 | No quote |
| 56 | CRR | Carbo Ceramics Inc COM | 0.44% | New | 44,000 | $4.64M | No quote | No quote |
| 57 | UTX | United Technologies COM | 0.43% | - | 53,600 | $4.45M | No quote | No quote |
| 58 | IGT | International Game Technology COM | 0.40% | - | 250,000 | $4.2M | No quote | No quote |
| 59 | MO | Altria COM | 0.34% | Reduce -1.9% | 115,200 | $3.56M | $30.87 | No quote |
| 60 | POOL | Pool Corp COM | 0.34% | - | 95,000 | $3.56M | $37.42 | No quote |
| 61 | ECL | Ecolab COM | 0.29% | - | 48,400 | $2.99M | $61.71 | No quote |
| 62 | LOW | Lowes COM | 0.29% | - | 95,000 | $2.98M | $31.38 | No quote |
| 63 | WSO | Watsco Inc COM | 0.28% | - | 40,000 | $2.96M | $74.05 | No quote |
| 64 | EXPD | Expeditors Int'l Wash Inc COM | 0.27% | Add +27.1% | 61,000 | $2.84M | $46.51 | No quote |
| 65 | MMM | 3M Company COM | 0.26% | - | 30,000 | $2.68M | $89.20 | No quote |
| 66 | SYY | Sysco Corp COM | 0.24% | - | 85,000 | $2.54M | $29.86 | No quote |
| 67 | SEIC | SEI Investments Co COM | 0.22% | Add +15.8% | 110,000 | $2.28M | $20.69 | No quote |
| 68 | LEN/B | Lennar Corp-B COMCUSIP 526057302 | 0.22% | Add +5.2% | 101,700 | $2.27M | No quote | No quote |
| 69 | WPC | W.P. Carey COM | 0.20% | - | 45,000 | $2.09M | $46.51 | No quote |
| 70 | IBM | International Business Machine COM | 0.20% | - | 10,000 | $2.09M | $208.60 | No quote |
| 71 | EXP | Eagle Materials COM | 0.19% | Add +7.3% | 58,500 | $2.03M | $34.75 | No quote |
| 72 | NICK | Nicholas Financial COM | 0.19% | - | 153,500 | $2.03M | No quote | No quote |
| 73 | WPO | Washington Post Co COM | 0.19% | Reduce -1.9% | 5,300 | $1.98M | No quote | No quote |
| 74 | STT | State Street Corp COM | 0.18% | - | 40,400 | $1.84M | $45.49 | No quote |
| 75 | DWA | Dreamworks Animation SKG, Inc COM | 0.17% | Add +96.0% | 98,000 | $1.81M | No quote | No quote |
| 76 | MCF | Contango Oil & Gas COM | 0.17% | Reduce -49.6% | 30,500 | $1.8M | No quote | No quote |
| 77 | INTC | Intel COM | 0.16% | - | 60,000 | $1.69M | $28.12 | No quote |
| 78 | MOS | Mosaic Company COM | 0.14% | - | 27,000 | $1.49M | $55.30 | No quote |
| 79 | Y | Alleghany Corporation COM | 0.14% | - | 4,328 | $1.42M | No quote | No quote |
| 80 | XRAY | DENTSPLY COM | 0.14% | - | 35,400 | $1.42M | $40.14 | No quote |
| 81 | MA | Mastercard, Inc COM | 0.12% | - | 3,000 | $1.26M | $420.67 | No quote |
| 82 | LPX | Louisiana Pacific Corp COM | 0.10% | Add +9.3% | 117,000 | $1.09M | $9.35 | No quote |
| 83 | BRP | Brookfield Residential COM | 0.10% | Add +7.7% | 98,500 | $1.04M | No quote | No quote |
| 84 | HD | Home Depot COM | 0.10% | - | 20,000 | $1.01M | $50.30 | No quote |
| 85 | MKC | McCormick and Company COM | 0.09% | Add +13.3% | 17,000 | $925K | $54.41 | No quote |
| 86 | TROW | T.Rowe Price COM | 0.07% | - | 11,000 | $718K | $65.27 | No quote |
| 87 | ACN | Accenture COM | 0.06% | - | 10,000 | $645K | $64.50 | No quote |
| 88 | AXP | American Express COM | 0.06% | - | 10,000 | $579K | $57.90 | No quote |
| 89 | VOD | Vodafone Group COM | 0.05% | Add +33.3% | 20,000 | $553K | No quote | No quote |
| 90 | VAC | Marriott Vacations Worldwide COM | 0.05% | - | 18,196 | $519K | $28.52 | No quote |
| 91 | COST | Costco COM | 0.04% | - | 5,000 | $454K | $90.80 | No quote |
| 92 | CLMS | Calamos Asset Management COM | 0.03% | New | 25,000 | $328K | No quote | No quote |
| 93 | EPD | Enterprise Products Lmtd Ptnsh COM | 0.03% | - | 6,300 | $318K | $50.48 | No quote |
| 94 | ELME | Washington Real Estate Investm COM | 0.03% | Reduce -21.8% | 9,666 | $287K | No quote | No quote |
| 95 | CLMT | Calumet COM | 0.03% | - | 10,000 | $264K | No quote | No quote |
| 96 | APD | Air Products & Chemicals COM | 0.02% | Reduce -41.7% | 2,800 | $257K | $91.79 | No quote |
| 97 | YUM | Yum! Brands Inc COM | 0.02% | New | 3,200 | $228K | $71.25 | No quote |
| 98 | FHI | Federated Investors COM | 0.02% | - | 10,000 | $224K | No quote | No quote |
| 100 | NSH | NuStar GP Holdings COM | 0.02% | Reduce -97.7% | 6,000 | $208K | No quote | No quote |
| 99 | BBSI | Barrett Business Systems COM | 0.02% | New | 10,500 | $208K | No quote | No quote |
| 101 | BK | Bank of New York Mellon Corp COM | 0.01% | - | 3,019 | $73K | $24.18 | No quote |
| 104 | PG | Procter & Gamble COM | - | Sold | 0 | $0 | No quote | No quote |
| 103 | DST | DST Systems, Inc COM | - | Sold | 0 | $0 | No quote | No quote |
| 102 | ABT | Abbott Laboratories COM | - | Sold | 0 | $0 | No quote | No quote |