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 72 of 104 rows. Rows without a quote are marked unavailable.
| 1 | FRFHF | Fairfax Financial Holdings Ltd COM | 9.83% | - | 267,104 | $104.63M | $391.70 | No quote |
| 2 | UBSH | Union First Market Bankshares COM | 4.76% | - | 3,504,920 | $50.65M | No quote | No quote |
| 3 | RLI | RLI Corporation COM | 3.93% | Add +0.9% | 612,862 | $41.8M | $68.20 | No quote |
| 4 | BRK/B | Berkshire Hathaway Class B COMCUSIP 084670702 | 3.80% | - | 485,100 | $40.42M | No quote | No quote |
| 5 | BRK/A | Berkshire Hathaway, Inc. COMCUSIP 084670108 | 3.23% | - | 275 | $34.36M | No quote | No quote |
| 6 | DEO | Diageo PLC COM | 3.18% | - | 328,500 | $33.86M | $103.07 | No quote |
| 7 | NVO | Novo-Nordisk A/S COM | 3.13% | Add +0.8% | 228,900 | $33.27M | $145.34 | No quote |
| 8 | BUD | Anheuser-Busch Inbev ADR COM | 3.01% | Reduce -0.0% | 402,501 | $32.06M | $79.65 | No quote |
| 9 | CFX | Colfax Corporation COM | 2.81% | - | 1,085,070 | $29.92M | No quote | No quote |
| 10 | ADM | Archer Daniels COM | 2.73% | Add +162.2% | 985,800 | $29.1M | $29.52 | No quote |
| 11 | ADP | Automatic Data Processing COM | 2.71% | Reduce -0.1% | 518,600 | $28.87M | $55.66 | No quote |
| 12 | GE | General Electric COM | 2.67% | - | 1,362,450 | $28.39M | $20.84 | No quote |
| 13 | BF/A | Brown Forman Class A COMCUSIP 115637100 | 2.53% | - | 283,760 | $26.96M | No quote | No quote |
| 14 | GD | General Dynamics COM | 2.46% | Reduce -0.1% | 397,544 | $26.22M | $65.96 | No quote |
| 15 | WAG | Walgreen COM | 2.41% | Add +26.9% | 868,860 | $25.7M | No quote | No quote |
| 16 | MSFT | Microsoft Corp COM | 2.31% | Add +0.6% | 803,090 | $24.57M | $30.59 | No quote |
| 17 | TEVA | Teva Pharmaceuticals COM | 2.05% | Add +3.1% | 553,500 | $21.83M | $39.44 | No quote |
| 18 | CAT | Caterpillar Inc COM | 1.97% | Add +1.2% | 246,634 | $20.94M | $84.91 | No quote |
| 19 | ART | Artio Global Investors COM | 1.87% | Add +304.2% | 5,694,000 | $19.93M | No quote | No quote |
| 20 | JNJ | Johnson and Johnson COM | 1.78% | - | 280,000 | $18.92M | $67.56 | No quote |
| 21 | ORCL | Oracle Corp COM | 1.73% | Add +20.2% | 619,700 | $18.41M | $29.70 | No quote |
| 22 | XOM | Exxon Corporation COM | 1.61% | - | 199,800 | $17.1M | $85.57 | No quote |
| 23 | MCD | McDonalds COM | 1.59% | Add +2.0% | 190,609 | $16.88M | $88.53 | No quote |
| 24 | LUK | Leucadia National Corp COM | 1.34% | Add +2.3% | 670,766 | $14.27M | No quote | No quote |
| 25 | BAM | Brookfield Asset Management COM | 1.34% | - | 430,000 | $14.23M | $33.10 | No quote |
| 26 | ITW | Illinois Tool Works COM | 1.24% | Add +0.0% | 248,652 | $13.15M | $52.89 | No quote |
| 27 | ITIC | Investors Title Company COM | 1.22% | Add +4.0% | 228,650 | $13.02M | $56.93 | No quote |
| 28 | SCHW | Charles Schwab COM | 1.21% | Add +1.0% | 993,900 | $12.85M | $12.93 | No quote |
| 29 | V | Visa COM | 1.12% | - | 96,100 | $11.88M | $123.63 | No quote |
| 30 | LII | Lennox International COM | 1.11% | - | 253,500 | $11.82M | $46.63 | No quote |
| 31 | PM | Philip Morris International COM | 0.96% | Add +1.9% | 116,700 | $10.18M | $87.26 | No quote |
| 32 | BRO | Brown & Brown COM | 0.94% | - | 365,628 | $9.97M | $27.27 | No quote |
| 33 | L | Loews Corporation COM | 0.92% | Add +19.9% | 240,500 | $9.84M | $40.91 | No quote |
| 34 | COF | Capital One COM | 0.92% | Add +0.3% | 179,400 | $9.81M | $54.66 | No quote |
| 35 | DIS | Disney COM | 0.91% | - | 200,000 | $9.7M | $48.50 | No quote |
| 36 | SLB | Schlumberger COM | 0.88% | Add +59.3% | 145,000 | $9.41M | $64.91 | No quote |
| 37 | PEP | Pepsico COM | 0.82% | Add +17.1% | 123,000 | $8.69M | $70.66 | No quote |
| 38 | WMT | Wal-Mart Stores COM | 0.76% | - | 116,425 | $8.12M | $69.72 | No quote |
| 39 | EMR | Emerson Electric COM | 0.75% | Reduce -0.6% | 171,900 | $8.01M | $46.58 | No quote |
| 40 | EOG | EOG Resources, Inc. COM | 0.71% | - | 83,900 | $7.56M | $90.11 | No quote |
| 41 | MAR | Marriott International COM | 0.67% | - | 181,965 | $7.13M | $39.20 | No quote |
| 42 | BF/B | Brown-Forman Class B COMCUSIP 115637209 | 0.65% | - | 70,915 | $6.87M | No quote | No quote |
| 43 | WU | Western Union COM | 0.62% | Add +14.7% | 390,000 | $6.57M | $16.84 | No quote |
| 44 | NTRS | Northern Trust Corp COM | 0.61% | - | 140,000 | $6.44M | $46.02 | No quote |
| 45 | KMX | Carmax COM | 0.57% | - | 235,000 | $6.1M | $25.94 | No quote |
| 46 | PCL | Plum Creek Lumber MLP COM | 0.56% | - | 150,000 | $5.96M | No quote | No quote |
| 47 | NOV | National Oilwell COM | 0.51% | - | 85,000 | $5.48M | $64.44 | No quote |
| 48 | UPS | United Parcel Service COM | 0.51% | - | 69,520 | $5.48M | $78.75 | No quote |
| 49 | CRR | Carbo Ceramics Inc COM | 0.50% | Add +56.8% | 69,000 | $5.29M | No quote | No quote |
| 50 | PDCO | Patterson Companies Inc. COM | 0.47% | - | 146,600 | $5.05M | No quote | No quote |
| 51 | KO | Coca Cola Co COM | 0.46% | - | 63,000 | $4.93M | $78.19 | No quote |
| 52 | PAYX | Paychex COM | 0.45% | - | 150,900 | $4.74M | $31.41 | No quote |
| 53 | NKE | Nike COM | 0.41% | - | 50,200 | $4.41M | $87.79 | No quote |
| 54 | MO | Altria COM | 0.38% | Add +1.9% | 117,400 | $4.06M | $34.55 | No quote |
| 55 | UTX | United Technologies COM | 0.38% | - | 53,600 | $4.05M | No quote | No quote |
| 56 | IGT | International Game Technology COM | 0.37% | - | 250,000 | $3.94M | No quote | No quote |
| 57 | HCCI | Heritage Crystal Clean Inc COM | 0.37% | - | 239,500 | $3.92M | No quote | No quote |
| 58 | ECL | Ecolab COM | 0.31% | - | 48,400 | $3.32M | $68.53 | No quote |
| 59 | WSO | Watsco Inc COM | 0.28% | - | 40,000 | $2.95M | $73.80 | No quote |
| 60 | EXPD | Expeditors Int'l Wash Inc COM | 0.27% | Add +19.7% | 73,000 | $2.83M | $38.75 | No quote |
| 61 | DELL | Dell Inc COM | 0.26% | New | 225,000 | $2.82M | $12.51 | No quote |
| 62 | LOW | Lowes COM | 0.25% | - | 95,000 | $2.7M | $28.44 | No quote |
| 63 | MMM | 3M Company COM | 0.25% | - | 30,000 | $2.69M | $89.60 | No quote |
| 64 | FNF | Fidelity National Financial COM | 0.25% | Reduce -79.8% | 139,300 | $2.68M | $19.26 | No quote |
| 65 | SYY | Sysco Corp COM | 0.24% | - | 85,000 | $2.53M | $29.81 | No quote |
| 66 | LEN/B | Lennar Corp - B COMCUSIP 526057302 | 0.23% | - | 101,700 | $2.44M | No quote | No quote |
| 67 | MCF | Contango Oil & Gas COM | 0.23% | Add +32.8% | 40,500 | $2.4M | No quote | No quote |
| 68 | SEIC | SEI Investments Co COM | 0.21% | - | 110,000 | $2.19M | $19.89 | No quote |
| 69 | EXP | Eagle Materials COM | 0.21% | - | 58,500 | $2.18M | $37.33 | No quote |
| 70 | MON | Monsanto Co COM | 0.20% | New | 26,100 | $2.16M | No quote | No quote |
| 71 | WPC | W.P. Carey COM | 0.19% | - | 45,000 | $2.07M | $46.02 | No quote |
| 72 | WPO | Washington Post Co COM | 0.19% | - | 5,300 | $1.98M | No quote | No quote |
| 73 | NICK | Nicholas Financial COM | 0.18% | - | 153,500 | $1.97M | No quote | No quote |
| 74 | IBM | International Business Machine COM | 0.18% | - | 10,000 | $1.96M | $195.60 | No quote |
| 75 | DWA | Dreamworks Animation SKG, Inc COM | 0.18% | - | 98,000 | $1.87M | No quote | No quote |
| 76 | MOS | Mosaic Company COM | 0.17% | Add +22.2% | 33,000 | $1.81M | $54.76 | No quote |
| 77 | STT | State Street Corp COM | 0.17% | - | 40,400 | $1.8M | $44.63 | No quote |
| 78 | INTC | Intel COM | 0.15% | - | 60,000 | $1.6M | $26.65 | No quote |
| 79 | Y | Alleghany Corporation COM | 0.14% | - | 4,328 | $1.47M | No quote | No quote |
| 80 | CLMS | Calamos Asset Management COM | 0.13% | Add +380.0% | 120,000 | $1.37M | No quote | No quote |
| 81 | HAS | Hasbro, Inc COM | 0.13% | New | 40,000 | $1.36M | $33.88 | No quote |
| 82 | XRAY | DENTSPLY COM | 0.13% | - | 35,400 | $1.34M | $37.80 | No quote |
| 83 | MA | Mastercard, Inc COM | 0.12% | - | 3,000 | $1.29M | $430.00 | No quote |
| 84 | APD | Air Products & Chemicals COM | 0.12% | Add +464.3% | 15,800 | $1.28M | $80.76 | No quote |
| 85 | LPX | Louisiana Pacific Corp COM | 0.12% | - | 117,000 | $1.27M | $10.88 | No quote |
| 86 | BRP | Brookfield Residential COM | 0.10% | - | 98,500 | $1.07M | No quote | No quote |
| 87 | HD | Home Depot COM | 0.10% | - | 20,000 | $1.06M | $53.00 | No quote |
| 88 | MKC | McCormick and Company COM | 0.10% | - | 17,000 | $1.03M | $60.65 | No quote |
| 89 | TROW | T.Rowe Price COM | 0.07% | - | 11,000 | $693K | $63.00 | No quote |
| 90 | ACN | Accenture COM | 0.06% | - | 10,000 | $601K | $60.10 | No quote |
| 91 | AXP | American Express COM | 0.05% | - | 10,000 | $582K | $58.20 | No quote |
| 93 | VOD | Vodafone Group COM | 0.05% | - | 20,000 | $564K | No quote | No quote |
| 92 | VAC | Marriott Vacations Worldwide COM | 0.05% | - | 18,196 | $564K | $31.00 | No quote |
| 94 | COST | Costco COM | 0.04% | - | 5,000 | $475K | $95.00 | No quote |
| 95 | BBSI | Barrett Business Systems COM | 0.04% | Add +95.2% | 20,500 | $433K | No quote | No quote |
| 96 | EPD | Enterprise Products Lmtd Ptnsh COM | 0.03% | - | 6,300 | $323K | $51.27 | No quote |
| 97 | ELME | Washington Real Estate Investm COM | 0.03% | Reduce -3.1% | 9,366 | $266K | No quote | No quote |
| 98 | CLMT | Calumet COM | 0.02% | - | 10,000 | $238K | No quote | No quote |
| 99 | FHI | Federated Investors COM | 0.02% | - | 10,000 | $218K | No quote | No quote |
| 100 | YUM | Yum! Brands Inc COM | 0.02% | - | 3,200 | $206K | $64.38 | No quote |
| 101 | BK | Bank of New York Mellon Corp COM | 0.01% | - | 3,019 | $66K | $21.86 | No quote |
| 104 | POOL | Pool Corp COM | - | Sold | 0 | $0 | No quote | No quote |
| 103 | NSH | NuStar GP Holdings COM | - | Sold | 0 | $0 | No quote | No quote |
| 102 | ITC | ITC Holdings Corp COM | - | Sold | 0 | $0 | No quote | No quote |