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 109 rows. Rows without a quote are marked unavailable.
| 1 | FRFHF | Fairfax Financial Holdings Ltd COM | 8.87% | - | 267,104 | $103.32M | $386.83 | No quote |
| 2 | WAG | Walgreen COM | 6.73% | Add +147.5% | 2,150,060 | $78.35M | No quote | No quote |
| 3 | UBSH | Union First Market Bankshares COM | 4.68% | - | 3,504,920 | $54.54M | No quote | No quote |
| 4 | BRK/B | Berkshire Hathaway Class B COMCUSIP 084670702 | 3.67% | - | 485,100 | $42.79M | No quote | No quote |
| 5 | RLI | RLI Corporation COM | 3.51% | - | 612,862 | $40.85M | $66.66 | No quote |
| 6 | CFX | Colfax Corporation COM | 3.42% | - | 1,085,070 | $39.79M | No quote | No quote |
| 7 | DEO | Diageo PLC COM | 3.18% | - | 328,500 | $37.03M | $112.73 | No quote |
| 8 | BRK/A | Berkshire Hathaway, Inc. COMCUSIP 084670108 | 3.13% | - | 275 | $36.49M | No quote | No quote |
| 9 | NVO | Novo-Nordisk A/S COM | 3.09% | Reduce -0.3% | 228,100 | $36M | $157.81 | No quote |
| 10 | BUD | Anheuser-Busch Inbev ADR COM | 2.96% | Reduce -0.3% | 401,501 | $34.49M | $85.91 | No quote |
| 11 | ADM | Archer Daniels COM | 2.92% | Add +27.1% | 1,252,800 | $34.05M | $27.18 | No quote |
| 12 | GE | General Electric COM | 2.66% | - | 1,362,450 | $30.94M | $22.71 | No quote |
| 13 | ADP | Automatic Data Processing COM | 2.61% | Reduce -0.0% | 518,400 | $30.41M | $58.66 | No quote |
| 14 | BF/A | Brown Forman Class A COMCUSIP 115637100 | 2.28% | Add +50.0% | 425,640 | $26.61M | No quote | No quote |
| 15 | GD | General Dynamics COM | 2.26% | Add +0.0% | 397,548 | $26.29M | $66.12 | No quote |
| 16 | TEVA | Teva Pharmaceuticals COM | 2.12% | Add +7.6% | 595,700 | $24.67M | $41.41 | No quote |
| 17 | MSFT | Microsoft Corp COM | 2.05% | - | 803,090 | $23.9M | $29.76 | No quote |
| 18 | CAT | Caterpillar Inc COM | 1.82% | Reduce -0.2% | 246,200 | $21.18M | $86.04 | No quote |
| 19 | ORCL | Oracle Corp COM | 1.67% | Add +0.0% | 619,800 | $19.5M | $31.46 | No quote |
| 20 | JNJ | Johnson and Johnson COM | 1.66% | - | 280,000 | $19.3M | $68.91 | No quote |
| 21 | XOM | Exxon Corporation COM | 1.57% | - | 199,800 | $18.27M | $91.45 | No quote |
| 22 | MCD | McDonalds COM | 1.50% | Reduce -0.4% | 189,810 | $17.42M | $91.75 | No quote |
| 23 | ART | Artio Global Investors COM | 1.46% | - | 5,694,000 | $16.97M | No quote | No quote |
| 24 | LUK | Leucadia National Corp COM | 1.31% | Reduce -0.0% | 670,533 | $15.26M | No quote | No quote |
| 25 | ITIC | Investors Title Company COM | 1.28% | - | 228,650 | $14.92M | $65.24 | No quote |
| 26 | BAM | Brookfield Asset Management COM | 1.27% | - | 430,000 | $14.84M | $34.51 | No quote |
| 27 | ITW | Illinois Tool Works COM | 1.26% | Reduce -0.5% | 247,490 | $14.72M | $59.47 | No quote |
| 28 | V | Visa COM | 1.17% | Add +5.2% | 101,100 | $13.58M | $134.28 | No quote |
| 29 | SCHW | Charles Schwab COM | 1.12% | Add +2.4% | 1,017,705 | $13.01M | $12.78 | No quote |
| 30 | LII | Lennox International COM | 1.05% | - | 253,500 | $12.26M | $48.36 | No quote |
| 31 | SLB | Schlumberger COM | 0.91% | Add +0.7% | 146,000 | $10.56M | $72.33 | No quote |
| 32 | PM | Philip Morris International COM | 0.90% | - | 116,700 | $10.5M | $89.94 | No quote |
| 33 | DIS | Disney COM | 0.90% | - | 200,000 | $10.46M | $52.28 | No quote |
| 34 | COF | Capital One COM | 0.88% | - | 179,400 | $10.23M | $57.01 | No quote |
| 35 | L | Loews Corporation COM | 0.85% | Add +0.1% | 240,700 | $9.93M | $41.26 | No quote |
| 36 | CRR | Carbo Ceramics Inc COM | 0.84% | Add +124.6% | 155,000 | $9.75M | No quote | No quote |
| 37 | BRO | Brown & Brown COM | 0.82% | - | 365,628 | $9.53M | $26.07 | No quote |
| 38 | EOG | EOG Resources, Inc. COM | 0.81% | - | 83,900 | $9.4M | $112.05 | No quote |
| 39 | PEP | Pepsico COM | 0.77% | Add +3.3% | 127,000 | $8.99M | $70.77 | No quote |
| 40 | WMT | Wal-Mart Stores COM | 0.74% | - | 116,425 | $8.59M | $73.80 | No quote |
| 41 | NOV | National Oilwell COM | 0.72% | Add +23.5% | 105,000 | $8.41M | $80.11 | No quote |
| 42 | EMR | Emerson Electric COM | 0.71% | Reduce -0.2% | 171,500 | $8.28M | $48.27 | No quote |
| 43 | MAR | Marriott International COM | 0.61% | - | 181,965 | $7.12M | $39.10 | No quote |
| 44 | BF/B | Brown-Forman Class B COMCUSIP 115637209 | 0.60% | Add +50.0% | 106,372 | $6.94M | No quote | No quote |
| 45 | KMX | Carmax COM | 0.57% | - | 235,000 | $6.65M | $28.30 | No quote |
| 46 | PCL | Plum Creek Lumber MLP COM | 0.56% | - | 150,000 | $6.58M | No quote | No quote |
| 47 | NTRS | Northern Trust Corp COM | 0.56% | - | 140,000 | $6.5M | $46.41 | No quote |
| 48 | NKE | Nike COM | 0.48% | Add +17.9% | 59,200 | $5.62M | $94.92 | No quote |
| 49 | PAYX | Paychex COM | 0.43% | - | 150,900 | $5.02M | $33.29 | No quote |
| 50 | PDCO | Patterson Companies Inc. COM | 0.43% | Reduce -0.3% | 146,200 | $5.01M | No quote | No quote |
| 51 | UPS | United Parcel Service COM | 0.43% | - | 69,520 | $4.98M | $71.58 | No quote |
| 52 | HCCI | Heritage Crystal Clean Inc COM | 0.43% | Add +4.2% | 249,500 | $4.95M | No quote | No quote |
| 53 | KO | Coca Cola Co COM | 0.41% | Add +99.4% | 125,600 | $4.76M | $37.93 | No quote |
| 54 | HAS | Hasbro, Inc COM | 0.39% | Add +200.0% | 120,000 | $4.58M | $38.17 | No quote |
| 55 | UTX | United Technologies COM | 0.36% | - | 53,600 | $4.2M | No quote | No quote |
| 56 | EXPD | Expeditors Int'l Wash Inc COM | 0.34% | Add +48.0% | 108,000 | $3.93M | $36.35 | No quote |
| 57 | IGT | International Game Technology COM | 0.28% | - | 250,000 | $3.27M | No quote | No quote |
| 58 | ECL | Ecolab COM | 0.27% | - | 48,400 | $3.14M | $64.81 | No quote |
| 59 | BTU | Peabody Energy COM | 0.26% | New | 135,000 | $3.01M | $22.29 | No quote |
| 60 | LOW | Lowes COM | 0.25% | - | 95,000 | $2.87M | $30.24 | No quote |
| 61 | MON | Monsanto Co COM | 0.24% | Add +19.2% | 31,100 | $2.83M | No quote | No quote |
| 62 | MMM | 3M Company COM | 0.24% | - | 30,000 | $2.77M | $92.43 | No quote |
| 63 | MAT | Mattel COM | 0.23% | New | 75,000 | $2.66M | $35.47 | No quote |
| 64 | SYY | Sysco Corp COM | 0.23% | - | 85,000 | $2.66M | $31.27 | No quote |
| 65 | DELL | Dell Inc COM | 0.21% | Add +11.1% | 250,000 | $2.46M | $9.86 | No quote |
| 66 | SEIC | SEI Investments Co COM | 0.20% | - | 110,000 | $2.36M | $21.44 | No quote |
| 67 | APD | Air Products & Chemicals COM | 0.20% | Add +75.3% | 27,700 | $2.29M | $82.71 | No quote |
| 68 | WPC | W.P. Carey COM | 0.19% | - | 45,000 | $2.21M | $49.00 | No quote |
| 69 | IBM | International Business Machine COM | 0.18% | - | 10,000 | $2.07M | $207.40 | No quote |
| 70 | NICK | Nicholas Financial COM | 0.17% | - | 153,500 | $1.98M | No quote | No quote |
| 71 | WPO | Washington Post Co COM | 0.17% | - | 5,300 | $1.92M | No quote | No quote |
| 72 | STT | State Street Corp COM | 0.15% | - | 40,400 | $1.7M | $41.96 | No quote |
| 73 | CLMS | Calamos Asset Management COM | 0.13% | Add +8.3% | 130,000 | $1.51M | No quote | No quote |
| 74 | Y | Alleghany Corporation COM | 0.13% | - | 4,328 | $1.49M | No quote | No quote |
| 75 | NSC | Norfolk Southern COM | 0.12% | New | 21,400 | $1.36M | $63.64 | No quote |
| 76 | INTC | Intel COM | 0.12% | - | 60,000 | $1.36M | $22.65 | No quote |
| 77 | MA | Mastercard, Inc COM | 0.12% | - | 3,000 | $1.35M | $451.33 | No quote |
| 78 | XRAY | DENTSPLY COM | 0.12% | - | 35,400 | $1.35M | $38.14 | No quote |
| 79 | PG | Procter & Gamble COM | 0.11% | New | 19,200 | $1.33M | $69.38 | No quote |
| 80 | MCO | Moody's Corp COM | 0.11% | New | 30,000 | $1.33M | $44.17 | No quote |
| 81 | ANR | Alpha Natural Resources COM | 0.10% | New | 186,000 | $1.22M | No quote | No quote |
| 82 | HD | Home Depot COM | 0.10% | - | 20,000 | $1.21M | $60.35 | No quote |
| 83 | NRP | Natural Resource Partners COM | 0.10% | New | 55,000 | $1.14M | $20.73 | No quote |
| 84 | MKC | McCormick and Company COM | 0.09% | - | 17,000 | $1.06M | $62.06 | No quote |
| 85 | ACN | Accenture COM | 0.06% | - | 10,000 | $700K | $70.00 | No quote |
| 86 | TROW | T.Rowe Price COM | 0.06% | - | 11,000 | $696K | $63.27 | No quote |
| 87 | VOD | Vodafone Group COM | 0.05% | - | 20,000 | $570K | No quote | No quote |
| 88 | AXP | American Express COM | 0.05% | - | 10,000 | $569K | $56.90 | No quote |
| 89 | BBSI | Barrett Business Systems COM | 0.05% | - | 20,500 | $556K | No quote | No quote |
| 90 | COST | Costco COM | 0.04% | - | 5,000 | $501K | $100.20 | No quote |
| 91 | CNX | Consol Energy COM | 0.04% | New | 15,000 | $451K | $30.07 | No quote |
| 92 | FNF | Fidelity National Financial COM | 0.03% | Reduce -88.3% | 16,300 | $349K | $21.41 | No quote |
| 93 | EPD | Enterprise Products Lmtd Ptnsh COM | 0.03% | - | 6,300 | $338K | $53.65 | No quote |
| 94 | CLMT | Calumet COM | 0.03% | - | 10,000 | $320K | No quote | No quote |
| 95 | ELME | Washington Real Estate Investm COM | 0.02% | Reduce -1.8% | 9,200 | $247K | No quote | No quote |
| 96 | FHI | Federated Investors COM | 0.02% | - | 10,000 | $207K | No quote | No quote |
| 97 | BK | Bank of New York Mellon Corp COM | 0.01% | - | 3,019 | $68K | $22.52 | No quote |
| 109 | YUM | Yum! Brands Inc COM | - | Sold | 0 | $0 | No quote | No quote |
| 108 | WU | Western Union COM | - | Sold | 0 | $0 | No quote | No quote |
| 107 | WSO | Watsco Inc COM | - | Sold | 0 | $0 | No quote | No quote |
| 106 | MOS | Mosaic Company COM | - | Sold | 0 | $0 | No quote | No quote |
| 105 | VAC | Marriott Vacations Worldwide COM | - | Sold | 0 | $0 | No quote | No quote |
| 104 | LPX | Louisiana Pacific Corp COM | - | Sold | 0 | $0 | No quote | No quote |
| 103 | LEN/B | Lennar Corp - B COMCUSIP 526057302 | - | Sold | 0 | $0 | No quote | No quote |
| 102 | EXP | Eagle Materials COM | - | Sold | 0 | $0 | No quote | No quote |
| 101 | DWA | Dreamworks Animation SKG, Inc COM | - | Sold | 0 | $0 | No quote | No quote |
| 100 | MCF | Contango Oil & Gas COM | - | Sold | 0 | $0 | No quote | No quote |
| 99 | BRP | Brookfield Residential COM | - | Sold | 0 | $0 | No quote | No quote |
| 98 | MO | Altria COM | - | Sold | 0 | $0 | No quote | No quote |