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 73 of 103 rows. Rows without a quote are marked unavailable.
| 1 | FRFHF | Fairfax Financial Holdings Ltd COM | 7.97% | - | 267,104 | $96.43M | $361.00 | No quote |
| 2 | WAG | Walgreen COM | 6.59% | Add +0.1% | 2,152,460 | $79.66M | No quote | No quote |
| 3 | GE | General Electric COM | 4.17% | Add +76.2% | 2,400,690 | $50.39M | $20.99 | No quote |
| 4 | CFX | Colfax Corporation COM | 3.62% | - | 1,085,070 | $43.78M | No quote | No quote |
| 5 | BRK/B | Berkshire Hathaway Class B COMCUSIP 084670702 | 3.60% | - | 485,100 | $43.51M | No quote | No quote |
| 6 | UBSH | Union First Market Bankshares COM | 3.42% | Reduce -25.1% | 2,624,481 | $41.39M | No quote | No quote |
| 7 | RLI | RLI Corporation COM | 3.28% | Add +0.1% | 613,562 | $39.67M | $64.66 | No quote |
| 8 | DEO | Diageo PLC COM | 3.17% | - | 328,500 | $38.3M | $116.58 | No quote |
| 9 | NVO | Novo-Nordisk A/S COM | 3.07% | Reduce -0.3% | 227,300 | $37.1M | $163.21 | No quote |
| 10 | BRK/A | Berkshire Hathaway, Inc. COMCUSIP 084670108 | 3.05% | - | 275 | $36.87M | No quote | No quote |
| 11 | ADM | Archer Daniels COM | 3.02% | Add +6.5% | 1,334,300 | $36.55M | $27.39 | No quote |
| 12 | BUD | Anheuser-Busch Inbev ADR COM | 2.89% | Reduce -0.3% | 400,401 | $35M | $87.41 | No quote |
| 13 | ADP | Automatic Data Processing COM | 2.43% | Reduce -0.5% | 515,700 | $29.36M | $56.93 | No quote |
| 14 | GD | General Dynamics COM | 2.28% | Add +0.1% | 397,955 | $27.57M | $69.27 | No quote |
| 15 | BF/A | Brown Forman Class A COMCUSIP 115637100 | 2.16% | - | 425,640 | $26.18M | No quote | No quote |
| 16 | TEVA | Teva Pharmaceuticals COM | 1.99% | Add +8.1% | 644,100 | $24.05M | $37.34 | No quote |
| 17 | CAT | Caterpillar Inc COM | 1.82% | Reduce -0.1% | 246,000 | $22.04M | $89.61 | No quote |
| 18 | ORCL | Oracle Corp COM | 1.78% | Add +4.5% | 647,500 | $21.58M | $33.32 | No quote |
| 19 | MSFT | Microsoft Corp COM | 1.77% | - | 803,090 | $21.45M | $26.71 | No quote |
| 20 | JNJ | Johnson and Johnson COM | 1.62% | - | 280,000 | $19.63M | $70.10 | No quote |
| 21 | SYY | Sysco Corp COM | 1.50% | Add +572.2% | 571,408 | $18.09M | $31.66 | No quote |
| 22 | LUK | Leucadia National Corp COM | 1.47% | Add +11.1% | 745,033 | $17.72M | No quote | No quote |
| 23 | XOM | Exxon Corporation COM | 1.43% | - | 199,800 | $17.29M | $86.55 | No quote |
| 24 | MCD | McDonalds COM | 1.38% | Reduce -0.1% | 189,611 | $16.73M | $88.21 | No quote |
| 25 | BAM | Brookfield Asset Management COM | 1.30% | - | 430,000 | $15.76M | $36.65 | No quote |
| 26 | V | Visa COM | 1.27% | - | 101,100 | $15.33M | $151.58 | No quote |
| 27 | ITW | Illinois Tool Works COM | 1.23% | Reduce -0.8% | 245,500 | $14.93M | $60.81 | No quote |
| 28 | SCHW | Charles Schwab COM | 1.20% | Reduce -0.5% | 1,012,509 | $14.54M | $14.36 | No quote |
| 29 | ITIC | Investors Title Company COM | 1.13% | - | 228,650 | $13.72M | $60.00 | No quote |
| 30 | LII | Lennox International COM | 1.10% | - | 253,500 | $13.31M | $52.52 | No quote |
| 31 | ART | Artio Global Investors COM | 0.89% | - | 5,694,000 | $10.82M | No quote | No quote |
| 32 | COF | Capital One COM | 0.86% | - | 179,400 | $10.39M | $57.93 | No quote |
| 33 | EOG | EOG Resources, Inc. COM | 0.84% | - | 83,900 | $10.13M | $120.79 | No quote |
| 34 | SLB | Schlumberger COM | 0.84% | - | 146,000 | $10.12M | $69.30 | No quote |
| 35 | DIS | Disney COM | 0.82% | - | 200,000 | $9.96M | $49.79 | No quote |
| 36 | L | Loews Corporation COM | 0.81% | - | 240,700 | $9.81M | $40.75 | No quote |
| 37 | PM | Philip Morris International COM | 0.81% | - | 116,700 | $9.76M | $83.64 | No quote |
| 38 | BRO | Brown & Brown COM | 0.77% | - | 365,628 | $9.31M | $25.46 | No quote |
| 39 | EMR | Emerson Electric COM | 0.75% | Reduce -0.1% | 171,300 | $9.07M | $52.96 | No quote |
| 40 | KMX | Carmax COM | 0.73% | - | 235,000 | $8.82M | $37.54 | No quote |
| 41 | PEP | Pepsico COM | 0.72% | Add +0.2% | 127,300 | $8.71M | $68.43 | No quote |
| 42 | NOV | National Oilwell COM | 0.70% | Add +17.1% | 123,000 | $8.41M | $68.35 | No quote |
| 43 | WMT | Wal-Mart Stores COM | 0.66% | - | 116,425 | $7.94M | $68.23 | No quote |
| 44 | AHGP | Alliance Holdings GP COM | 0.66% | New | 166,500 | $7.92M | No quote | No quote |
| 45 | NTRS | Northern Trust Corp COM | 0.58% | - | 140,000 | $7.02M | $50.16 | No quote |
| 46 | MAR | Marriott International COM | 0.56% | - | 181,965 | $6.78M | $37.27 | No quote |
| 47 | BF/B | Brown-Forman Class B COMCUSIP 115637209 | 0.56% | - | 106,372 | $6.73M | No quote | No quote |
| 48 | PCL | Plum Creek Lumber MLP COM | 0.55% | - | 150,000 | $6.66M | No quote | No quote |
| 49 | NKE | Nike COM | 0.51% | Add +103.4% | 120,400 | $6.21M | $51.60 | No quote |
| 50 | HAS | Hasbro, Inc COM | 0.45% | Add +26.3% | 151,500 | $5.44M | $35.90 | No quote |
| 51 | EXPD | Expeditors Int'l Wash Inc COM | 0.43% | Add +23.1% | 133,000 | $5.26M | $39.55 | No quote |
| 52 | UPS | United Parcel Service COM | 0.42% | - | 69,520 | $5.13M | $73.73 | No quote |
| 53 | PDCO | Patterson Companies Inc. COM | 0.41% | Reduce -0.1% | 146,100 | $5M | No quote | No quote |
| 54 | MCO | Moody's Corp COM | 0.40% | Add +218.0% | 95,400 | $4.8M | $50.32 | No quote |
| 55 | BTU | Peabody Energy COM | 0.40% | Add +33.3% | 180,000 | $4.79M | $26.61 | No quote |
| 56 | PAYX | Paychex COM | 0.39% | - | 150,900 | $4.69M | $31.10 | No quote |
| 57 | KO | Coca Cola Co COM | 0.37% | Reduce -1.3% | 124,000 | $4.5M | $36.25 | No quote |
| 58 | NSC | Norfolk Southern COM | 0.37% | Add +236.9% | 72,100 | $4.46M | $61.84 | No quote |
| 59 | UTX | United Technologies COM | 0.36% | - | 53,600 | $4.4M | No quote | No quote |
| 60 | HCCI | Heritage Crystal Clean Inc COM | 0.32% | Add +4.0% | 259,500 | $3.9M | No quote | No quote |
| 61 | MAT | Mattel COM | 0.31% | Add +34.7% | 101,000 | $3.7M | $36.62 | No quote |
| 62 | IGT | International Game Technology COM | 0.29% | - | 250,000 | $3.54M | No quote | No quote |
| 63 | ECL | Ecolab COM | 0.29% | - | 48,400 | $3.48M | $71.90 | No quote |
| 64 | LOW | Lowes COM | 0.28% | - | 95,000 | $3.37M | $35.52 | No quote |
| 65 | MON | Monsanto Co COM | 0.28% | Add +13.8% | 35,400 | $3.35M | No quote | No quote |
| 66 | MMM | 3M Company COM | 0.23% | - | 30,000 | $2.79M | $92.83 | No quote |
| 67 | SEIC | SEI Investments Co COM | 0.21% | - | 110,000 | $2.57M | $23.34 | No quote |
| 68 | DELL | Dell Inc COM | 0.21% | - | 250,000 | $2.54M | $10.14 | No quote |
| 69 | CLMS | Calamos Asset Management COM | 0.20% | Add +76.9% | 230,000 | $2.43M | No quote | No quote |
| 70 | ANR | Alpha Natural Resources COM | 0.20% | Add +30.4% | 242,500 | $2.36M | No quote | No quote |
| 71 | WPC | W.P. Carey COM | 0.19% | - | 45,000 | $2.35M | $52.16 | No quote |
| 72 | PG | Procter & Gamble COM | 0.19% | Add +79.2% | 34,400 | $2.34M | $67.88 | No quote |
| 73 | APD | Air Products & Chemicals COM | 0.19% | Reduce -1.4% | 27,300 | $2.29M | $84.03 | No quote |
| 74 | NICK | Nicholas Financial COM | 0.19% | Add +19.5% | 183,500 | $2.28M | No quote | No quote |
| 75 | WPO | Washington Post Co COM | 0.16% | - | 5,300 | $1.94M | No quote | No quote |
| 76 | IBM | International Business Machine COM | 0.16% | - | 10,000 | $1.92M | $191.50 | No quote |
| 77 | STT | State Street Corp COM | 0.16% | - | 40,400 | $1.9M | $47.01 | No quote |
| 78 | NRP | Natural Resource Partners COM | 0.16% | Add +84.4% | 101,400 | $1.88M | $18.54 | No quote |
| 79 | MA | Mastercard, Inc COM | 0.12% | - | 3,000 | $1.47M | $491.33 | No quote |
| 80 | Y | Alleghany Corporation COM | 0.12% | - | 4,328 | $1.45M | No quote | No quote |
| 81 | CRR | Carbo Ceramics Inc COM | 0.12% | Reduce -88.4% | 18,000 | $1.41M | No quote | No quote |
| 82 | XRAY | DENTSPLY COM | 0.12% | - | 35,400 | $1.4M | $39.60 | No quote |
| 83 | LMCA | Liberty Media COM | 0.12% | New | 12,000 | $1.39M | No quote | No quote |
| 85 | INTC | Intel COM | 0.10% | - | 60,000 | $1.24M | $20.62 | No quote |
| 84 | HD | Home Depot COM | 0.10% | - | 20,000 | $1.24M | $61.85 | No quote |
| 86 | MKC | McCormick and Company COM | 0.09% | - | 17,000 | $1.08M | $63.53 | No quote |
| 87 | CNX | Consol Energy COM | 0.08% | Add +100.0% | 30,000 | $963K | $32.10 | No quote |
| 88 | BBSI | Barrett Business Systems COM | 0.06% | - | 20,500 | $781K | No quote | No quote |
| 89 | TROW | T.Rowe Price COM | 0.06% | - | 11,000 | $716K | $65.09 | No quote |
| 90 | ACN | Accenture COM | 0.06% | - | 10,000 | $665K | $66.50 | No quote |
| 91 | BG | Bunge Limited COM | 0.05% | New | 9,000 | $654K | $72.67 | No quote |
| 92 | AXP | American Express COM | 0.05% | - | 10,000 | $575K | $57.50 | No quote |
| 93 | COST | Costco COM | 0.04% | - | 5,000 | $494K | $98.80 | No quote |
| 94 | ACI | Arch Coal Inc COM | 0.03% | New | 56,000 | $410K | $7.32 | No quote |
| 95 | FNF | Fidelity National Financial COM | 0.03% | Reduce -14.1% | 14,000 | $330K | $23.57 | No quote |
| 96 | EPD | Ptnsh COM | 0.03% | - | 6,300 | $316K | $50.16 | No quote |
| 97 | CLMT | Calumet COM | 0.03% | - | 10,000 | $304K | No quote | No quote |
| 98 | ELME | Washington Real Estate Investm COM | 0.02% | - | 9,200 | $241K | No quote | No quote |
| 99 | RFP | Resolute Forest Products COM | 0.02% | New | 15,375 | $204K | No quote | No quote |
| 100 | FHI | Federated Investors COM | 0.02% | - | 10,000 | $202K | No quote | No quote |
| 101 | BK | Bank of New York Mellon Corp COM | 0.01% | - | 3,019 | $78K | $25.84 | No quote |
| 102 | QTRRF | Quaterra Resources COM | 0.01% | New | 200,000 | $68K | No quote | No quote |
| 103 | VOD | Vodafone Group COM | - | Sold | 0 | $0 | No quote | No quote |