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 78 of 111 rows. Rows without a quote are marked unavailable.
| 1 | KMX | Carmax | 8.44% | Add +2074.2% | 5,109,271 | $235.84M | $46.16 | No quote |
| 2 | BRK/A | Berkshire Hathaway, Inc.CUSIP 084670108 | 6.63% | Add +299.6% | 1,099 | $185.29M | No quote | No quote |
| 3 | BRK/B | Berkshire Hathaway Class BCUSIP 084670702 | 6.21% | Add +219.6% | 1,550,195 | $173.5M | No quote | No quote |
| 4 | DEO | Diageo PLC | 5.05% | Add +274.1% | 1,228,875 | $141.26M | $114.95 | No quote |
| 5 | BAM | Brookfield Asset Management | 4.02% | Add +624.8% | 3,116,419 | $112.25M | $36.02 | No quote |
| 6 | FRFHF | Fairfax Financial Holdings Ltd | 3.90% | Add +41.8% | 279,459 | $109.02M | $390.10 | No quote |
| 7 | DIS | Disney | 3.45% | Add +664.5% | 1,528,935 | $96.55M | $63.15 | No quote |
| 8 | WAG | Walgreen | 3.40% | Reduce -0.2% | 2,147,800 | $94.93M | No quote | No quote |
| 9 | WMT | Wal-Mart Stores | 2.96% | Reduce -0.1% | 1,109,622 | $82.66M | $74.49 | No quote |
| 10 | XOM | Exxon Corporation | 2.73% | Add +323.3% | 845,683 | $76.41M | $90.35 | No quote |
| 11 | HD | Home Depot | 2.63% | Add +4639.0% | 947,798 | $73.43M | $77.47 | No quote |
| 12 | UPS | United Parcel Service | 2.31% | Add +975.2% | 747,506 | $64.64M | $86.48 | No quote |
| 13 | WPC | W.P. Carey | 2.26% | Add +2018.7% | 953,400 | $63.09M | $66.17 | No quote |
| 14 | FHI | Federated Investors | 2.11% | Add +21460.0% | 2,156,000 | $59.1M | No quote | No quote |
| 15 | CFX | Colfax Corporation | 2.02% | - | 1,085,070 | $56.54M | No quote | No quote |
| 16 | GE | General Electric | 2.02% | Add +1.9% | 2,431,531 | $56.39M | $23.19 | No quote |
| 17 | MAR | Marriott International | 1.97% | Add +648.4% | 1,361,842 | $54.98M | $40.37 | No quote |
| 18 | JNJ | Johnson and Johnson | 1.79% | Add +959.9% | 582,950 | $50.05M | $85.86 | No quote |
| 19 | ADM | Archer Daniels | 1.68% | Add +2.5% | 1,383,800 | $46.93M | $33.91 | No quote |
| 20 | RLI | RLI Corporation | 1.67% | Reduce -0.1% | 611,858 | $46.75M | $76.41 | No quote |
| 21 | UNH | United Health Group Inc | 1.33% | Add +45.3% | 569,800 | $37.31M | $65.48 | No quote |
| 22 | ADP | Automatic Data Processing | 1.30% | Add +0.4% | 526,000 | $36.22M | $68.86 | No quote |
| 23 | BUD | Anheuser-Busch Inbev ADR | 1.28% | Reduce -0.6% | 395,553 | $35.7M | $90.26 | No quote |
| 24 | NVO | Novo-Nordisk A/S | 1.25% | Reduce -0.6% | 225,100 | $34.88M | $154.97 | No quote |
| 25 | UBSH | Union First Market Bankshares | 1.22% | Reduce -12.6% | 1,658,339 | $34.15M | No quote | No quote |
| 26 | GD | General Dynamics | 1.12% | Reduce -0.1% | 401,158 | $31.42M | $78.33 | No quote |
| 27 | BF/A | Brown Forman Class ACUSIP 115637100 | 1.03% | - | 425,640 | $28.8M | No quote | No quote |
| 28 | AXP | American Express | 0.98% | Add +3579.4% | 367,936 | $27.51M | $74.76 | No quote |
| 29 | TEVA | Teva Pharmaceuticals | 0.98% | Add +5.3% | 699,000 | $27.4M | $39.20 | No quote |
| 30 | MSFT | Microsoft Corp | 0.95% | Reduce -3.7% | 772,600 | $26.69M | $34.54 | No quote |
| 31 | LOW | Lowes | 0.84% | Add +502.8% | 572,700 | $23.42M | $40.90 | No quote |
| 32 | MMM | 3M Company | 0.80% | Add +586.0% | 205,800 | $22.5M | $109.35 | No quote |
| 33 | V | Visa | 0.78% | Add +7.7% | 119,600 | $21.86M | $182.75 | No quote |
| 34 | SCHW | Charles Schwab | 0.78% | Reduce -0.4% | 1,026,816 | $21.8M | $21.23 | No quote |
| 35 | INTC | Intel | 0.72% | Add +1291.7% | 835,000 | $20.23M | $24.23 | No quote |
| 36 | CAT | Caterpillar Inc | 0.72% | - | 245,200 | $20.23M | $82.49 | No quote |
| 37 | ORCL | Oracle Corp | 0.72% | Reduce -0.5% | 655,400 | $20.13M | $30.71 | No quote |
| 38 | IGT | International Game Technology | 0.71% | Add +375.7% | 1,189,263 | $19.87M | No quote | No quote |
| 39 | LUK | Leucadia National Corp | 0.67% | Reduce -3.8% | 716,933 | $18.8M | No quote | No quote |
| 40 | MCD | McDonalds | 0.67% | Reduce -0.2% | 189,462 | $18.76M | $99.00 | No quote |
| 41 | TROW | T.Rowe Price | 0.66% | Add +2177.3% | 250,500 | $18.34M | $73.20 | No quote |
| 42 | ITW | Illinois Tool Works | 0.60% | Reduce -0.5% | 243,905 | $16.87M | $69.17 | No quote |
| 43 | ITIC | Investors Title Company | 0.58% | - | 228,150 | $16.19M | $70.94 | No quote |
| 44 | PCL | Plum Creek Lumber MLP | 0.54% | Add +116.9% | 325,300 | $15.18M | No quote | No quote |
| 45 | CRR | Carbo Ceramics Inc | 0.53% | Add +1111.1% | 218,000 | $14.7M | No quote | No quote |
| 46 | NOV | National Oilwell | 0.47% | Add +40.4% | 191,000 | $13.16M | $68.90 | No quote |
| 47 | BRO | Brown & Brown | 0.42% | - | 365,628 | $11.79M | $32.24 | No quote |
| 48 | COF | Capital One | 0.42% | Add +4.5% | 187,400 | $11.77M | $62.81 | No quote |
| 49 | LMCAD | Liberty Media | 0.39% | Add +102.4% | 85,000 | $10.78M | No quote | No quote |
| 50 | SLB | Schlumberger | 0.38% | Add +2.7% | 150,000 | $10.75M | $71.66 | No quote |
| 51 | L | Loews Corporation | 0.38% | - | 240,700 | $10.69M | $44.40 | No quote |
| 52 | PEP | Pepsico | 0.38% | Add +2.4% | 130,300 | $10.66M | $81.79 | No quote |
| 53 | AHGP | Alliance Holdings GP | 0.38% | - | 166,500 | $10.61M | No quote | No quote |
| 54 | PM | Philip Morris International | 0.36% | - | 116,700 | $10.11M | $86.62 | No quote |
| 55 | MCO | Moody's Corp | 0.34% | - | 155,400 | $9.47M | $60.93 | No quote |
| 56 | EMR | Emerson Electric | 0.33% | Reduce -0.9% | 169,800 | $9.26M | $54.54 | No quote |
| 57 | HAS | Hasbro, Inc | 0.31% | Add +0.5% | 190,800 | $8.55M | $44.83 | No quote |
| 58 | ACN | Accenture | 0.30% | Add +1076.0% | 117,600 | $8.46M | $71.96 | No quote |
| 59 | GOOGL | 0.29% | Add +86.0% | 9,300 | $8.19M | $880.32 | No quote | |
| 60 | NTRS | Northern Trust Corp | 0.29% | - | 140,000 | $8.11M | $57.90 | No quote |
| 61 | NKE | Nike | 0.27% | - | 120,400 | $7.67M | $63.68 | No quote |
| 62 | ACNT | Synalloy Corporation | 0.27% | New | 485,343 | $7.54M | No quote | No quote |
| 63 | BK | Bank of New York Mellon Corp | 0.26% | Add +8596.5% | 262,546 | $7.37M | $28.05 | No quote |
| 64 | BF/B | Brown-Forman Class BCUSIP 115637209 | 0.26% | - | 106,372 | $7.19M | No quote | No quote |
| 65 | NSC | Norfolk Southern | 0.25% | Add +0.3% | 94,400 | $6.86M | $72.65 | No quote |
| 66 | MAT | Mattel | 0.23% | Add +0.7% | 141,000 | $6.39M | $45.31 | No quote |
| 67 | WLP | Wellpoint Inc | 0.23% | Add +56.0% | 78,000 | $6.38M | No quote | No quote |
| 68 | PAYX | Paychex | 0.20% | - | 150,900 | $5.51M | $36.51 | No quote |
| 69 | PDCO | Patterson Companies Inc. | 0.20% | Reduce -0.3% | 145,600 | $5.48M | No quote | No quote |
| 70 | KO | Coca Cola Co | 0.19% | - | 134,000 | $5.38M | $40.11 | No quote |
| 71 | CVX | Chevron | 0.18% | New | 43,000 | $5.09M | $118.35 | No quote |
| 72 | EXPD | Expeditors Int'l Wash Inc | 0.18% | - | 133,000 | $5.06M | $38.04 | No quote |
| 73 | UTX | United Technologies | 0.18% | - | 53,600 | $4.98M | No quote | No quote |
| 74 | MA | Mastercard, Inc | 0.16% | - | 8,000 | $4.6M | $574.50 | No quote |
| 75 | COST | Costco | 0.16% | Add +706.0% | 40,300 | $4.46M | $110.57 | No quote |
| 76 | ECL | Ecolab | 0.15% | - | 48,400 | $4.12M | $85.19 | No quote |
| 77 | IBM | International Business Machine | 0.14% | Add +101.0% | 20,100 | $3.84M | $191.09 | No quote |
| 78 | BTU | Peabody Energy | 0.14% | Add +44.4% | 260,000 | $3.81M | $14.64 | No quote |
| 79 | HCCI | Heritage Crystal Clean Inc | 0.14% | - | 259,500 | $3.79M | No quote | No quote |
| 80 | SEIC | SEI Investments Co | 0.13% | - | 130,000 | $3.7M | $28.43 | No quote |
| 81 | FDS | Factset Research | 0.13% | Add +20.7% | 35,000 | $3.57M | $101.94 | No quote |
| 82 | BPY | Brookfield Property Partners | 0.13% | New | 175,122 | $3.56M | No quote | No quote |
| 83 | MON | Monsanto Co | 0.13% | - | 35,700 | $3.53M | No quote | No quote |
| 84 | AMZN | Amazon.com | 0.11% | Add +96.4% | 10,800 | $3M | $277.69 | No quote |
| 85 | OKE | Oneok,Inc | 0.10% | New | 70,000 | $2.89M | $41.31 | No quote |
| 86 | PG | Procter & Gamble | 0.09% | - | 34,100 | $2.63M | $76.98 | No quote |
| 87 | WPO | Washington Post Co | 0.09% | - | 5,300 | $2.56M | No quote | No quote |
| 88 | BX | Blackstone Group | 0.09% | New | 116,900 | $2.46M | $21.06 | No quote |
| 89 | APD | Air Products & Chemicals | 0.09% | Reduce -1.5% | 26,000 | $2.38M | $91.58 | No quote |
| 90 | BLK | Blackrock Inc | 0.08% | New | 9,100 | $2.34M | $256.81 | No quote |
| 91 | KKR | KKR & Co LLC | 0.08% | New | 115,000 | $2.26M | $19.66 | No quote |
| 92 | NRP | Natural Resource Partners | 0.07% | Add +0.5% | 101,900 | $2.1M | $20.57 | No quote |
| 93 | Y | Alleghany Corporation | 0.06% | - | 4,328 | $1.66M | No quote | No quote |
| 94 | ACI | Arch Coal Inc | 0.05% | Add +607.1% | 396,000 | $1.5M | $3.78 | No quote |
| 95 | CLMT | Calumet | 0.05% | Add +270.0% | 37,000 | $1.35M | No quote | No quote |
| 96 | ANR | Alpha Natural Resources | 0.05% | Reduce -0.2% | 242,000 | $1.27M | No quote | No quote |
| 97 | E | ENI Spa ADR | 0.04% | New | 30,000 | $1.23M | No quote | No quote |
| 98 | ROST | Ross Stores, Inc | 0.04% | New | 18,000 | $1.17M | $64.83 | No quote |
| 99 | CLB | Core Labs NV | 0.03% | New | 6,000 | $910K | $151.67 | No quote |
| 100 | CNX | Consol Energy | 0.03% | Add +3.3% | 31,000 | $840K | $27.10 | No quote |
| 101 | SYY | Sysco Corp | 0.03% | Reduce -92.6% | 23,382 | $799K | $34.17 | No quote |
| 102 | CG | Carlyle Group | 0.02% | New | 20,000 | $513K | $25.65 | No quote |
| 103 | EPD | Enterprise Products Lmtd Ptnsh | 0.01% | - | 6,300 | $392K | $62.22 | No quote |
| 104 | STRZA | Starz Liberty Capital | 0.01% | - | 12,000 | $265K | No quote | No quote |
| 105 | ELME | Washington Real Estate Investm | 0.01% | - | 9,200 | $248K | No quote | No quote |
| 106 | FNF | Fidelity National Financial | 0.01% | Reduce -21.6% | 9,800 | $233K | $23.78 | No quote |
| 107 | QTRRF | Quaterra Resources | 0.00% | - | 200,000 | $19K | No quote | No quote |
| 111 | STT | State Street Corp COM | - | Sold | 0 | $0 | No quote | No quote |
| 110 | EOG | EOG Resources, Inc. COM | - | Sold | 0 | $0 | No quote | No quote |
| 109 | BG | Bunge Limited COM | - | Sold | 0 | $0 | No quote | No quote |
| 108 | ART | Artio Global Investors COM | - | Sold | 0 | $0 | No quote | No quote |