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 80 of 112 rows. Rows without a quote are marked unavailable.
| 1 | KMX | Carmax | 8.37% | Reduce -1.5% | 5,034,519 | $244.02M | $48.47 | No quote |
| 2 | BRK/A | Berkshire Hathaway, Inc.CUSIP 084670108 | 6.39% | Reduce -0.5% | 1,094 | $186.43M | No quote | No quote |
| 3 | BRK/B | Berkshire Hathaway Class BCUSIP 084670702 | 5.96% | Reduce -1.2% | 1,531,357 | $173.83M | No quote | No quote |
| 4 | DEO | Diageo PLC | 5.28% | Reduce -1.3% | 1,212,525 | $154.09M | $127.08 | No quote |
| 5 | BAM | Brookfield Asset Management | 4.06% | Add +1.6% | 3,165,536 | $118.39M | $37.40 | No quote |
| 6 | WAG | Walgreen | 3.96% | Add +0.1% | 2,149,200 | $115.63M | No quote | No quote |
| 7 | FRFHF | Fairfax Financial Holdings Ltd | 3.90% | - | 279,459 | $113.89M | $407.55 | No quote |
| 8 | DIS | Disney | 3.34% | Reduce -1.1% | 1,511,735 | $97.49M | $64.49 | No quote |
| 9 | WMT | Wal-Mart Stores | 2.83% | Add +0.4% | 1,114,474 | $82.43M | $73.96 | No quote |
| 10 | XOM | Exxon Corporation | 2.53% | Add +1.3% | 856,985 | $73.74M | $86.04 | No quote |
| 11 | HD | Home Depot | 2.44% | Reduce -0.9% | 939,050 | $71.23M | $75.85 | No quote |
| 12 | UPS | United Parcel Service | 2.31% | Reduce -1.3% | 738,059 | $67.44M | $91.37 | No quote |
| 13 | WPC | W.P. Carey | 2.11% | - | 953,400 | $61.68M | $64.70 | No quote |
| 14 | CFX | Colfax Corporation | 2.10% | - | 1,085,070 | $61.3M | No quote | No quote |
| 15 | GE | General Electric | 2.01% | Add +0.9% | 2,453,441 | $58.61M | $23.89 | No quote |
| 16 | FHI | Federated Investors | 2.01% | - | 2,156,000 | $58.56M | No quote | No quote |
| 17 | MAR | Marriott International | 1.93% | Reduce -1.6% | 1,340,443 | $56.38M | $42.06 | No quote |
| 18 | RLI | RLI Corporation | 1.80% | Reduce -1.7% | 601,260 | $52.56M | $87.42 | No quote |
| 19 | ADM | Archer Daniels | 1.75% | - | 1,383,800 | $50.98M | $36.84 | No quote |
| 20 | JNJ | Johnson and Johnson | 1.73% | Reduce -0.4% | 580,800 | $50.35M | $86.69 | No quote |
| 21 | UNH | United Health Group Inc | 1.41% | Add +1.1% | 576,300 | $41.27M | $71.61 | No quote |
| 22 | BUD | Anheuser-Busch Inbev ADR | 1.40% | Add +4.3% | 412,403 | $40.91M | $99.20 | No quote |
| 23 | ADP | Automatic Data Processing | 1.32% | Add +1.2% | 532,500 | $38.54M | $72.38 | No quote |
| 24 | NVO | Novo-Nordisk A/S | 1.29% | Reduce -1.5% | 221,700 | $37.52M | $169.22 | No quote |
| 25 | GD | General Dynamics | 1.20% | Reduce -0.5% | 399,361 | $34.95M | $87.52 | No quote |
| 26 | BF/A | Brown Forman Class ACUSIP 115637100 | 0.97% | Reduce -0.0% | 425,490 | $28.16M | No quote | No quote |
| 27 | AXP | American Express | 0.92% | Reduce -3.7% | 354,237 | $26.75M | $75.52 | No quote |
| 28 | MSFT | Microsoft Corp | 0.92% | Add +3.8% | 802,300 | $26.7M | $33.28 | No quote |
| 29 | LOW | Lowes | 0.92% | Reduce -2.1% | 560,700 | $26.7M | $47.61 | No quote |
| 30 | TEVA | Teva Pharmaceuticals | 0.91% | Add +0.1% | 700,000 | $26.45M | $37.78 | No quote |
| 31 | MMM | 3M Company | 0.84% | Reduce -0.1% | 205,700 | $24.56M | $119.41 | No quote |
| 32 | V | Visa | 0.80% | Add +2.5% | 122,600 | $23.43M | $191.10 | No quote |
| 33 | CRR | Carbo Ceramics Inc | 0.80% | Add +8.3% | 236,000 | $23.39M | No quote | No quote |
| 34 | IGT | International Game Technology | 0.77% | Reduce -0.5% | 1,183,166 | $22.4M | No quote | No quote |
| 35 | ORCL | Oracle Corp | 0.73% | Reduce -1.9% | 643,100 | $21.33M | $33.17 | No quote |
| 36 | SCHW | Charles Schwab | 0.73% | Reduce -2.3% | 1,003,719 | $21.22M | $21.14 | No quote |
| 37 | CAT | Caterpillar Inc | 0.69% | Reduce -1.2% | 242,200 | $20.2M | $83.40 | No quote |
| 38 | INTC | Intel | 0.68% | Add +2.9% | 859,400 | $19.7M | $22.92 | No quote |
| 39 | ITW | Illinois Tool Works | 0.63% | Reduce -0.5% | 242,810 | $18.52M | $76.27 | No quote |
| 40 | TROW | T.Rowe Price | 0.62% | - | 250,500 | $18.02M | $71.93 | No quote |
| 41 | MCD | McDonalds | 0.61% | Reduce -2.3% | 185,113 | $17.81M | $96.21 | No quote |
| 42 | NOV | National Oilwell | 0.56% | Add +10.5% | 211,000 | $16.48M | $78.11 | No quote |
| 43 | ITIC | Investors Title Company | 0.56% | Reduce -5.2% | 216,350 | $16.25M | $75.10 | No quote |
| 44 | LMCAD | Liberty Media | 0.55% | Add +29.4% | 110,000 | $16.19M | No quote | No quote |
| 45 | SLB | Schlumberger | 0.47% | Add +2.7% | 154,000 | $13.61M | $88.36 | No quote |
| 46 | COF | Capital One | 0.44% | - | 187,400 | $12.88M | $68.74 | No quote |
| 47 | ACNT | Synalloy Corporation | 0.44% | Add +61.8% | 785,343 | $12.86M | No quote | No quote |
| 48 | BRO | Brown & Brown | 0.40% | - | 365,628 | $11.74M | $32.10 | No quote |
| 49 | L | Loews Corporation | 0.39% | - | 240,700 | $11.25M | $46.74 | No quote |
| 50 | MCO | Moody's Corp | 0.37% | - | 155,400 | $10.93M | $70.33 | No quote |
| 51 | LUK | Leucadia National Corp | 0.36% | Reduce -45.5% | 390,433 | $10.64M | No quote | No quote |
| 52 | EMR | Emerson Electric | 0.36% | Reduce -4.0% | 163,100 | $10.55M | $64.70 | No quote |
| 53 | GOOGL | 0.36% | Add +28.0% | 11,900 | $10.42M | $875.88 | No quote | |
| 54 | PEP | Pepsico | 0.36% | - | 130,300 | $10.36M | $79.50 | No quote |
| 55 | AHGP | Alliance Holdings GP | 0.34% | - | 166,500 | $9.97M | No quote | No quote |
| 56 | PM | Philip Morris International | 0.34% | Reduce -1.9% | 114,500 | $9.92M | $86.59 | No quote |
| 57 | CVX | Chevron | 0.32% | Add +76.7% | 76,000 | $9.23M | $121.50 | No quote |
| 58 | BLK | Blackrock Inc | 0.31% | Add +265.9% | 33,300 | $9.01M | $270.63 | No quote |
| 59 | HAS | Hasbro, Inc | 0.31% | - | 190,800 | $8.99M | $47.14 | No quote |
| 60 | NKE | Nike | 0.30% | - | 120,400 | $8.75M | $72.64 | No quote |
| 61 | ACN | Accenture | 0.29% | Reduce -2.5% | 114,600 | $8.44M | $73.64 | No quote |
| 62 | BK | Bank of New York Mellon Corp | 0.27% | Reduce -0.4% | 261,603 | $7.9M | $30.19 | No quote |
| 63 | NTRS | Northern Trust Corp | 0.26% | - | 140,000 | $7.61M | $54.38 | No quote |
| 64 | NSC | Norfolk Southern | 0.25% | - | 94,400 | $7.3M | $77.35 | No quote |
| 65 | BF/B | Brown-Forman Class BCUSIP 115637209 | 0.25% | - | 106,372 | $7.25M | No quote | No quote |
| 66 | WLP | Wellpoint Inc | 0.22% | - | 78,000 | $6.52M | No quote | No quote |
| 67 | MOS | Mosaic Company | 0.22% | New | 150,000 | $6.45M | $43.02 | No quote |
| 68 | E | ENI Spa ADR | 0.22% | Add +360.0% | 138,000 | $6.35M | No quote | No quote |
| 69 | PAYX | Paychex | 0.21% | - | 150,900 | $6.13M | $40.64 | No quote |
| 70 | MAT | Mattel | 0.20% | Add +1.1% | 142,500 | $5.97M | $41.88 | No quote |
| 71 | OKE | Oneok,Inc | 0.20% | Add +57.1% | 110,000 | $5.87M | $53.32 | No quote |
| 72 | EXPD | Expeditors Int'l Wash Inc | 0.20% | - | 133,000 | $5.86M | $44.06 | No quote |
| 73 | PDCO | Patterson Companies Inc. | 0.20% | Reduce -0.1% | 145,400 | $5.84M | No quote | No quote |
| 74 | BX | Blackstone Group | 0.20% | Add +99.7% | 233,400 | $5.81M | $24.89 | No quote |
| 75 | UTX | United Technologies | 0.20% | - | 53,600 | $5.78M | No quote | No quote |
| 76 | MA | Mastercard, Inc | 0.18% | - | 8,000 | $5.38M | $672.75 | No quote |
| 77 | KO | Coca Cola Co | 0.17% | Reduce -0.8% | 132,900 | $5.03M | $37.88 | No quote |
| 78 | KKR | KKR & Co LLC | 0.17% | Add +108.7% | 240,000 | $4.94M | $20.58 | No quote |
| 79 | ECL | Ecolab | 0.16% | - | 48,400 | $4.78M | $98.76 | No quote |
| 80 | HCCI | Heritage Crystal Clean Inc | 0.16% | - | 259,500 | $4.67M | No quote | No quote |
| 81 | AMZN | Amazon.com | 0.16% | Add +38.0% | 14,900 | $4.66M | $312.62 | No quote |
| 82 | COST | Costco | 0.16% | Reduce -1.5% | 39,700 | $4.57M | $115.16 | No quote |
| 83 | BTU | Peabody Energy | 0.15% | - | 260,000 | $4.49M | $17.25 | No quote |
| 84 | FDS | Factset Research | 0.14% | Add +5.7% | 37,000 | $4.04M | $109.11 | No quote |
| 85 | SEIC | SEI Investments Co | 0.14% | - | 130,000 | $4.02M | $30.91 | No quote |
| 86 | MON | Monsanto Co | 0.13% | - | 35,700 | $3.73M | No quote | No quote |
| 87 | IBM | International Business Machine | 0.13% | - | 20,100 | $3.72M | $185.17 | No quote |
| 88 | CG | Carlyle Group | 0.12% | Add +575.0% | 135,000 | $3.47M | $25.72 | No quote |
| 89 | BPY | Brookfield Property Partners | 0.11% | Reduce -1.3% | 172,900 | $3.35M | No quote | No quote |
| 90 | WPO | Washington Post Co | 0.11% | - | 5,300 | $3.24M | No quote | No quote |
| 91 | APO | Apollo Global Management - A | 0.10% | New | 100,300 | $2.83M | $28.26 | No quote |
| 92 | APD | Air Products & Chemicals | 0.09% | Reduce -3.9% | 25,000 | $2.66M | $106.56 | No quote |
| 93 | PG | Procter & Gamble | 0.09% | - | 34,100 | $2.58M | $75.60 | No quote |
| 94 | POT | Potash Corp | 0.08% | New | 70,000 | $2.19M | No quote | No quote |
| 95 | APOL | Appollo Group | 0.07% | New | 105,000 | $2.19M | No quote | No quote |
| 96 | NRP | Natural Resource Partners | 0.07% | - | 101,900 | $1.94M | $19.05 | No quote |
| 97 | Y | Alleghany Corporation | 0.06% | - | 4,328 | $1.77M | No quote | No quote |
| 98 | CLB | Core Labs NV | 0.06% | Add +66.7% | 10,000 | $1.69M | $169.20 | No quote |
| 99 | ROST | Ross Stores, Inc | 0.06% | Add +27.8% | 23,000 | $1.67M | $72.78 | No quote |
| 100 | ACI | Arch Coal Inc | 0.06% | - | 396,000 | $1.63M | $4.11 | No quote |
| 101 | ANR | Alpha Natural Resources | 0.05% | - | 242,000 | $1.44M | No quote | No quote |
| 102 | CLMT | Calumet | 0.03% | - | 37,000 | $1.01M | No quote | No quote |
| 103 | CNX | Consol Energy | 0.03% | Reduce -3.2% | 30,000 | $1.01M | $33.63 | No quote |
| 104 | SYY | Sysco Corp | 0.01% | Reduce -44.0% | 13,086 | $417K | $31.87 | No quote |
| 105 | EPD | Enterprise Products Lmtd Ptnsh | 0.01% | - | 6,300 | $385K | $61.11 | No quote |
| 106 | STRZA | Starz Liberty Capital | 0.01% | - | 12,000 | $338K | No quote | No quote |
| 107 | CPRT | Copart Inc | 0.01% | New | 10,000 | $318K | $31.80 | No quote |
| 112 | ELME | Washington Real Estate Investm | - | Sold | 0 | $0 | No quote | No quote |
| 111 | UBSH | Union First Market Bankshares | - | Sold | 0 | $0 | No quote | No quote |
| 110 | QTRRF | Quaterra Resources | - | Sold | 0 | $0 | No quote | No quote |
| 109 | PCL | Plum Creek Lumber MLP | - | Sold | 0 | $0 | No quote | No quote |
| 108 | FNF | Fidelity National Financial | - | Sold | 0 | $0 | No quote | No quote |