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 2026-09-12 from SEC 13F data.
Live quotes available for 84 of 115 rows. Rows without a quote are marked unavailable.
| 1 | KMX | Carmax | 8.72% | - | 4,963,070 | $330.44M | $66.58 | No quote |
| 2 | BRK-B | Berkshire Hathaway Class B | 5.99% | - | 1,511,607 | $226.97M | $150.15 | No quote |
| 3 | BAM | Brookfield Asset Management | 4.38% | Add +0.8% | 3,313,548 | $166.11M | $50.13 | No quote |
| 4 | WBA | Walgreens Boots Alliance Inc | 4.28% | New | 2,135,000 | $162.37M | No quote | No quote |
| 5 | FRFHF | Fairfax Financial Holdings Ltd | 3.86% | - | 279,459 | $146.44M | $524.00 | No quote |
| 6 | DIS | Disney | 3.80% | Add +0.9% | 1,528,500 | $143.97M | $94.19 | No quote |
| 7 | DEO | Diageo PLC | 3.74% | Add +1.1% | 1,243,000 | $141.81M | $114.09 | No quote |
| 8 | MAR | Marriott International | 2.79% | Add +1.9% | 1,355,869 | $105.8M | $78.03 | No quote |
| 9 | HD | Home Depot | 2.55% | - | 920,000 | $96.57M | $104.97 | No quote |
| 10 | WMT | Wal-Mart Stores | 2.49% | - | 1,098,000 | $94.3M | $85.88 | No quote |
| 11 | UPS | United Parcel Service | 2.15% | Add +0.7% | 731,500 | $81.32M | $111.17 | No quote |
| 12 | XOM | Exxon Corporation | 2.12% | - | 868,800 | $80.32M | $92.45 | No quote |
| 13 | GE | General Electric | 1.96% | Add +2.3% | 2,940,000 | $74.29M | $25.27 | No quote |
| 14 | DE | John Deere | 1.94% | Add +54.3% | 833,000 | $73.7M | $88.47 | No quote |
| 15 | ADM | Archer Daniels | 1.89% | - | 1,376,000 | $71.55M | $52.00 | No quote |
| 16 | FHI | Federated Investors | 1.85% | - | 2,134,000 | $70.27M | No quote | No quote |
| 17 | WPC | W.P. Carey | 1.76% | - | 950,200 | $66.61M | $70.10 | No quote |
| 18 | UNH | United Health Group Inc | 1.75% | Add +1.9% | 656,000 | $66.32M | $101.09 | No quote |
| 19 | BRK-A | Berkshire Hathaway, Inc. | 1.64% | Reduce -74.5% | 275 | $62.15M | $226000.00 | No quote |
| 20 | JNJ | Johnson and Johnson | 1.58% | - | 574,200 | $60.04M | $104.57 | No quote |
| 21 | RLI | RLI Corporation | 1.56% | - | 1,197,272 | $59.15M | $49.40 | No quote |
| 22 | UL | Unilever PLC ADR | 1.50% | Add +17.5% | 1,407,000 | $56.96M | $40.48 | No quote |
| 23 | CFX | Colfax Corporation | 1.48% | - | 1,085,070 | $55.96M | No quote | No quote |
| 24 | GD | General Dynamics | 1.41% | - | 387,000 | $53.26M | $137.62 | No quote |
| 25 | V | Visa | 1.32% | Add +6.7% | 190,500 | $49.95M | $262.20 | No quote |
| 26 | BUD | Anheuser-Busch Inbev ADR | 1.26% | - | 425,000 | $47.74M | $112.32 | No quote |
| 27 | NVO | Novo-Nordisk A/S | 1.20% | - | 1,075,000 | $45.49M | $42.32 | No quote |
| 28 | ADP | Automatic Data Processing | 1.17% | - | 530,700 | $44.24M | $83.37 | No quote |
| 29 | BLK | Blackrock Inc | 1.09% | Add +12.6% | 116,000 | $41.48M | $357.56 | No quote |
| 30 | MSFT | Microsoft Corp | 1.00% | - | 818,000 | $38M | $46.45 | No quote |
| 31 | LOW | Lowes | 0.98% | - | 540,000 | $37.15M | $68.80 | No quote |
| 32 | BF-A | Brown Forman Class A | 0.98% | - | 421,500 | $36.99M | $87.76 | No quote |
| 33 | INTC | Intel | 0.95% | - | 991,000 | $35.96M | $36.29 | No quote |
| 34 | SLB | Schlumberger | 0.91% | Add +23.9% | 405,000 | $34.59M | $85.41 | No quote |
| 35 | MMM | 3M Company | 0.88% | - | 204,000 | $33.52M | $164.32 | No quote |
| 36 | AXP | American Express | 0.86% | - | 349,000 | $32.47M | $93.04 | No quote |
| 37 | SCHW | Charles Schwab | 0.84% | - | 1,057,000 | $31.91M | $30.19 | No quote |
| 38 | NOV | National Oilwell | 0.82% | Add +12.0% | 475,000 | $31.13M | $65.53 | No quote |
| 39 | CPRT | Copart Inc | 0.81% | Add +18.4% | 844,000 | $30.8M | $36.49 | No quote |
| 40 | ORCL | Oracle Corp | 0.76% | - | 638,000 | $28.69M | $44.97 | No quote |
| 41 | CB | Chubb Corp | 0.72% | Add +18.3% | 265,000 | $27.42M | $103.47 | No quote |
| 42 | ELV | Anthem Inc | 0.72% | New | 217,000 | $27.27M | $125.67 | No quote |
| 43 | TRV | The Travelers Companies Inc | 0.68% | Add +14.0% | 244,000 | $25.83M | $105.85 | No quote |
| 44 | MCO | Moody's Corp | 0.64% | Add +5.0% | 254,000 | $24.34M | $95.81 | No quote |
| 45 | CVS | CVS Corporation | 0.59% | Add +6.4% | 232,000 | $22.34M | $96.31 | No quote |
| 46 | CAT | Caterpillar Inc | 0.58% | - | 241,000 | $22.06M | $91.53 | No quote |
| 47 | ITW | Illinois Tool Works | 0.57% | - | 230,000 | $21.78M | $94.70 | No quote |
| 48 | TROW | T.Rowe Price | 0.57% | - | 250,000 | $21.47M | $85.86 | No quote |
| 49 | MMC | Marsh & McLennan | 0.51% | Add +45.5% | 336,000 | $19.23M | No quote | No quote |
| 50 | LMCK | Liberty Media Corp Class C | 0.48% | - | 516,000 | $18.08M | No quote | No quote |
| 51 | FDS | Factset Research | 0.48% | Add +10.3% | 128,000 | $18.02M | $140.75 | No quote |
| 52 | HAS | Hasbro, Inc | 0.46% | Add +13.5% | 319,000 | $17.54M | $54.99 | No quote |
| 53 | MCD | McDonalds | 0.45% | - | 181,000 | $16.96M | $93.70 | No quote |
| 54 | ITIC | Investors Title Company | 0.41% | - | 213,300 | $15.55M | $72.90 | No quote |
| 55 | NKE | Nike | 0.39% | Add +8.4% | 155,000 | $14.9M | $96.15 | No quote |
| 56 | BX | Blackstone Group | 0.37% | Add +7.8% | 416,000 | $14.07M | $33.83 | No quote |
| 57 | ACNT | Synalloy Corporation | 0.36% | - | 785,343 | $13.83M | No quote | No quote |
| 58 | PEP | Pepsico | 0.34% | - | 134,300 | $12.7M | $94.56 | No quote |
| 59 | ACN | Accenture | 0.32% | Add +5.5% | 135,000 | $12.06M | $89.31 | No quote |
| 60 | LMCAD | Liberty Media | 0.32% | Add +16.4% | 341,000 | $12.03M | No quote | No quote |
| 61 | ECL | Ecolab | 0.31% | Add +11.9% | 113,000 | $11.81M | $104.52 | No quote |
| 62 | PG | Procter & Gamble | 0.31% | - | 127,000 | $11.57M | $91.09 | No quote |
| 63 | MON | Monsanto Co | 0.30% | Add +82.7% | 95,000 | $11.35M | No quote | No quote |
| 64 | MAT | Mattel | 0.27% | Add +16.4% | 333,000 | $10.31M | $30.95 | No quote |
| 65 | KKR | KKR & Co LLC | 0.27% | Add +9.0% | 435,000 | $10.1M | $23.21 | No quote |
| 66 | NSC | Norfolk Southern | 0.27% | - | 92,000 | $10.08M | $109.61 | No quote |
| 67 | MHP | McGraw Hill Financial | 0.26% | Add +12.1% | 111,000 | $9.88M | No quote | No quote |
| 68 | EMR | Emerson Electric | 0.26% | - | 158,000 | $9.75M | $61.73 | No quote |
| 69 | SEIC | SEI Investments Co | 0.25% | - | 237,000 | $9.49M | $40.04 | No quote |
| 70 | PM | Philip Morris International | 0.25% | - | 114,500 | $9.33M | $81.45 | No quote |
| 71 | BF-B | Brown-Forman Class B | 0.24% | - | 105,375 | $9.26M | $87.84 | No quote |
| 72 | CG | The Carlyle Group | 0.23% | Add +11.0% | 322,000 | $8.86M | $27.50 | No quote |
| 73 | AAN | Aaron's Inc | 0.22% | Add +31.4% | 268,000 | $8.19M | No quote | No quote |
| 74 | MA | Mastercard, Inc | 0.21% | Add +16.3% | 93,000 | $8.01M | $86.16 | No quote |
| 75 | OAK | Oaktree Capital Group LLC | 0.21% | Add +337.1% | 153,000 | $7.93M | No quote | No quote |
| 76 | PDCO | Patterson Companies Inc. | 0.20% | - | 155,000 | $7.46M | No quote | No quote |
| 77 | CDK | CDK Global Inc | 0.19% | New | 176,897 | $7.21M | No quote | No quote |
| 78 | APO | Apollo Global Management - A | 0.19% | Add +10.9% | 305,000 | $7.19M | $23.58 | No quote |
| 79 | PAYX | Paychex | 0.18% | - | 150,000 | $6.93M | $46.17 | No quote |
| 80 | UPBD | Rent-A-Center | 0.18% | Add +9.2% | 190,000 | $6.9M | $36.32 | No quote |
| 81 | GOOGL | Google Class A | 0.17% | - | 12,500 | $6.63M | $530.64 | No quote |
| 82 | GOOG | Google Class C | 0.17% | - | 12,500 | $6.58M | $526.40 | No quote |
| 83 | LBRDK | Liberty Media Class C | 0.17% | New | 129,000 | $6.43M | $49.82 | No quote |
| 84 | EXPD | Expeditors Int'l Wash Inc | 0.16% | - | 137,000 | $6.11M | $44.61 | No quote |
| 85 | UTX | United Technologies | 0.16% | - | 53,000 | $6.1M | No quote | No quote |
| 86 | COST | Costco | 0.15% | - | 39,000 | $5.53M | $141.74 | No quote |
| 87 | BRO | Brown & Brown | 0.14% | Reduce -54.7% | 165,628 | $5.45M | $32.91 | No quote |
| 88 | CME | CME Group Inc | 0.13% | Add +24.4% | 56,000 | $4.96M | $88.64 | No quote |
| 89 | MSCI | MSCI | 0.13% | Add +17.4% | 101,000 | $4.79M | $47.44 | No quote |
| 90 | GHC | Graham Holdings Co | 0.12% | - | 5,200 | $4.49M | $863.65 | No quote |
| 91 | LBRDA | Liberty Broadband A | 0.11% | New | 80,250 | $4.02M | $50.09 | No quote |
| 92 | ROL | Rollins, Inc. | 0.09% | Add +17.2% | 102,000 | $3.38M | $33.10 | No quote |
| 93 | CLB | Core Labs NV | 0.08% | Add +150.0% | 25,000 | $3.01M | $120.32 | No quote |
| 94 | CRR | Carbo Ceramics Inc | 0.06% | New | 61,000 | $2.44M | No quote | No quote |
| 95 | DNOW | Now Inc | 0.06% | - | 93,500 | $2.41M | $25.73 | No quote |
| 96 | ROST | Ross Stores, Inc | 0.06% | - | 23,000 | $2.17M | $94.26 | No quote |
| 97 | Y | Alleghany Corporation | 0.05% | - | 4,328 | $2.01M | No quote | No quote |
| 98 | RBA | Ritchie Bros | 0.05% | Add +38.0% | 69,000 | $1.86M | No quote | No quote |
| 99 | LILAB | Liberty Global PLC | 0.04% | New | 33,000 | $1.66M | No quote | No quote |
| 100 | NICK | Nicholas Financial | 0.02% | Add +350.0% | 45,000 | $670K | No quote | No quote |
| 101 | CULP | Culp Inc | 0.02% | - | 30,227 | $655K | No quote | No quote |
| 102 | CSCO | Cisco | 0.02% | - | 23,000 | $640K | $27.83 | No quote |
| 103 | HAL | Halliburton | 0.02% | New | 15,000 | $590K | $39.33 | No quote |
| 104 | WAIR | Wesco Aircraft Holdings | 0.01% | New | 30,000 | $419K | No quote | No quote |
| 105 | STRZA | Starz Liberty Capital | 0.01% | - | 12,000 | $356K | No quote | No quote |
| 106 | LGIH | LGI Homes, Inc | 0.01% | New | 17,000 | $254K | No quote | No quote |
| 107 | WSO | Watsco Inc | 0.01% | New | 2,000 | $214K | $107.00 | No quote |
| 115 | WLP | Wellpoint Inc | - | Sold | 0 | $0 | No quote | No quote |
| 114 | WAG | Walgreen | - | Sold | 0 | $0 | No quote | No quote |
| 113 | TEVA | Teva Pharmaceuticals | - | Sold | 0 | $0 | No quote | No quote |
| 112 | TGT | Target | - | Sold | 0 | $0 | No quote | No quote |
| 111 | SIAL | Sigma Aldrich | - | Sold | 0 | $0 | No quote | No quote |
| 110 | LH | Laboratory Corp of America | - | Sold | 0 | $0 | No quote | No quote |
| 109 | IGT | International Game Technology | - | Sold | 0 | $0 | No quote | No quote |
| 108 | KO | Coca Cola Co | - | Sold | 0 | $0 | No quote | No quote |