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 | 8.57% | Reduce -1.0% | 4,913,070 | $339.05M | $69.01 | No quote |
| 2 | BRK/A | Berkshire Hathaway, Inc.CUSIP 084670108 | 5.93% | Add +292.0% | 1,078 | $234.46M | No quote | No quote |
| 3 | BRK/B | Berkshire Hathaway Class BCUSIP 084670702 | 5.51% | - | 1,511,607 | $218.16M | No quote | No quote |
| 4 | WBA | Walgreens Boots Alliance Inc | 4.57% | - | 2,135,000 | $180.79M | No quote | No quote |
| 5 | BAM | Brookfield Asset Management | 4.50% | Add +0.2% | 3,319,548 | $177.96M | $53.61 | No quote |
| 6 | DIS | Disney | 4.09% | Add +0.8% | 1,541,500 | $161.69M | $104.89 | No quote |
| 7 | DEO | Diageo PLC | 3.49% | Add +0.4% | 1,248,000 | $137.99M | $110.57 | No quote |
| 8 | MAR | Marriott International | 2.78% | Add +1.0% | 1,368,869 | $109.95M | $80.32 | No quote |
| 9 | HD | Home Depot | 2.64% | - | 920,000 | $104.52M | $113.61 | No quote |
| 10 | WMT | Wal-Mart Stores | 2.28% | - | 1,098,000 | $90.31M | $82.25 | No quote |
| 11 | DE | John Deere | 2.01% | Add +8.8% | 906,000 | $79.45M | $87.69 | No quote |
| 12 | UNH | United Health Group Inc | 1.98% | Add +1.1% | 663,000 | $78.43M | $118.29 | No quote |
| 13 | XOM | Exxon Corporation | 1.87% | - | 868,800 | $73.85M | $85.00 | No quote |
| 14 | GE | General Electric | 1.86% | Add +0.8% | 2,963,000 | $73.51M | $24.81 | No quote |
| 15 | FHI | Federated Investors | 1.83% | - | 2,134,000 | $72.32M | No quote | No quote |
| 16 | UPS | United Parcel Service | 1.82% | Add +1.8% | 744,500 | $72.17M | $96.94 | No quote |
| 17 | ADM | Archer Daniels | 1.65% | - | 1,376,000 | $65.22M | $47.40 | No quote |
| 18 | WPC | W.P. Carey | 1.63% | - | 950,200 | $64.61M | $68.00 | No quote |
| 19 | RLI | RLI Corporation | 1.59% | - | 1,197,272 | $62.75M | $52.41 | No quote |
| 20 | UL | Unilever PLC ADR | 1.54% | Add +3.8% | 1,461,000 | $60.94M | $41.71 | No quote |
| 21 | JNJ | Johnson and Johnson | 1.46% | - | 574,200 | $57.77M | $100.60 | No quote |
| 22 | NVO | Novo-Nordisk A/S | 1.45% | - | 1,075,000 | $57.39M | $53.39 | No quote |
| 23 | V | Visa | 1.34% | Add +324.1% | 808,000 | $52.85M | $65.41 | No quote |
| 24 | GD | General Dynamics | 1.33% | - | 387,000 | $52.53M | $135.73 | No quote |
| 25 | BUD | Anheuser-Busch Inbev ADR | 1.31% | - | 425,000 | $51.81M | $121.91 | No quote |
| 26 | CFX | Colfax Corporation | 1.31% | - | 1,085,070 | $51.79M | No quote | No quote |
| 27 | BLK | Blackrock Inc | 1.19% | Add +11.2% | 129,000 | $47.19M | $365.84 | No quote |
| 28 | SLB | Schlumberger | 1.15% | Add +34.6% | 545,000 | $45.48M | $83.44 | No quote |
| 29 | ADP | Automatic Data Processing | 1.15% | - | 530,700 | $45.45M | $85.64 | No quote |
| 30 | LOW | Lowes | 1.02% | - | 540,000 | $40.17M | $74.39 | No quote |
| 31 | BF/A | Brown Forman Class ACUSIP 115637100 | 0.97% | - | 421,500 | $38.26M | No quote | No quote |
| 32 | ELV | Anthem Inc | 0.87% | Add +3.2% | 224,000 | $34.59M | $154.41 | No quote |
| 33 | MMM | 3M Company | 0.85% | - | 204,000 | $33.65M | $164.95 | No quote |
| 34 | CPRT | Copart Inc | 0.85% | Add +5.6% | 891,000 | $33.48M | $37.57 | No quote |
| 35 | SCHW | Charles Schwab | 0.81% | - | 1,057,000 | $32.18M | $30.44 | No quote |
| 36 | INTC | Intel | 0.78% | - | 991,000 | $30.99M | $31.27 | No quote |
| 37 | NOV | National Oilwell | 0.73% | Add +21.1% | 575,000 | $28.74M | $49.99 | No quote |
| 38 | AXP | American Express | 0.71% | Add +3.4% | 361,000 | $28.2M | $78.12 | No quote |
| 39 | CB | Chubb Corp | 0.71% | Add +4.9% | 278,000 | $28.11M | $101.10 | No quote |
| 40 | TRV | The Travelers Companies Inc | 0.71% | Add +6.2% | 259,000 | $28.01M | $108.13 | No quote |
| 41 | MCO | Moody's Corp | 0.70% | Add +5.1% | 267,000 | $27.72M | $103.80 | No quote |
| 42 | ORCL | Oracle Corp | 0.70% | - | 638,000 | $27.53M | $43.15 | No quote |
| 43 | CVS | CVS Corporation | 0.64% | Add +5.6% | 245,000 | $25.29M | $103.21 | No quote |
| 44 | HAS | Hasbro, Inc | 0.57% | Add +12.2% | 358,000 | $22.64M | $63.24 | No quote |
| 45 | MMC | Marsh & McLennan | 0.57% | Add +19.4% | 401,000 | $22.49M | No quote | No quote |
| 46 | FDS | Factset Research | 0.57% | Add +10.2% | 141,000 | $22.45M | $159.20 | No quote |
| 47 | ITW | Illinois Tool Works | 0.56% | - | 230,000 | $22.34M | $97.14 | No quote |
| 48 | TROW | T.Rowe Price | 0.51% | - | 250,000 | $20.25M | $80.98 | No quote |
| 49 | LMCK | Liberty Media Corp Class C | 0.50% | - | 516,000 | $19.71M | No quote | No quote |
| 50 | CAT | Caterpillar Inc | 0.49% | - | 241,000 | $19.29M | $80.03 | No quote |
| 51 | MCD | McDonalds | 0.45% | - | 181,000 | $17.64M | $97.44 | No quote |
| 52 | MON | Monsanto Co | 0.44% | Add +62.1% | 154,000 | $17.33M | No quote | No quote |
| 53 | BX | Blackstone Group | 0.43% | Add +5.5% | 439,000 | $17.07M | $38.89 | No quote |
| 54 | NKE | Nike | 0.41% | Add +3.2% | 160,000 | $16.05M | $100.33 | No quote |
| 55 | ITIC | Investors Title Company | 0.40% | - | 213,300 | $15.79M | $74.04 | No quote |
| 56 | LMCAD | Liberty Media | 0.37% | Add +11.4% | 380,000 | $14.65M | No quote | No quote |
| 57 | ECL | Ecolab | 0.36% | Add +11.5% | 126,000 | $14.41M | $114.38 | No quote |
| 58 | MSFT | Microsoft Corp | 0.33% | Reduce -61.1% | 318,000 | $12.93M | $40.65 | No quote |
| 59 | OAK | Oaktree Capital Group LLC | 0.33% | Add +63.1% | 249,500 | $12.89M | No quote | No quote |
| 60 | PEP | Pepsico | 0.32% | - | 134,300 | $12.84M | $95.62 | No quote |
| 61 | MHP | McGraw Hill Financial | 0.32% | Add +11.7% | 124,000 | $12.82M | No quote | No quote |
| 62 | ACN | Accenture | 0.32% | - | 135,000 | $12.65M | $93.69 | No quote |
| 63 | ACNT | Synalloy Corporation | 0.29% | - | 785,343 | $11.32M | No quote | No quote |
| 64 | KKR | KKR & Co LLC | 0.27% | Add +7.6% | 468,000 | $10.68M | $22.81 | No quote |
| 65 | CLB | Core Labs NV | 0.27% | Add +308.0% | 102,000 | $10.66M | $104.49 | No quote |
| 66 | SEIC | SEI Investments Co | 0.26% | - | 237,000 | $10.45M | $44.09 | No quote |
| 67 | PG | Procter & Gamble | 0.26% | - | 127,000 | $10.41M | $81.94 | No quote |
| 68 | LBRDK | Liberty Media Class C | 0.25% | Add +33.4% | 172,113 | $9.74M | $56.60 | No quote |
| 69 | MAT | Mattel | 0.24% | Add +26.7% | 422,000 | $9.64M | $22.85 | No quote |
| 70 | CME | CME Group Inc | 0.24% | Add +80.4% | 101,000 | $9.57M | $94.71 | No quote |
| 71 | BF/B | Brown-Forman Class BCUSIP 115637209 | 0.24% | - | 105,375 | $9.52M | No quote | No quote |
| 72 | CG | The Carlyle Group | 0.24% | Add +9.0% | 351,000 | $9.51M | $27.10 | No quote |
| 73 | NSC | Norfolk Southern | 0.24% | - | 92,000 | $9.47M | $102.92 | No quote |
| 74 | MA | Mastercard, Inc | 0.23% | Add +14.0% | 106,000 | $9.16M | $86.39 | No quote |
| 75 | EMR | Emerson Electric | 0.23% | - | 158,000 | $8.95M | $56.62 | No quote |
| 76 | PM | Philip Morris International | 0.22% | - | 114,500 | $8.63M | $75.33 | No quote |
| 77 | AAN | Aaron's Inc | 0.22% | Add +12.3% | 301,000 | $8.52M | No quote | No quote |
| 78 | CDK | CDK Global Inc | 0.21% | - | 176,897 | $8.27M | No quote | No quote |
| 79 | PDCO | Patterson Companies Inc. | 0.19% | - | 155,000 | $7.56M | No quote | No quote |
| 80 | PAYX | Paychex | 0.19% | - | 150,000 | $7.44M | $49.61 | No quote |
| 81 | WSO | Watsco Inc | 0.18% | Add +2800.0% | 58,000 | $7.29M | $125.71 | No quote |
| 82 | APO | Apollo Global Management - A | 0.18% | Add +10.2% | 336,000 | $7.26M | $21.60 | No quote |
| 83 | MSCI | MSCI | 0.18% | Add +12.9% | 114,000 | $6.99M | $61.31 | No quote |
| 84 | GOOGL | Google Class A | 0.18% | - | 12,500 | $6.93M | $554.72 | No quote |
| 85 | GOOG | Google Class C | 0.17% | - | 12,500 | $6.85M | $548.00 | No quote |
| 86 | HAL | Halliburton | 0.17% | Add +933.3% | 155,000 | $6.8M | $43.88 | No quote |
| 87 | UTX | United Technologies | 0.16% | - | 53,000 | $6.21M | No quote | No quote |
| 88 | CRR | Carbo Ceramics Inc | 0.15% | Add +227.9% | 200,000 | $6.1M | No quote | No quote |
| 89 | COST | Costco | 0.15% | - | 39,000 | $5.91M | $151.49 | No quote |
| 90 | UPBD | Rent-A-Center | 0.15% | Add +13.2% | 215,000 | $5.9M | $27.44 | No quote |
| 91 | GHC | Graham Holdings Co | 0.14% | - | 5,200 | $5.46M | $1049.62 | No quote |
| 92 | ROL | Rollins, Inc. | 0.13% | Add +102.9% | 207,000 | $5.12M | $24.73 | No quote |
| 93 | LBRDA | Liberty Broadband A | 0.11% | - | 80,250 | $4.53M | $56.49 | No quote |
| 94 | LBTYA | Liberty Global PLC | 0.09% | New | 72,000 | $3.71M | $51.47 | No quote |
| 95 | DISCK | Discovery Communications | 0.07% | New | 90,000 | $2.65M | No quote | No quote |
| 96 | WAIR | Wesco Aircraft Holdings | 0.06% | Add +433.3% | 160,000 | $2.45M | No quote | No quote |
| 97 | ROST | Ross Stores, Inc | 0.06% | - | 23,000 | $2.42M | $105.35 | No quote |
| 98 | RBA | Ritchie Bros | 0.06% | Add +39.1% | 96,000 | $2.39M | No quote | No quote |
| 99 | Y | Alleghany Corporation | 0.05% | - | 4,328 | $2.11M | No quote | No quote |
| 100 | DNOW | Now Inc | 0.05% | - | 93,500 | $2.02M | $21.64 | No quote |
| 101 | CULP | Culp Inc | 0.02% | - | 30,227 | $809K | No quote | No quote |
| 102 | COH | Coach Inc | 0.02% | New | 18,000 | $746K | No quote | No quote |
| 103 | VRSK | Verisk Analytics Inc | 0.02% | New | 9,000 | $643K | $71.44 | No quote |
| 104 | CSCO | Cisco | 0.02% | - | 23,000 | $633K | $27.52 | No quote |
| 105 | STRZA | Starz Liberty Capital | 0.01% | - | 12,000 | $413K | No quote | No quote |
| 106 | LGIH | LGI Homes, Inc | 0.01% | - | 17,000 | $283K | No quote | No quote |
| 107 | RUSHA | Rush Enterprises Inc | 0.01% | New | 9,000 | $246K | $27.33 | No quote |
| 112 | NICK | Nicholas Financial | - | Sold | 0 | $0 | No quote | No quote |
| 111 | LILAB | Liberty Global PLC | - | Sold | 0 | $0 | No quote | No quote |
| 110 | FRFHF | Fairfax Financial Holdings Ltd | - | Sold | 0 | $0 | No quote | No quote |
| 109 | EXPD | Expeditors Int'l Wash Inc | - | Sold | 0 | $0 | No quote | No quote |
| 108 | BRO | Brown & Brown | - | Sold | 0 | $0 | No quote | No quote |