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 94 of 122 rows. Rows without a quote are marked unavailable.
| 1 | KMX | Carmax | 7.68% | - | 4,913,070 | $291.44M | $59.32 | No quote |
| 2 | BRK/A | Berkshire Hathaway, Inc.CUSIP 084670108 | 5.55% | Add +0.1% | 1,079 | $210.66M | No quote | No quote |
| 3 | BRK/B | Berkshire Hathaway Cl BCUSIP 084670702 | 5.19% | - | 1,511,607 | $197.11M | No quote | No quote |
| 4 | WBA | Walgreens Boots Alliance Inc | 4.67% | - | 2,135,000 | $177.42M | No quote | No quote |
| 5 | DIS | Disney | 4.24% | Add +1.5% | 1,575,500 | $161.02M | $102.20 | No quote |
| 6 | BAM | Brookfield Asset Management | 4.16% | Add +0.4% | 5,018,821 | $157.79M | $31.44 | No quote |
| 7 | DEO | Diageo PLC | 3.61% | Add +1.6% | 1,271,000 | $137M | $107.79 | No quote |
| 8 | HD | Home Depot | 2.80% | - | 920,000 | $106.25M | $115.49 | No quote |
| 9 | MAR | Marriott International | 2.56% | Add +2.8% | 1,422,869 | $97.04M | $68.20 | No quote |
| 10 | UNH | United Health Group Inc | 2.03% | - | 663,000 | $76.92M | $116.01 | No quote |
| 11 | DE | John Deere | 2.02% | Add +5.1% | 1,035,000 | $76.59M | $74.00 | No quote |
| 12 | UPS | United Parcel Service | 2.00% | Add +1.6% | 767,500 | $75.75M | $98.69 | No quote |
| 13 | GE | General Electric | 1.97% | - | 2,963,000 | $74.73M | $25.22 | No quote |
| 14 | WMT | Wal-Mart Stores | 1.88% | - | 1,098,000 | $71.19M | $64.84 | No quote |
| 15 | XOM | Exxon Corporation | 1.84% | Add +6.0% | 940,800 | $69.95M | $74.35 | No quote |
| 16 | RLI | RLI Corporation | 1.69% | - | 1,197,272 | $64.09M | $53.53 | No quote |
| 17 | UL | Unilever PLC ADR | 1.61% | Add +1.7% | 1,497,000 | $61.05M | $40.78 | No quote |
| 18 | NVO | Novo-Nordisk A/S | 1.54% | - | 1,075,000 | $58.31M | $54.24 | No quote |
| 19 | V | Visa | 1.53% | Add +1.8% | 834,000 | $58.1M | $69.66 | No quote |
| 20 | FHI | Federated Investors | 1.53% | Reduce -5.9% | 2,009,000 | $58.06M | No quote | No quote |
| 21 | ADM | Archer Daniels | 1.50% | - | 1,376,000 | $57.04M | $41.45 | No quote |
| 22 | WPC | W.P. Carey | 1.45% | - | 950,200 | $54.93M | $57.81 | No quote |
| 23 | JNJ | Johnson and Johnson | 1.43% | Add +1.4% | 582,200 | $54.35M | $93.35 | No quote |
| 24 | GD | General Dynamics | 1.41% | - | 387,000 | $53.39M | $137.95 | No quote |
| 25 | BLK | Blackrock Inc | 1.19% | Add +8.6% | 152,000 | $45.22M | $297.47 | No quote |
| 26 | BUD | Anheuser-Busch Inbev ADR | 1.19% | - | 425,000 | $45.19M | $106.32 | No quote |
| 27 | BF/A | Brown Forman Class ACUSIP 115637100 | 1.19% | - | 421,500 | $45.1M | No quote | No quote |
| 28 | SLB | Schlumberger | 1.18% | Add +4.8% | 652,000 | $44.97M | $68.97 | No quote |
| 29 | ADP | Automatic Data Processing | 1.12% | - | 530,700 | $42.65M | $80.36 | No quote |
| 30 | LOW | Lowes | 0.98% | - | 540,000 | $37.22M | $68.92 | No quote |
| 31 | CFX | Colfax Corporation | 0.89% | Add +4.6% | 1,135,070 | $33.95M | No quote | No quote |
| 32 | CPRT | Copart Inc | 0.84% | Add +2.0% | 965,000 | $31.75M | $32.90 | No quote |
| 33 | ELV | Anthem Inc | 0.83% | - | 224,000 | $31.36M | $140.00 | No quote |
| 34 | SCHW | Charles Schwab | 0.80% | - | 1,057,000 | $30.19M | $28.56 | No quote |
| 35 | TRV | The Travelers Companies Inc | 0.79% | Add +12.2% | 303,000 | $30.16M | $99.53 | No quote |
| 36 | INTC | Intel | 0.79% | - | 991,000 | $29.87M | $30.14 | No quote |
| 37 | MMC | Marsh & McLennan | 0.77% | Add +22.6% | 559,000 | $29.19M | No quote | No quote |
| 38 | MMM | 3M Company | 0.76% | - | 204,000 | $28.92M | $141.77 | No quote |
| 39 | AXP | American Express | 0.75% | Add +5.2% | 386,000 | $28.61M | $74.13 | No quote |
| 40 | MCO | Moody's Corp | 0.75% | Add +4.3% | 290,000 | $28.48M | $98.20 | No quote |
| 41 | HAS | Hasbro, Inc | 0.69% | - | 364,000 | $26.26M | $72.14 | No quote |
| 42 | FDS | Factset Research | 0.69% | Add +7.9% | 164,000 | $26.21M | $159.81 | No quote |
| 43 | CVS | CVS Corporation | 0.63% | - | 247,000 | $23.83M | $96.48 | No quote |
| 44 | ORCL | Oracle Corp | 0.61% | - | 638,000 | $23.05M | $36.12 | No quote |
| 45 | NOV | National Oilwell | 0.60% | - | 610,000 | $22.97M | $37.65 | No quote |
| 46 | OAK | Oaktree Capital Group LLC | 0.59% | Add +40.1% | 454,500 | $22.5M | No quote | No quote |
| 47 | MON | Monsanto Co | 0.56% | Add +30.4% | 249,000 | $21.25M | No quote | No quote |
| 48 | NKE | Nike | 0.52% | - | 160,000 | $19.68M | $122.97 | No quote |
| 49 | TROW | T.Rowe Price | 0.51% | Add +9.8% | 279,000 | $19.39M | $69.50 | No quote |
| 50 | ITW | Illinois Tool Works | 0.50% | - | 230,000 | $18.93M | $82.31 | No quote |
| 51 | CAT | Caterpillar Inc | 0.48% | Add +15.3% | 278,000 | $18.17M | $65.36 | No quote |
| 52 | MCD | McDonalds | 0.47% | - | 181,000 | $17.83M | $98.53 | No quote |
| 53 | LMCK | Liberty Media Corp Cl C | 0.47% | - | 516,000 | $17.78M | No quote | No quote |
| 54 | ECL | Ecolab | 0.43% | Add +8.8% | 149,000 | $16.35M | $109.72 | No quote |
| 55 | BX | Blackstone Group | 0.41% | Add +5.6% | 487,000 | $15.42M | $31.67 | No quote |
| 56 | ITIC | Investors Title Company | 0.40% | - | 213,300 | $15.25M | $71.50 | No quote |
| 57 | LMCAD | Liberty Media | 0.40% | Add +4.4% | 426,000 | $15.22M | No quote | No quote |
| 58 | ACN | Accenture | 0.35% | - | 135,000 | $13.27M | $98.26 | No quote |
| 59 | PEP | Pepsico | 0.35% | Add +3.7% | 139,300 | $13.14M | $94.30 | No quote |
| 60 | DISCK | Discovery Communications | 0.34% | Add +130.7% | 533,000 | $12.95M | No quote | No quote |
| 61 | WSO | Watsco Inc | 0.34% | Add +17.2% | 109,000 | $12.91M | $118.48 | No quote |
| 62 | MHP | McGraw Hill Financial | 0.34% | Add +8.9% | 147,000 | $12.72M | No quote | No quote |
| 63 | MAT | Mattel | 0.32% | Add +18.5% | 584,000 | $12.3M | $21.06 | No quote |
| 64 | HOG | Harley Davidson | 0.31% | Add +377.8% | 215,000 | $11.8M | $54.90 | No quote |
| 65 | AAN | Aaron's Inc | 0.31% | Add +0.6% | 326,000 | $11.77M | No quote | No quote |
| 66 | MA | Mastercard, Inc | 0.31% | Add +10.3% | 129,000 | $11.63M | $90.12 | No quote |
| 67 | NSC | Norfolk Southern | 0.31% | Add +55.1% | 152,000 | $11.61M | $76.40 | No quote |
| 68 | SEIC | SEI Investments Co | 0.30% | - | 237,000 | $11.43M | $48.23 | No quote |
| 69 | JPM | JP Morgan | 0.29% | Add +115.3% | 183,000 | $11.16M | $60.97 | No quote |
| 70 | CLB | Core Labs NV | 0.29% | - | 109,000 | $10.88M | $99.80 | No quote |
| 71 | CME | CME Group Inc | 0.28% | Add +1.8% | 116,000 | $10.76M | $92.74 | No quote |
| 72 | BF/B | Brown-Forman Class BCUSIP 115637209 | 0.27% | - | 105,375 | $10.21M | No quote | No quote |
| 73 | PG | Procter & Gamble | 0.24% | - | 127,000 | $9.14M | $71.94 | No quote |
| 74 | PM | Philip Morris International | 0.24% | - | 114,500 | $9.08M | $79.33 | No quote |
| 75 | COF | Capital One Financial Corp | 0.24% | New | 125,000 | $9.07M | $72.52 | No quote |
| 76 | KKR | KKR & Co LLC | 0.24% | Add +7.0% | 533,000 | $8.94M | $16.78 | No quote |
| 77 | LBRDK | Liberty Broadband Class C | 0.23% | - | 172,113 | $8.81M | $51.17 | No quote |
| 78 | HAL | Halliburton | 0.23% | Add +11.4% | 244,000 | $8.63M | $35.35 | No quote |
| 79 | CDK | CDK Global Inc | 0.22% | - | 176,897 | $8.45M | No quote | No quote |
| 80 | MSCI | MSCI | 0.21% | Add +9.6% | 137,000 | $8.15M | $59.46 | No quote |
| 81 | GOOGL | Google Class A | 0.21% | - | 12,500 | $7.98M | $638.40 | No quote |
| 82 | GOOG | Google Class C | 0.20% | - | 12,531 | $7.62M | $608.41 | No quote |
| 83 | ROL | Rollins, Inc. | 0.20% | Add +15.0% | 276,000 | $7.42M | $26.87 | No quote |
| 84 | PDCO | Patterson Companies Inc. | 0.19% | Add +0.6% | 168,000 | $7.27M | No quote | No quote |
| 85 | PAYX | Paychex | 0.19% | - | 150,000 | $7.14M | $47.63 | No quote |
| 86 | ACNT | Synalloy Corporation | 0.19% | - | 785,343 | $7.1M | No quote | No quote |
| 87 | EMR | Emerson Electric | 0.18% | - | 158,000 | $6.98M | $44.17 | No quote |
| 88 | CG | The Carlyle Group | 0.18% | Add +6.4% | 399,000 | $6.7M | $16.80 | No quote |
| 89 | APO | Apollo Global Management - A | 0.18% | Add +6.6% | 387,000 | $6.65M | $17.18 | No quote |
| 90 | UPBD | Rent-A-Center | 0.15% | Add +0.8% | 238,000 | $5.77M | $24.25 | No quote |
| 91 | COST | Costco | 0.15% | - | 39,000 | $5.64M | $144.56 | No quote |
| 92 | LBTYA | Liberty Global PLC | 0.13% | Add +18.0% | 118,000 | $5.07M | $42.94 | No quote |
| 93 | UTX | United Technologies | 0.12% | - | 53,000 | $4.72M | No quote | No quote |
| 94 | LBRDA | Liberty Broadband A | 0.11% | - | 80,250 | $4.13M | $51.44 | No quote |
| 95 | CRR | Carbo Ceramics Inc | 0.11% | - | 215,000 | $4.08M | No quote | No quote |
| 96 | ROK | Rockwell Automation Inc | 0.10% | Add +100.0% | 36,000 | $3.65M | $101.47 | No quote |
| 97 | WAIR | Wesco Aircraft Holdings | 0.09% | Add +17.1% | 287,000 | $3.5M | No quote | No quote |
| 98 | PCAR | Paccar | 0.09% | New | 65,000 | $3.39M | $52.17 | No quote |
| 99 | VRSK | Verisk Analytics Inc | 0.09% | Add +37.5% | 44,000 | $3.25M | $73.91 | No quote |
| 100 | GHC | Graham Holdings Co | 0.08% | - | 5,200 | $3M | $576.92 | No quote |
| 101 | PH | Parker-Hannifin Corp | 0.08% | Add +275.0% | 30,000 | $2.92M | $97.30 | No quote |
| 102 | RBA | Ritchie Bros | 0.07% | Add +1.9% | 109,000 | $2.82M | No quote | No quote |
| 103 | CMI | Cummins Inc. | 0.07% | New | 25,000 | $2.71M | $108.56 | No quote |
| 104 | AON | Aon Corporation | 0.07% | Add +600.0% | 28,000 | $2.48M | $88.61 | No quote |
| 105 | ROST | Ross Stores, Inc | 0.06% | - | 46,000 | $2.23M | $48.48 | No quote |
| 106 | CABO | Cable One | 0.06% | New | 5,200 | $2.18M | $419.42 | No quote |
| 107 | FDX | Fedex Corp | 0.06% | New | 15,000 | $2.16M | $144.00 | No quote |
| 108 | Y | Alleghany Corporation | 0.05% | - | 4,328 | $2.03M | No quote | No quote |
| 109 | AAPL | Apple Inc | 0.05% | Add +200.0% | 18,000 | $1.99M | $110.28 | No quote |
| 110 | LVS | Las Vegas Sands Corp | 0.05% | New | 48,000 | $1.82M | $37.98 | No quote |
| 111 | AMT | American Tower | 0.05% | Add +150.0% | 20,000 | $1.76M | $88.00 | No quote |
| 112 | DNOW | Now Inc | 0.05% | - | 118,500 | $1.75M | $14.80 | No quote |
| 113 | COH | Coach Inc | 0.04% | Add +10.2% | 54,000 | $1.56M | No quote | No quote |
| 114 | CULP | Culp Inc | 0.03% | - | 30,227 | $969K | No quote | No quote |
| 115 | BCR | CR Bard | 0.02% | New | 4,000 | $745K | No quote | No quote |
| 116 | DAR | Darling Ingredients Inc | 0.02% | - | 65,000 | $731K | $11.25 | No quote |
| 117 | BDX | Becton Dickinson | 0.01% | New | 4,000 | $531K | $132.75 | No quote |
| 118 | DCI | Donaldson | 0.01% | New | 18,000 | $505K | $28.06 | No quote |
| 119 | STRZA | Starz Liberty Capital | 0.01% | - | 12,000 | $448K | No quote | No quote |
| 120 | RUSHA | Rush Enterprises Inc | 0.01% | - | 15,000 | $363K | $24.20 | No quote |
| 121 | BAX | Baxter International Inc | 0.01% | New | 10,000 | $328K | $32.80 | No quote |
| 122 | CB | Chubb Corp | - | Sold | 0 | $0 | No quote | No quote |