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 99 of 139 rows. Rows without a quote are marked unavailable.
| 1 | KMX | Carmax | 7.18% | - | 4,913,070 | $265.16M | $53.97 | No quote |
| 2 | BRK/A | Berkshire Hathaway, Inc.CUSIP 084670108 | 5.80% | Add +0.5% | 1,084 | $214.42M | No quote | No quote |
| 3 | BRK/B | Berkshire Hathaway Class BCUSIP 084670702 | 5.40% | - | 1,511,607 | $199.59M | No quote | No quote |
| 4 | WBA | Walgreens Boots Alliance Inc | 4.92% | - | 2,135,000 | $181.81M | No quote | No quote |
| 5 | DIS | Disney | 4.52% | Add +0.9% | 1,589,000 | $166.97M | $105.08 | No quote |
| 6 | BAM | Brookfield Asset Management | 4.30% | Add +0.5% | 5,042,821 | $159M | $31.53 | No quote |
| 7 | DEO | Diageo PLC | 3.79% | Add +1.1% | 1,284,500 | $140.1M | $109.07 | No quote |
| 8 | HD | Home Depot | 3.29% | - | 920,000 | $121.67M | $132.25 | No quote |
| 9 | MAR | Marriott International | 2.63% | Add +1.8% | 1,448,369 | $97.1M | $67.04 | No quote |
| 10 | DE | John Deere | 2.25% | Add +5.4% | 1,091,000 | $83.21M | $76.27 | No quote |
| 11 | UNH | United Health Group Inc | 2.11% | - | 663,000 | $78M | $117.64 | No quote |
| 12 | UPS | United Parcel Service | 2.07% | Add +3.4% | 793,500 | $76.36M | $96.23 | No quote |
| 13 | RLI | RLI Corporation | 2.00% | - | 1,197,272 | $73.93M | $61.75 | No quote |
| 14 | XOM | Exxon Corporation | 1.99% | Add +0.4% | 944,800 | $73.65M | $77.95 | No quote |
| 15 | V | Visa | 1.79% | Add +2.1% | 851,500 | $66.03M | $77.55 | No quote |
| 16 | UL | Unilever PLC ADR | 1.78% | Add +1.7% | 1,522,000 | $65.63M | $43.12 | No quote |
| 17 | NVO | Novo-Nordisk A/S | 1.69% | - | 1,075,000 | $62.44M | $58.08 | No quote |
| 18 | JNJ | Johnson and Johnson | 1.68% | Add +4.0% | 605,200 | $62.17M | $102.72 | No quote |
| 19 | WPC | W.P. Carey | 1.52% | - | 950,200 | $56.06M | $59.00 | No quote |
| 20 | GD | General Dynamics | 1.44% | - | 387,000 | $53.16M | $137.36 | No quote |
| 21 | ADM | Archer Daniels | 1.41% | Add +3.5% | 1,424,000 | $52.23M | $36.68 | No quote |
| 22 | BLK | Blackrock Inc | 1.40% | - | 152,000 | $51.76M | $340.52 | No quote |
| 23 | BF/A | Brown Forman Class ACUSIP 115637100 | 1.26% | - | 421,500 | $46.41M | No quote | No quote |
| 24 | SLB | Schlumberger | 1.25% | Add +1.5% | 662,000 | $46.17M | $69.75 | No quote |
| 25 | ADP | Automatic Data Processing | 1.22% | - | 530,700 | $44.96M | $84.72 | No quote |
| 26 | LOW | Lowes | 1.11% | - | 540,000 | $41.06M | $76.04 | No quote |
| 27 | MON | Monsanto Co | 1.05% | Add +57.4% | 392,000 | $38.62M | No quote | No quote |
| 28 | CPRT | Copart Inc | 0.99% | - | 965,000 | $36.68M | $38.01 | No quote |
| 29 | TRV | The Travelers Companies Inc | 0.96% | Add +4.0% | 315,000 | $35.55M | $112.86 | No quote |
| 30 | SCHW | Charles Schwab | 0.94% | - | 1,057,000 | $34.81M | $32.93 | No quote |
| 31 | MMC | Marsh & McLennan | 0.88% | Add +5.5% | 589,500 | $32.69M | No quote | No quote |
| 32 | ELV | Anthem Inc | 0.85% | - | 224,000 | $31.24M | $139.44 | No quote |
| 33 | MMM | 3M Company | 0.83% | - | 204,000 | $30.73M | $150.64 | No quote |
| 34 | MCO | Moody's Corp | 0.79% | - | 290,000 | $29.1M | $100.34 | No quote |
| 35 | OAK | Oaktree Capital Group LLC | 0.74% | Add +25.3% | 569,500 | $27.18M | No quote | No quote |
| 36 | AXP | American Express | 0.73% | - | 386,000 | $26.85M | $69.55 | No quote |
| 37 | FDS | Factset Research | 0.72% | - | 164,000 | $26.66M | $162.57 | No quote |
| 38 | CFX | Colfax Corporation | 0.72% | - | 1,135,070 | $26.5M | No quote | No quote |
| 39 | HAS | Hasbro, Inc | 0.66% | - | 364,000 | $24.52M | $67.36 | No quote |
| 40 | CVS | CVS Corporation | 0.65% | - | 247,000 | $24.15M | $97.77 | No quote |
| 41 | ORCL | Oracle Corp | 0.63% | - | 638,000 | $23.31M | $36.53 | No quote |
| 42 | FHI | Federated Investors | 0.59% | Reduce -62.0% | 764,000 | $21.89M | No quote | No quote |
| 43 | ITIC | Investors Title Company | 0.58% | - | 213,300 | $21.33M | $100.00 | No quote |
| 44 | ITW | Illinois Tool Works | 0.58% | - | 230,000 | $21.32M | $92.68 | No quote |
| 45 | NOV | National Oilwell | 0.55% | - | 610,000 | $20.43M | $33.49 | No quote |
| 46 | TROW | T.Rowe Price | 0.55% | Add +2.1% | 285,000 | $20.37M | $71.49 | No quote |
| 47 | NKE | Nike | 0.54% | Add +100.0% | 320,000 | $20M | $62.50 | No quote |
| 48 | LMCK | Liberty Media Corp Class C | 0.54% | Add +1.2% | 522,000 | $19.88M | No quote | No quote |
| 49 | CAT | Caterpillar Inc | 0.51% | - | 278,000 | $18.89M | $67.96 | No quote |
| 50 | ECL | Ecolab | 0.49% | Add +7.0% | 159,500 | $18.24M | $114.38 | No quote |
| 51 | DISCK | Discovery Communications | 0.49% | Add +34.7% | 718,000 | $18.11M | No quote | No quote |
| 52 | NSC | Norfolk Southern | 0.47% | Add +36.2% | 207,000 | $17.51M | $84.59 | No quote |
| 53 | MAT | Mattel | 0.47% | Add +8.9% | 636,000 | $17.28M | $27.17 | No quote |
| 54 | LMCAD | Liberty Media | 0.45% | - | 426,000 | $16.72M | No quote | No quote |
| 55 | WSO | Watsco Inc | 0.40% | Add +14.7% | 125,000 | $14.64M | $117.13 | No quote |
| 56 | MHP | McGraw Hill Financial | 0.39% | - | 147,000 | $14.49M | No quote | No quote |
| 57 | ACN | Accenture | 0.39% | Add +1.5% | 137,000 | $14.32M | $104.50 | No quote |
| 58 | BX | Blackstone Group | 0.39% | - | 487,000 | $14.24M | $29.24 | No quote |
| 59 | PEP | Pepsico | 0.38% | - | 139,300 | $13.92M | $99.92 | No quote |
| 60 | MA | Mastercard, Inc | 0.38% | Add +10.5% | 142,500 | $13.87M | $97.36 | No quote |
| 61 | HOG | Harley Davidson | 0.36% | Add +35.8% | 292,000 | $13.25M | $45.39 | No quote |
| 62 | SEIC | SEI Investments Co | 0.34% | - | 237,000 | $12.42M | $52.40 | No quote |
| 63 | GOOG | Alphabet Inc | 0.33% | New | 16,031 | $12.17M | $758.90 | No quote |
| 64 | JPM | JP Morgan | 0.33% | - | 183,000 | $12.08M | $66.03 | No quote |
| 65 | CLB | Core Labs NV | 0.32% | - | 109,000 | $11.85M | $108.74 | No quote |
| 66 | CME | CME Group Inc | 0.28% | - | 116,000 | $10.51M | $90.60 | No quote |
| 67 | BF/B | Brown-Forman Class BCUSIP 115637209 | 0.28% | - | 105,375 | $10.46M | No quote | No quote |
| 68 | PG | Procter & Gamble | 0.27% | - | 127,000 | $10.09M | $79.41 | No quote |
| 69 | PM | Philip Morris International | 0.27% | - | 114,500 | $10.07M | $87.91 | No quote |
| 70 | MSCI | MSCI | 0.27% | - | 137,000 | $9.88M | $72.13 | No quote |
| 71 | GOOGL | Alphabet Inc Class A | 0.26% | New | 12,500 | $9.73M | $778.00 | No quote |
| 72 | COF | Capital One Financial Corp | 0.25% | Add +0.8% | 126,000 | $9.1M | $72.18 | No quote |
| 73 | LBRDK | Liberty Broadband Class C | 0.24% | - | 172,113 | $8.93M | $51.86 | No quote |
| 74 | CDK | CDK Global Inc | 0.23% | - | 176,897 | $8.4M | No quote | No quote |
| 75 | KKR | KKR & Co LLC | 0.22% | - | 533,000 | $8.31M | $15.59 | No quote |
| 76 | HAL | Halliburton | 0.22% | - | 244,000 | $8.31M | $34.04 | No quote |
| 77 | PAYX | Paychex | 0.21% | - | 150,000 | $7.93M | $52.89 | No quote |
| 78 | ROL | Rollins, Inc. | 0.21% | Add +8.2% | 298,500 | $7.73M | $25.90 | No quote |
| 79 | PDCO | Patterson Companies Inc. | 0.21% | - | 168,000 | $7.6M | No quote | No quote |
| 80 | EMR | Emerson Electric | 0.20% | - | 158,000 | $7.56M | $47.83 | No quote |
| 81 | AAN | Aaron's Inc | 0.20% | - | 326,000 | $7.3M | No quote | No quote |
| 82 | COST | Costco | 0.17% | - | 39,000 | $6.3M | $161.49 | No quote |
| 83 | CG | The Carlyle Group | 0.17% | - | 399,000 | $6.23M | $15.62 | No quote |
| 84 | APO | Apollo Global Management - A | 0.16% | - | 387,000 | $5.88M | $15.18 | No quote |
| 85 | UTX | United Technologies | 0.16% | Add +15.1% | 61,000 | $5.86M | No quote | No quote |
| 86 | PCAR | Paccar | 0.15% | Add +80.8% | 117,500 | $5.57M | $47.40 | No quote |
| 87 | ACNT | Synalloy Corporation | 0.15% | - | 785,343 | $5.4M | No quote | No quote |
| 88 | UNP | Union Pacific | 0.14% | New | 65,000 | $5.08M | $78.20 | No quote |
| 89 | LBTYA | Liberty Global PLC | 0.14% | - | 118,000 | $5M | $42.36 | No quote |
| 90 | ROK | Rockwell Automation Inc | 0.13% | Add +31.9% | 47,500 | $4.87M | $102.61 | No quote |
| 91 | FDX | Fedex Corp | 0.13% | Add +113.3% | 32,000 | $4.77M | $149.00 | No quote |
| 92 | LBRDA | Liberty Broadband A | 0.12% | Add +7.5% | 86,250 | $4.46M | $51.65 | No quote |
| 93 | PH | Parker-Hannifin Corp | 0.11% | Add +45.0% | 43,500 | $4.22M | $96.99 | No quote |
| 94 | VRSK | Verisk Analytics Inc | 0.11% | Add +18.2% | 52,000 | $4M | $76.88 | No quote |
| 95 | CRR | Carbo Ceramics Inc | 0.10% | - | 215,000 | $3.7M | No quote | No quote |
| 96 | UPBD | Rent-A-Center | 0.10% | - | 238,000 | $3.56M | $14.97 | No quote |
| 97 | WAIR | Wesco Aircraft Holdings | 0.09% | - | 287,000 | $3.44M | No quote | No quote |
| 98 | AON | Aon Corporation | 0.09% | Add +32.1% | 37,000 | $3.41M | $92.22 | No quote |
| 99 | CMI | Cummins Inc. | 0.09% | Add +44.0% | 36,000 | $3.17M | $88.00 | No quote |
| 100 | RBA | Ritchie Bros | 0.07% | - | 109,000 | $2.63M | No quote | No quote |
| 101 | AAPL | Apple Inc | 0.07% | Add +33.3% | 24,000 | $2.53M | $105.25 | No quote |
| 102 | GHC | Graham Holdings Co | 0.07% | - | 5,200 | $2.52M | $485.00 | No quote |
| 103 | ROST | Ross Stores, Inc | 0.07% | - | 46,000 | $2.48M | $53.80 | No quote |
| 104 | CABO | Cable One | 0.06% | - | 5,200 | $2.26M | $433.65 | No quote |
| 105 | AMZN | Amazon.com | 0.06% | New | 3,300 | $2.23M | $675.76 | No quote |
| 106 | CSX | CSX Corporation | 0.06% | New | 85,000 | $2.21M | $25.95 | No quote |
| 107 | Y | Alleghany Corporation | 0.06% | - | 4,328 | $2.07M | No quote | No quote |
| 108 | AMT | American Tower | 0.05% | - | 20,000 | $1.94M | $96.95 | No quote |
| 109 | DNOW | Now Inc | 0.05% | - | 118,500 | $1.88M | $15.82 | No quote |
| 110 | COH | Coach Inc | 0.05% | - | 54,000 | $1.77M | No quote | No quote |
| 111 | BCR | CR Bard | 0.05% | Add +125.0% | 9,000 | $1.71M | No quote | No quote |
| 112 | MSFT | Microsoft Corp | 0.04% | New | 30,000 | $1.66M | $55.47 | No quote |
| 113 | BDX | Becton Dickinson | 0.04% | Add +125.0% | 9,000 | $1.39M | $154.11 | No quote |
| 114 | DCI | Donaldson | 0.04% | Add +166.7% | 48,000 | $1.38M | $28.67 | No quote |
| 115 | MJN | Mead Johnson Nutrition | 0.03% | New | 15,500 | $1.22M | No quote | No quote |
| 116 | PX | Praxair Inc. | 0.03% | New | 11,500 | $1.18M | No quote | No quote |
| 117 | HSY | Hershey Foods | 0.03% | New | 12,000 | $1.07M | $89.25 | No quote |
| 118 | BAX | Baxter International Inc | 0.02% | Add +120.0% | 22,000 | $839K | $38.14 | No quote |
| 119 | CULP | Culp Inc | 0.02% | - | 30,227 | $770K | No quote | No quote |
| 120 | BA | Boeing Co | 0.02% | New | 4,800 | $694K | $144.58 | No quote |
| 121 | BMY | Bristol Myers Squibb | 0.02% | New | 10,000 | $688K | $68.80 | No quote |
| 122 | LYV | Live Nation | 0.02% | New | 25,000 | $614K | $24.56 | No quote |
| 123 | GWR | Genesee and Wyoming | 0.01% | New | 10,000 | $537K | No quote | No quote |
| 124 | BG | Bunge Limited | 0.01% | New | 7,000 | $478K | $68.29 | No quote |
| 125 | STRZA | Starz Liberty Capital | 0.01% | - | 12,000 | $402K | No quote | No quote |
| 126 | META | 0.01% | New | 3,500 | $366K | $104.57 | No quote | |
| 127 | PJT | PJT Partners Inc A | 0.01% | New | 12,175 | $344K | No quote | No quote |
| 128 | RUSHA | Rush Enterprises Inc | 0.01% | - | 15,000 | $328K | $21.87 | No quote |
| 129 | STT | State Street Corp | 0.01% | New | 4,500 | $299K | $66.44 | No quote |
| 130 | LILA | Liberty Global PLC Lilac | 0.01% | New | 5,100 | $211K | $41.37 | No quote |
| 139 | WMT | Wal-Mart Stores | - | Sold | 0 | $0 | No quote | No quote |
| 138 | MCD | McDonalds | - | Sold | 0 | $0 | No quote | No quote |
| 137 | LVS | Las Vegas Sands Corp | - | Sold | 0 | $0 | No quote | No quote |
| 136 | INTC | Intel | - | Sold | 0 | $0 | No quote | No quote |
| 135 | GOOG | Google Class C | - | Sold | 0 | $0 | No quote | No quote |
| 134 | GOOGL | Google Class A | - | Sold | 0 | $0 | No quote | No quote |
| 133 | GE | General Electric | - | Sold | 0 | $0 | No quote | No quote |
| 132 | DAR | Darling Ingredients Inc | - | Sold | 0 | $0 | No quote | No quote |
| 131 | BUD | Anheuser-Busch Inbev ADR | - | Sold | 0 | $0 | No quote | No quote |