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 100 of 134 rows. Rows without a quote are marked unavailable.
| 1 | KMX | Carmax | 6.76% | - | 4,913,070 | $262.11M | $53.35 | No quote |
| 2 | BRK/A | Berkshire Hathaway, Inc.CUSIP 084670108 | 6.04% | - | 1,084 | $234.38M | No quote | No quote |
| 3 | BRK/B | Berkshire Hathaway Class BCUSIP 084670702 | 5.63% | - | 1,511,607 | $218.38M | No quote | No quote |
| 4 | BAM | Brookfield Asset Management | 4.64% | Add +0.6% | 5,112,821 | $179.87M | $35.18 | No quote |
| 5 | WBA | Walgreens Boots Alliance Inc | 4.44% | - | 2,135,000 | $172.12M | No quote | No quote |
| 6 | DEO | Diageo PLC | 3.92% | Add +0.7% | 1,310,800 | $152.11M | $116.04 | No quote |
| 7 | DIS | Disney | 3.87% | Add +0.4% | 1,617,200 | $150.17M | $92.86 | No quote |
| 8 | HD | Home Depot | 3.05% | - | 920,000 | $118.39M | $128.68 | No quote |
| 9 | MAR | Marriott International | 2.56% | - | 1,472,269 | $99.13M | $67.33 | No quote |
| 10 | DE | John Deere | 2.41% | Add +0.3% | 1,095,400 | $93.49M | $85.35 | No quote |
| 11 | UNH | United Health Group Inc | 2.39% | - | 663,000 | $92.82M | $140.00 | No quote |
| 12 | XOM | Exxon Corporation | 2.13% | - | 944,800 | $82.46M | $87.28 | No quote |
| 13 | RLI | RLI Corporation | 2.11% | - | 1,197,272 | $81.85M | $68.36 | No quote |
| 14 | UL | Unilever PLC ADR | 1.87% | - | 1,527,600 | $72.41M | $47.40 | No quote |
| 15 | JNJ | Johnson and Johnson | 1.86% | - | 610,800 | $72.15M | $118.13 | No quote |
| 16 | V | Visa | 1.86% | Add +1.1% | 870,800 | $72.02M | $82.70 | No quote |
| 17 | ADM | Archer Daniels | 1.59% | - | 1,463,300 | $61.71M | $42.17 | No quote |
| 18 | WPC | W.P. Carey | 1.58% | - | 950,200 | $61.32M | $64.53 | No quote |
| 19 | GD | General Dynamics | 1.55% | - | 387,000 | $60.05M | $155.16 | No quote |
| 20 | BLK | Blackrock Inc | 1.45% | Add +0.7% | 155,500 | $56.36M | $362.46 | No quote |
| 21 | SLB | Schlumberger | 1.34% | - | 662,500 | $52.1M | $78.64 | No quote |
| 22 | ADP | Automatic Data Processing | 1.21% | - | 530,700 | $46.81M | $88.20 | No quote |
| 23 | NVO | Novo-Nordisk A/S | 1.15% | - | 1,075,000 | $44.71M | $41.59 | No quote |
| 24 | BF/A | Brown Forman Class ACUSIP 115637100 | 1.08% | Add +100.0% | 843,000 | $41.94M | No quote | No quote |
| 25 | MMC | Marsh & McLennan | 1.06% | - | 609,500 | $40.99M | No quote | No quote |
| 26 | MON | Monsanto Co | 1.05% | - | 396,700 | $40.54M | No quote | No quote |
| 27 | LOW | Lowes | 1.01% | - | 540,000 | $38.99M | $72.21 | No quote |
| 28 | GOOG | Alphabet Inc | 0.98% | Add +46.2% | 49,031 | $38.11M | $777.28 | No quote |
| 29 | TRV | The Travelers Companies Inc | 0.93% | - | 315,000 | $36.08M | $114.55 | No quote |
| 30 | MMM | 3M Company | 0.93% | - | 204,000 | $35.95M | $176.23 | No quote |
| 31 | CFX | Colfax Corporation | 0.92% | - | 1,135,070 | $35.68M | No quote | No quote |
| 32 | SCHW | Charles Schwab | 0.86% | - | 1,057,000 | $33.37M | $31.57 | No quote |
| 33 | MCO | Moody's Corp | 0.81% | - | 290,000 | $31.4M | $108.28 | No quote |
| 34 | HAS | Hasbro, Inc | 0.74% | - | 364,000 | $28.88M | $79.33 | No quote |
| 35 | OAK | Oaktree Capital Group LLC | 0.74% | Add +4.8% | 675,500 | $28.64M | No quote | No quote |
| 36 | AMZN | Amazon.com | 0.73% | Add +74.4% | 34,000 | $28.47M | $837.32 | No quote |
| 37 | ELV | Anthem Inc | 0.72% | - | 224,000 | $28.07M | $125.31 | No quote |
| 38 | ITW | Illinois Tool Works | 0.71% | - | 230,000 | $27.56M | $119.84 | No quote |
| 39 | FDS | Factset Research | 0.69% | - | 164,000 | $26.58M | $162.10 | No quote |
| 40 | ORCL | Oracle Corp | 0.65% | - | 638,000 | $25.06M | $39.28 | No quote |
| 41 | WSO | Watsco Inc | 0.64% | Add +17.9% | 177,500 | $25.01M | $140.90 | No quote |
| 42 | AXP | American Express | 0.64% | - | 386,000 | $24.72M | $64.04 | No quote |
| 43 | CAT | Caterpillar Inc | 0.64% | - | 278,000 | $24.68M | $88.77 | No quote |
| 44 | TXN | Texas Instruments Inc | 0.60% | Add +46.7% | 330,000 | $23.16M | $70.18 | No quote |
| 45 | NSC | Norfolk Southern | 0.57% | - | 229,500 | $22.28M | $97.06 | No quote |
| 46 | CVS | CVS Corporation | 0.57% | - | 247,000 | $21.98M | $88.99 | No quote |
| 47 | DISCK | Discovery Communications | 0.56% | Add +10.2% | 833,000 | $21.92M | No quote | No quote |
| 48 | ECL | Ecolab | 0.56% | Add +8.4% | 179,800 | $21.89M | $121.72 | No quote |
| 49 | ITIC | Investors Title Company | 0.55% | - | 213,300 | $21.22M | $99.50 | No quote |
| 50 | ADI | Analog Devices Inc | 0.52% | Add +51.5% | 312,000 | $20.11M | $64.45 | No quote |
| 51 | TROW | T.Rowe Price | 0.50% | Add +3.2% | 294,000 | $19.55M | $66.50 | No quote |
| 52 | SPGI | S&P Global | 0.48% | - | 147,000 | $18.6M | $126.56 | No quote |
| 53 | ACN | Accenture | 0.46% | - | 146,400 | $17.89M | $122.17 | No quote |
| 54 | LSXMK | Liberty Sirius Group C | 0.45% | - | 522,000 | $17.44M | No quote | No quote |
| 55 | NKE | Nike | 0.43% | - | 320,000 | $16.85M | $52.65 | No quote |
| 56 | HOG | Harley Davidson | 0.41% | - | 305,000 | $16.04M | $52.59 | No quote |
| 57 | PEP | Pepsico | 0.41% | Add +0.3% | 145,600 | $15.84M | $108.77 | No quote |
| 58 | MA | Mastercard, Inc | 0.40% | - | 150,600 | $15.33M | $101.77 | No quote |
| 59 | LSXMA | Liberty Sirius Group A | 0.37% | - | 426,000 | $14.48M | No quote | No quote |
| 60 | CME | CME Group Inc | 0.36% | Add +9.8% | 135,000 | $14.11M | $104.52 | No quote |
| 61 | BX | Blackstone Group | 0.35% | Add +7.4% | 536,000 | $13.68M | $25.53 | No quote |
| 62 | SEIC | SEI Investments Co | 0.32% | Add +10.3% | 272,200 | $12.42M | $45.61 | No quote |
| 63 | CLB | Core Labs NV | 0.32% | - | 110,000 | $12.36M | $112.33 | No quote |
| 64 | LBRDK | Liberty Broadband Class C | 0.32% | - | 172,113 | $12.3M | $71.48 | No quote |
| 65 | LLTC | Linear Technology Corp | 0.31% | Add +17.1% | 206,000 | $12.21M | No quote | No quote |
| 66 | JPM | JP Morgan | 0.31% | - | 183,000 | $12.19M | $66.59 | No quote |
| 67 | UTX | United Technologies | 0.30% | Add +29.9% | 113,500 | $11.53M | No quote | No quote |
| 68 | MSCI | MSCI | 0.30% | - | 137,000 | $11.5M | $83.94 | No quote |
| 69 | PM | Philip Morris International | 0.29% | - | 114,500 | $11.13M | $97.22 | No quote |
| 70 | MSFT | Microsoft Corp | 0.29% | Add +20.0% | 192,000 | $11.06M | $57.60 | No quote |
| 71 | CDK | CDK Global Inc | 0.26% | - | 176,897 | $10.15M | No quote | No quote |
| 72 | ROL | Rollins, Inc. | 0.26% | Add +4.9% | 343,700 | $10.06M | $29.28 | No quote |
| 73 | GOOGL | Alphabet Inc Class A | 0.26% | - | 12,500 | $10.05M | $804.08 | No quote |
| 74 | BF/B | Brown-Forman Class BCUSIP 115637209 | 0.26% | Add +100.0% | 210,750 | $10M | No quote | No quote |
| 75 | ROK | Rockwell Automation Inc | 0.25% | Add +35.7% | 79,800 | $9.76M | $122.34 | No quote |
| 76 | PH | Parker-Hannifin Corp | 0.23% | Add +23.9% | 70,600 | $8.86M | $125.52 | No quote |
| 77 | PAYX | Paychex | 0.22% | - | 150,000 | $8.68M | $57.87 | No quote |
| 78 | EMR | Emerson Electric | 0.22% | - | 158,000 | $8.61M | $54.51 | No quote |
| 79 | CSCO | Cisco | 0.22% | Add +38.0% | 269,000 | $8.53M | $31.72 | No quote |
| 80 | KKR | KKR & Co LLC | 0.22% | Add +9.7% | 598,000 | $8.53M | $14.26 | No quote |
| 81 | LBRDA | Liberty Broadband A | 0.21% | Add +37.1% | 118,250 | $8.3M | $70.16 | No quote |
| 82 | UNP | Union Pacific | 0.21% | - | 84,600 | $8.25M | $97.53 | No quote |
| 83 | PDCO | Patterson Companies Inc. | 0.20% | - | 168,000 | $7.72M | No quote | No quote |
| 84 | CG | The Carlyle Group | 0.18% | Add +10.2% | 453,000 | $7.05M | $15.57 | No quote |
| 85 | PCAR | Paccar | 0.18% | - | 118,300 | $6.95M | $58.78 | No quote |
| 86 | APO | Apollo Global Management - A | 0.18% | - | 387,000 | $6.95M | $17.96 | No quote |
| 87 | AAPL | Apple Inc | 0.18% | Add +69.3% | 61,100 | $6.91M | $113.04 | No quote |
| 88 | META | 0.17% | Add +68.8% | 51,500 | $6.61M | $128.27 | No quote | |
| 89 | COST | Costco | 0.15% | - | 39,000 | $5.95M | $152.51 | No quote |
| 90 | BA | Boeing Co | 0.14% | Add +140.5% | 40,400 | $5.32M | $131.73 | No quote |
| 91 | MXIM | Maxim Integrated Products | 0.13% | Add +39.1% | 128,000 | $5.11M | No quote | No quote |
| 92 | LYV | Live Nation | 0.13% | Add +409.0% | 181,700 | $4.99M | $27.48 | No quote |
| 93 | CMCSA | Comcast Corp- Class A | 0.13% | Add +114.3% | 75,000 | $4.98M | $66.35 | No quote |
| 94 | CMI | Cummins Inc. | 0.12% | - | 37,500 | $4.81M | $128.16 | No quote |
| 95 | FWONK | Liberty Media Group C | 0.12% | Add +28.7% | 170,500 | $4.8M | $28.14 | No quote |
| 96 | VRSK | Verisk Analytics Inc | 0.12% | Add +5.8% | 55,000 | $4.47M | $81.27 | No quote |
| 97 | PX | Praxair Inc. | 0.11% | Add +59.6% | 36,400 | $4.4M | No quote | No quote |
| 98 | CSX | CSX Corporation | 0.11% | - | 140,000 | $4.27M | $30.50 | No quote |
| 99 | BG | Bunge Limited | 0.11% | - | 71,800 | $4.25M | $59.23 | No quote |
| 100 | AON | Aon Corporation | 0.11% | - | 37,000 | $4.16M | $112.49 | No quote |
| 101 | LBTYA | Liberty Global PLC | 0.10% | - | 118,000 | $4.03M | $34.18 | No quote |
| 102 | RBA | Ritchie Bros | 0.10% | Add +4.6% | 114,000 | $4M | No quote | No quote |
| 103 | ACNT | Synalloy Corporation | 0.10% | - | 414,804 | $3.95M | No quote | No quote |
| 104 | FWONA | Liberty Media Group A | 0.09% | - | 121,500 | $3.48M | $28.65 | No quote |
| 105 | NXPI | NXP Semiconductors NV | 0.09% | New | 33,000 | $3.37M | $102.00 | No quote |
| 106 | CABO | Cable One | 0.08% | - | 5,200 | $3.04M | $584.04 | No quote |
| 107 | GS | Goldman Sachs | 0.07% | - | 17,100 | $2.76M | $161.29 | No quote |
| 108 | BBU | Brookfield Business Partners | 0.07% | - | 101,594 | $2.69M | No quote | No quote |
| 109 | GHC | Graham Holdings Co | 0.06% | - | 5,200 | $2.5M | $481.35 | No quote |
| 110 | SRCL | Stericycle Inc | 0.06% | Add +342.9% | 31,000 | $2.48M | No quote | No quote |
| 111 | MJN | Mead Johnson Nutrition | 0.06% | - | 30,300 | $2.39M | No quote | No quote |
| 112 | HSY | Hershey Foods | 0.06% | - | 24,100 | $2.3M | $95.60 | No quote |
| 113 | Y | Alleghany Corporation | 0.06% | - | 4,328 | $2.27M | No quote | No quote |
| 114 | HEI/A | Heico Corp Class ACUSIP 422806208 | 0.06% | Add +837.5% | 37,500 | $2.27M | No quote | No quote |
| 115 | BATRK | Liberty Braves Group C | 0.04% | - | 99,788 | $1.73M | $17.38 | No quote |
| 116 | BDX | Becton Dickinson | 0.04% | - | 9,000 | $1.62M | $179.78 | No quote |
| 117 | MCK | McKesson Corp | 0.04% | - | 9,100 | $1.52M | $166.70 | No quote |
| 118 | PAG | Penske Automotive Group | 0.04% | - | 31,000 | $1.49M | No quote | No quote |
| 119 | BAX | Baxter International Inc | 0.03% | - | 22,000 | $1.05M | $47.59 | No quote |
| 120 | VFC | VF Corp | 0.02% | - | 15,300 | $858K | $56.08 | No quote |
| 121 | BATRA | Liberty Braves Group A | 0.02% | - | 42,600 | $743K | $17.44 | No quote |
| 122 | BMY | Bristol Myers Squibb | 0.01% | - | 10,000 | $539K | $53.90 | No quote |
| 123 | AGN | Allergan PLC | 0.01% | New | 2,000 | $461K | No quote | No quote |
| 124 | LILA | Liberty Global PLC Lilac | 0.01% | Reduce -0.0% | 14,720 | $406K | $27.58 | No quote |
| 125 | MRK | Merck | 0.01% | - | 5,600 | $349K | $62.32 | No quote |
| 126 | PCLN | Priceline Group Inc | 0.01% | - | 200 | $294K | No quote | No quote |
| 127 | NVS | Novartis AG-Sponsored ADR | 0.01% | - | 3,700 | $292K | $78.92 | No quote |
| 128 | AMT | American Tower | 0.01% | New | 2,000 | $227K | $113.50 | No quote |
| 129 | HEI | Heico Corp | 0.01% | New | 3,000 | $208K | No quote | No quote |
| 134 | NOV | National Oilwell | - | Sold | 0 | $0 | No quote | No quote |
| 133 | BCR | CR Bard | - | Sold | 0 | $0 | No quote | No quote |
| 132 | CPRT | Copart Inc | - | Sold | 0 | $0 | No quote | No quote |
| 131 | CRR | Carbo Ceramics Inc | - | Sold | 0 | $0 | No quote | No quote |
| 130 | COF | Capital One Financial Corp | - | Sold | 0 | $0 | No quote | No quote |