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 104 of 136 rows. Rows without a quote are marked unavailable.
| 1 | KMX | Carmax | 7.62% | - | 4,913,070 | $316.35M | $64.39 | No quote |
| 2 | BRK/A | Berkshire Hathaway, Inc.CUSIP 084670108 | 6.38% | - | 1,084 | $264.63M | No quote | No quote |
| 3 | BRK/B | Berkshire Hathaway Class BCUSIP 084670702 | 5.94% | - | 1,511,607 | $246.36M | No quote | No quote |
| 4 | WBA | Walgreens Boots Alliance Inc | 4.26% | - | 2,135,000 | $176.69M | No quote | No quote |
| 5 | DIS | Disney | 4.14% | Add +1.8% | 1,646,200 | $171.57M | $104.22 | No quote |
| 6 | BAM | Brookfield Asset Management | 4.10% | Add +0.7% | 5,148,821 | $169.96M | $33.01 | No quote |
| 7 | DEO | Diageo PLC | 3.31% | Add +0.9% | 1,322,800 | $137.49M | $103.94 | No quote |
| 8 | MAR | Marriott International | 2.98% | Add +1.6% | 1,496,269 | $123.71M | $82.68 | No quote |
| 9 | HD | Home Depot | 2.97% | - | 920,000 | $123.35M | $134.08 | No quote |
| 10 | DE | John Deere | 2.72% | - | 1,095,400 | $112.87M | $103.04 | No quote |
| 11 | UNH | United Health Group Inc | 2.56% | - | 663,000 | $106.11M | $160.04 | No quote |
| 12 | XOM | Exxon Corporation | 2.06% | - | 944,800 | $85.28M | $90.26 | No quote |
| 13 | RLI | RLI Corporation | 1.82% | - | 1,197,272 | $75.58M | $63.13 | No quote |
| 14 | JNJ | Johnson and Johnson | 1.70% | - | 610,800 | $70.37M | $115.21 | No quote |
| 15 | V | Visa | 1.66% | Add +1.3% | 882,300 | $68.84M | $78.02 | No quote |
| 16 | GD | General Dynamics | 1.61% | - | 387,000 | $66.82M | $172.66 | No quote |
| 17 | ADM | Archer Daniels | 1.61% | - | 1,463,300 | $66.8M | $45.65 | No quote |
| 18 | UL | Unilever PLC ADR | 1.50% | - | 1,527,600 | $62.17M | $40.70 | No quote |
| 19 | BLK | Blackrock Inc | 1.48% | Add +3.9% | 161,500 | $61.46M | $380.54 | No quote |
| 20 | WPC | W.P. Carey | 1.35% | - | 950,200 | $56.15M | $59.09 | No quote |
| 21 | SLB | Schlumberger | 1.34% | - | 662,500 | $55.62M | $83.95 | No quote |
| 22 | ADP | Automatic Data Processing | 1.31% | - | 530,700 | $54.55M | $102.78 | No quote |
| 23 | GOOG | Alphabet Inc | 1.14% | Add +24.5% | 61,031 | $47.11M | $771.82 | No quote |
| 24 | MON | Monsanto Co | 1.01% | - | 396,700 | $41.74M | No quote | No quote |
| 25 | SCHW | Charles Schwab | 1.01% | - | 1,057,000 | $41.72M | $39.47 | No quote |
| 26 | MMC | Marsh & McLennan | 0.99% | - | 609,500 | $41.2M | No quote | No quote |
| 27 | CFX | Colfax Corporation | 0.98% | - | 1,135,070 | $40.78M | No quote | No quote |
| 28 | BF/A | Brown Forman Class ACUSIP 115637100 | 0.94% | - | 843,000 | $38.99M | No quote | No quote |
| 29 | TRV | The Travelers Companies Inc | 0.93% | - | 315,000 | $38.56M | $122.42 | No quote |
| 30 | NVO | Novo-Nordisk A/S | 0.93% | - | 1,075,000 | $38.55M | $35.86 | No quote |
| 31 | LOW | Lowes | 0.93% | - | 540,000 | $38.4M | $71.12 | No quote |
| 32 | MMM | 3M Company | 0.88% | - | 204,000 | $36.43M | $178.57 | No quote |
| 33 | AMZN | Amazon.com | 0.83% | Add +35.3% | 46,000 | $34.49M | $749.87 | No quote |
| 34 | ITIC | Investors Title Company | 0.81% | - | 213,300 | $33.74M | $158.18 | No quote |
| 35 | ELV | Anthem Inc | 0.78% | - | 224,000 | $32.2M | $143.77 | No quote |
| 36 | TXN | Texas Instruments Inc | 0.73% | Add +25.8% | 415,000 | $30.28M | $72.97 | No quote |
| 37 | AXP | American Express | 0.69% | - | 386,000 | $28.6M | $74.08 | No quote |
| 38 | ADI | Analog Devices Inc | 0.69% | Add +25.6% | 392,000 | $28.47M | $72.62 | No quote |
| 39 | HAS | Hasbro, Inc | 0.68% | - | 364,000 | $28.32M | $77.79 | No quote |
| 40 | ITW | Illinois Tool Works | 0.68% | - | 230,000 | $28.17M | $122.46 | No quote |
| 41 | WSO | Watsco Inc | 0.67% | Add +6.5% | 189,000 | $28M | $148.12 | No quote |
| 42 | MCO | Moody's Corp | 0.66% | - | 290,000 | $27.34M | $94.27 | No quote |
| 43 | FDS | Factset Research | 0.65% | - | 164,000 | $26.8M | $163.43 | No quote |
| 44 | OAK | Oaktree Capital Group LLC | 0.63% | Add +3.0% | 695,500 | $26.08M | No quote | No quote |
| 45 | CAT | Caterpillar Inc | 0.62% | - | 278,000 | $25.78M | $92.74 | No quote |
| 46 | NSC | Norfolk Southern | 0.60% | - | 229,500 | $24.8M | $108.07 | No quote |
| 47 | ORCL | Oracle Corp | 0.59% | - | 638,000 | $24.53M | $38.45 | No quote |
| 48 | DISCK | Discovery Communications | 0.58% | Add +7.1% | 892,000 | $23.89M | No quote | No quote |
| 49 | TROW | T.Rowe Price | 0.57% | Add +6.8% | 314,000 | $23.63M | $75.26 | No quote |
| 50 | ECL | Ecolab | 0.54% | Add +6.7% | 191,800 | $22.48M | $117.22 | No quote |
| 51 | CVS | CVS Corporation | 0.47% | Add +0.4% | 248,000 | $19.57M | $78.91 | No quote |
| 52 | LSXMK | Liberty Sirius Group C | 0.43% | - | 522,000 | $17.71M | No quote | No quote |
| 53 | ACN | Accenture | 0.42% | Add +1.4% | 148,400 | $17.38M | $117.13 | No quote |
| 54 | NKE | Nike | 0.40% | Add +1.3% | 324,000 | $16.47M | $50.83 | No quote |
| 55 | SPGI | S&P Global | 0.38% | - | 147,000 | $15.81M | $107.54 | No quote |
| 56 | JPM | JP Morgan | 0.38% | - | 183,000 | $15.79M | $86.29 | No quote |
| 57 | MA | Mastercard, Inc | 0.38% | Add +0.3% | 151,100 | $15.6M | $103.25 | No quote |
| 58 | CME | CME Group Inc | 0.38% | - | 135,000 | $15.57M | $115.35 | No quote |
| 59 | PEP | Pepsico | 0.37% | - | 145,600 | $15.23M | $104.63 | No quote |
| 60 | BX | Blackstone Group | 0.36% | Add +4.5% | 560,000 | $15.14M | $27.03 | No quote |
| 61 | LSXMA | Liberty Sirius Group A | 0.35% | - | 426,000 | $14.71M | No quote | No quote |
| 62 | SEIC | SEI Investments Co | 0.35% | Add +6.6% | 290,200 | $14.32M | $49.36 | No quote |
| 63 | UTX | United Technologies | 0.33% | Add +10.1% | 125,000 | $13.7M | No quote | No quote |
| 64 | CLB | Core Labs NV | 0.32% | - | 110,000 | $13.2M | $120.04 | No quote |
| 65 | MSFT | Microsoft Corp | 0.31% | Add +7.8% | 207,000 | $12.86M | $62.14 | No quote |
| 66 | LLTC | Linear Technology Corp | 0.31% | - | 206,000 | $12.84M | No quote | No quote |
| 67 | LBRDK | Liberty Broadband Class C | 0.31% | - | 172,113 | $12.75M | $74.07 | No quote |
| 68 | ROK | Rockwell Automation Inc | 0.30% | Add +15.0% | 91,800 | $12.34M | $134.40 | No quote |
| 69 | ROL | Rollins, Inc. | 0.29% | Add +3.5% | 355,700 | $12.02M | $33.78 | No quote |
| 70 | PH | Parker-Hannifin Corp | 0.28% | Add +17.0% | 82,600 | $11.56M | $140.00 | No quote |
| 71 | MSCI | MSCI | 0.26% | - | 137,000 | $10.79M | $78.78 | No quote |
| 72 | CDK | CDK Global Inc | 0.25% | - | 176,897 | $10.56M | No quote | No quote |
| 73 | PM | Philip Morris International | 0.25% | - | 114,500 | $10.48M | $91.49 | No quote |
| 74 | LBRDA | Liberty Broadband A | 0.25% | Add +22.0% | 144,250 | $10.45M | $72.46 | No quote |
| 75 | GOOGL | Alphabet Inc Class A | 0.24% | - | 12,500 | $9.91M | $792.48 | No quote |
| 76 | KKR | KKR & Co LLC | 0.23% | Add +4.0% | 622,000 | $9.57M | $15.39 | No quote |
| 77 | BF/B | Brown-Forman Class BCUSIP 115637209 | 0.23% | - | 210,750 | $9.47M | No quote | No quote |
| 78 | CSCO | Cisco | 0.23% | Add +14.9% | 309,000 | $9.34M | $30.22 | No quote |
| 79 | PAYX | Paychex | 0.22% | - | 150,000 | $9.13M | $60.88 | No quote |
| 80 | UNP | Union Pacific | 0.21% | - | 84,600 | $8.77M | $103.68 | No quote |
| 81 | AAPL | Apple Inc | 0.20% | Add +19.6% | 73,100 | $8.47M | $115.81 | No quote |
| 82 | BA | Boeing Co | 0.20% | Add +29.7% | 52,400 | $8.16M | $155.69 | No quote |
| 83 | PCAR | Paccar | 0.18% | - | 118,300 | $7.56M | $63.90 | No quote |
| 84 | APO | Apollo Global Management - A | 0.18% | - | 387,000 | $7.49M | $19.36 | No quote |
| 85 | META | 0.18% | Add +23.3% | 63,500 | $7.31M | $115.06 | No quote | |
| 86 | CG | The Carlyle Group | 0.18% | Add +5.3% | 477,000 | $7.27M | $15.25 | No quote |
| 87 | LYV | Live Nation | 0.17% | Add +44.0% | 261,700 | $6.96M | $26.60 | No quote |
| 88 | PDCO | Patterson Companies Inc. | 0.17% | - | 168,000 | $6.89M | No quote | No quote |
| 89 | FWONK | Liberty Media Group C | 0.16% | Add +21.1% | 206,500 | $6.47M | $31.33 | No quote |
| 90 | CMCSA | Comcast Corp- Class A | 0.15% | Add +21.3% | 91,000 | $6.28M | $69.05 | No quote |
| 91 | COST | Costco | 0.15% | - | 39,000 | $6.25M | $160.13 | No quote |
| 92 | MXIM | Maxim Integrated Products | 0.15% | Add +25.8% | 161,000 | $6.21M | No quote | No quote |
| 93 | SRCL | Stericycle Inc | 0.14% | Add +141.9% | 75,000 | $5.78M | No quote | No quote |
| 94 | PX | Praxair Inc. | 0.14% | Add +33.0% | 48,400 | $5.67M | No quote | No quote |
| 95 | VRSK | Verisk Analytics Inc | 0.13% | Add +20.9% | 66,500 | $5.4M | $81.17 | No quote |
| 96 | BG | Bunge Limited | 0.13% | - | 71,800 | $5.19M | $72.24 | No quote |
| 97 | CSX | CSX Corporation | 0.12% | - | 140,000 | $5.03M | $35.93 | No quote |
| 98 | ACNT | Synalloy Corporation | 0.11% | - | 414,804 | $4.54M | No quote | No quote |
| 99 | AON | Aon Corporation | 0.10% | - | 37,000 | $4.13M | $111.54 | No quote |
| 100 | GS | Goldman Sachs | 0.10% | - | 17,100 | $4.1M | $239.47 | No quote |
| 101 | RBA | Ritchie Bros | 0.09% | - | 114,000 | $3.88M | No quote | No quote |
| 102 | FWONA | Liberty Media Group A | 0.09% | - | 121,500 | $3.81M | $31.35 | No quote |
| 103 | LBTYA | Liberty Global PLC | 0.09% | - | 118,000 | $3.61M | $30.59 | No quote |
| 104 | HEI/A | Heico Corp Class ACUSIP 422806208 | 0.08% | Add +32.0% | 49,500 | $3.36M | No quote | No quote |
| 105 | NXPI | NXP Semiconductors NV | 0.08% | - | 33,000 | $3.23M | $98.00 | No quote |
| 106 | CABO | Cable One | 0.08% | - | 5,200 | $3.23M | $621.73 | No quote |
| 107 | AGN | Allergan, Inc. | 0.07% | Add +600.0% | 14,000 | $2.94M | No quote | No quote |
| 108 | GHC | Graham Holdings Co | 0.06% | - | 5,200 | $2.66M | $511.92 | No quote |
| 109 | Y | Alleghany Corporation | 0.06% | - | 4,328 | $2.63M | No quote | No quote |
| 110 | HSY | Hershey Foods | 0.06% | - | 24,100 | $2.49M | $103.44 | No quote |
| 111 | BBU | Brookfield Business Partners | 0.06% | - | 101,594 | $2.44M | No quote | No quote |
| 112 | MJN | Mead Johnson Nutrition | 0.06% | Add +6.6% | 32,300 | $2.29M | No quote | No quote |
| 113 | BATRK | Liberty Braves Group C | 0.05% | - | 99,788 | $2.06M | $20.59 | No quote |
| 114 | PAG | Penske Automotive Group | 0.04% | Add +12.9% | 35,000 | $1.81M | No quote | No quote |
| 115 | ST | Sensata Technologies Holding | 0.04% | New | 46,000 | $1.79M | $38.96 | No quote |
| 116 | DLTR | Dollar Tree Inc | 0.04% | New | 22,000 | $1.7M | $77.18 | No quote |
| 117 | BDX | Becton Dickinson | 0.04% | - | 9,000 | $1.49M | $165.56 | No quote |
| 118 | AMT | American Tower | 0.04% | Add +600.0% | 14,000 | $1.48M | $105.71 | No quote |
| 119 | MCK | McKesson Corp | 0.03% | - | 9,100 | $1.28M | $140.44 | No quote |
| 121 | VFC | VF Corp | 0.02% | Add +22.9% | 18,800 | $1M | $53.35 | No quote |
| 120 | GILD | Gilead Sciences Inc | 0.02% | New | 14,000 | $1M | $71.64 | No quote |
| 122 | BAX | Baxter International Inc | 0.02% | - | 22,000 | $975K | $44.32 | No quote |
| 123 | FLS | Flowserve | 0.02% | New | 20,000 | $961K | $48.05 | No quote |
| 124 | BATRA | Liberty Braves Group A | 0.02% | - | 42,600 | $873K | $20.49 | No quote |
| 125 | TSN | Tyson Foods | 0.02% | New | 11,000 | $678K | $61.64 | No quote |
| 126 | SBUX | Starbucks Corp | 0.02% | New | 12,000 | $666K | $55.50 | No quote |
| 127 | HXL | Hexcel Corp | 0.01% | New | 12,000 | $617K | $51.42 | No quote |
| 128 | BMY | Bristol Myers Squibb | 0.01% | - | 10,000 | $584K | $58.40 | No quote |
| 129 | MRK | Merck | 0.01% | - | 5,600 | $330K | $58.93 | No quote |
| 130 | LILA | Liberty Global PLC Lilac | 0.01% | - | 14,720 | $323K | $21.94 | No quote |
| 131 | PCLN | Priceline Group Inc | 0.01% | - | 200 | $293K | No quote | No quote |
| 132 | NVS | Novartis AG-Sponsored ADR | 0.01% | - | 3,700 | $270K | $72.97 | No quote |
| 133 | HEI | Heico Corp | 0.01% | - | 3,000 | $231K | No quote | No quote |
| 136 | HOG | Harley Davidson | - | Sold | 0 | $0 | No quote | No quote |
| 135 | EMR | Emerson Electric | - | Sold | 0 | $0 | No quote | No quote |
| 134 | CMI | Cummins Inc. | - | Sold | 0 | $0 | No quote | No quote |