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 105 of 137 rows. Rows without a quote are marked unavailable.
| 1 | KMX | Carmax | 6.55% | - | 4,913,070 | $290.95M | $59.22 | No quote |
| 2 | BRK/A | Berkshire Hathaway, Inc.CUSIP 084670108 | 6.12% | Add +0.4% | 1,088 | $271.84M | No quote | No quote |
| 3 | BRK/B | Berkshire Hathaway Class BCUSIP 084670702 | 5.68% | - | 1,511,607 | $251.95M | No quote | No quote |
| 4 | BAM | Brookfield Asset Management | 4.32% | Add +2.1% | 5,254,821 | $191.59M | $36.46 | No quote |
| 5 | DIS | Disney | 4.25% | Add +1.0% | 1,663,200 | $188.59M | $113.39 | No quote |
| 6 | WBA | Walgreens Boots Alliance Inc | 3.99% | - | 2,135,000 | $177.31M | No quote | No quote |
| 7 | DEO | Diageo PLC | 3.48% | Add +0.9% | 1,334,800 | $154.28M | $115.58 | No quote |
| 8 | MAR | Marriott International | 3.20% | Add +0.8% | 1,508,269 | $142.05M | $94.18 | No quote |
| 9 | HD | Home Depot | 3.04% | - | 920,000 | $135.08M | $146.83 | No quote |
| 10 | DE | John Deere | 2.69% | - | 1,095,400 | $119.25M | $108.86 | No quote |
| 11 | UNH | United Health Group Inc | 2.45% | - | 663,000 | $108.74M | $164.01 | No quote |
| 12 | V | Visa | 1.78% | Add +1.0% | 891,300 | $79.21M | $88.87 | No quote |
| 13 | XOM | Exxon Corporation | 1.75% | - | 944,800 | $77.48M | $82.01 | No quote |
| 14 | JNJ | Johnson and Johnson | 1.71% | - | 610,800 | $76.08M | $124.55 | No quote |
| 15 | UL | Unilever PLC ADR | 1.70% | - | 1,527,600 | $75.37M | $49.34 | No quote |
| 16 | GD | General Dynamics | 1.63% | - | 387,000 | $72.45M | $187.20 | No quote |
| 17 | RLI | RLI Corporation | 1.62% | - | 1,197,272 | $71.86M | $60.02 | No quote |
| 18 | ADM | Archer Daniels | 1.52% | - | 1,463,300 | $67.37M | $46.04 | No quote |
| 19 | BLK | Blackrock Inc | 1.46% | Add +4.3% | 168,500 | $64.62M | $383.51 | No quote |
| 20 | GOOG | Alphabet Inc | 1.38% | Add +21.3% | 74,031 | $61.41M | $829.56 | No quote |
| 21 | WPC | W.P. Carey | 1.33% | - | 950,200 | $59.12M | $62.22 | No quote |
| 22 | ADP | Automatic Data Processing | 1.22% | - | 530,700 | $54.34M | $102.39 | No quote |
| 23 | AMZN | Amazon.com | 1.18% | Add +28.3% | 59,000 | $52.31M | $886.54 | No quote |
| 24 | SLB | Schlumberger | 1.17% | - | 662,500 | $51.74M | $78.10 | No quote |
| 25 | LOW | Lowes | 1.04% | Add +4.3% | 563,000 | $46.28M | $82.21 | No quote |
| 26 | MMC | Marsh & McLennan | 1.01% | - | 609,500 | $45.04M | No quote | No quote |
| 27 | MON | Monsanto Co | 1.01% | - | 396,700 | $44.91M | No quote | No quote |
| 28 | CFX | Colfax Corporation | 1.00% | - | 1,135,070 | $44.56M | No quote | No quote |
| 29 | SCHW | Charles Schwab | 0.97% | - | 1,057,000 | $43.14M | $40.81 | No quote |
| 30 | ADI | Analog Devices Inc | 0.92% | Add +27.8% | 500,811 | $41.04M | $81.95 | No quote |
| 31 | BF/A | Brown Forman Class ACUSIP 115637100 | 0.89% | - | 843,000 | $39.68M | No quote | No quote |
| 32 | MMM | 3M Company | 0.88% | - | 204,000 | $39.03M | $191.33 | No quote |
| 33 | TXN | Texas Instruments Inc | 0.86% | Add +14.2% | 474,000 | $38.19M | $80.56 | No quote |
| 34 | TRV | The Travelers Companies Inc | 0.86% | - | 315,000 | $37.97M | $120.54 | No quote |
| 35 | ELV | Anthem Inc | 0.83% | - | 224,000 | $37.05M | $165.38 | No quote |
| 36 | NVO | Novo-Nordisk A/S | 0.83% | - | 1,075,000 | $36.85M | $34.28 | No quote |
| 37 | HAS | Hasbro, Inc | 0.82% | - | 364,000 | $36.33M | $99.82 | No quote |
| 38 | ITIC | Investors Title Company | 0.76% | - | 213,300 | $33.73M | $158.15 | No quote |
| 39 | OAK | Oaktree Capital Group LLC | 0.75% | Add +5.0% | 730,500 | $33.09M | No quote | No quote |
| 40 | MCO | Moody's Corp | 0.73% | - | 290,000 | $32.49M | $112.04 | No quote |
| 41 | AXP | American Express | 0.69% | - | 386,000 | $30.54M | $79.11 | No quote |
| 42 | ITW | Illinois Tool Works | 0.69% | - | 230,000 | $30.47M | $132.47 | No quote |
| 43 | WSO | Watsco Inc | 0.64% | Add +5.0% | 198,500 | $28.42M | $143.18 | No quote |
| 44 | FDS | Factset Research | 0.61% | - | 164,000 | $27.05M | $164.91 | No quote |
| 45 | DISCK | Discovery Communications | 0.59% | Add +4.4% | 931,000 | $26.36M | No quote | No quote |
| 46 | ECL | Ecolab | 0.58% | Add +7.3% | 205,800 | $25.8M | $125.34 | No quote |
| 47 | CAT | Caterpillar Inc | 0.58% | - | 278,000 | $25.79M | $92.76 | No quote |
| 48 | NSC | Norfolk Southern | 0.58% | - | 229,500 | $25.7M | $111.97 | No quote |
| 49 | TROW | T.Rowe Price | 0.48% | - | 314,000 | $21.4M | $68.15 | No quote |
| 50 | CVS | CVS Corporation | 0.47% | Add +6.5% | 264,000 | $20.72M | $78.50 | No quote |
| 51 | LSXMK | Liberty Sirius Group C | 0.46% | - | 522,000 | $20.24M | No quote | No quote |
| 52 | NKE | Nike | 0.44% | Add +7.4% | 348,000 | $19.39M | $55.73 | No quote |
| 53 | SPGI | S&P Global | 0.43% | - | 147,000 | $19.22M | $130.74 | No quote |
| 54 | MA | Mastercard, Inc | 0.40% | Add +5.3% | 159,100 | $17.89M | $112.47 | No quote |
| 55 | ACN | Accenture | 0.40% | - | 148,400 | $17.79M | $119.88 | No quote |
| 56 | BX | Blackstone Group | 0.40% | Add +6.3% | 595,000 | $17.67M | $29.70 | No quote |
| 57 | LSXMA | Liberty Sirius Group A | 0.37% | - | 426,000 | $16.58M | No quote | No quote |
| 58 | ROK | Rockwell Automation Inc | 0.37% | Add +14.2% | 104,800 | $16.32M | $155.71 | No quote |
| 59 | PEP | Pepsico | 0.37% | - | 145,600 | $16.29M | $111.86 | No quote |
| 60 | JPM | JP Morgan | 0.36% | - | 183,000 | $16.08M | $87.84 | No quote |
| 61 | CME | CME Group Inc | 0.36% | - | 135,000 | $16.04M | $118.80 | No quote |
| 62 | MSFT | Microsoft Corp | 0.36% | Add +17.4% | 243,000 | $16M | $65.86 | No quote |
| 63 | SEIC | SEI Investments Co | 0.35% | Add +4.8% | 304,200 | $15.34M | $50.44 | No quote |
| 64 | PH | Parker-Hannifin Corp | 0.35% | Add +15.7% | 95,600 | $15.33M | $160.32 | No quote |
| 65 | UTX | United Technologies | 0.34% | Add +8.4% | 135,500 | $15.2M | No quote | No quote |
| 66 | LBRDK | Liberty Broadband Class C | 0.34% | - | 172,113 | $14.87M | $86.40 | No quote |
| 67 | ROL | Rollins, Inc. | 0.31% | Add +5.3% | 374,700 | $13.91M | $37.13 | No quote |
| 68 | LBRDA | Liberty Broadband A | 0.31% | Add +10.4% | 159,250 | $13.55M | $85.09 | No quote |
| 69 | MSCI | MSCI | 0.30% | - | 137,000 | $13.32M | $97.19 | No quote |
| 70 | SRCL | Stericycle Inc | 0.30% | Add +113.3% | 160,000 | $13.26M | No quote | No quote |
| 71 | AAPL | Apple Inc | 0.29% | Add +23.3% | 90,100 | $12.94M | $143.66 | No quote |
| 72 | PM | Philip Morris International | 0.29% | - | 114,500 | $12.93M | $112.90 | No quote |
| 73 | CLB | Core Labs NV | 0.29% | - | 110,000 | $12.71M | $115.52 | No quote |
| 74 | BA | Boeing Co | 0.28% | Add +32.4% | 69,400 | $12.27M | $176.86 | No quote |
| 75 | KKR | KKR & Co LLC | 0.27% | Add +7.2% | 667,000 | $12.16M | $18.23 | No quote |
| 76 | CSCO | Cisco | 0.26% | Add +10.7% | 342,000 | $11.56M | $33.80 | No quote |
| 77 | CDK | CDK Global Inc | 0.26% | - | 176,897 | $11.5M | No quote | No quote |
| 78 | META | 0.25% | Add +23.6% | 78,500 | $11.15M | $142.05 | No quote | |
| 79 | GOOGL | Alphabet Inc Class A | 0.24% | - | 12,500 | $10.6M | $847.76 | No quote |
| 80 | APO | Apollo Global Management - A | 0.23% | Add +8.5% | 420,000 | $10.21M | $24.32 | No quote |
| 81 | LYV | Live Nation | 0.22% | Add +25.2% | 327,700 | $9.95M | $30.37 | No quote |
| 82 | BF/B | Brown-Forman Class BCUSIP 115637209 | 0.22% | - | 210,750 | $9.73M | No quote | No quote |
| 83 | UNP | Union Pacific | 0.20% | - | 84,600 | $8.96M | $105.92 | No quote |
| 84 | PAYX | Paychex | 0.20% | - | 150,000 | $8.84M | $58.90 | No quote |
| 85 | CG | The Carlyle Group | 0.19% | Add +10.5% | 527,000 | $8.41M | $15.95 | No quote |
| 86 | FWONK | Liberty Media Group C | 0.19% | Add +17.9% | 243,500 | $8.32M | $34.15 | No quote |
| 87 | PCAR | Paccar | 0.18% | - | 118,300 | $7.95M | $67.20 | No quote |
| 88 | CMCSA | Comcast Corp- Class A | 0.18% | Add +129.7% | 209,000 | $7.86M | $37.59 | No quote |
| 89 | MXIM | Maxim Integrated Products | 0.18% | Add +8.1% | 174,000 | $7.82M | No quote | No quote |
| 90 | PDCO | Patterson Companies Inc. | 0.17% | - | 168,000 | $7.6M | No quote | No quote |
| 91 | PX | Praxair Inc. | 0.16% | Add +26.9% | 61,400 | $7.28M | No quote | No quote |
| 92 | COST | Costco | 0.15% | - | 39,000 | $6.54M | $167.67 | No quote |
| 93 | AGN | Allergan, Inc. | 0.15% | Add +92.9% | 27,000 | $6.45M | No quote | No quote |
| 94 | VRSK | Verisk Analytics Inc | 0.13% | Add +9.8% | 73,000 | $5.92M | $81.14 | No quote |
| 95 | BG | Bunge Limited | 0.13% | - | 71,800 | $5.69M | $79.26 | No quote |
| 96 | HEI/A | Heico Corp Class ACUSIP 422806208 | 0.12% | Add +42.4% | 70,500 | $5.29M | No quote | No quote |
| 97 | ACNT | Synalloy Corporation | 0.11% | - | 414,804 | $5.08M | No quote | No quote |
| 98 | ST | Sensata Technologies Holding | 0.10% | Add +126.1% | 104,000 | $4.54M | $43.67 | No quote |
| 99 | AON | Aon Corporation | 0.10% | - | 37,000 | $4.39M | $118.70 | No quote |
| 100 | TSN | Tyson Foods | 0.10% | Add +545.5% | 71,000 | $4.38M | $61.70 | No quote |
| 101 | LBTYA | Liberty Global PLC | 0.10% | - | 118,000 | $4.23M | $35.87 | No quote |
| 102 | FWONA | Liberty Media Group A | 0.09% | - | 121,500 | $3.97M | $32.70 | No quote |
| 103 | GS | Goldman Sachs | 0.09% | - | 17,100 | $3.93M | $229.71 | No quote |
| 104 | RBA | Ritchie Bros | 0.08% | - | 114,000 | $3.75M | No quote | No quote |
| 105 | NXPI | NXP Semiconductors NV | 0.08% | Add +6.1% | 35,000 | $3.62M | $103.49 | No quote |
| 106 | DLTR | Dollar Tree Inc | 0.08% | Add +109.1% | 46,000 | $3.61M | $78.46 | No quote |
| 107 | AMT | American Tower | 0.08% | Add +110.7% | 29,500 | $3.59M | $121.53 | No quote |
| 108 | CABO | Cable One | 0.07% | - | 5,200 | $3.25M | $624.42 | No quote |
| 109 | GHC | Graham Holdings Co | 0.07% | - | 5,200 | $3.12M | $599.62 | No quote |
| 110 | Y | Alleghany Corporation | 0.06% | - | 4,328 | $2.66M | No quote | No quote |
| 111 | HSY | Hershey Foods | 0.06% | - | 24,100 | $2.63M | $109.25 | No quote |
| 112 | BBU | Brookfield Business Partners | 0.06% | - | 101,594 | $2.5M | No quote | No quote |
| 113 | HCSG | Healthcare Services Group | 0.05% | New | 55,000 | $2.37M | $43.09 | No quote |
| 114 | BATRK | Liberty Braves Group C | 0.05% | - | 99,788 | $2.36M | $23.65 | No quote |
| 115 | PAG | Penske Automotive Group | 0.05% | Add +40.0% | 49,000 | $2.29M | No quote | No quote |
| 116 | FLS | Flowserve | 0.05% | Add +120.0% | 44,000 | $2.13M | $48.41 | No quote |
| 117 | GILD | Gilead Sciences Inc | 0.04% | Add +92.9% | 27,000 | $1.83M | $67.93 | No quote |
| 118 | HXL | Hexcel Corp | 0.04% | Add +175.0% | 33,000 | $1.8M | $54.55 | No quote |
| 119 | VFC | VF Corp | 0.04% | Add +63.8% | 30,800 | $1.69M | $54.97 | No quote |
| 120 | IBM | IBM | 0.04% | New | 9,700 | $1.69M | $174.12 | No quote |
| 121 | BDX | Becton Dickinson | 0.04% | - | 9,000 | $1.65M | $183.44 | No quote |
| 122 | ALB | Albemarle Corp | 0.04% | New | 15,000 | $1.59M | $105.67 | No quote |
| 123 | SBUX | Starbucks Corp | 0.03% | Add +116.7% | 26,000 | $1.52M | $58.38 | No quote |
| 124 | COL | Rockwell Collins Inc | 0.03% | New | 15,000 | $1.46M | No quote | No quote |
| 125 | MCK | McKesson Corp | 0.03% | - | 9,100 | $1.35M | $148.24 | No quote |
| 126 | BAX | Baxter International Inc | 0.03% | - | 22,000 | $1.14M | $51.86 | No quote |
| 127 | BATRA | Liberty Braves Group A | 0.02% | - | 42,600 | $1.02M | $23.94 | No quote |
| 128 | BMY | Bristol Myers Squibb | 0.01% | - | 10,000 | $544K | $54.40 | No quote |
| 130 | PCLN | Priceline Group Inc | 0.01% | - | 200 | $356K | No quote | No quote |
| 129 | MRK | Merck | 0.01% | - | 5,600 | $356K | $63.57 | No quote |
| 131 | LILA | Liberty Global PLC Lilac | 0.01% | - | 14,720 | $327K | $22.21 | No quote |
| 132 | NVS | Novartis AG-Sponsored ADR | 0.01% | - | 3,700 | $275K | $74.32 | No quote |
| 133 | HEI | Heico Corp | 0.01% | - | 3,000 | $262K | No quote | No quote |
| 137 | ORCL | Oracle Corp | - | Sold | 0 | $0 | No quote | No quote |
| 136 | MJN | Mead Johnson Nutrition | - | Sold | 0 | $0 | No quote | No quote |
| 135 | LLTC | Linear Technology Corp | - | Sold | 0 | $0 | No quote | No quote |
| 134 | CSX | CSX Corporation | - | Sold | 0 | $0 | No quote | No quote |