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 114 of 146 rows. Rows without a quote are marked unavailable.
| 1 | BRK/A | Berkshire Hathaway, Inc.CUSIP 084670108 | 6.22% | Add +0.6% | 1,094 | $327.22M | No quote | No quote |
| 2 | KMX | Carmax | 5.78% | - | 4,913,070 | $304.32M | $61.94 | No quote |
| 3 | BRK/B | Berkshire Hathaway Class BCUSIP 084670702 | 5.74% | Add +0.1% | 1,512,702 | $301.75M | No quote | No quote |
| 4 | BAM | Brookfield Asset Management | 4.11% | Add +2.0% | 5,545,121 | $216.26M | $39.00 | No quote |
| 5 | MAR | Marriott International | 3.90% | - | 1,508,269 | $205.09M | $135.98 | No quote |
| 6 | DEO | Diageo PLC | 3.47% | - | 1,349,800 | $182.79M | $135.42 | No quote |
| 7 | DIS | Disney | 3.33% | Add +2.6% | 1,742,700 | $175.04M | $100.44 | No quote |
| 8 | DE | John Deere | 3.23% | - | 1,095,400 | $170.14M | $155.32 | No quote |
| 9 | HD | Home Depot | 3.12% | - | 920,000 | $163.98M | $178.24 | No quote |
| 10 | UNH | United Health Group Inc | 2.70% | - | 663,000 | $141.88M | $214.00 | No quote |
| 11 | WBA | Walgreens Boots Alliance Inc | 2.66% | - | 2,135,000 | $139.78M | No quote | No quote |
| 12 | AMZN | Amazon.com | 2.33% | Add +5.9% | 84,720 | $122.62M | $1447.34 | No quote |
| 13 | V | Visa | 2.09% | Add +0.7% | 920,400 | $110.1M | $119.62 | No quote |
| 14 | GOOG | Alphabet Inc | 2.03% | Add +6.8% | 103,674 | $106.97M | $1031.79 | No quote |
| 15 | BLK | Blackrock Inc | 1.93% | Add +4.2% | 187,600 | $101.63M | $541.72 | No quote |
| 16 | GD | General Dynamics | 1.63% | - | 387,000 | $85.49M | $220.90 | No quote |
| 17 | UL | Unilever PLC ADR | 1.61% | - | 1,527,600 | $84.87M | $55.56 | No quote |
| 18 | JNJ | Johnson and Johnson | 1.49% | - | 610,800 | $78.27M | $128.15 | No quote |
| 19 | RLI | RLI Corporation | 1.44% | - | 1,197,272 | $75.9M | $63.39 | No quote |
| 20 | ADM | Archer Daniels | 1.21% | - | 1,463,300 | $63.46M | $43.37 | No quote |
| 21 | ADP | Automatic Data Processing | 1.14% | - | 530,700 | $60.22M | $113.48 | No quote |
| 22 | TXN | Texas Instruments Inc | 1.14% | Add +9.3% | 575,000 | $59.74M | $103.89 | No quote |
| 23 | WPC | W.P. Carey | 1.12% | - | 950,200 | $58.9M | $61.99 | No quote |
| 24 | SCHW | Charles Schwab | 1.05% | - | 1,057,000 | $55.2M | $52.22 | No quote |
| 25 | ADI | Analog Devices Inc | 1.02% | Add +9.3% | 587,811 | $53.57M | $91.13 | No quote |
| 26 | NVO | Novo-Nordisk A/S | 1.01% | - | 1,075,000 | $52.94M | $49.25 | No quote |
| 27 | MMC | Marsh & McLennan | 0.96% | - | 609,500 | $50.34M | No quote | No quote |
| 28 | LOW | Lowes | 0.95% | - | 570,000 | $50.02M | $87.75 | No quote |
| 29 | ELV | Anthem Inc | 0.94% | - | 224,000 | $49.21M | $219.70 | No quote |
| 30 | WSO | Watsco Inc | 0.89% | Add +9.8% | 258,500 | $46.78M | $180.97 | No quote |
| 31 | BF/A | Brown Forman Class ACUSIP 115637100 | 0.85% | - | 843,000 | $44.96M | No quote | No quote |
| 32 | MMM | 3M Company | 0.85% | - | 204,000 | $44.78M | $219.52 | No quote |
| 33 | TRV | The Travelers Companies Inc | 0.83% | - | 315,000 | $43.74M | $138.86 | No quote |
| 34 | ITIC | Investors Title Company | 0.81% | - | 213,300 | $42.64M | $199.90 | No quote |
| 35 | CAT | Caterpillar Inc | 0.78% | - | 278,000 | $40.97M | $147.38 | No quote |
| 36 | OAK | Oaktree Capital Group LLC | 0.72% | Add +8.3% | 960,500 | $38.04M | No quote | No quote |
| 37 | CFX | Colfax Corporation | 0.69% | - | 1,135,070 | $36.21M | No quote | No quote |
| 38 | ITW | Illinois Tool Works | 0.68% | - | 230,000 | $36.03M | $156.66 | No quote |
| 39 | AXP | American Express | 0.68% | - | 386,000 | $36.01M | $93.28 | No quote |
| 40 | ECL | Ecolab | 0.65% | Add +8.5% | 248,300 | $34.03M | $137.07 | No quote |
| 41 | TROW | T.Rowe Price | 0.64% | - | 314,000 | $33.9M | $107.97 | No quote |
| 42 | MCO | Moody's Corp | 0.61% | Reduce -31.0% | 200,000 | $32.26M | $161.30 | No quote |
| 43 | MA | Mastercard, Inc | 0.61% | - | 182,100 | $31.9M | $175.16 | No quote |
| 44 | BX | Blackstone Group | 0.60% | Add +16.5% | 990,000 | $31.63M | $31.95 | No quote |
| 45 | NSC | Norfolk Southern | 0.59% | - | 229,500 | $31.16M | $135.78 | No quote |
| 46 | BA | Boeing Co | 0.59% | - | 94,400 | $30.95M | $327.88 | No quote |
| 47 | MSFT | Microsoft Corp | 0.59% | Add +8.7% | 339,000 | $30.94M | $91.27 | No quote |
| 48 | HAS | Hasbro, Inc | 0.58% | - | 364,000 | $30.69M | $84.30 | No quote |
| 49 | SPGI | S&P Global | 0.53% | - | 147,000 | $28.09M | $191.06 | No quote |
| 50 | BF/B | Brown-Forman Class BCUSIP 115637209 | 0.49% | Add +125.0% | 474,187 | $25.8M | No quote | No quote |
| 51 | APO | Apollo Global Management - A | 0.48% | Add +23.4% | 845,000 | $25.03M | $29.62 | No quote |
| 52 | ROL | Rollins, Inc. | 0.47% | Add +8.1% | 479,700 | $24.48M | $51.03 | No quote |
| 53 | ACN | Accenture | 0.47% | - | 159,400 | $24.47M | $153.50 | No quote |
| 54 | NKE | Nike | 0.46% | - | 366,000 | $24.32M | $66.44 | No quote |
| 55 | AAPL | Apple Inc | 0.45% | Add +24.2% | 140,435 | $23.56M | $167.78 | No quote |
| 56 | FDS | Factset Research | 0.44% | Reduce -29.3% | 116,000 | $23.13M | $199.42 | No quote |
| 57 | KKR | KKR & Co LLC | 0.44% | Add +17.1% | 1,132,000 | $22.98M | $20.30 | No quote |
| 58 | SEIC | SEI Investments Co | 0.44% | - | 306,200 | $22.94M | $74.91 | No quote |
| 59 | UTX | United Technologies | 0.43% | Add +9.4% | 180,500 | $22.71M | No quote | No quote |
| 60 | ROK | Rockwell Automation Inc | 0.42% | - | 127,800 | $22.26M | $174.20 | No quote |
| 61 | CME | CME Group Inc | 0.42% | - | 135,000 | $21.84M | $161.74 | No quote |
| 62 | DISCK | Discovery Communications | 0.41% | Add +6.3% | 1,093,000 | $21.34M | No quote | No quote |
| 63 | LSXMK | Liberty Sirius Group C | 0.41% | - | 522,000 | $21.32M | No quote | No quote |
| 64 | CG | The Carlyle Group | 0.39% | Add +20.7% | 962,000 | $20.54M | $21.35 | No quote |
| 65 | MSCI | MSCI | 0.39% | - | 137,000 | $20.48M | $149.47 | No quote |
| 66 | PH | Parker-Hannifin Corp | 0.39% | - | 118,600 | $20.28M | $171.03 | No quote |
| 67 | JPM | JP Morgan | 0.38% | - | 183,000 | $20.13M | $109.97 | No quote |
| 68 | META | 0.37% | Add +13.6% | 123,240 | $19.69M | $159.79 | No quote | |
| 69 | LYV | Live Nation | 0.37% | Add +11.0% | 463,700 | $19.54M | $42.14 | No quote |
| 70 | SRCL | Stericycle Inc | 0.35% | Add +33.8% | 310,500 | $18.17M | No quote | No quote |
| 71 | LSXMA | Liberty Sirius Group A | 0.33% | - | 426,000 | $17.51M | No quote | No quote |
| 72 | LBRDA | Liberty Broadband A | 0.33% | - | 205,250 | $17.41M | $84.80 | No quote |
| 73 | CVS | CVS Corporation | 0.33% | Add +3.0% | 275,000 | $17.11M | $62.21 | No quote |
| 74 | GS | Goldman Sachs | 0.32% | Add +68.6% | 65,940 | $16.61M | $251.87 | No quote |
| 75 | TSN | Tyson Foods | 0.31% | Add +24.2% | 221,000 | $16.18M | $73.19 | No quote |
| 76 | PEP | Pepsico | 0.30% | - | 145,600 | $15.89M | $109.15 | No quote |
| 77 | LBRDK | Liberty Broadband Class C | 0.28% | - | 172,113 | $14.75M | $85.69 | No quote |
| 78 | CSCO | Cisco | 0.28% | - | 342,000 | $14.67M | $42.89 | No quote |
| 79 | HEI/A | Heico Corp Class ACUSIP 422806208 | 0.26% | Add +41.4% | 195,718 | $13.89M | No quote | No quote |
| 80 | PX | Praxair Inc. | 0.26% | Add +11.8% | 94,400 | $13.62M | No quote | No quote |
| 81 | MXIM | Maxim Integrated Products | 0.25% | Add +12.7% | 222,000 | $13.37M | No quote | No quote |
| 82 | GOOGL | Alphabet Inc Class A | 0.25% | - | 12,500 | $12.96M | $1037.12 | No quote |
| 83 | PGR | Progressive Corp | 0.24% | New | 210,000 | $12.8M | $60.93 | No quote |
| 84 | SBUX | Starbucks Corp | 0.23% | Add +302.0% | 209,048 | $12.1M | $57.89 | No quote |
| 85 | UNP | Union Pacific | 0.22% | Add +0.5% | 85,050 | $11.43M | $134.43 | No quote |
| 86 | PM | Philip Morris International | 0.22% | - | 114,500 | $11.38M | $99.40 | No quote |
| 87 | CDK | CDK Global Inc | 0.21% | - | 176,897 | $11.21M | No quote | No quote |
| 88 | PAYX | Paychex | 0.18% | - | 150,000 | $9.24M | $61.59 | No quote |
| 89 | ST | Sensata Technologies Holding | 0.17% | - | 168,000 | $8.71M | $51.83 | No quote |
| 90 | DLTR | Dollar Tree Inc | 0.16% | - | 88,000 | $8.35M | $94.90 | No quote |
| 91 | FWONK | Liberty Media Group C | 0.15% | - | 259,500 | $8.01M | $30.85 | No quote |
| 92 | VRSK | Verisk Analytics Inc | 0.14% | - | 73,000 | $7.59M | $104.00 | No quote |
| 93 | COST | Costco | 0.14% | - | 39,000 | $7.35M | $188.44 | No quote |
| 94 | CMCSA | Comcast Corp- Class A | 0.14% | - | 211,000 | $7.21M | $34.17 | No quote |
| 95 | COF | Capital One Financial Corp | 0.14% | New | 75,000 | $7.19M | $95.81 | No quote |
| 96 | HXL | Hexcel Corp | 0.13% | Add +23.8% | 106,500 | $6.88M | $64.59 | No quote |
| 97 | ALB | Albemarle Corp | 0.13% | - | 73,000 | $6.77M | $92.74 | No quote |
| 98 | CHH | Choice Hotels Intl Inc | 0.13% | Add +85.6% | 83,500 | $6.69M | $80.16 | No quote |
| 99 | ACNT | Synalloy Corporation | 0.12% | - | 414,804 | $6.06M | No quote | No quote |
| 100 | CMG | Chipotle Mexican Grill Inc | 0.11% | New | 17,500 | $5.65M | $323.09 | No quote |
| 101 | FWONA | Liberty Media Group A | 0.10% | Add +18.4% | 186,500 | $5.46M | $29.29 | No quote |
| 102 | AON | Aon Corporation | 0.10% | - | 37,000 | $5.19M | $140.32 | No quote |
| 103 | AMT | American Tower | 0.10% | - | 35,500 | $5.16M | $145.35 | No quote |
| 104 | LBTYA | Liberty Global PLC | 0.09% | Add +22.6% | 152,000 | $4.76M | $31.31 | No quote |
| 105 | MCHP | Microchip Technology | 0.09% | Add +512.5% | 49,000 | $4.48M | $91.37 | No quote |
| 106 | MCK | McKesson Corp | 0.08% | Add +15.3% | 30,100 | $4.24M | $140.86 | No quote |
| 107 | BBU | Brookfield Business Partners | 0.07% | - | 101,594 | $3.66M | No quote | No quote |
| 109 | RBA | Ritchie Bros | 0.07% | - | 114,000 | $3.59M | No quote | No quote |
| 108 | GT | Goodyear Tire & Rubber Co. | 0.07% | Add +575.0% | 135,000 | $3.59M | $26.58 | No quote |
| 110 | CABO | Cable One | 0.07% | - | 5,200 | $3.57M | $687.12 | No quote |
| 111 | PAG | Penske Automotive Group | 0.06% | - | 72,000 | $3.19M | No quote | No quote |
| 112 | GHC | Graham Holdings Co | 0.06% | - | 5,200 | $3.13M | $602.31 | No quote |
| 113 | FLS | Flowserve | 0.06% | - | 67,000 | $2.9M | $43.33 | No quote |
| 114 | Y | Alleghany Corporation | 0.05% | - | 4,328 | $2.66M | No quote | No quote |
| 115 | GILD | Gilead Sciences Inc | 0.05% | - | 33,000 | $2.49M | $75.39 | No quote |
| 116 | IBM | IBM | 0.05% | - | 15,700 | $2.41M | $153.44 | No quote |
| 117 | HCSG | Healthcare Services Group | 0.05% | - | 55,000 | $2.39M | $43.47 | No quote |
| 118 | HSY | Hershey Foods | 0.05% | - | 24,100 | $2.39M | $98.96 | No quote |
| 119 | BATRK | Liberty Braves Group C | 0.04% | - | 99,788 | $2.28M | $22.82 | No quote |
| 120 | BDX | Becton Dickinson | 0.04% | - | 9,000 | $1.95M | $216.67 | No quote |
| 121 | UA | Under Armour Inc-Class C | 0.03% | - | 110,000 | $1.58M | $14.35 | No quote |
| 122 | BAX | Baxter International Inc | 0.03% | - | 22,000 | $1.43M | $65.05 | No quote |
| 123 | IFF | Intl Flavors & Fragrances | 0.03% | Add +25.0% | 10,000 | $1.37M | $136.90 | No quote |
| 124 | WRB | WR Berkley Corp | 0.02% | - | 18,000 | $1.31M | $72.72 | No quote |
| 125 | MAT | Mattel | 0.02% | New | 99,000 | $1.3M | $13.15 | No quote |
| 126 | GE | General Electric | 0.02% | - | 95,000 | $1.28M | $13.48 | No quote |
| 127 | SMG | Scotts Miracle-Gro Co | 0.02% | New | 13,000 | $1.12M | $85.77 | No quote |
| 128 | BATRA | Liberty Braves Group A | 0.02% | - | 42,600 | $968K | $22.72 | No quote |
| 129 | HRL | Hormel Foods | 0.01% | - | 19,000 | $652K | $34.32 | No quote |
| 130 | BMY | Bristol Myers Squibb | 0.01% | - | 10,000 | $632K | $63.20 | No quote |
| 131 | SHAK | Shake Shack Inc - Class A | 0.01% | New | 11,000 | $458K | $41.64 | No quote |
| 132 | BKNG | Booking Holdings Inc | 0.01% | New | 210 | $437K | $2080.95 | No quote |
| 133 | HEI | Heico Corp | 0.01% | Add +25.0% | 4,687 | $407K | No quote | No quote |
| 134 | MRK | Merck | 0.01% | - | 5,600 | $305K | $54.46 | No quote |
| 135 | NVS | Novartis AG-Sponsored ADR | 0.01% | - | 3,700 | $299K | $80.81 | No quote |
| 136 | LILA | Liberty Latin America | 0.01% | New | 14,720 | $286K | $19.43 | No quote |
| 137 | ILMN | Illumina Inc | 0.00% | - | 1,000 | $236K | $236.00 | No quote |
| 146 | VFC | VF Corp | - | Sold | 0 | $0 | No quote | No quote |
| 145 | COL | Rockwell Collins Inc | - | Sold | 0 | $0 | No quote | No quote |
| 144 | PCLN | Priceline Group Inc | - | Sold | 0 | $0 | No quote | No quote |
| 143 | PDCO | Patterson Companies Inc. | - | Sold | 0 | $0 | No quote | No quote |
| 142 | PCAR | Paccar | - | Sold | 0 | $0 | No quote | No quote |
| 141 | MON | Monsanto Co | - | Sold | 0 | $0 | No quote | No quote |
| 140 | LILA | Liberty Global PLC Lilac | - | Sold | 0 | $0 | No quote | No quote |
| 139 | BG | Bunge Limited | - | Sold | 0 | $0 | No quote | No quote |
| 138 | AGN | Allergan, Inc. | - | Sold | 0 | $0 | No quote | No quote |