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 110 of 136 rows. Rows without a quote are marked unavailable.
| 1 | KMX | Carmax | 6.19% | - | 4,913,070 | $366.86M | $74.67 | No quote |
| 2 | BRK/A | Berkshire Hathaway, Inc.CUSIP 084670108 | 5.91% | - | 1,096 | $350.72M | No quote | No quote |
| 3 | BRK/B | Berkshire Hathaway Class BCUSIP 084670702 | 5.48% | Add +0.1% | 1,517,097 | $324.83M | No quote | No quote |
| 4 | BAM | Brookfield Asset Management | 4.25% | Add +0.8% | 5,664,041 | $252.22M | $44.53 | No quote |
| 5 | DIS | Disney | 3.55% | Add +1.7% | 1,799,200 | $210.4M | $116.94 | No quote |
| 6 | MAR | Marriott International | 3.41% | Add +1.1% | 1,531,269 | $202.17M | $132.03 | No quote |
| 7 | DEO | Diageo PLC | 3.23% | - | 1,349,800 | $191.23M | $141.67 | No quote |
| 8 | HD | Home Depot | 3.21% | - | 920,000 | $190.58M | $207.15 | No quote |
| 9 | AMZN | Amazon.com | 3.02% | Add +2.2% | 89,320 | $178.91M | $2003.00 | No quote |
| 10 | UNH | United Health Group Inc | 2.97% | - | 663,000 | $176.38M | $266.04 | No quote |
| 11 | DE | John Deere | 2.78% | - | 1,095,400 | $164.67M | $150.33 | No quote |
| 12 | WBA | Walgreens Boots Alliance Inc | 2.64% | - | 2,148,000 | $156.59M | No quote | No quote |
| 13 | V | Visa | 2.34% | Add +0.4% | 924,400 | $138.74M | $150.09 | No quote |
| 14 | GOOG | Alphabet Inc | 2.29% | Add +3.9% | 113,809 | $135.83M | $1193.47 | No quote |
| 15 | RLI | RLI Corporation | 1.59% | - | 1,197,272 | $94.08M | $78.58 | No quote |
| 16 | BLK | Blackrock Inc | 1.55% | Add +1.9% | 195,500 | $92.15M | $471.33 | No quote |
| 17 | JNJ | Johnson and Johnson | 1.42% | - | 610,800 | $84.39M | $138.17 | No quote |
| 18 | UL | Unilever PLC ADR | 1.42% | - | 1,527,600 | $83.97M | $54.97 | No quote |
| 19 | ADP | Automatic Data Processing | 1.35% | - | 530,700 | $79.96M | $150.66 | No quote |
| 20 | GD | General Dynamics | 1.34% | - | 387,000 | $79.23M | $204.72 | No quote |
| 21 | ADM | Archer Daniels | 1.24% | - | 1,463,300 | $73.56M | $50.27 | No quote |
| 22 | TXN | Texas Instruments Inc | 1.15% | Add +3.8% | 635,000 | $68.13M | $107.29 | No quote |
| 23 | LOW | Lowes | 1.10% | - | 570,000 | $65.45M | $114.82 | No quote |
| 24 | ELV | Anthem Inc | 1.04% | - | 224,000 | $61.39M | $274.05 | No quote |
| 25 | ADI | Analog Devices Inc | 1.03% | Add +3.6% | 659,811 | $61.01M | $92.46 | No quote |
| 26 | WSO | Watsco Inc | 0.88% | Add +5.8% | 292,000 | $52.01M | $178.10 | No quote |
| 27 | SCHW | Charles Schwab | 0.88% | Add +0.0% | 1,057,100 | $51.96M | $49.15 | No quote |
| 28 | NVO | Novo-Nordisk A/S | 0.85% | - | 1,075,000 | $50.68M | $47.14 | No quote |
| 29 | MMC | Marsh & McLennan | 0.85% | - | 609,500 | $50.42M | No quote | No quote |
| 30 | MSFT | Microsoft Corp | 0.75% | Add +7.2% | 387,000 | $44.26M | $114.37 | No quote |
| 31 | MMM | 3M Company | 0.72% | - | 204,000 | $42.99M | $210.71 | No quote |
| 32 | BF/A | Brown Forman Class ACUSIP 115637100 | 0.72% | - | 843,000 | $42.83M | No quote | No quote |
| 33 | CAT | Caterpillar Inc | 0.71% | - | 278,000 | $42.39M | $152.49 | No quote |
| 34 | BX | Blackstone Group | 0.71% | Add +4.0% | 1,113,000 | $42.38M | $38.08 | No quote |
| 35 | OAK | Oaktree Capital Group LLC | 0.71% | Add +1.6% | 1,019,500 | $42.21M | No quote | No quote |
| 36 | ECL | Ecolab | 0.71% | Add +3.2% | 269,100 | $42.19M | $156.78 | No quote |
| 37 | NSC | Norfolk Southern | 0.70% | - | 229,500 | $41.42M | $180.50 | No quote |
| 38 | AXP | American Express | 0.69% | - | 386,000 | $41.11M | $106.49 | No quote |
| 39 | CFX | Colfax Corporation | 0.69% | - | 1,135,070 | $40.93M | No quote | No quote |
| 40 | TRV | The Travelers Companies Inc | 0.69% | - | 315,000 | $40.86M | $129.71 | No quote |
| 41 | MA | Mastercard, Inc | 0.68% | - | 182,100 | $40.54M | $222.61 | No quote |
| 42 | HAS | Hasbro, Inc | 0.65% | - | 364,000 | $38.26M | $105.12 | No quote |
| 43 | ITIC | Investors Title Company | 0.60% | - | 213,300 | $35.81M | $167.90 | No quote |
| 44 | BA | Boeing Co | 0.59% | - | 94,400 | $35.11M | $371.91 | No quote |
| 45 | AAPL | Apple Inc | 0.59% | Add +3.5% | 154,375 | $34.85M | $225.74 | No quote |
| 46 | DISCK | Discovery Communications | 0.58% | Add +0.2% | 1,171,000 | $34.64M | No quote | No quote |
| 47 | TROW | T.Rowe Price | 0.58% | - | 314,000 | $34.28M | $109.18 | No quote |
| 48 | KKR | KKR & Co LLC | 0.57% | Add +3.6% | 1,238,000 | $33.76M | $27.27 | No quote |
| 49 | MCO | Moody's Corp | 0.56% | - | 200,000 | $33.44M | $167.20 | No quote |
| 50 | APO | Apollo Global Management - A | 0.56% | Add +4.6% | 967,500 | $33.43M | $34.55 | No quote |
| 51 | ITW | Illinois Tool Works | 0.55% | - | 230,000 | $32.46M | $141.12 | No quote |
| 52 | ROL | Rollins, Inc. | 0.53% | Add +3.4% | 521,700 | $31.66M | $60.69 | No quote |
| 53 | UTX | United Technologies | 0.53% | Add +15.8% | 223,000 | $31.18M | No quote | No quote |
| 54 | NKE | Nike | 0.52% | - | 366,000 | $31.01M | $84.72 | No quote |
| 55 | PGR | Progressive Corp | 0.51% | Add +34.8% | 424,500 | $30.16M | $71.04 | No quote |
| 56 | SPGI | S&P Global | 0.48% | - | 147,000 | $28.72M | $195.39 | No quote |
| 57 | GS | Goldman Sachs | 0.46% | Add +28.3% | 121,550 | $27.26M | $224.25 | No quote |
| 58 | ACN | Accenture | 0.46% | - | 159,400 | $27.13M | $170.19 | No quote |
| 59 | LYV | Live Nation | 0.45% | Add +2.1% | 487,700 | $26.57M | $54.47 | No quote |
| 60 | FDS | Factset Research | 0.44% | - | 116,000 | $25.95M | $223.71 | No quote |
| 61 | CG | The Carlyle Group | 0.41% | Add +4.1% | 1,090,000 | $24.58M | $22.55 | No quote |
| 62 | MSCI | MSCI | 0.41% | - | 137,000 | $24.31M | $177.41 | No quote |
| 63 | BF/B | Brown-Forman Class BCUSIP 115637209 | 0.40% | - | 474,187 | $23.97M | No quote | No quote |
| 64 | ROK | Rockwell Automation Inc | 0.40% | - | 127,800 | $23.97M | $187.52 | No quote |
| 65 | SBUX | Starbucks Corp | 0.40% | Add +37.9% | 419,868 | $23.87M | $56.84 | No quote |
| 66 | SRCL | Stericycle Inc | 0.40% | Add +7.8% | 399,500 | $23.44M | No quote | No quote |
| 67 | CME | CME Group Inc | 0.39% | - | 135,000 | $22.98M | $170.21 | No quote |
| 68 | LSXMK | Liberty Sirius Group C | 0.38% | - | 522,000 | $22.68M | No quote | No quote |
| 69 | META | 0.38% | Add +6.7% | 137,020 | $22.54M | $164.47 | No quote | |
| 70 | HEI/A | Heico Corp Class ACUSIP 422806208 | 0.37% | Add +7.0% | 290,145 | $21.91M | No quote | No quote |
| 71 | PH | Parker-Hannifin Corp | 0.37% | - | 118,600 | $21.81M | $183.93 | No quote |
| 72 | CVS | CVS Corporation | 0.37% | - | 275,000 | $21.65M | $78.72 | No quote |
| 73 | JPM | JP Morgan | 0.35% | - | 183,000 | $20.65M | $112.84 | No quote |
| 74 | SEIC | SEI Investments Co | 0.34% | Add +7.5% | 329,200 | $20.11M | $61.10 | No quote |
| 75 | LSXMA | Liberty Sirius Group A | 0.31% | - | 426,000 | $18.51M | No quote | No quote |
| 76 | LBRDA | Liberty Broadband A | 0.29% | - | 205,250 | $17.31M | $84.33 | No quote |
| 77 | CSCO | Cisco | 0.28% | - | 342,000 | $16.64M | $48.65 | No quote |
| 78 | PEP | Pepsico | 0.27% | - | 145,600 | $16.28M | $111.80 | No quote |
| 79 | PX | Praxair Inc. | 0.26% | - | 94,400 | $15.17M | No quote | No quote |
| 80 | GOOGL | Alphabet Inc Class A | 0.25% | - | 12,500 | $15.09M | $1207.04 | No quote |
| 81 | LBRDK | Liberty Broadband Class C | 0.24% | - | 172,113 | $14.51M | $84.30 | No quote |
| 82 | MXIM | Maxim Integrated Products | 0.24% | Add +4.2% | 251,000 | $14.15M | No quote | No quote |
| 83 | CMCSA | Comcast Corp- Class A | 0.24% | Add +36.1% | 396,000 | $14.02M | $35.41 | No quote |
| 84 | UNP | Union Pacific | 0.23% | - | 85,370 | $13.9M | $162.82 | No quote |
| 85 | TSN | Tyson Foods | 0.23% | Add +2.3% | 226,000 | $13.45M | $59.53 | No quote |
| 86 | SMG | Scotts Miracle-Gro Co | 0.22% | Add +128.4% | 169,000 | $13.31M | $78.73 | No quote |
| 87 | CMG | Chipotle Mexican Grill Inc | 0.21% | - | 27,200 | $12.36M | $454.52 | No quote |
| 88 | CDK | CDK Global Inc | 0.19% | - | 176,897 | $11.07M | No quote | No quote |
| 89 | PAYX | Paychex | 0.19% | - | 150,000 | $11.05M | $73.65 | No quote |
| 90 | DLTR | Dollar Tree Inc | 0.17% | Add +23.0% | 123,000 | $10.03M | $81.54 | No quote |
| 91 | FWONK | Liberty Media Group C | 0.16% | - | 259,500 | $9.65M | $37.19 | No quote |
| 92 | CHH | Choice Hotels Intl Inc | 0.16% | Add +14.5% | 114,500 | $9.54M | $83.30 | No quote |
| 93 | ACNT | Synalloy Corporation | 0.16% | - | 414,804 | $9.48M | No quote | No quote |
| 94 | PM | Philip Morris International | 0.16% | - | 114,500 | $9.34M | $81.54 | No quote |
| 95 | COST | Costco | 0.15% | - | 39,000 | $9.16M | $234.87 | No quote |
| 96 | MCHP | Microchip Technology | 0.15% | Add +24.2% | 113,000 | $8.92M | $78.91 | No quote |
| 97 | HXL | Hexcel Corp | 0.15% | Add +10.0% | 132,000 | $8.85M | $67.05 | No quote |
| 98 | IFF | Intl Flavors & Fragrances | 0.15% | Add +58.8% | 63,500 | $8.83M | $139.12 | No quote |
| 99 | VRSK | Verisk Analytics Inc | 0.15% | - | 73,000 | $8.8M | $120.56 | No quote |
| 100 | FWONA | Liberty Media Group A | 0.14% | Add +4.6% | 229,500 | $8.17M | $35.58 | No quote |
| 101 | ALB | Albemarle Corp | 0.12% | - | 73,000 | $7.28M | $99.78 | No quote |
| 102 | AON | Aon Corporation | 0.10% | - | 37,000 | $5.69M | $153.78 | No quote |
| 103 | HCSG | Healthcare Services Group | 0.09% | Add +34.3% | 133,000 | $5.4M | $40.62 | No quote |
| 104 | MHK | Mohawk Industries | 0.09% | New | 30,000 | $5.26M | $175.33 | No quote |
| 105 | AMT | American Tower | 0.09% | - | 35,500 | $5.16M | $145.30 | No quote |
| 106 | LBTYA | Liberty Global PLC | 0.09% | Add +6.0% | 178,000 | $5.15M | $28.93 | No quote |
| 107 | LUV | Southwest Airlines | 0.08% | Add +166.7% | 80,000 | $5M | $62.45 | No quote |
| 108 | VZ | Verizon | 0.08% | Add +78.8% | 93,000 | $4.97M | $53.39 | No quote |
| 109 | MCK | McKesson Corp | 0.08% | - | 37,100 | $4.92M | $132.67 | No quote |
| 110 | CABO | Cable One | 0.08% | - | 5,200 | $4.6M | $883.65 | No quote |
| 111 | EA | Electronic Arts Inc | 0.07% | Add +493.1% | 34,400 | $4.14M | $120.47 | No quote |
| 112 | ST | Sensata Technologies Holding | 0.07% | Reduce -51.2% | 82,000 | $4.06M | $49.55 | No quote |
| 113 | ATVI | Activision Blizzard Inc | 0.06% | Add +177.6% | 45,800 | $3.81M | No quote | No quote |
| 114 | PAG | Penske Automotive Group | 0.06% | - | 72,000 | $3.41M | No quote | No quote |
| 115 | GHC | Graham Holdings Co | 0.05% | - | 5,200 | $3.01M | $579.23 | No quote |
| 116 | WFC | Wells Fargo | 0.05% | Add +350.0% | 54,000 | $2.84M | $52.57 | No quote |
| 117 | Y | Alleghany Corporation | 0.05% | - | 4,328 | $2.82M | No quote | No quote |
| 118 | DAL | Delta Air Lines | 0.05% | Add +113.6% | 47,000 | $2.72M | $57.83 | No quote |
| 119 | HSY | Hershey Foods | 0.04% | - | 24,100 | $2.46M | $101.99 | No quote |
| 120 | NXPI | NXP Semiconductors NV | 0.04% | New | 28,000 | $2.39M | $85.50 | No quote |
| 121 | WHR | Whirlpool Corp | 0.04% | Add +1276.7% | 19,879 | $2.36M | $118.72 | No quote |
| 122 | SHAK | Shake Shack Inc - Class A | 0.03% | Add +6.9% | 31,100 | $1.96M | $63.02 | No quote |
| 123 | WRB | WR Berkley Corp | 0.02% | - | 18,000 | $1.44M | $79.94 | No quote |
| 124 | AN | Autonation Inc | 0.02% | Add +23.9% | 27,510 | $1.14M | $41.55 | No quote |
| 125 | C | Citigroup Inc | 0.01% | Add +66.7% | 11,870 | $852K | $71.78 | No quote |
| 126 | CCK | Crown Holdings Inc | 0.01% | New | 11,000 | $528K | $48.00 | No quote |
| 127 | BKNG | Booking Holdings Inc | 0.01% | Add +8.7% | 250 | $496K | $1984.00 | No quote |
| 128 | LILA | Liberty Latin America | 0.01% | - | 19,720 | $411K | $20.84 | No quote |
| 129 | ILMN | Illumina Inc | 0.01% | - | 1,000 | $367K | $367.00 | No quote |
| 130 | DHI | DR Horton Inc | 0.01% | Add +36.5% | 8,407 | $355K | $42.23 | No quote |
| 131 | SYF | Synchrony Financial | 0.00% | Add +16.6% | 7,706 | $240K | $31.14 | No quote |
| 136 | WPC | W.P. Carey | - | Sold | 0 | $0 | No quote | No quote |
| 135 | MAT | Mattel | - | Sold | 0 | $0 | No quote | No quote |
| 134 | GT | Goodyear Tire & Rubber Co. | - | Sold | 0 | $0 | No quote | No quote |
| 133 | GE | General Electric | - | Sold | 0 | $0 | No quote | No quote |
| 132 | COF | Capital One Financial Corp | - | Sold | 0 | $0 | No quote | No quote |