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 133 rows. Rows without a quote are marked unavailable.
| 1 | KMX | Carmax | 5.75% | - | 4,913,070 | $342.93M | $69.80 | No quote |
| 2 | BRK/A | Berkshire Hathaway, Inc.CUSIP 084670108 | 5.53% | - | 1,096 | $330.13M | No quote | No quote |
| 3 | BRK/B | Berkshire Hathaway Class BCUSIP 084670702 | 5.12% | Add +0.2% | 1,521,117 | $305.58M | No quote | No quote |
| 4 | BAM | Brookfield Asset Management | 4.49% | Add +1.1% | 5,737,691 | $267.66M | $46.65 | No quote |
| 5 | DEO | Diageo PLC | 3.70% | - | 1,349,800 | $220.84M | $163.61 | No quote |
| 6 | DIS | Disney | 3.36% | Add +0.3% | 1,806,500 | $200.58M | $111.03 | No quote |
| 7 | MAR | Marriott International | 3.22% | Add +0.4% | 1,538,269 | $192.42M | $125.09 | No quote |
| 8 | HD | Home Depot | 2.96% | - | 920,000 | $176.54M | $191.89 | No quote |
| 9 | AMZN | Amazon.com | 2.78% | Add +3.9% | 93,237 | $166.03M | $1780.74 | No quote |
| 10 | DE | John Deere | 2.69% | Reduce -8.2% | 1,005,900 | $160.78M | $159.84 | No quote |
| 11 | UNH | United Health Group Inc | 2.48% | - | 599,000 | $148.11M | $247.26 | No quote |
| 12 | V | Visa | 2.44% | Add +0.7% | 931,800 | $145.54M | $156.19 | No quote |
| 13 | GOOG | Alphabet Inc | 2.44% | Add +7.6% | 123,939 | $145.42M | $1173.31 | No quote |
| 14 | WBA | Walgreens Boots Alliance Inc | 2.28% | - | 2,148,000 | $135.9M | No quote | No quote |
| 15 | BLK | Blackrock Inc | 1.48% | Add +5.6% | 206,700 | $88.34M | $427.37 | No quote |
| 16 | UL | Unilever PLC ADR | 1.48% | - | 1,527,600 | $88.17M | $57.72 | No quote |
| 17 | RLI | RLI Corporation | 1.44% | - | 1,197,272 | $85.91M | $71.75 | No quote |
| 18 | JNJ | Johnson and Johnson | 1.43% | - | 610,800 | $85.38M | $139.79 | No quote |
| 19 | ADP | Automatic Data Processing | 1.42% | - | 530,700 | $84.77M | $159.74 | No quote |
| 20 | ADI | Analog Devices Inc | 1.33% | Add +7.9% | 754,811 | $79.46M | $105.27 | No quote |
| 21 | TXN | Texas Instruments Inc | 1.17% | Add +3.5% | 658,000 | $69.79M | $106.07 | No quote |
| 22 | GD | General Dynamics | 1.10% | - | 387,000 | $65.51M | $169.28 | No quote |
| 23 | ELV | Anthem Inc | 1.08% | - | 224,000 | $64.28M | $286.98 | No quote |
| 24 | ADM | Archer Daniels | 1.06% | - | 1,463,300 | $63.11M | $43.13 | No quote |
| 25 | LOW | Lowes | 1.05% | - | 570,000 | $62.4M | $109.47 | No quote |
| 26 | MMC | Marsh & McLennan | 0.96% | - | 609,500 | $57.23M | No quote | No quote |
| 27 | NVO | Novo-Nordisk A/S | 0.94% | - | 1,075,000 | $56.23M | $52.31 | No quote |
| 28 | OAK | Oaktree Capital Group LLC | 0.89% | Add +4.4% | 1,065,500 | $52.9M | No quote | No quote |
| 29 | AAPL | Apple Inc | 0.86% | Add +73.2% | 270,735 | $51.43M | $189.95 | No quote |
| 30 | ECL | Ecolab | 0.82% | Add +2.2% | 275,800 | $48.69M | $176.54 | No quote |
| 31 | MSFT | Microsoft Corp | 0.81% | Add +6.0% | 412,300 | $48.63M | $117.94 | No quote |
| 32 | WSO | Watsco Inc | 0.79% | Add +11.5% | 329,000 | $47.12M | $143.21 | No quote |
| 33 | SCHW | Charles Schwab | 0.76% | - | 1,057,100 | $45.2M | $42.76 | No quote |
| 34 | MA | Mastercard, Inc | 0.74% | Add +3.3% | 188,100 | $44.29M | $235.45 | No quote |
| 35 | TRV | The Travelers Companies Inc | 0.72% | - | 315,000 | $43.21M | $137.16 | No quote |
| 36 | BF/A | Brown Forman Class ACUSIP 115637100 | 0.72% | - | 843,000 | $43.14M | No quote | No quote |
| 37 | NSC | Norfolk Southern | 0.72% | - | 229,500 | $42.89M | $186.89 | No quote |
| 38 | AXP | American Express | 0.72% | Add +1.6% | 392,000 | $42.85M | $109.30 | No quote |
| 39 | MMM | 3M Company | 0.71% | - | 204,000 | $42.39M | $207.78 | No quote |
| 40 | BX | Blackstone Group | 0.69% | Add +5.0% | 1,172,000 | $40.98M | $34.97 | No quote |
| 41 | CAT | Caterpillar Inc | 0.63% | - | 278,000 | $37.67M | $135.49 | No quote |
| 42 | MCO | Moody's Corp | 0.61% | Add +0.5% | 201,030 | $36.4M | $181.09 | No quote |
| 43 | BA | Boeing Co | 0.60% | - | 94,400 | $36.01M | $381.42 | No quote |
| 44 | SBUX | Starbucks Corp | 0.58% | Add +8.6% | 461,618 | $34.32M | $74.34 | No quote |
| 45 | CFX | Colfax Corporation | 0.56% | - | 1,135,070 | $33.69M | No quote | No quote |
| 46 | ITIC | Investors Title Company | 0.56% | - | 213,300 | $33.68M | $157.90 | No quote |
| 47 | PGR | Progressive Corp | 0.56% | Add +8.9% | 467,000 | $33.67M | $72.09 | No quote |
| 48 | ITW | Illinois Tool Works | 0.55% | - | 230,000 | $33.01M | $143.53 | No quote |
| 49 | ROL | Rollins, Inc. | 0.55% | Add +0.8% | 791,550 | $32.95M | $41.62 | No quote |
| 50 | GS | Goldman Sachs | 0.54% | Add +34.1% | 168,880 | $32.42M | $191.99 | No quote |
| 51 | TROW | T.Rowe Price | 0.53% | - | 314,000 | $31.44M | $100.12 | No quote |
| 52 | LYV | Live Nation | 0.52% | - | 488,700 | $31.05M | $63.54 | No quote |
| 53 | SPGI | S&P Global | 0.52% | - | 147,000 | $30.95M | $210.55 | No quote |
| 54 | HAS | Hasbro, Inc | 0.52% | - | 364,000 | $30.95M | $85.02 | No quote |
| 55 | NKE | Nike | 0.52% | - | 366,000 | $30.82M | $84.21 | No quote |
| 56 | KKR | KKR & Co LLC | 0.51% | Add +4.6% | 1,298,500 | $30.5M | $23.49 | No quote |
| 57 | DISCK | Discovery Communications | 0.50% | - | 1,171,000 | $29.77M | No quote | No quote |
| 58 | SRCL | Stericycle Inc | 0.50% | Add +20.8% | 545,500 | $29.69M | No quote | No quote |
| 59 | UTX | United Technologies | 0.48% | - | 224,000 | $28.87M | No quote | No quote |
| 60 | FDS | Factset Research | 0.48% | - | 116,000 | $28.8M | $248.27 | No quote |
| 61 | ACN | Accenture | 0.47% | - | 159,400 | $28.06M | $176.02 | No quote |
| 62 | APO | Apollo Global Management - A | 0.47% | Add +2.3% | 990,500 | $27.98M | $28.25 | No quote |
| 63 | MSCI | MSCI | 0.46% | - | 137,000 | $27.24M | $198.84 | No quote |
| 64 | WHR | Whirlpool Corp | 0.43% | Add +139.7% | 194,749 | $25.88M | $132.89 | No quote |
| 65 | HEI/A | Heico Corp Class ACUSIP 422806208 | 0.43% | Add +4.1% | 304,145 | $25.57M | No quote | No quote |
| 66 | BF/B | Brown-Forman Class BCUSIP 115637209 | 0.42% | - | 474,187 | $25.03M | No quote | No quote |
| 67 | META | 0.40% | Add +4.0% | 144,080 | $24.02M | $166.69 | No quote | |
| 68 | SMG | Scotts Miracle-Gro Co | 0.39% | Add +67.4% | 298,000 | $23.42M | $78.58 | No quote |
| 69 | ROK | Rockwell Automation Inc | 0.38% | - | 127,800 | $22.42M | $175.46 | No quote |
| 70 | CME | CME Group Inc | 0.37% | - | 135,000 | $22.22M | $164.58 | No quote |
| 71 | CG | The Carlyle Group | 0.35% | Add +4.7% | 1,144,000 | $20.91M | $18.28 | No quote |
| 72 | PH | Parker-Hannifin Corp | 0.34% | - | 118,600 | $20.35M | $171.62 | No quote |
| 73 | SEIC | SEI Investments Co | 0.34% | Add +5.5% | 383,200 | $20.02M | $52.25 | No quote |
| 74 | LSXMK | Liberty Sirius Group C | 0.33% | - | 522,000 | $19.96M | No quote | No quote |
| 75 | TSN | Tyson Foods | 0.33% | Add +26.6% | 286,000 | $19.86M | $69.43 | No quote |
| 76 | JPM | JP Morgan | 0.32% | Add +1.7% | 186,150 | $18.84M | $101.23 | No quote |
| 77 | LBRDA | Liberty Broadband A | 0.32% | - | 205,250 | $18.81M | $91.64 | No quote |
| 78 | CSCO | Cisco | 0.31% | - | 342,000 | $18.47M | $53.99 | No quote |
| 79 | PEP | Pepsico | 0.30% | - | 145,600 | $17.84M | $122.55 | No quote |
| 80 | CMCSA | Comcast Corp- Class A | 0.29% | Add +10.3% | 440,000 | $17.59M | $39.98 | No quote |
| 81 | LIN | Linde PLC | 0.28% | - | 94,400 | $16.61M | $175.93 | No quote |
| 82 | LSXMA | Liberty Sirius Group A | 0.27% | - | 426,000 | $16.26M | No quote | No quote |
| 83 | LBRDK | Liberty Broadband Class C | 0.26% | - | 172,113 | $15.79M | $91.74 | No quote |
| 84 | CVS | CVS Corporation | 0.25% | - | 275,000 | $14.83M | $53.93 | No quote |
| 85 | GOOGL | Alphabet Inc Class A | 0.25% | - | 12,500 | $14.71M | $1176.88 | No quote |
| 86 | UNP | Union Pacific | 0.24% | - | 85,370 | $14.27M | $167.20 | No quote |
| 87 | MXIM | Maxim Integrated Products | 0.22% | - | 252,000 | $13.4M | No quote | No quote |
| 88 | SHW | Sherwin Williams | 0.22% | Add +181.8% | 31,000 | $13.35M | $430.71 | No quote |
| 89 | DLTR | Dollar Tree Inc | 0.22% | - | 123,000 | $12.92M | $105.04 | No quote |
| 90 | MCHP | Microchip Technology | 0.21% | - | 151,000 | $12.53M | $82.96 | No quote |
| 91 | PAYX | Paychex | 0.20% | - | 150,000 | $12.03M | $80.20 | No quote |
| 92 | MHK | Mohawk Industries | 0.20% | Add +131.7% | 95,000 | $11.98M | $126.15 | No quote |
| 93 | EA | Electronic Arts Inc | 0.19% | Add +6.6% | 112,400 | $11.42M | $101.63 | No quote |
| 94 | ATVI | Activision Blizzard Inc | 0.19% | Add +39.9% | 248,800 | $11.33M | No quote | No quote |
| 95 | CHH | Choice Hotels Intl Inc | 0.18% | Add +20.4% | 141,500 | $11M | $77.74 | No quote |
| 96 | LUV | Southwest Airlines | 0.18% | Add +131.9% | 211,000 | $10.95M | $51.91 | No quote |
| 97 | CDK | CDK Global Inc | 0.17% | - | 176,897 | $10.41M | No quote | No quote |
| 98 | PM | Philip Morris International | 0.17% | - | 114,500 | $10.12M | $88.39 | No quote |
| 99 | HXL | Hexcel Corp | 0.17% | Add +9.0% | 146,000 | $10.1M | $69.16 | No quote |
| 100 | VRSK | Verisk Analytics Inc | 0.16% | - | 74,000 | $9.84M | $133.00 | No quote |
| 101 | COST | Costco | 0.16% | - | 39,000 | $9.44M | $242.15 | No quote |
| 102 | FWONK | Liberty Media Group C | 0.15% | - | 259,500 | $9.1M | $35.05 | No quote |
| 103 | NVR | NVR Inc | 0.15% | Add +325.3% | 3,275 | $9.06M | $2767.02 | No quote |
| 104 | DAL | Delta Air Lines | 0.15% | Add +222.2% | 174,000 | $8.99M | $51.65 | No quote |
| 105 | IFF | Intl Flavors & Fragrances | 0.14% | Add +4.7% | 66,500 | $8.57M | $128.80 | No quote |
| 106 | FWONA | Liberty Media Group A | 0.13% | - | 229,500 | $7.81M | $34.04 | No quote |
| 107 | AMT | American Tower | 0.12% | - | 35,500 | $7M | $197.07 | No quote |
| 108 | HCSG | Healthcare Services Group | 0.11% | Add +34.6% | 196,500 | $6.48M | $32.99 | No quote |
| 109 | AON | Aon Corporation | 0.11% | - | 37,000 | $6.32M | $170.70 | No quote |
| 110 | ALB | Albemarle Corp | 0.10% | - | 73,000 | $5.99M | $81.99 | No quote |
| 111 | CMG | Chipotle Mexican Grill Inc | 0.10% | - | 8,200 | $5.83M | $710.37 | No quote |
| 112 | VZ | Verizon | 0.09% | - | 93,000 | $5.5M | $59.13 | No quote |
| 113 | CABO | Cable One | 0.09% | - | 5,200 | $5.1M | $981.35 | No quote |
| 114 | LBTYA | Liberty Global PLC | 0.07% | - | 179,000 | $4.46M | $24.92 | No quote |
| 115 | MCK | McKesson Corp | 0.07% | - | 37,100 | $4.34M | $117.06 | No quote |
| 116 | EFX | Equifax Inc | 0.07% | Add +1320.0% | 35,500 | $4.21M | $118.51 | No quote |
| 117 | ST | Sensata Technologies Holding | 0.06% | - | 82,000 | $3.69M | $45.02 | No quote |
| 118 | GHC | Graham Holdings Co | 0.06% | - | 5,200 | $3.55M | $683.27 | No quote |
| 119 | PAG | Penske Automotive Group | 0.05% | - | 72,000 | $3.22M | No quote | No quote |
| 121 | TRU | TransUnion | 0.04% | Add +900.0% | 40,000 | $2.67M | $66.85 | No quote |
| 120 | CCK | Crown Holdings Inc | 0.04% | Add +226.7% | 49,000 | $2.67M | $54.57 | No quote |
| 122 | WFC | Wells Fargo | 0.04% | - | 55,000 | $2.66M | $48.31 | No quote |
| 123 | Y | Alleghany Corporation | 0.04% | - | 4,328 | $2.65M | No quote | No quote |
| 124 | NXPI | NXP Semiconductors NV | 0.04% | - | 29,000 | $2.56M | $88.38 | No quote |
| 125 | SHAK | Shake Shack Inc - Class A | 0.03% | Add +1.8% | 31,900 | $1.89M | $59.12 | No quote |
| 126 | WRB | WR Berkley Corp | 0.03% | - | 18,000 | $1.53M | $84.72 | No quote |
| 127 | AN | Autonation Inc | 0.02% | Add +8.7% | 32,560 | $1.16M | $35.72 | No quote |
| 128 | C | Citigroup Inc | 0.01% | - | 13,570 | $844K | $62.20 | No quote |
| 129 | BKNG | Booking Holdings Inc | 0.01% | - | 250 | $436K | $1744.00 | No quote |
| 130 | DHI | DR Horton Inc | 0.01% | Add +9.9% | 9,957 | $412K | $41.38 | No quote |
| 131 | LILA | Liberty Latin America | 0.01% | - | 19,720 | $381K | $19.32 | No quote |
| 132 | ILMN | Illumina Inc | 0.01% | - | 1,000 | $311K | $311.00 | No quote |
| 133 | SYF | Synchrony Financial | 0.00% | New | 8,006 | $255K | $31.85 | No quote |