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 113 of 139 rows. Rows without a quote are marked unavailable.
| 1 | KMX | Carmax | 6.53% | - | 4,913,070 | $432.35M | $88.00 | No quote |
| 2 | BRK/A | Berkshire Hathaway, Inc.CUSIP 084670108 | 5.16% | - | 1,096 | $341.77M | No quote | No quote |
| 3 | BRK/B | Berkshire Hathaway Class BCUSIP 084670702 | 4.79% | Add +0.1% | 1,525,157 | $317.26M | No quote | No quote |
| 4 | BAM | Brookfield Asset Management | 4.64% | Add +0.3% | 5,782,141 | $306.97M | $53.09 | No quote |
| 5 | DIS | Disney | 3.63% | Add +1.1% | 1,842,950 | $240.17M | $130.32 | No quote |
| 6 | DEO | Diageo PLC | 3.33% | - | 1,349,800 | $220.72M | $163.52 | No quote |
| 7 | HD | Home Depot | 3.23% | - | 920,000 | $213.46M | $232.02 | No quote |
| 8 | MAR | Marriott International | 2.96% | Add +1.0% | 1,574,269 | $195.79M | $124.37 | No quote |
| 9 | DE | John Deere | 2.56% | - | 1,005,900 | $169.68M | $168.68 | No quote |
| 10 | AMZN | Amazon.com | 2.55% | Add +2.7% | 97,257 | $168.83M | $1735.92 | No quote |
| 11 | V | Visa | 2.47% | Add +1.2% | 949,500 | $163.32M | $172.01 | No quote |
| 12 | GOOG | Alphabet Inc | 2.45% | Add +3.3% | 133,238 | $162.42M | $1219.00 | No quote |
| 13 | UNH | United Health Group Inc | 1.97% | - | 599,000 | $130.17M | $217.32 | No quote |
| 14 | WBA | Walgreens Boots Alliance Inc | 1.80% | Add +0.1% | 2,150,500 | $118.94M | No quote | No quote |
| 15 | RLI | RLI Corporation | 1.68% | - | 1,197,272 | $111.24M | $92.91 | No quote |
| 16 | BLK | Blackrock Inc | 1.46% | Add +2.1% | 217,200 | $96.79M | $445.64 | No quote |
| 17 | ADI | Analog Devices Inc | 1.42% | Add +3.8% | 843,811 | $94.28M | $111.73 | No quote |
| 18 | UL | Unilever PLC ADR | 1.39% | - | 1,527,600 | $91.81M | $60.10 | No quote |
| 19 | TXN | Texas Instruments Inc | 1.37% | Add +3.9% | 703,500 | $90.92M | $129.24 | No quote |
| 20 | ADP | Automatic Data Processing | 1.29% | - | 530,700 | $85.67M | $161.42 | No quote |
| 21 | JNJ | Johnson and Johnson | 1.19% | - | 610,800 | $79.03M | $129.38 | No quote |
| 22 | GD | General Dynamics | 1.07% | - | 387,000 | $70.72M | $182.73 | No quote |
| 23 | GS | Goldman Sachs | 1.05% | Add +12.3% | 334,190 | $69.25M | $207.23 | No quote |
| 24 | AAPL | Apple Inc | 1.01% | Add +2.3% | 297,185 | $66.56M | $223.97 | No quote |
| 25 | MSFT | Microsoft Corp | 0.97% | Add +3.8% | 463,200 | $64.4M | $139.03 | No quote |
| 26 | WSO | Watsco Inc | 0.96% | Add +5.8% | 376,500 | $63.7M | $169.18 | No quote |
| 27 | LOW | Lowes | 0.95% | - | 570,000 | $62.68M | $109.96 | No quote |
| 28 | MMC | Marsh & McLennan | 0.92% | - | 609,500 | $60.98M | No quote | No quote |
| 29 | ADM | Archer Daniels | 0.91% | - | 1,463,300 | $60.1M | $41.07 | No quote |
| 30 | ECL | Ecolab | 0.89% | Add +4.9% | 297,800 | $58.98M | $198.04 | No quote |
| 31 | BX | Blackstone Group | 0.89% | - | 1,206,000 | $58.9M | $48.84 | No quote |
| 32 | AXP | American Express | 0.84% | Add +4.5% | 471,300 | $55.75M | $118.28 | No quote |
| 33 | NVO | Novo-Nordisk A/S | 0.84% | - | 1,075,000 | $55.58M | $51.70 | No quote |
| 34 | MA | Mastercard, Inc | 0.83% | Add +4.0% | 202,400 | $54.97M | $271.57 | No quote |
| 35 | ELV | Anthem Inc | 0.81% | - | 224,000 | $53.78M | $240.10 | No quote |
| 36 | BF/A | Brown Forman Class ACUSIP 115637100 | 0.76% | - | 843,000 | $50.37M | No quote | No quote |
| 37 | TRV | The Travelers Companies Inc | 0.71% | - | 315,000 | $46.84M | $148.69 | No quote |
| 38 | ITW | Illinois Tool Works | 0.68% | Add +13.9% | 286,000 | $44.76M | $156.49 | No quote |
| 39 | SBUX | Starbucks Corp | 0.68% | Add +3.2% | 505,968 | $44.74M | $88.42 | No quote |
| 40 | SCHW | Charles Schwab | 0.68% | Add +1.1% | 1,069,000 | $44.72M | $41.83 | No quote |
| 41 | PGR | Progressive Corp | 0.67% | Add +7.4% | 578,000 | $44.65M | $77.25 | No quote |
| 42 | HAS | Hasbro, Inc | 0.65% | - | 364,000 | $43.2M | $118.69 | No quote |
| 43 | MCO | Moody's Corp | 0.64% | Add +2.6% | 206,330 | $42.26M | $204.83 | No quote |
| 44 | SMG | Scotts Miracle-Gro Co | 0.63% | Add +8.7% | 411,000 | $41.85M | $101.82 | No quote |
| 45 | NSC | Norfolk Southern | 0.62% | - | 229,500 | $41.23M | $179.66 | No quote |
| 46 | WHR | Whirlpool Corp | 0.61% | Add +7.9% | 256,099 | $40.56M | $158.36 | No quote |
| 47 | APO | Apollo Global Management - A | 0.58% | - | 1,012,500 | $38.29M | $37.82 | No quote |
| 48 | MMM | 3M Company | 0.55% | Add +7.2% | 223,000 | $36.66M | $164.40 | No quote |
| 49 | SPGI | S&P Global | 0.54% | - | 147,000 | $36.01M | $244.98 | No quote |
| 50 | BA | Boeing Co | 0.54% | - | 94,400 | $35.92M | $380.48 | No quote |
| 51 | TROW | T.Rowe Price | 0.54% | - | 314,000 | $35.87M | $114.25 | No quote |
| 52 | KKR | KKR & Co LLC | 0.54% | Add +0.3% | 1,330,600 | $35.73M | $26.85 | No quote |
| 53 | CAT | Caterpillar Inc | 0.53% | - | 278,000 | $35.11M | $126.31 | No quote |
| 54 | NKE | Nike | 0.52% | - | 366,000 | $34.37M | $93.92 | No quote |
| 55 | ITIC | Investors Title Company | 0.52% | - | 213,300 | $34.15M | $160.10 | No quote |
| 56 | CFX | Colfax Corporation | 0.50% | - | 1,135,070 | $32.99M | No quote | No quote |
| 57 | HEI/A | Heico Corp Class ACUSIP 422806208 | 0.50% | Add +3.7% | 338,344 | $32.92M | No quote | No quote |
| 58 | LYV | Live Nation | 0.49% | - | 488,700 | $32.42M | $66.34 | No quote |
| 59 | ACN | Accenture | 0.46% | - | 159,400 | $30.66M | $192.35 | No quote |
| 60 | UTX | United Technologies | 0.46% | - | 224,000 | $30.58M | No quote | No quote |
| 61 | CG | The Carlyle Group | 0.45% | - | 1,177,000 | $30.08M | $25.56 | No quote |
| 62 | MSCI | MSCI | 0.45% | - | 137,000 | $29.83M | $217.75 | No quote |
| 63 | BF/B | Brown-Forman Class BCUSIP 115637209 | 0.45% | - | 474,187 | $29.77M | No quote | No quote |
| 64 | TSN | Tyson Foods | 0.44% | Add +8.2% | 336,500 | $28.99M | $86.14 | No quote |
| 65 | SRCL | Stericycle Inc | 0.44% | Reduce -0.3% | 568,000 | $28.93M | No quote | No quote |
| 66 | FDS | Factset Research | 0.43% | Add +0.2% | 116,490 | $28.3M | $242.97 | No quote |
| 67 | ROL | Rollins, Inc. | 0.42% | Add +1.3% | 808,350 | $27.54M | $34.07 | No quote |
| 68 | NVR | NVR Inc | 0.41% | Add +29.4% | 7,255 | $26.97M | $3717.44 | No quote |
| 69 | MHK | Mohawk Industries | 0.40% | Add +55.5% | 213,000 | $26.43M | $124.07 | No quote |
| 70 | META | 0.38% | Add +0.6% | 142,390 | $25.36M | $178.08 | No quote | |
| 71 | JPM | JP Morgan | 0.37% | Add +11.0% | 209,210 | $24.62M | $117.69 | No quote |
| 72 | LUV | Southwest Airlines | 0.36% | Add +22.3% | 435,500 | $23.52M | $54.01 | No quote |
| 73 | CMCSA | Comcast Corp- Class A | 0.35% | Add +1.8% | 521,000 | $23.49M | $45.08 | No quote |
| 74 | SEIC | SEI Investments Co | 0.34% | - | 383,200 | $22.71M | $59.26 | No quote |
| 75 | ROK | Rockwell Automation Inc | 0.34% | Add +5.3% | 134,600 | $22.18M | $164.80 | No quote |
| 76 | LSXMK | Liberty Sirius Group C | 0.33% | - | 522,000 | $21.9M | No quote | No quote |
| 77 | LBRDA | Liberty Broadband A | 0.32% | - | 205,250 | $21.45M | $104.52 | No quote |
| 78 | PH | Parker-Hannifin Corp | 0.32% | - | 118,600 | $21.42M | $180.62 | No quote |
| 79 | DAL | Delta Air Lines | 0.32% | Add +21.1% | 362,000 | $20.85M | $57.60 | No quote |
| 80 | CVS | CVS Corporation | 0.31% | Add +17.4% | 323,000 | $20.37M | $63.07 | No quote |
| 81 | PEP | Pepsico | 0.30% | - | 145,600 | $19.96M | $137.10 | No quote |
| 82 | LIN | Linde PLC | 0.28% | - | 94,400 | $18.29M | $193.72 | No quote |
| 83 | LBRDK | Liberty Broadband Class C | 0.27% | - | 172,113 | $18.02M | $104.67 | No quote |
| 84 | LSXMA | Liberty Sirius Group A | 0.27% | - | 426,000 | $17.71M | No quote | No quote |
| 85 | SHW | Sherwin Williams | 0.26% | - | 31,000 | $17.05M | $549.87 | No quote |
| 86 | CSCO | Cisco | 0.26% | - | 342,000 | $16.9M | $49.41 | No quote |
| 87 | DISCK | Discovery Communications | 0.25% | Reduce -42.4% | 677,000 | $16.67M | No quote | No quote |
| 88 | CHH | Choice Hotels Intl Inc | 0.25% | Add +10.3% | 187,000 | $16.64M | $88.96 | No quote |
| 89 | GOOGL | Alphabet Inc Class A | 0.23% | - | 12,500 | $15.26M | $1221.12 | No quote |
| 90 | ATVI | Activision Blizzard Inc | 0.22% | Add +6.8% | 280,800 | $14.86M | No quote | No quote |
| 91 | MCHP | Microchip Technology | 0.22% | - | 159,000 | $14.77M | $92.91 | No quote |
| 92 | MXIM | Maxim Integrated Products | 0.22% | - | 252,000 | $14.59M | No quote | No quote |
| 93 | HXL | Hexcel Corp | 0.21% | Add +8.8% | 173,000 | $14.21M | $82.13 | No quote |
| 94 | DLTR | Dollar Tree Inc | 0.21% | - | 123,000 | $14.04M | $114.16 | No quote |
| 95 | UNP | Union Pacific | 0.21% | - | 85,370 | $13.83M | $161.98 | No quote |
| 96 | PAYX | Paychex | 0.19% | - | 150,000 | $12.42M | $82.77 | No quote |
| 97 | EA | Electronic Arts Inc | 0.18% | Add +2.5% | 122,400 | $11.97M | $97.82 | No quote |
| 98 | EFX | Equifax Inc | 0.18% | Add +44.4% | 84,500 | $11.89M | $140.67 | No quote |
| 99 | VRSK | Verisk Analytics Inc | 0.18% | - | 74,000 | $11.7M | $158.14 | No quote |
| 100 | COST | Costco | 0.17% | - | 39,150 | $11.28M | $288.10 | No quote |
| 101 | FWONK | Liberty Media Group C | 0.16% | - | 259,500 | $10.79M | $41.59 | No quote |
| 102 | IFF | Intl Flavors & Fragrances | 0.16% | Add +27.1% | 84,500 | $10.37M | $122.69 | No quote |
| 103 | AMT | American Tower | 0.15% | Add +27.0% | 45,100 | $9.97M | $221.13 | No quote |
| 104 | HCSG | Healthcare Services Group | 0.15% | Add +87.5% | 396,500 | $9.63M | $24.29 | No quote |
| 105 | BK | Bank of New York Mellon Corp | 0.14% | Add +157.5% | 206,000 | $9.31M | $45.21 | No quote |
| 106 | FWONA | Liberty Media Group A | 0.14% | - | 229,500 | $9.09M | $39.59 | No quote |
| 107 | PM | Philip Morris International | 0.13% | - | 114,500 | $8.69M | $75.93 | No quote |
| 108 | CDK | CDK Global Inc | 0.13% | - | 176,897 | $8.51M | No quote | No quote |
| 109 | MCK | McKesson Corp | 0.12% | Add +39.4% | 60,100 | $8.21M | $136.66 | No quote |
| 110 | WFC | Wells Fargo | 0.12% | Add +127.5% | 153,800 | $7.76M | $50.44 | No quote |
| 111 | AON | Aon Corporation | 0.11% | - | 37,000 | $7.16M | $193.57 | No quote |
| 112 | CCK | Crown Holdings Inc | 0.10% | Add +34.7% | 101,000 | $6.67M | $66.06 | No quote |
| 113 | CABO | Cable One | 0.10% | - | 5,200 | $6.52M | $1254.62 | No quote |
| 114 | TRU | TransUnion | 0.09% | Add +26.7% | 76,000 | $6.16M | $81.11 | No quote |
| 115 | ALB | Albemarle Corp | 0.08% | - | 73,000 | $5.08M | $69.52 | No quote |
| 116 | LBTYA | Liberty Global PLC | 0.07% | - | 179,000 | $4.43M | $24.75 | No quote |
| 117 | Y | Alleghany Corporation | 0.05% | - | 4,328 | $3.45M | No quote | No quote |
| 118 | GHC | Graham Holdings Co | 0.05% | - | 5,200 | $3.45M | $663.46 | No quote |
| 119 | PAG | Penske Automotive Group | 0.05% | - | 72,000 | $3.4M | No quote | No quote |
| 120 | SHAK | Shake Shack Inc - Class A | 0.04% | Reduce -8.8% | 30,000 | $2.94M | $98.03 | No quote |
| 121 | BALL | Ball Corporation | 0.03% | Add +933.3% | 31,000 | $2.26M | $72.81 | No quote |
| 122 | AN | Autonation Inc | 0.03% | Add +1.8% | 43,210 | $2.19M | $50.71 | No quote |
| 123 | TRUP | Trupanion | 0.03% | Add +208.0% | 77,000 | $1.96M | $25.42 | No quote |
| 124 | WRB | WR Berkley Corp | 0.03% | - | 27,000 | $1.95M | $72.22 | No quote |
| 125 | DHI | DR Horton Inc | 0.02% | Add +148.3% | 29,447 | $1.55M | $52.70 | No quote |
| 126 | C | Citigroup Inc | 0.02% | Add +13.1% | 18,170 | $1.26M | $69.07 | No quote |
| 127 | BUD | Anheuser-Busch Inbev ADR | 0.02% | Add +333.3% | 13,000 | $1.24M | $95.15 | No quote |
| 128 | KHC | Kraft Heinz Co | 0.01% | New | 35,000 | $978K | $27.94 | No quote |
| 129 | LEN/B | Lennar Corp - BCUSIP 526057302 | 0.01% | New | 21,750 | $965K | No quote | No quote |
| 130 | BKNG | Booking Holdings Inc | 0.01% | - | 200 | $393K | $1965.00 | No quote |
| 131 | LEN | Lennar Corporation | 0.01% | Add +20.4% | 5,900 | $330K | $55.93 | No quote |
| 132 | ILMN | Illumina Inc | 0.00% | - | 1,000 | $304K | $304.00 | No quote |
| 139 | SYF | Synchrony Financial | - | Sold | 0 | $0 | No quote | No quote |
| 138 | ST | Sensata Technologies Holding | - | Sold | 0 | $0 | No quote | No quote |
| 137 | OAK | Oaktree Capital Group LLC | - | Sold | 0 | $0 | No quote | No quote |
| 136 | NXPI | NXP Semiconductors NV | - | Sold | 0 | $0 | No quote | No quote |
| 135 | LILA | Liberty Latin America | - | Sold | 0 | $0 | No quote | No quote |
| 134 | GT | Goodyear Tire & Rubber Co. | - | Sold | 0 | $0 | No quote | No quote |
| 133 | CME | CME Group Inc | - | Sold | 0 | $0 | No quote | No quote |