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 97 of 134 rows. Rows without a quote are marked unavailable.
| 1 | BRK/A | Berkshire Hathaway, Inc.CUSIP 084670108 | 5.55% | - | 1,114 | $297.77M | No quote | No quote |
| 2 | BAM | Brookfield Asset Management | 5.33% | Add +50.0% | 8,700,661 | $286.25M | $32.90 | No quote |
| 3 | BRK/B | Berkshire Hathaway Class BCUSIP 084670702 | 5.09% | - | 1,531,687 | $273.42M | No quote | No quote |
| 4 | AMZN | Amazon.com | 5.06% | - | 98,442 | $271.58M | $2758.82 | |
| 5 | HD | Home Depot | 4.29% | - | 920,000 | $230.47M | $250.51 | |
| 6 | DIS | Disney | 3.87% | - | 1,862,380 | $207.67M | $111.51 | |
| 7 | GOOG | Alphabet Inc | 3.62% | - | 137,493 | $194.36M | $1413.61 | |
| 8 | V | Visa | 3.44% | - | 956,650 | $184.8M | $193.17 | |
| 9 | DEO | Diageo PLC | 3.38% | - | 1,349,800 | $181.4M | $134.39 | |
| 10 | BLK | Blackrock Inc | 2.23% | - | 220,200 | $119.81M | $544.09 | |
| 11 | DE | John Deere | 2.21% | Reduce -24.9% | 755,800 | $118.77M | $157.15 | |
| 12 | AAPL | Apple Inc | 2.04% | - | 300,635 | $109.67M | $364.80 | |
| 13 | ADI | Analog Devices Inc | 2.02% | - | 885,811 | $108.64M | $122.64 | |
| 14 | RLI | RLI Corporation | 1.83% | - | 1,197,272 | $98.3M | $82.10 | |
| 15 | MSFT | Microsoft Corp | 1.81% | - | 478,620 | $97.4M | $203.51 | |
| 16 | TXN | Texas Instruments Inc | 1.71% | - | 724,000 | $91.93M | $126.97 | |
| 17 | JNJ | Johnson and Johnson | 1.60% | - | 610,800 | $85.9M | $140.63 | |
| 18 | LOW | Lowes | 1.48% | - | 588,500 | $79.52M | $135.12 | |
| 19 | WSO | Watsco Inc | 1.31% | - | 397,000 | $70.55M | $177.70 | |
| 20 | NVO | Novo-Nordisk A/S | 1.31% | - | 1,075,000 | $70.39M | $65.48 | |
| 21 | BX | Blackstone Group | 1.30% | - | 1,229,000 | $69.64M | $56.66 | |
| 22 | GS | Goldman Sachs | 1.26% | - | 342,800 | $67.75M | $197.62 | |
| 23 | MMC | Marsh & McLennan | 1.22% | - | 609,500 | $65.44M | No quote | No quote |
| 24 | ECL | Ecolab | 1.15% | - | 309,300 | $61.54M | $198.95 | |
| 25 | MA | Mastercard, Inc | 1.14% | - | 207,370 | $61.32M | $295.70 | |
| 26 | ADM | Archer Daniels | 1.10% | - | 1,478,300 | $58.99M | $39.90 | |
| 27 | MCO | Moody's Corp | 1.08% | - | 211,080 | $57.99M | $274.73 | |
| 28 | GD | General Dynamics | 1.08% | - | 387,000 | $57.84M | $149.46 | |
| 29 | ITW | Illinois Tool Works | 1.07% | - | 327,500 | $57.26M | $174.85 | |
| 30 | PGR | Progressive Corp | 1.01% | - | 674,500 | $54.04M | $80.11 | |
| 31 | APO | Apollo Global Management - A | 0.94% | - | 1,012,500 | $50.54M | $49.92 | |
| 32 | BF/A | Brown Forman Class ACUSIP 115637100 | 0.90% | - | 843,000 | $48.53M | No quote | No quote |
| 33 | SPGI | S&P Global | 0.90% | - | 147,000 | $48.43M | $329.48 | |
| 34 | AXP | American Express | 0.86% | - | 483,950 | $46.07M | $95.20 | |
| 35 | MSCI | MSCI | 0.85% | - | 137,000 | $45.73M | $333.82 | |
| 36 | KKR | KKR & Co LLC | 0.79% | - | 1,379,400 | $42.6M | $30.88 | |
| 37 | NSC | Norfolk Southern | 0.75% | - | 229,500 | $40.29M | $175.57 | |
| 38 | SBUX | Starbucks Corp | 0.72% | - | 527,818 | $38.84M | $73.59 | |
| 39 | TROW | T.Rowe Price | 0.72% | - | 314,000 | $38.78M | $123.50 | |
| 40 | FDS | Factset Research | 0.71% | - | 116,680 | $38.33M | $328.47 | |
| 41 | SCHW | Charles Schwab | 0.69% | - | 1,095,300 | $36.96M | $33.74 | |
| 42 | MMM | 3M Company | 0.68% | - | 234,200 | $36.53M | $155.99 | |
| 43 | CAT | Caterpillar Inc | 0.68% | - | 287,500 | $36.37M | $126.50 | |
| 44 | NKE | Nike | 0.67% | - | 366,000 | $35.89M | $98.05 | |
| 45 | ROL | Rollins, Inc. | 0.65% | - | 828,850 | $35.14M | $42.39 | |
| 46 | WHR | Whirlpool Corp | 0.65% | - | 270,939 | $35.09M | $129.53 | |
| 47 | ACN | Accenture | 0.64% | - | 159,400 | $34.23M | $214.72 | |
| 48 | CG | The Carlyle Group | 0.64% | - | 1,222,000 | $34.09M | $27.90 | |
| 49 | SRCL | Stericycle Inc | 0.62% | - | 593,700 | $33.24M | No quote | No quote |
| 50 | META | 0.61% | - | 145,000 | $32.93M | $227.07 | ||
| 51 | CFX | Colfax Corporation | 0.59% | - | 1,135,070 | $31.67M | No quote | No quote |
| 52 | NVR | NVR Inc | 0.58% | Add +7.2% | 9,495 | $30.94M | $3258.77 | |
| 53 | ROK | Rockwell Automation Inc | 0.56% | - | 142,100 | $30.27M | $213.00 | |
| 54 | BF/B | Brown-Forman Class BCUSIP 115637209 | 0.56% | - | 474,187 | $30.19M | No quote | No quote |
| 55 | MHK | Mohawk Industries | 0.56% | - | 295,000 | $30.02M | $101.76 | |
| 56 | HEI/A | Heico Corp Class ACUSIP 422806208 | 0.52% | - | 343,144 | $27.88M | No quote | No quote |
| 57 | ITIC | Investors Title Company | 0.48% | - | 213,300 | $25.88M | $121.32 | |
| 58 | LBRDA | Liberty Broadband A | 0.47% | - | 205,250 | $25.08M | $122.19 | |
| 59 | TSN | Tyson Foods | 0.41% | - | 369,000 | $22.03M | $59.71 | |
| 60 | CVS | CVS Corporation | 0.40% | - | 332,000 | $21.57M | $64.97 | |
| 61 | ATVI | Activision Blizzard Inc | 0.40% | - | 283,800 | $21.54M | No quote | No quote |
| 62 | LBRDK | Liberty Broadband Class C | 0.40% | - | 172,113 | $21.34M | $123.96 | |
| 63 | SEIC | SEI Investments Co | 0.39% | - | 383,200 | $21.07M | $54.98 | |
| 64 | JPM | JP Morgan | 0.38% | - | 217,350 | $20.44M | $94.06 | |
| 65 | CMCSA | Comcast Corp- Class A | 0.38% | - | 522,000 | $20.35M | $38.98 | |
| 66 | LIN | Linde PLC | 0.37% | - | 94,400 | $20.02M | $212.11 | |
| 67 | EFX | Equifax Inc | 0.36% | - | 114,000 | $19.59M | $171.88 | |
| 68 | LSXMK | Liberty Sirius Group C | 0.34% | - | 522,000 | $17.98M | No quote | No quote |
| 69 | SHW | Sherwin Williams | 0.33% | - | 31,000 | $17.91M | $577.84 | |
| 70 | GOOGL | Alphabet Inc Class A | 0.33% | - | 12,500 | $17.73M | $1418.08 | |
| 71 | MCHP | Microchip Technology | 0.32% | - | 163,000 | $17.17M | $105.31 | |
| 72 | HCSG | Healthcare Services Group | 0.32% | - | 698,500 | $17.09M | $24.46 | |
| 73 | EA | Electronic Arts Inc | 0.31% | - | 125,200 | $16.53M | $132.05 | |
| 74 | CSCO | Cisco | 0.30% | - | 342,000 | $15.95M | $46.64 | |
| 75 | MXIM | Maxim Integrated Products | 0.28% | - | 252,000 | $15.27M | No quote | No quote |
| 76 | LSXMA | Liberty Sirius Group A | 0.27% | - | 426,000 | $14.71M | No quote | No quote |
| 77 | UNP | Union Pacific | 0.27% | - | 85,370 | $14.43M | $169.08 | |
| 78 | RTX | Raytheon Technologies Ord | 0.26% | New | 224,000 | $13.8M | $61.62 | |
| 79 | BK | Bank of New York Mellon Corp | 0.25% | - | 350,000 | $13.53M | $38.65 | |
| 80 | AMT | American Tower | 0.25% | - | 51,150 | $13.23M | $258.55 | |
| 81 | IFF | Intl Flavors & Fragrances | 0.24% | - | 107,000 | $13.1M | $122.46 | |
| 82 | PEP | Pepsico | 0.24% | - | 95,600 | $12.64M | $132.26 | |
| 83 | VRSK | Verisk Analytics Inc | 0.23% | - | 74,000 | $12.6M | $170.20 | |
| 84 | COST | Costco | 0.22% | - | 39,150 | $11.87M | $303.22 | |
| 85 | PAYX | Paychex | 0.21% | - | 150,000 | $11.36M | $75.75 | |
| 86 | CABO | Cable One | 0.17% | - | 5,200 | $9.23M | $1774.81 | |
| 87 | HXL | Hexcel Corp | 0.16% | - | 189,000 | $8.55M | $45.22 | |
| 88 | TRU | TransUnion | 0.15% | - | 94,500 | $8.23M | $87.04 | |
| 89 | PM | Philip Morris International | 0.15% | - | 114,500 | $8.02M | $70.06 | |
| 90 | CCK | Crown Holdings Inc | 0.14% | - | 116,000 | $7.56M | $65.13 | |
| 91 | AON | Aon Corporation | 0.13% | - | 37,000 | $7.13M | $192.59 | |
| 92 | OTIS | Otis Elevator | 0.12% | New | 112,000 | $6.37M | $56.86 | |
| 93 | ALB | Albemarle Corp | 0.11% | - | 76,000 | $5.87M | $77.21 | |
| 94 | TRUP | Trupanion | 0.11% | - | 133,300 | $5.69M | $42.69 | |
| 95 | WFC | Wells Fargo | 0.09% | - | 195,450 | $5M | $25.60 | |
| 96 | CARR | Carrier Air Conditioning | 0.09% | New | 224,000 | $4.98M | $22.22 | |
| 97 | OI | Owens-Illinois Inc | 0.07% | - | 444,000 | $3.99M | No quote | No quote |
| 98 | LBTYA | Liberty Global PLC | 0.07% | - | 179,000 | $3.91M | $21.86 | |
| 99 | BALL | Ball Corporation | 0.06% | - | 46,000 | $3.2M | $69.50 | |
| 100 | Y | Alleghany Corporation | 0.04% | - | 4,328 | $2.12M | No quote | No quote |
| 101 | GHC | Graham Holdings Co | 0.03% | - | 5,200 | $1.78M | $342.69 | |
| 102 | SHAK | Shake Shack Inc - Class A | 0.03% | - | 30,600 | $1.62M | $52.97 | |
| 103 | WRB | WR Berkley Corp | 0.03% | - | 27,000 | $1.55M | $57.30 | |
| 104 | ILMN | Illumina Inc | 0.03% | - | 4,000 | $1.48M | $370.25 | |
| 105 | GWRE | Guidewire Software Inc | 0.03% | - | 13,000 | $1.44M | $110.85 | |
| 106 | C | Citigroup Inc | 0.02% | - | 22,620 | $1.16M | $51.06 | |
| 107 | DHI | DR Horton Inc | 0.01% | Reduce -57.1% | 13,999 | $776K | $55.43 | |
| 108 | LEN/B | Lennar Corp - BCUSIP 526057302 | 0.01% | Reduce -49.4% | 13,000 | $599K | No quote | No quote |
| 109 | LAMR | Lamar Advertising Company | 0.01% | - | 8,500 | $567K | $66.71 | |
| 110 | IAC | InterActiveCorp | 0.01% | - | 1,650 | $525K | $318.18 | No quote |
| 111 | EMN | Eastman Chemical Company | 0.01% | - | 6,000 | $418K | $69.67 | |
| 112 | PYPL | PayPal Holdings Inc | 0.01% | New | 1,830 | $319K | $174.32 | |
| 113 | TWTR | Twitter Inc | 0.00% | - | 8,500 | $253K | No quote | No quote |
| 134 | WBA | Walgreens Boots Alliance Inc | - | Sold | 0 | $0 | No quote | No quote |
| 133 | UTX | United Technologies | - | Sold | 0 | $0 | No quote | No quote |
| 132 | TRV | The Travelers Companies Inc | - | Sold | 0 | $0 | No quote | No quote |
| 131 | LUV | Southwest Airlines | - | Sold | 0 | $0 | No quote | No quote |
| 130 | PAG | Penske Automotive Group | - | Sold | 0 | $0 | No quote | No quote |
| 129 | PH | Parker-Hannifin Corp | - | Sold | 0 | $0 | No quote | No quote |
| 128 | MCK | McKesson Corp | - | Sold | 0 | $0 | No quote | No quote |
| 127 | MAR | Marriott International | - | Sold | 0 | $0 | No quote | No quote |
| 126 | LYV | Live Nation | - | Sold | 0 | $0 | No quote | No quote |
| 125 | FWONK | Liberty Media Group C | - | Sold | 0 | $0 | No quote | No quote |
| 124 | FWONA | Liberty Media Group A | - | Sold | 0 | $0 | No quote | No quote |
| 123 | LEN | Lennar Corporation | - | Sold | 0 | $0 | No quote | No quote |
| 122 | DAL | Delta Air Lines | - | Sold | 0 | $0 | No quote | No quote |
| 121 | CHH | Choice Hotels Intl Inc | - | Sold | 0 | $0 | No quote | No quote |
| 120 | KMX | Carmax | - | Sold | 0 | $0 | No quote | No quote |
| 119 | BKNG | Booking Holdings Inc | - | Sold | 0 | $0 | No quote | No quote |
| 118 | BA | Boeing Co | - | Sold | 0 | $0 | No quote | No quote |
| 117 | AN | Autonation Inc | - | Sold | 0 | $0 | No quote | No quote |
| 116 | ADP | Automatic Data Processing | - | Sold | 0 | $0 | No quote | No quote |
| 115 | ELV | Anthem Inc | - | Sold | 0 | $0 | No quote | No quote |
| 114 | AAL | American Airlines Group | - | Sold | 0 | $0 | No quote | No quote |