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 102 of 119 rows. Rows without a quote are marked unavailable.
| 1 | BRK/A | BERKSHIRE HATHAWAY ICUSIP 084670108 | 5.95% | - | 1,114 | $429.67M | No quote | No quote |
| 2 | BRK/B | BERKSHIRE HATHAWAY ICUSIP 084670702 | 5.42% | - | 1,531,971 | $391.37M | No quote | No quote |
| 3 | BAM | BROOKFIELD ASSET MGM | 5.36% | Add +0.0% | 8,708,941 | $387.55M | $44.50 | No quote |
| 4 | DIS | DISNEY WALT CO | 4.76% | Add +0.0% | 1,863,945 | $343.94M | $184.52 | |
| 5 | AMZN | AMAZON COM INC | 4.22% | - | 98,442 | $304.59M | $3094.08 | |
| 6 | GOOG | ALPHABET INC | 3.94% | - | 137,493 | $284.42M | $2068.64 | |
| 7 | DE | DEERE & CO | 3.91% | - | 755,800 | $282.78M | $374.14 | |
| 8 | HD | HOME DEPOT INC | 3.89% | - | 920,000 | $280.83M | $305.25 | |
| 9 | DEO | DIAGEO PLC | 3.07% | Add +0.0% | 1,350,208 | $221.72M | $164.21 | |
| 10 | V | VISA INC | 2.81% | Add +0.1% | 957,680 | $202.77M | $211.73 | |
| 11 | BLK | BLACKROCK INC | 2.30% | - | 220,200 | $166.02M | $753.96 | |
| 12 | AAPL | APPLE INC | 2.03% | - | 1,198,540 | $146.4M | $122.15 | |
| 13 | ADI | ANALOG DEVICES INC | 1.90% | - | 885,811 | $137.37M | $155.08 | |
| 14 | TXN | TEXAS INSTRS INC | 1.89% | - | 724,000 | $136.83M | $188.99 | |
| 15 | RLI | RLI CORP | 1.85% | - | 1,197,272 | $133.58M | $111.57 | |
| 16 | MSFT | MICROSOFT CORP | 1.56% | Add +0.1% | 479,300 | $113M | $235.77 | |
| 17 | GS | GOLDMAN SACHS GROUP | 1.56% | Add +0.1% | 343,660 | $112.38M | $327.00 | |
| 18 | LOW | LOWES COS INC | 1.55% | Add +0.0% | 588,680 | $111.96M | $190.18 | |
| 19 | WSO | WATSCO INC | 1.46% | Add +1.1% | 403,500 | $105.21M | $260.75 | |
| 20 | JNJ | JOHNSON & JOHNSON | 1.39% | - | 610,800 | $100.39M | $164.35 | |
| 21 | BX | BLACKSTONE GROUP INC | 1.27% | - | 1,229,000 | $91.6M | $74.53 | |
| 22 | ADM | ARCHER DANIELS MIDLA | 1.15% | Reduce -1.0% | 1,463,300 | $83.41M | $57.00 | |
| 23 | MMC | MARSH & MCLENNAN COS | 1.03% | - | 609,500 | $74.24M | No quote | No quote |
| 24 | MA | MASTERCARD INCORPORA | 1.02% | Add +0.0% | 207,440 | $73.86M | $356.05 | |
| 25 | ITW | ILLINOIS TOOL WKS IN | 1.00% | - | 327,500 | $72.55M | $221.52 | |
| 26 | NVO | NOVO-NORDISK A S | 1.00% | - | 1,075,000 | $72.48M | $67.42 | |
| 27 | SCHW | SCHWAB CHARLES CORP | 0.99% | - | 1,095,300 | $71.39M | $65.18 | |
| 28 | GD | GENERAL DYNAMICS COR | 0.97% | - | 387,000 | $70.26M | $181.56 | |
| 29 | AXP | AMERICAN EXPRESS CO | 0.95% | Add +0.0% | 484,150 | $68.48M | $141.44 | |
| 30 | KKR | KKR & CO INC | 0.95% | Add +0.9% | 1,399,400 | $68.36M | $48.85 | |
| 31 | CAT | CATERPILLAR INC | 0.92% | - | 287,500 | $66.66M | $231.87 | |
| 32 | ECL | ECOLAB INC | 0.92% | - | 309,300 | $66.21M | $214.07 | |
| 33 | PGR | PROGRESSIVE CORP | 0.92% | Add +2.3% | 692,100 | $66.17M | $95.61 | |
| 34 | MCO | MOODYS CORP | 0.87% | Add +0.1% | 211,240 | $63.08M | $298.61 | |
| 35 | NSC | NORFOLK SOUTHN CORP | 0.85% | - | 229,500 | $61.63M | $268.52 | |
| 36 | WHR | WHIRLPOOL CORP | 0.84% | Add +1.0% | 274,049 | $60.39M | $220.35 | |
| 37 | SBUX | STARBUCKS CORP | 0.80% | - | 527,818 | $57.67M | $109.27 | |
| 38 | MSCI | MSCI INC | 0.80% | - | 137,000 | $57.44M | $419.28 | |
| 39 | TROW | PRICE T ROWE GROUP I | 0.75% | - | 314,000 | $53.88M | $171.60 | |
| 40 | BF/A | BROWN FORMAN CORPCUSIP 115637100 | 0.74% | - | 843,000 | $53.67M | No quote | No quote |
| 41 | SPGI | S&P GLOBAL INC | 0.72% | Add +0.7% | 148,240 | $52.31M | $352.87 | |
| 42 | CFX | COLFAX CORP | 0.69% | - | 1,135,070 | $49.73M | No quote | No quote |
| 43 | NKE | NIKE INC | 0.67% | - | 366,000 | $48.64M | $132.89 | |
| 44 | APO | APOLLO GLOBAL MGMT I | 0.66% | - | 1,012,500 | $47.6M | $47.01 | |
| 45 | MMM | 3M CO | 0.64% | Add +1.7% | 238,100 | $45.88M | $192.68 | |
| 46 | CG | CARLYLE GROUP INC | 0.62% | - | 1,222,000 | $44.92M | $36.76 | |
| 47 | NVR | NVR INC | 0.62% | Add +0.1% | 9,531 | $44.9M | $4710.94 | |
| 48 | ACN | ACCENTURE PLC IRELAN | 0.61% | - | 159,400 | $44.03M | $276.25 | |
| 49 | META | FACEBOOK INC | 0.60% | Add +0.9% | 146,643 | $43.19M | $294.53 | |
| 50 | ROL | ROLLINS INC | 0.59% | - | 1,243,275 | $42.79M | $34.42 | |
| 51 | MHK | MOHAWK INDS INC | 0.59% | - | 221,000 | $42.5M | $192.31 | |
| 52 | SRCL | STERICYCLE INC | 0.55% | - | 593,700 | $40.08M | No quote | No quote |
| 53 | HEI/A | HEICO CORP NEWCUSIP 422806208 | 0.54% | - | 343,144 | $38.98M | No quote | No quote |
| 54 | ROK | ROCKWELL AUTOMATION | 0.52% | - | 142,100 | $37.72M | $265.44 | |
| 55 | FDS | FACTSET RESH SYS INC | 0.50% | - | 116,720 | $36.02M | $308.59 | |
| 56 | ITIC | INVESTORS TITLE CO N | 0.49% | - | 213,300 | $35.41M | $166.00 | |
| 57 | JPM | JPMORGAN CHASE & CO | 0.46% | - | 216,550 | $32.97M | $152.23 | |
| 58 | BF/B | BROWN FORMAN CORPCUSIP 115637209 | 0.45% | - | 474,187 | $32.71M | No quote | No quote |
| 59 | LBRDA | LIBERTY BROADBAND CO | 0.41% | - | 205,250 | $29.79M | $145.15 | |
| 60 | CMCSA | COMCAST CORP NEW | 0.39% | Add +0.7% | 525,740 | $28.45M | $54.11 | |
| 61 | TSN | TYSON FOODS INC | 0.39% | Add +0.7% | 376,500 | $27.97M | $74.30 | |
| 62 | ATVI | ACTIVISION BLIZZARD | 0.37% | - | 285,100 | $26.51M | No quote | No quote |
| 63 | LIN | LINDE PLC | 0.37% | - | 94,400 | $26.45M | $280.14 | |
| 64 | SEIC | SEI INVTS CO | 0.36% | Add +0.2% | 427,200 | $26.03M | $60.93 | |
| 65 | LBRDK | LIBERTY BROADBAND CO | 0.36% | - | 172,113 | $25.84M | $150.15 | |
| 66 | GOOGL | ALPHABET INC | 0.36% | - | 12,500 | $25.78M | $2062.48 | |
| 67 | CVS | CVS HEALTH CORP | 0.35% | - | 332,000 | $24.98M | $75.23 | |
| 68 | SHW | SHERWIN WILLIAMS CO | 0.32% | Add +0.6% | 31,264 | $23.07M | $738.01 | |
| 69 | LSXMK | LIBERTY MEDIA CORP D | 0.32% | - | 522,000 | $23.03M | No quote | No quote |
| 70 | MXIM | MAXIM INTEGRATED PRO | 0.32% | - | 252,000 | $23.03M | No quote | No quote |
| 71 | EFX | EQUIFAX INC | 0.31% | Add +7.1% | 122,100 | $22.12M | $181.13 | |
| 72 | HCSG | HEALTHCARE SVCS GROU | 0.30% | - | 782,500 | $21.93M | $28.03 | |
| 73 | IFF | INTERNATIONAL FLAVOR | 0.30% | Add +6.8% | 156,000 | $21.78M | $139.61 | |
| 74 | REGN | REGENERON PHARMACEUT | 0.30% | New | 45,500 | $21.53M | $473.14 | |
| 75 | UNP | UNION PAC CORP | 0.26% | Add +0.1% | 85,778 | $18.91M | $220.42 | |
| 76 | LSXMA | LIBERTY MEDIA CORP D | 0.26% | - | 426,000 | $18.78M | No quote | No quote |
| 77 | CSCO | CISCO SYS INC | 0.24% | - | 342,000 | $17.69M | $51.71 | |
| 78 | RTX | RAYTHEON TECHNOLOGIE | 0.24% | - | 224,000 | $17.31M | $77.27 | |
| 79 | EA | ELECTRONIC ARTS INC | 0.24% | - | 126,100 | $17.07M | $135.37 | |
| 80 | BK | BANK NEW YORK MELLON | 0.23% | Add +0.3% | 357,750 | $16.92M | $47.29 | |
| 81 | PAYX | PAYCHEX INC | 0.20% | - | 150,000 | $14.7M | $98.02 | |
| 82 | COST | COSTCO WHSL CORP NEW | 0.19% | - | 39,150 | $13.8M | $352.46 | |
| 83 | PEP | PEPSICO INC | 0.19% | - | 96,210 | $13.61M | $141.45 | |
| 84 | VRSK | VERISK ANALYTICS INC | 0.18% | - | 74,000 | $13.08M | $176.69 | |
| 85 | AMT | AMERICAN TOWER CORP | 0.17% | Add +1.1% | 51,730 | $12.37M | $239.07 | |
| 86 | CCK | CROWN HLDGS INC | 0.16% | - | 116,000 | $11.26M | $97.04 | |
| 87 | ALB | ALBEMARLE CORP | 0.15% | - | 76,000 | $11.1M | $146.11 | |
| 88 | HXL | HEXCEL CORP NEW | 0.15% | - | 189,000 | $10.58M | $56.00 | |
| 89 | PM | PHILIP MORRIS INTL I | 0.14% | - | 114,500 | $10.16M | $88.74 | |
| 90 | TRUP | TRUPANION INC | 0.14% | - | 133,300 | $10.16M | $76.21 | |
| 91 | AON | AON PLC | 0.13% | Add +12.2% | 41,500 | $9.55M | $230.12 | |
| 92 | CABO | CABLE ONE INC | 0.13% | - | 5,200 | $9.51M | $1828.27 | |
| 93 | CARR | CARRIER GLOBAL CORPO | 0.13% | - | 224,000 | $9.46M | $42.22 | |
| 94 | MCHP | MICROCHIP TECHNOLOGY | 0.12% | Reduce -65.6% | 56,000 | $8.69M | $155.21 | |
| 95 | TRU | TRANSUNION | 0.12% | - | 94,500 | $8.51M | $90.00 | |
| 96 | OTIS | OTIS WORLDWIDE CORP | 0.11% | Add +0.7% | 113,860 | $7.79M | $68.45 | |
| 97 | WFC | WELLS FARGO CO NEW | 0.11% | - | 195,450 | $7.64M | $39.07 | |
| 98 | LBTYA | LIBERTY GLOBAL PLC | 0.06% | - | 179,000 | $4.59M | $25.66 | |
| 99 | BALL | BALL CORP | 0.05% | - | 46,000 | $3.9M | $84.74 | |
| 100 | SHAK | SHAKE SHACK INC | 0.05% | - | 30,600 | $3.45M | $112.75 | |
| 101 | GHC | GRAHAM HLDGS CO | 0.04% | - | 5,200 | $2.93M | $562.50 | |
| 102 | Y | ALLEGHANY CORP DEL | 0.04% | - | 4,328 | $2.71M | No quote | No quote |
| 103 | WRB | BERKLEY W R CORP | 0.03% | - | 27,000 | $2.03M | $75.33 | |
| 104 | OI | O-I GLASS INC | 0.02% | Reduce -74.7% | 120,000 | $1.77M | No quote | No quote |
| 105 | ILMN | ILLUMINA INC | 0.02% | - | 4,000 | $1.54M | $384.00 | |
| 106 | C | CITIGROUP INC | 0.02% | - | 20,620 | $1.5M | $72.74 | |
| 107 | DHI | D R HORTON INC | 0.02% | - | 13,999 | $1.25M | $89.15 | |
| 108 | LEN/B | LENNAR CORPCUSIP 526057302 | 0.01% | - | 13,000 | $1.07M | No quote | No quote |
| 109 | EMN | EASTMAN CHEM CO | 0.01% | Add +50.0% | 9,000 | $991K | $110.11 | |
| 110 | LAMR | LAMAR ADVERTISING CO | 0.01% | - | 8,500 | $798K | $93.88 | |
| 111 | TWTR | TWITTER INC | 0.01% | - | 8,500 | $541K | No quote | No quote |
| 112 | MTCH | MATCH GROUP INC NEW | 0.01% | - | 3,560 | $489K | $137.36 | |
| 113 | LMT | LOCKHEED MARTIN CORP | 0.01% | New | 1,293 | $478K | $369.68 | |
| 114 | PYPL | PAYPAL HLDGS INC | 0.01% | - | 1,830 | $444K | $242.62 | |
| 115 | IAC | IAC INTERACTIVECORP | 0.01% | - | 1,954 | $423K | $216.48 | |
| 116 | CE | CELANESE CORP DEL | 0.01% | New | 2,400 | $360K | $150.00 | |
| 117 | ICE | INTERCONTINENTAL EXC | 0.00% | New | 2,320 | $259K | $111.64 | |
| 118 | ALL | ALLSTATE CORP | 0.00% | - | 2,000 | $230K | $115.00 | |
| 119 | GWRE | GUIDEWIRE SOFTWARE I | - | Sold | 0 | $0 | No quote | No quote |