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 107 of 126 rows. Rows without a quote are marked unavailable.
| 1 | BRK/A | BERKSHIRE HATHAWAY ICUSIP 084670108 | 5.90% | - | 1,114 | $466.32M | No quote | No quote |
| 2 | BAM | BROOKFIELD ASSET MGM | 5.62% | Add +0.1% | 8,715,741 | $444.33M | $50.98 | No quote |
| 3 | BRK/B | BERKSHIRE HATHAWAY ICUSIP 084670702 | 5.39% | - | 1,531,971 | $425.77M | No quote | No quote |
| 4 | GOOG | ALPHABET INC | 4.36% | - | 137,493 | $344.6M | $2506.32 | |
| 5 | AMZN | AMAZON COM INC | 4.29% | Add +0.1% | 98,518 | $338.92M | $3440.15 | |
| 6 | DIS | DISNEY WALT CO | 4.15% | Add +0.0% | 1,864,165 | $327.67M | $175.77 | |
| 7 | HD | HOME DEPOT INC | 3.71% | - | 920,000 | $293.38M | $318.89 | |
| 8 | DE | DEERE & CO | 3.37% | - | 755,800 | $266.58M | $352.71 | |
| 9 | DEO | DIAGEO PLC | 3.28% | - | 1,350,208 | $258.82M | $191.69 | |
| 10 | V | VISA INC | 2.84% | Add +0.0% | 958,040 | $224.01M | $233.82 | |
| 11 | BLK | BLACKROCK INC | 2.44% | - | 220,200 | $192.67M | $874.97 | |
| 12 | AAPL | APPLE INC | 2.08% | - | 1,198,540 | $164.15M | $136.96 | |
| 13 | ADI | ANALOG DEVICES INC | 1.94% | Add +0.6% | 891,411 | $153.47M | $172.16 | |
| 14 | TXN | TEXAS INSTRS INC | 1.76% | - | 724,000 | $139.23M | $192.30 | |
| 15 | GS | GOLDMAN SACHS GROUP | 1.65% | Add +0.1% | 343,860 | $130.51M | $379.53 | |
| 16 | MSFT | MICROSOFT CORP | 1.65% | Add +0.1% | 479,980 | $130.03M | $270.90 | |
| 17 | RLI | RLI CORP | 1.59% | - | 1,197,272 | $125.22M | $104.59 | |
| 18 | BX | BLACKSTONE GROUP INC | 1.51% | - | 1,229,000 | $119.39M | $97.14 | |
| 19 | WSO | WATSCO INC | 1.48% | Add +0.7% | 406,500 | $116.52M | $286.64 | |
| 20 | LOW | LOWES COS INC | 1.45% | Add +0.1% | 588,980 | $114.24M | $193.97 | |
| 21 | JNJ | JOHNSON & JOHNSON | 1.27% | - | 610,800 | $100.62M | $164.74 | |
| 22 | NVO | NOVO-NORDISK A S | 1.14% | - | 1,075,000 | $90.05M | $83.77 | |
| 23 | ADM | ARCHER DANIELS MIDLA | 1.12% | - | 1,463,300 | $88.68M | $60.60 | |
| 24 | MMC | MARSH & MCLENNAN COS | 1.09% | - | 609,500 | $85.75M | No quote | No quote |
| 25 | KKR | KKR & CO INC | 1.06% | Add +0.6% | 1,407,800 | $83.4M | $59.24 | |
| 26 | AXP | AMERICAN EXPRESS CO | 1.01% | Add +0.0% | 484,250 | $80.01M | $165.23 | |
| 27 | SCHW | SCHWAB CHARLES CORP | 1.01% | - | 1,095,300 | $79.75M | $72.81 | |
| 28 | MCO | MOODYS CORP | 0.97% | - | 211,240 | $76.55M | $362.37 | |
| 29 | MA | MASTERCARD INCORPORA | 0.96% | Add +0.1% | 207,540 | $75.77M | $365.09 | |
| 30 | ITW | ILLINOIS TOOL WKS IN | 0.93% | - | 327,500 | $73.22M | $223.56 | |
| 31 | MSCI | MSCI INC | 0.92% | - | 137,000 | $73.03M | $533.08 | |
| 32 | GD | GENERAL DYNAMICS COR | 0.92% | - | 387,000 | $72.86M | $188.26 | |
| 33 | PGR | PROGRESSIVE CORP | 0.86% | Add +0.2% | 693,300 | $68.09M | $98.21 | |
| 34 | ECL | ECOLAB INC | 0.81% | - | 309,300 | $63.71M | $205.97 | |
| 35 | APO | APOLLO GLOBAL MGMT I | 0.80% | - | 1,012,500 | $62.98M | $62.20 | |
| 36 | CAT | CATERPILLAR INC | 0.79% | - | 287,500 | $62.57M | $217.63 | |
| 37 | TROW | PRICE T ROWE GROUP I | 0.79% | - | 314,000 | $62.16M | $197.97 | |
| 38 | SPGI | S&P GLOBAL INC | 0.77% | Add +0.2% | 148,540 | $60.97M | $410.45 | |
| 39 | NSC | NORFOLK SOUTHN CORP | 0.77% | - | 229,500 | $60.91M | $265.41 | |
| 40 | WHR | WHIRLPOOL CORP | 0.76% | Add +1.0% | 276,849 | $60.36M | $218.02 | |
| 41 | BF/A | BROWN FORMAN CORPCUSIP 115637100 | 0.75% | - | 843,000 | $59.43M | No quote | No quote |
| 42 | SBUX | STARBUCKS CORP | 0.75% | Add +0.1% | 528,318 | $59.07M | $111.81 | |
| 43 | CG | CARLYLE GROUP INC | 0.72% | Add +0.2% | 1,224,000 | $56.89M | $46.48 | |
| 44 | NKE | NIKE INC | 0.72% | - | 366,000 | $56.54M | $154.49 | |
| 45 | CFX | COLFAX CORP | 0.66% | - | 1,135,070 | $52M | No quote | No quote |
| 46 | META | FACEBOOK INC | 0.65% | Add +0.8% | 147,803 | $51.39M | $347.71 | |
| 47 | MMM | 3M CO | 0.61% | Add +1.1% | 240,700 | $47.81M | $198.63 | |
| 48 | NVR | NVR INC | 0.60% | Add +0.1% | 9,539 | $47.44M | $4973.27 | |
| 49 | ACN | ACCENTURE PLC IRELAN | 0.59% | - | 159,400 | $46.99M | $294.79 | |
| 50 | HEI/A | HEICO CORP NEWCUSIP 422806208 | 0.54% | - | 343,144 | $42.61M | No quote | No quote |
| 51 | ROL | ROLLINS INC | 0.54% | - | 1,243,275 | $42.52M | $34.20 | |
| 52 | SRCL | STERICYCLE INC | 0.54% | - | 593,700 | $42.48M | No quote | No quote |
| 53 | MHK | MOHAWK INDS INC | 0.54% | - | 221,000 | $42.47M | $192.19 | |
| 54 | ROK | ROCKWELL AUTOMATION | 0.51% | - | 142,100 | $40.64M | $286.02 | |
| 55 | FDS | FACTSET RESH SYS INC | 0.50% | - | 116,720 | $39.17M | $335.61 | |
| 56 | REGN | REGENERON PHARMACEUT | 0.47% | Add +46.8% | 66,800 | $37.31M | $558.53 | |
| 57 | ITIC | INVESTORS TITLE CO N | 0.47% | - | 213,300 | $37.25M | $174.63 | |
| 58 | BF/B | BROWN FORMAN CORPCUSIP 115637209 | 0.45% | - | 474,187 | $35.54M | No quote | No quote |
| 59 | LBRDA | LIBERTY BROADBAND CO | 0.44% | - | 205,250 | $34.52M | $168.17 | |
| 60 | JPM | JPMORGAN CHASE & CO | 0.43% | - | 216,550 | $33.68M | $155.54 | |
| 61 | GOOGL | ALPHABET INC | 0.39% | - | 12,500 | $30.52M | $2441.76 | |
| 62 | CMCSA | COMCAST CORP NEW | 0.38% | Add +0.5% | 528,280 | $30.12M | $57.02 | |
| 63 | LBRDK | LIBERTY BROADBAND CO | 0.38% | - | 172,113 | $29.89M | $173.66 | |
| 64 | EFX | EQUIFAX INC | 0.37% | - | 122,100 | $29.24M | $239.51 | |
| 65 | ATVI | ACTIVISION BLIZZARD | 0.37% | Add +7.4% | 306,100 | $29.21M | No quote | No quote |
| 66 | TSN | TYSON FOODS INC | 0.35% | - | 376,500 | $27.77M | $73.76 | |
| 67 | CVS | CVS HEALTH CORP | 0.35% | - | 332,000 | $27.7M | $83.44 | |
| 68 | LIN | LINDE PLC | 0.35% | - | 94,400 | $27.29M | $289.10 | |
| 69 | MXIM | MAXIM INTEGRATED PRO | 0.34% | - | 252,000 | $26.55M | No quote | No quote |
| 70 | SEIC | SEI INVTS CO | 0.34% | - | 427,200 | $26.47M | $61.97 | |
| 71 | HCSG | HEALTHCARE SVCS GROU | 0.33% | Add +4.7% | 819,000 | $25.86M | $31.57 | |
| 72 | SHW | SHERWIN WILLIAMS CO | 0.32% | Add +0.4%3:1 split | 94,172 | $25.66M | $272.45 | |
| 73 | LSXMK | LIBERTY MEDIA CORP D | 0.31% | - | 522,000 | $24.22M | No quote | No quote |
| 74 | IFF | INTERNATIONAL FLAVOR | 0.29% | - | 156,000 | $23.31M | $149.40 | |
| 75 | LSXMA | LIBERTY MEDIA CORP D | 0.25% | - | 426,000 | $19.84M | No quote | No quote |
| 76 | RTX | RAYTHEON TECHNOLOGIE | 0.24% | - | 224,000 | $19.11M | $85.31 | |
| 77 | UNP | UNION PAC CORP | 0.24% | - | 85,778 | $18.87M | $219.93 | |
| 78 | BK | BANK NEW YORK MELLON | 0.23% | - | 357,750 | $18.33M | $51.23 | |
| 79 | CSCO | CISCO SYS INC | 0.23% | - | 342,000 | $18.13M | $53.00 | |
| 80 | PAYX | PAYCHEX INC | 0.20% | - | 150,000 | $16.1M | $107.30 | |
| 81 | COST | COSTCO WHSL CORP NEW | 0.20% | - | 39,150 | $15.49M | $395.68 | |
| 82 | TRUP | TRUPANION INC | 0.19% | Add +0.1% | 133,400 | $15.36M | $115.10 | |
| 83 | PEP | PEPSICO INC | 0.18% | - | 96,210 | $14.26M | $148.17 | |
| 84 | AMT | AMERICAN TOWER CORP | 0.18% | Add +0.3% | 51,910 | $14.02M | $270.14 | |
| 85 | VRSK | VERISK ANALYTICS INC | 0.16% | - | 74,000 | $12.93M | $174.73 | |
| 86 | ALB | ALBEMARLE CORP | 0.16% | - | 76,000 | $12.8M | $168.46 | |
| 87 | CCK | CROWN HLDGS INC | 0.15% | - | 116,000 | $11.86M | $102.21 | |
| 88 | HXL | HEXCEL CORP NEW | 0.15% | - | 189,000 | $11.79M | $62.40 | |
| 89 | PM | PHILIP MORRIS INTL I | 0.14% | - | 114,500 | $11.35M | $99.11 | |
| 90 | CARR | CARRIER GLOBAL CORPO | 0.14% | - | 224,000 | $10.89M | $48.60 | |
| 91 | AON | AON PLC | 0.14% | Add +8.2% | 44,900 | $10.72M | $238.75 | |
| 92 | TRU | TRANSUNION | 0.13% | - | 94,500 | $10.38M | $109.81 | |
| 93 | CABO | CABLE ONE INC | 0.13% | - | 5,200 | $9.95M | $1912.88 | |
| 94 | OTIS | OTIS WORLDWIDE CORP | 0.12% | Add +0.7% | 114,620 | $9.37M | $81.77 | |
| 95 | WFC | WELLS FARGO CO NEW | 0.11% | - | 195,450 | $8.85M | $45.29 | |
| 96 | MCHP | MICROCHIP TECHNOLOGY | 0.11% | - | 56,000 | $8.39M | $149.73 | |
| 97 | TPL | TEXAS PACIFIC LAND C | 0.09% | New | 4,500 | $7.2M | No quote | No quote |
| 98 | LBTYA | LIBERTY GLOBAL PLC | 0.06% | - | 179,000 | $4.86M | $27.16 | |
| 99 | MRVL | MARVELL TECHNOLOGY INC | 0.05% | New | 69,000 | $4.03M | $58.33 | |
| 100 | MTSI | MACOM TECH SOLUTIONS | 0.05% | New | 59,000 | $3.78M | $64.08 | |
| 101 | BALL | BALL CORP | 0.05% | - | 46,000 | $3.73M | $81.02 | |
| 102 | GHC | GRAHAM HLDGS CO | 0.04% | - | 5,200 | $3.3M | $633.85 | |
| 103 | SHAK | SHAKE SHACK INC | 0.04% | - | 30,600 | $3.28M | $107.03 | |
| 104 | BAMR | BROOKFIELD ASSET MGMT REINS | 0.04% | New | 60,102 | $3.13M | No quote | No quote |
| 105 | Y | ALLEGHANY CORP DEL | 0.04% | - | 4,328 | $2.89M | No quote | No quote |
| 106 | WRB | BERKLEY W R CORP | 0.03% | - | 27,000 | $2.01M | $74.44 | |
| 107 | OI | O-I GLASS INC | 0.02% | - | 120,000 | $1.96M | No quote | No quote |
| 108 | ILMN | ILLUMINA INC | 0.02% | - | 4,000 | $1.89M | $473.25 | |
| 109 | C | CITIGROUP INC | 0.02% | Add +1.9% | 21,020 | $1.49M | $70.74 | |
| 110 | EMN | EASTMAN CHEM CO | 0.02% | Add +33.3% | 12,000 | $1.4M | $116.75 | |
| 111 | DHI | D R HORTON INC | 0.02% | - | 13,999 | $1.27M | $90.36 | |
| 112 | LMT | LOCKHEED MARTIN CORP | 0.01% | Add +117.6% | 2,813 | $1.06M | $378.24 | |
| 113 | LEN/B | LENNAR CORPCUSIP 526057302 | 0.01% | - | 13,000 | $1.06M | No quote | No quote |
| 114 | LAMR | LAMAR ADVERTISING CO | 0.01% | - | 8,500 | $888K | $104.47 | |
| 115 | CE | CELANESE CORP DEL | 0.01% | Add +100.0% | 4,800 | $728K | $151.67 | |
| 116 | TWTR | TWITTER INC | 0.01% | Add +23.5% | 10,500 | $723K | No quote | No quote |
| 117 | MTCH | MATCH GROUP INC NEW | 0.01% | - | 3,560 | $574K | $161.24 | |
| 118 | PYPL | PAYPAL HLDGS INC | 0.01% | - | 1,830 | $533K | $291.26 | |
| 119 | ICE | INTERCONTINENTAL EXC | 0.01% | Add +77.6% | 4,120 | $489K | $118.69 | |
| 120 | CRM | SALESFORCE COM INC | 0.01% | New | 1,753 | $428K | $244.15 | |
| 121 | ROP | ROPER TECHNOLOGIES I | 0.00% | New | 820 | $386K | $470.73 | |
| 122 | IAC | IAC INTERACTIVECORP | 0.00% | Add +25.6% | 2,454 | $378K | $154.03 | |
| 123 | WIX | WIX COM LTD | 0.00% | New | 1,200 | $348K | $290.00 | |
| 124 | ALL | ALLSTATE CORP | 0.00% | - | 2,000 | $261K | $130.50 | |
| 125 | NFLX | NETFLIX INC | 0.00% | New | 430 | $227K | $527.91 | |
| 126 | EA | ELECTRONIC ARTS INC | - | Sold | 0 | $0 | No quote | No quote |