Thomas Gayner - Markel Asset Management
As of Q3 2026, Thomas Gayner reported 145 long-equity positions worth $12.84B in aggregate.
Copy-investor backtest
- Latest quarter
- -0.60%
- 1-year
- +11.38%
- 3-year
- +43.89%
- 5-year
- +41.20%
- 3-year vs S&P 500
- -25.24%
- 5-year vs S&P 500
- -29.59%
- 5-year top 5
- +41.82%
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 2026-09-19 from SEC 13F data.
Live quotes available for 108 of 130 rows. Rows without a quote are marked unavailable.
| 1 | BAM | BROOKFIELD ASSET MGM | 6.02% | - | 8,715,741 | $526.26M | $60.38 | No quote |
| 2 | BRK-A | BERKSHIRE HATHAWAY I | 5.75% | - | 1,114 | $502.04M | $450661.58 | |
| 3 | BRK-B | BERKSHIRE HATHAWAY I | 5.24% | - | 1,531,971 | $458.06M | $299.00 | |
| 4 | GOOG | ALPHABET INC | 4.55% | - | 137,493 | $397.85M | $2893.59 | |
| 5 | HD | HOME DEPOT INC | 4.37% | - | 920,000 | $381.81M | $415.01 | |
| 6 | AMZN | AMAZON COM INC | 3.76% | - | 98,518 | $328.49M | $3334.34 | |
| 7 | DEO | DIAGEO PLC | 3.40% | - | 1,350,208 | $297.23M | $220.14 | |
| 8 | DIS | DISNEY WALT CO | 3.33% | Add +0.9% | 1,880,165 | $291.22M | $154.89 | |
| 9 | DE | DEERE & CO | 2.97% | - | 755,800 | $259.16M | $342.89 | |
| 10 | AAPL | APPLE INC | 2.44% | - | 1,198,540 | $212.83M | $177.57 | |
| 11 | V | VISA INC | 2.38% | - | 958,040 | $207.62M | $216.71 | |
| 12 | BLK | BLACKROCK INC | 2.31% | - | 220,200 | $201.61M | $915.56 | |
| 13 | ADI | ANALOG DEVICES INC | 2.14% | Add +0.5% | 1,062,671 | $186.79M | $175.77 | |
| 14 | MSFT | MICROSOFT CORP | 1.85% | - | 479,980 | $161.43M | $336.32 | |
| 15 | BX | BLACKSTONE INC | 1.82% | - | 1,229,000 | $159.02M | $129.39 | |
| 16 | LOW | LOWES COS INC | 1.74% | - | 588,980 | $152.24M | $258.48 | |
| 17 | TXN | TEXAS INSTRS INC | 1.56% | - | 724,000 | $136.45M | $188.47 | |
| 18 | RLI | RLI CORP | 1.54% | - | 1,197,272 | $134.21M | $112.10 | |
| 19 | GS | GOLDMAN SACHS GROUP | 1.51% | - | 343,860 | $131.54M | $382.55 | |
| 20 | WSO | WATSCO INC | 1.50% | Add +1.1% | 418,750 | $131.02M | $312.88 | |
| 21 | NVO | NOVO-NORDISK A S | 1.38% | - | 1,075,000 | $120.4M | $112.00 | |
| 22 | MMC | MARSH & MCLENNAN COS | 1.21% | - | 609,500 | $105.94M | No quote | No quote |
| 23 | KKR | KKR & CO INC | 1.21% | Add +0.1% | 1,417,300 | $105.59M | $74.50 | |
| 24 | JNJ | JOHNSON & JOHNSON | 1.20% | - | 610,800 | $104.49M | $171.07 | |
| 25 | ADM | ARCHER DANIELS MIDLA | 1.13% | - | 1,463,300 | $98.9M | $67.59 | |
| 26 | SCHW | SCHWAB CHARLES CORP | 1.05% | - | 1,095,300 | $92.11M | $84.10 | |
| 27 | MSCI | MSCI INC | 0.96% | - | 137,000 | $83.94M | $612.69 | |
| 28 | MCO | MOODYS CORP | 0.94% | - | 211,240 | $82.51M | $390.58 | |
| 29 | ITW | ILLINOIS TOOL WKS IN | 0.93% | - | 327,500 | $80.83M | $246.80 | |
| 30 | GD | GENERAL DYNAMICS COR | 0.92% | - | 387,000 | $80.68M | $208.47 | |
| 31 | AXP | AMERICAN EXPRESS CO | 0.91% | - | 484,250 | $79.22M | $163.60 | |
| 32 | MA | MASTERCARD INCORPORA | 0.85% | - | 207,540 | $74.57M | $359.32 | |
| 33 | PGR | PROGRESSIVE CORP | 0.85% | Add +2.6% | 721,000 | $74.01M | $102.65 | |
| 34 | APO | APOLLO GLOBAL MGMT I | 0.84% | - | 1,012,500 | $73.34M | $72.43 | |
| 35 | ECL | ECOLAB INC | 0.83% | - | 309,300 | $72.56M | $234.59 | |
| 36 | SPGI | S&P GLOBAL INC | 0.80% | - | 148,540 | $70.1M | $471.93 | |
| 37 | NSC | NORFOLK SOUTHN CORP | 0.78% | - | 229,500 | $68.33M | $297.71 | |
| 38 | CG | CARLYLE GROUP INC | 0.78% | Add +0.2% | 1,237,000 | $67.91M | $54.90 | |
| 39 | WHR | WHIRLPOOL CORP | 0.76% | Add +0.4% | 282,049 | $66.19M | $234.66 | |
| 40 | ACN | ACCENTURE PLC IRELAN | 0.76% | - | 159,400 | $66.08M | $414.55 | |
| 41 | SBUX | STARBUCKS CORP | 0.71% | - | 528,318 | $61.8M | $116.97 | |
| 42 | TROW | PRICE T ROWE GROUP I | 0.71% | - | 314,000 | $61.74M | $196.64 | |
| 43 | NKE | NIKE INC | 0.70% | - | 366,000 | $61M | $166.67 | |
| 44 | CAT | CATERPILLAR INC | 0.68% | - | 287,500 | $59.44M | $206.74 | |
| 45 | BF-A | BROWN FORMAN CORP | 0.65% | - | 843,000 | $57.15M | $67.79 | |
| 46 | FDS | FACTSET RESH SYS INC | 0.65% | - | 116,720 | $56.73M | $486.01 | |
| 47 | NVR | NVR INC | 0.65% | - | 9,539 | $56.37M | $5908.90 | |
| 48 | ROK | ROCKWELL AUTOMATION | 0.60% | Add +2.0% | 150,900 | $52.64M | $348.85 | |
| 49 | CFX | COLFAX CORP | 0.60% | - | 1,135,070 | $52.18M | No quote | No quote |
| 50 | REGN | REGENERON PHARMACEUT | 0.57% | Add +6.7% | 79,300 | $50.08M | $631.53 | |
| 51 | META | FACEBOOK INC | 0.57% | - | 147,803 | $49.71M | $336.35 | |
| 52 | MMM | 3M CO | 0.51% | Add +2.4% | 253,200 | $44.98M | $177.63 | |
| 53 | HEI-A | HEICO CORP NEW | 0.50% | - | 343,144 | $44.1M | $128.52 | |
| 54 | - | HAGERTY INCCUSIP 405166909 | 0.49% | New | 3,000,000 | $42.54M | No quote | No quote |
| 55 | ROL | ROLLINS INC | 0.49% | - | 1,243,275 | $42.53M | $34.21 | |
| 56 | ITIC | INVESTORS TITLE CO N | 0.48% | - | 213,300 | $42.05M | $197.15 | |
| 57 | MHK | MOHAWK INDS INC | 0.46% | - | 221,000 | $40.26M | $182.18 | |
| 58 | GOOGL | ALPHABET INC | 0.44% | Add +6.0% | 13,250 | $38.39M | $2897.06 | |
| 59 | EFX | EQUIFAX INC | 0.41% | - | 122,100 | $35.75M | $292.79 | |
| 60 | SRCL | STERICYCLE INC | 0.41% | - | 593,700 | $35.41M | No quote | No quote |
| 61 | BF-B | BROWN FORMAN CORP | 0.40% | - | 474,187 | $34.55M | $72.86 | |
| 62 | JPM | JPMORGAN CHASE & CO | 0.39% | - | 216,550 | $34.29M | $158.35 | |
| 63 | CVS | CVS HEALTH CORP | 0.39% | - | 332,000 | $34.25M | $103.16 | |
| 64 | SHW | SHERWIN WILLIAMS CO | 0.38% | - | 94,172 | $33.16M | $352.16 | |
| 65 | LBRDA | LIBERTY BROADBAND CO | 0.38% | - | 205,250 | $33.03M | $160.90 | |
| 66 | TSN | TYSON FOODS INC | 0.38% | - | 376,500 | $32.82M | $87.16 | |
| 67 | LIN | LINDE PLC | 0.37% | - | 94,400 | $32.7M | $346.43 | |
| 68 | ATVI | ACTIVISION BLIZZARD | 0.35% | Add +35.2% | 453,600 | $30.18M | No quote | No quote |
| 69 | LBRDK | LIBERTY BROADBAND CO | 0.32% | - | 172,113 | $27.73M | $161.10 | |
| 70 | CMCSA | COMCAST CORP NEW | 0.31% | Add +0.8% | 532,280 | $26.79M | $50.33 | |
| 71 | LSXMK | LIBERTY MEDIA CORP D | 0.30% | - | 522,000 | $26.54M | No quote | No quote |
| 72 | SEIC | SEI INVTS CO | 0.30% | - | 431,200 | $26.28M | $60.94 | |
| 73 | COST | COSTCO WHSL CORP NEW | 0.25% | - | 39,150 | $22.23M | $567.69 | |
| 74 | CSCO | CISCO SYS INC | 0.25% | - | 342,000 | $21.67M | $63.37 | |
| 75 | LSXMA | LIBERTY MEDIA CORP D | 0.25% | - | 426,000 | $21.66M | No quote | No quote |
| 76 | UNP | UNION PAC CORP | 0.25% | - | 85,778 | $21.61M | $251.93 | |
| 77 | BK | BANK NEW YORK MELLON | 0.24% | - | 357,750 | $20.78M | $58.08 | |
| 78 | PAYX | PAYCHEX INC | 0.23% | - | 150,000 | $20.48M | $136.50 | |
| 79 | HCSG | HEALTHCARE SVCS GROU | 0.23% | Add +33.8% | 1,128,500 | $20.08M | $17.79 | |
| 80 | RTX | RAYTHEON TECHNOLOGIE | 0.22% | - | 224,000 | $19.28M | $86.06 | |
| 81 | ALB | ALBEMARLE CORP | 0.20% | - | 76,000 | $17.77M | $233.78 | |
| 82 | TRUP | TRUPANION INC | 0.20% | - | 133,400 | $17.61M | $132.03 | |
| 83 | AON | AON PLC | 0.20% | Add +12.6% | 58,100 | $17.46M | $300.57 | |
| 84 | VRSK | VERISK ANALYTICS INC | 0.19% | - | 74,000 | $16.93M | $228.73 | |
| 85 | PEP | PEPSICO INC | 0.19% | - | 96,210 | $16.71M | $173.71 | |
| 86 | DG | DOLLAR GEN CORP NEW | 0.19% | Add +87.3% | 69,750 | $16.45M | $235.83 | |
| 87 | AMT | AMERICAN TOWER CORP | 0.17% | - | 51,910 | $15.18M | $292.51 | |
| 88 | CCK | CROWN HLDGS INC | 0.15% | - | 116,000 | $12.83M | $110.62 | |
| 89 | CARR | CARRIER GLOBAL CORPO | 0.15% | Add +1.9% | 235,000 | $12.75M | $54.24 | |
| 90 | TRU | TRANSUNION | 0.13% | - | 94,500 | $11.21M | $118.58 | |
| 91 | PM | PHILIP MORRIS INTL I | 0.12% | - | 114,500 | $10.88M | $95.00 | |
| 92 | OTIS | OTIS WORLDWIDE CORP | 0.11% | - | 114,620 | $9.98M | $87.07 | |
| 93 | TPL | TEXAS PACIFIC LAND C | 0.11% | Add +14.5% | 7,900 | $9.87M | No quote | No quote |
| 94 | HXL | HEXCEL CORP NEW | 0.11% | - | 189,000 | $9.79M | $51.80 | |
| 95 | MCHP | MICROCHIP TECHNOLOGY | 0.11% | -2:1 split | 112,000 | $9.75M | $87.06 | |
| 96 | WFC | WELLS FARGO CO NEW | 0.11% | - | 195,450 | $9.38M | $47.98 | |
| 97 | CABO | CABLE ONE INC | 0.10% | - | 5,200 | $9.17M | $1763.46 | |
| 98 | MRVL | MARVELL TECHNOLOGY I | 0.07% | - | 69,000 | $6.04M | $87.49 | |
| 99 | LBTYA | LIBERTY GLOBAL PLC | 0.06% | - | 179,000 | $4.97M | $27.74 | |
| 100 | ALL | ALLSTATE CORP | 0.05% | Add +623.6% | 39,800 | $4.68M | $117.64 | |
| 101 | MTSI | MACOM TECH SOLUTIONS | 0.05% | - | 59,000 | $4.62M | $78.31 | |
| 102 | FDX | FEDEX CORP | 0.05% | New | 17,500 | $4.53M | $258.63 | |
| 103 | BALL | BALL CORP | 0.05% | - | 46,000 | $4.43M | $96.26 | |
| 104 | BAMR | BROOKFIELD ASSET MGM | 0.04% | - | 60,101 | $3.76M | No quote | No quote |
| 105 | IFF | INTERNATIONAL FLAVOR | 0.04% | Reduce -71.8% | 23,000 | $3.47M | $150.65 | |
| 106 | GHC | GRAHAM HLDGS CO | 0.04% | - | 5,200 | $3.28M | $629.81 | |
| 107 | LMT | LOCKHEED MARTIN CORP | 0.04% | Add +24.6% | 9,113 | $3.24M | $355.43 | |
| 108 | Y | ALLEGHANY CORP MD | 0.03% | - | 4,328 | $2.89M | No quote | No quote |
| 109 | OI | O-I GLASS INC | 0.03% | Add +100.0% | 240,000 | $2.89M | No quote | No quote |
| 110 | HGTYWS | HAGERTY INC | 0.03% | New | 540,000 | $2.37M | No quote | No quote |
| 111 | WRB | BERKLEY W R CORP | 0.03% | - | 27,000 | $2.23M | $82.41 | |
| 112 | SHAK | SHAKE SHACK INC | 0.03% | - | 30,600 | $2.21M | $72.16 | |
| 113 | EMN | EASTMAN CHEM CO | 0.02% | Add +8.7% | 17,450 | $2.11M | $120.92 | |
| 114 | INTU | INTUIT | 0.02% | Add +33.3% | 2,720 | $1.75M | $643.38 | |
| 115 | LAMR | LAMAR ADVERTISING CO | 0.01% | - | 8,500 | $1.03M | $121.29 | |
| 116 | CE | CELANESE CORP DEL | 0.01% | - | 4,800 | $807K | $168.13 | |
| 117 | ICE | INTERCONTINENTAL EXC | 0.01% | Add +24.3% | 5,120 | $700K | $136.72 | |
| 118 | SPOT | SPOTIFY TECHNOLOGY S | 0.01% | Add +202.1% | 2,900 | $679K | $234.14 | |
| 119 | CSGP | COSTAR GROUP INC | 0.00% | New | 3,100 | $245K | $79.03 | |
| 120 | TMO | THERMO FISHER SCIENT | 0.00% | New | 300 | $200K | $666.67 | |
| 130 | TWTR | TWITTER INC | - | Sold | 0 | $0 | No quote | No quote |
| 129 | CRM | SALESFORCE COM INC | - | Sold | 0 | $0 | No quote | No quote |
| 128 | ROP | ROPER TECHNOLOGIES I | - | Sold | 0 | $0 | No quote | No quote |
| 127 | PYPL | PAYPAL HLDGS INC | - | Sold | 0 | $0 | No quote | No quote |
| 126 | MTCH | MATCH GROUP INC NEW | - | Sold | 0 | $0 | No quote | No quote |
| 125 | LEN-B | LENNAR CORP | - | Sold | 0 | $0 | No quote | No quote |
| 124 | ILMN | ILLUMINA INC | - | Sold | 0 | $0 | No quote | No quote |
| 123 | IAC | IAC INTERACTIVECORP | - | Sold | 0 | $0 | No quote | No quote |
| 122 | DHI | D R HORTON INC | - | Sold | 0 | $0 | No quote | No quote |
| 121 | C | CITIGROUP INC | - | Sold | 0 | $0 | No quote | No quote |