
	Tom Gayner 13F
	Markel Gayner Asset Management Corp

	Last update 2026-07-31	131 Stocks (3 new)
	Value $13.13 Bil	Turnover 1 %
	Countries: Top Holdings: GOOG(7.40%)BRK.A(6.35%)BRK.B(5.84%)DE(4.24%)BN(4.24%) SEC Filings

Tom Gayner Profile

Thomas Gayner is Co-Chief Executive Officer of Markel Corporation. He oversees the investing activities for the company, as well as the Markel Ventures diverse industrial and service businesses. Gayner joined Markel in 1990 to form Markel Gayner Asset Management which provided equity investment counsel for Markel Corporation as well as outside clients.
Prior to joining Markel, Mr. Gayner served as vice president of Davenport & Co of Virginia and as a Certified Public Accountant with PriceWaterhouseCoopers LLP.
Gayner serves as the Chairman of the Board of the Davis Series Mutual Funds and on the boards of the Colfax Corporation, Graham Holdings, Cable One and Markel. He is a trustee of The Community Foundation of Richmond, Bon Secours Health System, and a member of the Investment Advisory Committee of the Virginia Retirement System. He is a graduate of the University of Virginia and The Lawrenceville School.

Tom Gayner Investing Philosophy

Gayner outlined in Markel's 2019 Letter to Shareholders a four-part discipline:
First, Markel looks for businesses earning good rates of return that use only modest leverage to do so.
Second, the firm looks for management teams with equal measure of talent and integrity.
Third, Markel looks for businesses with opportunities to reinvest its capital and grow organically or by acquisition, and/or with capital discipline to repurchase shares or pay dividends.
And fourth, the firm looks to acquire these holdings at fair prices: The long term returns should be similar to the underlying growth in intrinsic value of the company itself.

Tom Gayner Portfolio and Latest Trades

* When viewing the latest picks, trades are first grouped by date (with the most recent shown first) and then sorted within each date group based on the selected field.

* The transaction information on this page (share changes) is calculated by comparing the latest transaction with the most recent filing—13F, 13D/G, or Form 4—whichever is filed most recently. This may differ from the values shown on the Insider page.

Ticker
Ticker
MELI
EPD
FNV
SMG
META
ADI
WSO
CMCSA
LIN
ZTS
UNH
APD
V
CSX
FERG
LOW
MAR
NFLX
TMO
UNP
WY
CP
XOM
HCA
HD
OTIS
ROL
SCHW
SUNB
TSN
NVR
UFPI
SUNB
SPGI
TGT
CHH
MELI
EPD
FNV
CSX
FDS
LIN
NSC
TMO
UNP
UNH
YUM
APD
AMAT
CNI
CP
CME
CCK
XOM
FERG
HCA
HSY
HII
NSP
ICE
LAMR
LOW
MAR
MSFT
ODFL
SCHW
V
WSO
ABNB
AXP
AON
BNY
BRO
BC
CBOE
DEO
LMT
MRSH
NVR
ROL
TSN
UBER
WY
TRU
FDX
ADI
NVO
META
FNV
ODFL
TRU
CSX
XOM
MAR
NSC
ADBE
CBOE
CME
FERG
TMO

Ticker	Company	Date	Action	Impact %	Price Range	Price	Price Change from Avrg%	Comment	Current Shares	Share Change
Ticker	Company	Date	Action	Impact %	Price Range	Price	Price Change from Avrg%	Comment	Current Shares	Share Change
MELI	MercadoLibre Inc	2026-06-30	Add Add	+0.24%	● 1546.81 ($1708.09) 1872.12	$1,830.00	7.14%	Add 340.37%	24,000	18,550
EPD	Enterprise Products Partners LP	2026-06-30	Add Add	+0.10%	● 36.09 ($37.73) 39.8	$38.05	0.85%	Add 181.68%	569,000	367,000
FNV	Franco-Nevada Corp	2026-06-30	Add Add	+0.10%	● 207.26 ($233.31) 265.17	$231.08	-0.96%	Add 9.17%	773,500	65,000
SMG	The Scotts Miracle Gro Co	2026-06-30	Sold Out Sold Out	-0.09%	● 56.33 ($61.92) 69.91	$62.06	0.23%	Sold Out	0	-168,000
META	Meta Platforms Inc	2026-06-30	Reduce Reduce	-0.07%	● 542.87 ($610.86) 688.55	$589.90	-3.43%	Reduce -5.69%	234,163	-14,140
ADI	Analog Devices Inc	2026-06-30	Reduce Reduce	-0.06%	● 318.14 ($394.57) 445.48	$377.31	-4.37%	Reduce -2.3%	999,671	-23,574
WSO	Watsco Inc	2026-06-30	Add Add	+0.05%	● 359.47 ($401.36) 456.86	$321.02	-20.02%	Add 2.68%	597,750	15,581
CMCSA	Comcast Corp	2026-06-30	Reduce Reduce	-0.04%	● 22.32 ($25.85) 31.64	$25.17	-2.63%	Reduce -16.61%	802,074	-159,806
LIN	Linde PLC	2026-06-30	Add Add	+0.04%	● 492.23 ($506.32) 523.57	$490.11	-3.20%	Add 5.38%	215,600	11,000
ZTS	Zoetis Inc	2026-06-30	New Buy New Buy	+0.04%	● 71.86 ($94.52) 122.72	$77.27	-18.25%	New holding	66,195	66,195
UNH	UnitedHealth Group Inc	2026-06-30	Sold Out Sold Out	-0.04%	● 270.59 ($369.06) 427.89	$403.97	9.46%	Sold Out	0	-18,700
APD	Air Products and Chemicals Inc	2026-06-30	Add Add	+0.03%	● 271.35 ($290.83) 306.2	$299.92	3.13%	Add 17.22%	88,500	13,000
V	Visa Inc	2026-06-30	Add Add	+0.03%	● 298.51 ($320.75) 343.09	$370.47	15.50%	Add 0.95%	1,013,912	9,581
CSX	CSX Corp	2026-06-30	Add Add	+0.02%	● 41.05 ($45.09) 48.01	$50.70	12.44%	Add 10.28%	584,500	54,500
FERG	Ferguson Enterprises Inc	2026-06-30	Add Add	+0.02%	● 219.95 ($241.13) 267.71	$253.37	5.08%	Add 5.57%	180,200	9,500
LOW	Lowe's Companies Inc	2026-06-30	Add Add	+0.02%	● 206.64 ($227.24) 253.29	$218.40	-3.89%	Add 1.83%	751,980	13,500
MAR	Marriott International Inc	2026-06-30	Add Add	+0.02%	● 327.07 ($368.11) 402.54	$359.67	-2.29%	Add 6.13%	99,500	5,750
NFLX	Netflix Inc	2026-06-30	New Buy New Buy	+0.02%	● 70.9 ($88.2) 107.79	$73.69	-16.45%	New holding	40,000	40,000
TMO	Thermo Fisher Scientific Inc	2026-06-30	Add Add	+0.02%	● 438.34 ($480.23) 531.67	$580.02	20.78%	Add 8.94%	73,100	6,000
UNP	Union Pacific Corp	2026-06-30	Add Add	+0.02%	● 242.62 ($262.26) 279.39	$295.38	12.63%	Add 7.15%	161,028	10,750
WY	Weyerhaeuser Co	2026-06-30	Add Add	+0.02%	● 22.68 ($24.29) 25.76	$25.45	4.78%	Add 585.71%	120,000	102,500
CP	Canadian Pacific Kansas City Ltd	2026-06-30	Add Add	+0.01%	● 78.02 ($85.57) 91.26	$90.25	5.47%	Add 22.69%	73,000	13,500
XOM	ExxonMobil Holdings Corp	2026-06-30	Add Add	+0.01%	● 136.06 ($149.98) 169.66	$154.84	3.24%	Add 19.36%	56,100	9,100
HCA	HCA Healthcare Inc	2026-06-30	Add Add	+0.01%	● 361.32 ($423.56) 507.19	$408.89	-3.46%	Add 2.35%	84,366	1,936
HD	The Home Depot Inc	2026-06-30	Add Add	+0.01%	● 297.51 ($325.38) 352.68	$349.52	7.42%	Add 0.27%	922,500	2,500
OTIS	Otis Worldwide Corp	2026-06-30	Add Add	+0.01%	● 69.34 ($74.73) 81.9	$73.83	-1.20%	Add 16.58%	133,620	19,000
ROL	Rollins Inc	2026-06-30	Add Add	+0.01%	● 41.74 ($51.14) 56.99	$36.83	-27.98%	Add 1.23%	1,516,525	18,500
SCHW	Charles Schwab Corp	2026-06-30	Add Add	+0.01%	● 85.35 ($91.24) 100.27	$107.66	18.00%	Add 0.79%	1,394,800	11,000
SUNB	Sunbelt Rentals Holdings Inc	2026-06-30	Add Add	+0.01%	● 63.09 ($74.83) 86.06	$80.92	8.14%	Add 1.14%	974,361	11,000
TSN	Tyson Foods Inc	2026-06-30	Add Add	+0.01%	● 55.46 ($62.61) 68.75	$58.54	-6.50%	Add 2.7%	913,500	24,000
NVR	NVR Inc	2026-06-30	Add Add	0%	● 5563.62 ($6356.46) 7096.97	$6,304.81	-0.81%	Add 0.08%	12,097	10
UFPI	UFP Industries Inc	2026-06-30	New Buy New Buy	0%	● 79.17 ($87.17) 97.21	$91.86	5.38%	New holding	4,000	4,000
SUNB	Sunbelt Rentals Holdings Inc	2026-03-31	New Buy New Buy	+0.53%	● 63.31 ($70.19) 75.52	$80.92	15.29%	New holding	963,361	963,361
SPGI	S&P Global Inc	2026-03-31	Reduce Reduce	-0.14%	● 390.76 ($464.26) 546.35	$405.24	-12.71%	Reduce -21.9%	117,690	-33,000
TGT	Target Corp	2026-03-31	Sold Out Sold Out	-0.10%	● 100.51 ($112.75) 121.2	$147.08	30.45%	Sold Out	0	-133,000
CHH	Choice Hotels International Inc	2026-03-31	Sold Out Sold Out	-0.09%	● 95.46 ($103.99) 111.05	$109.73	5.52%	Sold Out	0	-115,500
MELI	MercadoLibre Inc	2026-03-31	New Buy New Buy	+0.08%	● 1599.52 ($1929.04) 2295	$1,830.00	-5.13%	New holding	5,450	5,450
EPD	Enterprise Products Partners LP	2026-03-31	New Buy New Buy	+0.06%	● 31.7 ($35.39) 39.28	$38.05	7.52%	New holding	202,000	202,000
FNV	Franco-Nevada Corp	2026-03-31	Add Add	+0.05%	● 208.58 ($247.39) 280.82	$231.08	-6.59%	Add 3.66%	708,500	25,000
CSX	CSX Corp	2026-03-31	Add Add	+0.03%	● 35.05 ($39.19) 43.17	$50.70	29.37%	Add 20.45%	530,000	90,000
FDS	FactSet Research Systems Inc	2026-03-31	Add Add	+0.02%	● 190.06 ($233.37) 296.92	$274.58	17.66%	Add 11.08%	135,376	13,503
LIN	Linde PLC	2026-03-31	Add Add	+0.02%	● 429.11 ($471.81) 509.34	$490.11	3.88%	Add 2.25%	204,600	4,500
NSC	Norfolk Southern Corp	2026-03-31	Add Add	+0.02%	● 278.19 ($297.24) 317.83	$342.46	15.21%	Add 3.29%	282,500	9,000
TMO	Thermo Fisher Scientific Inc	2026-03-31	Add Add	+0.02%	● 464.37 ($542.7) 639.45	$580.02	6.88%	Add 6.85%	67,100	4,300
UNP	Union Pacific Corp	2026-03-31	Add Add	+0.02%	● 221.69 ($244.86) 266.97	$295.38	20.63%	Add 6.37%	150,278	9,000
UNH	UnitedHealth Group Inc	2026-03-31	Reduce Reduce	-0.02%	● 259.02 ($297.81) 356.26	$403.97	35.65%	Reduce -29.43%	18,700	-7,800
YUM	Yum Brands Inc	2026-03-31	Add Add	+0.02%	● 150.29 ($158.37) 168.16	$152.28	-3.85%	Add 8.29%	245,213	18,762
APD	Air Products and Chemicals Inc	2026-03-31	Add Add	+0.01%	● 250.47 ($275.72) 293.17	$299.92	8.78%	Add 5.59%	75,500	4,000
AMAT	Applied Materials Inc	2026-03-31	Add Add	+0.01%	● 268.87 ($336.38) 394.95	$527.48	56.81%	Add 6.6%	36,350	2,250
CNI	Canadian National Railway Co	2026-03-31	Add Add	+0.01%	● 95.68 ($103.14) 113.01	$126.40	22.55%	Add 20.22%	53,500	9,000
CP	Canadian Pacific Kansas City Ltd	2026-03-31	Add Add	+0.01%	● 70.21 ($79.03) 89.39	$90.25	14.20%	Add 17.82%	59,500	9,000
CME	CME Group Inc	2026-03-31	Add Add	+0.01%	● 262.45 ($297.03) 326.46	$264.32	-11.01%	Add 8.74%	49,750	4,000
CCK	Crown Holdings Inc	2026-03-31	Add Add	+0.01%	● 98.22 ($106.86) 116.11	$121.10	13.33%	Add 3.77%	220,000	8,000
XOM	Exxon Mobil Corp	2026-03-31	Add Add	+0.01%	● 118.49 ($145.93) 171.47	$154.84	6.11%	Add 23.68%	47,000	9,000
FERG	Ferguson Enterprises Inc	2026-03-31	Add Add	+0.01%	● 217.56 ($243.36) 267.36	$253.37	4.11%	Add 4.4%	170,700	7,200
HCA	HCA Healthcare Inc	2026-03-31	Add Add	+0.01%	● 464.38 ($503.41) 545.13	$408.89	-18.78%	Add 2.17%	82,430	1,750
HSY	The Hershey Co	2026-03-31	Add Add	+0.01%	● 179.28 ($210.9) 236.28	$183.02	-13.22%	Add 11.11%	75,000	7,500
HII	Huntington Ingalls Industries Inc	2026-03-31	Add Add	+0.01%	● 349.75 ($412.01) 453.73	$321.76	-21.90%	Add 7.84%	27,500	2,000
NSP	Insperity Inc	2026-03-31	Add Add	+0.01%	● 19.9 ($32.16) 47.28	$51.26	59.39%	Add 18.62%	181,336	28,463
ICE	Intercontinental Exchange Inc	2026-03-31	Add Add	+0.01%	● 149.83 ($163.13) 175.1	$149.75	-8.20%	Add 38.33%	28,870	8,000
LAMR	Lamar Advertising Co	2026-03-31	Add Add	+0.01%	● 123.71 ($131.03) 139.18	$160.00	22.11%	Add 4.32%	193,000	8,000
LOW	Lowe's Companies Inc	2026-03-31	Add Add	+0.01%	● 224.63 ($260.81) 287.39	$218.40	-16.26%	Add 0.54%	738,480	4,000
MAR	Marriott International Inc	2026-03-31	Add Add	+0.01%	● 311.03 ($328.91) 359.94	$359.67	9.35%	Add 4.46%	93,750	4,000
MSFT	Microsoft Corp	2026-03-31	Add Add	+0.01%	● 356.77 ($418.44) 483.47	$499.86	19.46%	Add 0.36%	537,630	1,950
ODFL	Old Dominion Freight Line Inc	2026-03-31	Add Add	+0.01%	● 159.19 ($186.49) 216.19	$211.41	13.36%	Add 1.78%	429,150	7,500
SCHW	Charles Schwab Corp	2026-03-31	Add Add	+0.01%	● 91.24 ($98.07) 107.21	$107.66	9.78%	Add 0.58%	1,383,800	8,000
V	Visa Inc	2026-03-31	Add Add	+0.01%	● 295.52 ($321.55) 357.56	$370.47	15.21%	Add 0.5%	1,004,331	5,046
WSO	Watsco Inc	2026-03-31	Add Add	+0.01%	● 347.2 ($387.47) 427.58	$321.02	-17.15%	Add 0.78%	582,169	4,500
ABNB	Airbnb Inc	2026-03-31	Add Add	0%	● 115.96 ($130.05) 140.07	$151.64	16.60%	Add 0.87%	242,389	2,100
AXP	American Express Co	2026-03-31	Add Add	0%	● 292.27 ($335.29) 383.56	$342.60	2.18%	Add 0.4%	490,450	1,950
AON	Aon PLC	2026-03-31	Add Add	0%	● 309.97 ($332.33) 351.97	$360.75	8.55%	Add 1.31%	135,800	1,750
BNY	Bank of New York Mellon Corp	2026-03-31	Add Add	0%	● 114.66 ($118.92) 127.61	$158.82	33.55%	Add 2.47%	124,500	3,000
BRO	Brown & Brown Inc	2026-03-31	Add Add	0%	● 63.43 ($72.08) 80.64	$71.18	-1.25%	Add 27.27%	14,000	3,000
BC	Brunswick Corp	2026-03-31	Add Add	0%	● 68.91 ($80.67) 89.22	$81.25	0.72%	Add 7.33%	51,250	3,500
CBOE	Cboe Global Markets Inc	2026-03-31	Add Add	0%	● 248.11 ($278.4) 304.43	$289.17	3.87%	Add 4.67%	43,700	1,950
DEO	Diageo PLC	2026-03-31	Add Add	0%	● 72.47 ($87.24) 102.14	$92.80	6.37%	Add 0.04%	1,372,208	500
LMT	Lockheed Martin Corp	2026-03-31	Add Add	0%	● 496.87 ($616.01) 676.7	$582.85	-5.38%	Add 1.09%	65,213	700
MRSH	Marsh	2026-03-31	Add Add	0%	● 169.17 ($179.79) 189.75	$193.29	7.51%	Add 0.23%	763,500	1,750
NVR	NVR Inc	2026-03-31	Add Add	0%	● 6369.38 ($7288.33) 8097.25	$6,304.81	-13.49%	Add 0.67%	12,087	80
ROL	Rollins Inc	2026-03-31	Add Add	0%	● 52.46 ($59.51) 65.6	$36.83	-38.11%	Add 0.6%	1,498,025	9,000
TSN	Tyson Foods Inc	2026-03-31	Add Add	0%	● 55.97 ($62.09) 65.75	$58.54	-5.72%	Add 0.57%	889,500	5,000
UBER	Uber Technologies Inc	2026-03-31	Add Add	0%	● 69.18 ($76.97) 87.59	$70.47	-8.44%	Add 1.79%	142,500	2,500
WY	Weyerhaeuser Co	2026-03-31	New Buy New Buy	0%	● 22.47 ($25.15) 27.1	$25.45	1.19%	New holding	17,500	17,500
TRU	TransUnion	2026-03-31	Sold Out Sold Out	0%	● 65.76 ($76.54) 87.71	$79.20	3.48%	Sold Out	0	-2,000
FDX	FedEx Corp	2025-12-31	Sold Out Sold Out	-0.41%	● 224.63 ($262.99) 296.33	$315.87	20.11%	Sold Out	0	-213,000
ADI	Analog Devices Inc	2025-12-31	Reduce Reduce	-0.29%	● 225.2 ($251.43) 283.39	$377.31	50.07%	Reduce -12.37%	1,023,245	-144,426
NVO	Novo Nordisk AS	2025-12-31	Add Add	+0.20%	● 44.97 ($51.01) 59.65	$45.97	-9.88%	Add 21.16%	2,869,774	501,125
META	Meta Platforms Inc	2025-12-31	Reduce Reduce	-0.19%	● 589.15 ($666.98) 751.67	$589.90	-11.56%	Reduce -11.41%	248,303	-31,978
FNV	Franco-Nevada Corp	2025-12-31	Add Add	+0.13%	● 183.97 ($202.48) 221.78	$231.08	14.12%	Add 12.88%	683,500	78,000
ODFL	Old Dominion Freight Line Inc	2025-12-31	Add Add	+0.08%	● 126.29 ($143.43) 159.56	$211.41	47.40%	Add 17.53%	421,650	62,900
TRU	TransUnion	2025-12-31	Reduce Reduce	-0.07%	● 73.51 ($82.17) 87.97	$79.20	-3.61%	Reduce -98.02%	2,000	-99,050
CSX	CSX Corp	2025-12-31	Add Add	+0.05%	● 33.68 ($35.8) 37.39	$50.70	41.62%	Add 54.39%	440,000	155,000
XOM	Exxon Mobil Corp	2025-12-31	Add Add	+0.04%	● 110.64 ($116.05) 120.99	$154.84	33.43%	Add 1166.67%	38,000	35,000
MAR	Marriott International Inc	2025-12-31	Add Add	+0.04%	● 259.04 ($286.06) 315.58	$359.67	25.73%	Add 22.53%	89,750	16,500
NSC	Norfolk Southern Corp	2025-12-31	Add Add	+0.04%	● 279.53 ($289.05) 300.15	$342.46	18.48%	Add 6.63%	273,500	17,000
ADBE	Adobe Inc	2025-12-31	Sold Out Sold Out	-0.04%	● 312.4 ($340.03) 359.91	$260.24	-23.47%	Sold Out	0	-14,000
CBOE	Cboe Global Markets Inc	2025-12-31	Add Add	+0.03%	● 232.68 ($248.85) 260.88	$289.17	16.20%	Add 46.49%	41,750	13,250
CME	CME Group Inc	2025-12-31	Add Add	+0.03%	● 261.53 ($271.83) 285.04	$264.32	-2.76%	Add 42.97%	45,750	13,750
FERG	Ferguson Enterprises Inc	2025-12-31	Add Add	+0.03%	● 222.63 ($239.12) 254.13	$253.37	5.96%	Add 11.22%	163,500	16,500
TMO	Thermo Fisher Scientific Inc	2025-12-31	Add Add	+0.03%	● 524.58 ($566.05) 597.78	$580.02	2.47%	Add 12.54%	62,800	7,000

100/Page

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