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Tom Gayner13F | |
| Markel Gayner Asset Management Corp | |
| Last update 2026-05-12 | 129 Stocks (4 new) |
| Value $11.94 Bil | Turnover 1 % |
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.
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.
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 Top Holdings of 2026-03-31
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| Ticker | | Company | Shares | Value ($1000) | Shares Change % | Weighting % | Trade Impact % | % of Shares outstanding | 3M Change % | YTD Change % | Market Cap $Mil | Industry |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
BRK.A | Berkshire Hathaway Inc | 1,114 | 800,008.0 | 0% | 6.700 | 0% | 0.080 | +4.58% | -1.28% | 1,074,095.7 | Insurance | |
GOOG | Alphabet Inc | 2,749,860 | 788,824.8 | 0% | 6.610 | 0% | 0.020 | +19.29% | +6.80% | 4,102,177.1 | Interactive Media | |
BRK.B | Berkshire Hathaway Inc | 1,531,971 | 734,120.5 | 0% | 6.150 | 0% | 0.070 | +4.92% | -0.79% | 1,074,095.7 | Insurance | |
BN | Brookfield Corp | 13,073,609 | 529,089.0 | 0% | 4.430 | 0% | 0.580 | +8.26% | -6.27% | 104,785.8 | Asset Management | |
DE | Deere & Co | 877,900 | 494,521.1 | 0% | 4.140 | 0% | 0.330 | +5.82% | +32.10% | 165,536.4 | Farm & Heavy Construction Machinery | |
AMZN | Amazon.com Inc | 2,030,760 | 422,946.4 | 0% | 3.540 | 0% | 0.020 | +12.12% | +0.81% | 2,503,071.8 | Retail - Cyclical | |
ADI | Analog Devices Inc | 1,023,245 | 325,535.2 | 0% | 2.730 | 0% | 0.210 | +23.79% | +43.50% | 188,458.8 | Semiconductors | |
AAPL | Apple Inc | 1,227,290 | 311,473.9 | 0% | 2.610 | 0% | 0.010 | +12.32% | +4.58% | 4,167,977.9 | Hardware | |
GS | The Goldman Sachs Group Inc | 359,360 | 304,015.0 | 0% | 2.550 | 0% | 0.120 | +24.49% | +17.12% | 300,792.5 | Capital Markets | |
V | Visa Inc | 1,004,331 | 303,549.0 | +0.50% | 2.540 | +0.01% | 0.050 | +10.28% | -3.73% | 639,423.3 | Credit Services |
Tom Gayner's Historical Top Holdings Breakdowns
Tom Gayner's Top Stock Picks
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| Ticker | | Company | Date | Action | Impact % | Price Range | Price | Price Change from Avrg% | Comment | Current Shares | Share Change |
|---|---|---|---|---|---|---|---|---|---|---|---|
SUNB | Sunbelt Rentals Holdings Inc | 2026-03-31 | New Buy New Buy | +0.53% | 63.31 ($70.19) 75.52 | $74.07 | 5.53% | New holding | 963,361 | 963,361 | |
SPGI | S&P Global Inc | 2026-03-31 | Reduce Reduce | -0.14% | 390.76 ($464.26) 546.35 | $408.16 | -12.08% | 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 | $140.39 | 24.51% | 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 | $112.72 | 8.40% | Sold Out | 0 | -115,500 | |
MELI | MercadoLibre Inc | 2026-03-31 | New Buy New Buy | +0.08% | 1599.52 ($1929.04) 2295 | $1,675.10 | -13.16% | 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 | $36.57 | 3.33% | New holding | 202,000 | 202,000 | |
FNV | Franco-Nevada Corp | 2026-03-31 | Add Add | +0.05% | 208.58 ($247.39) 280.82 | $215.14 | -13.04% | Add 3.66% | 708,500 | 25,000 | |
CSX | CSX Corp | 2026-03-31 | Add Add | +0.03% | 35.05 ($39.19) 43.17 | $47.66 | 21.61% | 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 | $231.74 | -0.70% | Add 11.08% | 135,376 | 13,503 | |
LIN | Linde PLC | 2026-03-31 | Add Add | +0.02% | 429.11 ($471.81) 509.34 | $519.62 | 10.13% | Add 2.25% | 204,600 | 4,500 |
Tom Gayner Total Holding History ($B)
Tom Gayner's Asset Allocation
Tom Gayner Past Portfolios
| Portfolio Date | Number of Stocks | New Stocks | Total Value ($Mil) | Q/Q Turnover |
|---|---|---|---|---|
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Tom Gayner's Hypothetical Growth since 2026-03-31
Tom Gayner's Yearly Returns
This information is only displayed for Gurus who publicly disclose audited performance records; most hedge funds and private investment firms do not publish such data or only provide limited historical performance information.
| Year | Portfolio % | % | Excess Gain % |
|---|
Tom Gayner's Holdings Heat Map
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Tom Gayner's Holdings Bubble Chart
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