13F-HR 1 d13fhr.txt FORM 13-F HOLDINGS REPORT UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 13F Form 13F COVER PAGE Report for the Calendar Year or Quarter: June 30, 2006 Check here if Amendment [ ]; Amendment Number: __ This Amendment (Check only one.): [ ] is a restatement. [ ] adds new holdings entries. Institutional Investment Manager Filing this Report: Name: Markel Gayner Asset Management Corporation Address: 4521 Highwoods Pkwy Glen Allen, VA 23060 Form 13F File Number: 28-6056 The institutional investment manager filing this report and the person by whom it is signed hereby represent that the person signing the report is authorized to submit it, that all information contained herein is true, correct and complete, and that it is understood that all required items, statements, schedules, lists, and tables, are considered integral parts of this form. Person Signing this Report on Behalf of Reporting Manager: Name: Thomas S. Gayner Title: President Phone: 804-527-3806 Signature, Place, and Date of Signing: Thomas S. Gayner Richmond, VA 08/10/06 ----------------------- ---------------------- --------------------- [Signature] [City, State] [Date] Report Type (Check only one.): [X] 13F HOLDINGS REPORT. (Check here if all holdings of this reporting manager are reported in this report.) [ ] 13F NOTICE. (Check here if no holdings reported are in this report, and all holdings are reported by other reporting manager(s).) [ ] 13F COMBINATION REPORT. (Check here if a portion of the holdings for this reporting manager are reported in this report and a portion are reported by other reporting manager(s).) Form 13F SUMMARY PAGE Report Summary: Number of Other Included Managers: 5 Form 13F Information Table Entry Total: 248 Form 13F Information Table Value Total: $ 1,555,684 (thousands) List of Other Included Managers: Provide a numbered list of the name(s) and Form 13F file number(s) of all institutional investment managers with respect to which this report is filed, other than the manager filing this report. No. Form 13F File Number Name --- -------------------- ---------------------------------------------------- 1. 28-6647 Markel Corporation 2. 28-6745 Evanston Insurance Company 3. 28-10352 Essex Insurance Company 4. 28-10743 Markel International Insurance Company Limited 5. 28-11258 Markel Syndicate Management Limited Markel Gayner Asset Management Corporation FORM 13F June 30, 2006
Voting Authority Title of Value Shares/ Sh/ Put/ Invstmt Other ------------------ Name of Issuer Class CUSIP (x$1000) Prn Amt Prn Call Dscretn Managers Sole Shared None -------------- -------- --------- -------- -------- --- ---- ------- -------- ---- -------- ---- Aflac.............................. COM 001055102 3013 65000 SH Other 1,2 65000 2781 60000 SH Other 1,3 60000 9270 200000 SH Other 1,5 200000 2048 44200 SH Other 1 44200 Allied Capital Corp................ COM 019033109 4186 145500 SH Other 1,2 145500 288 10000 SH Other 1,3 10000 2367 82265 SH Other 1,4 82265 719 25000 SH Other 1,5 25000 5201 180780 SH Other 1 180780 Altria Group Inc................... COM 02209S103 8709 118600 SH Other 1 118600 Ambac Financial.................... COM 023139108 811 10000 SH Other 1 10000 American Express................... COM 025816109 7291 137000 SH Other 1,2 137000 1064 20000 SH Other 1,3 20000 532 10000 SH Other 1,4 10000 10996 206600 SH Other 1 206600 Anheuser Busch..................... COM 035229103 26541 582175 SH Other 1,2 582175 6839 150000 SH Other 1,3 150000 3191 70000 SH Other 1,4 70000 10486 230000 SH Other 1,5 230000 25425 557695 SH Other 1 557695 Automatic Data Processing.......... COM 019411107 7256 160000 SH Other 1,2 160000 1361 30000 SH Other 1,3 30000 1392 30700 SH Other 1,4 30700 2268 50000 SH Other 1,5 50000 1700 37500 SH Other 1 37500 Bank of America.................... COM 060505104 481 10000 SH Other 1,2 10000 1082 22500 SH Other 1 22500 Bank of New York................... COM 064057102 5635 175000 SH Other 1,2 175000 1610 50000 SH Other 1,3 50000 1771 55000 SH Other 1,4 55000 322 10000 SH Other 1,5 10000 3429 106500 SH Other 1 106500 Baxter International............... COM 071813109 735 20000 SH Other 1,2 20000 1103 30000 SH Other 1,3 30000 735 20000 SH Other 1,4 20000 2389 65000 SH Other 1,5 65000 1111 30200 SH Other 1 30200 Bea Systems, Inc................... NOTE 073325AD4 16141 16325000 PRN Other 1,4 16325000 1953 1975000 PRN Other 1 1975000 Bed Bath & Beyond Inc.............. COM 075896100 332 10000 SH Other 1,5 10000 Berkshire Hathaway Class B......... COM 084670207 52766 17340 SH Other 1,2 17340 7608 2500 SH Other 1,3 2500 5812 1910 SH Other 1,5 1910 29948 9842 SH Other 1 9842
Voting Authority Title of Value Shares/ Sh/ Put/ Invstmt Other ---------------- Name of Issuer Class CUSIP (x$1000) Prn Amt Prn Call Dscretn Managers Sole Shared None -------------- -------- --------- -------- ------- --- ---- ------- -------- ---- ------ ---- Berkshire Hathaway, Inc............ COM 10382K102 25665 280 SH Other 1,2 280 11916 130 SH Other 1,3 130 6874 75 SH Other 1,4 75 15582 170 SH Other 1,5 170 14115 154 SH Other 1 154 Brookfield Asset Management........ COM 10549P606 6812 167700 SH Other 1,3 167700 2049 50437 SH Other 1,4 50437 7336 180592 SH Other 1,5 180592 28084 691395 SH Other 1 691395 Brown & Brown...................... COM 115236101 865 29610 SH Other 1,2 29610 468 16018 SH Other 1,3 16018 2045 70000 SH Other 1,4 70000 5261 180000 SH Other 1,5 180000 2045 70000 SH Other 1 70000 Brown Forman Class A............... COM 115637100 1651 23000 SH Other 1,2 23000 1149 16000 SH Other 1,3 16000 7984 111200 SH Other 1,5 111200 9655 134460 SH Other 1 134460 Bunge Limited...................... COM 013317810 503 10000 SH Other 1,3 10000 503 10000 SH Other 1,4 10000 1205 24000 SH Other 1 24000 Carmax............................. COM 143130102 32925 928500 SH Other 1,2 928500 6915 195000 SH Other 1,3 195000 3772 106386 SH Other 1,4 106386 19350 545693 SH Other 1,5 545693 33091 933178 SH Other 1 933178 Cedar Fair LP...................... COM 150185106 249 9400 SH Other 1 9400 Charles Schwab..................... COM 808513105 400 25000 SH Other 1,2 25000 6392 400000 SH Other 1,4 400000 410 25700 SH Other 1 25700 Cincinnati Financial............... COM 172062101 8811 187425 SH Other 1,2 187425 8020 170611 SH Other 1,3 170611 1814 38587 SH Other 1,4 38587 7225 153678 SH Other 1 153678 Citigroup.......................... COM 172967101 6996 145000 SH Other 1,2 145000 5520 114400 SH Other 1,3 114400 5462 113200 SH Other 1,4 113200 4159 86200 SH Other 1,5 86200 29924 620175 SH Other 1 620175 Corus Bankshares................... COM 220873103 5079 194000 SH Other 1,2 194000 2880 110000 SH Other 1 110000 Diageo PLC......................... COM 25243Q205 48636 720000 SH Other 1,2 720000 101 1500 SH Other 1,3 1500 24554 363500 SH Other 1,5 363500 13289 196720 SH Other 1 196720 Exxon Mobil Corporation............ COM 30231G102 3068 50000 SH Other 1,2 50000 4295 70000 SH Other 1,3 70000 12258 199800 SH Other 1,5 199800 2075 33838 SH Other 1 33838 Fairfax Financial Holdings......... COM 303901102 79213 833561 SH Other 1 833561 Federated Investors Inc............ COM 314211103 630 20000 SH Other 1,2 20000 630 20000 SH Other 1,3 20000 2992 95000 SH Other 1,4 95000 977 31000 SH Other 1 31000
Voting Authority Title of Value Shares/ Sh/ Put/ Invstmt Other ---------------- Name of Issuer Class CUSIP (x$1000) Prn Amt Prn Call Dscretn Managers Sole Shared None -------------- -------- --------- -------- ------- --- ---- ------- -------- ---- ------ ---- Forest City Enterprises............ COM 345550107 31034 621800 SH Other 1,2 621800 4991 100000 SH Other 1,3 100000 1527 30600 SH Other 1,5 30600 3734 74800 SH Other 1 74800 Friedman Billings Ramsey Group..... COM 358434108 384 35000 SH Other 1,2 35000 1975 180000 SH Other 1,3 180000 5933 540900 SH Other 1 540900 General Dynamics................... COM 369550108 13747 210000 SH Other 1,2 210000 2618 40000 SH Other 1,3 40000 2618 40000 SH Other 1,5 40000 6913 105600 SH Other 1 105600 General Electric................... COM 369604103 31981 970300 SH Other 1,2 970300 12030 365000 SH Other 1,3 365000 742 22500 SH Other 1,4 22500 824 25000 SH Other 1,5 25000 27582 836843 SH Other 1 836843 General Motors Corp................ DEB SR CONV. A 370442741 1708 70000 PRN Other 1,4 70000 3172 130000 PRN Other 1,5 130000 Golden West Financial.............. COM 381317106 2421 32630 SH Other 1 32630 Goldman Sachs...................... COM 38141G104 1504 10000 SH Other 1,3 10000 15 100 SH Other 1 100 H&R Block.......................... COM 093671105 3818 160000 SH Other 1,2 160000 2386 100000 SH Other 1,5 100000 1598 67000 SH Other 1 67000 Harley-Davidson Inc................ COM 412822108 549 10000 SH Other 1,5 10000 Harrah's Entertainment............. COM 413619107 2135 30000 SH Other 1,3 30000 712 10000 SH Other 1,4 10000 12101 170000 SH Other 1,5 170000 11502 161600 SH Other 1 161600 Home Depot......................... COM 437076102 10200 285000 SH Other 1,2 285000 2684 75000 SH Other 1,3 75000 537 15000 SH Other 1,4 15000 11700 326900 SH Other 1 326900 International Game Tech............ COM 459902102 2276 60000 SH Other 1,2 60000 3225 85000 SH Other 1,3 85000 3794 100000 SH Other 1,4 100000 21552 568050 SH Other 1 568050 International Speedway............. COM 460335201 5690 122700 SH Other 1,2 122700 3478 75000 SH Other 1,3 75000 6260 135000 SH Other 1,5 135000 6874 148250 SH Other 1 148250 Investors Title Company............ COM 461804106 1867 42200 SH Other 1,2 42200 6749 152600 SH Other 1,3 152600 1572 35550 SH Other 1 35550 Johnson and Johnson................ COM 478160104 1198 20000 SH Other 1,2 20000 2397 40000 SH Other 1,3 40000 1630 27200 SH Other 1,4 27200 16778 280000 SH Other 1,5 280000 2091 34900 SH Other 1 34900 Leucadia National Corp............. COM 527288104 1751 60000 SH Other 1,3 60000 53 1800 SH Other 1 1800
Voting Authority Title of Value Shares/ Sh/ Put/ Invstmt Other ---------------- Name of Issuer Class CUSIP (x$1000) Prn Amt Prn Call Dscretn Managers Sole Shared None -------------- -------- --------- -------- ------- --- ---- ------- -------- ---- ------ ---- MBIA Inc........................... COM 55262C100 20785 355000 SH Other 1,2 355000 2049 35000 SH Other 1,3 35000 1054 18000 SH Other 1,4 18000 4508 77000 SH Other 1,5 77000 8953 152900 SH Other 1 152900 Marriott International............. COM 571903202 14104 370000 SH Other 1,2 370000 1525 40000 SH Other 1,3 40000 5718 150000 SH Other 1,5 150000 4910 128800 SH Other 1 128800 Marsh & McLennan................... COM 571748102 6454 240000 SH Other 1,2 240000 5244 195000 SH Other 1,3 195000 2904 108000 SH Other 1,4 108000 14790 550000 SH Other 1,5 550000 4828 179610 SH Other 1 179610 McGraw-Hill........................ COM 580645109 2009 40000 SH Other 1,3 40000 15069 300000 SH Other 1,4 300000 4018 80000 SH Other 1,5 80000 3346 66600 SH Other 1 66600 News Corp Class B.................. COM 65248E203 1009 50000 SH Other 1,3 50000 504 25000 SH Other 1,4 25000 4890 242300 SH Other 1 242300 Northern Trust Corp................ COM 665859104 1659 30000 SH Other 1,2 30000 553 10000 SH Other 1,3 10000 2765 50000 SH Other 1,4 50000 1106 20000 SH Other 1 20000 Nuveen Investments................. COM 67090F106 861 20000 SH Other 1 20000 Penn National Gaming............... COM 707569109 4809 124000 SH Other 1,2 124000 10502 270800 SH Other 1,3 270800 1551 40000 SH Other 1 40000 Pepsico............................ COM 713448108 1999 33300 SH Other 1,4 33300 18 300 SH Other 1 300 Pitney Bowes Inc................... COM 724479100 413 10000 SH Other 1 10000 Plum Creek Timber Co............... COM 729251108 4970 140000 SH Other 1,2 140000 1065 30000 SH Other 1,3 30000 5325 150000 SH Other 1,5 150000 1715 48300 SH Other 1 48300 Progressive Corp................... COM 743315103 168 6516 SH Other 1,3 6516 1028 40000 SH Other 1 40000 RLI Corporation.................... COM 749607107 4993 103624 SH Other 1,2 103624 19107 396576 SH Other 1,3 396576 6324 131274 SH Other 1 131274 Reddy Ice.......................... COM 75734R105 509 25000 SH Other 1,2 25000 93 4556 SH Other 1,3 4556 213 10445 SH Other 1,4 10445 888 43699 SH Other 1 43699 ServiceMaster...................... COM 817615107 581 56200 SH Other 1,3 56200 517 50000 SH Other 1,4 50000 2583 250000 SH Other 1,5 250000 2524 244443 SH Other 1 244443 State Street Corp.................. COM 857477103 1162 20000 SH Other 1,2 20000 1185 20400 SH Other 1,4 20400
Voting Authority Title of Value Shares/ Sh/ Put/ Invstmt Other ---------------- Name of Issuer Class CUSIP (x$1000) Prn Amt Prn Call Dscretn Managers Sole Shared None -------------- -------- --------- -------- ------- --- ---- ------- -------- ---- ------ ---- Sysco Corp......................... COM 871829107 3973 130000 SH Other 1,2 130000 1986 65000 SH Other 1,3 65000 3056 100000 SH Other 1,4 100000 1528 50000 SH Other 1,5 50000 8999 294450 SH Other 1 294450 T Rowe Price Group................. COM 74144T108 3782 100000 SH Other 1,2 100000 756 20000 SH Other 1,3 20000 1890 50000 SH Other 1 50000 TCF Financial Corp................. COM 872275102 529 20000 SH Other 1,3 20000 Tiffany............................ COM 886547108 3136 95000 SH Other 1,2 95000 991 30000 SH Other 1,3 30000 1486 45000 SH Other 1,5 45000 20 600 SH Other 1 600 Tribune............................ COM 896047107 325 10000 SH Other 1,4 10000 649 20000 SH Other 1,5 20000 369 11400 SH Other 1 11400 United Mobile Homes................ COM 911024107 198 13000 SH Other 1 13000 United Parcel Service.............. COM 911312106 823 10000 SH Other 1,5 10000 939 11400 SH Other 1 11400 Valley National Bank............... COM 919794107 963 37446 SH Other 1,2 37446 820 31904 SH Other 1,4 31904 850 33075 SH Other 1,5 33075 513 19946 SH Other 1 19946 W. P. Carey........................ COM 92930Y107 253 10000 SH Other 1,2 10000 253 10000 SH Other 1,3 10000 20676 816600 SH Other 1,5 816600 3583 141500 SH Other 1 141500 Wachovia........................... COM 337358105 300 5545 SH Other 1 5545 Wal-Mart........................... COM 931142103 11802 245000 SH Other 1,2 245000 3050 63320 SH Other 1,3 63320 1204 25000 SH Other 1,4 25000 2236 46425 SH Other 1,5 46425 12413 257680 SH Other 1 257680 Walt Disney Company................ COM 254687106 1397 46566 SH Other 1 46566 Washington Post Co................. COM 939640108 2184 2800 SH Other 1,3 2800 1482 1900 SH Other 1,4 1900 644 825 SH Other 1 825 Washington Real Estate Investment.. COM 939653101 3505 95500 SH Other 1,2 95500 7901 215293 SH Other 1,3 215293 6522 177707 SH Other 1 177707 White Mountains.................... COM G9618E107 14147 29050 SH Other 1,2 29050 4870 10000 SH Other 1,3 10000 14123 29000 SH Other 1,4 29000 7025 14425 SH Other 1,5 14425 30596 62825 SH Other 1 62825 XL Capital......................... COM G3242A102 22017 359160 SH Other 1,2 359160 6663 108688 SH Other 1,3 108688 7213 117686 SH Other 1 117686
REPORT SUMMARY DATA RECORDS: 248 $1,555,684 5 OTHER MANAGERS ON WHOSE BEHALF REPORT IS FILED