13F-HR 1 d13fhr.txt MARKEL GAYNER ASSET MANAGEMENT ================================================================================ 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, 2004 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 08/12/04 ---------------------- ---------------------------- ------------------- [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: 4 ----------- Form 13F Information Table Entry Total: 227 ----------- Form 13F Information Table Value Total: $ 1,147,789 ----------- (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 Markel Gayner Asset Management Corporation FORM 13F June 30, 2004

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 2652 65000 SH Other 1,2 65000 2448 60000 SH Other 1,3 60000 2857 70000 SH Other 1,4 70000 3906 95700 SH Other 1 95700 Allied Capital Corp. COM 019033109 3553 145500 SH Other 1,2 145500 244 10000 SH Other 1,3 10000 2009 82265 SH Other 1,4 82265 5789 237050 SH Other 1 237050 Allstate Corp. COM 020002101 88 1886 SH Other 1,2 1886 146 3144 SH Other 1,3 3144 Altria Group Inc. COM 02209S103 5936 118600 SH Other 1 118600 American Express COM 025816109 7039 137000 SH Other 1,2 137000 514 10000 SH Other 1,3 10000 11401 221900 SH Other 1 221900 Anheuser Busch COM 035229103 27658 512175 SH Other 1,2 512175 6480 120000 SH Other 1,3 120000 7560 140000 SH Other 1,4 140000 25762 477080 SH Other 1 477080 Automatic Data Processing COM 019411107 6701 160000 SH Other 1,2 160000 1256 30000 SH Other 1,3 30000 2123 50700 SH Other 1,4 50700 3489 83306 SH Other 1 83306 Bank of New York COM 064057102 5159 175000 SH Other 1,2 175000 1474 50000 SH Other 1,3 50000 1326 45000 SH Other 1,4 45000 3709 125800 SH Other 1 125800 Baxter International COM 071813109 690 20000 SH Other 1,2 20000 1035 30000 SH Other 1,3 30000 690 20000 SH Other 1,4 20000 2423 70200 SH Other 1 70200 Berkshire Hathaway Class B COM 084670207 51240 17340 SH Other 1,2 17340 7387 2500 SH Other 1,3 2500 5644 1910 SH Other 1,4 1910 29320 9922 SH Other 1 9922 Berkshire Hathaway, Inc. COM 10382K102 22238 250 SH Other 1,2 250 10674 120 SH Other 1,3 120 10229 115 SH Other 1,4 115 24906 280 SH Other 1 280

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 -------------------------------------------------------------------------------------------------------------------------------- Bristol Myers Squibb COM 110122108 2573 105000 SH Other 1,3 105000 742 30300 SH Other 1,4 30300 421 17200 SH Other 1 17200 Brown & Brown COM 115236101 638 14805 SH Other 1,2 14805 345 8009 SH Other 1,3 8009 1940 45000 SH Other 1,4 45000 4956 115000 SH Other 1 115000 Brown Forman Class A COM 115637100 1105 23000 SH Other 1,2 23000 769 16000 SH Other 1,3 16000 4863 101200 SH Other 1,4 101200 6989 145460 SH Other 1 145460 Carmax COM 143130102 19213 878500 SH Other 1,2 878500 4265 195000 SH Other 1,3 195000 4513 206386 SH Other 1,4 206386 19565 894609 SH Other 1 894609 Cedar Fair LP COM 150185106 517 16400 SH Other 1 16400 Centerpoint Property Trust COM 151895109 18835 245400 SH Other 1,2 245400 4605 60000 SH Other 1,3 60000 18036 235000 SH Other 1 235000 Charles Schwab COM 808513105 2672 278000 SH Other 1 278000 Cincinnati Financial COM 172062101 7768 178500 SH Other 1,2 178500 7072 162488 SH Other 1,3 162488 1142 26250 SH Other 1,4 26250 9026 207401 SH Other 1 207401 Citigroup COM 172967101 525 11300 SH Other 1,4 11300 Clear Channel Communications COM 184502102 369 10000 SH Other 1,4 10000 Comcast COM 20030N101 1827 65000 SH Other 1,2 65000 1124 40000 SH Other 1,3 40000 4636 165000 SH Other 1,4 165000 6224 221500 SH Other 1 221500 Corus Bankshares COM 220873103 3001 73000 SH Other 1,2 73000 3207 78000 SH Other 1 78000 Diageo PLC COM 25243Q205 24637 450000 SH Other 1,2 450000 12127 221500 SH Other 1,3 221500 13332 243500 SH Other 1,4 243500 14491 264670 SH Other 1 264670 Erie Indemnity Co. COM 29530P102 74 1588 SH Other 1,2 1588 124 2647 SH Other 1,3 2647 Exxon Mobil Corporation COM 30231G102 2220 50000 SH Other 1,2 50000 3109 70000 SH Other 1,3 70000 6653 149800 SH Other 1,4 149800 3489 78572 SH Other 1 78572 Federated Investors Inc. COM 314211103 607 20000 SH Other 1,2 20000 607 20000 SH Other 1,3 20000 3489 115000 SH Other 1 115000 First Data Corp. COM 319963104 445 10000 SH Other 1,3 10000 566 12700 SH Other 1 12700 Forest City Enterprises COM 345550107 16478 310900 SH Other 1,2 310900 2650 50000 SH Other 1,3 50000 811 15300 SH Other 1,4 15300 3063 57800 SH Other 1 57800

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 -------------------------------------------------------------------------------------------------------------------------------- Gannett Company COM 364730101 8485 100000 SH Other 1,2 100000 1697 20000 SH Other 1,3 20000 3564 42000 SH Other 1,4 42000 1142 13467 SH Other 1 13467 General Dynamics COM 369550108 10426 105000 SH Other 1,2 105000 1986 20000 SH Other 1,3 20000 1986 20000 SH Other 1,4 20000 5596 56350 SH Other 1 56350 General Electric COM 369604103 448 13818 SH Other 1 13818 Golden West Financial COM 381317106 5318 50000 SH Other 1,2 50000 1063 10000 SH Other 1,3 10000 3191 30000 SH Other 1,4 30000 6909 64965 SH Other 1 64965 H&R Block COM 093671105 3814 80000 SH Other 1,2 80000 954 20000 SH Other 1,4 20000 2980 62500 SH Other 1 62500 HCC Insurance Holdings COM 404132102 98 2932 SH Other 1,2 2932 163 4887 SH Other 1,3 4887 Harrah's Entertainment COM 413619107 1623 30000 SH Other 1,3 30000 6492 120000 SH Other 1,4 120000 9197 170000 SH Other 1 170000 Honda Motor Co. COM 438128308 776 31900 SH Other 1 31900 International Game Tech. COM 459902102 309 8000 SH Other 1 8000 International Speedway COM 460335201 5482 112700 SH Other 1,2 112700 2675 55000 SH Other 1,3 55000 4134 85000 SH Other 1,4 85000 7233 148700 SH Other 1 148700 Interpublic Group COM 460690100 934 68000 SH Other 1,2 68000 824 60000 SH Other 1,3 60000 590 43000 SH Other 1,4 43000 1505 109600 SH Other 1 109600 Investors Title Company COM 461804106 1329 42200 SH Other 1,2 42200 4807 152600 SH Other 1,3 152600 1306 41450 SH Other 1 41450 Johnson and Johnson COM 478160104 1671 30000 SH Other 1,3 30000 10427 187200 SH Other 1,4 187200 7954 142800 SH Other 1 142800 Kaneb Services COM 484173109 2412 85500 SH Other 1,2 85500 6220 220500 SH Other 1,3 220500 2610 92500 SH Other 1,4 92500 2051 72700 SH Other 1 72700 Labranche & Co. COM 505447102 842 100000 SH Other 1,2 100000 211 25000 SH Other 1,3 25000 842 100000 SH Other 1,4 100000 3415 405600 SH Other 1 405600 Leucadia National Corp. COM 527288104 994 20000 SH Other 1,3 20000 30 600 SH Other 1 600 MBIA Inc. COM 55262C100 11138 195000 SH Other 1,2 195000 11138 195000 SH Other 1,3 195000 5427 95000 SH Other 1,4 95000 6415 112300 SH Other 1 112300

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 -------------------------------------------------------------------------------------------------------------------------------- Marriott International COM 571903202 9228 185000 SH Other 1,2 185000 997 20000 SH Other 1,3 20000 2245 45000 SH Other 1,4 45000 4783 95900 SH Other 1 95900 Marsh & McLennan COM 571748102 10438 230000 SH Other 1,2 230000 8849 195000 SH Other 1,3 195000 16019 353000 SH Other 1,4 353000 24123 531585 SH Other 1 531585 Martin Marietta Materials COM 573284106 1884 42500 SH Other 1,2 42500 11086 250086 SH Other 1,3 250086 2367 53400 SH Other 1,4 53400 6152 138775 SH Other 1 138775 McGraw-Hill COM 580645109 765 10000 SH Other 1,3 10000 3063 40000 SH Other 1,4 40000 7925 103500 SH Other 1 103500 Merck COM 58155Q103 1154 24300 SH Other 1,4 24300 1564 32925 SH Other 1 32925 New York Community Bank COM 649445103 1047 53333 SH Other 1,2 53333 Northern Trust Corp. COM 665859104 1268 30000 SH Other 1,2 30000 423 10000 SH Other 1,3 10000 1268 30000 SH Other 1 30000 Penn National Gaming COM 707569109 2059 62000 SH Other 1,2 62000 4495 135400 SH Other 1,3 135400 664 20000 SH Other 1 20000 Pepsico COM 713448108 1794 33300 SH Other 1,4 33300 43 800 SH Other 1 800 Pitney Bowes Inc. COM 724479100 442 10000 SH Other 1 10000 Plum Creek Timber Co. COM 729251108 3095 95000 SH Other 1,2 95000 977 30000 SH Other 1,3 30000 1629 50000 SH Other 1,4 50000 6669 204687 SH Other 1 204687 Progressive Corp. COM 743315103 83 977 SH Other 1,2 977 139 1629 SH Other 1,3 1629 RLI Corporation COM 749607107 3782 103624 SH Other 1,2 103624 14475 396576 SH Other 1,3 396576 5084 139284 SH Other 1 139284 Reynolds & Reynolds 'A' COM 761695105 463 20000 SH Other 1,2 20000 231 10000 SH Other 1,4 10000 Schering Plough COM 806605101 277 15000 SH Other 1,2 15000 554 30000 SH Other 1,3 30000 185 10000 SH Other 1,4 10000 551 29800 SH Other 1 29800 Service Corporation Int'l COM 817565104 2211 300000 SH Other 1,4 300000 3302 448000 SH Other 1 448000 ServiceMaster COM 817615107 692 56200 SH Other 1,3 56200 3450 280000 SH Other 1,4 280000 3283 266443 SH Other 1 266443 State Street Corp. COM 857477103 981 20000 SH Other 1,2 20000 1000 20400 SH Other 1,4 20400 T Rowe Price Group COM 74144T108 2520 50000 SH Other 1,2 50000 504 10000 SH Other 1,3 10000 1260 25000 SH Other 1 25000 TCF Financial Corp. COM 872275102 580 10000 SH Other 1,3 10000

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 -------------------------------------------------------------------------------------------------------------------------------- Tiffany COM 886547108 3501 95000 SH Other 1,2 95000 737 20000 SH Other 1,3 20000 921 25000 SH Other 1,4 25000 184 5000 SH Other 1 5000 United Mobile Homes COM 911024107 171 13000 SH Other 1 13000 Valley National Bank COM 919794107 859 33965 SH Other 1,2 33965 731 28940 SH Other 1,4 28940 1216 48099 SH Other 1 48099 Vulcan Materials COM 929160109 3138 66000 SH Other 1,2 66000 1950 41000 SH Other 1,3 41000 1426 30000 SH Other 1,4 30000 1095 23030 SH Other 1 23030 W. P. Carey COM 92930Y107 23133 776800 SH Other 1 776800 Walt Disney Company COM 254687106 3059 120000 SH Other 1,2 120000 1529 60000 SH Other 1,3 60000 1147 45000 SH Other 1,4 45000 7279 285565 SH Other 1 285565 Washington Post Co. COM 939640108 2604 2800 SH Other 1,3 2800 1767 1900 SH Other 1,4 1900 767 825 SH Other 1 825 Washington Real Estate Investment COM 939653101 2806 95500 SH Other 1,2 95500 6325 215293 SH Other 1,3 215293 5368 182707 SH Other 1 182707 Waste Management COM 94106l109 2146 70000 SH Other 1,2 70000 306 10000 SH Other 1,3 10000 3372 110000 SH Other 1,4 110000 4263 139100 SH Other 1 139100 White Mountains COM G9618E107 5763 11300 SH Other 1,2 11300 5100 10000 SH Other 1,3 10000 14790 29000 SH Other 1,4 29000 48450 95000 SH Other 1 95000 XL Capital COM G3242A102 27102 359160 SH Other 1,2 359160 8202 108688 SH Other 1,3 108688 9417 124799 SH Other 1 124799 REPORT SUMMARY DATA RECORDS: 227 $1,147,789 4 OTHER MANAGERS ON WHOSE BEHALF REPORT IS FILED