13F-HR 1 d13fhr.txt MARKEL GAYNER ASSET MANAGEMENT CORP. UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 13F Form 13F COVER PAGE Report for the Calendar Year or Quarter: September 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 11/12/04 ---------------------- ---------------------------- ------------------- [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: 226 ------------- Form 13F Information Table Value Total: $ 1,175,347 ------------- (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 September 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 2549 65000 SH Other 1,2 65000 2352 60000 SH Other 1,3 60000 2745 70000 SH Other 1,4 70000 5893 150300 SH Other 1 150300 Allied Capital Corp. COM 019033109 3549 145500 SH Other 1,2 145500 244 10000 SH Other 1,3 10000 2006 82265 SH Other 1,4 82265 5623 230550 SH Other 1 230550 Altria Group Inc. COM 02209S103 5579 118600 SH Other 1 118600 American Express COM 025816109 7050 137000 SH Other 1,2 137000 515 10000 SH Other 1,3 10000 11419 221900 SH Other 1 221900 Anheuser Busch COM 035229103 25583 512175 SH Other 1,2 512175 5994 120000 SH Other 1,3 120000 6993 140000 SH Other 1,4 140000 23890 478280 SH Other 1 478280 Automatic Data Processing COM 019411107 6611 160000 SH Other 1,2 160000 1240 30000 SH Other 1,3 30000 2095 50700 SH Other 1,4 50700 3153 76306 SH Other 1 76306 Bank of New York COM 064057102 5105 175000 SH Other 1,2 175000 1458 50000 SH Other 1,3 50000 1313 45000 SH Other 1,4 45000 3961 135800 SH Other 1 135800 Baxter International COM 071813109 643 20000 SH Other 1,2 20000 965 30000 SH Other 1,3 30000 643 20000 SH Other 1,4 20000 3062 95200 SH Other 1 95200 Berkshire Hathaway Class B COM 084670207 49783 17340 SH Other 1,2 17340 7177 2500 SH Other 1,3 2500 5484 1910 SH Other 1,4 1910 28489 9923 SH Other 1 9923 Berkshire Hathaway, Inc. COM 10382K102 21662 250 SH Other 1,2 250 10398 120 SH Other 1,3 120 9965 115 SH Other 1,4 115 24262 280 SH Other 1 280 Bristol Myers Squibb COM 110122108 2485 105000 SH Other 1,3 105000 717 30300 SH Other 1,4 30300 332 14000 SH Other 1 14000 Brown & Brown COM 115236101 677 14805 SH Other 1,2 14805 366 8009 SH Other 1,3 8009 2057 45000 SH Other 1,4 45000 5255 115000 SH Other 1 115000 Brown Forman Class A COM 115637100 1076 23000 SH Other 1,2 23000 749 16000 SH Other 1,3 16000 4735 101200 SH Other 1,4 101200 6806 145460 SH Other 1 145460

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 ------------------------------------------------------------------------------------------------------------------------------------ Carmax COM 143130102 18932 878500 SH Other 1,2 878500 4202 195000 SH Other 1,3 195000 4447 206386 SH Other 1,4 206386 25494 1183009 SH Other 1 1183009 Cedar Fair LP COM 150185106 503 16400 SH Other 1 16400 Centerpoint Property Trust COM 151895109 21389 490800 SH Other 1,2 490800 5230 120000 SH Other 1,3 120000 20256 464800 SH Other 1 464800 Charles Schwab COM 808513105 230 25000 SH Other 1,2 25000 3985 433700 SH Other 1 433700 Cincinnati Financial COM 172062101 7358 178500 SH Other 1,2 178500 6698 162488 SH Other 1,3 162488 1082 26250 SH Other 1,4 26250 8253 200222 SH Other 1 200222 Citigroup COM 172967101 441 10000 SH Other 1,4 10000 1827 41400 SH Other 1 41400 Clear Channel Communications COM 184502102 312 10000 SH Other 1,4 10000 632 20300 SH Other 1 20300 Coca Cola COM 191216100 401 10000 SH Other 1,4 10000 4207 105050 SH Other 1 105050 Comcast COM 20030N101 1836 65000 SH Other 1,2 65000 1129 40000 SH Other 1,3 40000 4660 165000 SH Other 1,4 165000 6741 238700 SH Other 1 238700 Corus Bankshares COM 220873103 3149 73000 SH Other 1,2 73000 3364 78000 SH Other 1 78000 Diageo PLC COM 25243Q205 22693 450000 SH Other 1,2 450000 11170 221500 SH Other 1,3 221500 12280 243500 SH Other 1,4 243500 13441 266520 SH Other 1 266520 Exxon Mobil Corporation COM 30231G102 2417 50000 SH Other 1,2 50000 3383 70000 SH Other 1,3 70000 7240 149800 SH Other 1,4 149800 3797 78572 SH Other 1 78572 Fairfax Financial Holdings COM 303901102 3723 30000 SH Other 1, 2 30000 Federated Investors Inc. COM 314211103 569 20000 SH Other 1,2 20000 569 20000 SH Other 1,3 20000 3270 115000 SH Other 1 115000 First Data Corp. COM 319963104 435 10000 SH Other 1,3 10000 552 12700 SH Other 1 12700 Forest City Enterprises COM 345550107 17131 310900 SH Other 1,2 310900 2755 50000 SH Other 1,3 50000 843 15300 SH Other 1,4 15300 3124 56700 SH Other 1 56700 Gannett Company COM 364730101 8376 100000 SH Other 1,2 100000 1675 20000 SH Other 1,3 20000 3518 42000 SH Other 1,4 42000 1966 23467 SH Other 1 23467 General Dynamics COM 369550108 10721 105000 SH Other 1,2 105000 2042 20000 SH Other 1,3 20000 2042 20000 SH Other 1,4 20000 5753 56350 SH Other 1 56350

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 ------------------------------------------------------------------------------------------------------------------------------------ General Electric COM 369604103 457 13618 SH Other 1 13618 Golden West Financial COM 381317106 5547 50000 SH Other 1,2 50000 1109 10000 SH Other 1,3 10000 3329 30000 SH Other 1,4 30000 7197 64865 SH Other 1 64865 H&R Block COM 093671105 3954 80000 SH Other 1,2 80000 988 20000 SH Other 1,4 20000 3089 62500 SH Other 1 62500 Harrah's Entertainment COM 413619107 1589 30000 SH Other 1,3 30000 6887 130000 SH Other 1,4 130000 10713 202200 SH Other 1 202200 Honda Motor Co. COM 438128308 777 31900 SH Other 1 31900 International Game Tech. COM 459902102 288 8000 SH Other 1 8000 International Speedway COM 460335201 5624 112700 SH Other 1,2 112700 2745 55000 SH Other 1,3 55000 4241 85000 SH Other 1,4 85000 8418 168700 SH Other 1 168700 Interpublic Group COM 460690100 720 68000 SH Other 1,2 68000 635 60000 SH Other 1,3 60000 455 43000 SH Other 1,4 43000 1162 109600 SH Other 1 109600 Investors Title Company COM 461804106 1278 42200 SH Other 1,2 42200 4623 152600 SH Other 1,3 152600 1256 41450 SH Other 1 41450 Johnson and Johnson COM 478160104 1690 30000 SH Other 1,3 30000 10545 187200 SH Other 1,4 187200 8134 144400 SH Other 1 144400 Kaneb Services COM 484173109 2760 85500 SH Other 1,2 85500 7118 220500 SH Other 1,3 220500 2986 92500 SH Other 1,4 92500 2346 72700 SH Other 1 72700 Labranche & Co. COM 505447102 845 100000 SH Other 1,2 100000 211 25000 SH Other 1,3 25000 845 100000 SH Other 1,4 100000 3287 389000 SH Other 1 389000 Leucadia National Corp. COM 527288104 1133 20000 SH Other 1,3 20000 34 600 SH Other 1 600 MBIA Inc. COM 55262C100 11351 195000 SH Other 1,2 195000 11351 195000 SH Other 1,3 195000 5530 95000 SH Other 1,4 95000 6589 113200 SH Other 1 113200 Marriott International COM 571903202 9613 185000 SH Other 1,2 185000 1039 20000 SH Other 1,3 20000 2338 45000 SH Other 1,4 45000 4983 95900 SH Other 1 95900

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 ------------------------------------------------------------------------------------------------------------------------------------ Marsh & McLennan COM 571748102 10525 230000 SH Other 1,2 230000 8923 195000 SH Other 1,3 195000 16153 353000 SH Other 1,4 353000 24426 533785 SH Other 1 533785 Martin Marietta Materials COM 573284106 1924 42500 SH Other 1,2 42500 11321 250086 SH Other 1,3 250086 2418 53400 SH Other 1,4 53400 4177 92275 SH Other 1 92275 McGraw-Hill COM 580645109 797 10000 SH Other 1,3 10000 3188 40000 SH Other 1,4 40000 13053 163800 SH Other 1 163800 Merck COM 58155Q103 802 24300 SH Other 1,4 24300 987 29925 SH Other 1 29925 New York Community Bank COM 649445103 1095 53333 SH Other 1,2 53333 Northern Trust Corp. COM 665859104 1224 30000 SH Other 1,2 30000 408 10000 SH Other 1,3 10000 2448 60000 SH Other 1 60000 Nuveen Investments COM 67090F106 296 10000 SH Other 1 10000 Penn National Gaming COM 707569109 2505 62000 SH Other 1,2 62000 5470 135400 SH Other 1,3 135400 808 20000 SH Other 1 20000 Pepsico COM 713448108 1620 33300 SH Other 1,4 33300 39 800 SH Other 1 800 Pitney Bowes Inc. COM 724479100 441 10000 SH Other 1 10000 Plum Creek Timber Co. COM 729251108 3328 95000 SH Other 1,2 95000 1051 30000 SH Other 1,3 30000 1751 50000 SH Other 1,4 50000 7157 204300 SH Other 1 204300 Progressive Corp. COM 743315103 83 977 SH Other 1,2 977 138 1629 SH Other 1,3 1629 RLI Corporation COM 749607107 3891 103624 SH Other 1,2 103624 14892 396576 SH Other 1,3 396576 5230 139284 SH Other 1 139284 Reynolds & Reynolds `A' COM 761695105 493 20000 SH Other 1,2 20000 247 10000 SH Other 1,4 10000 Service Corporation Int'l COM 817565104 1863 300000 SH Other 1,4 300000 2683 432000 SH Other 1 432000 ServiceMaster COM 817615107 723 56200 SH Other 1,3 56200 3601 280000 SH Other 1,4 280000 3456 268743 SH Other 1 268743 State Street Corp. COM 857477103 854 20000 SH Other 1,2 20000 871 20400 SH Other 1,4 20400 T Rowe Price Group COM 74144T108 2547 50000 SH Other 1,2 50000 510 10000 SH Other 1,3 10000 1273 25000 SH Other 1 25000 TCF Financial Corp. COM 872275102 606 20000 SH Other 1,3 20000

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 2920 95000 SH Other 1,2 95000 922 30000 SH Other 1,3 30000 1076 35000 SH Other 1,4 35000 581 18900 SH Other 1 18900 Tribune COM 896047107 412 10000 SH Other 1,4 10000 1292 31400 SH Other 1 31400 United Mobile Homes COM 911024107 186 13000 SH Other 1 13000 Valley National Bank COM 919794107 868 33965 SH Other 1,2 33965 739 28940 SH Other 1,4 28940 1228 48099 SH Other 1 48099 Vulcan Materials COM 929160109 3363 66000 SH Other 1,2 66000 2089 41000 SH Other 1,3 41000 1528 30000 SH Other 1,4 30000 1168 22930 SH Other 1 22930 W. P. Carey COM 92930Y107 25163 842700 SH Other 1 842700 Walt Disney Company COM 254687106 2706 120000 SH Other 1,2 120000 1353 60000 SH Other 1,3 60000 1015 45000 SH Other 1,4 45000 6439 285565 SH Other 1 285565 Washington Post Co. COM 939640108 2576 2800 SH Other 1,3 2800 1748 1900 SH Other 1,4 1900 759 825 SH Other 1 825 Washington Real Estate COM 939653101 2894 95500 SH Other 1,2 95500 Investment 6523 215293 SH Other 1,3 215293 5536 182707 SH Other 1 182707 Waste Management COM 94106l109 1914 70000 SH Other 1,2 70000 273 10000 SH Other 1,3 10000 3007 110000 SH Other 1,4 110000 3735 136600 SH Other 1 136600 White Mountains COM G9618E107 5944 11300 SH Other 1,2 11300 5260 10000 SH Other 1,3 10000 15254 29000 SH Other 1,4 29000 49970 95000 SH Other 1 95000 XL Capital COM G3242A102 26574 359160 SH Other 1,2 359160 8042 108688 SH Other 1,3 108688 9234 124799 SH Other 1 124799 REPORT SUMMARY DATA RECORDS: 226 $1,175,347 4 OTHER MANAGERS ON WHOSE BEHALF REPORT IS FILED