13F-HR 1 d13fhr.txt MARKEL GAYNER ASSET MANAGEMENT CORPORATION UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 13F Form 13F COVER PAGE Report for the Calendar Year or Quarter: December 31, 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 2/14/05 ------------------------- --------------- ---------- [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).) 1 Form 13F SUMMARY PAGE Report Summary: Number of Other Included Managers: 5 --------------------- Form 13F Information Table Entry Total: 268 ----------------- Form 13F Information Table Value Total: $1,434,995 ----------------- (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 To Be Assigned Markel Syndicate Management Limited Markel Gayner Asset Management Corporation FORM 13F December 31, 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 2590 65000 SH Other 1,2 65000 2390 60000 SH Other 1,3 60000 2789 70000 SH Other 1,4 70000 4781 120000 SH Other 1,5 120000 1617 40600 SH Other 1 40600 Allied Capital Corp. COM 019033109 3760 145500 SH Other 1,2 145500 258 10000 SH Other 1,3 10000 2126 82265 SH Other 1,4 82265 646 25000 SH Other 1,5 25000 5257 203450 SH Other 1 203450 Altria Group Inc. COM 02209S103 7246 118600 SH Other 1 118600 American Express COM 025816109 7723 137000 SH Other 1,2 137000 1127 20000 SH Other 1,3 20000 564 10000 SH Other 1,4 10000 11894 211000 SH Other 1 211000 Anheuser Busch COM 035229103 25983 512175 SH Other 1,2 512175 6088 120000 SH Other 1,3 120000 7102 140000 SH Other 1,4 140000 5073 100000 SH Other 1,5 100000 19981 393880 SH Other 1 393880 Automatic Data Processing COM 019411107 7096 160000 SH Other 1,2 160000 1331 30000 SH Other 1,3 30000 3579 80700 SH Other 1,4 80700 2009 45306 SH Other 1 45306 Bank of New York COM 064057102 5849 175000 SH Other 1,2 175000 1671 50000 SH Other 1,3 50000 1838 55000 SH Other 1,4 55000 334 10000 SH Other 1,5 10000 4171 124800 SH Other 1 124800 Baxter International COM 071813109 691 20000 SH Other 1,2 20000 1036 30000 SH Other 1,3 30000 1036 30000 SH Other 1,4 30000 1900 55000 SH Other 1,5 55000 1043 30200 SH Other 1 30200 Berkshire Hathaway Class B COM 084670207 50910 17340 SH Other 1,2 17340 7340 2500 SH Other 1,3 2500 5608 1910 SH Other 1,4 1910 29140 9925 SH Other 1 9925 Berkshire Hathaway, Inc. COM 10382K102 21975 250 SH Other 1,2 250 10548 120 SH Other 1,3 120 15383 175 SH Other 1,4 175 6153 70 SH Other 1,5 70 13360 152 SH Other 1 152 Bristol Myers Squibb COM 110122108 2690 105000 SH Other 1,3 105000 776 30300 SH Other 1,4 30300 331 12900 SH Other 1 12900

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 ------------------------------------------------------------------------------------------------------------------------------------ Brown & Brown COM 115236101 645 14805 SH Other 1,2 14805 349 8009 SH Other 1,3 8009 1960 45000 SH Other 1,4 45000 3484 80000 SH Other 1,5 80000 1524 35000 SH Other 1 35000 Brown Forman Class A COM 115637100 1167 23000 SH Other 1,2 23000 812 16000 SH Other 1,3 16000 5645 111200 SH Other 1,4 111200 6876 135460 SH Other 1 135460 Bunge Ltd. COM 013317810 570 10000 SH Other 1,4 10000 1146 20100 SH Other 1 20100 Carmax COM 143130102 27277 878500 SH Other 1,2 878500 6055 195000 SH Other 1,3 195000 6896 222079 SH Other 1,4 222079 11644 375000 SH Other 1,5 375000 26327 847878 SH Other 1 847878 Cedar Fair LP COM 150185106 540 16400 SH Other 1 16400 Centerpoint Property Trust COM 151895109 23504 490800 SH Other 1,2 490800 5747 120000 SH Other 1,3 120000 22044 460300 SH Other 1 460300 Charles Schwab COM 808513105 299 25000 SH Other 1,2 25000 4784 400000 SH Other 1,5 400000 403 33700 SH Other 1 33700 Cincinnati Financial COM 172062101 7900 178500 SH Other 1,2 178500 7192 162488 SH Other 1,3 162488 1627 36750 SH Other 1,4 36750 8360 188882 SH Other 1 188882 Citigroup COM 172967101 1205 25000 SH Other 1,2 25000 1686 35000 SH Other 1,3 35000 964 20000 SH Other 1,4 20000 4914 102000 SH Other 1 102000 Clear Channel Communications COM 184502102 335 10000 SH Other 1,3 10000 335 10000 SH Other 1,4 10000 335 10000 SH Other 1,5 10000 1614 48200 SH Other 1 48200 Coca Cola COM 191216100 1041 25000 SH Other 1,2 25000 1457 35000 SH Other 1,3 35000 833 20000 SH Other 1,4 20000 416 10000 SH Other 1,5 10000 6388 153400 SH Other 1 153400 Comcast COM 20030N101 2163 65000 SH Other 1,2 65000 1331 40000 SH Other 1,3 40000 5491 165000 SH Other 1,4 165000 4659 140000 SH Other 1,5 140000 3604 108300 SH Other 1 108300 Corus Bankshares COM 220873103 3505 73000 SH Other 1,2 73000 3745 78000 SH Other 1 78000 Diageo PLC COM 25243Q205 26046 450000 SH Other 1,2 450000 12820 221500 SH Other 1,3 221500 15251 263500 SH Other 1,4 263500 5788 100000 SH Other 1,5 100000 8654 149520 SH Other 1 149520

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 ------------------------------------------------------------------------------------------------------------------------------------ Exxon Mobil Corporation COM 30231G102 2563 50000 SH Other 1,2 50000 3588 70000 SH Other 1,3 70000 8191 159800 SH Other 1,4 159800 2050 40000 SH Other 1,5 40000 1545 30138 SH Other 1 30138 Fairfax Financial Holdings COM 303901102 59126 350899 SH Other 1,2 350899 27036 160448 SH Other 1,3 160448 54072 320900 SH Other 1 320900 Federated Investors Inc. COM 314211103 608 20000 SH Other 1,2 20000 608 20000 SH Other 1,3 20000 2888 95000 SH Other 1,5 95000 608 20000 SH Other 1 20000 First Data Corp. COM 319963104 425 10000 SH Other 1,3 10000 425 10000 SH Other 1,5 10000 107 2500 SH Other 1 2500 Forest City Enterprises COM 345550107 17892 310900 SH Other 1,2 310900 2878 50000 SH Other 1,3 50000 880 15300 SH Other 1,4 15300 2901 50400 SH Other 1 50400 Friedman Billings Ramsey Group COM 358434108 485 25000 SH Other 1,3 25000 485 25000 SH Other 1,4 25000 2289 118100 SH Other 1 118100 Gannett Company COM 364730101 8170 100000 SH Other 1,2 100000 1634 20000 SH Other 1,3 20000 4248 52000 SH Other 1,4 52000 817 10000 SH Other 1,5 10000 1104 13517 SH Other 1 13517 General Dynamics COM 369550108 10983 105000 SH Other 1,2 105000 2092 20000 SH Other 1,3 20000 2092 20000 SH Other 1,4 20000 5790 55350 SH Other 1 55350 General Electric COM 369604103 497 13618 SH Other 1 13618 Golden West Financial COM 381317106 6142 100000 SH Other 1,2 100000 1228 20000 SH Other 1,3 20000 3685 60000 SH Other 1,4 60000 7950 129430 SH Other 1 129430 H&R Block COM 093671105 3920 80000 SH Other 1,2 80000 1470 30000 SH Other 1,4 30000 980 20000 SH Other 1,5 20000 1641 33500 SH Other 1 33500 Harrah's Entertainment COM 413619107 2007 30000 SH Other 1,3 30000 9365 140000 SH Other 1,4 140000 2676 40000 SH Other 1,5 40000 10181 152200 SH Other 1 152200 Honda Motor Co. COM 438128308 782 30000 SH Other 1,5 30000 36 1400 SH Other 1 1400 International Game Tech. COM 459902102 309 9000 SH Other 1 9000 International Speedway COM 460335201 5951 112700 SH Other 1,2 112700 3432 65000 SH Other 1,3 65000 5016 95000 SH Other 1,4 95000 2112 40000 SH Other 1,5 40000 6178 117000 SH Other 1 117000

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 ------------------------------------------------------------------------------------------------------------------------------------ Interpublic Group COM 460690100 911 68000 SH Other 1,2 68000 804 60000 SH Other 1,3 60000 576 43000 SH Other 1,4 43000 1469 109600 SH Other 1 109600 Investors Title Company COM 461804106 1561 42200 SH Other 1,2 42200 5645 152600 SH Other 1,3 152600 1533 41450 SH Other 1 41450 Johnson and Johnson COM 478160104 1903 30000 SH Other 1,3 30000 11872 187200 SH Other 1,4 187200 7610 120000 SH Other 1,5 120000 1554 24500 SH Other 1 24500 Kaneb Services COM 484173109 3693 85500 SH Other 1,2 85500 9523 220500 SH Other 1,3 220500 3995 92500 SH Other 1,4 92500 2748 63620 SH Other 1 63620 Labranche & Co. COM 505447102 896 100000 SH Other 1,2 100000 224 25000 SH Other 1,3 25000 896 100000 SH Other 1,4 100000 1568 175000 SH Other 1,5 175000 1667 186100 SH Other 1 186100 Leucadia National Corp. COM 527288104 1390 20000 SH Other 1,3 20000 41 600 SH Other 1 600 MBIA Inc. COM 55262C100 12340 195000 SH Other 1,2 195000 12340 195000 SH Other 1,3 195000 6011 95000 SH Other 1,4 95000 7821 123600 SH Other 1 123600 Marriott International COM 571903202 11651 185000 SH Other 1,2 185000 1260 20000 SH Other 1,3 20000 4094 65000 SH Other 1,4 65000 630 10000 SH Other 1,5 10000 4056 64400 SH Other 1 64400 Marsh & McLennan COM 571748102 7567 230000 SH Other 1,2 230000 6416 195000 SH Other 1,3 195000 11614 353000 SH Other 1,4 353000 10035 305000 SH Other 1,5 305000 7165 217785 SH Other 1 217785 Martin Marietta Materials COM 573284106 7469 139186 SH Other 1,3 139186 627 11684 SH Other 1 11684 McGraw-Hill COM 580645109 1831 20000 SH Other 1,3 20000 3662 40000 SH Other 1,4 40000 13731 150000 SH Other 1,5 150000 1263 13800 SH Other 1 13800 Merck COM 58155Q103 781 24300 SH Other 1,4 24300 949 29525 SH Other 1 29525 New York Community Bank COM 649445103 1097 53333 SH Other 1,2 53333 Northern Trust Corp. COM 665859104 1457 30000 SH Other 1,2 30000 486 10000 SH Other 1,3 10000 2429 50000 SH Other 1,5 50000 486 10000 SH Other 1 10000 Nuveen Investments COM 67090F106 395 10000 SH Other 1 10000 Penn National Gaming COM 707569109 3754 62000 SH Other 1,2 62000 8199 135400 SH Other 1,3 135400 1211 20000 SH Other 1 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 ------------------------------------------------------------------------------------------------------------------------------------ Pepsico COM 713448108 1738 33300 SH Other 1,4 33300 42 800 SH Other 1 800 Pitney Bowes Inc. COM 724479100 463 10000 SH Other 1 10000 Plum Creek Timber Co. COM 729251108 3652 95000 SH Other 1,2 95000 1153 30000 SH Other 1,3 30000 1922 50000 SH Other 1,4 50000 3844 100000 SH Other 1,5 100000 4009 104300 SH Other 1 104300 RLI Corporation COM 749607107 4307 103624 SH Other 1,2 103624 16486 396576 SH Other 1,3 396576 5790 139284 SH Other 1 139284 Reynolds & Reynolds 'A' COM 761695105 530 20000 SH Other 1,2 20000 265 10000 SH Other 1,4 10000 Service Corporation Int'l COM 817565104 2235 300000 SH Other 1,4 300000 2794 375000 SH Other 1,5 375000 15 2000 SH Other 1 2000 ServiceMaster COM 817615107 775 56200 SH Other 1,3 56200 4137 300000 SH Other 1,4 300000 3430 248743 SH Other 1 248743 State Street Corp. COM 857477103 982 20000 SH Other 1,2 20000 1002 20400 SH Other 1,4 20400 T Rowe Price Group COM 74144T108 3110 50000 SH Other 1,2 50000 622 10000 SH Other 1,3 10000 1555 25000 SH Other 1 25000 TCF Financial Corp. COM 872275102 643 20000 SH Other 1,3 20000 Tiffany COM 886547108 3037 95000 SH Other 1,2 95000 959 30000 SH Other 1,3 30000 1119 35000 SH Other 1,4 35000 320 10000 SH Other 1,5 10000 285 8900 SH Other 1 8900 Tribune COM 896047107 421 10000 SH Other 1,4 10000 843 20000 SH Other 1,5 20000 480 11400 SH Other 1 11400 United Mobile Homes COM 911024107 205 13000 SH Other 1 13000 Valley National Bank COM 919794107 939 33965 SH Other 1,2 33965 800 28940 SH Other 1,4 28940 830 30000 SH Other 1,5 30000 500 18099 SH Other 1 18099 Vulcan Materials COM 929160109 3604 66000 SH Other 1,2 66000 2239 41000 SH Other 1,3 41000 1911 35000 SH Other 1,4 35000 614 11230 SH Other 1 11230 W. P. Carey COM 92930Y107 28360 806600 SH Other 1,5 806600 1480 42100 SH Other 1 42100 Walt Disney Company COM 254687106 3336 120000 SH Other 1,2 120000 1668 60000 SH Other 1,3 60000 1251 45000 SH Other 1,4 45000 7897 284080 SH Other 1 284080 Washington Post Co. COM 939640108 2752 2800 SH Other 1,3 2800 1868 1900 SH Other 1,4 1900 811 825 SH Other 1 825 Washington Real Estate Investment COM 939653101 3235 95500 SH Other 1,2 95500 7292 215293 SH Other 1,3 215293 6232 184007 SH Other 1 184007

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 ------------------------------------------------------------------------------------------------------------------------------------ Waste Management COM 94106l109 2096 70000 SH Other 1,2 70000 3294 110000 SH Other 1,4 110000 3760 125600 SH Other 1 125600 White Mountains COM G9618E107 7300 11300 SH Other 1,2 11300 6460 10000 SH Other 1,3 10000 18734 29000 SH Other 1,4 29000 9319 14425 SH Other 1,5 14425 52051 80575 SH Other 1 80575 XL Capital COM G3242A102 27889 359160 SH Other 1,2 359160 8440 108688 SH Other 1,3 108688 9669 124523 SH Other 1 124523

REPORT SUMMARY 268 DATA RECORDS: $1,434,995 5 OTHER MANAGERS ON WHOSE BEHALF REPORT IS FILED