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: March 31, 2005 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 5/13/05 ---------------------- ------------- ------- [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: 274 Form 13F Information Table Value Total: $1,401,827 (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 March 31, 2005

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 2422 65000 SH Other 1,2 65000 2236 60000 SH Other 1,3 60000 2608 70000 SH Other 1,4 70000 4471 120,000 SH Other 1,5 120,000 1520 40800 SH Other 1 40800 Allied Capital Corp. COM 019033109 3798 145500 SH Other 1,2 145500 261 10000 SH Other 1,3 10000 2147 82265 SH Other 1,4 82265 653 25,000 SH Other 1,5 25,000 4900 187780 SH Other 1 187780 Altria Group Inc. COM 02209S103 7755 118600 SH Other 1 118600 Ambac Financial COM 023139108 747 10000 SH Other 1 10000 American Express COM 025816109 7038 137000 SH Other 1,2 137000 1027 20000 SH Other 1,3 20000 514 10000 SH Other 1,4 10000 10839 211000 SH Other 1 211000 Anheuser Busch COM 035229103 25220 532175 SH Other 1,2 532175 7108 150000 SH Other 1,3 150000 7108 150000 SH Other 1,4 150000 4739 100000 SH Other 1,5 100000 22008 464380 SH Other 1 464380 Automatic Data Processing COM 019411107 7192 160000 SH Other 1,2 160000 1349 30000 SH Other 1,3 30000 3627 80700 SH Other 1,4 80700 1843 41000 SH Other 1 41000 Bank of New York COM 064057102 5084 175000 SH Other 1,2 175000 1453 50000 SH Other 1,3 50000 1598 55000 SH Other 1,4 55000 290 10000 SH Other 1,5 10000 3535 121700 SH Other 1 121700 Baxter International COM 071813109 680 20000 SH Other 1,2 20000 1019 30000 SH Other 1,3 30000 1019 30000 SH Other 1,4 30000 1869 55000 SH Other 1,5 55000 1026 30200 SH Other 1 30200 Berkshire Hathaway Class B COM 084670207 49523 17340 SH Other 1,2 17340 7140 2500 SH Other 1,3 2500 5455 1910 SH Other 1,4 1910 28363 9931 SH Other 1 9931 Berkshire Hathaway, Inc. COM 10382K102 22620 260 SH Other 1,2 260 11310 130 SH Other 1,3 130 15225 175 SH Other 1,4 175 6090 70 SH Other 1,5 70 14181 163 SH Other 1 163 Branscan Corp - Class A COM 10549P606 4220 111800 SH Other 1,3 111800 1022 27050 SH Other 1 27050 Bristol Myers Squibb COM 110122108 2673 105000 SH Other 1,3 105000 771 30300 SH Other 1,4 30300 271 10600 SH Other 1 10600

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 682 14805 SH Other 1,2 14805 369 8009 SH Other 1,3 8009 2074 45000 SH Other 1,4 45000 3687 80000 SH Other 1,5 80000 1614 35000 SH Other 1 35000 Brown Forman Class A COM 115637100 1266 23000 SH Other 1,2 23000 881 16000 SH Other 1,3 16000 6122 111200 SH Other 1,4 111200 7424 134860 SH Other 1 134860 Bunge Limited COM 013317810 539 10000 SH Other 1,4 10000 1223 22700 SH Other 1 22700 Carmax COM 143130102 27673 878500 SH Other 1,2 878500 6142 195000 SH Other 1,3 195000 6995 222079 SH Other 1,4 222079 11813 375000 SH Other 1,5 375000 26724 848378 SH Other 1 848378 Cedar Fair LP COM 150185106 296 9400 SH Other 1 9400 Centerpoint Property Trust COM 151895109 20123 490800 SH Other 1,2 490800 4920 120000 SH Other 1,3 120000 18655 455000 SH Other 1 455000 Charles Schwab COM 808513105 263 25000 SH Other 1,2 25000 4204 400000 SH Other 1,5 400000 375 35700 SH Other 1 35700 Cincinnati Financial COM 172062101 7784 178500 SH Other 1,2 178500 7086 162487 SH Other 1,3 162487 1603 36750 SH Other 1,4 36750 8104 185837 SH Other 1 185837 Citigroup COM 172967101 2022 45000 SH Other 1,2 45000 2921 65000 SH Other 1,3 65000 1348 30000 SH Other 1,4 30000 12055 268225 SH Other 1 268225 Clear Channel Communications COM 184502102 345 10000 SH Other 1,3 10000 345 10000 SH Other 1,4 10000 345 10000 SH Other 1,5 10000 1661 48200 SH Other 1 48200 Coca Cola COM 191216100 1458 35000 SH Other 1,2 35000 1875 45000 SH Other 1,3 45000 1250 30000 SH Other 1,4 30000 417 10000 SH Other 1,5 10000 8139 195300 SH Other 1 195300 Comcast COM 20030N101 2196 65000 SH Other 1,2 65000 1351 40000 SH Other 1,3 40000 5574 165000 SH Other 1,4 165000 4729 140000 SH Other 1,5 140000 1584 46900 SH Other 1 46900 Corus Bankshares COM 220873103 3481 73000 SH Other 1,2 73000 3720 78000 SH Other 1 78000

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 ---------------------------------------------------------------------------------------------------------------------------- Diageo PLC COM 25243Q205 26743 470000 SH Other 1,2 470000 14310 251500 SH Other 1,3 251500 14993 263500 SH Other 1,4 263500 5690 100000 SH Other 1,5 100000 10118 177820 SH Other 1 177820 Echostar Communications COM 278762109 731 25000 SH Other 1,3 25000 38 1300 SH Other 1 1300 Exxon Mobil Corporation COM 30231G102 2980 50000 SH Other 1,2 50000 4172 70000 SH Other 1,3 70000 9524 159800 SH Other 1,4 159800 2384 40000 SH Other 1,5 40000 1796 30138 SH Other 1 30138 Fairfax Financial Holdings COM 303901102 52459 350899 SH Other 1,2 350899 71962 481348 SH Other 1 481348 Federated Investors Inc. COM 314211103 566 20000 SH Other 1,2 20000 566 20000 SH Other 1,3 20000 2689 95000 SH Other 1,5 95000 878 31000 SH Other 1 31000 First Data Corp. COM 319963104 393 10000 SH Other 1,3 10000 393 10000 SH Other 1,5 10000 12 300 SH Other 1 300 Forest City Enterprises COM 345550107 19835 310900 SH Other 1,2 310900 3190 50000 SH Other 1,3 50000 976 15300 SH Other 1,4 15300 3203 50200 SH Other 1 502000 Friedman Billings Ramsey Group COM 358434108 397 25000 SH Other 1,2 25000 1270 80000 SH Other 1,3 80000 397 25000 SH Other 1,4 25000 5362 337900 SH Other 1 337900 Gannett Company COM 364730101 7908 100000 SH Other 1,2 100000 1582 20000 SH Other 1,3 20000 4112 52000 SH Other 1,4 52000 791 10000 SH Other 1,5 10000 1055 13350 SH Other 1 13350 General Dynamics COM 369550108 11240 105000 SH Other 1,2 105000 2141 20000 SH Other 1,3 20000 2141 20000 SH Other 1,4 20000 5861 54750 SH Other 1 54750 General Electric COM 369604103 473 13118 SH Other 1 13118 Golden West Financial COM 381317106 6050 100000 SH Other 1,2 100000 1210 20000 SH Other 1,3 20000 3630 60000 SH Other 1,4 60000 7740 127930 SH Other 1 127930 Goldman Sachs COM 38141G104 1100 10000 SH Other 1,3 10000 11 100 SH Other 1 100 H&R Block COM 093671105 4047 80000 SH Other 1,2 80000 1517 30000 SH Other 1,4 30000 1012 20000 SH Other 1,5 20000 1694 33500 SH Other 1 33500

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 ---------------------------------------------------------------------------------------------------------------------------- Harrah's Entertainment COM 413619107 1937 30000 SH Other 1,3 30000 9041 140000 SH Other 1,4 140000 2583 40000 SH Other 1,5 40000 9830 152200 SH Other 1 152200 Honda Motor Co. COM 438128308 751 30000 SH Other 1,5 30000 35 1400 SH Other 1 1400 International Game Tech. COM 459902102 267 10000 SH Other 1,2 10000 1333 50000 SH Other 1,3 50000 3523 132150 SH Other 1 132150 International Speedway COM 460335201 6114 112700 SH Other 1,2 112700 4069 75000 SH Other 1,3 75000 5154 95000 SH Other 1,4 95000 2170 40000 SH Other 1,5 40000 7155 131900 SH Other 1 131900 Interpublic Group COM 460690100 835 68000 SH Other 1,2 68000 737 60000 SH Other 1,3 60000 528 43000 SH Other 1,4 43000 1300 105900 SH Other 1 105900 Investors Title Company COM 461804106 1569 42200 SH Other 1,2 42200 5672 152600 SH Other 1,3 152600 1355 36450 SH Other 1 36450 Johnson and Johnson COM 478160104 2015 30000 SH Other 1,3 30000 12572 187200 SH Other 1,4 187200 8059 120000 SH Other 1,5 120000 1659 24700 SH Other 1 24700 Kaneb Services COM 484173109 644 15100 SH Other 1,4 15100 Labranche & Co. COM 505447102 930 100000 SH Other 1,2 100000 930 100000 SH Other 1,4 100000 1628 175000 SH Other 1,5 175000 1925 207000 SH Other 1 207000 Leucadia National Corp COM 527288104 1030 30000 SH Other 1,3 30000 31 900 SH Other 1 900 MBIA Inc. COM 55262C100 10195 195000 SH Other 1,2 195000 10195 195000 SH Other 1,3 195000 4967 95000 SH Other 1,4 95000 7266 139000 SH Other 1 139000 Marriott International COM 571903202 12369 185000 SH Other 1,2 185000 1337 20000 SH Other 1,3 20000 4346 65000 SH Other 1,4 65000 669 10000 SH Other 1,5 10000 4306 64400 SH Other 1 64400 Marsh & McLennan COM 571748102 6997 230000 SH Other 1,2 230000 5932 195000 SH Other 1,3 195000 10738 353000 SH Other 1,4 353000 9278 305000 SH Other 1,5 305000 6616 217485 SH Other 1 217485 McGraw-Hill COM 580645109 1745 20000 SH Other 1,3 20000 3490 40000 SH Other 1,4 40000 13088 150000 SH Other 1,5 150000 2966 34000 SH Other 1 34000

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 ---------------------------------------------------------------------------------------------------------------------------- Merck COM 58155Q103 787 24300 SH Other 1,4 24300 812 25100 SH Other 1 25100 New York Communicy Bancorp. Com 649445103 969 53333 SH Other 1,2 53333 News Corp Class B COM 65248E203 881 50000 SH Other 1,3 50000 440 25000 SH Other 1,4 25000 3562 202300 SH Other 1 202300 Northern Trust Corp. COM 665859104 1303 30000 SH Other 1,2 30000 434 10000 SH Other 1,3 10000 2172 50000 SH Other 1,5 50000 435 10000 SH Other 1 10000 Nuveen Investments COM 67090F106 343 10000 SH Other 1 10000 Penn National Gaming COM 707569109 3643 124000 SH Other 1,2 124000 7956 270800 SH Other 1,3 270800 1175 40000 SH Other 1 40000 Pepsico COM 713448108 1766 33300 SH Other 1,4 33300 16 300 SH Other 1 300 Pitney Bowes Inc. COM 724479100 451 10000 SH Other 1 10000 Plum Creek Timber Co. COM 729251108 3392 95000 SH Other 1,2 95000 1071 30000 SH Other 1,3 30000 1785 50000 SH Other 1,4 50000 3570 100000 SH Other 1,5 100000 3652 102300 SH Other 1 102300 RLI Corporation COM 749607107 4295 103624 SH Other 1,2 103624 16438 396576 SH Other 1,3 396576 5774 139284 SH Other 1 139284 Reynolds & Reynolds "A" COM 761695105 541 20000 SH Other 1,2 20000 271 10000 SH Other 1,4 10000 Service Corporation Intl. COM 817565104 2244 300000 SH Other 1,4 300000 2805 375000 SH Other 1,5 375000 ServiceMaster COM 817615107 759 56200 SH Other 1,3 56200 4050 300000 SH Other 1,4 300000 3358 248743 SH Other 1 248743 State Street Corp. COM 857477103 874 20000 SH Other 1,2 20000 892 20400 SH Other 1,4 20400 Sysco Corp. COM 871829107 716 20000 SH Other 1,3 20000 723 20200 SH Other 1 20200 T Rowe Price Group COM 74144T108 2969 50000 SH Other 1,2 50000 594 10000 SH Other 1,3 10000 1484 25000 SH Other 1 25000 TCF Financial Corp. COM 872275102 543 20000 SH Other 1,3 20000 Tiffany COM 886547108 3280 95000 SH Other 1,2 95000 1036 30000 SH Other 1,3 30000 1208 35000 SH Other 1,4 35000 345 10000 SH Other 1,5 10000 307 8900 SH Other 1 8900 Tribune COM 896047107 399 10000 SH Other 1,4 10000 797 20000 SH Other 1,5 20000 455 11400 SH Other 1 11400 Tyco Int'l COM 902124106 338 10000 SH Other 1,3 10000 United Mobile Homes COM 911024107 209 13000 SH Other 1 13000

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 ---------------------------------------------------------------------------------------------------------------------------- Valley National Bank COM 919794107 876 33965 SH Other 1,2 33965 746 28940 SH Other 1,4 28940 773 30000 SH Other 1,5 30000 467 18098 SH Other 1 18098 W. P. Carey COM 92930Y107 24496 806600 SH Other 1,5 806600 1780 58600 SH Other 1 58600 Wal-Mart COM 931142103 1754 35000 SH Other 1,2 35000 2004 40000 SH Other 1,3 40000 1253 25000 SH Other 1,4 25000 8570 171025 SH Other 1 171025 Walt Disney Company COM 254687106 3448 120000 SH Other 1,2 120000 1724 60000 SH Other 1,3 60000 1293 45000 SH Other 1,4 45000 8132 283080 SH Other 1 283080 Washington Post Co. COM 939640108 2503 2800 SH Other 1,3 2800 1699 1900 SH Other 1,4 1900 737 825 SH Other 1 825 Washington Real Estate Investment COM 939653101 2746 95500 SH Other 1,2 95500 6190 215293 SH Other 1,3 215293 5186 180407 SH Other 1 180407 Waste Management COM 941061109 3606 125000 SH Other 1 125000 White Mountains COM G9618E107 6876 11300 SH Other 1,2 11300 6085 10000 SH Other 1,3 10000 17647 29000 SH Other 1,4 29000 8778 14425 SH Other 1,5 14425 49029 80575 SH Other 1 80575 XL Capital COM G3242A102 25992 359160 SH Other 1,2 359160 7866 108688 SH Other 1,3 108688 9005 124423 SH Other 1 124423 REPORT SUMMARY DATA RECORDS: 274 $1,401,827 5 OTHER MANAGERS ON WHOSE BEHALF REPORT IS FILED