13F-HR 1 d13fhr.txt MARKEL GAYNER ASSETT MANAGEMENT CORPORATION FORM 13F-HR 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, 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 11/09/05 ---------------------- ----------------------- ------------------ [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).) Form 13F SUMMARY PAGE Report Summary: Number of Other Included Managers: 5 Form 13F Information Table Entry Total: 257 Form 13F Information Table Value Total: $ 1,501,758 (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 September 30, 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 2945 65000 SH Other 1,2 65000 2718 60000 SH Other 1,3 60000 3171 70000 SH Other 1,4 70000 5436 120,000 SH Other 1,5 120,000 2101 46400 SH Other 1 46400 Allied Capital Corp. COM 019033109 4166 145500 SH Other 1,2 145500 286 10000 SH Other 1,3 10000 2355 82265 SH Other 1,4 82265 716 25,000 SH Other 1,5 25,000 5147 179780 SH Other 1 179780 Altria Group Inc. COM 02209S103 8742 118600 SH Other 1 118600 Ambac Financial COM 023139108 721 10000 SH Other 1 10000 American Express COM 025816109 7869 137000 SH Other 1,2 137000 1149 20000 SH Other 1,3 20000 574 10000 SH Other 1,4 10000 11959 208200 SH Other 1 208200 Anheuser Busch COM 035229103 23335 542175 SH Other 1,2 542175 6456 150000 SH Other 1,3 150000 7317 170000 SH Other 1,4 170000 5595 130000 SH Other 1,5 130000 25811 599700 SH Other 1 599700 Automatic Data Processing COM 019411107 6886 160000 SH Other 1,2 160000 1291 30000 SH Other 1,3 30000 3473 80700 SH Other 1,4 80700 1654 38400 SH Other 1 38400 Bank of New York COM 064057102 5147 175000 SH Other 1,2 175000 1470 50000 SH Other 1,3 50000 1618 55000 SH Other 1,4 55000 294 10000 SH Other 1,5 10000 3220 109500 SH Other 1 109500 Baxter International COM 071813109 797 20000 SH Other 1,2 20000 1196 30000 SH Other 1,3 30000 1196 30000 SH Other 1,4 30000 2193 55000 SH Other 1,5 55000 1205 30200 SH Other 1 30200 Bea Systems, Inc. NOTE 073325AD4 15010 15200000 PRN Other 1,4 15200000 1111 1125000 PRN Other 1,5 1125000 1950 1975000 PRN Other 1 1975000 Berkshire Hathaway Class B COM 084670207 47356 17340 SH Other 1,2 17340 6828 2500 SH Other 1,3 2500 5216 1910 SH Other 1,4 1910 27085 9918 SH Other 1 9918 Berkshire Hathaway, Inc. COM 10382K102 21320 260 SH Other 1,2 260 10660 130 SH Other 1,3 130 14350 175 SH Other 1,4 175 5740 70 SH Other 1,5 70 14268 174 SH Other 1 174 Brookfield Asset Management COM 10549P606 5210 111800 SH Other 1,3 111800 2330 50,000 SH Other 1,4 50,000

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 ------------------------------------------------------------------------------------------------------------------------------------ 4194 90000 SH Other 1,5 90000 22200 476400 SH Other 1 476400 Brown & Brown COM 115236101 736 14805 SH Other 1,2 14805 398 8009 SH Other 1,3 8009 2236 45000 SH Other 1,4 45000 3975 80000 SH Other 1,5 80000 1739 35000 SH Other 1 35000 Brown Forman Class A COM 115637100 1420 23000 SH Other 1,2 23000 988 16000 SH Other 1,3 16000 6867 111200 SH Other 1,4 111200 8303 134460 SH Other 1 134460 Bunge Limited COM 013317810 526 10000 SH Other 1,3 10000 526 10000 SH Other 1,4 10000 1737 33000 SH Other 1 33000 Carmax COM 143130102 27471 878500 SH Other 1,2 878500 6098 195000 SH Other 1,3 195000 6944 222079 SH Other 1,4 222079 13446 430000 SH Other 1,5 430000 30512 975778 SH Other 1 975778 Cedar Fair LP COM 150185106 282 9400 SH Other 1 9400 Centerpoint Property Trust COM 151895109 21988 490800 SH Other 1,2 490800 5376 120000 SH Other 1,3 120000 20200 450900 SH Other 1 450900 Charles Schwab COM 808513105 361 25000 SH Other 1,2 25000 5772 400000 SH Other 1,5 400000 399 27700 SH Other 1 27700 Cincinnati Financial COM 172062101 7851 187425 SH Other 1,2 187425 7147 170611 SH Other 1,3 170611 1616 38587 SH Other 1,4 38587 6527 155811 SH Other 1 155811 Citigroup COM 172967101 2504 55000 SH Other 1,2 55000 2959 65000 SH Other 1,3 65000 2276 50000 SH Other 1,4 50000 2504 55000 SH Other 1,5 55000 19615 430925 SH Other 1 430925 Coca Cola COM 191216100 1512 35000 SH Other 1,2 35000 1944 45000 SH Other 1,3 45000 1296 30000 SH Other 1,4 30000 432 10000 SH Other 1,5 10000 8347 193300 SH Other 1 193300 Corus Bankshares COM 220873103 4003 73000 SH Other 1,2 73000 4276 78000 SH Other 1 78000 Deere & Co. COM 214199105 275 4500 SH Other 1 4500

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 27265 470000 SH Other 1,2 470000 14590 251500 SH Other 1,3 251500 15286 263500 SH Other 1,4 263500 5801 100000 SH Other 1,5 100000 11492 198120 SH Other 1 198120 Exxon Mobil Corporation COM 30231G102 3177 50000 SH Other 1,2 50000 4448 70000 SH Other 1,3 70000 10154 159800 SH Other 1,4 159800 2542 40000 SH Other 1,5 40000 1914 30138 SH Other 1 30138 Fairfax Financial Holdings COM 303901102 144728 832247 SH Other 1 832247 Federated Investors Inc. COM 314211103 665 20000 SH Other 1,2 20000 665 20000 SH Other 1,3 20000 3157 95000 SH Other 1,5 95000 1029 31000 SH Other 1 31000 Forest City Enterprises COM 345550107 23691 621800 SH Other 1,2 621800 3810 100000 SH Other 1,3 100000 1166 30600 SH Other 1,4 30600 3204 84100 SH Other 1 84100 Friedman Billings Ramsey Group COM 358434108 255 25000 SH Other 1,2 25000 815 80000 SH Other 1,3 80000 408 40000 SH Other 1,4 40000 255 25000 SH Other 1,5 25000 4297 421800 SH Other 1 421800 Gannett Company COM 364730101 6883 100000 SH Other 1,2 100000 1377 20000 SH Other 1,3 20000 3579 52000 SH Other 1,4 52000 688 10000 SH Other 1,5 10000 919 13350 SH Other 1 13350 General Dynamics COM 369550108 12553 105000 SH Other 1,2 105000 2391 20000 SH Other 1,3 20000 2391 20000 SH Other 1,4 20000 6318 52850 SH Other 1 52850 General Electric COM 369604103 425 12618 SH Other 1 12618 Golden West Financial COM 381317106 5939 100000 SH Other 1,2 100000 1188 20000 SH Other 1,3 20000 4157 70000 SH Other 1,4 70000 7639 128630 SH Other 1 128630 Goldman Sachs COM 38141G104 1216 10000 SH Other 1,3 10000 12 100 SH Other 1 100 H&R Block COM 093671105 3837 160000 SH Other 1,2 160000 1439 60000 SH Other 1,4 60000 959 40000 SH Other 1,5 40000 1606 67000 SH Other 1 67000

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 1956 30000 SH Other 1,3 30000 9127 140000 SH Other 1,4 140000 2608 40000 SH Other 1,5 40000 9882 151600 SH Other 1 151600 Home Depot COM 437076102 786 20600 SH Other 1 20600 International Game Tech. COM 459902102 270 10000 SH Other 1,2 10000 1350 50000 SH Other 1,3 50000 270 10000 SH Other 1,4 10000 2430 90000 SH Other 1,5 90000 13369 495150 SH Other 1 495150 International Speedway COM 460335201 6438 122700 SH Other 1,2 122700 3935 75000 SH Other 1,3 75000 4985 95000 SH Other 1,4 95000 2099 40000 SH Other 1,5 40000 7671 146200 SH Other 1 146200 Investors Title Company COM 461804106 1648 42200 SH Other 1,2 42200 5959 152600 SH Other 1,3 152600 1423 36450 SH Other 1 36450 Johnson and Johnson COM 478160104 1898 30000 SH Other 1,3 30000 11846 187200 SH Other 1,4 187200 7594 120000 SH Other 1,5 120000 1563 24700 SH Other 1 24700 Labranche & Co. COM 505447102 869 100000 SH Other 1,4 100000 652 75000 SH Other 1,5 75000 2668 307000 SH Other 1 307000 Leucadia National Corp COM 527288104 1293 30000 SH Other 1,3 30000 39 900 SH Other 1 900 MBIA Inc. COM 55262C100 11821 195000 SH Other 1,2 195000 11821 195000 SH Other 1,3 195000 5759 95000 SH Other 1,4 95000 9099 150100 SH Other 1 150100 Marriott International COM 571903202 11655 185000 SH Other 1,2 185000 1260 20000 SH Other 1,3 20000 4095 65000 SH Other 1,4 65000 630 10000 SH Other 1,5 10000 4057 64400 SH Other 1 64400 Marsh & McLennan COM 571748102 6990 230000 SH Other 1,2 230000 5926 195000 SH Other 1,3 195000 10728 353000 SH Other 1,4 353000 9269 305000 SH Other 1,5 305000 6252 205735 SH Other 1 205735 McGraw-Hill COM 580645109 1922 40000 SH Other 1,3 40000 3843 80000 SH Other 1,4 80000 14412 300000 SH Other 1,5 300000 3267 68000 SH Other 1 68000

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 ------------------------------------------------------------------------------------------------------------------------------------ News Corp Class B COM 65248E203 825 50000 SH Other 1,3 50000 413 25000 SH Other 1,4 25000 4139 250850 SH Other 1 250850 Northern Trust Corp. COM 665859104 1517 30000 SH Other 1,2 30000 505 10000 SH Other 1,3 10000 2528 50000 SH Other 1,5 50000 1010 20000 SH Other 1 20000 Nuveen Investments COM 67090F106 788 20000 SH Other 1 20000 Penn National Gaming COM 707569109 3858 124000 SH Other 1,2 124000 8425 270800 SH Other 1,3 270800 1244 40000 SH Other 1 40000 Pepsico COM 713448108 1888 33300 SH Other 1,4 33300 17 300 SH Other 1 300 Pitney Bowes Inc. COM 724479100 417 10000 SH Other 1 10000 Plum Creek Timber Co. COM 729251108 3601 95000 SH Other 1,2 95000 1137 30000 SH Other 1,3 30000 1896 50000 SH Other 1,4 50000 3791 100000 SH Other 1,5 100000 3878 102300 SH Other 1 102300 Progressive Corp. COM 743315103 171 1629 SH Other 1,3 1629 1047 10000 SH Other 1 10000 RLI Corporation COM 749607107 4794 103624 SH Other 1,2 103624 18346 396576 SH Other 1,3 396576 6091 131674 SH Other 1 131674 ServiceMaster COM 817615107 761 56200 SH Other 1,3 56200 4062 300000 SH Other 1,4 300000 3341 246743 SH Other 1 246743 State Street Corp. COM 857477103 978 20000 SH Other 1,2 20000 998 20400 SH Other 1,4 20400 Sysco Corp. COM 871829107 627 20000 SH Other 1,3 20000 627 20000 SH Other 1,4 20000 1882 60000 SH Other 1,5 60000 4983 158800 SH Other 1 158800 T Rowe Price Group COM 74144T108 3265 50000 SH Other 1,2 50000 653 10000 SH Other 1,3 10000 1632 25000 SH Other 1 25000 TCF Financial Corp. COM 872275102 535 20000 SH Other 1,3 20000 Tiffany COM 886547108 3778 95000 SH Other 1,2 95000 1193 30000 SH Other 1,3 30000 1392 35000 SH Other 1,4 35000 398 10000 SH Other 1,5 10000 83 2100 SH Other 1 2100 Tribune COM 896047107 339 10000 SH Other 1,4 10000 678 20000 SH Other 1,5 20000 386 11400 SH Other 1 11400 United Mobile Homes COM 911024107 206 13000 SH Other 1 13000 United Parcel Service COM 911312106 823 11900 SH Other 1 11900

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 817 35663 SH Other 1,2 35663 696 30386 SH Other 1,4 30386 721 31500 SH Other 1,5 31500 435 19000 SH Other 1 19000 W. P. Carey COM 92930Y107 21983 816600 SH Other 1,5 816600 1693 62900 SH Other 1 62900 Wal-Mart COM 931142103 1972 45000 SH Other 1,2 45000 1753 40000 SH Other 1,3 40000 1096 25000 SH Other 1,4 25000 1972 45000 SH Other 1,5 45000 17217 392925 SH Other 1 392925 Walt Disney Company COM 254687106 2896 120000 SH Other 1,2 120000 1448 60000 SH Other 1,3 60000 1086 45000 SH Other 1,4 45000 6357 263481 SH Other 1 263481 Washington Post Co. COM 939640108 2247 2800 SH Other 1,3 2800 1525 1900 SH Other 1,4 1900 662 825 SH Other 1 825 Washington Real Estate Investment COM 939653101 2971 95500 SH Other 1,2 95500 6698 215293 SH Other 1,3 215293 5528 177707 SH Other 1 177707 White Mountains COM G9618E107 6825 11300 SH Other 1,2 11300 6040 10000 SH Other 1,3 10000 17516 29000 SH Other 1,4 29000 8713 14425 SH Other 1,5 14425 48667 80575 SH Other 1 80575 XL Capital COM G3242A102 24434 359160 SH Other 1,2 359160 7394 108688 SH Other 1,3 108688 8265 121502 SH Other 1 121502

REPORT SUMMARY DATA RECORDS: 257 $1,501,758 5 OTHER MANAGERS ON WHOSE BEHALF REPORT IS FILED