13F-HR 1 d13fhr.txt 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: December 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 02/10/06 ------------------------ ------------------------ ------------------------ [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: 252 Form 13F Information Table Value Total: $1,495,509 (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 December 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 3017 65000 SH Other 1,2 65000 2785 60000 SH Other 1,3 60000 8820 190000 SH Other 1,5 190000 2112 45500 SH Other 1 45500 Allied Capital Corp. COM 019033109 4273 145500 SH Other 1,2 145500 294 10000 SH Other 1,3 10000 2416 82265 SH Other 1,4 82265 734 25000 SH Other 1,5 25000 5310 180780 SH Other 1 180780 Altria Group Inc. COM 02209S103 8862 118600 SH Other 1 118600 Ambac Financial COM 023139108 771 10000 SH Other 1 10000 American Express COM 025816109 7050 137000 SH Other 1,2 137000 1029 20000 SH Other 1,3 20000 515 10000 SH Other 1,4 10000 10631 206600 SH Other 1 206600 Ameriprise Financial Inc. COM 03076C106 1123 27400 SH Other 1,2 27400 164 4000 SH Other 1,3 4000 82 2000 SH Other 1,4 2000 1321 32220 SH Other 1 32220 Anheuser Busch COM 035229103 25010 582175 SH Other 1,2 582175 6444 150000 SH Other 1,3 150000 3007 70000 SH Other 1,4 70000 9881 230000 SH Other 1,5 230000 24079 560500 SH Other 1 560500 Automatic Data Processing COM 019411107 7344 160000 SH Other 1,2 160000 1377 30000 SH Other 1,3 30000 1409 30700 SH Other 1,4 30700 2295 50000 SH Other 1,5 50000 1749 38100 SH Other 1 38100 Bank of New York COM 064057102 5574 175000 SH Other 1,2 175000 1593 50000 SH Other 1,3 50000 1752 55000 SH Other 1,4 55000 318 10000 SH Other 1,5 10000 3455 108500 SH Other 1 108500 Baxter International COM 071813109 753 20000 SH Other 1,2 20000 1130 30000 SH Other 1,3 30000 753 20000 SH Other 1,4 20000 2447 65000 SH Other 1,5 65000 1137 30200 SH Other 1 30200 Bea Systems, Inc. NOTE 073325AD4 16039 16325000 PRN Other 1,4 16325000 1940 1975000 PRN Other 1 1975000 Berkshire Hathaway Class B COM 084670207 50902 17340 SH Other 1,2 17340 7339 2500 SH Other 1,3 2500 5607 1910 SH Other 1,5 1910 29043 9894 SH Other 1 9894

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 --------------------------- -------- --------- -------- ------- --- ---- ------- -------- ---- ------- ---- Berkshire Hathaway, Inc. COM 10382K102 24814 280 SH Other 1,2 280 11521 130 SH Other 1,3 130 6647 75 SH Other 1,4 75 15065 170 SH Other 1,5 170 13647 154 SH Other 1 154 Brookfield Asset Management Com 10549P606 5627 111800 SH Other 1,3 111800 1258 25000 SH Other 1,4 25000 5788 115000 SH Other 1,5 115000 23927 475400 SH Other 1 475400 Brown & Brown COM 115236101 904 29610 SH Other 1,2 29610 489 16018 SH Other 1,3 16018 2138 70000 SH Other 1,4 70000 5497 180000 SH Other 1,5 180000 2138 70000 SH Other 1 70000 Brown Forman Class A COM 115637100 1632 23000 SH Other 1,2 23000 1135 16000 SH Other 1,3 16000 7889 111200 SH Other 1,5 111200 9538 134460 SH Other 1 134460 Bunge Limited COM 013317810 566 10000 SH Other 1,3 10000 566 10000 SH Other 1,4 10000 1744 30800 SH Other 1 30800 Carmax COM 143130102 25701 928500 SH Other 1,2 928500 5398 195000 SH Other 1,3 195000 2945 106386 SH Other 1,4 106386 0 13 SH Other 1,5 13 40730 1471458 SH Other 1 1471458 Cedar Fair LP COM 150185106 268 9400 SH Other 1 9400 Centerpoint Property Trust COM 151895109 24285 442300 SH Other 1,2 442300 5938 120000 SH Other 1,3 120000 21884 442300 SH Other 1 442300 Charles Schwab COM 808513105 367 25000 SH Other 1,2 25000 5868 400000 SH Other 1,4 400000 406 27700 SH Other 1 27700 Cincinnati Financial COM 172062101 8374 187425 SH Other 1,2 187425 7623 170611 SH Other 1,3 170611 1724 38587 SH Other 1,4 38587 6866 153678 SH Other 1 153678 Citigroup COM 172967101 3640 75000 SH Other 1,2 75000 3154 65000 SH Other 1,3 65000 1456 30000 SH Other 1,4 30000 3640 75000 SH Other 1,5 75000 21180 436425 SH Other 1 436425 Coca Cola COM 191216100 1411 35000 SH Other 1,2 35000 1814 45000 SH Other 1,3 45000 806 20000 SH Other 1,4 20000 806 20000 SH Other 1,5 20000 7369 182800 SH Other 1 182800 Corus Bankshares COM 220873103 5458 97000 SH Other 1,2 97000 3039 54000 SH Other 1 54000

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 41976 720000 SH Other 1,2 720000 87 1500 SH Other 1,3 1500 5292 90775 SH Other 1,5 90775 27393 469845 SH Other 1 469845 Exxon Mobil Corporation COM 30231G102 2809 50000 SH Other 1,2 50000 3932 70000 SH Other 1,3 70000 11223 199800 SH Other 1,5 199800 1692 30138 SH Other 1 30138 Fairfax Financial Holdings COM 303901102 119311 832247 SH Other 1 832247 Federated Investors Inc. COM 314211103 741 20000 SH Other 1,2 20000 741 20000 SH Other 1,3 20000 3519 95000 SH Other 1,4 95000 1148 31000 SH Other 1 31000 Forest City Enterprises COM 345550107 23585 621800 SH Other 1,2 621800 3793 100000 SH Other 1,3 100000 1161 30600 SH Other 1,5 30600 3201 84400 SH Other 1 84400 Friedman Billings Ramsey Group COM 358434108 248 25000 SH Other 1,2 25000 792 80000 SH Other 1,3 80000 396 40000 SH Other 1,4 40000 248 25000 SH Other 1,5 25000 4440 448600 SH Other 1 448600 Gannett Company COM 364730101 6057 100000 SH Other 1,2 100000 1211 20000 SH Other 1,3 20000 3150 52000 SH Other 1,4 52000 606 10000 SH Other 1,5 10000 633 10450 SH Other 1 10450 General Dynamics COM 369550108 11975 105000 SH Other 1,2 105000 2281 20000 SH Other 1,3 20000 2281 20000 SH Other 1,5 20000 6028 52850 SH Other 1 52850 General Electric COM 369604103 442 12618 SH Other 1 12618 Golden West Financial COM 381317106 6600 100000 SH Other 1,2 100000 1320 20000 SH Other 1,3 20000 1320 20000 SH Other 1,4 20000 3300 50000 SH Other 1,5 50000 8490 128630 SH Other 1 128630 Goldman Sachs COM 38141G104 1277 10000 SH Other 1,3 10000 13 100 SH Other 1 100 H&R Block COM 093671105 3928 160000 SH Other 1,2 160000 2455 100000 SH Other 1,5 100000 1645 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 2139 30000 SH Other 1,3 30000 713 10000 SH Other 1,4 10000 12119 170000 SH Other 1,5 170000 10807 151600 SH Other 1 151600 Home Depot COM 437076102 1303 32200 SH Other 1 32200 International Game Tech. COM 459902102 1847 60000 SH Other 1,2 60000 1539 50000 SH Other 1,3 50000 3078 100000 SH Other 1,4 100000 14453 469550 SH Other 1 469550 International Speedway COM 460335201 5877 122700 SH Other 1,2 122700 3593 75000 SH Other 1,3 75000 6467 135000 SH Other 1,5 135000 7033 146850 SH Other 1 146850 Investors Title Company COM 461804106 1780 42200 SH Other 1,2 42200 6435 152600 SH Other 1,3 152600 1499 35550 SH Other 1 35550 Johnson and Johnson COM 478160104 1803 30000 SH Other 1,3 30000 1635 27200 SH Other 1,4 27200 16828 280000 SH Other 1,5 280000 1448 24100 SH Other 1 24100 Leucadia National Corp COM 527288104 1424 30000 SH Other 1,3 30000 43 900 SH Other 1 900 MBIA Inc. COM 55262C100 21357 355000 SH Other 1,2 355000 2106 35000 SH Other 1,3 35000 1083 18000 SH Other 1,4 18000 4632 77000 SH Other 1,5 77000 9030 150100 SH Other 1 150100 Marriott International COM 571903202 12389 185000 SH Other 1,2 185000 1339 20000 SH Other 1,3 20000 5023 75000 SH Other 1,5 75000 4313 64400 SH Other 1 64400 Marsh & McLennan COM 571748102 7622 240000 SH Other 1,2 240000 6193 195000 SH Other 1,3 195000 3430 108000 SH Other 1,4 108000 17468 550000 SH Other 1,5 550000 5930 186685 SH Other 1 186685 McGraw-Hill COM 580645109 2065 40000 SH Other 1,3 40000 15489 300000 SH Other 1,4 300000 4130 80000 SH Other 1,5 80000 3470 67200 SH Other 1 67200

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 831 50000 SH Other 1,3 50000 415 25000 SH Other 1,4 25000 4034 242900 SH Other 1 242900 Northern Trust Corp. COM 665859104 1555 30000 SH Other 1,2 30000 518 10000 SH Other 1,3 10000 2591 50000 SH Other 1,4 50000 1036 20000 SH Other 1 20000 Nuveen Investments COM 67090F106 852 20000 SH Other 1 20000 Penn National Gaming COM 707569109 4086 124000 SH Other 1,2 124000 8923 270800 SH Other 1,3 270800 1318 40000 SH Other 1 40000 Pepsico COM 713448108 1967 33300 SH Other 1,4 33300 18 300 SH Other 1 300 Pitney Bowes Inc. COM 724479100 422 10000 SH Other 1 10000 Plum Creek Timber Co. COM 729251108 5047 140000 SH Other 1,2 140000 1082 30000 SH Other 1,3 30000 5408 150000 SH Other 1,5 150000 2018 56000 SH Other 1 56000 Progressive Corp. COM 743315103 190 1629 SH Other 1,3 1629 1168 10000 SH Other 1 10000 RLI Corporation COM 749607107 5168 103624 SH Other 1,2 103624 19777 396576 SH Other 1,3 396576 6567 131674 SH Other 1 131674 ServiceMaster COM 817615107 672 56200 SH Other 1,3 56200 598 50000 SH Other 1,4 50000 2988 250000 SH Other 1,5 250000 2944 246443 SH Other 1 246443 State Street Corp. COM 857477103 1109 20000 SH Other 1,2 20000 1131 20400 SH Other 1,4 20400 Sysco Corp. COM 871829107 932 30000 SH Other 1,2 30000 621 20000 SH Other 1,3 20000 2484 80000 SH Other 1,4 80000 4360 140450 SH Other 1 140450 T Rowe Price Group COM 74144T108 3602 50000 SH Other 1,2 50000 720 10000 SH Other 1,3 10000 1801 25000 SH Other 1 25000 TCF Financial Corp. COM 872275102 543 20000 SH Other 1,3 20000 Tiffany COM 886547108 3638 95000 SH Other 1,2 95000 1149 30000 SH Other 1,3 30000 1723 45000 SH Other 1,5 45000 22 600 SH Other 1 600 Tribune COM 896047107 303 10000 SH Other 1,4 10000 605 20000 SH Other 1,5 20000 345 11400 SH Other 1 11400 United Mobile Homes COM 911024107 207 13000 SH Other 1 13000 United Parcel Service COM 911312106 894 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 859 35663 SH Other 1,2 35663 732 30386 SH Other 1,4 30386 759 31500 SH Other 1,5 31500 459 19000 SH Other 1 19000 W. P. Carey COM 92930Y107 20709 816600 SH Other 1,5 816600 2975 117300 SH Other 1 117300 Wachovia COM 337358105 288 5445 SH Other 1 5445 Wal-Mart COM 931142103 10998 235000 SH Other 1,2 235000 1872 40000 SH Other 1,3 40000 1170 25000 SH Other 1,4 25000 2106 45000 SH Other 1,5 45000 10849 231825 SH Other 1 231825 Walt Disney Company COM 254687106 2876 120000 SH Other 1,2 120000 1438 60000 SH Other 1,3 60000 1079 45000 SH Other 1,4 45000 6155 256781 SH Other 1 256781 Washington Post Co. COM 939640108 2142 2800 SH Other 1,3 2800 1454 1900 SH Other 1,4 1900 631 825 SH Other 1 825 Washington Real Estate Investment COM 939653101 2898 95500 SH Other 1,2 95500 6534 215293 SH Other 1,3 215293 5394 177707 SH Other 1 177707 White Mountains COM G9618E107 6312 11300 SH Other 1,2 11300 5586 10000 SH Other 1,3 10000 16198 29000 SH Other 1,4 29000 8057 14425 SH Other 1,5 14425 45004 80575 SH Other 1 80575 XL Capital COM G3242A102 24200 359160 SH Other 1,2 359160 7323 108688 SH Other 1,3 108688 8032 119202 SH Other 1 119202 REPORT SUMMARY DATA RECORDS: 252 $1,495,509 5 OTHER MANAGERS ON WHOSE BEHALF REPORT IS FILED