13F-HR 1 d13fhr.txt 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: March 31, 2006 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 05/10/06 -------------------------- -------------------------- ---------------------- [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: 254 Form 13F Information Table Value Total: $ 1,582,040 (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, 2006

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 2933 65000 SH Other 1,2 65000 2708 60000 SH Other 1,3 60000 8575 190000 SH Other 1,5 190000 1995 44200 SH Other 1 44200 Allied Capital Corp. COM 019033109 4452 145500 SH Other 1,2 145500 306 10000 SH Other 1,3 10000 2517 82265 SH Other 1,4 82265 765 25000 SH Other 1,5 25000 5532 180780 SH Other 1 180780 Altria Group Inc. COM 02209S103 8404 118600 SH Other 1 118600 Ambac Financial COM 023139108 796 10000 SH Other 1 10000 American Express COM 025816109 7199 137000 SH Other 1,2 137000 1051 20000 SH Other 1,3 20000 526 10000 SH Other 1,4 10000 10857 206600 SH Other 1 206600 Anheuser Busch COM 035229103 24900 582175 SH Other 1,2 582175 6416 150000 SH Other 1,3 150000 2994 70000 SH Other 1,4 70000 9837 230000 SH Other 1,5 230000 23883 558415 SH Other 1 558415 Automatic Data Processing COM 019411107 7309 160000 SH Other 1,2 160000 1370 30000 SH Other 1,3 30000 1402 30700 SH Other 1,4 30700 2284 50000 SH Other 1,5 50000 1741 38100 SH Other 1 38100 Bank of America COM 060505104 455 10000 SH Other 1,2 10000 1025 22500 SH Other 1 22500 Bank of New York COM 064057102 6307 175000 SH Other 1,2 175000 1802 50000 SH Other 1,3 50000 1982 55000 SH Other 1,4 55000 360 10000 SH Other 1,5 10000 3882 107700 SH Other 1 107700 Baxter International COM 071813109 776 20000 SH Other 1,2 20000 1164 30000 SH Other 1,3 30000 776 20000 SH Other 1,4 20000 2523 65000 SH Other 1,5 65000 1172 30200 SH Other 1 30200 Bea Systems, Inc. NOTE 073325AD4 16162 16325000 PRN Other 1,4 16325000 1955 1975000 PRN Other 1 1975000 Berkshire Hathaway Class B COM 084670207 52228 17340 SH Other 1,2 17340 7530 2500 SH Other 1,3 2500 5753 1910 SH Other 1,5 1910 29659 9847 SH Other 1 9847 Berkshire Hathaway, Inc. COM 10382K102 25298 280 SH Other 1,2 280 11746 130 SH Other 1,3 130 6776 75 SH Other 1,4 75

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 --------------------------- -------- --------- -------- ------- --- ---- ------- -------- ---- ------- ---- 15360 170 SH Other 1,5 170 13913 154 SH Other 1 154 Brookfield Asset Management Com 10549P606 6156 111800 SH Other 1,3 111800 1851 33625 SH Other 1,4 33625 6629 120395 SH Other 1,5 120395 25379 460930 SH Other 1 460930 Brown & Brown COM 115236101 983 29610 SH Other 1,2 29610 532 16018 SH Other 1,3 16018 2324 70000 SH Other 1,4 70000 5976 180000 SH Other 1,5 180000 2324 70000 SH Other 1 70000 Brown Forman Class A COM 115637100 1800 23000 SH Other 1,2 23000 1252 16000 SH Other 1,3 16000 8701 111200 SH Other 1,5 111200 10522 134460 SH Other 1 134460 Bunge Limited COM 013317810 557 10000 SH Other 1,3 10000 557 10000 SH Other 1,4 10000 1449 26000 SH Other 1 26000 Carmax COM 143130102 30343 928500 SH Other 1,2 928500 6373 195000 SH Other 1,3 195000 3477 106386 SH Other 1,4 106386 0 13 SH Other 1,5 13 48329 1478858 SH Other 1 1478858 Cedar Fair LP COM 150185106 275 9400 SH Other 1 9400 Charles Schwab COM 808513105 430 25000 SH Other 1,2 25000 6884 400000 SH Other 1,4 400000 443 25700 SH Other 1 25700 Cincinnati Financial COM 172062101 7885 187425 SH Other 1,2 187425 7178 170611 SH Other 1,3 170611 1623 38587 SH Other 1,4 38587 6465 153678 SH Other 1 153678 Citigroup COM 172967101 4959 105000 SH Other 1,2 105000 4487 95000 SH Other 1,3 95000 1417 30000 SH Other 1,4 30000 3542 75000 SH Other 1,5 75000 24426 517175 SH Other 1 517175 Coca Cola COM 191216100 1537 36700 SH Other 1 36700 Corus Bankshares COM 220873103 5766 97000 SH Other 1,2 97000 3209 54000 SH Other 1 54000 Diageo PLC COM 25243Q205 45670 720000 SH Other 1,2 720000 95 1500 SH Other 1,3 1500 5758 90775 SH Other 1,5 90775 29776 469445 SH Other 1 469445 Exxon Mobil Corporation COM 30231G102 3043 50000 SH Other 1,2 50000 4260 70000 SH Other 1,3 70000 12160 199800 SH Other 1,5 199800 1834 30138 SH Other 1 30138

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 -------------------- -------------- --------- -------- ------- --- ---- ------- -------- ---- ------ ---- Fairfax Financial Holdings COM 303901102 89366 833561 SH Other 1 833561 Federated Investors Inc. COM 314211103 781 20000 SH Other 1,2 20000 781 20000 SH Other 1,3 20000 3710 95000 SH Other 1,4 95000 1210 31000 SH Other 1 31000 Forest City Enterprises COM 345550107 29318 621800 SH Other 1,2 621800 4715 100000 SH Other 1,3 100000 1443 30600 SH Other 1,5 30600 3649 77400 SH Other 1 77400 Friedman Billings Ramsey Group COM 358434108 328 35000 SH Other 1,2 35000 750 80000 SH Other 1,3 80000 5067 540100 SH Other 1 540100 Gannett Company COM 364730101 5992 100000 SH Other 1,2 100000 1198 20000 SH Other 1,3 20000 3116 52000 SH Other 1,4 52000 599 10000 SH Other 1,5 10000 669 11150 SH Other 1 11150 General Dynamics COM 369550108 13436 210000 SH Other 1,2 210000 2559 40000 SH Other 1,3 40000 2559 40000 SH Other 1,5 40000 6756 105600 SH Other 1 105600 General Electric COM 369604103 20033 576000 SH Other 1,2 576000 10956 315000 SH Other 1,3 315000 783 22500 SH Other 1,4 22500 869 25000 SH Other 1,5 25000 26244 754568 SH Other 1 754568 General Motors Corp. DEB SR CONV. A 370442741 1625 70000 PRN Other 1,4 70000 3017 130000 PRN Other 1 130000 Golden West Financial COM 381317106 6790 100000 SH Other 1,2 100000 1358 20000 SH Other 1,3 20000 1358 20000 SH Other 1,4 20000 3395 50000 SH Other 1,5 50000 8734 128630 SH Other 1 128630 Goldman Sachs COM 38141G104 1570 10000 SH Other 1,3 10000 15 100 SH Other 1 100 H&R Block COM 093671105 3464 160000 SH Other 1,2 160000 2165 100000 SH Other 1,5 100000 1451 67000 SH Other 1 67000 Harrah's Entertainment COM 413619107 2339 30000 SH Other 1,3 30000 780 10000 SH Other 1,4 10000 13253 170000 SH Other 1,5 170000 12598 161600 SH Other 1 161600

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 ------------------------ -------- --------- -------- ------- --- ---- ------- -------- ---- ------ ---- Home Depot COM 437076102 9941 235000 SH Other 1,2 235000 3173 75000 SH Other 1,3 75000 9195 217400 SH Other 1 217400 International Game Tech. COM 459902102 2113 60000 SH Other 1,2 60000 2994 85000 SH Other 1,3 85000 3522 100000 SH Other 1,4 100000 19249 546550 SH Other 1 546550 International Speedway COM 460335201 6245 122700 SH Other 1,2 122700 3818 75000 SH Other 1,3 75000 6872 135000 SH Other 1,5 135000 7520 147750 SH Other 1 147750 Investors Title Company COM 461804106 1812 42200 SH Other 1,2 42200 6551 152600 SH Other 1,3 152600 1526 35550 SH Other 1 35550 Johnson and Johnson COM 478160104 1184 20000 SH Other 1,2 20000 2369 40000 SH Other 1,3 40000 1611 27200 SH Other 1,4 27200 16582 280000 SH Other 1,5 280000 2066 34900 SH Other 1 34900 Leucadia National Corp COM 527288104 1790 30000 SH Other 1,3 30000 53 900 SH Other 1 900 MBIA Inc. COM 55262C100 21346 355000 SH Other 1,2 355000 2105 35000 SH Other 1,3 35000 1082 18000 SH Other 1,4 18000 4630 77000 SH Other 1,5 77000 9074 150900 SH Other 1 150900 Marriott International COM 571903202 12691 185000 SH Other 1,2 185000 1372 20000 SH Other 1,3 20000 5145 75000 SH Other 1,5 75000 4418 64400 SH Other 1 64400 Marsh & McLennan COM 571748102 7046 240000 SH Other 1,2 240000 5725 195000 SH Other 1,3 195000 3171 108000 SH Other 1,4 108000 16148 550000 SH Other 1,5 550000 5438 185210 SH Other 1 185210 McGraw-Hill COM 580645109 2305 40000 SH Other 1,3 40000 17286 300000 SH Other 1,4 300000 4610 80000 SH Other 1,5 80000 3837 66600 SH Other 1 66600 News Corp Class B COM 65248E203 878 50000 SH Other 1,3 50000 439 25000 SH Other 1,4 25000 4265 242900 SH Other 1 242900 Northern Trust Corp. COM 665859104 1575 30000 SH Other 1,2 30000 525 10000 SH Other 1,3 10000 2625 50000 SH Other 1,4 50000 1050 20000 SH Other 1 20000 Nuveen Investments COM 67090F106 963 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 --------------------- -------- --------- -------- ------- --- ---- ------- -------- ---- ------ ---- Penn National Gaming COM 707569109 5230 124000 SH Other 1,2 124000 11422 270800 SH Other 1,3 270800 1688 40000 SH Other 1 40000 Pepsico COM 713448108 1924 33300 SH Other 1,4 33300 18 300 SH Other 1 300 Pitney Bowes Inc. COM 724479100 429 10000 SH Other 1 10000 Plum Creek Timber Co. COM 729251108 5170 140000 SH Other 1,2 140000 1108 30000 SH Other 1,3 30000 5540 150000 SH Other 1,5 150000 2034 55100 SH Other 1 55100 Progressive Corp. COM 743315103 170 1629 SH Other 1,3 1629 1042 10000 SH Other 1 10000 RLI Corporation COM 749607107 5938 103624 SH Other 1,2 103624 22724 396576 SH Other 1,3 396576 7521 131274 SH Other 1 131274 Reddy Ice COM 75734R105 555 25000 SH Other 1,2 25000 600 27000 SH Other 1 27000 ServiceMaster COM 817615107 737 56200 SH Other 1,3 56200 656 50000 SH Other 1,4 50000 3281 250000 SH Other 1,5 250000 3233 246443 SH Other 1 246443 State Street Corp. COM 857477103 1208 20000 SH Other 1,2 20000 1233 20400 SH Other 1,4 20400 Sysco Corp. COM 871829107 2404 75000 SH Other 1,2 75000 2083 65000 SH Other 1,3 65000 2564 80000 SH Other 1,4 80000 8482 264656 SH Other 1 264656 T Rowe Price Group COM 74144T108 3911 50000 SH Other 1,2 50000 782 10000 SH Other 1,3 10000 1955 25000 SH Other 1 25000 TCF Financial Corp. COM 872275102 515 20000 SH Other 1,3 20000 Tiffany COM 886547108 3566 95000 SH Other 1,2 95000 1126 30000 SH Other 1,3 30000 1689 45000 SH Other 1,5 45000 23 600 SH Other 1 600 Tribune COM 896047107 274 10000 SH Other 1,4 10000 549 20000 SH Other 1,5 20000 313 11400 SH Other 1 11400 United Mobile Homes COM 911024107 199 13000 SH Other 1 13000 United Parcel Service COM 911312106 945 11900 SH Other 1 11900 Valley National Bank COM 919794107 914 35663 SH Other 1,2 35663 778 30386 SH Other 1,4 30386 807 31500 SH Other 1,5 31500 487 19000 SH Other 1 19000

Voting Authority Value Shares/ Sh/ Put/ Invstmt Other ---------------- Name of Issuer Title of Class CUSIP (x$1000) Prn Amt Prn Call Dscretn Managers Sole Shared None ------------------- -------------- --------- ---------- ------- --- ---- ------- -------- ---- ------ ---- W. P. Carey COM 92930Y107 268 10000 SH Other 1,2 10000 268 10000 SH Other 1,3 10000 21869 816600 SH Other 1,5 816600 3789 141500 SH Other 1 141500 Wachovia COM 337358105 311 5545 SH Other 1 5545 Wal-Mart COM 931142103 11574 245000 SH Other 1,2 245000 2834 60000 SH Other 1,3 60000 1181 25000 SH Other 1,4 25000 2126 45000 SH Other 1,5 45000 11925 252425 SH Other 1 252425 Walt Disney Company COM 254687106 3347 120000 SH Other 1,2 120000 1673 60000 SH Other 1,3 60000 1255 45000 SH Other 1,4 45000 7016 251566 SH Other 1 251566 Washington Post Co. COM 939640108 2175 2800 SH Other 1,3 2800 1476 1900 SH Other 1,4 1900 641 825 SH Other 1 825 Washington Real Estate Investment COM 939653101 3469 95500 SH Other 1,2 95500 7819 215293 SH Other 1,3 215293 6454 177707 SH Other 1 177707 White Mountains COM G9618E107 17270 29050 SH Other 1,2 29050 5945 10000 SH Other 1,3 10000 17241 29000 SH Other 1,4 29000 8576 14425 SH Other 1,5 14425 37349 62825 SH Other 1 62825 XL Capital COM G3242A102 23026 359160 SH Other 1,2 359160 6968 108688 SH Other 1,3 108688 7642 119202 SH Other 1 119202 REPORT SUMMARY DATA RECORDS: 254 $1,582,040 5 OTHER MANAGERS ON WHOSE BEHALF REPORT IS FILED