13F-HR 1 d13fhr.txt FORM 13-F 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, 2007 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 5/11/07 ------------------------ ------------------------ ------------------------ [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: 8 Form 13F Information Table Entry Total: 305 Form 13F Information Table Value Total: $ 1864771 (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 6 28-12299 Markel Insurance Company 7 28-12296 Associated International Insurance Company 8 28-12308 Markel Capital Limited Markel Gayner Asset Management Corporation FORM 13F March 31, 2007

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 -------------- -------------- --------- -------- ------- --- ---- ------- -------- ---- ------ ---- 3M Company COM 88579Y101 772 10100 SH Other 1 10100 Abbott Laboratories COM 002824100 201 3600 SH Other 1 3600 Aflac COM 001055102 3059 65000 SH Other 1,2 65000 2824 60000 SH Other 1,3 60000 9412 200000 SH Other 1,8 200000 2456 52200 SH Other 1 52200 Alleghany Corp. COM 017175100 381 1020 SH Other 1 1020 Allied Capital Corp. COM 019033109 4192 145500 SH Other 1,2 145500 288 10000 SH Other 1,3 10000 2370 82265 SH Other 1,4 82265 3781 131250 SH Other 1,7 131250 720 25000 SH Other 1,8 25000 1311 45485 SH Other 1 45485 Altria Group Inc. COM 02209S103 10054 114500 SH Other 1,6 114500 351 4000 SH Other 1 4000 Ambac Financial COM 023139108 864 10000 SH Other 1,7 10000 American Express COM 025816109 7727 137000 SH Other 1,2 137000 1128 20000 SH Other 1,3 20000 564 10000 SH Other 1,4 10000 5189 92000 SH Other 1,6 92000 1410 25000 SH Other 1,7 25000 4948 87733 SH Other 1 87733 Anheuser Busch COM 035229103 31902 632225 SH Other 1,2 632225 7569 150000 SH Other 1,3 150000 3532 70000 SH Other 1,4 70000 3280 65000 SH Other 1,5 65000 3437 68111 SH Other 1,6 68111 6307 125000 SH Other 1,7 125000 8325 165000 SH Other 1,8 165000 15457 306301 SH Other 1 306301 Automatic Data Processing COM 019411107 7744 160000 SH Other 1,2 160000 1452 30000 SH Other 1,3 30000 1486 30700 SH Other 1,4 30700 484 10000 SH Other 1,7 10000 2420 50000 SH Other 1,8 50000 1331 27500 SH Other 1 27500 Bank of America COM 060505104 510 10000 SH Other 1,2 10000 1020 20000 SH Other 1,6 20000 128 2500 SH Other 1 2500 Bank of New York COM 064057102 7096 175000 SH Other 1,2 175000 2027 50000 SH Other 1,3 50000 2230 55000 SH Other 1,4 55000 1014 25000 SH Other 1,6 25000 811 20000 SH Other 1,7 20000 405 10000 SH Other 1,8 10000 2325 57300 SH Other 1 57300 Bed Bath & Beyond Inc. COM 075896100 402 10000 SH Other 1,4 10000 402 10000 SH Other 1,8 10000 341 8500 SH Other 1 8500

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 -------------- -------------- --------- -------- ------- --- ---- ------- -------- ---- ------- ---- Berkshire Hathaway Class B COM 084670207 65884 18100 SH Other 1,2 18100 9100 2500 SH Other 1,3 2500 2839 780 SH Other 1,5 780 14560 4000 SH Other 1,6 4000 3094 850 SH Other 1,7 850 4113 1130 SH Other 1,8 1130 15023 4127 SH Other 1 4127 Berkshire Hathaway, Inc. COM 10382K102 30517 280 SH Other 1,2 280 14169 130 SH Other 1,3 130 8174 75 SH Other 1,4 75 18528 170 SH Other 1,5 170 3270 30 SH Other 1,6 14664 1090 10 SH Other 1,7 10 12425 114 SH Other 1 114 Brookfield Asset Management COM 10549P606 8764 167700 SH Other 1,3 167700 2636 50437 SH Other 1,4 50437 16932 324000 SH Other 1,7 324000 9438 180592 SH Other 1,8 180592 18975 363095 SH Other 1 363095 Brown & Brown COM 115236101 801 29610 SH Other 1,2 29610 433 16018 SH Other 1,3 16018 1894 70000 SH Other 1,4 70000 4869 180000 SH Other 1,8 180000 1893 70000 SH Other 1 70000 Brown Forman Class A COM 115637100 1589 23000 SH Other 1,2 23000 1105 16000 SH Other 1,3 16000 3965 57400 SH Other 1,6 57400 691 10000 SH Other 1,7 10000 7682 111200 SH Other 1,8 111200 4632 67060 SH Other 1 67060 Bunge Limited COM 013317810 822 10000 SH Other 1,3 10000 822 10000 SH Other 1,4 10000 1299 15800 SH Other 1 15800 Carmax COM 143130102 45571 1857000 SH Other 1,2 1857000 9571 390000 SH Other 1,3 390000 12583 512772 SH Other 1,4 512772 1 26 SH Other 1,5 26 15781 643056 SH Other 1,6 643056 10307 420000 SH Other 1,7 420000 16230 661360 SH Other 1,8 661360 22346 910640 SH Other 1 910640 Caterpillar Inc. COM 149123101 3351 50000 SH Other 1,4 50000 Charles Schwab COM 808513105 457 25000 SH Other 1,2 25000 7316 400000 SH Other 1,4 400000 457 25000 SH Other 1,7 25000 6 300 SH Other 1 300 Cincinnati Financial COM 172062101 7947 187425 SH Other 1,2 187425 7234 170611 SH Other 1,3 170611 1636 38587 SH Other 1,4 38587 2833 66811 SH Other 1,6 66811

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 -------------- -------------- --------- -------- ------- --- ---- ------- -------- ---- ------ ---- 1215 28665 SH Other 1,7 28665 2189 51627 SH Other 1 51627 Citigroup COM 172967101 7444 145000 SH Other 1,2 145000 5873 114400 SH Other 1,3 114400 19930 388200 SH Other 1,4 388200 6674 130000 SH Other 1,6 130000 13667 266200 SH Other 1,7 266200 4426 86200 SH Other 1,8 86200 13419 261375 SH Other 1 261375 Comcast COM 20030N101 2725 105000 SH Other 1,4 105000 3893 150000 SH Other 1,6 150000 16007 616850 SH Other 1 616850 Corus Bankshares COM 220873103 3310 194000 SH Other 1,2 194000 427 25000 SH Other 1,4 25000 682 40000 SH Other 1,7 40000 1279 75000 SH Other 1 75000 Diageo PLC COM 25243Q205 58284 720000 SH Other 1,2 720000 121 1500 SH Other 1,3 1500 3643 45000 SH Other 1,4 45000 7348 90775 SH Other 1,5 90775 810 10000 SH Other 1,6 10000 4452 55000 SH Other 1,7 55000 16815 207725 SH Other 1,8 207725 11810 145887 SH Other 1 145887 Exxon Mobil Corporation COM 30231G102 3773 50000 SH Other 1,2 50000 5281 70000 SH Other 1,3 70000 754 10000 SH Other 1,4 10000 754 10000 SH Other 1,6 10000 15075 199800 SH Other 1,8 199800 1822 24138 SH Other 1 24138 Fairfax Financial Holdings COM 303901102 125621 559361 SH Other 1 559361 Federated Investors Inc. COM 314211103 734 20000 SH Other 1,2 20000 734 20000 SH Other 1,3 20000 3488 95000 SH Other 1,4 95000 367 10000 SH Other 1,6 10000 367 10000 SH Other 1,7 10000 773 21000 SH Other 1 21000 Forest City Enterprises COM 345550107 41151 621800 SH Other 1,2 621800 6618 100000 SH Other 1,3 100000 1985 30000 SH Other 1,7 30000 2025 30600 SH Other 1,8 30600 2855 43133 SH Other 1 43133 Friedman Billings Ramsey Group COM 358434108 193 35000 SH Other 1,2 35000 994 180000 SH Other 1,3 180000 966 175000 SH Other 1,4 175000 138 25000 SH Other 1,6 25000 1408 255000 SH Other 1,7 255000 2330 422233 SH Other 1 422233 General Dynamics COM 369550108 16044 210000 SH Other 1,2 210000 3056 40000 SH Other 1,3 40000 3056 40000 SH Other 1,8 40000 7996 104665 SH Other 1 104665

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 -------------- -------------- --------- -------- ------- --- ---- ------- -------- ---- ------- ---- General Electric COM 369604103 40514 1145750 SH Other 1,2 1145750 14261 403300 SH Other 1,3 403300 15313 433060 SH Other 1,4 433060 17977 508400 SH Other 1,6 508400 4827 136500 SH Other 1,7 136500 3804 107580 SH Other 1,8 107580 9778 276551 SH Other 1 276551 Goldman Sachs COM 38141G104 2066 10000 SH Other 1,3 10000 Harley-Davidson Inc. COM 412822108 587 10000 SH Other 1,8 10000 Home Depot COM 437076102 10471 285000 SH Other 1,2 285000 2756 75000 SH Other 1,3 75000 11206 305000 SH Other 1,4 305000 5144 140000 SH Other 1,6 140000 8841 240665 SH Other 1 240665 Illinois Tool Works COM 452308109 1089 21100 SH Other 1 21100 International Game Tech. COM 459902102 2423 60000 SH Other 1,2 60000 3432 85000 SH Other 1,3 85000 6663 165000 SH Other 1,4 165000 3230 80000 SH Other 1,6 80000 11306 280000 SH Other 1,7 280000 8869 219616 SH Other 1 219616 International Speedway COM 460335201 6344 122700 SH Other 1,2 122700 3878 75000 SH Other 1,3 75000 1809 35000 SH Other 1,6 35000 517 10000 SH Other 1,7 10000 6979 135000 SH Other 1,8 135000 5036 97416 SH Other 1 97416 Investors Title Company COM 461804106 2124 42200 SH Other 1,2 42200 7680 152600 SH Other 1,3 152600 1790 35550 SH Other 1 35550 Johnson and Johnson COM 478160104 1205 20000 SH Other 1,2 20000 2410 40000 SH Other 1,3 40000 3447 57200 SH Other 1,4 57200 4789 79480 SH Other 1,5 79480 603 10000 SH Other 1,6 10000 603 10000 SH Other 1,7 10000 12083 200520 SH Other 1,8 200520 838 13900 SH Other 1 13900 Leucadia National Corp COM 527288104 1765 60000 SH Other 1,3 60000 53 1800 SH Other 1 1800 Lowe's Companies Inc. COM 548661107 957 30400 SH Other 1 30400 MBIA Inc. COM 55262C100 23249 355000 SH Other 1,2 355000 2292 35000 SH Other 1,3 35000 1834 28000 SH Other 1,4 28000 1637 25000 SH Other 1,6 25000 2620 40000 SH Other 1,7 40000 5043 77000 SH Other 1,8 77000 5188 79233 SH Other 1 79233 Marriott International COM 571903202 18115 370000 SH Other 1,2 370000 1958 40000 SH Other 1,3 40000 1958 40000 SH Other 1,6 40000

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 -------------- -------------- --------- -------- ------- --- ---- ------- -------- ---- ------ ---- 7344 150000 SH Other 1,8 150000 4830 98625 SH Other 1 98625 Marsh & McLennan COM 571748102 7030 240000 SH Other 1,2 240000 5712 195000 SH Other 1,3 195000 3163 108000 SH Other 1,4 108000 1025 35000 SH Other 1,6 35000 14938 510000 SH Other 1,8 510000 4966 169560 SH Other 1 169560 McGraw-Hill COM 580645109 2515 40000 SH Other 1,3 40000 18864 300000 SH Other 1,4 300000 3773 60000 SH Other 1,7 60000 5030 80000 SH Other 1,8 80000 290 4600 SH Other 1 4600 News Corp Class B COM 65248E203 1224 50000 SH Other 1,3 50000 612 25000 SH Other 1,4 25000 4772 195000 SH Other 1,7 195000 835 34150 SH Other 1 34150 Northern Trust Corp. COM 665859104 1804 30000 SH Other 1,2 30000 601 10000 SH Other 1,3 10000 3008 50000 SH Other 1,4 50000 601 10000 SH Other 1,6 10000 601 10000 SH Other 1,7 10000 Nuveen Investments COM 67090F106 473 10000 SH Other 1,7 10000 473 10000 SH Other 1 10000 Penn National Gaming COM 707569109 5260 124000 SH Other 1,2 124000 11487 270800 SH Other 1,3 270800 1697 40000 SH Other 1,6 40000 Pepsico COM 713448108 2117 33300 SH Other 1,4 33300 12 200 SH Other 1 200 Pitney Bowes Inc. COM 724479100 908 20000 SH Other 1 20000 Plum Creek Timber Co. COM 729251108 5519 140000 SH Other 1,2 140000 1183 30000 SH Other 1,3 30000 5913 150000 SH Other 1,8 150000 1702 43200 SH Other 1 43200 Progressive Corp. COM 743315103 142 6516 SH Other 1,3 6516 873 40000 SH Other 1,7 40000 RLI Corporation COM 749607107 5692 103624 SH Other 1,2 103624 21784 396576 SH Other 1,3 396576 1030 18750 SH Other 1,6 18750 6181 112524 SH Other 1 112524 Reddy Ice COM 75734R105 755 25000 SH Other 1,2 25000 138 4556 SH Other 1,3 4556 617 20445 SH Other 1,4 20445 646 21399 SH Other 1,6 21399 877 29100 SH Other 1 29100 State Street Corp. COM 857477103 1295 20000 SH Other 1,2 20000 1321 20400 SH Other 1,4 20400

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 -------------- -------------- --------- -------- ------- --- ---- ------- -------- ---- ------ ---- Sysco Corp. COM 871829107 4398 130000 SH Other 1,2 130000 2199 65000 SH Other 1,3 65000 5413 160000 SH Other 1,4 160000 3552 105000 SH Other 1,6 105000 2030 60000 SH Other 1,7 60000 1692 50000 SH Other 1,8 50000 5363 158561 SH Other 1 158561 T Rowe Price Group COM 74144T108 4719 100000 SH Other 1,2 100000 944 20000 SH Other 1,3 20000 2359 50000 SH Other 1 50000 TCF Financial Corp. COM 872275102 527 20000 SH Other 1,3 20000 Tiffany COM 886547108 4321 95000 SH Other 1,2 95000 1364 30000 SH Other 1,3 30000 2047 45000 SH Other 1,8 45000 72 1600 SH Other 1 1600 United Mobile Homes COM 911024107 198 13000 SH Other 1 13000 United Parcel Service COM 911312106 12618 180000 SH Other 1,4 180000 701 10000 SH Other 1,7 10000 701 10000 SH Other 1,8 10000 2569 36650 SH Other 1 36650 Valero GP Holdings COM 91914G108 10406 375000 SH Other 1,4 375000 3860 139100 SH Other 1 139100 Valley National Bank COM 919794107 946 37446 SH Other 1,2 37446 806 31904 SH Other 1,4 31904 835 33075 SH Other 1,8 33075 503 19949 SH Other 1 19949 W. P. Carey COM 92930Y107 27584 826600 SH Other 1,2 826600 334 10000 SH Other 1,3 10000 1789 53600 SH Other 1,6 53600 334 10000 SH Other 1,7 10000 2441 73200 SH Other 1 73200 Wachovia COM 337358105 991 18006 SH Other 1 18006 Wal-Mart COM 931142103 11503 245000 SH Other 1,2 245000 2973 63320 SH Other 1,3 63320 6338 135000 SH Other 1,4 135000 1890 40255 SH Other 1,6 40255 3052 65000 SH Other 1,7 65000 2180 46425 SH Other 1,8 46425 7735 164766 SH Other 1 164766 Washington Post Co. COM 939640108 2138 2800 SH Other 1,3 2800 1451 1900 SH Other 1,4 1900 553 725 SH Other 1 725 Washington Real Estate Investment COM 939653101 3574 95500 SH Other 1,2 95500 8056 215293 SH Other 1,3 215293 1123 30000 SH Other 1,6 30000 5527 147707 SH Other 1 147707 White Mountains COM G9618E107 16457 29050 SH Other 1,2 29050 5665 10000 SH Other 1,3 10000 16429 29000 SH Other 1,4 29000 14644 25850 SH Other 1,6 25850 8172 14425 SH Other 1,8 14425 20945 36975 SH Other 1 36975

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 -------------- -------------- --------- -------- ------- --- ---- ------- -------- ---- ------ ---- XL Capital COM G3242A102 25127 359160 SH Other 1,2 359160 7604 108688 SH Other 1,3 108688 4428 63290 SH Other 1,6 63290 3735 53396 SH Other 1 53396

REPORT SUMMARY DATA RECORDS: 305 $1864771 8 OTHER MANAGERS ON WHOSE BEHALF REPORT IS FILED