13F-HR 1 d13fhr.txt MARKEL GAYNER HOLDINGS REPORT 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, 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 11/13/07 ------------------------------- --------------------- -------------------- [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).) 1 Form 13F SUMMARY PAGE Report Summary: Number of Other Included Managers: 8 Form 13F Information Table Entry Total: 294 Form 13F Information Table Value Total: $ 1,976,497 (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 September 30, 2007

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 -------------- -------- --------- -------- ------- --- ---- ------- -------- ---- ------ ---- 3M Company COM 88579Y101 936 10000 SH Other 1,8 10000 5643 60300 SH Other 1 60300 Aflac COM 001055102 3708 65000 SH Other 1,2 65000 3422 60000 SH Other 1,3 60000 11408 200000 SH Other 1,8 200000 4563 80000 SH Other 1 80000 Alleghany Corp. COM 017175100 1624 4000 SH Other 1 4000 Allied Capital Corp. COM 019033109 4276 145500 SH Other 1,2 145500 294 10000 SH Other 1,3 10000 2418 82265 SH Other 1,4 82265 3857 131250 SH Other 1,7 131250 735 25000 SH Other 1,8 25000 1324 45050 SH Other 1 45050 Altria Group Inc. COM 02209S103 7961 114500 SH Other 1,6 114500 153 2200 SH Other 1 2200 Ambac Financial COM 023139108 629 10000 SH Other 1,7 10000 American Express COM 025816109 8134 137000 SH Other 1,2 137000 1187 20000 SH Other 1,3 20000 594 10000 SH Other 1,4 10000 5462 92000 SH Other 1,6 92000 1484 25000 SH Other 1,7 25000 5858 98655 SH Other 1 98655 Anheuser Busch COM 035229103 31605 632225 SH Other 1,2 632225 7498 150000 SH Other 1,3 150000 3499 70000 SH Other 1,4 70000 3405 68111 SH Other 1,6 68111 6249 125000 SH Other 1,7 125000 11498 230000 SH Other 1,8 230000 15092 301901 SH Other 1 301901 Automatic Data Processing COM 019411107 7349 160000 SH Other 1,2 160000 1378 30000 SH Other 1,3 30000 1410 30700 SH Other 1,4 30700 459 10000 SH Other 1,7 10000 2297 50000 SH Other 1,8 50000 1217 26500 SH Other 1 26500 Bank of America COM 060505104 503 10000 SH Other 1,2 10000 1005 20000 SH Other 1,6 20000 25896 515146 SH Other 1 515146 Bank of New York COM 064057102 7287 165095 SH Other 1,2 165095 2082 47170 SH Other 1,3 47170 2290 51887 SH Other 1,4 51887 1041 23585 SH Other 1,6 23585 833 18868 SH Other 1,7 18868 416 9434 SH Other 1,8 9434 3424 77540 SH Other 1 77540

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 Class B COM 084670207 71531 18100 SH Other 1,2 18100 9880 2500 SH Other 1,3 2500 15808 4000 SH Other 1,6 4000 3359 850 SH Other 1,7 850 7548 1910 SH Other 1,8 1910 16544 4186 SH Other 1 4186 Berkshire Hathaway, Inc. COM 10382K102 33183 280 SH Other 1,2 280 15406 130 SH Other 1,3 130 8888 75 SH Other 1,4 75 3555 30 SH Other 1,6 14664 1185 10 SH Other 1,7 10 20147 170 SH Other 1,8 170 24532 207 SH Other 1 207 Brookfield Asset Management COM 10549P606 9685 251550 SH Other 1,3 251550 2913 75655 SH Other 1,4 75655 18711 486000 SH Other 1,7 486000 10429 270888 SH Other 1,8 270888 20787 539938 SH Other 1 539938 Brown & Brown COM 115236101 779 29610 SH Other 1,2 29610 421 16018 SH Other 1,3 16018 1841 70000 SH Other 1,4 70000 4734 180000 SH Other 1,8 180000 1841 70000 SH Other 1 70000 Brown Forman Class A COM 115637100 1794 23000 SH Other 1,2 23000 1248 16000 SH Other 1,3 16000 4477 57400 SH Other 1,6 57400 780 10000 SH Other 1,7 10000 8674 111200 SH Other 1,8 111200 5230 67060 SH Other 1 67060 Carmax COM 143130102 37753 1857000 SH Other 1,2 1857000 7929 390000 SH Other 1,3 390000 10425 512772 SH Other 1,4 512772 13073 643056 SH Other 1,6 643056 8539 420000 SH Other 1,7 420000 13446 661386 SH Other 1,8 661386 18199 895210 SH Other 1 895210 Caterpillar Inc. COM 149123101 3922 50000 SH Other 1,4 50000 784 10000 SH Other 1,8 10000 10745 137000 SH Other 1 137000 Charles Schwab COM 808513105 540 25000 SH Other 1,2 25000 8640 400000 SH Other 1,4 400000 540 25000 SH Other 1,7 25000 1194 55300 SH Other 1 55300 Cincinnati Financial COM 172062101 8117 187425 SH Other 1,2 187425 7389 170611 SH Other 1,3 170611 1671 38587 SH Other 1,4 38587 2894 66811 SH Other 1,6 66811

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 -------------- -------- --------- -------- ------- --- ---- ------- -------- ---- ------ ---- 1241 28665 SH Other 1,7 28665 2110 48700 SH Other 1 48700 Cintas Corp. COM 172908105 1484 40000 SH Other 1 40000 Citigroup COM 172967101 6767 145000 SH Other 1,2 145000 5339 114400 SH Other 1,3 114400 18117 388200 SH Other 1,4 388200 6067 130000 SH Other 1,6 130000 12424 266200 SH Other 1,7 266200 4023 86200 SH Other 1,8 86200 17984 385340 SH Other 1 385340 Comcast COM 20030N101 2539 105000 SH Other 1,4 105000 3627 150000 SH Other 1,6 150000 15712 649800 SH Other 1 649800 Corus Bankshares COM 220873103 2526 194000 SH Other 1,2 194000 326 25000 SH Other 1,4 25000 521 40000 SH Other 1,7 40000 976 75000 SH Other 1 75000 Countrywide Home Loan COM 222372104 380 20000 SH Other 1 20000 Diageo PLC COM 25243Q205 63166 720000 SH Other 1,2 720000 132 1500 SH Other 1,3 1500 3948 45000 SH Other 1,4 45000 877 10000 SH Other 1,6 10000 4825 55000 SH Other 1,7 55000 26187 298500 SH Other 1,8 298500 12591 143519 SH Other 1 143519 Exxon Mobil Corporation COM 30231G102 4628 50000 SH Other 1,2 50000 6479 70000 SH Other 1,3 70000 926 10000 SH Other 1,4 10000 926 10000 SH Other 1,6 10000 18493 199800 SH Other 1,8 199800 2425 26204 SH Other 1 26204 Fairfax Financial Holdings COM 303901102 85244 349361 SH Other 1 349361 Federated Investors Inc. COM 314211103 794 20000 SH Other 1,2 20000 794 20000 SH Other 1,3 20000 3772 95000 SH Other 1,4 95000 397 10000 SH Other 1,6 10000 397 10000 SH Other 1,7 10000 833 21000 SH Other 1 21000 Fidelity National Financial COM 31620R105 13037 745800 SH Other 1 745800 Forest City Enterprises COM 345550107 34298 621800 SH Other 1,2 621800 5516 100000 SH Other 1,3 100000 1655 30000 SH Other 1,7 30000 1688 30600 SH Other 1,8 30600 1695 30733 SH Other 1 30733 Friedman Billings Ramsey Group COM 358434108 161 35000 SH Other 1,2 35000 830 180000 SH Other 1,3 180000 807 175000 SH Other 1,4 175000 115 25000 SH Other 1,6 25000 1176 255000 SH Other 1,7 255000 1638 355367 SH Other 1 355367 General Dynamics COM 369550108 17739 210000 SH Other 1,2 210000

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 -------------- -------- --------- -------- ------- --- ---- ------- -------- ---- ------- ---- 3379 40000 SH Other 1,3 40000 3379 40000 SH Other 1,8 40000 8807 104265 SH Other 1 104265 General Electric COM 369604103 47434 1145750 SH Other 1,2 1145750 16697 403300 SH Other 1,3 403300 19999 483060 SH Other 1,4 483060 21048 508400 SH Other 1,6 508400 5651 136500 SH Other 1,7 136500 10664 257580 SH Other 1,8 257580 28832 696452 SH Other 1 696452 Goldman Sachs COM 38141G104 2167 10000 SH Other 1,3 10000 Home Depot COM 437076102 9245 285000 SH Other 1,2 285000 2433 75000 SH Other 1,3 75000 9894 305000 SH Other 1,4 305000 4542 140000 SH Other 1,6 140000 7665 236281 SH Other 1 236281 Illinois Tool Works COM 452308109 596 10000 SH Other 1,8 10000 13938 233700 SH Other 1 233700 IBM Corp. COM 459200101 1225 10400 SH Other 1 10400 International Game Tech. COM 459902102 2586 60000 SH Other 1,2 60000 3664 85000 SH Other 1,3 85000 7112 165000 SH Other 1,4 165000 3448 80000 SH Other 1,6 80000 12068 280000 SH Other 1,7 280000 17890 415116 SH Other 1 415116 International Speedway COM 460335201 3384 73800 SH Other 1,2 73800 619 13500 SH Other 1,3 13500 6191 135000 SH Other 1,8 135000 86 1850 SH Other 1 1850 Investors Title Company COM 461804106 1656 42200 SH Other 1,2 42200 5988 152600 SH Other 1,3 152600 1387 35350 SH Other 1 35350 Johnson and Johnson COM 478160104 1314 20000 SH Other 1,2 20000 2628 40000 SH Other 1,3 40000 3758 57200 SH Other 1,4 57200 657 10000 SH Other 1,6 10000 657 10000 SH Other 1,7 10000 18396 280000 SH Other 1,8 280000 5217 79400 SH Other 1 79400 Leucadia National Corp COM 527288104 2893 60000 SH Other 1,3 60000 3757 77900 SH Other 1 77900 Lowe's Companies Inc. COM 548661107 2670 95300 SH Other 1 95300 MBIA Inc. COM 55262C100 21673 355000 SH Other 1,2 355000 2137 35000 SH Other 1,3 35000 1709 28000 SH Other 1,4 28000 1526 25000 SH Other 1,6 25000 2442 40000 SH Other 1,7 40000 4701 77000 SH Other 1,8 77000 4625 75765 SH Other 1 75765

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 -------------- -------- --------- -------- ------- --- ---- ------- -------- ---- ------ ---- Marriott International COM 571903202 16084 370000 SH Other 1,2 370000 1739 40000 SH Other 1,3 40000 1739 40000 SH Other 1,6 40000 8042 185000 SH Other 1,8 185000 9991 229857 SH Other 1 229857 Marsh & McLennan COM 571748102 6120 240000 SH Other 1,2 240000 4973 195000 SH Other 1,3 195000 2754 108000 SH Other 1,4 108000 892 35000 SH Other 1,6 35000 13005 510000 SH Other 1,8 510000 4706 184560 SH Other 1 184560 McGraw-Hill COM 580645109 2036 40000 SH Other 1,3 40000 15273 300000 SH Other 1,4 300000 3055 60000 SH Other 1,7 60000 4073 80000 SH Other 1,8 80000 142 2800 SH Other 1 2800 Meadowbrook Insurance Company COM 58319P108 3186 353600 SH Other 1 353600 Medtronic COM 585055106 217 3840 SH Other 1 3840 Microsoft COM 594918104 283 9590 SH Other 1 9590 News Corp Class B COM 65248E203 1170 50000 SH Other 1,3 50000 585 25000 SH Other 1,4 25000 4561 195000 SH Other 1,7 195000 744 31850 SH Other 1 31850 Northern Trust Corp. COM 665859104 1988 30000 SH Other 1,2 30000 663 10000 SH Other 1,3 10000 3314 50000 SH Other 1,4 50000 663 10000 SH Other 1,6 10000 663 10000 SH Other 1,7 10000 1324 20000 SH Other 1 20000 NuStar GP Holdings COM 67059L102 11659 375000 SH Other 1,4 375000 4222 135800 SH Other 1 135800 Pepsico COM 713448108 2440 33300 SH Other 1,4 33300 14 200 SH Other 1 200 Pitney Bowes Inc. COM 724479100 908 20000 SH Other 1 20000 Plum Creek Timber Co. COM 729251108 6266 140000 SH Other 1,2 140000 1343 30000 SH Other 1,3 30000 6714 150000 SH Other 1,8 150000 1755 39200 SH Other 1 39200 Progressive Corp. COM 743315103 126 6516 SH Other 1,3 6516 777 40000 SH Other 1,7 40000 RLI Corporation COM 749607107 5878 103624 SH Other 1,2 103624 22494 396576 SH Other 1,3 396576 1064 18750 SH Other 1,6 18750 6381 112524 SH Other 1 112524 Selective Insurance Group COM 816300107 1064 50000 SH Other 1 50000 State Street Corp. COM 857477103 1363 20000 SH Other 1,2 20000 1391 20400 SH Other 1,4 20400 Sysco Corp. COM 871829107 4627 130000 SH Other 1,2 130000 2313 65000 SH Other 1,3 65000 5694 160000 SH Other 1,4 160000

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 -------------- -------- --------- -------- ------- --- ---- ------- -------- ---- ------ ---- 3737 105000 SH Other 1,6 105000 2135 60000 SH Other 1,7 60000 1780 50000 SH Other 1,8 50000 7581 212994 SH Other 1 212994 T Rowe Price Group COM 74144T108 5569 100000 SH Other 1,2 100000 1114 20000 SH Other 1,3 20000 2784 50000 SH Other 1 50000 TCF Financial Corp. COM 872275102 524 20000 SH Other 1,3 20000 Tiffany COM 886547108 4450 85000 SH Other 1,2 85000 262 5000 SH Other 1,3 5000 2356 45000 SH Other 1,8 45000 31 600 SH Other 1 600 United Mobile Homes COM 911024107 181 13000 SH Other 1 13000 United Parcel Service COM 911312106 17273 230000 SH Other 1,4 230000 751 10000 SH Other 1,7 10000 8261 110000 SH Other 1,8 110000 26238 349370 SH Other 1 349370 Valley National Bank COM 919794107 872 39318 SH Other 1,2 39318 743 33499 SH Other 1,4 33499 770 34728 SH Other 1,8 34728 465 20938 SH Other 1 20938 W. P. Carey COM 92930Y107 26038 826600 SH Other 1,2 826600 315 10000 SH Other 1,3 10000 1688 53600 SH Other 1,6 53600 315 10000 SH Other 1,7 10000 1758 55800 SH Other 1 55800 Wachovia COM 337358105 943 18803 SH Other 1 18803 Wal-Mart COM 931142103 10694 245000 SH Other 1,2 245000 2764 63320 SH Other 1,3 63320 5893 135000 SH Other 1,4 135000 1757 40255 SH Other 1,6 40255 2837 65000 SH Other 1,7 65000 2026 46425 SH Other 1,8 46425 7945 181998 SH Other 1 181998 Walgreen Co. COM 931422109 489 10360 SH Other 1 10360 Washington Post Co. COM 939640108 2248 2800 SH Other 1,3 2800 1525 1900 SH Other 1,4 1900 582 725 SH Other 1 725 Washington Real Estate Investment COM 939653101 3169 95500 SH Other 1,2 95500 6480 195293 SH Other 1,3 195293 995 30000 SH Other 1,6 30000 4595 138482 SH Other 1 138482 White Mountains COM G9618E107 15099 29050 SH Other 1,2 29050 5198 10000 SH Other 1,3 10000 15073 29000 SH Other 1,4 29000 13436 25850 SH Other 1,6 25850 7497 14425 SH Other 1,8 14425 19217 36975 SH Other 1 36975

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 -------------- -------- --------- -------- ------- --- ---- ------- -------- ---- ------ ---- XL Capital COM G3242A102 28445 359160 SH Other 1,2 359160 8608 108688 SH Other 1,3 108688 5013 63290 SH Other 1,6 63290 3601 45470 SH Other 1 45470

REPORT SUMMARY DATA RECORDS: 294 $1,976,497 8 OTHER MANAGERS ON WHOSE BEHALF REPORT IS FILED