13F-HR 1 d13fhr.txt MARKEL GAYNER ASSET MANAGEMENT CORPORATION UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 13F Form 13F COVER PAGE Report for the Calendar Year or Quarter: June 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 8/5/05 [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).) 1 Form 13F SUMMARY PAGE Report Summary: Number of Other Included Managers: 5 Form 13F Information Table Entry Total: 276 Form 13F Information Table Value Total: $1,461,080 (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 June 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 ~~2422~~2813 65000 SH Other 1, 2 65000 ~~2236~~2597 60000 SH Other 1, 3 60000 ~~2608~~3029 70000 SH Other 1, 4 70000 ~~4471~~5194 120,000 SH Other 1, 5 120,000 ~~1520~~1987 ~~40800~~45900 SH Other 1 ~~40800~~45900 Allied Capital Corp. COM 019033109 ~~3798~~4236 145500 SH Other 1, 2 145500 ~~261~~291 10000 SH Other 1, 3 10000 ~~2147~~2395 82265 SH Other 1, 4 82265 ~~653~~728 25,000 SH Other 1, 5 25,000 ~~4900~~5232 ~~187780~~179780 SH Other 1 ~~187780~~179780 Altria Group Inc. COM 02209S103 ~~7755~~7669 118600 SH Other 1 118600 Ambac Financial COM 023139108 ~~747~~698 10000 SH Other 1 10000 American Express COM 025816109 ~~7038~~7293 137000 SH Other 1, 2 137000 ~~1027~~1065 20000 SH Other 1, 3 20000 ~~514~~532 10000 SH Other 1, 4 10000 ~~10839~~11178 ~~211000~~210000 SH Other 1 ~~211000~~210000 Anheuser Busch COM 035229103 ~~25220~~24805 ~~532175~~542175 SH Other 1, 2 ~~532175~~542175 ~~7108~~6863 150000 SH Other 1, 3 150000 ~~7108~~7777 ~~150000~~170000 SH Other 1, 4 ~~150000~~170000 ~~4739~~5490 ~~100000~~120000 SH Other 1, 5 ~~100000~~120000 ~~22008~~25148 ~~464380~~549700 SH Other 1 ~~464380~~549700 Automatic Data Processing COM 019411107 ~~7192~~6715 160000 SH Other 1, 2 160000 ~~1349~~1259 30000 SH Other 1, 3 30000 ~~3627~~3387 80700 SH Other 1, 4 80700 ~~1843~~1612 ~~41000~~38400 SH Other 1 ~~41000~~38400 Bank of New York COM 064057102 ~~5084~~5037 175000 SH Other 1, 2 175000 ~~1453~~1439 50000 SH Other 1, 3 50000 ~~1598~~1583 55000 SH Other 1, 4 55000 ~~290~~288 10000 SH Other 1, 5 10000 ~~3535~~3156 ~~121700~~109700 SH Other 1 ~~121700~~109700 Baxter International COM 071813109 ~~680~~742 20000 SH Other 1, 2 20000 ~~1019~~1113 30000 SH Other 1, 3 30000 ~~1019~~1113 30000 SH Other 1, 4 30000 ~~1869~~2041 55000 SH Other 1, 5 55000 ~~1026~~1120 30200 SH Other 1 30200 Bea Systems, Inc. NOTE 073325AD4 4906 5000000 PRN Other 1, 4 5000000 981 1000000 PRN Other 1 1000000 Berkshire Hathaway Class B COM 084670207 ~~49523~~48266 17340 SH Other 1, 2 17340 ~~7140~~6959 2500 SH Other 1, 3 2500 ~~5455~~5316 1910 SH Other 1, 4 1910 ~~28363~~27649 ~~9931~~9933 SH Other 1 ~~9931~~9933 Berkshire Hathaway, Inc. COM 10382K102 ~~22620~~21710 260 SH Other 1, 2 260 ~~11310~~10855 130 SH Other 1, 3 130 ~~15225~~14613 175 SH Other 1, 4 175 ~~6090~~5845 70 SH Other 1, 5 70 ~~14181~~13693 ~~163~~164 SH Other 1 ~~163~~164 Branscan Corp - Class A COM 10549P606 ~~4220~~4266 111800 SH Other 1, 3 111800 ~~1022~~13768 ~~27050~~360800 SH Other 1 ~~27050~~360800 ~~Bristol~~1908 ~~Myers Squibb COM 110122108 2673 105000 SH Other 1~~50,3000 ~~105000 771 30300~~ SH Other 1, 4 ~~30300 271 10600 SH Other 1 10600~~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 --------------------------------- -------- --------- -------- ------- --- ---- ------- -------- ---- ------- ----~~----------------------~~ 1908 50000 SH Other 1, 5 50000 Bristol Myers Squibb COM 110122108 2623 105000 SH Other 1, 3 105000 757 30300 SH Other 1, 4 30300 257 10300 SH Other 1 10300 Brown & Brown COM 115236101 ~~682~~665 14805 SH Other 1, 2 14805 ~~369~~360 8009 SH Other 1, 3 8009 ~~2074~~2022 45000 SH Other 1, 4 45000 ~~3687~~3595 80000 SH Other 1, 5 80000 ~~1614~~1574 35000 SH Other 1 35000 Brown Forman Class A COM 115637100 ~~1266~~1472 23000 SH Other 1, 2 23000 ~~881~~1024 16000 SH Other 1, 3 16000 ~~6122~~7117 111200 SH Other 1, 4 111200 ~~7424~~8631 134860 SH Other 1 134860 Bunge Limited COM 013317810 ~~539~~634 10000 SH Other 1, 3 10000 634 10000 SH Other 1, 4 10000 ~~1223~~2092 ~~22700~~33000 SH Other 1 ~~22700~~33000 Carmax COM 143130102 ~~27673~~23412 878500 SH Other 1, 2 878500 ~~6142~~5197 195000 SH Other 1, 3 195000 ~~6995~~5918 222079 SH Other 1, 4 222079 ~~11813~~11460 ~~375000~~430000 SH Other 1, 5 ~~375000~~430000 ~~26724~~24645 ~~848378~~924778 SH Other 1 ~~848378~~924778 Cedar Fair LP COM 150185106 ~~296~~303 9400 SH Other 1 9400 Centerpoint Property Trust COM 151895109 ~~20123~~20761 490800 SH Other 1, 2 490800 ~~4920~~5076 120000 SH Other 1, 3 120000 ~~18655~~19111 ~~455000~~451800 SH Other 1 ~~455000~~451800 Charles Schwab COM 808513105 ~~263~~282 25000 SH Other 1, 2 25000 ~~4204~~4512 400000 SH Other 1, 5 400000 ~~375~~403 35700 SH Other 1 35700 Cincinnati Financial COM 172062101 ~~7784~~7415 ~~178500~~187425 SH Other 1, 2 ~~178500~~187425 ~~7086~~6749 ~~162487~~170611 SH Other 1, 3 ~~162487~~170611 ~~1603~~1527 ~~36750~~38587 SH Other 1, 4 ~~36750~~38587 ~~8104~~6346 ~~185837~~160441 SH Other 1 ~~185837~~160441 Citigroup COM 172967101 ~~2022~~2543 ~~45000~~55000 SH Other 1, 2 ~~45000~~55000 ~~2921~~3005 65000 SH Other 1, 3 65000 ~~1348~~2312 ~~30000~~50000 SH Other 1, 4 ~~30000~~50000 ~~12055~~925 ~~268225~~20000 SH Other 1, ~~268225~~5 20000 16264 351825 SH Other 1 351825 Clear Channel Communications COM 184502102 ~~345~~309 10000 SH Other 1, 3 10000 ~~345~~309 10000 SH Other 1, 4 10000 ~~345~~309 10000 SH Other 1, 5 10000 ~~1661~~1390 ~~48200~~44900 SH Other 1 ~~48200~~44900 Coca Cola COM 191216100 ~~1458~~1461 35000 SH Other 1, 2 35000 ~~1875~~1879 45000 SH Other 1, 3 45000 ~~1250~~1253 30000 SH Other 1, 4 30000 417 10000 SH Other 1, 5 10000 ~~8139~~8070 ~~195300~~193300 SH Other 1 ~~195300~~193300 ~~Comcast~~Corus Bankshares COM ~~20030N101~~220873103 ~~2196~~4051 ~~65000~~73000 SH Other 1, 2 ~~65000~~73000 ~~1351~~4328 ~~40000~~78000 SH Other 1,3 ~~40000~~78000 ~~5574~~Deere ~~165000~~& SHCo. ~~Other 1,4 165000 4729 140000 SH Other 1,5 140000 1584 46900 SH Other 1 46900 Corus Bankshares~~ COM ~~220873103~~214199105 ~~3481~~295 ~~73000~~4500 SH Other 1,2 ~~73000 3720 78000 SH Other 1 78000~~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 ~~26743~~27871 470000 SH Other 1, 2 470000 ~~14310~~14914 251500 SH Other 1, 3 251500 ~~14993~~15626 263500 SH Other 1, 4 263500 ~~5690~~5930 100000 SH Other 1, 5 100000 ~~10118~~10562 ~~177820~~178120 SH Other 1 ~~177820~~178120 ~~Echostar Communications COM 278762109 731 25000 SH Other 1,3 25000 38 1300 SH Other 1 1300~~ Exxon Mobil Corporation COM 30231G102 ~~2980~~2874 50000 SH Other 1, 2 50000 ~~4172~~4023 70000 SH Other 1, 3 70000 ~~9524~~9184 159800 SH Other 1, 4 159800 ~~2384~~2299 40000 SH Other 1, 5 40000 ~~1796~~1731 30138 SH Other 1 30138 Fairfax Financial Holdings COM 303901102 ~~52459~~138153 ~~350899~~832247 SH Other 1,2 ~~350899~~832247 ~~71962 481348 SH Other 1 481348~~ Federated Investors Inc. COM 314211103 ~~566~~600 20000 SH Other 1, 2 20000 ~~566~~600 20000 SH Other 1, 3 20000 ~~2689~~2851 95000 SH Other 1, 5 95000 ~~878~~931 31000 SH Other 1 31000 First Data Corp. COM 319963104 ~~393~~401 10000 SH Other 1, 3 10000 ~~393~~401 10000 SH Other 1, 5 10000 1213 300 SH Other 1 300 Forest City Enterprises COM 345550107 ~~19835~~22074 310900 SH Other 1, 2 310900 ~~3190~~3550 50000 SH Other 1, 3 50000 ~~976~~1086 15300 SH Other 1, 4 15300 ~~3203~~3540 ~~50200~~49850 SH Other 1 ~~502000~~49850 Friedman Billings Ramsey Group COM 358434108 ~~397~~358 25000 SH Other 1, 2 25000 ~~1270~~1144 80000 SH Other 1, 3 80000 ~~397~~572 ~~25000~~40000 SH Other 1, 4 40000 358 25000 ~~5362~~SH ~~337900~~Other 1, 5 25000 6031 421800 SH Other 1 ~~337900~~421800 Gannett Company COM 364730101 ~~7908~~7113 100000 SH Other 1, 2 100000 ~~1582~~1423 20000 SH Other 1, 3 20000 ~~4112~~3699 52000 SH Other 1, 4 52000 ~~791~~711 10000 SH Other 1, 5 10000 ~~1055~~949 13350 SH Other 1 13350 General Dynamics COM 369550108 ~~11240~~11502 105000 SH Other 1, 2 105000 ~~2141~~2191 20000 SH Other 1, 3 20000 ~~2141~~2191 20000 SH Other 1, 4 20000 ~~5861~~6008 ~~54750~~54850 SH Other 1 ~~54750~~54850 General Electric COM 369604103 ~~473~~448 ~~13118~~12918 SH Other 1 ~~13118~~12918 Golden West Financial COM 381317106 ~~6050~~6438 100000 SH Other 1, 2 100000 ~~1210~~1288 20000 SH Other 1, 3 20000 ~~3630~~4507 ~~60000~~70000 SH Other 1, 4 ~~60000~~70000 ~~7740~~8293 ~~127930~~128830 SH Other 1 ~~127930~~128830 Goldman Sachs COM 38141G104 ~~1100~~1020 10000 SH Other 1, 3 10000 1110 100 SH Other 1 100 H&R Block COM 093671105 ~~4047~~4668 80000 SH Other 1, 2 80000 ~~1517~~1751 30000 SH Other 1, 4 30000 ~~1012~~1167 20000 SH Other 1, 5 20000 ~~1694~~1954 33500 SH Other 1 33500

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 ~~1937~~2162 30000 SH Other 1, 3 30000 ~~9041~~10090 140000 SH Other 1, 4 140000 ~~2583~~2883 40000 SH Other 1, 5 40000 ~~9830~~10962 ~~152200~~152100 SH Other 1 ~~152200~~152100 Home Depot COM 437076102 389 10000 SH Other 1 10000 Honda Motor Co. COM 438128308 ~~751~~738 30000 SH Other 1, 5 30000 35 1400 SH Other 1 1400 International Game Tech. COM 459902102 ~~267~~282 10000 SH Other 1, 2 10000 ~~1333~~1408 50000 SH Other 1, 3 50000 ~~3523~~282 ~~132150~~10000 SH Other 1, ~~132150~~4 10000 1408 50000 SH Other 1, 5 50000 10677 379350 SH Other 1 379350 International Speedway COM 460335201 ~~6114~~6901 ~~112700~~122700 SH Other 1, 2 ~~112700~~122700 ~~4069~~4218 75000 SH Other 1, 3 75000 ~~5154~~5343 95000 SH Other 1, 4 95000 ~~2170~~2250 40000 SH Other 1, 5 40000 ~~7155~~7597 ~~131900~~135100 SH Other 1 ~~131900~~135100 Interpublic Group COM 460690100 ~~835~~828 68000 SH Other 1, 2 68000 ~~737~~731 60000 SH Other 1, 3 60000 ~~528~~524 43000 SH Other 1, 4 43000 ~~1300~~1284 ~~105900~~105400 SH Other 1 ~~105900~~105400 Investors Title Company COM 461804106 ~~1569~~1519 42200 SH Other 1, 2 42200 ~~5672~~5494 152600 SH Other 1, 3 152600 ~~1355~~1312 36450 SH Other 1 36450 Johnson and Johnson COM 478160104 ~~2015~~1950 30000 SH Other 1, 3 30000 ~~12572~~12168 187200 SH Other 1, 4 187200 ~~8059~~7800 120000 SH Other 1, 5 120000 ~~1659~~1605 24700 SH Other 1 24700 ~~Kaneb Services COM 484173109 644 15100 SH Other 1,4 15100~~ Labranche & Co. COM 505447102 ~~930~~630 100000 SH Other 1,2 ~~100000 930 100000 SH Other 1,~~4 100000 ~~1628~~1103 175000 SH Other 1, 5 175000 ~~1925~~1934 ~~207000~~307000 SH Other 1 ~~207000~~307000 Leucadia National Corp COM 527288104 ~~1030~~1159 30000 SH Other 1, 3 30000 3135 900 SH Other 1 900 MBIA Inc. COM 55262C100 ~~10195~~11565 195000 SH Other 1, 2 195000 ~~10195~~11565 195000 SH Other 1, 3 195000 ~~4967~~5634 95000 SH Other 1, 4 95000 ~~7266~~8904 ~~139000~~150100 SH Other 1 ~~139000~~150100 Marriott International COM 571903202 ~~12369~~12621 185000 SH Other 1, 2 185000 ~~1337~~1364 20000 SH Other 1, 3 20000 ~~4346~~4434 65000 SH Other 1, 4 65000 ~~669~~682 10000 SH Other 1, 5 10000 ~~4306~~4394 64400 SH Other 1 64400 Marsh & McLennan COM 571748102 ~~6997~~6371 230000 SH Other 1, 2 230000 ~~5932~~5402 195000 SH Other 1, 3 195000 ~~10738~~9778 353000 SH Other 1, 4 353000 ~~9278~~8449 305000 SH Other 1, 5 305000 ~~6616~~5701 ~~217485~~205835 SH Other 1 ~~217485~~205835 McGraw-Hill COM 580645109 ~~1745~~1770 ~~20000~~40000 SH Other 1, 3 ~~20000~~40000 ~~3490~~3540 ~~40000~~80000 SH Other 1, 4 ~~40000~~80000 ~~13088~~13275 ~~150000~~300000 SH Other 1, 5 ~~150000~~300000 ~~2966~~3009 ~~34000~~68000 SH Other 1 ~~34000~~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 --------------------------------- -------- --------- -------- ------- ---- ---- ------- -------- ---- ------- ----~~---------------------~~ Merck COM 58155Q103 ~~787~~748 24300 SH Other 1, 4 24300 ~~812~~774 25100 SH Other 1 25100 Mercury Interactive Corp. NOTE 589405AB5 1958 2000000 PRN Other 1 2000000 New York ~~Communicy~~Community Bancorp. Com 649445103 ~~969~~966 53333 SH Other 1, 2 53333 News Corp Class B COM 65248E203 ~~881~~843 50000 SH Other 1, 3 50000 ~~440~~422 25000 SH Other 1, 4 25000 ~~3562~~4229 ~~202300~~250850 SH Other 1 ~~202300~~250850 Northern Trust Corp. COM 665859104 ~~1303~~1368 30000 SH Other 1, 2 30000 ~~434~~456 10000 SH Other 1, 3 10000 ~~2172~~2280 50000 SH Other 1, 5 50000 ~~435~~911 ~~10000~~20000 SH Other 1 ~~10000~~20000 Nuveen Investments COM 67090F106 ~~343~~376 10000 SH Other 1 10000 Penn National Gaming COM 707569109 ~~3643~~4526 124000 SH Other 1, 2 124000 ~~7956~~9884 270800 SH Other 1, 3 270800 ~~1175~~1460 40000 SH Other 1 40000 Pepsico COM 713448108 ~~1766~~1796 33300 SH Other 1, 4 33300 16 300 SH Other 1 300 Pitney Bowes Inc. COM 724479100 ~~451~~435 10000 SH Other 1 10000 Plum Creek Timber Co. COM 729251108 ~~3392~~3448 95000 SH Other 1, 2 95000 ~~1071~~1089 30000 SH Other 1, 3 30000 ~~1785~~1815 50000 SH Other 1, 4 50000 ~~3570~~3630 100000 SH Other 1, 5 100000 ~~3652~~3714 102300 SH Other 1 102300 ~~RLI~~Progressive ~~Corporation~~Corp. COM ~~749607107~~743315103 ~~4295~~161 ~~103624~~1629 SH Other 1,2 ~~103624 16438 396576 SH Other 1,~~3 ~~396576~~1629 ~~5774~~988 ~~139284~~10000 SH Other 1 ~~139284~~10000 ~~Reynolds~~RLI &Corporation ~~Reynolds "A"~~ COM ~~761695105~~749607107 ~~541~~4622 ~~20000~~103624 SH Other 1, 2 ~~20000~~103624 ~~271~~17687 ~~10000~~396576 SH Other 1,4 ~~10000~~3 ~~Service~~396576 ~~Corporation~~5873 ~~Intl.~~131674 ~~COM 817565104 2244 300000~~ SH Other 1,4 ~~300000~~131674 ~~2805 375000 SH Other 1,5 375000~~ ServiceMaster COM 817615107 ~~759~~753 56200 SH Other 1, 3 56200 ~~4050~~4020 300000 SH Other 1, 4 300000 ~~3358~~3306 ~~248743~~246743 SH Other 1 ~~248743~~246743 State Street Corp. COM 857477103 ~~874~~965 20000 SH Other 1, 2 20000 ~~892~~984 20400 SH Other 1, 4 20400 Sysco Corp. COM 871829107 ~~716~~724 20000 SH Other 1, 3 20000 ~~723~~724 ~~20200~~20000 SH Other 1, ~~20200~~4 20000 724 20000 SH Other 1, 5 20000 3144 86900 SH Other 1 86900 T Rowe Price Group COM 74144T108 ~~2969~~3130 50000 SH Other 1, 2 50000 ~~594~~626 10000 SH Other 1, 3 10000 ~~1484~~1565 25000 SH Other 1 25000 TCF Financial Corp. COM 872275102 ~~543~~518 20000 SH Other 1, 3 20000 Tiffany COM 886547108 ~~3280~~3112 95000 SH Other 1, 2 95000 ~~1036~~983 30000 SH Other 1, 3 30000 ~~1208~~1147 35000 SH Other 1, 4 35000 ~~345~~328 10000 SH Other 1, 5 10000 ~~307~~94 ~~8900~~2900 SH Other 1 ~~8900~~2900 Tribune COM 896047107 ~~399~~352 10000 SH Other 1, 4 10000 ~~797~~704 20000 SH Other 1, 5 20000 ~~455~~400 11400 SH Other 1 11400 ~~Tyco~~United ~~Int'l~~Mobile Homes COM ~~902124106~~911024107 ~~338~~195 ~~10000~~13000 SH Other 1,3 ~~10000~~13000 United ~~Mobile~~Parcel ~~Homes~~Service COM ~~911024107~~911312106 ~~209~~768 ~~13000~~11100 SH Other 1 ~~13000~~11100

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