13F-HR 1 d13fhr.txt MARKEL GAYNER ASSETT MANAGEMENT CORPORATION 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: September 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 11/09/05 ---------------------- ----------------------- ------------------ [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).) Form 13F SUMMARY PAGE Report Summary: Number of Other Included Managers: 5 Form 13F Information Table Entry Total: 257 Form 13F Information Table Value Total: $ 1,501,758 (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 September 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 ~~2813~~2945 65000 SH Other 1, 2 65000 ~~2597~~2718 60000 SH Other 1, 3 60000 ~~3029~~3171 70000 SH Other 1, 4 70000 ~~5194~~5436 120,000 SH Other 1, 5 120,000 ~~1987~~2101 ~~45900~~46400 SH Other 1 ~~45900~~46400 Allied Capital Corp. COM 019033109 ~~4236~~4166 145500 SH Other 1, 2 145500 ~~291~~286 10000 SH Other 1, 3 10000 ~~2395~~2355 82265 SH Other 1, 4 82265 ~~728~~716 25,000 SH Other 1, 5 25,000 ~~5232~~5147 179780 SH Other 1 179780 Altria Group Inc. COM 02209S103 ~~7669~~8742 118600 SH Other 1 118600 Ambac Financial COM 023139108 ~~698~~721 10000 SH Other 1 10000 American Express COM 025816109 ~~7293~~7869 137000 SH Other 1, 2 137000 ~~1065~~1149 20000 SH Other 1, 3 20000 ~~532~~574 10000 SH Other 1, 4 10000 ~~11178~~11959 ~~210000~~208200 SH Other 1 ~~210000~~208200 Anheuser Busch COM 035229103 ~~24805~~23335 542175 SH Other 1, 2 542175 ~~6863~~6456 150000 SH Other 1, 3 150000 ~~7777~~7317 170000 SH Other 1, 4 170000 ~~5490~~5595 ~~120000~~130000 SH Other 1, 5 ~~120000~~130000 ~~25148~~25811 ~~549700~~599700 SH Other 1 ~~549700~~599700 Automatic Data Processing COM 019411107 ~~6715~~6886 160000 SH Other 1, 2 160000 ~~1259~~1291 30000 SH Other 1, 3 30000 ~~3387~~3473 80700 SH Other 1, 4 80700 ~~1612~~1654 38400 SH Other 1 38400 Bank of New York COM 064057102 ~~5037~~5147 175000 SH Other 1, 2 175000 ~~1439~~1470 50000 SH Other 1, 3 50000 ~~1583~~1618 55000 SH Other 1, 4 55000 ~~288~~294 10000 SH Other 1, 5 10000 ~~3156~~3220 ~~109700~~109500 SH Other 1 ~~109700~~109500 Baxter International COM 071813109 ~~742~~797 20000 SH Other 1, 2 20000 ~~1113~~1196 30000 SH Other 1, 3 30000 ~~1113~~1196 30000 SH Other 1, 4 30000 ~~2041~~2193 55000 SH Other 1, 5 55000 ~~1120~~1205 30200 SH Other 1 30200 Bea Systems, Inc. NOTE 073325AD4 ~~4906~~15010 ~~5000000~~15200000 PRN Other 1, 4 ~~5000000~~15200000 ~~981~~1111 ~~1000000~~1125000 PRN Other 1,5 ~~1000000~~1125000 1950 1975000 PRN Other 1 1975000 Berkshire Hathaway Class B COM 084670207 ~~48266~~47356 17340 SH Other 1, 2 17340 ~~6959~~6828 2500 SH Other 1, 3 2500 ~~5316~~5216 1910 SH Other 1, 4 1910 ~~27649~~27085 ~~9933~~9918 SH Other 1 ~~9933~~9918 Berkshire Hathaway, Inc. COM 10382K102 ~~21710~~21320 260 SH Other 1, 2 260 ~~10855~~10660 130 SH Other 1, 3 130 ~~14613~~14350 175 SH Other 1, 4 175 ~~5845~~5740 70 SH Other 1, 5 70 ~~13693~~14268 ~~164~~174 SH Other 1 ~~164~~174 ~~Branscan~~Brookfield ~~Corp~~Asset -Management ~~Class A~~ COM 10549P606 ~~4266~~5210 111800 SH Other 1, 3 111800 ~~13768~~2330 ~~360800 SH Other 1 360800 1908~~ 50,000 SH Other 1, 4 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~~4194 ~~50000~~90000 SH Other 1, 5 ~~50000~~90000 ~~Bristol~~22200 ~~Myers~~476400 ~~Squibb COM 110122108 2623 105000~~ SH Other 1, 3476400 ~~105000 757 30300 SH Other 1, 4 30300 257 10300 SH Other 1 10300~~ Brown & Brown COM 115236101 ~~665~~736 14805 SH Other 1, 2 14805 ~~360~~398 8009 SH Other 1, 3 8009 ~~2022~~2236 45000 SH Other 1, 4 45000 ~~3595~~3975 80000 SH Other 1, 5 80000 ~~1574~~1739 35000 SH Other 1 35000 Brown Forman Class A COM 115637100 ~~1472~~1420 23000 SH Other 1, 2 23000 ~~1024~~988 16000 SH Other 1, 3 16000 ~~7117~~6867 111200 SH Other 1, 4 111200 ~~8631~~8303 ~~134860~~134460 SH Other 1 ~~134860~~134460 Bunge Limited COM 013317810 ~~634~~526 10000 SH Other 1, 3 10000 ~~634~~526 10000 SH Other 1, 4 10000 ~~2092~~1737 33000 SH Other 1 33000 Carmax COM 143130102 ~~23412~~27471 878500 SH Other 1, 2 878500 ~~5197~~6098 195000 SH Other 1, 3 195000 ~~5918~~6944 222079 SH Other 1, 4 222079 ~~11460~~13446 430000 SH Other 1, 5 430000 ~~24645~~30512 ~~924778~~975778 SH Other 1 ~~924778~~975778 Cedar Fair LP COM 150185106 ~~303~~282 9400 SH Other 1 9400 Centerpoint Property Trust COM 151895109 ~~20761~~21988 490800 SH Other 1, 2 490800 ~~5076~~5376 120000 SH Other 1, 3 120000 ~~19111~~20200 ~~451800~~450900 SH Other 1 ~~451800~~450900 Charles Schwab COM 808513105 ~~282~~361 25000 SH Other 1, 2 25000 ~~4512~~5772 400000 SH Other 1, 5 400000 ~~403~~399 ~~35700~~27700 SH Other 1 ~~35700~~27700 Cincinnati Financial COM 172062101 ~~7415~~7851 187425 SH Other 1, 2 187425 ~~6749~~7147 170611 SH Other 1, 3 170611 ~~1527~~1616 38587 SH Other 1, 4 38587 ~~6346~~6527 ~~160441~~155811 SH Other 1 ~~160441~~155811 Citigroup COM 172967101 ~~2543~~2504 55000 SH Other 1, 2 55000 ~~3005~~2959 65000 SH Other 1, 3 65000 ~~2312~~2276 50000 SH Other 1, 4 50000 ~~925~~2504 ~~20000~~55000 SH Other 1, 5 ~~20000~~55000 ~~16264~~19615 ~~351825~~430925 SH Other 1 ~~351825~~430925 ~~Clear Channel Communications COM 184502102 309 10000 SH Other 1, 3 10000 309 10000 SH Other 1, 4 10000 309 10000 SH Other 1, 5 10000 1390 44900 SH Other 1 44900~~ Coca Cola COM 191216100 ~~1461~~1512 35000 SH Other 1, 2 35000 ~~1879~~1944 45000 SH Other 1, 3 45000 ~~1253~~1296 30000 SH Other 1, 4 30000 ~~417~~432 10000 SH Other 1, 5 10000 ~~8070~~8347 193300 SH Other 1 193300 Corus Bankshares COM 220873103 ~~4051~~4003 73000 SH Other 1, 2 73000 ~~4328~~4276 78000 SH Other 1 78000 Deere & Co. COM 214199105 ~~295~~275 4500 SH Other 1 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 ~~27871~~27265 470000 SH Other 1, 2 470000 ~~14914~~14590 251500 SH Other 1, 3 251500 ~~15626~~15286 263500 SH Other 1, 4 263500 ~~5930~~5801 100000 SH Other 1, 5 100000 ~~10562~~11492 ~~178120~~198120 SH Other 1 ~~178120~~198120 Exxon Mobil Corporation COM 30231G102 ~~2874~~3177 50000 SH Other 1, 2 50000 ~~4023~~4448 70000 SH Other 1, 3 70000 ~~9184~~10154 159800 SH Other 1, 4 159800 ~~2299~~2542 40000 SH Other 1, 5 40000 ~~1731~~1914 30138 SH Other 1 30138 Fairfax Financial Holdings COM 303901102 ~~138153~~144728 832247 SH Other 1 832247 Federated Investors Inc. COM 314211103 ~~600~~665 20000 SH Other 1, 2 20000 ~~600~~665 20000 SH Other 1, 3 20000 ~~2851~~3157 95000 SH Other 1, 5 95000 ~~931~~1029 31000 SH Other 1 31000 ~~First Data Corp. COM 319963104 401 10000 SH Other 1, 3 10000 401 10000 SH Other 1, 5 10000 13 300 SH Other 1 300~~ Forest City Enterprises COM 345550107 ~~22074~~23691 ~~310900~~621800 SH Other 1, 2 ~~310900~~621800 ~~3550~~3810 ~~50000~~100000 SH Other 1, 3 ~~50000~~100000 ~~1086~~1166 ~~15300~~30600 SH Other 1, 4 ~~15300~~30600 ~~3540~~3204 ~~49850~~84100 SH Other 1 ~~49850~~84100 Friedman Billings Ramsey Group COM 358434108 ~~358~~255 25000 SH Other 1, 2 25000 ~~1144~~815 80000 SH Other 1, 3 80000 ~~572~~408 40000 SH Other 1, 4 40000 ~~358~~255 25000 SH Other 1, 5 25000 ~~6031~~4297 421800 SH Other 1 421800 Gannett Company COM 364730101 ~~7113~~6883 100000 SH Other 1, 2 100000 ~~1423~~1377 20000 SH Other 1, 3 20000 ~~3699~~3579 52000 SH Other 1, 4 52000 ~~711~~688 10000 SH Other 1, 5 10000 ~~949~~919 13350 SH Other 1 13350 General Dynamics COM 369550108 ~~11502~~12553 105000 SH Other 1, 2 105000 ~~2191~~2391 20000 SH Other 1, 3 20000 ~~2191~~2391 20000 SH Other 1, 4 20000 ~~6008~~6318 ~~54850~~52850 SH Other 1 ~~54850~~52850 General Electric COM 369604103 ~~448~~425 ~~12918~~12618 SH Other 1 ~~12918~~12618 Golden West Financial COM 381317106 ~~6438~~5939 100000 SH Other 1, 2 100000 ~~1288~~1188 20000 SH Other 1, 3 20000 ~~4507~~4157 70000 SH Other 1, 4 70000 ~~8293~~7639 ~~128830~~128630 SH Other 1 ~~128830~~128630 Goldman Sachs COM 38141G104 ~~1020~~1216 10000 SH Other 1, 3 10000 1012 100 SH Other 1 100 H&R Block COM 093671105 ~~4668~~3837 ~~80000~~160000 SH Other 1, 2 ~~80000~~160000 ~~1751~~1439 ~~30000~~60000 SH Other 1, 4 ~~30000~~60000 ~~1167~~959 ~~20000~~40000 SH Other 1, 5 ~~20000~~40000 ~~1954~~1606 ~~33500~~67000 SH Other 1 ~~33500~~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 ~~2162~~1956 30000 SH Other 1, 3 30000 ~~10090~~9127 140000 SH Other 1, 4 140000 ~~2883~~2608 40000 SH Other 1, 5 40000 ~~10962~~9882 ~~152100~~151600 SH Other 1 ~~152100~~151600 Home Depot COM 437076102 ~~389~~786 ~~10000~~20600 SH Other 1 ~~10000~~20600 ~~Honda Motor Co. COM 438128308 738 30000 SH Other 1, 5 30000 35 1400 SH Other 1 1400~~ International Game Tech. COM 459902102 ~~282~~270 10000 SH Other 1, 2 10000 ~~1408~~1350 50000 SH Other 1, 3 50000 ~~282~~270 10000 SH Other 1, 4 10000 ~~1408~~2430 ~~50000~~90000 SH Other 1, 5 ~~50000~~90000 ~~10677~~13369 ~~379350~~495150 SH Other 1 ~~379350~~495150 International Speedway COM 460335201 ~~6901~~6438 122700 SH Other 1, 2 122700 ~~4218~~3935 75000 SH Other 1, 3 75000 ~~5343~~4985 95000 SH Other 1, 4 95000 ~~2250~~2099 40000 SH Other 1, 5 40000 ~~7597~~7671 ~~135100~~146200 SH Other 1 ~~135100~~146200 ~~Interpublic Group COM 460690100 828 68000 SH Other 1, 2 68000 731 60000 SH Other 1, 3 60000 524 43000 SH Other 1, 4 43000 1284 105400 SH Other 1 105400~~ Investors Title Company COM 461804106 ~~1519~~1648 42200 SH Other 1, 2 42200 ~~5494~~5959 152600 SH Other 1, 3 152600 ~~1312~~1423 36450 SH Other 1 36450 Johnson and Johnson COM 478160104 ~~1950~~1898 30000 SH Other 1, 3 30000 ~~12168~~11846 187200 SH Other 1, 4 187200 ~~7800~~7594 120000 SH Other 1, 5 120000 ~~1605~~1563 24700 SH Other 1 24700 Labranche & Co. COM 505447102 ~~630~~869 100000 SH Other 1, 4 100000 ~~1103~~652 ~~175000~~75000 SH Other 1, 5 ~~175000~~75000 ~~1934~~2668 307000 SH Other 1 307000 Leucadia National Corp COM 527288104 ~~1159~~1293 30000 SH Other 1, 3 30000 3539 900 SH Other 1 900 MBIA Inc. COM 55262C100 ~~11565~~11821 195000 SH Other 1, 2 195000 ~~11565~~11821 195000 SH Other 1, 3 195000 ~~5634~~5759 95000 SH Other 1, 4 95000 ~~8904~~9099 150100 SH Other 1 150100 Marriott International COM 571903202 ~~12621~~11655 185000 SH Other 1, 2 185000 ~~1364~~1260 20000 SH Other 1, 3 20000 ~~4434~~4095 65000 SH Other 1, 4 65000 ~~682~~630 10000 SH Other 1, 5 10000 ~~4394~~4057 64400 SH Other 1 64400 Marsh & McLennan COM 571748102 ~~6371~~6990 230000 SH Other 1, 2 230000 ~~5402~~5926 195000 SH Other 1, 3 195000 ~~9778~~10728 353000 SH Other 1, 4 353000 ~~8449~~9269 305000 SH Other 1, 5 305000 ~~5701~~6252 ~~205835~~205735 SH Other 1 ~~205835~~205735 McGraw-Hill COM 580645109 ~~1770~~1922 40000 SH Other 1, 3 40000 ~~3540~~3843 80000 SH Other 1, 4 80000 ~~13275~~14412 300000 SH Other 1, 5 300000 ~~3009~~3267 68000 SH Other 1 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 748 24300 SH Other 1, 4 24300 774 25100 SH Other 1 25100 Mercury Interactive Corp. NOTE 589405AB5 1958 2000000 PRN Other 1 2000000 New York Community Bancorp. Com 649445103 966 53333 SH Other 1, 2 53333 News Corp Class B COM 65248E203 ~~843~~825 50000 SH Other 1, 3 50000 ~~422~~413 25000 SH Other 1, 4 25000 ~~4229~~4139 250850 SH Other 1 250850 Northern Trust Corp. COM 665859104 ~~1368~~1517 30000 SH Other 1, 2 30000 ~~456~~505 10000 SH Other 1, 3 10000 ~~2280~~2528 50000 SH Other 1, 5 50000 ~~911~~1010 20000 SH Other 1 20000 Nuveen Investments COM 67090F106 ~~376~~788 ~~10000~~20000 SH Other 1 ~~10000~~20000 Penn National Gaming COM 707569109 ~~4526~~3858 124000 SH Other 1, 2 124000 ~~9884~~8425 270800 SH Other 1, 3 270800 ~~1460~~1244 40000 SH Other 1 40000 Pepsico COM 713448108 ~~1796~~1888 33300 SH Other 1, 4 33300 1617 300 SH Other 1 300 Pitney Bowes Inc. COM 724479100 ~~435~~417 10000 SH Other 1 10000 Plum Creek Timber Co. COM 729251108 ~~3448~~3601 95000 SH Other 1, 2 95000 ~~1089~~1137 30000 SH Other 1, 3 30000 ~~1815~~1896 50000 SH Other 1, 4 50000 ~~3630~~3791 100000 SH Other 1, 5 100000 ~~3714~~3878 102300 SH Other 1 102300 Progressive Corp. COM 743315103 ~~161~~171 1629 SH Other 1, 3 1629 ~~988~~1047 10000 SH Other 1 10000 RLI Corporation COM 749607107 ~~4622~~4794 103624 SH Other 1, 2 103624 ~~17687~~18346 396576 SH Other 1, 3 396576 ~~5873~~6091 131674 SH Other 1 131674 ServiceMaster COM 817615107 ~~753~~761 56200 SH Other 1, 3 56200 ~~4020~~4062 300000 SH Other 1, 4 300000 ~~3306~~3341 246743 SH Other 1 246743 State Street Corp. COM 857477103 ~~965~~978 20000 SH Other 1, 2 20000 ~~984~~998 20400 SH Other 1, 4 20400 Sysco Corp. COM 871829107 ~~724~~627 20000 SH Other 1, 3 20000 ~~724~~627 20000 SH Other 1, 4 20000 ~~724~~1882 ~~20000~~60000 SH Other 1, 5 ~~20000~~60000 ~~3144~~4983 ~~86900~~158800 SH Other 1 ~~86900~~158800 T Rowe Price Group COM 74144T108 ~~3130~~3265 50000 SH Other 1, 2 50000 ~~626~~653 10000 SH Other 1, 3 10000 ~~1565~~1632 25000 SH Other 1 25000 TCF Financial Corp. COM 872275102 ~~518~~535 20000 SH Other 1, 3 20000 Tiffany COM 886547108 ~~3112~~3778 95000 SH Other 1, 2 95000 ~~983~~1193 30000 SH Other 1, 3 30000 ~~1147~~1392 35000 SH Other 1, 4 35000 ~~328~~398 10000 SH Other 1, 5 10000 9483 ~~2900~~2100 SH Other 1 ~~2900~~2100 Tribune COM 896047107 ~~352~~339 10000 SH Other 1, 4 10000 ~~704~~678 20000 SH Other 1, 5 20000 ~~400~~386 11400 SH Other 1 11400 United Mobile Homes COM 911024107 ~~195~~206 13000 SH Other 1 13000 United Parcel Service COM 911312106 ~~768~~823 ~~11100~~11900 SH Other 1 ~~11100~~11900

REPORT SUMMARY DATA RECORDS: 257 $1,501,758 5 OTHER MANAGERS ON WHOSE BEHALF REPORT IS FILED

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