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, 1999
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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: 4551 Cox Road
Glen Allen, VA 23060
Form 13F File Number: 28-6056
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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: 804-747-0136
Signature, Place, and Date of Signing:
Thomas S. Gayner Richmond, VA 5/17/99
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[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).)
<PAGE>
Form 13F SUMMARY PAGE
Report Summary:
Number of Other Included Managers: 0
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Form 13F Information Table Entry Total: 68
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Form 13F Information Table Value Total: 228742
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(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.
[If there are no entries in this list, state "NONE" and omit the column
headings and list entries.]
NONE
<PAGE>
<TABLE>
<CAPTION>
VALUE SHARES/ SH/ PUT/ INVSTMT -----VOTING AUTHORITY-----
NAME OF ISSUER -TITLE OF CLASS- --CUSIP-- (x$1000) PRN AMT PRN CALL DSCRETN -MANAGERS- SOLE SHARED NONE
<S> <C> <C> <C> <C> <C> <C> <C>
A.G. Edwards COM 025816109 338 10100 SH OTHER 10100
Ace Limited COM G0070K103 5222 164800 SH OTHER 164800
Allied Capital COM 019033109 5842 314738 SH OTHER 314738
Aluminum Company of America COM 022249106 6538 161435 SH OTHER 161435
American Express COM 025816109 8211 68000 SH OTHER 68000
American International Group COM 026874107 393 3375 SH OTHER 3375
Amwest COM 032345100 2565 233160 SH OTHER 233160
Anheuser Busch COM 035229103 24704 333834 SH OTHER 333834
Baldwin & Lyons, Inc. 'B' COM 057755209 1835 87900 SH OTHER 87900
Berkshire Hathaway Class B COM 084670207 430 179 SH OTHER 179
Berkshire Hathaway, Inc. COM 10382K102 13083 178 SH OTHER 178
Boeing Co COM 097023105 689 19800 SH OTHER 19800
Brown Forman Class A COM 1339 25300 SH OTHER 25300
Caraustar Industries COM 140909102 2976 128000 SH OTHER 128000
Carmax COM 172737306 982 249400 SH OTHER 249400
Cedar Fair LP COM 150185106 5534 218100 SH OTHER 218100
Centerpoint Property Trust COM 151895109 9827 308900 SH OTHER 308900
Cincinnati Financial COM 172062101 11713 314435 SH OTHER 314435
Cleveland Cliffs COM 185896107 1908 57500 SH OTHER 57500
Crown Central Petroleum Class COM 151 20100 SH OTHER 20100
Crown Central Petroleum Class COM 330 45100 SH OTHER 45100
Deere & Co COM 214199105 234 6200 SH OTHER 6200
DuPont COM 263534109 672 12102 SH OTHER 12102
Equity Residential COM 29476L107 1826 44122 SH OTHER 44122
Exel Limited COM G3242A102 17498 292547 SH OTHER 292547
Federal Realty Trust COM 313747206 10062 472100 SH OTHER 472100
Foremost Corporation of Americ COM 345469100 1534 81000 SH OTHER 81000
Friedman Billings and Ramsey G COM 358433100 126 20100 SH OTHER 20100
General Electric COM 369604103 345 3200 SH OTHER 3200
Glaxo COM 37733W105 247 4000 SH OTHER 4000
HCC Corporation COM 404132102 5499 305500 SH OTHER 305500
Interpublic Group COM 460690100 1500 19880 SH OTHER 19880
Investors Title Company COM 461804106 5530 241750 SH OTHER 241750
J. Alexanders COM 928753102 445 109500 SH OTHER 109500
LADD Financial Pfd B COM 160 32000 SH OTHER 32000
Lockheed Martin COM 539830109 669 17204 SH OTHER 17204
Lydall COM 550819106 347 43000 SH OTHER 43000
MGI Properties Inc COM 552885105 3957 150400 SH OTHER 150400
Martin Marietta Materials COM 573284106 18891 348216 SH OTHER 348216
National Golf Properties COM 63623G109 410 17000 SH OTHER 17000
Nike COM 654106103 852 15000 SH OTHER 15000
Penn National Gaming COM 707569109 276 39500 SH OTHER 39500
Penn Virginia Corporation COM 707882106 1051 59000 SH OTHER 59000
Pfizer Inc COM 717081103 243 1800 SH OTHER 1800
Philadelphia Consolidated Hold COM 717528103 913 43500 SH OTHER 43500
Philip Morris, Inc. COM 718154107 5368 133991 SH OTHER 133991
Plum Creek Lumber MLP COM 729237107 5497 195000 SH OTHER 195000
RLI Corporation COM 749607107 9715 323829 SH OTHER 323829
Richfood Holdings COM 763408101 2597 119075 SH OTHER 119075
SL Green Corp COM 78440x101 537 29500 SH OTHER 29500
ServiceMaster L.P. COM 817615107 562 27843 SH OTHER 27843
Smithfield Foods COM 832248108 888 38000 SH OTHER 38000
St. Joe Corporation COM 790148100 746 29700 SH OTHER 29700
Sunstone Hotel Investors COM 867933103 1928 270600 SH OTHER 270600
Synalloy Corporation COM 871565107 2278 331400 SH OTHER 331400
Tandy Corp COM 875382103 3378 55900 SH OTHER 55900
Terra Nova Corporation COM 876151033 379 16400 SH OTHER 16400
Tredegar Corporation COM 894650100 317 10000 SH OTHER 10000
Twentieth Century Insurance COM 901272203 2388 136000 SH OTHER 136000
United Asset Management COM 909420101 2344 101932 SH OTHER 101932
United Dominion Realty Trust COM 910197102 187 18900 SH OTHER 18900
United Technologies COM 913017109 375 2844 SH OTHER 2844
Unum COM 903192102 232 4800 SH OTHER 4800
Value Line COM 920437100 394 10500 SH OTHER 10500
Vulcan Materials COM 929160109 1020 24500 SH OTHER 24500
Washington Real Estate Investm COM 939653101 6961 442000 SH OTHER 442000
Wilmington Trust Co COM 971807102 855 14700 SH OTHER 14700
Zenith National COM 989390109 1899 78100 SH OTHER 78100
</TABLE>
