Thomas Russo – Gardner Russo & Quinn Portfolio Activity & Recent Trades (Jun 30, 2025)

As of Jun 30, 2025, the Gardner Russo & Quinn portfolio activity showed several notable changes in holdings, according to the latest SEC 13F filing reported on Aug 13, 2025. The activity included new positions, additions to existing holdings, reductions, and complete exits, providing a clear view of how the portfolio evolved during the quarter.

During Q2 2025, the filing reported:

New Buys – Deliveroo, Zalando

Increases – Ashtead Group, Carlsberg, DoorDash, Inc., Fielmann, Fluidra, and 7 more

Reductions – Apple Inc., American Express Company, Brown Forman Inc, Brown Forman Inc, Berkshire Hathaway Inc., and 41 more

Complete Exits – BP p.l.c., Merck & Company, Inc.

These updates highlight how the portfolio adjusted across different sectors and market conditions, offering insights into allocation shifts and investment trends.

Date	Symbol	Name	Type	Change Qty	% Change	Value	Remaining
Q2 2025	AAPL Apple Inc.	Apple Inc.	Sell	-100	-1.9%	$1.06M	5,149
Q2 2025	ASHTF Ashtead Group	Ashtead Group	Buy	+296,377	+5.4%	$371.78M	5,810,686
Q2 2025	AXP American Express Company	American Express Company	Sell	-24	-0.2%	$4.35M	13,634
Q2 2025	BF-A Brown Forman Inc	Brown Forman Inc	Sell	-43,774	-2.3%	$50.19M	1,827,148
Q2 2025	BF-B Brown Forman Inc	Brown Forman Inc	Sell	-42,275	-5.2%	$20.95M	778,521
Q2 2025	BP BP p.l.c.	BP p.l.c.	Sell - Position Exit	-6,300	-100.0%	$0.00	-
Q2 2025	BRK-A Berkshire Hathaway Inc.	Berkshire Hathaway Inc.	Sell	-33	-2.0%	$1.18B	1,624
Q2 2025	BRK-B Berkshire Hathaway Inc. New	Berkshire Hathaway Inc. New	Sell	-26,042	-2.2%	$560.85M	1,154,566
Q2 2025	BUDFF AB InBev	AB InBev	Sell	-42,350	-12.5%	$20.26M	296,300
Q2 2025	CABJF Carlsberg	Carlsberg	Buy	+1,660	+16.1%	$1.69M	11,967
Q2 2025	CFRHF Compagnie Financiere Richemont	Compagnie Financiere Richemont	Sell	-60,334	-1.6%	$700.00M	3,728,315
Q2 2025	CMCSA Comcast Corporation	Comcast Corporation	Sell	-58,845	-2.2%	$91.29M	2,557,966
Q2 2025	COCXF Lindt & Spruengli	Lindt & Spruengli	Sell	-1	-6.3%	$2.49M	15
Q2 2025	COST Costco Wholesale Corporation	Costco Wholesale Corporation	Sell	-4	-0.1%	$4.59M	4,633
Q2 2025	CR Crane Company	Crane Company	Sell	-950	-1.6%	$11.27M	59,355
Q2 2025	CVX Chevron Corporation	Chevron Corporation	Sell	-1,547	-36.7%	$382.32K	2,670
Q2 2025	DASH DoorDash, Inc.	DoorDash, Inc.	Buy	+173,095	+21.8%	$238.32M	966,760
Q2 2025	DIS Walt Disney Company (The)	Walt Disney Company (The)	Sell	-125	-4.2%	$349.48K	2,818
Q2 2025	DOV Dover Corporation	Dover Corporation	Sell	-400	-1.8%	$3.95M	21,551
Q2 2025	DROOF Deliveroo	Deliveroo	Buy - Position Entry	+390,000	-	$940.07K	390,000
Q2 2025	DVDCF Campari	Campari	Sell	-758	-0.3%	$1.57M	234,393
Q2 2025	FBLA FB Bancorp	FB Bancorp	Sell	-15,000	-21.4%	$618.75K	55,000
Q2 2025	FLMNF Fielmann	Fielmann	Buy	+700	+3.1%	$1.53M	23,000
Q2 2025	FLUIF Fluidra	Fluidra	Buy	+2,500	+5.0%	$1.32M	53,000
Q2 2025	FMX Fomento Economico Mexicano S.A.	Fomento Economico Mexicano S.A.	Sell	-30	-0.9%	$346.84K	3,368
Q2 2025	FULT Fulton Financial Corporation	Fulton Financial Corporation	Sell	-1,500	-2.2%	$1.23M	68,200
Q2 2025	GNRC Generac Holdlings Inc.	Generac Holdlings Inc.	Sell	-2,600	-31.5%	$809.14K	5,650
Q2 2025	GOOG Alphabet Inc.	Alphabet Inc.	Sell	-16,288	-0.3%	$902.97M	5,090,317
Q2 2025	GOOGL Alphabet Inc.	Alphabet Inc.	Buy	+118	+0.8%	$2.77M	15,729
Q2 2025	H Hyatt Hotels Corporation	Hyatt Hotels Corporation	Sell	-3,000	-25.7%	$1.21M	8,675