Thomas Russo - Gardner Russo & Quinn 13F Activity & Position Changes (Q1 2017)

According to the SEC 13F filed on Aug 13, 2026, the Gardner Russo & Quinn portfolio showed several notable changes in holdings as of quarter-end Mar 31, 2017. 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 Q1 2017, the filing reported:

New Buys - Chemours Company (The)

Increases - American Express Company, Brown Forman Inc, British American Tobacco Indus, Compagnie Financiere Richemont , Danone, and 5 more

Reductions - AbbVie Inc., Bank of America Corporation, Brown Forman Inc, Berkshire Hathaway Inc., Berkshire Hathaway Inc. New, and 22 more

Complete Exits - None reported

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
Q1 2017	ABBV AbbVie Inc.	AbbVie Inc.	Sell	-906	-5.3%	$1.06K	16,200
Q1 2017	AXP American Express Company	American Express Company	Buy	+2,360	+1.5%	$12.74K	160,993
Q1 2017	BAC Bank of America Corporation	Bank of America Corporation	Sell	-1,600	-3.2%	$1.14K	48,500
Q1 2017	BF-A Brown Forman Inc	Brown Forman Inc	Sell	-96,931	-2.1%	$213.85K	4,543,152
Q1 2017	BF-B Brown Forman Inc	Brown Forman Inc	Buy	+131,683	+10.4%	$64.42K	1,395,094
Q1 2017	BRK-A Berkshire Hathaway Inc.	Berkshire Hathaway Inc.	Sell	-30	-0.6%	$1.22M	4,882
Q1 2017	BRK-B Berkshire Hathaway Inc. New	Berkshire Hathaway Inc. New	Sell	-62,831	-2.5%	$416.57K	2,499,201
Q1 2017	BTI British American Tobacco Indus	British American Tobacco Indus	Buy	+6,366	+114.8%	$790.00	11,912
Q1 2017	CC Chemours Company (The)	Chemours Company (The)	Buy - Position Entry	+6,779	-	$261.00	6,779
Q1 2017	CFRUY Compagnie Financiere Richemont	Compagnie Financiere Richemont	Buy	+19,980	+9.2%	$1.88K	237,105
Q1 2017	COTY Coty Inc.	Coty Inc.	Sell	-866	-1.9%	$802.00	44,210
Q1 2017	CVX Chevron Corporation	Chevron Corporation	Sell	-2,175	-7.4%	$2.90K	27,022
Q1 2017	DANOY Danone	Danone	Buy	+53,530	+7.8%	$10.05K	736,605
Q1 2017	DEO Diageo	Diageo	Sell	-6,070	-1.3%	$54.74K	473,651
Q1 2017	DOV Dover Corporation	Dover Corporation	Sell	-1,675	-2.8%	$4.60K	57,301
Q1 2017	FMX Fomento Economico Mexicano S.A.	Fomento Economico Mexicano S.A.	Buy	+850	+0.7%	$11.36K	128,280
Q1 2017	FULT Fulton Financial Corporation	Fulton Financial Corporation	Sell	-1,000	-1.1%	$1.55K	86,843
Q1 2017	HEINY Heineken N.V.	Heineken N.V.	Buy	+6,463	+17.0%	$1.90K	44,395
Q1 2017	HRL Hormel Foods Corporation	Hormel Foods Corporation	Sell	-5,600	-3.5%	$5.42K	156,649
Q1 2017	HTLD Heartland Express, Inc.	Heartland Express, Inc.	Sell	-600	-4.8%	$239.00	11,899
Q1 2017	IBM International Business Machines	International Business Machines	Sell	-390	-4.1%	$1.59K	9,159
Q1 2017	KHC The Kraft Heinz Company	The Kraft Heinz Company	Buy	+400	+1.8%	$2.02K	22,225
Q1 2017	KO Coca-Cola Company (The)	Coca-Cola Company (The)	Sell	-9,980	-5.5%	$7.33K	172,757
Q1 2017	LAMR Lamar Advertising Company	Lamar Advertising Company	Sell	-475	-3.4%	$1.01K	13,500
Q1 2017	MKC McCormick & Company, Incorporat	McCormick & Company, Incorporat	Sell	-550	-1.6%	$3.30K	33,805
Q1 2017	MKL Markel Group Inc.	Markel Group Inc.	Sell	-500	-4.3%	$10.99K	11,262
Q1 2017	MLKN MillerKnoll, Inc.	MillerKnoll, Inc.	Sell	-3,500	-1.7%	$6.57K	208,366
Q1 2017	MLM Martin Marietta Materials, Inc.	Martin Marietta Materials, Inc.	Sell	-34,667	-1.9%	$388.41K	1,779,672
Q1 2017	MSFT Microsoft Corporation	Microsoft Corporation	Sell	-1,150	-2.3%	$3.25K	49,400
Q1 2017	NSRGY Nestle S.A.	Nestle S.A.	Buy	+60,236	+0.4%	$1.23M	15,989,885

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