Thomas Russo - Gardner Russo & Quinn 13F Activity & Position Changes (Q1 2019)

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, 2019. 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 2019, the filing reported:

New Buys - BP p.l.c., Chemours Company (The), International Business Machines, Oracle Corporation, U.S. Bancorp

Increases - AB InBev, Compagnie Financiere Richemont , Eaton Vance Senior Income Trust, Alphabet Inc., Alphabet Inc., and 7 more

Reductions - AbbVie Inc., Abbott Laboratories, American Express Company, Brown Forman Inc, Brown Forman Inc, and 34 more

Complete Exits - The Kraft Heinz Company

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 2019	ABBV AbbVie Inc.	AbbVie Inc.	Sell	-956	-6.8%	$1.05K	13,010
Q1 2019	ABT Abbott Laboratories	Abbott Laboratories	Sell	-1,850	-13.3%	$968.00	12,110
Q1 2019	AXP American Express Company	American Express Company	Sell	-18,935	-11.6%	$15.83K	144,814
Q1 2019	BF-A Brown Forman Inc	Brown Forman Inc	Sell	-162,935	-3.9%	$207.44K	4,053,990
Q1 2019	BF-B Brown Forman Inc	Brown Forman Inc	Sell	-410,649	-17.0%	$106.02K	2,008,798
Q1 2019	BP BP p.l.c.	BP p.l.c.	Buy - Position Entry	+5,106	-	$223.00	5,106
Q1 2019	BRK-A Berkshire Hathaway Inc.	Berkshire Hathaway Inc.	Sell	-319	-7.2%	$1.23M	4,098
Q1 2019	BRK-B Berkshire Hathaway Inc. New	Berkshire Hathaway Inc. New	Sell	-67,656	-2.7%	$485.67K	2,417,601
Q1 2019	BUDFF AB InBev	AB InBev	Buy	+253,689	+3.3%	$676.04K	8,053,414
Q1 2019	CC Chemours Company (The)	Chemours Company (The)	Buy - Position Entry	+6,416	-	$238.00	6,416
Q1 2019	CFRHF Compagnie Financiere Richemont	Compagnie Financiere Richemont	Sell	-571,663	-5.0%	$794.30K	10,904,881
Q1 2019	CFRUY Compagnie Financiere Richemont	Compagnie Financiere Richemont	Buy	+51,980	+53.1%	$1.09K	149,875
Q1 2019	CMCSA Comcast Corporation	Comcast Corporation	Sell	-492,372	-7.3%	$251.37K	6,287,439
Q1 2019	COTY Coty Inc.	Coty Inc.	Sell	-4,505	-13.1%	$343.00	29,853
Q1 2019	CVX Chevron Corporation	Chevron Corporation	Sell	-650	-6.1%	$1.23K	10,013
Q1 2019	DANOY Danone	Danone	Sell	-173,810	-23.8%	$8.60K	557,639
Q1 2019	DEO Diageo plc	Diageo plc	Sell	-20,255	-5.6%	$56.25K	343,801
Q1 2019	DGEAF Diageo	Diageo	Sell	-1,327,804	-17.5%	$255.57K	6,250,344
Q1 2019	DIS Walt Disney Company (The)	Walt Disney Company (The)	Sell	-70	-1.6%	$488.00	4,398
Q1 2019	DOV Dover Corporation	Dover Corporation	Sell	-915	-2.0%	$4.11K	43,776
Q1 2019	EVF Eaton Vance Senior Income Trust	Eaton Vance Senior Income Trust	Buy	+2,516	+0.8%	$1.84K	299,442
Q1 2019	FMX Fomento Economico Mexicano S.A.	Fomento Economico Mexicano S.A.	Sell	-15,861	-10.4%	$12.65K	137,134
Q1 2019	FULT Fulton Financial Corporation	Fulton Financial Corporation	Sell	-1,000	-0.8%	$1.84K	119,154
Q1 2019	GOOG Alphabet Inc.	Alphabet Inc.	Buy	+749	+0.8%	$109.49K	93,319
Q1 2019	GOOGL Alphabet Inc.	Alphabet Inc.	Buy	+17	+0.9%	$2.15K	1,830
Q1 2019	HEINY Heineken N.V.	Heineken N.V.	Buy	+2,497	+9.4%	$1.53K	29,009
Q1 2019	HKHHF Heineken Holding	Heineken Holding	Sell	-651,765	-6.3%	$968.89K	9,662,797
Q1 2019	HRL Hormel Foods Corporation	Hormel Foods Corporation	Sell	-1,880	-1.2%	$6.87K	153,493
Q1 2019	IBM International Business Machines	International Business Machines	Buy - Position Entry	+1,512	-	$213.00	1,512
Q1 2019	JPM JP Morgan Chase & Co.	JP Morgan Chase & Co.	Buy	+77	+0.6%	$1.22K	12,077

Page 1 of 2