Thomas Russo - Gardner Russo & Quinn 13F Activity & Position Changes (Q1 2020)

As of Mar 31, 2020, the Gardner Russo & Quinn portfolio activity showed several notable changes in holdings, according to the latest SEC 13F filing reported on May 13, 2020. 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 2020, the filing reported:

New Buys - Cofide

Increases - Apple Inc., AB InBev, Corteva, Inc., DuPont de Nemours, Inc., Dow Inc., and 13 more

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

Complete Exits - American International Group, I, Danaher Corporation, Oracle Corporation, U.S. Bancorp

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 2020	AAPL Apple Inc.	Apple Inc.	Buy	+40	+2.0%	$517.00	2,035
Q1 2020	ABBV AbbVie Inc.	AbbVie Inc.	Sell	-300	-2.3%	$953.00	12,510
Q1 2020	ABT Abbott Laboratories	Abbott Laboratories	Sell	-300	-2.5%	$932.00	11,810
Q1 2020	AIG American International Group, I	American International Group, I	Sell - Position Exit	-5,735	-100.0%	$0.00	-
Q1 2020	AXP American Express Company	American Express Company	Sell	-10,227	-7.8%	$10.41K	121,643
Q1 2020	BF-A Brown Forman Inc	Brown Forman Inc	Sell	-54,617	-1.5%	$189.30K	3,684,298
Q1 2020	BF-B Brown Forman Inc	Brown Forman Inc	Sell	-88,067	-5.1%	$90.67K	1,633,483
Q1 2020	BRK-A Berkshire Hathaway Inc.	Berkshire Hathaway Inc.	Sell	-73	-1.9%	$1.03M	3,777
Q1 2020	BRK-B Berkshire Hathaway Inc. New	Berkshire Hathaway Inc. New	Sell	-81,778	-3.7%	$388.53K	2,125,097
Q1 2020	BUDFF AB InBev	AB InBev	Buy	+315,063	+4.2%	$350.34K	7,889,553
Q1 2020	CFRHF Compagnie Financiere Richemont	Compagnie Financiere Richemont	Sell	-1,804,455	-17.8%	$458.09K	8,353,276
Q1 2020	CFRUY Compagnie Financiere Richemont	Compagnie Financiere Richemont	Sell	-13,241	-8.3%	$805.00	146,710
Q1 2020	CIR.MI Cofide	Cofide	Buy - Position Entry	+251,250	-	$115.00	251,250
Q1 2020	CMCSA Comcast Corporation	Comcast Corporation	Sell	-167,436	-2.9%	$192.92K	5,611,373
Q1 2020	COCXF Lindt & Spruengli	Lindt & Spruengli	Sell	-1	-3.8%	$2.18K	25
Q1 2020	COST Costco Wholesale Corporation	Costco Wholesale Corporation	Sell	-136	-2.6%	$1.43K	5,029
Q1 2020	COTY Coty Inc.	Coty Inc.	Sell	-889	-6.3%	$69.00	13,297
Q1 2020	CTVA Corteva, Inc.	Corteva, Inc.	Buy	+1,324	+10.2%	$336.00	14,312
Q1 2020	CVX Chevron Corporation	Chevron Corporation	Sell	-800	-9.3%	$569.00	7,848
Q1 2020	DANOY Danone	Danone	Sell	-35,568	-10.6%	$3.85K	299,150
Q1 2020	DD DuPont de Nemours, Inc.	DuPont de Nemours, Inc.	Buy	+1,200	+7.9%	$557.00	16,333
Q1 2020	DEO Diageo plc	Diageo plc	Sell	-4,999	-2.2%	$28.91K	227,406
Q1 2020	DGEAF Diageo	Diageo	Sell	-134,799	-2.5%	$169.75K	5,292,972
Q1 2020	DHR Danaher Corporation	Danaher Corporation	Sell - Position Exit	-1,333	-100.0%	$0.00	-
Q1 2020	DOV Dover Corporation	Dover Corporation	Sell	-1,000	-2.4%	$3.45K	41,065
Q1 2020	DOW Dow Inc.	Dow Inc.	Buy	+342	+2.3%	$454.00	15,530
Q1 2020	EVF Eaton Vance Senior Income Trust	Eaton Vance Senior Income Trust	Buy	+14,795	+4.9%	$1.45K	315,110
Q1 2020	FMX Fomento Economico Mexicano S.A.	Fomento Economico Mexicano S.A.	Sell	-23,312	-21.9%	$5.04K	83,376
Q1 2020	GOOG Alphabet Inc.	Alphabet Inc.	Buy	+80,952	+25.9%	$457.89K	393,781
Q1 2020	GOOGL Alphabet Inc.	Alphabet Inc.	Sell	-70	-3.9%	$2.03K	1,748

Page 1 of 3