Thomas Russo - Gardner Russo & Quinn 13F Activity & Position Changes (Q1 2023)

According to the SEC 13F filed on May 11, 2023, the Gardner Russo & Quinn portfolio showed several notable changes in holdings as of quarter-end Mar 31, 2023. 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 2023, the filing reported:

New Buys - LVMH-Moet Hennessy Louis Vuitto

Increases - Carlsberg, Cable One, Inc., Corteva, Inc., Chevron Corporation, DuPont de Nemours, Inc., and 14 more

Reductions - Ashtead Group, American Express Company, Brown Forman Inc, Brown Forman Inc, BP p.l.c., and 36 more

Complete Exits - MillerKnoll, 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
Q1 2023	ASHTF Ashtead Group	Ashtead Group	Sell	-22,254	-0.4%	$316.91M	5,169,533
Q1 2023	AXP American Express Company	American Express Company	Sell	-385	-1.0%	$6.34M	38,446
Q1 2023	BF-A Brown Forman Inc	Brown Forman Inc	Sell	-28,085	-1.1%	$159.66M	2,449,158
Q1 2023	BF-B Brown Forman Inc	Brown Forman Inc	Sell	-6,862	-0.7%	$63.74M	991,720
Q1 2023	BP BP p.l.c.	BP p.l.c.	Sell	-170	-2.5%	$254.92K	6,719
Q1 2023	BRK-A Berkshire Hathaway Inc.	Berkshire Hathaway Inc.	Sell	-21	-0.8%	$1.20B	2,579
Q1 2023	BRK-B Berkshire Hathaway Inc. New	Berkshire Hathaway Inc. New	Sell	-17,451	-1.1%	$506.89M	1,641,630
Q1 2023	BUDFF AB InBev	AB InBev	Sell	-24,915	-4.1%	$39.10M	586,839
Q1 2023	CABJF Carlsberg	Carlsberg	Buy	+835	+2.9%	$4.55M	29,361
Q1 2023	CABO Cable One, Inc.	Cable One, Inc.	Buy	+598	+0.7%	$63.33M	90,219
Q1 2023	CFRHF Compagnie Financiere Richemont	Compagnie Financiere Richemont	Sell	-103,002	-1.8%	$882.21M	5,523,910
Q1 2023	CFRUY Compagnie Financiere Richemont	Compagnie Financiere Richemont	Sell	-23,781	-21.4%	$1.39M	87,165
Q1 2023	CMCSA Comcast Corporation	Comcast Corporation	Sell	-51,278	-1.3%	$142.70M	3,764,199
Q1 2023	COST Costco Wholesale Corporation	Costco Wholesale Corporation	Sell	-257	-4.8%	$2.55M	5,132
Q1 2023	CTVA Corteva, Inc.	Corteva, Inc.	Buy	+23	+0.3%	$521.91K	8,654
Q1 2023	CVX Chevron Corporation	Chevron Corporation	Buy	+13	+0.3%	$787.43K	4,826
Q1 2023	CXT Crane NXT, Co.	Crane NXT, Co.	Sell	-1,375	-1.9%	$7.98M	70,331
Q1 2023	DANOY Danone	Danone	Sell	-50,175	-75.2%	$206.25K	16,562
Q1 2023	DD DuPont de Nemours, Inc.	DuPont de Nemours, Inc.	Buy	+93	+0.5%	$1.29M	17,929
Q1 2023	DGEAF Diageo	Diageo	Sell	-4,724	-24.4%	$653.61K	14,627
Q1 2023	DHR Danaher Corporation	Danaher Corporation	Sell	-100	-8.5%	$272.96K	1,083
Q1 2023	DIS Walt Disney Company (The)	Walt Disney Company (The)	Sell	-104	-2.3%	$446.10K	4,455
Q1 2023	DOV Dover Corporation	Dover Corporation	Sell	-345	-1.2%	$4.45M	29,317
Q1 2023	DOW Dow Inc.	Dow Inc.	Buy	+248	+1.2%	$1.10M	20,136
Q1 2023	DVDCF Campari	Campari	Buy	+2,680	+0.3%	$9.97M	815,358
Q1 2023	FMX Fomento Economico Mexicano S.A.	Fomento Economico Mexicano S.A.	Sell	-376	-2.7%	$1.28M	13,495
Q1 2023	FULT Fulton Financial Corporation	Fulton Financial Corporation	Buy	+12,500	+18.5%	$1.10M	79,905
Q1 2023	GHC Graham Holdings Company	Graham Holdings Company	Buy	+3	+0.3%	$695.92K	1,168
Q1 2023	GOOG Alphabet Inc.	Alphabet Inc.	Buy	+494,900	+6.2%	$876.43M	8,427,202
Q1 2023	GOOGL Alphabet Inc.	Alphabet Inc.	Buy	+216	+1.1%	$2.06M	19,856

Page 1 of 3