Thomas Russo - Gardner Russo & Quinn 13F Activity & Position Changes (Q1 2025)

As of Mar 31, 2025, the Gardner Russo & Quinn portfolio activity showed several notable changes in holdings, according to the latest SEC 13F filing reported on May 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 Q1 2025, the filing reported:

New Buys - BP p.l.c., De'Longhi, Electrolux Professional, Fielmann, Fluidra, and 11 more

Increases - Ashtead Group, DoorDash, Inc., Heineken Holding, Martin Marietta Materials, Inc., Nestle REG, and 5 more

Reductions - Apple Inc., American Express Company, Brown Forman Inc, Brown Forman Inc, Berkshire Hathaway Inc., and 37 more

Complete Exits - Compagnie Financiere Richemont , Mondelez International, 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 2025	AAPL Apple Inc.	Apple Inc.	Sell	-555	-9.6%	$1.17M	5,249
Q1 2025	ASHTF Ashtead Group	Ashtead Group	Buy	+796,643	+16.9%	$295.10M	5,514,309
Q1 2025	AXP American Express Company	American Express Company	Sell	-1,158	-7.8%	$3.67M	13,658
Q1 2025	BF-A Brown Forman Inc	Brown Forman Inc	Sell	-143,998	-7.1%	$62.62M	1,870,922
Q1 2025	BF-B Brown Forman Inc	Brown Forman Inc	Sell	-19,600	-2.3%	$27.86M	820,796
Q1 2025	BP BP p.l.c.	BP p.l.c.	Buy - Position Entry	+6,300	-	$212.88K	6,300
Q1 2025	BRK-A Berkshire Hathaway Inc.	Berkshire Hathaway Inc.	Sell	-212	-11.3%	$1.32B	1,657
Q1 2025	BRK-B Berkshire Hathaway Inc. New	Berkshire Hathaway Inc. New	Sell	-106,313	-8.3%	$628.77M	1,180,608
Q1 2025	BUDFF AB InBev	AB InBev	Sell	-39,425	-10.4%	$20.82M	338,650
Q1 2025	CABJF Carlsberg	Carlsberg	Sell	-7,831	-43.2%	$1.31M	10,307
Q1 2025	CFRHF Compagnie Financiere Richemont	Compagnie Financiere Richemont	Sell	-432,893	-10.3%	$654.96M	3,788,649
Q1 2025	CFRUY Compagnie Financiere Richemont	Compagnie Financiere Richemont	Sell - Position Exit	-12,140	-100.0%	$0.00	-
Q1 2025	CMCSA Comcast Corporation	Comcast Corporation	Sell	-167,237	-6.0%	$96.56M	2,616,811
Q1 2025	COST Costco Wholesale Corporation	Costco Wholesale Corporation	Sell	-760	-14.1%	$4.39M	4,637
Q1 2025	CR Crane Company	Crane Company	Sell	-425	-0.7%	$9.24M	60,305
Q1 2025	CVX Chevron Corporation	Chevron Corporation	Sell	-248	-5.6%	$705.39K	4,217
Q1 2025	DASH DoorDash, Inc.	DoorDash, Inc.	Buy	+123,534	+18.4%	$145.06M	793,665
Q1 2025	DGEAF Diageo	Diageo	Sell	-175	-2.1%	$210.02K	8,077
Q1 2025	DIS Walt Disney Company (The)	Walt Disney Company (The)	Sell	-628	-17.6%	$290.49K	2,943
Q1 2025	DLG.MI De'Longhi	De'Longhi	Buy - Position Entry	+35,250	-	$1.16M	35,250
Q1 2025	DOV Dover Corporation	Dover Corporation	Sell	-500	-2.2%	$3.86M	21,951
Q1 2025	DVDCF Campari	Campari	Sell	-344,380	-59.4%	$1.38M	235,151
Q1 2025	ECTXF Electrolux Professional	Electrolux Professional	Buy - Position Entry	+175,500	-	$1.09M	175,500
Q1 2025	FLMNF Fielmann	Fielmann	Buy - Position Entry	+22,300	-	$1.01M	22,300
Q1 2025	FLUIF Fluidra	Fluidra	Buy - Position Entry	+50,500	-	$1.18M	50,500
Q1 2025	FMX Fomento Economico Mexicano S.A.	Fomento Economico Mexicano S.A.	Sell	-68	-2.0%	$331.58K	3,398
Q1 2025	FULT Fulton Financial Corporation	Fulton Financial Corporation	Sell	-5,000	-6.7%	$1.26M	69,700
Q1 2025	GNRC Generac Holdlings Inc.	Generac Holdlings Inc.	Buy - Position Entry	+8,250	-	$1.04M	8,250
Q1 2025	GOOG Alphabet Inc.	Alphabet Inc.	Sell	-529,330	-9.4%	$797.80M	5,106,605
Q1 2025	GOOGL Alphabet Inc.	Alphabet Inc.	Sell	-4,855	-23.7%	$2.41M	15,611

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