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

According to the SEC 13F filed on May 13, 2025, the Gardner Russo & Quinn portfolio showed several notable changes in holdings as of quarter-end Mar 31, 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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