Thomas Russo - Gardner Russo & Quinn 13F Activity & Position Changes (Q2 2015)

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 Jun 30, 2015. 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 Q2 2015, the filing reported:

New Buys - None reported

Increases - American Express Company, Brown Forman Inc, Berkshire Hathaway Inc., Berkshire Hathaway Inc. New, Danone, and 6 more

Reductions - Brown Forman Inc, BP p.l.c., British American Tobacco Indus, Compagnie Financiere Richemont , Chevron Corporation, and 19 more

Complete Exits - None reported

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
Q2 2015	AXP American Express Company	American Express Company	Buy	+25,094	+19.6%	$11.90K	153,088
Q2 2015	BF-A Brown Forman Inc	Brown Forman Inc	Sell	-88,474	-3.2%	$302.92K	2,718,726
Q2 2015	BF-B Brown Forman Inc	Brown Forman Inc	Buy	+50,458	+10.8%	$51.84K	517,433
Q2 2015	BP BP p.l.c.	BP p.l.c.	Sell	-17	-0.2%	$312.00	7,814
Q2 2015	BRK-A Berkshire Hathaway Inc.	Berkshire Hathaway Inc.	Buy	+38	+0.8%	$1.05M	5,102
Q2 2015	BRK-B Berkshire Hathaway Inc. New	Berkshire Hathaway Inc. New	Buy	+3,879	+0.2%	$336.54K	2,472,536
Q2 2015	BTI British American Tobacco Indus	British American Tobacco Indus	Sell	-125	-1.8%	$750.00	6,925
Q2 2015	CFRUY Compagnie Financiere Richemont	Compagnie Financiere Richemont	Sell	-5,650	-2.9%	$1.56K	192,350
Q2 2015	CVX Chevron Corporation	Chevron Corporation	Sell	-320	-0.8%	$4.05K	41,973
Q2 2015	DANOY Danone	Danone	Buy	+265,750	+129.3%	$6.09K	471,330
Q2 2015	DEO Diageo	Diageo	Buy	+3,262	+0.7%	$53.94K	464,807
Q2 2015	DOV Dover Corporation	Dover Corporation	Sell	-900	-1.2%	$5.07K	72,206
Q2 2015	FMX Fomento Economico Mexicano S.A.	Fomento Economico Mexicano S.A.	Buy	+19,290	+17.9%	$11.32K	127,035
Q2 2015	FULT Fulton Financial Corporation	Fulton Financial Corporation	Sell	-13,658	-26.9%	$484.00	37,030
Q2 2015	GD General Dynamics Corporation	General Dynamics Corporation	Sell	-150	-8.6%	$227.00	1,600
Q2 2015	GHC Graham Holdings Company	Graham Holdings Company	Sell	-2,457	-92.4%	$218.00	203
Q2 2015	HEINY Heineken N.V.	Heineken N.V.	Sell	-1,825	-3.5%	$1.91K	50,337
Q2 2015	HRL Hormel Foods Corporation	Hormel Foods Corporation	Sell	-682	-0.6%	$5.96K	105,769
Q2 2015	HTLD Heartland Express, Inc.	Heartland Express, Inc.	Sell	-2,000	-13.8%	$253.00	12,499
Q2 2015	IBM International Business Machines	International Business Machines	Sell	-25	-0.3%	$1.55K	9,524
Q2 2015	KO Coca-Cola Company (The)	Coca-Cola Company (The)	Buy	+27,995	+14.0%	$8.92K	227,487
Q2 2015	LAMR Lamar Advertising Company	Lamar Advertising Company	Sell	-475	-2.7%	$994.00	17,285
Q2 2015	MKC McCormick & Company, Incorporat	McCormick & Company, Incorporat	Sell	-250	-0.6%	$3.44K	42,505
Q2 2015	MKL Markel Group Inc.	Markel Group Inc.	Sell	-119	-0.7%	$12.91K	16,128
Q2 2015	MLKN MillerKnoll, Inc.	MillerKnoll, Inc.	Sell	-4,027	-1.2%	$9.24K	319,577
Q2 2015	MLM Martin Marietta Materials, Inc.	Martin Marietta Materials, Inc.	Buy	+17,825	+0.9%	$296.66K	2,096,408
Q2 2015	NSRGY Nestle S.A.	Nestle S.A.	Buy	+219,047	+1.4%	$1.14M	15,842,688
Q2 2015	PEP Pepsico, Inc.	Pepsico, Inc.	Sell	-1,049	-2.6%	$3.72K	39,892
Q2 2015	PG Procter & Gamble Company (The)	Procter & Gamble Company (The)	Sell	-6,015	-5.5%	$8.07K	103,172
Q2 2015	PM Philip Morris International Inc	Philip Morris International Inc	Buy	+334,598	+3.3%	$836.04K	10,428,329

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