Thomas Russo - Gardner Russo & Quinn 13F Activity & Position Changes (Q2 2017)

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, 2017. 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 2017, the filing reported:

New Buys - None reported

Increases - Abbott Laboratories, American Express Company, Bank of America Corporation, Brown Forman Inc, Berkshire Hathaway Inc. New, and 7 more

Reductions - Brown Forman Inc, Berkshire Hathaway Inc., Coty Inc., Chevron Corporation, Diageo plc, and 18 more

Complete Exits - Heartland Express, 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
Q2 2017	ABT Abbott Laboratories	Abbott Laboratories	Buy	+200	+1.2%	$807.00	16,600
Q2 2017	AXP American Express Company	American Express Company	Buy	+3,819	+2.4%	$13.88K	164,812
Q2 2017	BAC Bank of America Corporation	Bank of America Corporation	Buy	+600	+1.2%	$1.19K	49,100
Q2 2017	BF-A Brown Forman Inc	Brown Forman Inc	Sell	-47,086	-1.0%	$221.66K	4,496,066
Q2 2017	BF-B Brown Forman Inc	Brown Forman Inc	Buy	+53,401	+3.8%	$70.40K	1,448,495
Q2 2017	BRK-A Berkshire Hathaway Inc.	Berkshire Hathaway Inc.	Sell	-48	-1.0%	$1.23M	4,834
Q2 2017	BRK-B Berkshire Hathaway Inc. New	Berkshire Hathaway Inc. New	Buy	+10,517	+0.4%	$425.07K	2,509,718
Q2 2017	BTI British American Tobacco Indus	British American Tobacco Indus	Buy	+210	+1.8%	$831.00	12,122
Q2 2017	CFRUY Compagnie Financiere Richemont	Compagnie Financiere Richemont	Buy	+535	+0.2%	$1.96K	237,640
Q2 2017	COTY Coty Inc.	Coty Inc.	Sell	-8	-0.0%	$829.00	44,202
Q2 2017	CVX Chevron Corporation	Chevron Corporation	Sell	-1,166	-4.3%	$2.70K	25,856
Q2 2017	DANOY Danone	Danone	Buy	+53,440	+7.3%	$11.86K	790,045
Q2 2017	DEO Diageo plc	Diageo plc	Sell	-1,881	-0.4%	$56.53K	471,770
Q2 2017	DOV Dover Corporation	Dover Corporation	Sell	-1,875	-3.3%	$4.45K	55,426
Q2 2017	FMX Fomento Economico Mexicano S.A.	Fomento Economico Mexicano S.A.	Buy	+5,580	+4.3%	$13.16K	133,860
Q2 2017	FULT Fulton Financial Corporation	Fulton Financial Corporation	Sell	-2,000	-2.3%	$1.61K	84,843
Q2 2017	HEINY Heineken N.V.	Heineken N.V.	Sell	-235	-0.5%	$2.14K	44,160
Q2 2017	HRL Hormel Foods Corporation	Hormel Foods Corporation	Sell	-800	-0.5%	$5.32K	155,849
Q2 2017	HTLD Heartland Express, Inc.	Heartland Express, Inc.	Sell - Position Exit	-11,899	-100.0%	$0.00	-
Q2 2017	IBM International Business Machines	International Business Machines	Sell	-225	-2.5%	$1.37K	8,934
Q2 2017	KHC The Kraft Heinz Company	The Kraft Heinz Company	Buy	+310	+1.4%	$1.93K	22,535
Q2 2017	KO Coca-Cola Company (The)	Coca-Cola Company (The)	Sell	-3,230	-1.9%	$7.60K	169,527
Q2 2017	LAMR Lamar Advertising Company	Lamar Advertising Company	Sell	-260	-1.9%	$974.00	13,240
Q2 2017	MCD McDonald's Corporation	McDonald's Corporation	Sell	-250	-6.9%	$518.00	3,380
Q2 2017	MKC McCormick & Company, Incorporat	McCormick & Company, Incorporat	Sell	-50	-0.1%	$3.29K	33,755
Q2 2017	MKL Markel Group Inc.	Markel Group Inc.	Sell	-150	-1.3%	$10.84K	11,112
Q2 2017	MLKN MillerKnoll, Inc.	MillerKnoll, Inc.	Sell	-2,850	-1.4%	$6.25K	205,516
Q2 2017	MLM Martin Marietta Materials, Inc.	Martin Marietta Materials, Inc.	Sell	-13,719	-0.8%	$393.07K	1,765,953
Q2 2017	NSRGY Nestle S.A.	Nestle S.A.	Buy	+102,124	+0.6%	$1.40M	16,092,009
Q2 2017	PEP Pepsico, Inc.	Pepsico, Inc.	Sell	-700	-1.9%	$4.07K	35,219

Page 1 of 2