Thomas Russo - Gardner Russo & Quinn 13F Activity & Position Changes (Q2 2025)

According to the SEC 13F filed on Aug 13, 2025, the Gardner Russo & Quinn portfolio showed several notable changes in holdings as of quarter-end Jun 30, 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 Q2 2025, the filing reported:

New Buys - Deliveroo, Zalando

Increases - Ashtead Group, Carlsberg, DoorDash, Inc., Fielmann, Fluidra, and 7 more

Reductions - Apple Inc., American Express Company, Brown Forman Inc, Brown Forman Inc, Berkshire Hathaway Inc., and 41 more

Complete Exits - BP p.l.c., Merck & Company, 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 2025	AAPL Apple Inc.	Apple Inc.	Sell	-100	-1.9%	$1.06M	5,149
Q2 2025	ASHTF Ashtead Group	Ashtead Group	Buy	+296,377	+5.4%	$371.78M	5,810,686
Q2 2025	AXP American Express Company	American Express Company	Sell	-24	-0.2%	$4.35M	13,634
Q2 2025	BF-A Brown Forman Inc	Brown Forman Inc	Sell	-43,774	-2.3%	$50.19M	1,827,148
Q2 2025	BF-B Brown Forman Inc	Brown Forman Inc	Sell	-42,275	-5.2%	$20.95M	778,521
Q2 2025	BP BP p.l.c.	BP p.l.c.	Sell - Position Exit	-6,300	-100.0%	$0.00	-
Q2 2025	BRK-A Berkshire Hathaway Inc.	Berkshire Hathaway Inc.	Sell	-33	-2.0%	$1.18B	1,624
Q2 2025	BRK-B Berkshire Hathaway Inc. New	Berkshire Hathaway Inc. New	Sell	-26,042	-2.2%	$560.85M	1,154,566
Q2 2025	BUDFF AB InBev	AB InBev	Sell	-42,350	-12.5%	$20.26M	296,300
Q2 2025	CABJF Carlsberg	Carlsberg	Buy	+1,660	+16.1%	$1.69M	11,967
Q2 2025	CFRHF Compagnie Financiere Richemont	Compagnie Financiere Richemont	Sell	-60,334	-1.6%	$700.00M	3,728,315
Q2 2025	CMCSA Comcast Corporation	Comcast Corporation	Sell	-58,845	-2.2%	$91.29M	2,557,966
Q2 2025	COCXF Lindt & Spruengli	Lindt & Spruengli	Sell	-1	-6.2%	$2.49M	15
Q2 2025	COST Costco Wholesale Corporation	Costco Wholesale Corporation	Sell	-4	-0.1%	$4.59M	4,633
Q2 2025	CR Crane Company	Crane Company	Sell	-950	-1.6%	$11.27M	59,355
Q2 2025	CVX Chevron Corporation	Chevron Corporation	Sell	-1,547	-36.7%	$382.32K	2,670
Q2 2025	DASH DoorDash, Inc.	DoorDash, Inc.	Buy	+173,095	+21.8%	$238.32M	966,760
Q2 2025	DIS Walt Disney Company (The)	Walt Disney Company (The)	Sell	-125	-4.2%	$349.48K	2,818
Q2 2025	DOV Dover Corporation	Dover Corporation	Sell	-400	-1.8%	$3.95M	21,551
Q2 2025	DROOF Deliveroo	Deliveroo	Buy - Position Entry	+390,000	-	$940.07K	390,000
Q2 2025	DVDCF Campari	Campari	Sell	-758	-0.3%	$1.57M	234,393
Q2 2025	FBLA FB Bancorp	FB Bancorp	Sell	-15,000	-21.4%	$618.75K	55,000
Q2 2025	FLMNF Fielmann	Fielmann	Buy	+700	+3.1%	$1.53M	23,000
Q2 2025	FLUIF Fluidra	Fluidra	Buy	+2,500	+5.0%	$1.32M	53,000
Q2 2025	FMX Fomento Economico Mexicano S.A.	Fomento Economico Mexicano S.A.	Sell	-30	-0.9%	$346.84K	3,368
Q2 2025	FULT Fulton Financial Corporation	Fulton Financial Corporation	Sell	-1,500	-2.2%	$1.23M	68,200
Q2 2025	GNRC Generac Holdlings Inc.	Generac Holdlings Inc.	Sell	-2,600	-31.5%	$809.14K	5,650
Q2 2025	GOOG Alphabet Inc.	Alphabet Inc.	Sell	-16,288	-0.3%	$902.97M	5,090,317
Q2 2025	GOOGL Alphabet Inc.	Alphabet Inc.	Buy	+118	+0.8%	$2.77M	15,729
Q2 2025	H Hyatt Hotels Corporation	Hyatt Hotels Corporation	Sell	-3,000	-25.7%	$1.21M	8,675

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