Thomas Russo - Gardner Russo & Quinn 13F Activity & Position Changes (Q3 2014)

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 Sep 30, 2014. 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 Q3 2014, the filing reported:

New Buys - None reported

Increases - Brown Forman Inc, Berkshire Hathaway Inc., Berkshire Hathaway Inc. New, British American Tobacco Indus, Compagnie Financiere Richemont , and 9 more

Reductions - American Express Company, Brown Forman Inc, Carlisle Companies Incorporated, Chevron Corporation, Dover Corporation, and 14 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
Q3 2014	AXP American Express Company	American Express Company	Sell	-1,235	-1.0%	$11.25K	128,535
Q3 2014	BF-A Brown Forman Inc	Brown Forman Inc	Sell	-14,938	-0.5%	$252.64K	2,832,558
Q3 2014	BF-B Brown Forman Inc	Brown Forman Inc	Buy	+718	+0.2%	$39.06K	432,976
Q3 2014	BRK-A Berkshire Hathaway Inc.	Berkshire Hathaway Inc.	Buy	+10	+0.2%	$1.05M	5,082
Q3 2014	BRK-B Berkshire Hathaway Inc. New	Berkshire Hathaway Inc. New	Buy	+25,233	+1.0%	$339.46K	2,457,392
Q3 2014	BTI British American Tobacco Indus	British American Tobacco Indus	Buy	+200	+1.4%	$1.58K	13,999
Q3 2014	CFRUY Compagnie Financiere Richemont	Compagnie Financiere Richemont	Buy	+16,250	+9.4%	$1.55K	188,875
Q3 2014	CSL Carlisle Companies Incorporated	Carlisle Companies Incorporated	Sell	-5,200	-57.1%	$313.00	3,900
Q3 2014	CVX Chevron Corporation	Chevron Corporation	Sell	-350	-0.7%	$5.66K	47,427
Q3 2014	DANOY Danone	Danone	Buy	+11,900	+6.2%	$2.71K	202,710
Q3 2014	DEO Diageo	Diageo	Buy	+7,509	+1.8%	$49.79K	431,493
Q3 2014	DOV Dover Corporation	Dover Corporation	Sell	-2,224	-2.8%	$6.14K	76,406
Q3 2014	FMX Fomento Economico Mexicano S.A.	Fomento Economico Mexicano S.A.	Sell	-1,115	-1.0%	$10.07K	109,445
Q3 2014	FULT Fulton Financial Corporation	Fulton Financial Corporation	Sell	-15,610	-19.4%	$717.00	64,688
Q3 2014	GHC Graham Holdings Company	Graham Holdings Company	Sell	-2,124	-3.1%	$46.28K	66,159
Q3 2014	HEINY Heineken N.V.	Heineken N.V.	Buy	+1,550	+2.9%	$2.04K	54,562
Q3 2014	HRL Hormel Foods Corporation	Hormel Foods Corporation	Buy	+322	+0.3%	$5.71K	111,053
Q3 2014	IBM International Business Machines	International Business Machines	Sell	-1,100	-9.5%	$1.99K	10,455
Q3 2014	KO Coca-Cola Company (The)	Coca-Cola Company (The)	Sell	-3,190	-1.5%	$8.75K	205,187
Q3 2014	MKC McCormick & Company, Incorporat	McCormick & Company, Incorporat	Buy	+175	+0.4%	$2.86K	42,755
Q3 2014	MKL Markel Group Inc.	Markel Group Inc.	Sell	-556	-3.0%	$11.42K	17,946
Q3 2014	MLKN MillerKnoll, Inc.	MillerKnoll, Inc.	Sell	-1,432	-0.4%	$10.31K	345,454
Q3 2014	MLM Martin Marietta Materials, Inc.	Martin Marietta Materials, Inc.	Buy	+3,197	+0.2%	$254.74K	1,975,609
Q3 2014	MRK Merck & Company, Inc.	Merck & Company, Inc.	Sell	-50	-1.1%	$257.00	4,336
Q3 2014	MSFT Microsoft Corporation	Microsoft Corporation	Sell	-1,394	-2.3%	$2.77K	59,850
Q3 2014	NSRGY Nestle S.A.	Nestle S.A.	Buy	+292,819	+2.0%	$1.10M	14,981,721
Q3 2014	PEP Pepsico, Inc.	Pepsico, Inc.	Sell	-850	-1.9%	$4.04K	43,389
Q3 2014	PG Procter & Gamble Company (The)	Procter & Gamble Company (The)	Sell	-1,285	-1.1%	$10.09K	120,502
Q3 2014	PM Philip Morris International Inc	Philip Morris International Inc	Buy	+28,298	+0.3%	$855.06K	10,252,495
Q3 2014	PNC PNC Financial Services Group, I	PNC Financial Services Group, I	Sell	-100	-0.5%	$1.83K	21,444

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