Thomas Russo - Gardner Russo & Quinn 13F Activity & Position Changes (Q3 2016)

As of Sep 30, 2016, the Gardner Russo & Quinn portfolio activity showed several notable changes in holdings, according to the latest SEC 13F filing reported on May 13, 2026. 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 2016, the filing reported:

New Buys - Schlumberger N.V., Vulcan Materials Company (Holdi

Increases - American Express Company, Brown Forman Inc, Brown Forman Inc, Berkshire Hathaway Inc. New, Compagnie Financiere Richemont , and 9 more

Reductions - Berkshire Hathaway Inc., British American Tobacco Indus, Carlisle Companies Incorporated, Chevron Corporation, Danone, and 13 more

Complete Exits - BP p.l.c., General Dynamics Corporation, Johnson & Johnson, Pfizer, Inc., U.S. Bancorp

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 2016	AXP American Express Company	American Express Company	Buy	+1,790	+1.2%	$9.97K	155,638
Q3 2016	BF-A Brown Forman Inc	Brown Forman Inc	Buy	+2,321,849	+96.4%	$235.30K	4,729,714
Q3 2016	BF-B Brown Forman Inc	Brown Forman Inc	Buy	+666,405	+113.1%	$59.57K	1,255,769
Q3 2016	BP BP p.l.c.	BP p.l.c.	Sell - Position Exit	-5,696	-100.0%	$0.00	-
Q3 2016	BRK-A Berkshire Hathaway Inc.	Berkshire Hathaway Inc.	Sell	-15	-0.3%	$1.08M	4,984
Q3 2016	BRK-B Berkshire Hathaway Inc. New	Berkshire Hathaway Inc. New	Buy	+6,992	+0.3%	$374.39K	2,591,501
Q3 2016	BTI British American Tobacco Indus	British American Tobacco Indus	Sell	-20	-0.4%	$702.00	5,496
Q3 2016	CFRUY Compagnie Financiere Richemont	Compagnie Financiere Richemont	Buy	+2,625	+1.2%	$1.33K	218,125
Q3 2016	CSL Carlisle Companies Incorporated	Carlisle Companies Incorporated	Sell	-200	-7.4%	$256.00	2,500
Q3 2016	CVX Chevron Corporation	Chevron Corporation	Sell	-2,997	-7.8%	$3.66K	35,542
Q3 2016	DANOY Danone	Danone	Sell	-1,200	-0.2%	$9.88K	665,770
Q3 2016	DEO Diageo plc	Diageo plc	Buy	+5,895	+1.2%	$55.93K	482,019
Q3 2016	DOV Dover Corporation	Dover Corporation	Buy	+2,250	+3.7%	$4.59K	62,326
Q3 2016	FMX Fomento Economico Mexicano S.A.	Fomento Economico Mexicano S.A.	Buy	+930	+0.8%	$11.47K	124,665
Q3 2016	FULT Fulton Financial Corporation	Fulton Financial Corporation	Buy	+58,513	+167.5%	$1.36K	93,443
Q3 2016	GD General Dynamics Corporation	General Dynamics Corporation	Sell - Position Exit	-1,600	-100.0%	$0.00	-
Q3 2016	HEINY Heineken N.V.	Heineken N.V.	Buy	+440	+1.1%	$1.71K	38,802
Q3 2016	HRL Hormel Foods Corporation	Hormel Foods Corporation	Sell	-2,000	-1.2%	$6.21K	163,849
Q3 2016	IBM International Business Machines	International Business Machines	Sell	-525	-4.7%	$1.71K	10,749
Q3 2016	JNJ Johnson & Johnson	Johnson & Johnson	Sell - Position Exit	-2,050	-100.0%	$0.00	-
Q3 2016	KO Coca-Cola Company (The)	Coca-Cola Company (The)	Sell	-11,215	-5.7%	$7.87K	185,892
Q3 2016	LAMR Lamar Advertising Company	Lamar Advertising Company	Sell	-675	-4.6%	$913.00	13,985
Q3 2016	MCD McDonald's Corporation	McDonald's Corporation	Sell	-10	-0.3%	$419.00	3,630
Q3 2016	MKC McCormick & Company, Incorporat	McCormick & Company, Incorporat	Sell	-2,450	-6.5%	$3.50K	35,005
Q3 2016	MKL Markel Group Inc.	Markel Group Inc.	Sell	-285	-2.3%	$11.13K	11,987
Q3 2016	MLKN MillerKnoll, Inc.	MillerKnoll, Inc.	Sell	-3,500	-1.5%	$6.39K	223,543
Q3 2016	MLM Martin Marietta Materials, Inc.	Martin Marietta Materials, Inc.	Sell	-16,222	-0.8%	$370.64K	2,069,336
Q3 2016	MSFT Microsoft Corporation	Microsoft Corporation	Buy	+400	+0.8%	$2.91K	50,550
Q3 2016	NSRGY Nestle S.A.	Nestle S.A.	Sell	-22,764	-0.1%	$1.25M	15,816,601
Q3 2016	PEP Pepsico, Inc.	Pepsico, Inc.	Buy	+1,914	+5.4%	$4.03K	37,062

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