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

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, 2016. 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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