Thomas Russo - Gardner Russo & Quinn 13F Activity & Position Changes (Q3 2018)

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, 2018. 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 2018, the filing reported:

New Buys - ConocoPhillips, Oracle Corporation

Increases - Apple Inc., Bank of America Corporation, BP p.l.c., Berkshire Hathaway Inc. New, AB InBev, and 14 more

Reductions - American Express Company, Brown Forman Inc, Brown Forman Inc, Berkshire Hathaway Inc., Comcast Corporation, and 32 more

Complete Exits - Johnson & Johnson, Schlumberger N.V.

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 2018	AAPL Apple Inc.	Apple Inc.	Buy	+900	+53.1%	$586.00	2,595
Q3 2018	AXP American Express Company	American Express Company	Sell	-2,955	-1.6%	$18.90K	177,446
Q3 2018	BAC Bank of America Corporation	Bank of America Corporation	Buy	+2,000	+4.2%	$1.47K	49,975
Q3 2018	BF-A Brown Forman Inc	Brown Forman Inc	Sell	-12,082	-0.3%	$218.20K	4,295,327
Q3 2018	BF-B Brown Forman Inc	Brown Forman Inc	Sell	-132,603	-5.0%	$127.00K	2,512,409
Q3 2018	BP BP p.l.c.	BP p.l.c.	Buy	+2	+0.0%	$240.00	5,200
Q3 2018	BRK-A Berkshire Hathaway Inc.	Berkshire Hathaway Inc.	Sell	-66	-1.4%	$1.46M	4,555
Q3 2018	BRK-B Berkshire Hathaway Inc. New	Berkshire Hathaway Inc. New	Buy	+24,097	+1.0%	$546.35K	2,551,745
Q3 2018	BUDFF AB InBev	AB InBev	Buy	+9,369	+0.1%	$704.30K	8,061,282
Q3 2018	CC Chemours Company (The)	Chemours Company (The)	Buy	+37	+0.6%	$255.00	6,466
Q3 2018	CFRHF Compagnie Financiere Richemont	Compagnie Financiere Richemont	Buy	+140,186	+1.2%	$953.65K	11,644,012
Q3 2018	CFRUY Compagnie Financiere Richemont	Compagnie Financiere Richemont	Buy	+10,850	+4.9%	$1.89K	231,020
Q3 2018	CMCSA Comcast Corporation	Comcast Corporation	Sell	-77,574	-1.1%	$247.94K	7,002,063
Q3 2018	COCXF Lindt & Spruengli	Lindt & Spruengli	Sell	-1	-3.7%	$2.14K	26
Q3 2018	COP ConocoPhillips	ConocoPhillips	Buy - Position Entry	+2,638	-	$204.00	2,638
Q3 2018	COST Costco Wholesale Corporation	Costco Wholesale Corporation	Sell	-246	-4.5%	$1.23K	5,227
Q3 2018	COTY Coty Inc.	Coty Inc.	Sell	-69	-0.2%	$440.00	35,008
Q3 2018	CVX Chevron Corporation	Chevron Corporation	Sell	-370	-3.4%	$1.30K	10,663
Q3 2018	DANOY Danone	Danone	Sell	-19,010	-2.2%	$12.84K	828,970
Q3 2018	DEO Diageo	Diageo	Sell	-12,178	-3.0%	$55.32K	390,477
Q3 2018	DGEAF Diageo	Diageo	Sell	-108,930	-1.4%	$280.23K	7,903,324
Q3 2018	DIS Walt Disney Company (The)	Walt Disney Company (The)	Sell	-135	-2.9%	$522.00	4,468
Q3 2018	DOV Dover Corporation	Dover Corporation	Sell	-1,000	-1.9%	$4.45K	50,291
Q3 2018	EVF Eaton Vance Senior Income Trust	Eaton Vance Senior Income Trust	Buy	+2,264	+0.8%	$1.90K	294,503
Q3 2018	FMX Fomento Economico Mexicano S.A.	Fomento Economico Mexicano S.A.	Sell	-1,575	-1.0%	$16.07K	162,402
Q3 2018	FULT Fulton Financial Corporation	Fulton Financial Corporation	Sell	-100	-0.1%	$2.00K	120,154
Q3 2018	GOOG Alphabet Inc.	Alphabet Inc.	Buy	+627	+1.1%	$68.45K	57,351
Q3 2018	HEINY Heineken N.V.	Heineken N.V.	Buy	+1,325	+3.3%	$1.93K	41,177
Q3 2018	HKHHF Heineken Holding	Heineken Holding	Buy	+24,499	+0.2%	$959.17K	10,587,256
Q3 2018	HRL Hormel Foods Corporation	Hormel Foods Corporation	Buy	+1,422	+0.9%	$6.30K	160,023

Page 1 of 2