Thomas Russo - Gardner Russo & Quinn 13F Activity & Position Changes (Q3 2019)

As of Sep 30, 2019, 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 2019, the filing reported:

New Buys - None reported

Increases - Compagnie Financiere Richemont , Costco Wholesale Corporation, Alphabet Inc., L'Oreal, Outfront Media, and 2 more

Reductions - American Express Company, Brown Forman Inc, Brown Forman Inc, Berkshire Hathaway Inc., Berkshire Hathaway Inc. New, and 38 more

Complete Exits - BP p.l.c., Anheuser-Busch Inbev SA Sponsor, 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 2019	AXP American Express Company	American Express Company	Sell	-1,873	-1.3%	$16.27K	137,557
Q3 2019	BF-A Brown Forman Inc	Brown Forman Inc	Sell	-62,567	-1.6%	$231.92K	3,881,452
Q3 2019	BF-B Brown Forman Inc	Brown Forman Inc	Sell	-90,916	-4.8%	$113.20K	1,803,190
Q3 2019	BP BP p.l.c.	BP p.l.c.	Sell - Position Exit	-5,099	-100.0%	$0.00	-
Q3 2019	BRK-A Berkshire Hathaway Inc.	Berkshire Hathaway Inc.	Sell	-76	-1.9%	$1.22M	3,926
Q3 2019	BRK-B Berkshire Hathaway Inc. New	Berkshire Hathaway Inc. New	Sell	-70,153	-3.0%	$470.68K	2,262,661
Q3 2019	BUD Anheuser-Busch Inbev SA Sponsor	Anheuser-Busch Inbev SA Sponsor	Sell - Position Exit	-4,193	-100.0%	$0.00	-
Q3 2019	BUDFF AB InBev	AB InBev	Sell	-174,260	-2.2%	$737.47K	7,737,938
Q3 2019	CFRHF Compagnie Financiere Richemont	Compagnie Financiere Richemont	Sell	-274,610	-2.6%	$764.51K	10,411,579
Q3 2019	CFRUY Compagnie Financiere Richemont	Compagnie Financiere Richemont	Buy	+17,655	+11.8%	$1.23K	167,175
Q3 2019	CMCSA Comcast Corporation	Comcast Corporation	Sell	-149,319	-2.5%	$266.22K	5,905,493
Q3 2019	COST Costco Wholesale Corporation	Costco Wholesale Corporation	Buy	+78	+1.5%	$1.49K	5,170
Q3 2019	COTY Coty Inc.	Coty Inc.	Sell	-725	-4.8%	$152.00	14,500
Q3 2019	CTVA Corteva, Inc.	Corteva, Inc.	Sell	-2,376	-15.5%	$362.00	12,930
Q3 2019	CVX Chevron Corporation	Chevron Corporation	Sell	-220	-2.4%	$1.07K	9,048
Q3 2019	DANOY Danone	Danone	Sell	-3,130	-0.6%	$8.77K	497,613
Q3 2019	DD DuPont de Nemours, Inc.	DuPont de Nemours, Inc.	Sell	-159	-1.0%	$1.08K	15,147
Q3 2019	DEO Diageo	Diageo	Sell	-5,371	-2.2%	$38.59K	235,970
Q3 2019	DGEAF Diageo	Diageo	Sell	-153,828	-2.7%	$228.81K	5,570,766
Q3 2019	DIS Walt Disney Company (The)	Walt Disney Company (The)	Sell	-60	-1.4%	$563.00	4,323
Q3 2019	DOV Dover Corporation	Dover Corporation	Sell	-1,236	-2.8%	$4.21K	42,265
Q3 2019	DOW Dow Inc.	Dow Inc.	Sell	-235	-1.5%	$715.00	15,004
Q3 2019	EVF Eaton Vance Senior Income Trust	Eaton Vance Senior Income Trust	Sell	-4,855	-1.6%	$1.82K	297,240
Q3 2019	FMX Fomento Economico Mexicano S.A.	Fomento Economico Mexicano S.A.	Sell	-1,562	-1.2%	$11.96K	130,605
Q3 2019	GOOG Alphabet Inc.	Alphabet Inc.	Buy	+59,844	+30.6%	$311.31K	255,378
Q3 2019	HEINY Heineken N.V.	Heineken N.V.	Sell	-100	-0.4%	$1.53K	28,257
Q3 2019	HINKF Heineken	Heineken	Sell	-250	-0.5%	$4.94K	45,738
Q3 2019	HKHHF Heineken Holding	Heineken Holding	Sell	-227,505	-2.4%	$910.84K	9,145,887
Q3 2019	HRL Hormel Foods Corporation	Hormel Foods Corporation	Sell	-1,625	-1.1%	$6.63K	151,668
Q3 2019	JPM JP Morgan Chase & Co.	JP Morgan Chase & Co.	Sell	-1,830	-15.1%	$1.21K	10,318

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