Thomas Russo - Gardner Russo & Quinn 13F Activity & Position Changes (Q4 2015)

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 Dec 31, 2015. 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 Q4 2015, the filing reported:

New Buys - Merck & Company, Inc.

Increases - American Express Company, Brown Forman Inc, Berkshire Hathaway Inc., Berkshire Hathaway Inc. New, Compagnie Financiere Richemont , and 8 more

Reductions - Brown Forman Inc, British American Tobacco Indus, Chevron Corporation, Dover Corporation, Fulton Financial Corporation, and 11 more

Complete Exits - BP p.l.c., Union Pacific Corporation

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
Q4 2015	AXP American Express Company	American Express Company	Buy	+4,790	+3.3%	$10.43K	150,018
Q4 2015	BF-A Brown Forman Inc	Brown Forman Inc	Sell	-104,768	-4.0%	$274.42K	2,492,188
Q4 2015	BF-B Brown Forman Inc	Brown Forman Inc	Buy	+23,830	+4.5%	$55.08K	554,765
Q4 2015	BP BP p.l.c.	BP p.l.c.	Sell - Position Exit	-7,096	-100.0%	$0.00	-
Q4 2015	BRK-A Berkshire Hathaway Inc.	Berkshire Hathaway Inc.	Buy	+20	+0.4%	$999.88K	5,055
Q4 2015	BRK-B Berkshire Hathaway Inc. New	Berkshire Hathaway Inc. New	Buy	+68,215	+2.7%	$340.70K	2,580,257
Q4 2015	BTI British American Tobacco Indus	British American Tobacco Indus	Sell	-85	-1.4%	$669.00	6,061
Q4 2015	CFRUY Compagnie Financiere Richemont	Compagnie Financiere Richemont	Buy	+33,800	+19.5%	$1.49K	207,100
Q4 2015	CVX Chevron Corporation	Chevron Corporation	Sell	-50	-0.1%	$3.73K	41,460
Q4 2015	DANOY Danone	Danone	Buy	+76,100	+14.7%	$8.04K	594,005
Q4 2015	DEO Diageo plc	Diageo plc	Buy	+2,059	+0.4%	$51.36K	470,910
Q4 2015	DIS Walt Disney Company (The)	Walt Disney Company (The)	Buy	+400	+8.2%	$552.00	5,250
Q4 2015	DOV Dover Corporation	Dover Corporation	Sell	-5,480	-7.8%	$3.99K	65,126
Q4 2015	FMX Fomento Economico Mexicano S.A.	Fomento Economico Mexicano S.A.	Buy	+2,405	+2.0%	$11.18K	121,020
Q4 2015	FULT Fulton Financial Corporation	Fulton Financial Corporation	Sell	-7,500	-19.2%	$410.00	31,530
Q4 2015	HEINY Heineken N.V.	Heineken N.V.	Sell	-1,875	-4.4%	$1.76K	41,162
Q4 2015	HRL Hormel Foods Corporation	Hormel Foods Corporation	Sell	-4,980	-4.8%	$7.84K	99,089
Q4 2015	IBM International Business Machines	International Business Machines	Sell	-156	-1.7%	$1.26K	9,134
Q4 2015	KO Coca-Cola Company (The)	Coca-Cola Company (The)	Sell	-13,910	-6.3%	$8.86K	206,327
Q4 2015	LAMR Lamar Advertising Company	Lamar Advertising Company	Sell	-1,450	-8.5%	$930.00	15,510
Q4 2015	MKC McCormick & Company, Incorporat	McCormick & Company, Incorporat	Sell	-700	-1.7%	$3.52K	41,155
Q4 2015	MKL Markel Group Inc.	Markel Group Inc.	Sell	-1,064	-6.8%	$12.86K	14,557
Q4 2015	MLKN MillerKnoll, Inc.	MillerKnoll, Inc.	Sell	-12,150	-3.9%	$8.55K	298,077
Q4 2015	MLM Martin Marietta Materials, Inc.	Martin Marietta Materials, Inc.	Buy	+31,946	+1.5%	$287.16K	2,102,473
Q4 2015	MRK Merck & Company, Inc.	Merck & Company, Inc.	Buy - Position Entry	+3,836	-	$203.00	3,836
Q4 2015	NSRGY Nestle S.A.	Nestle S.A.	Buy	+98,276	+0.6%	$1.18M	15,877,268
Q4 2015	PEP Pepsico, Inc.	Pepsico, Inc.	Sell	-682	-1.7%	$3.91K	39,111
Q4 2015	PG Procter & Gamble Company (The)	Procter & Gamble Company (The)	Sell	-10,680	-11.0%	$6.86K	86,347
Q4 2015	PM Philip Morris International Inc	Philip Morris International Inc	Buy	+86,019	+0.8%	$928.85K	10,565,901
Q4 2015	UNP Union Pacific Corporation	Union Pacific Corporation	Sell - Position Exit	-2,510	-100.0%	$0.00	-

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