Thomas Russo - Gardner Russo & Quinn 13F Activity & Position Changes (Q4 2020)

As of Dec 31, 2020, the Gardner Russo & Quinn portfolio activity showed several notable changes in holdings, according to the latest SEC 13F filing reported on Feb 11, 2021. 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 2020, the filing reported:

New Buys - Anheuser-Busch Inbev SA Sponsor, Chemours Company (The), Eaton Vance Senior Income Trust, The Kraft Heinz Company, Unilever PLC

Increases - Ashtead Group, Carlsberg, Cable One, Inc., Comcast Corporation, Costco Wholesale Corporation, and 17 more

Reductions - Apple Inc., American Express Company, Brown Forman Inc, Brown Forman Inc, Berkshire Hathaway Inc., and 34 more

Complete Exits - None reported

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 2020	AAPL Apple Inc.	Apple Inc.	Sell	-300	-3.3%	$1.16K	8,748
Q4 2020	ASHTF Ashtead Group	Ashtead Group	Buy	+207,615	+62.0%	$25.50K	542,610
Q4 2020	AXP American Express Company	American Express Company	Sell	-13,927	-17.4%	$7.98K	65,966
Q4 2020	BF-A Brown Forman Inc	Brown Forman Inc	Sell	-235,717	-7.1%	$225.60K	3,070,626
Q4 2020	BF-B Brown Forman Inc	Brown Forman Inc	Sell	-62,371	-4.7%	$100.03K	1,259,287
Q4 2020	BRK-A Berkshire Hathaway Inc.	Berkshire Hathaway Inc.	Sell	-144	-4.0%	$1.19M	3,419
Q4 2020	BRK-B Berkshire Hathaway Inc. New	Berkshire Hathaway Inc. New	Sell	-74,054	-3.5%	$473.50K	2,042,091
Q4 2020	BUD Anheuser-Busch Inbev SA Sponsor	Anheuser-Busch Inbev SA Sponsor	Buy - Position Entry	+3,981	-	$278.00	3,981
Q4 2020	BUDFF AB InBev	AB InBev	Sell	-209,329	-3.4%	$411.29K	5,896,294
Q4 2020	CABJF Carlsberg	Carlsberg	Buy	+15,010	+214.6%	$3.53K	22,006
Q4 2020	CABO Cable One, Inc.	Cable One, Inc.	Buy	+35,078	+20879.8%	$78.52K	35,246
Q4 2020	CC Chemours Company (The)	Chemours Company (The)	Buy - Position Entry	+8,244	-	$204.00	8,244
Q4 2020	CFRHF Compagnie Financiere Richemont	Compagnie Financiere Richemont	Sell	-379,974	-5.1%	$634.55K	7,004,407
Q4 2020	CFRUY Compagnie Financiere Richemont	Compagnie Financiere Richemont	Sell	-42,361	-24.9%	$1.16K	128,018
Q4 2020	CMCSA Comcast Corporation	Comcast Corporation	Buy	+764,134	+15.4%	$299.46K	5,714,957
Q4 2020	COST Costco Wholesale Corporation	Costco Wholesale Corporation	Buy	+2	+0.0%	$2.03K	5,395
Q4 2020	CTVA Corteva, Inc.	Corteva, Inc.	Buy	+51	+0.3%	$613.00	15,831
Q4 2020	CVX Chevron Corporation	Chevron Corporation	Sell	-706	-7.9%	$698.00	8,264
Q4 2020	DANOY Danone	Danone	Sell	-17,896	-9.7%	$2.20K	167,422
Q4 2020	DD DuPont de Nemours, Inc.	DuPont de Nemours, Inc.	Buy	+78	+0.4%	$1.29K	18,132
Q4 2020	DEO Diageo plc	Diageo plc	Sell	-124,710	-65.5%	$10.45K	65,776
Q4 2020	DGEAF Diageo	Diageo	Sell	-1,735	-5.2%	$1.23K	31,351
Q4 2020	DIS Walt Disney Company (The)	Walt Disney Company (The)	Sell	-1	-0.0%	$943.00	5,202
Q4 2020	DOV Dover Corporation	Dover Corporation	Sell	-2,426	-6.2%	$4.64K	36,734
Q4 2020	DOW Dow Inc.	Dow Inc.	Buy	+227	+1.2%	$1.05K	19,003
Q4 2020	DVDCF Campari	Campari	Buy	+50,445	+5.8%	$10.60K	927,711
Q4 2020	EVF Eaton Vance Senior Income Trust	Eaton Vance Senior Income Trust	Buy - Position Entry	+327,423	-	$2.08K	327,423
Q4 2020	FMX Fomento Economico Mexicano S.A.	Fomento Economico Mexicano S.A.	Sell	-7,691	-15.9%	$3.08K	40,641
Q4 2020	FULT Fulton Financial Corporation	Fulton Financial Corporation	Sell	-42,513	-36.3%	$950.00	74,671
Q4 2020	GHC Graham Holdings Company	Graham Holdings Company	Buy	+4	+0.3%	$620.00	1,163

Page 1 of 3