Thomas Russo - Gardner Russo & Quinn 13F Activity & Position Changes (Q4 2025)

According to the SEC 13F filed on Feb 12, 2026, the Gardner Russo & Quinn portfolio showed several notable changes in holdings as of quarter-end Dec 31, 2025. 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 2025, the filing reported:

New Buys - Amazon.com, Inc., Diageo, International Business Machines, Johnson & Johnson

Increases - Ashtead Group, Carlsberg, DoorDash, Inc., Campari, Fielmann, and 10 more

Reductions - Apple Inc., American Express Company, Brown Forman Inc, Brown Forman Inc, Berkshire Hathaway Inc., and 26 more

Complete Exits - Deliveroo, Fomento Economico Mexicano S.A., Truist Financial 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 2025	AAPL Apple Inc.	Apple Inc.	Sell	-25	-0.5%	$1.27M	4,674
Q4 2025	AMZN Amazon.com, Inc.	Amazon.com, Inc.	Buy - Position Entry	+1,040	-	$240.05K	1,040
Q4 2025	ASHTF Ashtead Group	Ashtead Group	Buy	+534,678	+9.6%	$418.10M	6,111,758
Q4 2025	AXP American Express Company	American Express Company	Sell	-1,472	-10.8%	$4.50M	12,160
Q4 2025	BF-A Brown Forman Inc	Brown Forman Inc	Sell	-49,978	-2.9%	$43.89M	1,668,094
Q4 2025	BF-B Brown Forman Inc	Brown Forman Inc	Sell	-57,589	-7.5%	$18.46M	708,179
Q4 2025	BRK-A Berkshire Hathaway Inc.	Berkshire Hathaway Inc.	Sell	-53	-3.4%	$1.12B	1,488
Q4 2025	BRK-B Berkshire Hathaway Inc. New	Berkshire Hathaway Inc. New	Sell	-35,999	-3.1%	$565.68M	1,125,395
Q4 2025	BUDFF AB InBev	AB InBev	Sell	-16,690	-5.9%	$17.12M	265,525
Q4 2025	CABJF Carlsberg	Carlsberg	Buy	+11,036	+91.5%	$3.03M	23,091
Q4 2025	CAT Caterpillar, Inc.	Caterpillar, Inc.	Sell	-150	-21.4%	$315.08K	550
Q4 2025	CFRHF Compagnie Financiere Richemont	Compagnie Financiere Richemont	Sell	-101,887	-2.8%	$760.54M	3,502,105
Q4 2025	CMCSA Comcast Corporation	Comcast Corporation	Sell	-145,514	-5.9%	$68.75M	2,300,197
Q4 2025	CR Crane Company	Crane Company	Sell	-2,075	-3.7%	$10.03M	54,401
Q4 2025	DASH DoorDash, Inc.	DoorDash, Inc.	Buy	+4,104	+0.4%	$210.73M	930,467
Q4 2025	DGEAF Diageo	Diageo	Buy - Position Entry	+129,805	-	$2.80M	129,805
Q4 2025	DOV Dover Corporation	Dover Corporation	Sell	-25	-0.1%	$3.81M	19,526
Q4 2025	DROOF Deliveroo	Deliveroo	Sell - Position Exit	-390,000	-100.0%	$0.00	-
Q4 2025	DVDCF Campari	Campari	Buy	+31,750	+15.1%	$1.57M	242,103
Q4 2025	FLMNF Fielmann	Fielmann	Buy	+700	+2.8%	$1.31M	25,700
Q4 2025	FLUIF Fluidra	Fluidra	Buy	+6,000	+11.3%	$1.60M	59,000
Q4 2025	FMX Fomento Economico Mexicano S.A.	Fomento Economico Mexicano S.A.	Sell - Position Exit	-3,218	-100.0%	$0.00	-
Q4 2025	FULT Fulton Financial Corporation	Fulton Financial Corporation	Sell	-10,500	-16.3%	$1.05M	54,100
Q4 2025	GOOG Alphabet Inc.	Alphabet Inc.	Sell	-718,726	-15.5%	$1.23B	3,931,197
Q4 2025	GOOGL Alphabet Inc.	Alphabet Inc.	Sell	-570	-3.7%	$4.67M	14,916
Q4 2025	HKHHF Heineken Holding	Heineken Holding	Sell	-85,630	-0.9%	$674.25M	9,200,276
Q4 2025	IBM International Business Machines	International Business Machines	Buy - Position Entry	+750	-	$222.16K	750
Q4 2025	JNJ Johnson & Johnson	Johnson & Johnson	Buy - Position Entry	+976	-	$201.98K	976
Q4 2025	JPM JP Morgan Chase & Co.	JP Morgan Chase & Co.	Sell	-16,213	-3.0%	$170.40M	528,817
Q4 2025	LRLCF L'Oreal	L'Oreal	Sell	-345	-8.5%	$1.60M	3,705

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