Thomas Russo – Gardner Russo & Quinn Portfolio Activity & Recent Trades (Jun 30, 2025)

As of Jun 30, 2025, the Gardner Russo & Quinn portfolio activity showed several notable changes in holdings, according to the latest SEC 13F filing reported on Aug 13, 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 Q2 2025, the filing reported:

New Buys – Deliveroo (DROOF), Zalando (ZLDSF)

Increases – Uber Technologies, Inc. (UBER), Ashtead Group (ASHTF), Heineken Holding (HKHHF), DoorDash, Inc. (DASH), Swiss Helvetia Fund, Inc. (The) (SWZ), and 7 more

Reductions – Lindt & Spruengli (COCXF), Costco Wholesale Corporation (COST), Lotus Bakeries (LTSSF), Pepsico, Inc. (PEP), American Express Company (AXP), and 41 more

Complete Exits – Merck & Company, Inc. (MRK), BP p.l.c. (BP)

These updates highlight how the portfolio adjusted across different sectors and market conditions, offering insights into allocation shifts and investment trends.

Gardner Russo & Quinn Activity

Date	Symbol	Name	Type	Quantity	Value	Remaining
Q1 2024Mar 31, 2024	DOW Dow Inc.	Dow Inc.	Sell	-3,074-14.7%	$1.04M	17,874
Q1 2024Mar 31, 2024	DOV Dover Corporation	Dover Corporation	Sell	-3,200-11.5%	$4.38M	24,697
Q1 2024Mar 31, 2024	CABO Cable One, Inc.	Cable One, Inc.	Sell	-4,336-27.1%	$4.94M	11,681
Q1 2024Mar 31, 2024	PG Procter & Gamble Company (The)	Procter & Gamble Company (The)	Sell	-4,345-11.8%	$5.24M	32,325
Q1 2024Mar 31, 2024	DGEAF Diageo	Diageo	Sell	-5,389-38.9%	$312.36K	8,452
Q1 2024Mar 31, 2024	VMC Vulcan Materials Company (Holdi	Vulcan Materials Company (Holdi	Sell	-10,039-20.6%	$10.55M	38,643
Q1 2024Mar 31, 2024	HRL Hormel Foods Corporation	Hormel Foods Corporation	Sell	-14,759-19.5%	$2.12M	60,813
Q1 2024Mar 31, 2024	HKHHF Heineken Holding	Heineken Holding	Sell	-19,300-0.2%	$632.11M	7,824,713
Q1 2024Mar 31, 2024	OUT OUTFRONT Media Inc.	OUTFRONT Media Inc.	Sell	-22,560-26.3%	$1.06M	63,379
Q1 2024Mar 31, 2024	V Visa Inc.	Visa Inc.	Sell	-27,262-8.4%	$82.50M	295,629
Q1 2024Mar 31, 2024	BF-B Brown Forman Inc	Brown Forman Inc	Sell	-32,551-3.5%	$46.71M	904,932
Q1 2024Mar 31, 2024	UL Unilever PLC	Unilever PLC	Sell	-34,706-69.6%	$761.25K	15,167
Q1 2024Mar 31, 2024	WFC Wells Fargo & Company	Wells Fargo & Company	Sell	-37,260-5.2%	$39.12M	674,969
Q1 2024Mar 31, 2024	BUDFF AB InBev	AB InBev	Sell	-39,295-7.7%	$28.81M	472,393
Q1 2024Mar 31, 2024	BF-A Brown Forman Inc	Brown Forman Inc	Sell	-70,621-3.1%	$116.42M	2,198,694
Q1 2024Mar 31, 2024	BRK-B Berkshire Hathaway Inc. New	Berkshire Hathaway Inc. New	Sell	-105,455-6.7%	$615.86M	1,464,531
Q1 2024Mar 31, 2024	DVDCF Campari	Campari	Sell	-129,772-16.8%	$6.45M	641,646
Q1 2024Mar 31, 2024	ASHTF Ashtead Group	Ashtead Group	Sell	-148,405-2.8%	$365.26M	5,126,660
Q1 2024Mar 31, 2024	MLM Martin Marietta Materials, Inc.	Martin Marietta Materials, Inc.	Sell	-153,088-16.3%	$483.47M	787,480
Q1 2024Mar 31, 2024	CMCSA Comcast Corporation	Comcast Corporation	Sell	-201,547-6.1%	$134.14M	3,094,244
Q1 2024Mar 31, 2024	MA Mastercard Incorporated	Mastercard Incorporated	Sell	-201,991-8.8%	$1.01B	2,100,298
Q1 2024Mar 31, 2024	NFLX Netflix, Inc.	Netflix, Inc.	Sell	-250,887-22.3%	$530.85M	874,075
Q1 2024Mar 31, 2024	JPM JP Morgan Chase & Co.	JP Morgan Chase & Co.	Sell	-312,875-15.5%	$342.61M	1,710,494
Q1 2024Mar 31, 2024	CFRHF Compagnie Financiere Richemont	Compagnie Financiere Richemont	Sell	-350,776-7.0%	$707.80M	4,636,489
Q1 2024Mar 31, 2024	NSRGY Nestle S.A.	Nestle S.A.	Sell	-415,410-5.4%	$770.16M	7,251,976
Q1 2024Mar 31, 2024	PM Philip Morris International Inc	Philip Morris International Inc	Sell	-526,778-8.7%	$508.60M	5,551,197
Q1 2024Mar 31, 2024	GOOG Alphabet Inc.	Alphabet Inc.	Sell	-660,475-8.6%	$1.08B	7,060,922
Q4 2023Dec 31, 2023	UBER Uber Technologies, Inc.	Uber Technologies, Inc.	Buy - Position Entry	+3,081,363	$189.72M	3,081,363
Q4 2023Dec 31, 2023	SWZ Swiss Helvetia Fund, Inc. (The)	Swiss Helvetia Fund, Inc. (The)	Buy	+4,251+1.6%	$2.22M	270,504
Q4 2023Dec 31, 2023	CFRUY Compagnie Financiere Richemont	Compagnie Financiere Richemont	Buy	+3,500+5.6%	$905.57K	65,847

Page 13 of 88 • 2628 total trades

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