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
Q4 2023Dec 31, 2023	DANOY Danone	Danone	Sell	-3,975-26.9%	$139.78K	10,782
Q4 2023Dec 31, 2023	VMC Vulcan Materials Company (Holdi	Vulcan Materials Company (Holdi	Sell	-4,421-8.3%	$11.05M	48,682
Q4 2023Dec 31, 2023	CABJF Carlsberg	Carlsberg	Sell	-4,650-15.9%	$3.08M	24,526
Q4 2023Dec 31, 2023	AXP American Express Company	American Express Company	Sell	-7,641-27.1%	$3.85M	20,535
Q4 2023Dec 31, 2023	OUT OUTFRONT Media Inc.	OUTFRONT Media Inc.	Sell	-7,730-8.3%	$1.20M	85,939
Q4 2023Dec 31, 2023	V Visa Inc.	Visa Inc.	Sell	-8,450-2.6%	$84.06M	322,891
Q4 2023Dec 31, 2023	CABO Cable One, Inc.	Cable One, Inc.	Sell	-8,653-35.1%	$8.91M	16,017
Q4 2023Dec 31, 2023	PDRDF Pernod Ricard	Pernod Ricard	Sell	-11,453-0.4%	$496.30M	2,812,437
Q4 2023Dec 31, 2023	WFC Wells Fargo & Company	Wells Fargo & Company	Sell	-14,144-1.9%	$35.06M	712,229
Q4 2023Dec 31, 2023	MLM Martin Marietta Materials, Inc.	Martin Marietta Materials, Inc.	Sell	-18,195-1.9%	$469.26M	940,568
Q4 2023Dec 31, 2023	MO Altria Group, Inc.	Altria Group, Inc.	Sell	-19,229-5.8%	$12.55M	311,070
Q4 2023Dec 31, 2023	BF-B Brown Forman Inc	Brown Forman Inc	Sell	-22,965-2.4%	$53.53M	937,483
Q4 2023Dec 31, 2023	BUDFF AB InBev	AB InBev	Sell	-29,595-5.5%	$33.02M	511,688
Q4 2023Dec 31, 2023	DVDCF Campari	Campari	Sell	-33,985-4.2%	$8.70M	771,418
Q4 2023Dec 31, 2023	NFLX Netflix, Inc.	Netflix, Inc.	Sell	-36,513-3.1%	$547.72M	1,124,962
Q4 2023Dec 31, 2023	HRL Hormel Foods Corporation	Hormel Foods Corporation	Sell	-40,558-34.9%	$2.43M	75,572
Q4 2023Dec 31, 2023	BRK-B Berkshire Hathaway Inc. New	Berkshire Hathaway Inc. New	Sell	-48,164-3.0%	$559.95M	1,569,986
Q4 2023Dec 31, 2023	UL Unilever PLC	Unilever PLC	Sell	-49,411-49.8%	$2.42M	49,873
Q4 2023Dec 31, 2023	CFRHF Compagnie Financiere Richemont	Compagnie Financiere Richemont	Sell	-60,835-1.2%	$685.89M	4,987,265
Q4 2023Dec 31, 2023	HKHHF Heineken Holding	Heineken Holding	Sell	-65,093-0.8%	$663.73M	7,844,013
Q4 2023Dec 31, 2023	ASHTF Ashtead Group	Ashtead Group	Sell	-66,757-1.2%	$367.30M	5,275,065
Q4 2023Dec 31, 2023	JPM JP Morgan Chase & Co.	JP Morgan Chase & Co.	Sell	-75,056-3.6%	$344.18M	2,023,369
Q4 2023Dec 31, 2023	MA Mastercard Incorporated	Mastercard Incorporated	Sell	-80,680-3.4%	$981.95M	2,302,289
Q4 2023Dec 31, 2023	BF-A Brown Forman Inc	Brown Forman Inc	Sell	-86,489-3.7%	$135.23M	2,269,315
Q4 2023Dec 31, 2023	PM Philip Morris International Inc	Philip Morris International Inc	Sell	-162,328-2.6%	$571.82M	6,077,975
Q4 2023Dec 31, 2023	NSRGY Nestle S.A.	Nestle S.A.	Sell	-192,146-2.4%	$886.58M	7,667,386
Q4 2023Dec 31, 2023	CMCSA Comcast Corporation	Comcast Corporation	Sell	-232,278-6.6%	$144.52M	3,295,791
Q4 2023Dec 31, 2023	GOOG Alphabet Inc.	Alphabet Inc.	Sell	-372,525-4.6%	$1.09B	7,721,397
Q3 2023Sep 30, 2023	FULT Fulton Financial Corporation	Fulton Financial Corporation	Buy	+20,000+20.0%	$1.45M	119,905
Q3 2023Sep 30, 2023	SWZ Swiss Helvetia Fund, Inc. (The)	Swiss Helvetia Fund, Inc. (The)	Buy	+4,208+1.6%	$2.03M	266,253

Page 15 of 88 • 2628 total trades

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