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
Q3 2023Sep 30, 2023	LAMR Lamar Advertising Company	Lamar Advertising Company	Sell	-385-5.5%	$548.82K	6,575
Q3 2023Sep 30, 2023	VMC Vulcan Materials Company (Holdi	Vulcan Materials Company (Holdi	Sell	-505-0.9%	$10.73M	53,103
Q3 2023Sep 30, 2023	LVMUY LVMH-Moet Hennessy Louis Vuitto	LVMH-Moet Hennessy Louis Vuitto	Sell - Position Exit	-1,124-100.0%	$0.00	-
Q3 2023Sep 30, 2023	FMX Fomento Economico Mexicano S.A.	Fomento Economico Mexicano S.A.	Sell	-1,400-10.6%	$1.29M	11,820
Q3 2023Sep 30, 2023	DANOY Danone	Danone	Sell	-1,805-10.9%	$163.30K	14,757
Q3 2023Sep 30, 2023	V Visa Inc.	Visa Inc.	Sell	-2,687-0.8%	$76.21M	331,341
Q3 2023Sep 30, 2023	HRL Hormel Foods Corporation	Hormel Foods Corporation	Sell	-3,420-2.9%	$4.42M	116,130
Q3 2023Sep 30, 2023	DVDCF Campari	Campari	Sell	-3,770-0.5%	$9.52M	805,403
Q3 2023Sep 30, 2023	OUT OUTFRONT Media Inc.	OUTFRONT Media Inc.	Sell	-4,255-4.3%	$946.06K	93,669
Q3 2023Sep 30, 2023	WFC Wells Fargo & Company	Wells Fargo & Company	Sell	-5,616-0.8%	$29.68M	726,373
Q3 2023Sep 30, 2023	AXP American Express Company	American Express Company	Sell	-5,725-16.9%	$4.20M	28,176
Q3 2023Sep 30, 2023	BF-B Brown Forman Inc	Brown Forman Inc	Sell	-6,576-0.7%	$55.41M	960,448
Q3 2023Sep 30, 2023	BRK-B Berkshire Hathaway Inc. New	Berkshire Hathaway Inc. New	Sell	-7,403-0.5%	$566.84M	1,618,150
Q3 2023Sep 30, 2023	BUDFF AB InBev	AB InBev	Sell	-13,650-2.5%	$30.09M	541,283
Q3 2023Sep 30, 2023	NFLX Netflix, Inc.	Netflix, Inc.	Sell	-14,270-1.2%	$438.57M	1,161,475
Q3 2023Sep 30, 2023	JPM JP Morgan Chase & Co.	JP Morgan Chase & Co.	Sell	-14,492-0.7%	$304.31M	2,098,425
Q3 2023Sep 30, 2023	MLM Martin Marietta Materials, Inc.	Martin Marietta Materials, Inc.	Sell	-14,757-1.5%	$393.55M	958,763
Q3 2023Sep 30, 2023	ASHTF Ashtead Group	Ashtead Group	Sell	-23,898-0.4%	$326.13M	5,341,822
Q3 2023Sep 30, 2023	MA Mastercard Incorporated	Mastercard Incorporated	Sell	-34,289-1.4%	$943.44M	2,382,969
Q3 2023Sep 30, 2023	PDRDF Pernod Ricard	Pernod Ricard	Sell	-38,536-1.3%	$471.94M	2,823,890
Q3 2023Sep 30, 2023	BF-A Brown Forman Inc	Brown Forman Inc	Sell	-44,529-1.9%	$136.87M	2,355,804
Q3 2023Sep 30, 2023	CABO Cable One, Inc.	Cable One, Inc.	Sell	-61,766-71.5%	$15.19M	24,670
Q3 2023Sep 30, 2023	PM Philip Morris International Inc	Philip Morris International Inc	Sell	-74,068-1.2%	$577.73M	6,240,303
Q3 2023Sep 30, 2023	HKHHF Heineken Holding	Heineken Holding	Sell	-85,237-1.1%	$597.89M	7,909,106
Q3 2023Sep 30, 2023	CMCSA Comcast Corporation	Comcast Corporation	Sell	-86,466-2.4%	$156.43M	3,528,069
Q3 2023Sep 30, 2023	CFRHF Compagnie Financiere Richemont	Compagnie Financiere Richemont	Sell	-99,439-1.9%	$618.04M	5,048,100
Q3 2023Sep 30, 2023	GOOG Alphabet Inc.	Alphabet Inc.	Sell	-127,143-1.5%	$1.07B	8,093,922
Q3 2023Sep 30, 2023	NSRGY Nestle S.A.	Nestle S.A.	Sell	-159,611-2.0%	$889.46M	7,859,532
Q3 2023Sep 30, 2023	UL Unilever PLC	Unilever PLC	Sell	-2,692,172-96.4%	$4.90M	99,284
Q2 2023Jun 30, 2023	JPM JP Morgan Chase & Co.	JP Morgan Chase & Co.	Buy	+294,058+16.2%	$307.30M	2,112,917

Page 17 of 88 • 2628 total trades

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