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
Q2 2023Jun 30, 2023	ASHTF Ashtead Group	Ashtead Group	Buy	+196,187+3.8%	$371.37M	5,365,720
Q2 2023Jun 30, 2023	NFLX Netflix, Inc.	Netflix, Inc.	Buy	+110,142+10.3%	$517.90M	1,175,745
Q2 2023Jun 30, 2023	CR Crane Company	Crane Company	Buy - Position Entry	+70,331	$6.27M	70,331
Q2 2023Jun 30, 2023	FULT Fulton Financial Corporation	Fulton Financial Corporation	Buy	+20,000+25.0%	$1.19M	99,905
Q2 2023Jun 30, 2023	SWZ Swiss Helvetia Fund, Inc. (The)	Swiss Helvetia Fund, Inc. (The)	Buy	+3,886+1.5%	$2.15M	262,045
Q2 2023Jun 30, 2023	MO Altria Group, Inc.	Altria Group, Inc.	Buy	+2,788+0.9%	$14.83M	327,378
Q2 2023Jun 30, 2023	GOOGL Alphabet Inc.	Alphabet Inc.	Buy	+1,574+7.9%	$2.57M	21,430
Q2 2023Jun 30, 2023	XOM Exxon Mobil Corporation	Exxon Mobil Corporation	Buy	+1,341+0.8%	$19.13M	178,409
Q2 2023Jun 30, 2023	MKC McCormick & Company, Incorporat	McCormick & Company, Incorporat	Buy	+600+1.4%	$3.93M	45,000
Q2 2023Jun 30, 2023	AAPL Apple Inc.	Apple Inc.	Buy	+582+8.3%	$1.47M	7,564
Q2 2023Jun 30, 2023	KO Coca-Cola Company (The)	Coca-Cola Company (The)	Buy	+390+2.0%	$1.21M	20,159
Q2 2023Jun 30, 2023	DOW Dow Inc.	Dow Inc.	Buy	+266+1.3%	$1.09M	20,402
Q2 2023Jun 30, 2023	MKL Markel Group Inc.	Markel Group Inc.	Buy	+169+1.7%	$13.72M	9,919
Q2 2023Jun 30, 2023	UNP Union Pacific Corporation	Union Pacific Corporation	Buy	+133+0.6%	$4.44M	21,695
Q2 2023Jun 30, 2023	MRK Merck & Company, Inc.	Merck & Company, Inc.	Buy	+129+3.4%	$456.92K	3,960
Q2 2023Jun 30, 2023	MSFT Microsoft Corporation	Microsoft Corporation	Buy	+104+4.9%	$760.43K	2,233
Q2 2023Jun 30, 2023	DD DuPont de Nemours, Inc.	DuPont de Nemours, Inc.	Buy	+97+0.5%	$1.29M	18,026
Q2 2023Jun 30, 2023	COST Costco Wholesale Corporation	Costco Wholesale Corporation	Buy	+96+1.9%	$2.81M	5,228
Q2 2023Jun 30, 2023	BP BP p.l.c.	BP p.l.c.	Buy	+85+1.3%	$240.10K	6,804
Q2 2023Jun 30, 2023	MCD McDonald's Corporation	McDonald's Corporation	Buy	+34+1.7%	$592.64K	1,986
Q2 2023Jun 30, 2023	CTVA Corteva, Inc.	Corteva, Inc.	Buy	+23+0.3%	$497.16K	8,677
Q2 2023Jun 30, 2023	LVMUY LVMH-Moet Hennessy Louis Vuitto	LVMH-Moet Hennessy Louis Vuitto	Buy	+15+1.4%	$211.66K	1,124
Q2 2023Jun 30, 2023	MDLZ Mondelez International, Inc.	Mondelez International, Inc.	Buy	+11+0.3%	$321.74K	4,411
Q2 2023Jun 30, 2023	ASHTY Ashtead Group PLC	Ashtead Group PLC	Buy	+3+0.2%	$346.89K	1,253
Q2 2023Jun 30, 2023	GHC Graham Holdings Company	Graham Holdings Company	Buy	+1+0.1%	$668.15K	1,169
Q2 2023Jun 30, 2023	ABBV AbbVie Inc.	AbbVie Inc.	Sell	-19-0.2%	$1.70M	12,591
Q2 2023Jun 30, 2023	DIS Walt Disney Company (The)	Walt Disney Company (The)	Sell	-20-0.4%	$395.97K	4,435
Q2 2023Jun 30, 2023	BRK-A Berkshire Hathaway Inc.	Berkshire Hathaway Inc.	Sell	-49-1.9%	$1.31B	2,530
Q2 2023Jun 30, 2023	CVX Chevron Corporation	Chevron Corporation	Sell	-105-2.2%	$742.78K	4,721
Q2 2023Jun 30, 2023	CABJF Carlsberg	Carlsberg	Sell	-115-0.4%	$4.67M	29,246

Page 18 of 88 • 2628 total trades

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