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 2023Mar 31, 2023	COST Costco Wholesale Corporation	Costco Wholesale Corporation	Sell	-257-4.8%	$2.55M	5,132
Q1 2023Mar 31, 2023	DOV Dover Corporation	Dover Corporation	Sell	-345-1.2%	$4.45M	29,317
Q1 2023Mar 31, 2023	FMX Fomento Economico Mexicano S.A.	Fomento Economico Mexicano S.A.	Sell	-376-2.7%	$1.28M	13,495
Q1 2023Mar 31, 2023	AXP American Express Company	American Express Company	Sell	-385-1.0%	$6.34M	38,446
Q1 2023Mar 31, 2023	VMC Vulcan Materials Company (Holdi	Vulcan Materials Company (Holdi	Sell	-400-0.7%	$9.39M	54,762
Q1 2023Mar 31, 2023	MKC McCormick & Company, Incorporat	McCormick & Company, Incorporat	Sell	-600-1.3%	$3.69M	44,400
Q1 2023Mar 31, 2023	MO Altria Group, Inc.	Altria Group, Inc.	Sell	-702-0.2%	$14.48M	324,590
Q1 2023Mar 31, 2023	KO Coca-Cola Company (The)	Coca-Cola Company (The)	Sell	-1,226-5.8%	$1.23M	19,769
Q1 2023Mar 31, 2023	CXT Crane NXT, Co.	Crane NXT, Co.	Sell	-1,375-1.9%	$7.98M	70,331
Q1 2023Mar 31, 2023	HRL Hormel Foods Corporation	Hormel Foods Corporation	Sell	-4,525-3.5%	$5.01M	125,708
Q1 2023Mar 31, 2023	DGEAF Diageo	Diageo	Sell	-4,724-24.4%	$653.61K	14,627
Q1 2023Mar 31, 2023	NFLX Netflix, Inc.	Netflix, Inc.	Sell	-4,960-0.5%	$368.14M	1,065,603
Q1 2023Mar 31, 2023	PEP Pepsico, Inc.	Pepsico, Inc.	Sell	-5,338-27.0%	$2.63M	14,439
Q1 2023Mar 31, 2023	V Visa Inc.	Visa Inc.	Sell	-5,622-1.6%	$76.90M	341,089
Q1 2023Mar 31, 2023	HEINY Heineken N.V.	Heineken N.V.	Sell	-6,594-37.1%	$601.40K	11,176
Q1 2023Mar 31, 2023	BF-B Brown Forman Inc	Brown Forman Inc	Sell	-6,862-0.7%	$63.74M	991,720
Q1 2023Mar 31, 2023	MLM Martin Marietta Materials, Inc.	Martin Marietta Materials, Inc.	Sell	-9,065-0.9%	$355.54M	1,001,338
Q1 2023Mar 31, 2023	PDRDF Pernod Ricard	Pernod Ricard	Sell	-12,218-0.4%	$663.34M	2,925,535
Q1 2023Mar 31, 2023	HINKF Heineken	Heineken	Sell	-15,000-37.1%	$2.74M	25,441
Q1 2023Mar 31, 2023	WFC Wells Fargo & Company	Wells Fargo & Company	Sell	-15,167-2.0%	$28.07M	751,014
Q1 2023Mar 31, 2023	MLKN MillerKnoll, Inc.	MillerKnoll, Inc.	Sell - Position Exit	-15,600-100.0%	$0.00	-
Q1 2023Mar 31, 2023	BRK-B Berkshire Hathaway Inc. New	Berkshire Hathaway Inc. New	Sell	-17,451-1.1%	$506.89M	1,641,630
Q1 2023Mar 31, 2023	ASHTF Ashtead Group	Ashtead Group	Sell	-22,254-0.4%	$316.91M	5,169,533
Q1 2023Mar 31, 2023	MA Mastercard Incorporated	Mastercard Incorporated	Sell	-22,900-0.9%	$899.38M	2,474,848
Q1 2023Mar 31, 2023	CFRUY Compagnie Financiere Richemont	Compagnie Financiere Richemont	Sell	-23,781-21.4%	$1.39M	87,165
Q1 2023Mar 31, 2023	BUDFF AB InBev	AB InBev	Sell	-24,915-4.1%	$39.10M	586,839
Q1 2023Mar 31, 2023	JPM JP Morgan Chase & Co.	JP Morgan Chase & Co.	Sell	-25,205-1.4%	$237.02M	1,818,859
Q1 2023Mar 31, 2023	PM Philip Morris International Inc	Philip Morris International Inc	Sell	-27,865-0.4%	$625.35M	6,430,332
Q1 2023Mar 31, 2023	BF-A Brown Forman Inc	Brown Forman Inc	Sell	-28,085-1.1%	$159.66M	2,449,158
Q1 2023Mar 31, 2023	OUT OUTFRONT Media Inc.	OUTFRONT Media Inc.	Sell	-36,381-16.4%	$3.01M	185,674

Page 21 of 88 • 2628 total trades

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