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 2022Jun 30, 2022	DOV Dover Corporation	Dover Corporation	Sell	-175-0.6%	$3.65K	30,042
Q2 2022Jun 30, 2022	FMX Fomento Economico Mexicano S.A.	Fomento Economico Mexicano S.A.	Sell	-249-1.7%	$955.00	14,146
Q2 2022Jun 30, 2022	ABBV AbbVie Inc.	AbbVie Inc.	Sell	-300-2.3%	$1.93K	12,610
Q2 2022Jun 30, 2022	AXP American Express Company	American Express Company	Sell	-381-0.9%	$5.52K	39,836
Q2 2022Jun 30, 2022	PEP Pepsico, Inc.	Pepsico, Inc.	Sell	-482-2.2%	$3.53K	21,185
Q2 2022Jun 30, 2022	ABT Abbott Laboratories	Abbott Laboratories	Sell	-500-4.1%	$1.28K	11,775
Q2 2022Jun 30, 2022	MLKN MillerKnoll, Inc.	MillerKnoll, Inc.	Sell	-600-2.2%	$700.00	26,630
Q2 2022Jun 30, 2022	PG Procter & Gamble Company (The)	Procter & Gamble Company (The)	Sell	-841-2.2%	$5.40K	37,531
Q2 2022Jun 30, 2022	MKC McCormick & Company, Incorporat	McCormick & Company, Incorporat	Sell	-1,175-2.5%	$3.83K	46,050
Q2 2022Jun 30, 2022	DANOY Danone	Danone	Sell	-1,239-1.7%	$817.00	73,337
Q2 2022Jun 30, 2022	XOM Exxon Mobil Corporation	Exxon Mobil Corporation	Sell	-1,599-0.9%	$15.27K	178,264
Q2 2022Jun 30, 2022	HRL Hormel Foods Corporation	Hormel Foods Corporation	Sell	-3,175-2.3%	$6.38K	134,616
Q2 2022Jun 30, 2022	CABJF Carlsberg	Carlsberg	Sell	-4,780-12.7%	$4.16K	32,756
Q2 2022Jun 30, 2022	VMC Vulcan Materials Company (Holdi	Vulcan Materials Company (Holdi	Sell	-5,290-7.9%	$8.79K	61,887
Q2 2022Jun 30, 2022	KHC The Kraft Heinz Company	The Kraft Heinz Company	Sell - Position Exit	-6,000-100.0%	$0.00	-
Q2 2022Jun 30, 2022	FULT Fulton Financial Corporation	Fulton Financial Corporation	Sell	-6,636-8.9%	$983.00	68,053
Q2 2022Jun 30, 2022	HKHHF Heineken Holding	Heineken Holding	Sell	-7,712-0.1%	$596.95K	8,221,695
Q2 2022Jun 30, 2022	V Visa Inc.	Visa Inc.	Sell	-10,597-2.8%	$72.58K	368,640
Q2 2022Jun 30, 2022	MLM Martin Marietta Materials, Inc.	Martin Marietta Materials, Inc.	Sell	-13,144-1.2%	$323.13K	1,079,827
Q2 2022Jun 30, 2022	BF-B Brown Forman Inc	Brown Forman Inc	Sell	-24,332-2.3%	$73.44K	1,046,701
Q2 2022Jun 30, 2022	BF-A Brown Forman Inc	Brown Forman Inc	Sell	-27,033-1.0%	$180.84K	2,673,548
Q2 2022Jun 30, 2022	BRK-B Berkshire Hathaway Inc. New	Berkshire Hathaway Inc. New	Sell	-34,948-2.0%	$477.45K	1,748,767
Q2 2022Jun 30, 2022	WFC Wells Fargo & Company	Wells Fargo & Company	Sell	-45,663-5.2%	$32.54K	830,783
Q2 2022Jun 30, 2022	CFRHF Compagnie Financiere Richemont	Compagnie Financiere Richemont	Sell	-54,276-0.9%	$623.17K	5,869,036
Q2 2022Jun 30, 2022	DVDCF Campari	Campari	Sell	-58,709-6.7%	$8.63K	822,508
Q2 2022Jun 30, 2022	PM Philip Morris International Inc	Philip Morris International Inc	Sell	-65,455-0.9%	$685.27K	6,940,111
Q2 2022Jun 30, 2022	BUDFF AB InBev	AB InBev	Sell	-82,070-10.2%	$38.79K	722,473
Q2 2022Jun 30, 2022	MA Mastercard Incorporated	Mastercard Incorporated	Sell	-91,434-3.3%	$853.94K	2,706,785
Q2 2022Jun 30, 2022	NSRGY Nestle S.A.	Nestle S.A.	Sell	-101,516-1.1%	$1.03M	8,810,693
Q2 2022Jun 30, 2022	CMCSA Comcast Corporation	Comcast Corporation	Sell	-155,439-3.2%	$185.23K	4,720,538

Page 27 of 88 • 2628 total trades

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