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 2021Sep 30, 2021	MKL Markel Group Inc.	Markel Group Inc.	Sell	-100-1.5%	$7.89K	6,602
Q3 2021Sep 30, 2021	BRK-A Berkshire Hathaway Inc.	Berkshire Hathaway Inc.	Sell	-101-3.2%	$1.25M	3,044
Q3 2021Sep 30, 2021	PEP Pepsico, Inc.	Pepsico, Inc.	Sell	-109-0.5%	$3.42K	22,747
Q3 2021Sep 30, 2021	VMC Vulcan Materials Company (Holdi	Vulcan Materials Company (Holdi	Sell	-160-0.2%	$11.61K	68,652
Q3 2021Sep 30, 2021	LRLCF L'Oreal	L'Oreal	Sell	-275-3.9%	$2.79K	6,745
Q3 2021Sep 30, 2021	MLKN MillerKnoll, Inc.	MillerKnoll, Inc.	Sell	-600-1.0%	$2.31K	61,321
Q3 2021Sep 30, 2021	AXP American Express Company	American Express Company	Sell	-1,132-2.6%	$7.14K	42,651
Q3 2021Sep 30, 2021	FMX Fomento Economico Mexicano S.A.	Fomento Economico Mexicano S.A.	Sell	-1,450-6.3%	$1.86K	21,411
Q3 2021Sep 30, 2021	CABO Cable One, Inc.	Cable One, Inc.	Sell	-2,124-2.4%	$159.07K	87,731
Q3 2021Sep 30, 2021	HRL Hormel Foods Corporation	Hormel Foods Corporation	Sell	-2,190-1.5%	$5.77K	140,781
Q3 2021Sep 30, 2021	DVDCF Campari	Campari	Sell	-2,650-0.3%	$12.41K	879,436
Q3 2021Sep 30, 2021	DGEAF Diageo	Diageo	Sell	-2,750-12.4%	$943.00	19,401
Q3 2021Sep 30, 2021	DOV Dover Corporation	Dover Corporation	Sell	-2,965-8.7%	$4.85K	31,167
Q3 2021Sep 30, 2021	V Visa Inc.	Visa Inc.	Sell	-3,584-0.9%	$89.72K	402,770
Q3 2021Sep 30, 2021	OUT OUTFRONT Media Inc.	OUTFRONT Media Inc.	Sell	-8,217-2.7%	$7.49K	297,287
Q3 2021Sep 30, 2021	DANOY Danone	Danone	Sell	-10,535-7.1%	$1.90K	138,464
Q3 2021Sep 30, 2021	GOOG Alphabet Inc.	Alphabet Inc.	Sell	-15,055-3.8%	$1.02M	383,666
Q3 2021Sep 30, 2021	BRK-B Berkshire Hathaway Inc. New	Berkshire Hathaway Inc. New	Sell	-31,269-1.6%	$518.58K	1,899,976
Q3 2021Sep 30, 2021	BF-A Brown Forman Inc	Brown Forman Inc	Sell	-31,686-1.1%	$179.79K	2,868,801
Q3 2021Sep 30, 2021	MLM Martin Marietta Materials, Inc.	Martin Marietta Materials, Inc.	Sell	-43,478-3.5%	$407.38K	1,192,297
Q3 2021Sep 30, 2021	ASHTF Ashtead Group	Ashtead Group	Sell	-57,517-2.3%	$189.23K	2,485,746
Q3 2021Sep 30, 2021	BF-B Brown Forman Inc	Brown Forman Inc	Sell	-71,190-5.9%	$75.89K	1,132,510
Q3 2021Sep 30, 2021	WFC Wells Fargo & Company	Wells Fargo & Company	Sell	-71,230-6.2%	$49.82K	1,073,517
Q3 2021Sep 30, 2021	HKHHF Heineken Holding	Heineken Holding	Sell	-76,478-1.0%	$638.42K	7,320,416
Q3 2021Sep 30, 2021	PDRDF Pernod Ricard	Pernod Ricard	Sell	-95,799-2.8%	$728.63K	3,296,810
Q3 2021Sep 30, 2021	BUDFF AB InBev	AB InBev	Sell	-161,370-3.1%	$290.95K	5,108,358
Q3 2021Sep 30, 2021	CMCSA Comcast Corporation	Comcast Corporation	Sell	-174,128-3.2%	$290.25K	5,189,614
Q3 2021Sep 30, 2021	CFRHF Compagnie Financiere Richemont	Compagnie Financiere Richemont	Sell	-184,722-2.9%	$651.63K	6,239,671
Q3 2021Sep 30, 2021	MA Mastercard Incorporated	Mastercard Incorporated	Sell	-252,166-7.4%	$1.10M	3,155,872
Q3 2021Sep 30, 2021	NSRGY Nestle S.A.	Nestle S.A.	Sell	-269,047-2.8%	$1.14M	9,510,972

Page 33 of 88 • 2628 total trades

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