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	JPM JP Morgan Chase & Co.	JP Morgan Chase & Co.	Sell	-272,731-9.8%	$411.75K	2,515,409
Q3 2021Sep 30, 2021	UL Unilever PLC	Unilever PLC	Sell	-319,657-3.3%	$510.47K	9,414,768
Q3 2021Sep 30, 2021	EVF Eaton Vance Senior Income Trust	Eaton Vance Senior Income Trust	Sell - Position Exit	-379,440-100.0%	$0.00	-
Q3 2021Sep 30, 2021	PM Philip Morris International Inc	Philip Morris International Inc	Sell	-387,063-4.9%	$712.22K	7,513,648
Q2 2021Jun 30, 2021	BABA Alibaba Group Holding Limited	Alibaba Group Holding Limited	Buy	+343,683+30.7%	$331.93K	1,463,677
Q2 2021Jun 30, 2021	EVF Eaton Vance Senior Income Trust	Eaton Vance Senior Income Trust	Buy	+18,484+5.1%	$2.58K	379,440
Q2 2021Jun 30, 2021	ASHTF Ashtead Group	Ashtead Group	Buy	+18,217+0.7%	$188.46K	2,543,263
Q2 2021Jun 30, 2021	CABO Cable One, Inc.	Cable One, Inc.	Buy	+12,184+15.7%	$171.88K	89,855
Q2 2021Jun 30, 2021	BF-B Brown Forman Inc	Brown Forman Inc	Buy	+8,135+0.7%	$90.20K	1,203,700
Q2 2021Jun 30, 2021	SWZ Swiss Helvetia Fund, Inc. (The)	Swiss Helvetia Fund, Inc. (The)	Buy	+3,146+1.4%	$2.21K	227,492
Q2 2021Jun 30, 2021	CFRUY Compagnie Financiere Richemont	Compagnie Financiere Richemont	Buy	+2,115+1.7%	$1.57K	129,415
Q2 2021Jun 30, 2021	HEINY Heineken N.V.	Heineken N.V.	Buy	+1,911+11.4%	$1.14K	18,748
Q2 2021Jun 30, 2021	NKE Nike, Inc.	Nike, Inc.	Buy - Position Entry	+1,542	$238.00	1,542
Q2 2021Jun 30, 2021	VMC Vulcan Materials Company (Holdi	Vulcan Materials Company (Holdi	Buy	+1,312+1.9%	$11.98K	68,812
Q2 2021Jun 30, 2021	XOM Exxon Mobil Corporation	Exxon Mobil Corporation	Buy	+692+0.4%	$11.15K	176,699
Q2 2021Jun 30, 2021	CABJF Carlsberg	Carlsberg	Buy	+480+2.2%	$4.16K	22,291
Q2 2021Jun 30, 2021	DOW Dow Inc.	Dow Inc.	Buy	+185+1.0%	$1.20K	18,980
Q2 2021Jun 30, 2021	UNP Union Pacific Corporation	Union Pacific Corporation	Buy	+75+0.4%	$3.76K	17,091
Q2 2021Jun 30, 2021	DD DuPont de Nemours, Inc.	DuPont de Nemours, Inc.	Buy	+62+0.3%	$1.39K	17,955
Q2 2021Jun 30, 2021	TFC Truist Financial Corporation	Truist Financial Corporation	Buy	+41+0.4%	$588.00	10,596
Q2 2021Jun 30, 2021	MSFT Microsoft Corporation	Microsoft Corporation	Buy	+25+0.7%	$976.00	3,602
Q2 2021Jun 30, 2021	DIS Walt Disney Company (The)	Walt Disney Company (The)	Buy	+20+0.4%	$918.00	5,222
Q2 2021Jun 30, 2021	CVX Chevron Corporation	Chevron Corporation	Buy	+16+0.3%	$506.00	4,833
Q2 2021Jun 30, 2021	MRK Merck & Company, Inc.	Merck & Company, Inc.	Buy	+10+0.3%	$301.00	3,868
Q2 2021Jun 30, 2021	GHC Graham Holdings Company	Graham Holdings Company	Buy	+3+0.3%	$728.00	1,149
Q2 2021Jun 30, 2021	MKL Markel Group Inc.	Markel Group Inc.	Sell	-10-0.1%	$7.95K	6,702
Q2 2021Jun 30, 2021	GOOGL Alphabet Inc.	Alphabet Inc.	Sell	-16-1.5%	$2.59K	1,061
Q2 2021Jun 30, 2021	PG Procter & Gamble Company (The)	Procter & Gamble Company (The)	Sell	-40-0.1%	$5.74K	42,543
Q2 2021Jun 30, 2021	HRL Hormel Foods Corporation	Hormel Foods Corporation	Sell	-50-0.0%	$6.83K	142,971
Q2 2021Jun 30, 2021	BRK-A Berkshire Hathaway Inc.	Berkshire Hathaway Inc.	Sell	-110-3.4%	$1.32M	3,145

Page 34 of 88 • 2628 total trades

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