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 2021Jun 30, 2021	JPM JP Morgan Chase & Co.	JP Morgan Chase & Co.	Sell	-291,655-9.5%	$433.67K	2,788,140
Q2 2021Jun 30, 2021	UL Unilever PLC	Unilever PLC	Sell	-301,002-3.0%	$569.46K	9,734,425
Q1 2021Mar 31, 2021	ASHTF Ashtead Group	Ashtead Group	Buy	+1,982,436+365.4%	$150.74K	2,525,046
Q1 2021Mar 31, 2021	BABA Alibaba Group Holding Limited	Alibaba Group Holding Limited	Buy - Position Entry	+1,119,994	$253.94K	1,119,994
Q1 2021Mar 31, 2021	CABO Cable One, Inc.	Cable One, Inc.	Buy	+42,425+120.4%	$142.01K	77,671
Q1 2021Mar 31, 2021	EVF Eaton Vance Senior Income Trust	Eaton Vance Senior Income Trust	Buy	+33,533+10.2%	$2.39K	360,956
Q1 2021Mar 31, 2021	PG Procter & Gamble Company (The)	Procter & Gamble Company (The)	Buy	+5,231+14.0%	$5.77K	42,583
Q1 2021Mar 31, 2021	SWZ Swiss Helvetia Fund, Inc. (The)	Swiss Helvetia Fund, Inc. (The)	Buy	+3,418+1.5%	$1.97K	224,346
Q1 2021Mar 31, 2021	XOM Exxon Mobil Corporation	Exxon Mobil Corporation	Buy	+568+0.3%	$9.83K	176,007
Q1 2021Mar 31, 2021	CC Chemours Company (The)	Chemours Company (The)	Buy	+76+0.9%	$232.00	8,320
Q1 2021Mar 31, 2021	UNP Union Pacific Corporation	Union Pacific Corporation	Buy	+67+0.4%	$3.75K	17,016
Q1 2021Mar 31, 2021	TFC Truist Financial Corporation	Truist Financial Corporation	Buy	+41+0.4%	$616.00	10,555
Q1 2021Mar 31, 2021	COCXF Lindt & Spruengli	Lindt & Spruengli	Sell	-5-20.0%	$1.84K	20
Q1 2021Mar 31, 2021	GHC Graham Holdings Company	Graham Holdings Company	Sell	-17-1.5%	$645.00	1,146
Q1 2021Mar 31, 2021	PNC PNC Financial Services Group, I	PNC Financial Services Group, I	Sell	-25-0.2%	$2.62K	14,913
Q1 2021Mar 31, 2021	MSFT Microsoft Corporation	Microsoft Corporation	Sell	-50-1.4%	$843.00	3,577
Q1 2021Mar 31, 2021	MKL Markel Group Inc.	Markel Group Inc.	Sell	-60-0.9%	$7.65K	6,712
Q1 2021Mar 31, 2021	MRK Merck & Company, Inc.	Merck & Company, Inc.	Sell	-86-2.2%	$297.00	3,858
Q1 2021Mar 31, 2021	LAMR Lamar Advertising Company	Lamar Advertising Company	Sell	-90-1.1%	$755.00	8,035
Q1 2021Mar 31, 2021	COST Costco Wholesale Corporation	Costco Wholesale Corporation	Sell	-101-1.9%	$1.87K	5,294
Q1 2021Mar 31, 2021	DHR Danaher Corporation	Danaher Corporation	Sell	-150-11.3%	$266.00	1,183
Q1 2021Mar 31, 2021	GOOGL Alphabet Inc.	Alphabet Inc.	Sell	-154-12.5%	$2.22K	1,077
Q1 2021Mar 31, 2021	BRK-A Berkshire Hathaway Inc.	Berkshire Hathaway Inc.	Sell	-164-4.8%	$1.26M	3,255
Q1 2021Mar 31, 2021	CABJF Carlsberg	Carlsberg	Sell	-195-0.9%	$3.36K	21,811
Q1 2021Mar 31, 2021	DOW Dow Inc.	Dow Inc.	Sell	-208-1.1%	$1.20K	18,795
Q1 2021Mar 31, 2021	DD DuPont de Nemours, Inc.	DuPont de Nemours, Inc.	Sell	-239-1.3%	$1.38K	17,893
Q1 2021Mar 31, 2021	FULT Fulton Financial Corporation	Fulton Financial Corporation	Sell	-250-0.3%	$1.27K	74,421
Q1 2021Mar 31, 2021	CTVA Corteva, Inc.	Corteva, Inc.	Sell	-369-2.3%	$721.00	15,462
Q1 2021Mar 31, 2021	HINKF Heineken	Heineken	Sell	-422-1.0%	$4.14K	40,166
Q1 2021Mar 31, 2021	PEP Pepsico, Inc.	Pepsico, Inc.	Sell	-513-2.2%	$3.26K	23,049

Page 36 of 88 • 2628 total trades

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