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
Q4 2020Dec 31, 2020	TFC Truist Financial Corporation	Truist Financial Corporation	Buy	+51+0.5%	$504.00	10,514
Q4 2020Dec 31, 2020	MTB M&T Bank Corporation	M&T Bank Corporation	Buy	+39+0.9%	$579.00	4,550
Q4 2020Dec 31, 2020	MRK Merck & Company, Inc.	Merck & Company, Inc.	Buy	+9+0.2%	$323.00	3,944
Q4 2020Dec 31, 2020	GHC Graham Holdings Company	Graham Holdings Company	Buy	+4+0.3%	$620.00	1,163
Q4 2020Dec 31, 2020	COST Costco Wholesale Corporation	Costco Wholesale Corporation	Buy	+2+0.0%	$2.03K	5,395
Q4 2020Dec 31, 2020	DIS Walt Disney Company (The)	Walt Disney Company (The)	Sell	-1-0.0%	$943.00	5,202
Q4 2020Dec 31, 2020	MCD McDonald's Corporation	McDonald's Corporation	Sell	-65-2.8%	$489.00	2,280
Q4 2020Dec 31, 2020	WMT Walmart Inc.	Walmart Inc.	Sell	-100-2.2%	$646.00	4,480
Q4 2020Dec 31, 2020	PEP Pepsico, Inc.	Pepsico, Inc.	Sell	-100-0.4%	$3.49K	23,562
Q4 2020Dec 31, 2020	HRL Hormel Foods Corporation	Hormel Foods Corporation	Sell	-100-0.1%	$6.71K	144,071
Q4 2020Dec 31, 2020	GOOGL Alphabet Inc.	Alphabet Inc.	Sell	-103-7.7%	$2.16K	1,231
Q4 2020Dec 31, 2020	BRK-A Berkshire Hathaway Inc.	Berkshire Hathaway Inc.	Sell	-144-4.0%	$1.19M	3,419
Q4 2020Dec 31, 2020	AAPL Apple Inc.	Apple Inc.	Sell	-300-3.3%	$1.16K	8,748
Q4 2020Dec 31, 2020	MKL Markel Group Inc.	Markel Group Inc.	Sell	-355-5.0%	$7.00K	6,772
Q4 2020Dec 31, 2020	CVX Chevron Corporation	Chevron Corporation	Sell	-706-7.9%	$698.00	8,264
Q4 2020Dec 31, 2020	DGEAF Diageo	Diageo	Sell	-1,735-5.2%	$1.23K	31,351
Q4 2020Dec 31, 2020	PG Procter & Gamble Company (The)	Procter & Gamble Company (The)	Sell	-1,777-4.5%	$5.20K	37,352
Q4 2020Dec 31, 2020	PNC PNC Financial Services Group, I	PNC Financial Services Group, I	Sell	-2,050-12.1%	$2.23K	14,938
Q4 2020Dec 31, 2020	DOV Dover Corporation	Dover Corporation	Sell	-2,426-6.2%	$4.64K	36,734
Q4 2020Dec 31, 2020	GOOG Alphabet Inc.	Alphabet Inc.	Sell	-2,874-0.7%	$757.11K	432,171
Q4 2020Dec 31, 2020	XOM Exxon Mobil Corporation	Exxon Mobil Corporation	Sell	-2,885-1.6%	$7.23K	175,439
Q4 2020Dec 31, 2020	KO Coca-Cola Company (The)	Coca-Cola Company (The)	Sell	-5,343-10.1%	$2.60K	47,329
Q4 2020Dec 31, 2020	MLKN MillerKnoll, Inc.	MillerKnoll, Inc.	Sell	-5,716-4.0%	$4.63K	137,056
Q4 2020Dec 31, 2020	FMX Fomento Economico Mexicano S.A.	Fomento Economico Mexicano S.A.	Sell	-7,691-15.9%	$3.08K	40,641
Q4 2020Dec 31, 2020	MO Altria Group, Inc.	Altria Group, Inc.	Sell	-9,723-2.6%	$14.75K	359,729
Q4 2020Dec 31, 2020	HEINY Heineken N.V.	Heineken N.V.	Sell	-13,015-41.8%	$1.01K	18,112
Q4 2020Dec 31, 2020	AXP American Express Company	American Express Company	Sell	-13,927-17.4%	$7.98K	65,966
Q4 2020Dec 31, 2020	DANOY Danone	Danone	Sell	-17,896-9.7%	$2.20K	167,422
Q4 2020Dec 31, 2020	V Visa Inc.	Visa Inc.	Sell	-22,737-4.8%	$98.47K	450,194
Q4 2020Dec 31, 2020	CFRUY Compagnie Financiere Richemont	Compagnie Financiere Richemont	Sell	-42,361-24.9%	$1.16K	128,018

Page 39 of 88 • 2628 total trades

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