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	FULT Fulton Financial Corporation	Fulton Financial Corporation	Sell	-42,513-36.3%	$950.00	74,671
Q4 2020Dec 31, 2020	BF-B Brown Forman Inc	Brown Forman Inc	Sell	-62,371-4.7%	$100.03K	1,259,287
Q4 2020Dec 31, 2020	BRK-B Berkshire Hathaway Inc. New	Berkshire Hathaway Inc. New	Sell	-74,054-3.5%	$473.50K	2,042,091
Q4 2020Dec 31, 2020	MLM Martin Marietta Materials, Inc.	Martin Marietta Materials, Inc.	Sell	-105,105-7.0%	$396.38K	1,395,833
Q4 2020Dec 31, 2020	WFC Wells Fargo & Company	Wells Fargo & Company	Sell	-107,607-6.8%	$44.54K	1,475,702
Q4 2020Dec 31, 2020	DEO Diageo	Diageo	Sell	-124,710-65.5%	$10.45K	65,776
Q4 2020Dec 31, 2020	JPM JP Morgan Chase & Co.	JP Morgan Chase & Co.	Sell	-185,273-4.9%	$456.32K	3,591,104
Q4 2020Dec 31, 2020	BUDFF AB InBev	AB InBev	Sell	-209,329-3.4%	$411.29K	5,896,294
Q4 2020Dec 31, 2020	BF-A Brown Forman Inc	Brown Forman Inc	Sell	-235,717-7.1%	$225.60K	3,070,626
Q4 2020Dec 31, 2020	PDRDF Pernod Ricard	Pernod Ricard	Sell	-372,535-8.7%	$745.68K	3,886,758
Q4 2020Dec 31, 2020	HKHHF Heineken Holding	Heineken Holding	Sell	-374,133-4.5%	$745.86K	7,911,557
Q4 2020Dec 31, 2020	CFRHF Compagnie Financiere Richemont	Compagnie Financiere Richemont	Sell	-379,974-5.1%	$634.55K	7,004,407
Q4 2020Dec 31, 2020	MA Mastercard Incorporated	Mastercard Incorporated	Sell	-561,354-11.5%	$1.55M	4,330,106
Q4 2020Dec 31, 2020	NSRGY Nestle S.A.	Nestle S.A.	Sell	-664,021-6.0%	$1.23M	10,420,007
Q3 2020Sep 30, 2020	ASHTF Ashtead Group	Ashtead Group	Buy	+326,245+3728.5%	$12.13K	334,995
Q3 2020Sep 30, 2020	SWZ Swiss Helvetia Fund, Inc. (The)	Swiss Helvetia Fund, Inc. (The)	Buy - Position Entry	+217,561	$1.80K	217,561
Q3 2020Sep 30, 2020	JPM JP Morgan Chase & Co.	JP Morgan Chase & Co.	Buy	+157,261+4.3%	$363.55K	3,776,377
Q3 2020Sep 30, 2020	BUDFF AB InBev	AB InBev	Buy	+116,655+1.9%	$330.96K	6,105,623
Q3 2020Sep 30, 2020	BRK-B Berkshire Hathaway Inc. New	Berkshire Hathaway Inc. New	Buy	+76,917+3.8%	$450.61K	2,116,145
Q3 2020Sep 30, 2020	GOOG Alphabet Inc.	Alphabet Inc.	Buy	+14,303+3.4%	$639.34K	435,045
Q3 2020Sep 30, 2020	CFRUY Compagnie Financiere Richemont	Compagnie Financiere Richemont	Buy	+10,168+6.3%	$1.14K	170,379
Q3 2020Sep 30, 2020	DVDCF Campari	Campari	Buy	+7,216+0.8%	$9.59K	877,266
Q3 2020Sep 30, 2020	AAPL Apple Inc.	Apple Inc.	Buy	+7,013+344.6%	$1.05K	9,048
Q3 2020Sep 30, 2020	NKE Nike, Inc.	Nike, Inc.	Buy - Position Entry	+1,617	$203.00	1,617
Q3 2020Sep 30, 2020	CABJF Carlsberg	Carlsberg	Buy	+1,137+19.4%	$943.00	6,996
Q3 2020Sep 30, 2020	DOW Dow Inc.	Dow Inc.	Buy	+254+1.4%	$883.00	18,776
Q3 2020Sep 30, 2020	ABT Abbott Laboratories	Abbott Laboratories	Buy	+165+1.4%	$1.30K	11,975
Q3 2020Sep 30, 2020	DIS Walt Disney Company (The)	Walt Disney Company (The)	Buy	+90+1.8%	$646.00	5,203
Q3 2020Sep 30, 2020	UNP Union Pacific Corporation	Union Pacific Corporation	Buy	+74+0.4%	$3.32K	16,876
Q3 2020Sep 30, 2020	CTVA Corteva, Inc.	Corteva, Inc.	Buy	+65+0.4%	$455.00	15,780

Page 40 of 88 • 2628 total trades

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