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 2020Sep 30, 2020	BAC Bank of America Corporation	Bank of America Corporation	Sell - Position Exit	-48,975-100.0%	$0.00	-
Q3 2020Sep 30, 2020	MLM Martin Marietta Materials, Inc.	Martin Marietta Materials, Inc.	Sell	-62,998-4.0%	$353.26K	1,500,938
Q3 2020Sep 30, 2020	BF-B Brown Forman Inc	Brown Forman Inc	Sell	-110,653-7.7%	$99.55K	1,321,658
Q3 2020Sep 30, 2020	BF-A Brown Forman Inc	Brown Forman Inc	Sell	-139,915-4.1%	$227.08K	3,306,343
Q3 2020Sep 30, 2020	PDRDF Pernod Ricard	Pernod Ricard	Sell	-169,626-3.8%	$680.02K	4,259,293
Q3 2020Sep 30, 2020	HKHHF Heineken Holding	Heineken Holding	Sell	-201,066-2.4%	$645.64K	8,285,690
Q3 2020Sep 30, 2020	CMCSA Comcast Corporation	Comcast Corporation	Sell	-227,004-4.4%	$229.03K	4,950,823
Q3 2020Sep 30, 2020	EVF Eaton Vance Senior Income Trust	Eaton Vance Senior Income Trust	Sell - Position Exit	-306,404-100.0%	$0.00	-
Q3 2020Sep 30, 2020	CFRHF Compagnie Financiere Richemont	Compagnie Financiere Richemont	Sell	-388,559-5.0%	$495.91K	7,384,381
Q3 2020Sep 30, 2020	NSRGY Nestle S.A.	Nestle S.A.	Sell	-448,518-3.9%	$1.32M	11,084,028
Q3 2020Sep 30, 2020	MA Mastercard Incorporated	Mastercard Incorporated	Sell	-515,610-9.5%	$1.65M	4,891,460
Q3 2020Sep 30, 2020	DGEAF Diageo	Diageo	Sell	-4,779,988-99.3%	$1.13K	33,086
Q2 2020Jun 30, 2020	DVDCF Campari	Campari	Buy - Position Entry	+870,050	$7.33K	870,050
Q2 2020Jun 30, 2020	WFC Wells Fargo & Company	Wells Fargo & Company	Buy	+98,879+6.6%	$40.85K	1,595,655
Q2 2020Jun 30, 2020	XOM Exxon Mobil Corporation	Exxon Mobil Corporation	Buy	+32,783+22.4%	$8.00K	178,864
Q2 2020Jun 30, 2020	GOOG Alphabet Inc.	Alphabet Inc.	Buy	+26,961+6.8%	$594.76K	420,742
Q2 2020Jun 30, 2020	UNP Union Pacific Corporation	Union Pacific Corporation	Buy	+15,267+994.6%	$2.84K	16,802
Q2 2020Jun 30, 2020	CFRUY Compagnie Financiere Richemont	Compagnie Financiere Richemont	Buy	+13,501+9.2%	$1.02K	160,211
Q2 2020Jun 30, 2020	ASHTF Ashtead Group	Ashtead Group	Buy - Position Entry	+8,750	$294.00	8,750
Q2 2020Jun 30, 2020	HEINY Heineken N.V.	Heineken N.V.	Buy	+6,495+21.5%	$1.69K	36,647
Q2 2020Jun 30, 2020	CABJF Carlsberg	Carlsberg	Buy - Position Entry	+5,859	$774.00	5,859
Q2 2020Jun 30, 2020	MO Altria Group, Inc.	Altria Group, Inc.	Buy	+4,431+1.2%	$14.86K	378,473
Q2 2020Jun 30, 2020	ORCL Oracle Corporation	Oracle Corporation	Buy - Position Entry	+4,000	$221.00	4,000
Q2 2020Jun 30, 2020	DOW Dow Inc.	Dow Inc.	Buy	+2,992+19.3%	$755.00	18,522
Q2 2020Jun 30, 2020	DD DuPont de Nemours, Inc.	DuPont de Nemours, Inc.	Buy	+2,381+14.6%	$994.00	18,714
Q2 2020Jun 30, 2020	PG Procter & Gamble Company (The)	Procter & Gamble Company (The)	Buy	+1,628+4.3%	$4.69K	39,191
Q2 2020Jun 30, 2020	CTVA Corteva, Inc.	Corteva, Inc.	Buy	+1,403+9.8%	$421.00	15,715
Q2 2020Jun 30, 2020	DHR Danaher Corporation	Danaher Corporation	Buy - Position Entry	+1,333	$236.00	1,333
Q2 2020Jun 30, 2020	CVX Chevron Corporation	Chevron Corporation	Buy	+1,259+16.0%	$813.00	9,107
Q2 2020Jun 30, 2020	MRK Merck & Company, Inc.	Merck & Company, Inc.	Buy	+1,175+42.7%	$304.00	3,926

Page 42 of 88 • 2628 total trades

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