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 2020Jun 30, 2020	DANOY Danone	Danone	Sell	-104,510-34.9%	$2.69K	194,640
Q2 2020Jun 30, 2020	BF-B Brown Forman Inc	Brown Forman Inc	Sell	-201,172-12.3%	$91.18K	1,432,311
Q2 2020Jun 30, 2020	JPM JP Morgan Chase & Co.	JP Morgan Chase & Co.	Sell	-214,813-5.6%	$340.41K	3,619,116
Q2 2020Jun 30, 2020	BF-A Brown Forman Inc	Brown Forman Inc	Sell	-238,040-6.5%	$198.40K	3,446,258
Q2 2020Jun 30, 2020	PM Philip Morris International Inc	Philip Morris International Inc	Sell	-289,288-3.4%	$578.02K	8,250,338
Q2 2020Jun 30, 2020	PDRDF Pernod Ricard	Pernod Ricard	Sell	-329,843-6.9%	$696.66K	4,428,919
Q2 2020Jun 30, 2020	HKHHF Heineken Holding	Heineken Holding	Sell	-355,103-4.0%	$694.40K	8,486,756
Q2 2020Jun 30, 2020	CMCSA Comcast Corporation	Comcast Corporation	Sell	-433,546-7.7%	$201.83K	5,177,827
Q2 2020Jun 30, 2020	DGEAF Diageo	Diageo	Sell	-479,898-9.1%	$159.47K	4,813,074
Q2 2020Jun 30, 2020	MA Mastercard Incorporated	Mastercard Incorporated	Sell	-570,486-9.5%	$1.60M	5,407,070
Q2 2020Jun 30, 2020	CFRHF Compagnie Financiere Richemont	Compagnie Financiere Richemont	Sell	-580,336-6.9%	$495.80K	7,772,940
Q2 2020Jun 30, 2020	NSRGY Nestle S.A.	Nestle S.A.	Sell	-823,805-6.7%	$1.27M	11,532,546
Q2 2020Jun 30, 2020	BUDFF AB InBev	AB InBev	Sell	-1,900,585-24.1%	$295.06K	5,988,968
Q1 2020Mar 31, 2020	JPM JP Morgan Chase & Co.	JP Morgan Chase & Co.	Buy	+3,823,552+36846.4%	$345.17K	3,833,929
Q1 2020Mar 31, 2020	BUDFF AB InBev	AB InBev	Buy	+315,063+4.2%	$350.34K	7,889,553
Q1 2020Mar 31, 2020	PHJMF Sampoerna	Sampoerna	Buy	+312,500+45.5%	$87.00	1,000,000
Q1 2020Mar 31, 2020	LTGIF LT Group	LT Group	Buy	+275,000+22.0%	$249.00	1,525,000
Q1 2020Mar 31, 2020	CIR.MI Cofide	Cofide	Buy - Position Entry	+251,250	$115.00	251,250
Q1 2020Mar 31, 2020	GOOG Alphabet Inc.	Alphabet Inc.	Buy	+80,952+25.9%	$457.89K	393,781
Q1 2020Mar 31, 2020	OUT OUTFRONT Media Inc.	OUTFRONT Media Inc.	Buy	+30,650+9.7%	$4.69K	347,682
Q1 2020Mar 31, 2020	V Visa Inc.	Visa Inc.	Buy	+18,102+3.7%	$82.67K	513,113
Q1 2020Mar 31, 2020	EVF Eaton Vance Senior Income Trust	Eaton Vance Senior Income Trust	Buy	+14,795+4.9%	$1.45K	315,110
Q1 2020Mar 31, 2020	VMC Vulcan Materials Company (Holdi	Vulcan Materials Company (Holdi	Buy	+14,545+25.7%	$7.70K	71,204
Q1 2020Mar 31, 2020	HEINY Heineken N.V.	Heineken N.V.	Buy	+1,515+5.3%	$1.26K	30,152
Q1 2020Mar 31, 2020	CTVA Corteva, Inc.	Corteva, Inc.	Buy	+1,324+10.2%	$336.00	14,312
Q1 2020Mar 31, 2020	DD DuPont de Nemours, Inc.	DuPont de Nemours, Inc.	Buy	+1,200+7.9%	$557.00	16,333
Q1 2020Mar 31, 2020	LRLCF L'Oreal	L'Oreal	Buy	+875+17.8%	$1.52K	5,798
Q1 2020Mar 31, 2020	DOW Dow Inc.	Dow Inc.	Buy	+342+2.3%	$454.00	15,530
Q1 2020Mar 31, 2020	TFC Truist Financial Corporation	Truist Financial Corporation	Buy	+48+0.5%	$319.00	10,341
Q1 2020Mar 31, 2020	MTB M&T Bank Corporation	M&T Bank Corporation	Buy	+46+1.1%	$456.00	4,411

Page 44 of 88 • 2628 total trades

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