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
Q1 2020Mar 31, 2020	DANOY Danone	Danone	Sell	-35,568-10.6%	$3.85K	299,150
Q1 2020Mar 31, 2020	MLM Martin Marietta Materials, Inc.	Martin Marietta Materials, Inc.	Sell	-37,438-2.2%	$312.19K	1,649,816
Q1 2020Mar 31, 2020	BF-A Brown Forman Inc	Brown Forman Inc	Sell	-54,617-1.5%	$189.30K	3,684,298
Q1 2020Mar 31, 2020	BRK-B Berkshire Hathaway Inc. New	Berkshire Hathaway Inc. New	Sell	-81,778-3.7%	$388.53K	2,125,097
Q1 2020Mar 31, 2020	PDRDF Pernod Ricard	Pernod Ricard	Sell	-86,113-1.8%	$675.93K	4,758,762
Q1 2020Mar 31, 2020	BF-B Brown Forman Inc	Brown Forman Inc	Sell	-88,067-5.1%	$90.67K	1,633,483
Q1 2020Mar 31, 2020	DGEAF Diageo	Diageo	Sell	-134,799-2.5%	$169.75K	5,292,972
Q1 2020Mar 31, 2020	HKHHF Heineken Holding	Heineken Holding	Sell	-150,277-1.7%	$677.67K	8,841,859
Q1 2020Mar 31, 2020	CMCSA Comcast Corporation	Comcast Corporation	Sell	-167,436-2.9%	$192.92K	5,611,373
Q1 2020Mar 31, 2020	PM Philip Morris International Inc	Philip Morris International Inc	Sell	-324,298-3.7%	$623.05K	8,539,626
Q1 2020Mar 31, 2020	MA Mastercard Incorporated	Mastercard Incorporated	Sell	-402,903-6.3%	$1.44M	5,977,556
Q1 2020Mar 31, 2020	NSRGY Nestle S.A.	Nestle S.A.	Sell	-403,893-3.2%	$1.27M	12,356,351
Q1 2020Mar 31, 2020	CFRHF Compagnie Financiere Richemont	Compagnie Financiere Richemont	Sell	-1,804,455-17.8%	$458.09K	8,353,276
Q1 2020Mar 31, 2020	MO Altria Group, Inc.	Altria Group, Inc.	Sell	-1,846,976-83.2%	$14.46K	374,042
Q1 2020Mar 31, 2020	WFC Wells Fargo & Company	Wells Fargo & Company	Sell	-11,143,204-88.2%	$42.96K	1,496,776
Q4 2019Dec 31, 2019	GOOG Alphabet Inc.	Alphabet Inc.	Buy	+57,451+22.5%	$418.26K	312,829
Q4 2019Dec 31, 2019	TFC Truist Financial Corporation	Truist Financial Corporation	Buy - Position Entry	+10,293	$580.00	10,293
Q4 2019Dec 31, 2019	USB U.S. Bancorp	U.S. Bancorp	Buy - Position Entry	+3,514	$208.00	3,514
Q4 2019Dec 31, 2019	EVF Eaton Vance Senior Income Trust	Eaton Vance Senior Income Trust	Buy	+3,075+1.0%	$1.93K	300,315
Q4 2019Dec 31, 2019	DHR Danaher Corporation	Danaher Corporation	Buy - Position Entry	+1,333	$205.00	1,333
Q4 2019Dec 31, 2019	HEINY Heineken N.V.	Heineken N.V.	Buy	+380+1.3%	$1.53K	28,637
Q4 2019Dec 31, 2019	DOW Dow Inc.	Dow Inc.	Buy	+184+1.2%	$831.00	15,188
Q4 2019Dec 31, 2019	JPM JP Morgan Chase & Co.	JP Morgan Chase & Co.	Buy	+59+0.6%	$1.45K	10,377
Q4 2019Dec 31, 2019	CTVA Corteva, Inc.	Corteva, Inc.	Buy	+58+0.4%	$384.00	12,988
Q4 2019Dec 31, 2019	MTB M&T Bank Corporation	M&T Bank Corporation	Buy	+28+0.6%	$741.00	4,365
Q4 2019Dec 31, 2019	COST Costco Wholesale Corporation	Costco Wholesale Corporation	Sell	-5-0.1%	$1.52K	5,165
Q4 2019Dec 31, 2019	DD DuPont de Nemours, Inc.	DuPont de Nemours, Inc.	Sell	-14-0.1%	$972.00	15,133
Q4 2019Dec 31, 2019	DIS Walt Disney Company (The)	Walt Disney Company (The)	Sell	-20-0.5%	$622.00	4,303
Q4 2019Dec 31, 2019	GOOGL Alphabet Inc.	Alphabet Inc.	Sell	-26-1.4%	$2.44K	1,818
Q4 2019Dec 31, 2019	MRK Merck & Company, Inc.	Merck & Company, Inc.	Sell	-30-1.1%	$250.00	2,751

Page 46 of 88 • 2628 total trades

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