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 2019Dec 31, 2019	CMCSA Comcast Corporation	Comcast Corporation	Sell	-126,684-2.1%	$259.87K	5,778,809
Q4 2019Dec 31, 2019	BF-A Brown Forman Inc	Brown Forman Inc	Sell	-142,537-3.7%	$234.69K	3,738,915
Q4 2019Dec 31, 2019	DGEAF Diageo	Diageo	Sell	-142,995-2.6%	$230.13K	5,427,771
Q4 2019Dec 31, 2019	WFC Wells Fargo & Company	Wells Fargo & Company	Sell	-143,867-1.1%	$680.03K	12,639,980
Q4 2019Dec 31, 2019	HKHHF Heineken Holding	Heineken Holding	Sell	-153,751-1.7%	$872.09K	8,992,136
Q4 2019Dec 31, 2019	DANOY Danone	Danone	Sell	-162,895-32.7%	$5.55K	334,718
Q4 2019Dec 31, 2019	BUDFF AB InBev	AB InBev	Sell	-163,448-2.1%	$618.21K	7,574,490
Q4 2019Dec 31, 2019	PM Philip Morris International Inc	Philip Morris International Inc	Sell	-219,411-2.4%	$754.23K	8,863,924
Q4 2019Dec 31, 2019	CFRHF Compagnie Financiere Richemont	Compagnie Financiere Richemont	Sell	-253,848-2.4%	$797.85K	10,157,731
Q4 2019Dec 31, 2019	NSRGY Nestle S.A.	Nestle S.A.	Sell	-276,446-2.1%	$1.38M	12,760,244
Q4 2019Dec 31, 2019	MA Mastercard Incorporated	Mastercard Incorporated	Sell	-291,741-4.4%	$1.91M	6,380,459
Q4 2019Dec 31, 2019	MO Altria Group, Inc.	Altria Group, Inc.	Sell	-1,064,876-32.4%	$110.85K	2,221,018
Q3 2019Sep 30, 2019	WFC Wells Fargo & Company	Wells Fargo & Company	Buy	+147,643+1.2%	$644.82K	12,783,847
Q3 2019Sep 30, 2019	GOOG Alphabet Inc.	Alphabet Inc.	Buy	+59,844+30.6%	$311.31K	255,378
Q3 2019Sep 30, 2019	CFRUY Compagnie Financiere Richemont	Compagnie Financiere Richemont	Buy	+17,655+11.8%	$1.23K	167,175
Q3 2019Sep 30, 2019	VMC Vulcan Materials Company (Holdi	Vulcan Materials Company (Holdi	Buy	+1,705+3.1%	$8.66K	57,292
Q3 2019Sep 30, 2019	OUT OUTFRONT Media Inc.	OUTFRONT Media Inc.	Buy	+850+0.3%	$9.12K	328,187
Q3 2019Sep 30, 2019	LRLCF L'Oreal	L'Oreal	Buy	+573+11.4%	$1.57K	5,591
Q3 2019Sep 30, 2019	COST Costco Wholesale Corporation	Costco Wholesale Corporation	Buy	+78+1.5%	$1.49K	5,170
Q3 2019Sep 30, 2019	PNC PNC Financial Services Group, I	PNC Financial Services Group, I	Sell	-33-0.2%	$2.45K	17,463
Q3 2019Sep 30, 2019	DIS Walt Disney Company (The)	Walt Disney Company (The)	Sell	-60-1.4%	$563.00	4,323
Q3 2019Sep 30, 2019	BRK-A Berkshire Hathaway Inc.	Berkshire Hathaway Inc.	Sell	-76-1.9%	$1.22M	3,926
Q3 2019Sep 30, 2019	HEINY Heineken N.V.	Heineken N.V.	Sell	-100-0.4%	$1.53K	28,257
Q3 2019Sep 30, 2019	MKL Markel Group Inc.	Markel Group Inc.	Sell	-107-1.4%	$8.96K	7,577
Q3 2019Sep 30, 2019	UNP Union Pacific Corporation	Union Pacific Corporation	Sell	-140-8.2%	$253.00	1,560
Q3 2019Sep 30, 2019	DD DuPont de Nemours, Inc.	DuPont de Nemours, Inc.	Sell	-159-1.0%	$1.08K	15,147
Q3 2019Sep 30, 2019	CVX Chevron Corporation	Chevron Corporation	Sell	-220-2.4%	$1.07K	9,048
Q3 2019Sep 30, 2019	MKC McCormick & Company, Incorporat	McCormick & Company, Incorporat	Sell	-225-0.8%	$4.49K	28,750
Q3 2019Sep 30, 2019	DOW Dow Inc.	Dow Inc.	Sell	-235-1.5%	$715.00	15,004
Q3 2019Sep 30, 2019	MTB M&T Bank Corporation	M&T Bank Corporation	Sell	-249-5.4%	$685.00	4,337

Page 48 of 88 • 2628 total trades

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