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 2018Jun 30, 2018	BF-A Brown Forman Inc	Brown Forman Inc	Sell	-10,620-0.2%	$210.46K	4,307,409
Q2 2018Jun 30, 2018	DEO Diageo plc	Diageo plc	Sell	-12,634-3.0%	$57.99K	402,655
Q2 2018Jun 30, 2018	BRK-B Berkshire Hathaway Inc. New	Berkshire Hathaway Inc. New	Sell	-22,428-0.9%	$471.79K	2,527,648
Q2 2018Jun 30, 2018	MLM Martin Marietta Materials, Inc.	Martin Marietta Materials, Inc.	Sell	-24,410-1.2%	$444.69K	1,991,188
Q2 2018Jun 30, 2018	CMCSA Comcast Corporation	Comcast Corporation	Sell	-42,500-0.6%	$232.28K	7,079,637
Q2 2018Jun 30, 2018	WFC Wells Fargo & Company	Wells Fargo & Company	Sell	-76,890-0.6%	$680.46K	12,273,777
Q2 2018Jun 30, 2018	MO Altria Group, Inc.	Altria Group, Inc.	Sell	-97,133-1.7%	$314.68K	5,541,078
Q2 2018Jun 30, 2018	PDRDF Pernod Ricard	Pernod Ricard	Sell	-117,542-2.0%	$962.59K	5,893,126
Q2 2018Jun 30, 2018	CFRHF Compagnie Financiere Richemont	Compagnie Financiere Richemont	Sell	-136,457-1.2%	$974.57K	11,503,826
Q2 2018Jun 30, 2018	HKHHF Heineken Holding	Heineken Holding	Sell	-138,950-1.3%	$1.01M	10,562,757
Q2 2018Jun 30, 2018	NSRGY Nestle S.A.	Nestle S.A.	Sell	-166,944-1.1%	$1.22M	15,694,379
Q2 2018Jun 30, 2018	BF-B Brown Forman Inc	Brown Forman Inc	Sell	-171,478-6.1%	$129.63K	2,645,012
Q2 2018Jun 30, 2018	MA Mastercard Incorporated	Mastercard Incorporated	Sell	-286,997-3.2%	$1.70M	8,659,633
Q2 2018Jun 30, 2018	DGEAF Diageo	Diageo	Sell	-377,625-4.5%	$287.94K	8,012,254
Q1 2018Mar 31, 2018	CFRHF Compagnie Financiere Richemont	Compagnie Financiere Richemont	Buy - Position Entry	+11,640,283	$1.04M	11,640,283
Q1 2018Mar 31, 2018	HKHHF Heineken Holding	Heineken Holding	Buy - Position Entry	+10,701,707	$1.10M	10,701,707
Q1 2018Mar 31, 2018	MA Mastercard Incorporated	Mastercard Incorporated	Buy - Position Entry	+8,946,630	$1.57M	8,946,630
Q1 2018Mar 31, 2018	DGEAF Diageo	Diageo	Buy - Position Entry	+8,389,879	$283.88K	8,389,879
Q1 2018Mar 31, 2018	BUDFF AB InBev	AB InBev	Buy - Position Entry	+7,628,266	$837.59K	7,628,266
Q1 2018Mar 31, 2018	CMCSA Comcast Corporation	Comcast Corporation	Buy - Position Entry	+7,122,137	$243.36K	7,122,137
Q1 2018Mar 31, 2018	PDRDF Pernod Ricard	Pernod Ricard	Buy - Position Entry	+6,010,668	$999.80K	6,010,668
Q1 2018Mar 31, 2018	MO Altria Group, Inc.	Altria Group, Inc.	Buy - Position Entry	+5,638,211	$351.37K	5,638,211
Q1 2018Mar 31, 2018	BF-B Brown Forman Inc	Brown Forman Inc	Buy	+1,336,023+90.2%	$153.22K	2,816,490
Q1 2018Mar 31, 2018	PHJMF Sampoerna	Sampoerna	Buy - Position Entry	+687,500	$199.00	687,500
Q1 2018Mar 31, 2018	LTGIF LT Group	LT Group	Buy - Position Entry	+600,000	$216.00	600,000
Q1 2018Mar 31, 2018	V Visa Inc.	Visa Inc.	Buy - Position Entry	+569,580	$68.13K	569,580
Q1 2018Mar 31, 2018	OUT OUTFRONT Media Inc.	OUTFRONT Media Inc.	Buy - Position Entry	+340,079	$6.37K	340,079
Q1 2018Mar 31, 2018	EVF Eaton Vance Senior Income Trust	Eaton Vance Senior Income Trust	Buy - Position Entry	+291,507	$1.99K	291,507
Q1 2018Mar 31, 2018	PM Philip Morris International Inc	Philip Morris International Inc	Buy	+237,310+2.3%	$1.03M	10,380,319
Q1 2018Mar 31, 2018	XOM Exxon Mobil Corporation	Exxon Mobil Corporation	Buy - Position Entry	+156,595	$11.68K	156,595

Page 59 of 88 • 2628 total trades

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