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 2017Dec 31, 2017	MSFT Microsoft Corporation	Microsoft Corporation	Sell	-45,000-91.1%	$376.00	4,400
Q4 2017Dec 31, 2017	PM Philip Morris International Inc	Philip Morris International Inc	Sell	-47,331-0.5%	$1.07M	10,143,009
Q4 2017Dec 31, 2017	BF-B Brown Forman Inc	Brown Forman Inc	Sell	-48,359-3.2%	$101.66K	1,480,467
Q4 2017Dec 31, 2017	CFRUY Compagnie Financiere Richemont	Compagnie Financiere Richemont	Sell	-48,475-19.9%	$1.77K	195,665
Q4 2017Dec 31, 2017	DANOY Danone	Danone	Sell	-73,660-9.3%	$12.12K	721,410
Q4 2017Dec 31, 2017	BF-A Brown Forman Inc	Brown Forman Inc	Sell	-115,776-2.6%	$290.84K	4,325,375
Q4 2017Dec 31, 2017	NSRGY Nestle S.A.	Nestle S.A.	Sell	-203,608-1.3%	$1.37M	15,887,125
Q4 2017Dec 31, 2017	WFC Wells Fargo & Company	Wells Fargo & Company	Sell	-233,389-1.8%	$756.61K	12,470,839
Q3 2017Sep 30, 2017	MLM Martin Marietta Materials, Inc.	Martin Marietta Materials, Inc.	Buy	+268,198+15.2%	$419.50K	2,034,151
Q3 2017Sep 30, 2017	BF-B Brown Forman Inc	Brown Forman Inc	Buy	+80,331+5.5%	$83.02K	1,528,826
Q3 2017Sep 30, 2017	WFC Wells Fargo & Company	Wells Fargo & Company	Buy	+55,602+0.4%	$700.64K	12,704,228
Q3 2017Sep 30, 2017	FULT Fulton Financial Corporation	Fulton Financial Corporation	Buy	+32,229+38.0%	$2.19K	117,072
Q3 2017Sep 30, 2017	BRK-B Berkshire Hathaway Inc. New	Berkshire Hathaway Inc. New	Buy	+8,624+0.3%	$461.66K	2,518,342
Q3 2017Sep 30, 2017	CFRUY Compagnie Financiere Richemont	Compagnie Financiere Richemont	Buy	+6,500+2.7%	$2.23K	244,140
Q3 2017Sep 30, 2017	DANOY Danone	Danone	Buy	+5,025+0.6%	$12.48K	795,070
Q3 2017Sep 30, 2017	HRL Hormel Foods Corporation	Hormel Foods Corporation	Buy	+3,424+2.2%	$5.12K	159,273
Q3 2017Sep 30, 2017	PSX Phillips 66	Phillips 66	Buy - Position Entry	+2,270	$208.00	2,270
Q3 2017Sep 30, 2017	ABBV AbbVie Inc.	AbbVie Inc.	Buy	+1,600+9.9%	$1.58K	17,800
Q3 2017Sep 30, 2017	PM Philip Morris International Inc	Philip Morris International Inc	Buy	+1,048+0.0%	$1.13M	10,190,340
Q3 2017Sep 30, 2017	VMC Vulcan Materials Company (Holdi	Vulcan Materials Company (Holdi	Buy	+860+9.6%	$1.18K	9,845
Q3 2017Sep 30, 2017	AXP American Express Company	American Express Company	Buy	+539+0.3%	$14.96K	165,351
Q3 2017Sep 30, 2017	BTI British American Tobacco Indus	British American Tobacco Indus	Buy	+450+3.7%	$785.00	12,572
Q3 2017Sep 30, 2017	PEP Pepsico, Inc.	Pepsico, Inc.	Sell	-19-0.1%	$3.92K	35,200
Q3 2017Sep 30, 2017	BRK-A Berkshire Hathaway Inc.	Berkshire Hathaway Inc.	Sell	-19-0.4%	$1.32M	4,815
Q3 2017Sep 30, 2017	FMX Fomento Economico Mexicano S.A.	Fomento Economico Mexicano S.A.	Sell	-85-0.1%	$12.78K	133,775
Q3 2017Sep 30, 2017	MLKN MillerKnoll, Inc.	MillerKnoll, Inc.	Sell	-100-0.0%	$7.37K	205,416
Q3 2017Sep 30, 2017	ABT Abbott Laboratories	Abbott Laboratories	Sell	-100-0.6%	$880.00	16,500
Q3 2017Sep 30, 2017	MKC McCormick & Company, Incorporat	McCormick & Company, Incorporat	Sell	-100-0.3%	$3.45K	33,655
Q3 2017Sep 30, 2017	MKL Markel Group Inc.	Markel Group Inc.	Sell	-204-1.8%	$11.65K	10,908
Q3 2017Sep 30, 2017	AIG American International Group, I	American International Group, I	Sell	-265-4.4%	$352.00	5,735

Page 66 of 88 • 2628 total trades

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