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
Q3 2015Sep 30, 2015	MLM Martin Marietta Materials, Inc.	Martin Marietta Materials, Inc.	Sell	-25,881-1.2%	$314.62K	2,070,527
Q3 2015Sep 30, 2015	NSRGY Nestle S.A.	Nestle S.A.	Sell	-63,696-0.4%	$1.18M	15,778,992
Q3 2015Sep 30, 2015	WFC Wells Fargo & Company	Wells Fargo & Company	Sell	-99,551-0.7%	$748.45K	14,575,503
Q3 2015Sep 30, 2015	BF-A Brown Forman Inc	Brown Forman Inc	Sell	-121,770-4.5%	$277.85K	2,596,956
Q2 2015Jun 30, 2015	PM Philip Morris International Inc	Philip Morris International Inc	Buy	+334,598+3.3%	$836.04K	10,428,329
Q2 2015Jun 30, 2015	DANOY Danone	Danone	Buy	+265,750+129.3%	$6.09K	471,330
Q2 2015Jun 30, 2015	NSRGY Nestle S.A.	Nestle S.A.	Buy	+219,047+1.4%	$1.14M	15,842,688
Q2 2015Jun 30, 2015	BF-B Brown Forman Inc	Brown Forman Inc	Buy	+50,458+10.8%	$51.84K	517,433
Q2 2015Jun 30, 2015	KO Coca-Cola Company (The)	Coca-Cola Company (The)	Buy	+27,995+14.0%	$8.92K	227,487
Q2 2015Jun 30, 2015	AXP American Express Company	American Express Company	Buy	+25,094+19.6%	$11.90K	153,088
Q2 2015Jun 30, 2015	FMX Fomento Economico Mexicano S.A.	Fomento Economico Mexicano S.A.	Buy	+19,290+17.9%	$11.32K	127,035
Q2 2015Jun 30, 2015	MLM Martin Marietta Materials, Inc.	Martin Marietta Materials, Inc.	Buy	+17,825+0.9%	$296.66K	2,096,408
Q2 2015Jun 30, 2015	BRK-B Berkshire Hathaway Inc. New	Berkshire Hathaway Inc. New	Buy	+3,879+0.2%	$336.54K	2,472,536
Q2 2015Jun 30, 2015	DEO Diageo	Diageo	Buy	+3,262+0.7%	$53.94K	464,807
Q2 2015Jun 30, 2015	BRK-A Berkshire Hathaway Inc.	Berkshire Hathaway Inc.	Buy	+38+0.8%	$1.05M	5,102
Q2 2015Jun 30, 2015	BP BP p.l.c.	BP p.l.c.	Sell	-17-0.2%	$312.00	7,814
Q2 2015Jun 30, 2015	IBM International Business Machines	International Business Machines	Sell	-25-0.3%	$1.55K	9,524
Q2 2015Jun 30, 2015	MKL Markel Group Inc.	Markel Group Inc.	Sell	-119-0.7%	$12.91K	16,128
Q2 2015Jun 30, 2015	BTI British American Tobacco Indus	British American Tobacco Indus	Sell	-125-1.8%	$750.00	6,925
Q2 2015Jun 30, 2015	GD General Dynamics Corporation	General Dynamics Corporation	Sell	-150-8.6%	$227.00	1,600
Q2 2015Jun 30, 2015	UNP Union Pacific Corporation	Union Pacific Corporation	Sell	-220-8.1%	$239.00	2,510
Q2 2015Jun 30, 2015	MKC McCormick & Company, Incorporat	McCormick & Company, Incorporat	Sell	-250-0.6%	$3.44K	42,505
Q2 2015Jun 30, 2015	SLB Schlumberger N.V.	Schlumberger N.V.	Sell	-300-10.6%	$218.00	2,525
Q2 2015Jun 30, 2015	CVX Chevron Corporation	Chevron Corporation	Sell	-320-0.8%	$4.05K	41,973
Q2 2015Jun 30, 2015	PNC PNC Financial Services Group, I	PNC Financial Services Group, I	Sell	-350-1.9%	$1.72K	17,944
Q2 2015Jun 30, 2015	LAMR Lamar Advertising Company	Lamar Advertising Company	Sell	-475-2.7%	$994.00	17,285
Q2 2015Jun 30, 2015	WMT Walmart Inc.	Walmart Inc.	Sell	-550-2.7%	$1.38K	19,474
Q2 2015Jun 30, 2015	HRL Hormel Foods Corporation	Hormel Foods Corporation	Sell	-682-0.6%	$5.96K	105,769
Q2 2015Jun 30, 2015	DOV Dover Corporation	Dover Corporation	Sell	-900-1.2%	$5.07K	72,206
Q2 2015Jun 30, 2015	PEP Pepsico, Inc.	Pepsico, Inc.	Sell	-1,049-2.6%	$3.72K	39,892

Page 77 of 88 • 2628 total trades

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