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 2015Jun 30, 2015	HEINY Heineken N.V.	Heineken N.V.	Sell	-1,825-3.5%	$1.91K	50,337
Q2 2015Jun 30, 2015	HTLD Heartland Express, Inc.	Heartland Express, Inc.	Sell	-2,000-13.8%	$253.00	12,499
Q2 2015Jun 30, 2015	GHC Graham Holdings Company	Graham Holdings Company	Sell	-2,457-92.4%	$218.00	203
Q2 2015Jun 30, 2015	MLKN MillerKnoll, Inc.	MillerKnoll, Inc.	Sell	-4,027-1.2%	$9.24K	319,577
Q2 2015Jun 30, 2015	CFRUY Compagnie Financiere Richemont	Compagnie Financiere Richemont	Sell	-5,650-2.9%	$1.56K	192,350
Q2 2015Jun 30, 2015	PG Procter & Gamble Company (The)	Procter & Gamble Company (The)	Sell	-6,015-5.5%	$8.07K	103,172
Q2 2015Jun 30, 2015	WFC Wells Fargo & Company	Wells Fargo & Company	Sell	-6,539-0.0%	$825.33K	14,675,054
Q2 2015Jun 30, 2015	FULT Fulton Financial Corporation	Fulton Financial Corporation	Sell	-13,658-26.9%	$484.00	37,030
Q2 2015Jun 30, 2015	BF-A Brown Forman Inc	Brown Forman Inc	Sell	-88,474-3.2%	$302.92K	2,718,726
Q1 2015Mar 31, 2015	NSRGY Nestle S.A.	Nestle S.A.	Buy	+244,493+1.6%	$1.18M	15,623,641
Q1 2015Mar 31, 2015	PM Philip Morris International Inc	Philip Morris International Inc	Buy	+219,779+2.2%	$760.36K	10,093,731
Q1 2015Mar 31, 2015	WFC Wells Fargo & Company	Wells Fargo & Company	Buy	+74,084+0.5%	$798.68K	14,681,593
Q1 2015Mar 31, 2015	BF-B Brown Forman Inc	Brown Forman Inc	Buy	+40,125+9.4%	$42.19K	466,975
Q1 2015Mar 31, 2015	MLM Martin Marietta Materials, Inc.	Martin Marietta Materials, Inc.	Buy	+30,665+1.5%	$290.59K	2,078,583
Q1 2015Mar 31, 2015	DEO Diageo	Diageo	Buy	+28,292+6.5%	$51.03K	461,545
Q1 2015Mar 31, 2015	BRK-B Berkshire Hathaway Inc. New	Berkshire Hathaway Inc. New	Buy	+19,563+0.8%	$356.28K	2,468,657
Q1 2015Mar 31, 2015	CFRUY Compagnie Financiere Richemont	Compagnie Financiere Richemont	Buy	+9,700+5.2%	$1.60K	198,000
Q1 2015Mar 31, 2015	DANOY Danone	Danone	Buy	+3,230+1.6%	$2.77K	205,580
Q1 2015Mar 31, 2015	LAMR Lamar Advertising Company	Lamar Advertising Company	Buy	+2,900+19.5%	$1.05K	17,760
Q1 2015Mar 31, 2015	BAC Bank of America Corporation	Bank of America Corporation	Buy	+1,600+3.2%	$786.00	51,100
Q1 2015Mar 31, 2015	HEINY Heineken N.V.	Heineken N.V.	Buy	+225+0.4%	$1.99K	52,162
Q1 2015Mar 31, 2015	FMX Fomento Economico Mexicano S.A.	Fomento Economico Mexicano S.A.	Buy	+5+0.0%	$10.07K	107,745
Q1 2015Mar 31, 2015	BRK-A Berkshire Hathaway Inc.	Berkshire Hathaway Inc.	Buy	+4+0.1%	$1.10M	5,064
Q1 2015Mar 31, 2015	AXP American Express Company	American Express Company	Sell	-5-0.0%	$10.00K	127,994
Q1 2015Mar 31, 2015	MCD McDonald's Corporation	McDonald's Corporation	Sell	-25-0.7%	$355.00	3,645
Q1 2015Mar 31, 2015	SLB Schlumberger N.V.	Schlumberger N.V.	Sell	-50-1.7%	$236.00	2,825
Q1 2015Mar 31, 2015	BP BP p.l.c.	BP p.l.c.	Sell	-94-1.2%	$306.00	7,831
Q1 2015Mar 31, 2015	MKL Markel Group Inc.	Markel Group Inc.	Sell	-274-1.7%	$12.49K	16,247
Q1 2015Mar 31, 2015	IBM International Business Machines	International Business Machines	Sell	-300-3.0%	$1.53K	9,549
Q1 2015Mar 31, 2015	MRK Merck & Company, Inc.	Merck & Company, Inc.	Sell	-500-11.5%	$220.00	3,836

Page 78 of 88 • 2628 total trades

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