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 2013Jun 30, 2013	NSRGY Nestle S.A.	Nestle S.A.	Buy - Position Entry	+13,192,876	$863.82K	13,192,876
Q2 2013Jun 30, 2013	PM Philip Morris International Inc	Philip Morris International Inc	Buy - Position Entry	+9,191,748	$796.19K	9,191,748
Q2 2013Jun 30, 2013	BF-A Brown Forman Inc	Brown Forman Inc	Buy - Position Entry	+2,826,950	$191.27K	2,826,950
Q2 2013Jun 30, 2013	BRK-B Berkshire Hathaway Inc. New	Berkshire Hathaway Inc. New	Buy - Position Entry	+2,232,596	$249.87K	2,232,596
Q2 2013Jun 30, 2013	MLM Martin Marietta Materials, Inc.	Martin Marietta Materials, Inc.	Buy - Position Entry	+1,737,505	$171.00K	1,737,505
Q2 2013Jun 30, 2013	HAS Hasbro, Inc.	Hasbro, Inc.	Buy - Position Entry	+657,633	$29.48K	657,633
Q2 2013Jun 30, 2013	DEO Diageo	Diageo	Buy - Position Entry	+411,642	$47.32K	411,642
Q2 2013Jun 30, 2013	MLKN MillerKnoll, Inc.	MillerKnoll, Inc.	Buy - Position Entry	+379,870	$10.28K	379,870
Q2 2013Jun 30, 2013	BF-B Brown Forman Inc	Brown Forman Inc	Buy - Position Entry	+350,679	$23.69K	350,679
Q2 2013Jun 30, 2013	DANOY Danone	Danone	Buy - Position Entry	+208,050	$3.12K	208,050
Q2 2013Jun 30, 2013	KO Coca-Cola Company (The)	Coca-Cola Company (The)	Buy - Position Entry	+181,303	$7.27K	181,303
Q2 2013Jun 30, 2013	CFRUY Compagnie Financiere Richemont	Compagnie Financiere Richemont	Buy - Position Entry	+159,150	$1.41K	159,150
Q2 2013Jun 30, 2013	PG Procter & Gamble Company (The)	Procter & Gamble Company (The)	Buy - Position Entry	+142,105	$10.94K	142,105
Q2 2013Jun 30, 2013	HRL Hormel Foods Corporation	Hormel Foods Corporation	Buy - Position Entry	+125,784	$4.85K	125,784
Q2 2013Jun 30, 2013	AXP American Express Company	American Express Company	Buy - Position Entry	+116,165	$8.68K	116,165
Q2 2013Jun 30, 2013	FMX Fomento Economico Mexicano S.A.	Fomento Economico Mexicano S.A.	Buy - Position Entry	+110,595	$11.41K	110,595
Q2 2013Jun 30, 2013	PGR Progressive Corporation (The)	Progressive Corporation (The)	Buy - Position Entry	+89,811	$2.28K	89,811
Q2 2013Jun 30, 2013	ABBV AbbVie Inc.	AbbVie Inc.	Buy - Position Entry	+87,127	$3.60K	87,127
Q2 2013Jun 30, 2013	ABT Abbott Laboratories	Abbott Laboratories	Buy - Position Entry	+86,303	$3.01K	86,303
Q2 2013Jun 30, 2013	DOV Dover Corporation	Dover Corporation	Buy - Position Entry	+85,045	$6.61K	85,045
Q2 2013Jun 30, 2013	FULT Fulton Financial Corporation	Fulton Financial Corporation	Buy - Position Entry	+81,113	$931.00	81,113
Q2 2013Jun 30, 2013	CVX Chevron Corporation	Chevron Corporation	Buy - Position Entry	+65,471	$7.75K	65,471
Q2 2013Jun 30, 2013	MSFT Microsoft Corporation	Microsoft Corporation	Buy - Position Entry	+64,267	$2.22K	64,267
Q2 2013Jun 30, 2013	PEP Pepsico, Inc.	Pepsico, Inc.	Buy - Position Entry	+60,852	$4.98K	60,852
Q2 2013Jun 30, 2013	SWZ Swiss Helvetia Fund, Inc. (The)	Swiss Helvetia Fund, Inc. (The)	Buy - Position Entry	+51,025	$629.00	51,025
Q2 2013Jun 30, 2013	BAC Bank of America Corporation	Bank of America Corporation	Buy - Position Entry	+49,500	$637.00	49,500
Q2 2013Jun 30, 2013	MKC McCormick & Company, Incorporat	McCormick & Company, Incorporat	Buy - Position Entry	+48,430	$3.41K	48,430
Q2 2013Jun 30, 2013	HEINY Heineken N.V.	Heineken N.V.	Buy - Position Entry	+43,346	$1.38K	43,346
Q2 2013Jun 30, 2013	PNC PNC Financial Services Group, I	PNC Financial Services Group, I	Buy - Position Entry	+26,551	$1.94K	26,551
Q2 2013Jun 30, 2013	BP BP p.l.c.	BP p.l.c.	Buy - Position Entry	+25,301	$1.06K	25,301

Page 87 of 88 • 2628 total trades

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