Thomas Russo – Gardner Russo & Quinn Portfolio Activity & Recent Trades (Sep 30, 2025)

As of Sep 30, 2025, the Gardner Russo & Quinn portfolio activity showed several notable changes in holdings, according to the latest SEC 13F filing reported on Nov 12, 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 Q3 2025, the filing reported:

New Buys – Caterpillar, Inc.

Increases – Berkshire Hathaway Inc. New, Carlsberg, Electrolux Professional, Fielmann, Heineken Holding, and 5 more

Reductions – Apple Inc., Ashtead Group, American Express Company, Brown Forman Inc, Brown Forman Inc, and 35 more

Complete Exits – Diageo, Ralph Lauren Corporation

These updates highlight how the portfolio adjusted across different sectors and market conditions, offering insights into allocation shifts and investment trends.

Date	Symbol	Name	Type	Change Qty	% Change	Value	Remaining
Q3 2025	AAPL Apple Inc.	Apple Inc.	Sell	-450	-8.7%	$1.20M	4,699
Q3 2025	ASHTF Ashtead Group	Ashtead Group	Sell	-233,606	-4.0%	$372.78M	5,577,080
Q3 2025	AXP American Express Company	American Express Company	Sell	-2	-0.0%	$4.53M	13,632
Q3 2025	BF-A Brown Forman Inc	Brown Forman Inc	Sell	-109,076	-6.0%	$46.23M	1,718,072
Q3 2025	BF-B Brown Forman Inc	Brown Forman Inc	Sell	-12,753	-1.6%	$20.74M	765,768
Q3 2025	BRK-A Berkshire Hathaway Inc.	Berkshire Hathaway Inc.	Sell	-83	-5.1%	$1.16B	1,541
Q3 2025	BRK-B Berkshire Hathaway Inc. New	Berkshire Hathaway Inc. New	Buy	+6,828	+0.6%	$583.88M	1,161,394
Q3 2025	BUDFF AB InBev	AB InBev	Sell	-14,085	-4.8%	$16.85M	282,215
Q3 2025	CABJF Carlsberg	Carlsberg	Buy	+88	+0.7%	$1.40M	12,055
Q3 2025	CAT Caterpillar, Inc.	Caterpillar, Inc.	Buy - Position Entry	+700	-	$334.00K	700
Q3 2025	CFRHF Compagnie Financiere Richemont	Compagnie Financiere Richemont	Sell	-124,323	-3.3%	$686.69M	3,603,992
Q3 2025	CMCSA Comcast Corporation	Comcast Corporation	Sell	-112,255	-4.4%	$76.84M	2,445,711
Q3 2025	COST Costco Wholesale Corporation	Costco Wholesale Corporation	Sell	-9	-0.2%	$4.28M	4,624
Q3 2025	CR Crane Company	Crane Company	Sell	-2,879	-4.9%	$10.40M	56,476
Q3 2025	DASH DoorDash, Inc.	DoorDash, Inc.	Sell	-40,397	-4.2%	$251.96M	926,363
Q3 2025	DGEAF Diageo	Diageo	Sell - Position Exit	-8,077	-100.0%	$0.00	-
Q3 2025	DIS Walt Disney Company (The)	Walt Disney Company (The)	Sell	-308	-10.9%	$287.36K	2,510
Q3 2025	DOV Dover Corporation	Dover Corporation	Sell	-2,000	-9.3%	$3.26M	19,551
Q3 2025	DVDCF Campari	Campari	Sell	-24,040	-10.3%	$1.33M	210,353
Q3 2025	ECTXF Electrolux Professional	Electrolux Professional	Buy	+24,500	+14.0%	$1.29M	200,000
Q3 2025	FBLA FB Bancorp	FB Bancorp	Sell	-5,000	-9.1%	$601.00K	50,000
Q3 2025	FLMNF Fielmann	Fielmann	Buy	+2,000	+8.7%	$1.51M	25,000
Q3 2025	FMX Fomento Economico Mexicano S.A.	Fomento Economico Mexicano S.A.	Sell	-150	-4.5%	$317.39K	3,218
Q3 2025	FULT Fulton Financial Corporation	Fulton Financial Corporation	Sell	-3,600	-5.3%	$1.20M	64,600
Q3 2025	GNRC Generac Holdlings Inc.	Generac Holdlings Inc.	Sell	-3,400	-60.2%	$376.65K	2,250
Q3 2025	GOOG Alphabet Inc.	Alphabet Inc.	Sell	-440,394	-8.7%	$1.13B	4,649,923
Q3 2025	GOOGL Alphabet Inc.	Alphabet Inc.	Sell	-243	-1.5%	$3.76M	15,486
Q3 2025	HKHHF Heineken Holding	Heineken Holding	Buy	+855,260	+10.1%	$636.65M	9,285,906
Q3 2025	HRL Hormel Foods Corporation	Hormel Foods Corporation	Sell	-15,746	-44.3%	$490.72K	19,835
Q3 2025	JPM JP Morgan Chase & Co.	JP Morgan Chase & Co.	Sell	-28,670	-5.0%	$171.92M	545,030