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 2025Jun 30, 2025	UBER Uber Technologies, Inc.	Uber Technologies, Inc.	Buy	+465,047+10.5%	$456.86M	4,896,722
Q2 2025Jun 30, 2025	DROOF Deliveroo	Deliveroo	Buy - Position Entry	+390,000	$940.07K	390,000
Q2 2025Jun 30, 2025	ASHTF Ashtead Group	Ashtead Group	Buy	+296,377+5.4%	$371.78M	5,810,686
Q2 2025Jun 30, 2025	HKHHF Heineken Holding	Heineken Holding	Buy	+290,808+3.6%	$625.94M	8,430,646
Q2 2025Jun 30, 2025	DASH DoorDash, Inc.	DoorDash, Inc.	Buy	+173,095+21.8%	$238.32M	966,760
Q2 2025Jun 30, 2025	SWZ Swiss Helvetia Fund, Inc. (The)	Swiss Helvetia Fund, Inc. (The)	Buy	+140,834+48.0%	$2.75M	434,237
Q2 2025Jun 30, 2025	ZLDSF Zalando	Zalando	Buy - Position Entry	+26,000	$853.04K	26,000
Q2 2025Jun 30, 2025	FLUIF Fluidra	Fluidra	Buy	+2,500+5.0%	$1.32M	53,000
Q2 2025Jun 30, 2025	CABJF Carlsberg	Carlsberg	Buy	+1,660+16.1%	$1.69M	11,967
Q2 2025Jun 30, 2025	XOM Exxon Mobil Corporation	Exxon Mobil Corporation	Buy	+832+0.4%	$20.51M	190,301
Q2 2025Jun 30, 2025	WILLF Demant	Demant	Buy	+750+1.9%	$1.70M	41,000
Q2 2025Jun 30, 2025	FLMNF Fielmann	Fielmann	Buy	+700+3.1%	$1.53M	23,000
Q2 2025Jun 30, 2025	UNP Union Pacific Corporation	Union Pacific Corporation	Buy	+127+0.5%	$5.69M	24,715
Q2 2025Jun 30, 2025	GOOGL Alphabet Inc.	Alphabet Inc.	Buy	+118+0.8%	$2.77M	15,729
Q2 2025Jun 30, 2025	COCXF Lindt & Spruengli	Lindt & Spruengli	Sell	-1-6.3%	$2.49M	15
Q2 2025Jun 30, 2025	COST Costco Wholesale Corporation	Costco Wholesale Corporation	Sell	-4-0.1%	$4.59M	4,633
Q2 2025Jun 30, 2025	LTSSF Lotus Bakeries	Lotus Bakeries	Sell	-15-11.5%	$1.10M	115
Q2 2025Jun 30, 2025	PEP Pepsico, Inc.	Pepsico, Inc.	Sell	-19-0.2%	$1.45M	10,960
Q2 2025Jun 30, 2025	AXP American Express Company	American Express Company	Sell	-24-0.2%	$4.35M	13,634
Q2 2025Jun 30, 2025	FMX Fomento Economico Mexicano S.A.	Fomento Economico Mexicano S.A.	Sell	-30-0.9%	$346.84K	3,368
Q2 2025Jun 30, 2025	BRK-A Berkshire Hathaway Inc.	Berkshire Hathaway Inc.	Sell	-33-2.0%	$1.18B	1,624
Q2 2025Jun 30, 2025	LRLCF L'Oreal	L'Oreal	Sell	-36-0.9%	$1.73M	4,050
Q2 2025Jun 30, 2025	WMT Walmart Inc.	Walmart Inc.	Sell	-75-0.7%	$993.93K	10,165
Q2 2025Jun 30, 2025	PG Procter & Gamble Company (The)	Procter & Gamble Company (The)	Sell	-80-0.7%	$1.74M	10,920
Q2 2025Jun 30, 2025	AAPL Apple Inc.	Apple Inc.	Sell	-100-1.9%	$1.06M	5,149
Q2 2025Jun 30, 2025	DIS Walt Disney Company (The)	Walt Disney Company (The)	Sell	-125-4.2%	$349.48K	2,818
Q2 2025Jun 30, 2025	MKL Markel Group Inc.	Markel Group Inc.	Sell	-133-1.6%	$16.26M	8,143
Q2 2025Jun 30, 2025	MSFT Microsoft Corporation	Microsoft Corporation	Sell	-380-8.2%	$2.11M	4,240
Q2 2025Jun 30, 2025	DOV Dover Corporation	Dover Corporation	Sell	-400-1.8%	$3.95M	21,551
Q2 2025Jun 30, 2025	TFC Truist Financial Corporation	Truist Financial Corporation	Sell	-412-4.3%	$398.97K	9,280

Page 1 of 88 • 2628 total trades

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