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 2024Jun 30, 2024	XOM Exxon Mobil Corporation	Exxon Mobil Corporation	Buy	+396+0.2%	$20.78M	180,530
Q2 2024Jun 30, 2024	CFRUY Compagnie Financiere Richemont	Compagnie Financiere Richemont	Buy	+293+0.4%	$1.03M	66,140
Q2 2024Jun 30, 2024	DOW Dow Inc.	Dow Inc.	Buy	+223+1.2%	$960.06K	18,097
Q2 2024Jun 30, 2024	HEINY Heineken N.V.	Heineken N.V.	Buy	+195+3.9%	$254.29K	5,255
Q2 2024Jun 30, 2024	TFC Truist Financial Corporation	Truist Financial Corporation	Buy	+89+0.8%	$445.62K	11,470
Q2 2024Jun 30, 2024	DD DuPont de Nemours, Inc.	DuPont de Nemours, Inc.	Buy	+73+0.5%	$1.25M	15,555
Q2 2024Jun 30, 2024	BP BP p.l.c.	BP p.l.c.	Buy	+50+0.8%	$236.16K	6,542
Q2 2024Jun 30, 2024	CTVA Corteva, Inc.	Corteva, Inc.	Buy	+19+0.3%	$326.44K	6,052
Q2 2024Jun 30, 2024	CVX Chevron Corporation	Chevron Corporation	Buy	+15+0.3%	$727.56K	4,651
Q2 2024Jun 30, 2024	BRK-A Berkshire Hathaway Inc.	Berkshire Hathaway Inc.	Sell	-18-0.8%	$1.29B	2,114
Q2 2024Jun 30, 2024	MRK Merck & Company, Inc.	Merck & Company, Inc.	Sell	-67-1.9%	$426.59K	3,446
Q2 2024Jun 30, 2024	PEP Pepsico, Inc.	Pepsico, Inc.	Sell	-77-0.6%	$2.04M	12,366
Q2 2024Jun 30, 2024	ABT Abbott Laboratories	Abbott Laboratories	Sell	-100-0.9%	$1.20M	11,510
Q2 2024Jun 30, 2024	MKC McCormick & Company, Incorporat	McCormick & Company, Incorporat	Sell	-125-0.3%	$3.07M	43,320
Q2 2024Jun 30, 2024	CABJF Carlsberg	Carlsberg	Sell	-140-0.6%	$2.93M	24,390
Q2 2024Jun 30, 2024	MSFT Microsoft Corporation	Microsoft Corporation	Sell	-157-2.9%	$2.33M	5,205
Q2 2024Jun 30, 2024	MKL Markel Group Inc.	Markel Group Inc.	Sell	-180-1.8%	$15.16M	9,619
Q2 2024Jun 30, 2024	PNC PNC Financial Services Group, I	PNC Financial Services Group, I	Sell	-270-3.7%	$1.09M	7,023
Q2 2024Jun 30, 2024	PG Procter & Gamble Company (The)	Procter & Gamble Company (The)	Sell	-319-1.0%	$5.28M	32,006
Q2 2024Jun 30, 2024	LAMR Lamar Advertising Company	Lamar Advertising Company	Sell	-600-9.1%	$714.19K	5,975
Q2 2024Jun 30, 2024	MCD McDonald's Corporation	McDonald's Corporation	Sell	-735-38.0%	$305.04K	1,197
Q2 2024Jun 30, 2024	LRLCF L'Oreal	L'Oreal	Sell	-895-13.3%	$2.57M	5,841
Q2 2024Jun 30, 2024	KO Coca-Cola Company (The)	Coca-Cola Company (The)	Sell	-1,000-6.4%	$928.02K	14,580
Q2 2024Jun 30, 2024	LVMUY LVMH-Moet Hennessy Louis Vuitto	LVMH-Moet Hennessy Louis Vuitto	Sell - Position Exit	-1,121-100.0%	$0.00	-
Q2 2024Jun 30, 2024	AAPL Apple Inc.	Apple Inc.	Sell	-1,175-14.7%	$1.43M	6,799
Q2 2024Jun 30, 2024	DOV Dover Corporation	Dover Corporation	Sell	-1,271-5.1%	$4.23M	23,426
Q2 2024Jun 30, 2024	FMX Fomento Economico Mexicano S.A.	Fomento Economico Mexicano S.A.	Sell	-1,350-21.3%	$535.56K	4,975
Q2 2024Jun 30, 2024	GOOGL Alphabet Inc.	Alphabet Inc.	Sell	-1,574-7.2%	$3.71M	20,356
Q2 2024Jun 30, 2024	FULT Fulton Financial Corporation	Fulton Financial Corporation	Sell	-2,000-1.7%	$1.94M	114,305
Q2 2024Jun 30, 2024	AXP American Express Company	American Express Company	Sell	-2,020-11.2%	$3.72M	16,075

Page 10 of 88 • 2628 total trades

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