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
Q1 2024Mar 31, 2024	UNP Union Pacific Corporation	Union Pacific Corporation	Buy	+487+2.1%	$5.75M	23,374
Q1 2024Mar 31, 2024	NSRGF Nestle REG	Nestle REG	Buy	+266+0.7%	$4.27M	40,136
Q1 2024Mar 31, 2024	MSFT Microsoft Corporation	Microsoft Corporation	Buy	+144+2.8%	$2.26M	5,362
Q1 2024Mar 31, 2024	TFC Truist Financial Corporation	Truist Financial Corporation	Buy	+94+0.8%	$443.65K	11,381
Q1 2024Mar 31, 2024	HEINY Heineken N.V.	Heineken N.V.	Buy	+75+1.5%	$244.11K	5,060
Q1 2024Mar 31, 2024	CABJF Carlsberg	Carlsberg	Buy	+4+0.0%	$3.35M	24,530
Q1 2024Mar 31, 2024	ORCL Oracle Corporation	Oracle Corporation	Sell	-22-0.6%	$436.50K	3,475
Q1 2024Mar 31, 2024	BP BP p.l.c.	BP p.l.c.	Sell	-60-0.9%	$244.63K	6,492
Q1 2024Mar 31, 2024	COST Costco Wholesale Corporation	Costco Wholesale Corporation	Sell	-73-1.3%	$4.01M	5,477
Q1 2024Mar 31, 2024	DIS Walt Disney Company (The)	Walt Disney Company (The)	Sell	-85-2.0%	$499.93K	4,086
Q1 2024Mar 31, 2024	LRLCF L'Oreal	L'Oreal	Sell	-100-1.5%	$3.19M	6,736
Q1 2024Mar 31, 2024	CVX Chevron Corporation	Chevron Corporation	Sell	-102-2.2%	$731.25K	4,636
Q1 2024Mar 31, 2024	MKL Markel Group Inc.	Markel Group Inc.	Sell	-185-1.9%	$14.91M	9,799
Q1 2024Mar 31, 2024	BRK-A Berkshire Hathaway Inc.	Berkshire Hathaway Inc.	Sell	-285-11.8%	$1.35B	2,132
Q1 2024Mar 31, 2024	MRK Merck & Company, Inc.	Merck & Company, Inc.	Sell	-293-7.7%	$463.55K	3,513
Q1 2024Mar 31, 2024	PNC PNC Financial Services Group, I	PNC Financial Services Group, I	Sell	-375-4.9%	$1.18M	7,293
Q1 2024Mar 31, 2024	FULT Fulton Financial Corporation	Fulton Financial Corporation	Sell	-500-0.4%	$1.85M	116,305
Q1 2024Mar 31, 2024	GOOGL Alphabet Inc.	Alphabet Inc.	Sell	-600-2.7%	$3.31M	21,930
Q1 2024Mar 31, 2024	PEP Pepsico, Inc.	Pepsico, Inc.	Sell	-605-4.6%	$2.18M	12,443
Q1 2024Mar 31, 2024	MKC McCormick & Company, Incorporat	McCormick & Company, Incorporat	Sell	-675-1.5%	$3.34M	43,445
Q1 2024Mar 31, 2024	DANOY Danone	Danone	Sell	-725-6.7%	$130.10K	10,057
Q1 2024Mar 31, 2024	DHR Danaher Corporation	Danaher Corporation	Sell - Position Exit	-1,083-100.0%	$0.00	-
Q1 2024Mar 31, 2024	GHC Graham Holdings Company	Graham Holdings Company	Sell - Position Exit	-1,161-100.0%	$0.00	-
Q1 2024Mar 31, 2024	AAPL Apple Inc.	Apple Inc.	Sell	-1,300-14.0%	$1.37M	7,974
Q1 2024Mar 31, 2024	CR Crane Company	Crane Company	Sell	-1,300-1.9%	$9.05M	66,981
Q1 2024Mar 31, 2024	FMX Fomento Economico Mexicano S.A.	Fomento Economico Mexicano S.A.	Sell	-1,780-22.0%	$823.96K	6,325
Q1 2024Mar 31, 2024	AXP American Express Company	American Express Company	Sell	-2,440-11.9%	$4.12M	18,095
Q1 2024Mar 31, 2024	KO Coca-Cola Company (The)	Coca-Cola Company (The)	Sell	-2,665-14.6%	$953.18K	15,580
Q1 2024Mar 31, 2024	CTVA Corteva, Inc.	Corteva, Inc.	Sell	-2,701-30.9%	$347.93K	6,033
Q1 2024Mar 31, 2024	DD DuPont de Nemours, Inc.	DuPont de Nemours, Inc.	Sell	-2,717-14.9%	$1.19M	15,482

Page 12 of 88 • 2628 total trades

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