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
Q4 2023Dec 31, 2023	MSFT Microsoft Corporation	Microsoft Corporation	Buy	+3,086+144.7%	$1.96M	5,218
Q4 2023Dec 31, 2023	UNP Union Pacific Corporation	Union Pacific Corporation	Buy	+1,124+5.2%	$5.62M	22,887
Q4 2023Dec 31, 2023	AAPL Apple Inc.	Apple Inc.	Buy	+1,119+13.7%	$1.79M	9,274
Q4 2023Dec 31, 2023	XOM Exxon Mobil Corporation	Exxon Mobil Corporation	Buy	+1,019+0.6%	$17.92M	179,199
Q4 2023Dec 31, 2023	HEINY Heineken N.V.	Heineken N.V.	Buy	+410+9.0%	$253.14K	4,985
Q4 2023Dec 31, 2023	COST Costco Wholesale Corporation	Costco Wholesale Corporation	Buy	+407+7.9%	$3.66M	5,550
Q4 2023Dec 31, 2023	DOW Dow Inc.	Dow Inc.	Buy	+282+1.4%	$1.15M	20,948
Q4 2023Dec 31, 2023	GOOGL Alphabet Inc.	Alphabet Inc.	Buy	+200+0.9%	$3.15M	22,530
Q4 2023Dec 31, 2023	TFC Truist Financial Corporation	Truist Financial Corporation	Buy	+100+0.9%	$416.73K	11,287
Q4 2023Dec 31, 2023	DD DuPont de Nemours, Inc.	DuPont de Nemours, Inc.	Buy	+92+0.5%	$1.40M	18,199
Q4 2023Dec 31, 2023	CTVA Corteva, Inc.	Corteva, Inc.	Buy	+31+0.4%	$418.54K	8,734
Q4 2023Dec 31, 2023	CVX Chevron Corporation	Chevron Corporation	Buy	+4+0.1%	$706.69K	4,738
Q4 2023Dec 31, 2023	MKL Markel Group Inc.	Markel Group Inc.	Sell	-5-0.1%	$14.18M	9,984
Q4 2023Dec 31, 2023	MDLZ Mondelez International, Inc.	Mondelez International, Inc.	Sell	-11-0.2%	$318.69K	4,400
Q4 2023Dec 31, 2023	PG Procter & Gamble Company (The)	Procter & Gamble Company (The)	Sell	-14-0.0%	$5.37M	36,670
Q4 2023Dec 31, 2023	MRK Merck & Company, Inc.	Merck & Company, Inc.	Sell	-36-0.9%	$414.97K	3,806
Q4 2023Dec 31, 2023	BRK-A Berkshire Hathaway Inc.	Berkshire Hathaway Inc.	Sell	-65-2.6%	$1.31B	2,417
Q4 2023Dec 31, 2023	ABBV AbbVie Inc.	AbbVie Inc.	Sell	-73-0.6%	$1.94M	12,510
Q4 2023Dec 31, 2023	ORCL Oracle Corporation	Oracle Corporation	Sell	-121-3.3%	$368.69K	3,497
Q4 2023Dec 31, 2023	DIS Walt Disney Company (The)	Walt Disney Company (The)	Sell	-199-4.6%	$376.61K	4,171
Q4 2023Dec 31, 2023	BP BP p.l.c.	BP p.l.c.	Sell	-228-3.4%	$231.94K	6,552
Q4 2023Dec 31, 2023	DOV Dover Corporation	Dover Corporation	Sell	-570-2.0%	$4.29M	27,897
Q4 2023Dec 31, 2023	MKC McCormick & Company, Incorporat	McCormick & Company, Incorporat	Sell	-830-1.8%	$3.02M	44,120
Q4 2023Dec 31, 2023	PEP Pepsico, Inc.	Pepsico, Inc.	Sell	-1,000-7.1%	$2.22M	13,048
Q4 2023Dec 31, 2023	LRLCF L'Oreal	L'Oreal	Sell	-1,600-19.0%	$3.40M	6,836
Q4 2023Dec 31, 2023	KO Coca-Cola Company (The)	Coca-Cola Company (The)	Sell	-1,763-8.8%	$1.08M	18,245
Q4 2023Dec 31, 2023	CR Crane Company	Crane Company	Sell	-1,900-2.7%	$8.07M	68,281
Q4 2023Dec 31, 2023	FULT Fulton Financial Corporation	Fulton Financial Corporation	Sell	-3,100-2.6%	$1.92M	116,805
Q4 2023Dec 31, 2023	PNC PNC Financial Services Group, I	PNC Financial Services Group, I	Sell	-3,600-31.9%	$1.19M	7,668
Q4 2023Dec 31, 2023	FMX Fomento Economico Mexicano S.A.	Fomento Economico Mexicano S.A.	Sell	-3,715-31.4%	$1.06M	8,105

Page 14 of 88 • 2628 total trades

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