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
Q3 2023Sep 30, 2023	MO Altria Group, Inc.	Altria Group, Inc.	Buy	+2,921+0.9%	$13.89M	330,299
Q3 2023Sep 30, 2023	GOOGL Alphabet Inc.	Alphabet Inc.	Buy	+900+4.2%	$2.92M	22,330
Q3 2023Sep 30, 2023	CFRUY Compagnie Financiere Richemont	Compagnie Financiere Richemont	Buy	+825+1.3%	$763.32K	62,347
Q3 2023Sep 30, 2023	AAPL Apple Inc.	Apple Inc.	Buy	+591+7.8%	$1.40M	8,155
Q3 2023Sep 30, 2023	DOW Dow Inc.	Dow Inc.	Buy	+264+1.3%	$1.07M	20,666
Q3 2023Sep 30, 2023	TFC Truist Financial Corporation	Truist Financial Corporation	Buy	+105+0.9%	$320.05K	11,187
Q3 2023Sep 30, 2023	DD DuPont de Nemours, Inc.	DuPont de Nemours, Inc.	Buy	+81+0.4%	$1.35M	18,107
Q3 2023Sep 30, 2023	MKL Markel Group Inc.	Markel Group Inc.	Buy	+70+0.7%	$14.71M	9,989
Q3 2023Sep 30, 2023	UNP Union Pacific Corporation	Union Pacific Corporation	Buy	+68+0.3%	$4.43M	21,763
Q3 2023Sep 30, 2023	CTVA Corteva, Inc.	Corteva, Inc.	Buy	+26+0.3%	$445.26K	8,703
Q3 2023Sep 30, 2023	ORCL Oracle Corporation	Oracle Corporation	Buy	+13+0.4%	$383.22K	3,618
Q3 2023Sep 30, 2023	CVX Chevron Corporation	Chevron Corporation	Buy	+13+0.3%	$798.17K	4,734
Q3 2023Sep 30, 2023	HEINY Heineken N.V.	Heineken N.V.	Buy	+11+0.2%	$202.13K	4,575
Q3 2023Sep 30, 2023	GHC Graham Holdings Company	Graham Holdings Company	Sell	-8-0.7%	$677.04K	1,161
Q3 2023Sep 30, 2023	ABBV AbbVie Inc.	AbbVie Inc.	Sell	-8-0.1%	$1.88M	12,583
Q3 2023Sep 30, 2023	PEP Pepsico, Inc.	Pepsico, Inc.	Sell	-15-0.1%	$2.38M	14,048
Q3 2023Sep 30, 2023	BP BP p.l.c.	BP p.l.c.	Sell	-24-0.4%	$262.54K	6,780
Q3 2023Sep 30, 2023	PG Procter & Gamble Company (The)	Procter & Gamble Company (The)	Sell	-39-0.1%	$5.35M	36,684
Q3 2023Sep 30, 2023	BRK-A Berkshire Hathaway Inc.	Berkshire Hathaway Inc.	Sell	-48-1.9%	$1.32B	2,482
Q3 2023Sep 30, 2023	MKC McCormick & Company, Incorporat	McCormick & Company, Incorporat	Sell	-50-0.1%	$3.40M	44,950
Q3 2023Sep 30, 2023	MCD McDonald's Corporation	McDonald's Corporation	Sell	-54-2.7%	$508.97K	1,932
Q3 2023Sep 30, 2023	DIS Walt Disney Company (The)	Walt Disney Company (The)	Sell	-65-1.5%	$354.20K	4,370
Q3 2023Sep 30, 2023	CABJF Carlsberg	Carlsberg	Sell	-70-0.2%	$3.69M	29,176
Q3 2023Sep 30, 2023	COST Costco Wholesale Corporation	Costco Wholesale Corporation	Sell	-85-1.6%	$2.91M	5,143
Q3 2023Sep 30, 2023	MSFT Microsoft Corporation	Microsoft Corporation	Sell	-101-4.5%	$673.18K	2,132
Q3 2023Sep 30, 2023	MRK Merck & Company, Inc.	Merck & Company, Inc.	Sell	-118-3.0%	$395.55K	3,842
Q3 2023Sep 30, 2023	DOV Dover Corporation	Dover Corporation	Sell	-125-0.4%	$3.97M	28,467
Q3 2023Sep 30, 2023	CR Crane Company	Crane Company	Sell	-150-0.2%	$6.23M	70,181
Q3 2023Sep 30, 2023	KO Coca-Cola Company (The)	Coca-Cola Company (The)	Sell	-151-0.7%	$1.12M	20,008
Q3 2023Sep 30, 2023	XOM Exxon Mobil Corporation	Exxon Mobil Corporation	Sell	-229-0.1%	$20.95M	178,180

Page 16 of 88 • 2628 total trades

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