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 2023Jun 30, 2023	PG Procter & Gamble Company (The)	Procter & Gamble Company (The)	Sell	-152-0.4%	$5.57M	36,723
Q2 2023Jun 30, 2023	ABT Abbott Laboratories	Abbott Laboratories	Sell	-165-1.4%	$1.27M	11,610
Q2 2023Jun 30, 2023	TFC Truist Financial Corporation	Truist Financial Corporation	Sell	-200-1.8%	$336.35K	11,082
Q2 2023Jun 30, 2023	FMX Fomento Economico Mexicano S.A.	Fomento Economico Mexicano S.A.	Sell	-275-2.0%	$1.47M	13,220
Q2 2023Jun 30, 2023	PEP Pepsico, Inc.	Pepsico, Inc.	Sell	-376-2.6%	$2.60M	14,063
Q2 2023Jun 30, 2023	ORCL Oracle Corporation	Oracle Corporation	Sell	-395-9.9%	$429.32K	3,605
Q2 2023Jun 30, 2023	DOV Dover Corporation	Dover Corporation	Sell	-725-2.5%	$4.22M	28,592
Q2 2023Jun 30, 2023	DGEAF Diageo	Diageo	Sell	-786-5.4%	$594.59K	13,841
Q2 2023Jun 30, 2023	LAMR Lamar Advertising Company	Lamar Advertising Company	Sell	-965-12.2%	$690.78K	6,960
Q2 2023Jun 30, 2023	VMC Vulcan Materials Company (Holdi	Vulcan Materials Company (Holdi	Sell	-1,154-2.1%	$12.09M	53,608
Q2 2023Jun 30, 2023	CABO Cable One, Inc.	Cable One, Inc.	Sell	-3,783-4.2%	$56.80M	86,436
Q2 2023Jun 30, 2023	AXP American Express Company	American Express Company	Sell	-4,545-11.8%	$5.91M	33,901
Q2 2023Jun 30, 2023	HRL Hormel Foods Corporation	Hormel Foods Corporation	Sell	-6,158-4.9%	$4.81M	119,550
Q2 2023Jun 30, 2023	DVDCF Campari	Campari	Sell	-6,185-0.8%	$11.20M	809,173
Q2 2023Jun 30, 2023	HEINY Heineken N.V.	Heineken N.V.	Sell	-6,612-59.2%	$234.48K	4,564
Q2 2023Jun 30, 2023	V Visa Inc.	Visa Inc.	Sell	-7,061-2.1%	$79.32M	334,028
Q2 2023Jun 30, 2023	BRK-B Berkshire Hathaway Inc. New	Berkshire Hathaway Inc. New	Sell	-16,077-1.0%	$554.31M	1,625,553
Q2 2023Jun 30, 2023	WFC Wells Fargo & Company	Wells Fargo & Company	Sell	-19,025-2.5%	$31.24M	731,989
Q2 2023Jun 30, 2023	BF-B Brown Forman Inc	Brown Forman Inc	Sell	-24,696-2.5%	$64.58M	967,024
Q2 2023Jun 30, 2023	CFRUY Compagnie Financiere Richemont	Compagnie Financiere Richemont	Sell	-25,643-29.4%	$1.04M	61,522
Q2 2023Jun 30, 2023	MLM Martin Marietta Materials, Inc.	Martin Marietta Materials, Inc.	Sell	-27,818-2.8%	$449.46M	973,520
Q2 2023Jun 30, 2023	BUDFF AB InBev	AB InBev	Sell	-31,906-5.4%	$31.38M	554,933
Q2 2023Jun 30, 2023	BF-A Brown Forman Inc	Brown Forman Inc	Sell	-48,825-2.0%	$163.39M	2,400,333
Q2 2023Jun 30, 2023	MA Mastercard Incorporated	Mastercard Incorporated	Sell	-57,590-2.3%	$950.71M	2,417,258
Q2 2023Jun 30, 2023	PDRDF Pernod Ricard	Pernod Ricard	Sell	-63,109-2.2%	$632.08M	2,862,426
Q2 2023Jun 30, 2023	CXT Crane NXT, Co.	Crane NXT, Co.	Sell - Position Exit	-70,331-100.0%	$0.00	-
Q2 2023Jun 30, 2023	OUT Outfront Media	Outfront Media	Sell	-87,750-47.3%	$1.54M	97,924
Q2 2023Jun 30, 2023	PM Philip Morris International Inc	Philip Morris International Inc	Sell	-115,961-1.8%	$616.41M	6,314,371
Q2 2023Jun 30, 2023	CMCSA Comcast Corporation	Comcast Corporation	Sell	-149,664-4.0%	$150.18M	3,614,535
Q2 2023Jun 30, 2023	NSRGY Nestle S.A.	Nestle S.A.	Sell	-172,718-2.1%	$965.10M	8,019,143

Page 19 of 88 • 2628 total trades

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