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 2023Mar 31, 2023	HKHHF Heineken Holding	Heineken Holding	Sell	-48,433-0.6%	$752.80M	8,195,112
Q1 2023Mar 31, 2023	DANOY Danone	Danone	Sell	-50,175-75.2%	$206.25K	16,562
Q1 2023Mar 31, 2023	CMCSA Comcast Corporation	Comcast Corporation	Sell	-51,278-1.3%	$142.70M	3,764,199
Q1 2023Mar 31, 2023	NSRGY Nestle S.A.	Nestle S.A.	Sell	-75,971-0.9%	$996.87M	8,191,861
Q1 2023Mar 31, 2023	CFRHF Compagnie Financiere Richemont	Compagnie Financiere Richemont	Sell	-103,002-1.8%	$882.21M	5,523,910
Q1 2023Mar 31, 2023	UL Unilever PLC	Unilever PLC	Sell	-1,212,193-22.2%	$220.75M	4,250,863
Q4 2022Dec 31, 2022	GOOG Alphabet Inc.	Alphabet Inc.	Buy	+231,767+3.0%	$703.83M	7,932,302
Q4 2022Dec 31, 2022	NFLX Netflix, Inc.	Netflix, Inc.	Buy	+129,761+13.8%	$315.69M	1,070,563
Q4 2022Dec 31, 2022	HKHHF Heineken Holding	Heineken Holding	Buy	+34,924+0.4%	$633.89M	8,243,545
Q4 2022Dec 31, 2022	BP BP p.l.c.	BP p.l.c.	Buy - Position Entry	+6,889	$240.63K	6,889
Q4 2022Dec 31, 2022	SWZ Swiss Helvetia Fund, Inc. (The)	Swiss Helvetia Fund, Inc. (The)	Buy	+4,009+1.6%	$1.92M	254,146
Q4 2022Dec 31, 2022	HINKF Heineken	Heineken	Buy	+1,375+3.5%	$3.79M	40,441
Q4 2022Dec 31, 2022	PG Procter & Gamble Company (The)	Procter & Gamble Company (The)	Buy	+886+2.5%	$5.45M	35,977
Q4 2022Dec 31, 2022	MKL Markel Group Inc.	Markel Group Inc.	Buy	+688+8.6%	$11.50M	8,725
Q4 2022Dec 31, 2022	DOW Dow Inc.	Dow Inc.	Buy	+270+1.4%	$1.00M	19,888
Q4 2022Dec 31, 2022	UNP Union Pacific Corporation	Union Pacific Corporation	Buy	+105+0.6%	$3.84M	18,556
Q4 2022Dec 31, 2022	DD DuPont de Nemours, Inc.	DuPont de Nemours, Inc.	Buy	+82+0.5%	$1.22M	17,836
Q4 2022Dec 31, 2022	TFC Truist Financial Corporation	Truist Financial Corporation	Buy	+67+0.6%	$469.76K	10,917
Q4 2022Dec 31, 2022	CTVA Corteva, Inc.	Corteva, Inc.	Buy	+20+0.2%	$507.35K	8,631
Q4 2022Dec 31, 2022	CVX Chevron Corporation	Chevron Corporation	Buy	+11+0.2%	$863.90K	4,813
Q4 2022Dec 31, 2022	GHC Graham Holdings Company	Graham Holdings Company	Buy	+3+0.3%	$704.03K	1,165
Q4 2022Dec 31, 2022	LRLCF L'Oreal	L'Oreal	Buy	+1+0.0%	$2.78M	7,816
Q4 2022Dec 31, 2022	MSFT Microsoft Corporation	Microsoft Corporation	Sell	-25-1.1%	$547.99K	2,285
Q4 2022Dec 31, 2022	DOV Dover Corporation	Dover Corporation	Sell	-100-0.3%	$4.02M	29,662
Q4 2022Dec 31, 2022	BRK-A Berkshire Hathaway Inc.	Berkshire Hathaway Inc.	Sell	-110-4.1%	$1.22B	2,600
Q4 2022Dec 31, 2022	FMX Fomento Economico Mexicano S.A.	Fomento Economico Mexicano S.A.	Sell	-140-1.0%	$1.08M	13,871
Q4 2022Dec 31, 2022	MKC McCormick & Company, Incorporat	McCormick & Company, Incorporat	Sell	-150-0.3%	$3.73M	45,000
Q4 2022Dec 31, 2022	AAPL Apple Inc.	Apple Inc.	Sell	-176-2.5%	$907.17K	6,982
Q4 2022Dec 31, 2022	MRK Merck & Company, Inc.	Merck & Company, Inc.	Sell	-185-4.8%	$407.52K	3,673
Q4 2022Dec 31, 2022	FULT Fulton Financial Corporation	Fulton Financial Corporation	Sell	-200-0.3%	$1.13M	67,405

Page 22 of 88 • 2628 total trades

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