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 2022Dec 31, 2022	CFRHF Compagnie Financiere Richemont	Compagnie Financiere Richemont	Sell	-216,513-3.7%	$729.21M	5,626,912
Q4 2022Dec 31, 2022	PM Philip Morris International Inc	Philip Morris International Inc	Sell	-394,091-5.8%	$653.63M	6,458,197
Q4 2022Dec 31, 2022	NSRGY Nestle S.A.	Nestle S.A.	Sell	-454,593-5.2%	$953.61M	8,267,832
Q4 2022Dec 31, 2022	UL Unilever PLC	Unilever PLC	Sell	-944,072-14.7%	$275.06M	5,463,056
Q3 2022Sep 30, 2022	GOOG Alphabet Inc.	Alphabet Inc.	Buy	+7,328,355+1969.0%	$740.41K	7,700,535
Q3 2022Sep 30, 2022	ASHTF Ashtead Group	Ashtead Group	Buy	+1,063,811+25.2%	$241.06K	5,284,992
Q3 2022Sep 30, 2022	NFLX Netflix, Inc.	Netflix, Inc.	Buy	+419,960+80.6%	$221.50K	940,802
Q3 2022Sep 30, 2022	GOOGL Alphabet Inc.	Alphabet Inc.	Buy	+18,658+1900.0%	$1.88K	19,640
Q3 2022Sep 30, 2022	SWZ Swiss Helvetia Fund, Inc. (The)	Swiss Helvetia Fund, Inc. (The)	Buy	+5,983+2.5%	$1.70K	250,137
Q3 2022Sep 30, 2022	MO Altria Group, Inc.	Altria Group, Inc.	Buy	+3,090+0.9%	$13.56K	335,936
Q3 2022Sep 30, 2022	CABO Cable One, Inc.	Cable One, Inc.	Buy	+1,775+1.9%	$81.65K	95,713
Q3 2022Sep 30, 2022	MKL Markel Group Inc.	Markel Group Inc.	Buy	+1,426+21.6%	$8.71K	8,037
Q3 2022Sep 30, 2022	ASHTY Ashtead Group PLC	Ashtead Group PLC	Buy - Position Entry	+1,250	$228.00	1,250
Q3 2022Sep 30, 2022	XOM Exxon Mobil Corporation	Exxon Mobil Corporation	Buy	+835+0.5%	$15.64K	179,099
Q3 2022Sep 30, 2022	DOW Dow Inc.	Dow Inc.	Buy	+280+1.4%	$862.00	19,618
Q3 2022Sep 30, 2022	UNP Union Pacific Corporation	Union Pacific Corporation	Buy	+111+0.6%	$3.60K	18,451
Q3 2022Sep 30, 2022	DD DuPont de Nemours, Inc.	DuPont de Nemours, Inc.	Buy	+101+0.6%	$895.00	17,754
Q3 2022Sep 30, 2022	TFC Truist Financial Corporation	Truist Financial Corporation	Buy	+63+0.6%	$472.00	10,850
Q3 2022Sep 30, 2022	CTVA Corteva, Inc.	Corteva, Inc.	Buy	+21+0.2%	$492.00	8,611
Q3 2022Sep 30, 2022	CVX Chevron Corporation	Chevron Corporation	Buy	+13+0.3%	$690.00	4,802
Q3 2022Sep 30, 2022	GHC Graham Holdings Company	Graham Holdings Company	Buy	+2+0.2%	$625.00	1,162
Q3 2022Sep 30, 2022	BRK-A Berkshire Hathaway Inc.	Berkshire Hathaway Inc.	Sell	-42-1.5%	$1.10M	2,710
Q3 2022Sep 30, 2022	DGEAF Diageo	Diageo	Sell	-50-0.3%	$820.00	19,351
Q3 2022Sep 30, 2022	MRK Merck & Company, Inc.	Merck & Company, Inc.	Sell	-51-1.3%	$332.00	3,858
Q3 2022Sep 30, 2022	MCD McDonald's Corporation	McDonald's Corporation	Sell	-83-4.1%	$450.00	1,952
Q3 2022Sep 30, 2022	FMX Fomento Economico Mexicano S.A.	Fomento Economico Mexicano S.A.	Sell	-135-1.0%	$879.00	14,011
Q3 2022Sep 30, 2022	COST Costco Wholesale Corporation	Costco Wholesale Corporation	Sell	-200-3.6%	$2.54K	5,389
Q3 2022Sep 30, 2022	DOV Dover Corporation	Dover Corporation	Sell	-280-0.9%	$3.47K	29,762
Q3 2022Sep 30, 2022	PEP Pepsico, Inc.	Pepsico, Inc.	Sell	-320-1.5%	$3.41K	20,865
Q3 2022Sep 30, 2022	KO Coca-Cola Company (The)	Coca-Cola Company (The)	Sell	-370-1.7%	$1.18K	20,995

Page 24 of 88 • 2628 total trades

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