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 2022Mar 31, 2022	UL Unilever PLC	Unilever PLC	Sell	-674,815-7.9%	$356.65K	7,826,397
Q4 2021Dec 31, 2021	HKHHF Heineken Holding	Heineken Holding	Buy	+418,877+5.7%	$714.21K	7,739,293
Q4 2021Dec 31, 2021	SWZ Swiss Helvetia Fund, Inc. (The)	Swiss Helvetia Fund, Inc. (The)	Buy	+3,891+1.7%	$2.33K	234,799
Q4 2021Dec 31, 2021	CABO Cable One, Inc.	Cable One, Inc.	Buy	+3,090+3.5%	$160.16K	90,821
Q4 2021Dec 31, 2021	CFRUY Compagnie Financiere Richemont	Compagnie Financiere Richemont	Buy	+2,115+1.2%	$2.58K	171,678
Q4 2021Dec 31, 2021	SBUX Starbucks Corporation	Starbucks Corporation	Buy - Position Entry	+1,778	$208.00	1,778
Q4 2021Dec 31, 2021	MO Altria Group, Inc.	Altria Group, Inc.	Buy	+1,563+0.5%	$15.69K	331,175
Q4 2021Dec 31, 2021	LVMUY LVMH-Moet Hennessy Louis Vuitto	LVMH-Moet Hennessy Louis Vuitto	Buy - Position Entry	+1,229	$203.00	1,229
Q4 2021Dec 31, 2021	XOM Exxon Mobil Corporation	Exxon Mobil Corporation	Buy	+1,080+0.6%	$10.96K	179,067
Q4 2021Dec 31, 2021	SHW Sherwin-Williams Company (The)	Sherwin-Williams Company (The)	Buy - Position Entry	+585	$206.00	585
Q4 2021Dec 31, 2021	DOW Dow Inc.	Dow Inc.	Buy	+237+1.2%	$1.10K	19,426
Q4 2021Dec 31, 2021	HEINY Heineken N.V.	Heineken N.V.	Buy	+94+0.3%	$1.66K	29,550
Q4 2021Dec 31, 2021	UNP Union Pacific Corporation	Union Pacific Corporation	Buy	+79+0.4%	$4.60K	18,252
Q4 2021Dec 31, 2021	DD DuPont de Nemours, Inc.	DuPont de Nemours, Inc.	Buy	+66+0.4%	$1.46K	18,094
Q4 2021Dec 31, 2021	TFC Truist Financial Corporation	Truist Financial Corporation	Buy	+44+0.4%	$626.00	10,686
Q4 2021Dec 31, 2021	DIS Walt Disney Company (The)	Walt Disney Company (The)	Buy	+30+0.6%	$814.00	5,252
Q4 2021Dec 31, 2021	CTVA Corteva, Inc.	Corteva, Inc.	Buy	+26+0.3%	$428.00	9,057
Q4 2021Dec 31, 2021	CVX Chevron Corporation	Chevron Corporation	Buy	+16+0.3%	$559.00	4,767
Q4 2021Dec 31, 2021	MRK Merck & Company, Inc.	Merck & Company, Inc.	Buy	+10+0.3%	$298.00	3,888
Q4 2021Dec 31, 2021	GHC Graham Holdings Company	Graham Holdings Company	Buy	+3+0.3%	$727.00	1,154
Q4 2021Dec 31, 2021	BRK-A Berkshire Hathaway Inc.	Berkshire Hathaway Inc.	Sell	-68-2.2%	$1.34M	2,976
Q4 2021Dec 31, 2021	MKL Markel Group Inc.	Markel Group Inc.	Sell	-75-1.1%	$8.05K	6,527
Q4 2021Dec 31, 2021	FULT Fulton Financial Corporation	Fulton Financial Corporation	Sell	-150-0.2%	$1.27K	74,689
Q4 2021Dec 31, 2021	AAPL Apple Inc.	Apple Inc.	Sell	-160-2.4%	$1.15K	6,485
Q4 2021Dec 31, 2021	MSFT Microsoft Corporation	Microsoft Corporation	Sell	-207-5.7%	$1.16K	3,449
Q4 2021Dec 31, 2021	MCD McDonald's Corporation	McDonald's Corporation	Sell	-250-11.0%	$544.00	2,030
Q4 2021Dec 31, 2021	MKC McCormick & Company, Incorporat	McCormick & Company, Incorporat	Sell	-600-1.2%	$4.62K	47,825
Q4 2021Dec 31, 2021	DVDCF Campari	Campari	Sell	-600-0.1%	$12.85K	878,836
Q4 2021Dec 31, 2021	DOV Dover Corporation	Dover Corporation	Sell	-700-2.2%	$5.53K	30,467
Q4 2021Dec 31, 2021	PEP Pepsico, Inc.	Pepsico, Inc.	Sell	-991-4.4%	$3.78K	21,756

Page 30 of 88 • 2628 total trades

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