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 2021Dec 31, 2021	UL Unilever PLC	Unilever PLC	Sell	-913,556-9.7%	$457.28K	8,501,212
Q4 2021Dec 31, 2021	BUDFF AB InBev	AB InBev	Sell	-4,269,577-83.6%	$50.72K	838,781
Q3 2021Sep 30, 2021	PHJMF Sampoerna	Sampoerna	Buy	+4,000,000+400.0%	$360.00	5,000,000
Q3 2021Sep 30, 2021	LTGIF LT Group	LT Group	Buy	+250,000+16.4%	$351.00	1,775,000
Q3 2021Sep 30, 2021	BABA Alibaba Group Holding Limited	Alibaba Group Holding Limited	Buy	+131,399+9.0%	$236.15K	1,595,076
Q3 2021Sep 30, 2021	CFRUY Compagnie Financiere Richemont	Compagnie Financiere Richemont	Buy	+40,148+31.0%	$1.77K	169,563
Q3 2021Sep 30, 2021	CABJF Carlsberg	Carlsberg	Buy	+13,088+58.7%	$5.79K	35,379
Q3 2021Sep 30, 2021	HEINY Heineken N.V.	Heineken N.V.	Buy	+10,708+57.1%	$1.54K	29,456
Q3 2021Sep 30, 2021	SWZ Swiss Helvetia Fund, Inc. (The)	Swiss Helvetia Fund, Inc. (The)	Buy	+3,416+1.5%	$2.12K	230,908
Q3 2021Sep 30, 2021	XOM Exxon Mobil Corporation	Exxon Mobil Corporation	Buy	+1,288+0.7%	$10.47K	177,987
Q3 2021Sep 30, 2021	MO Altria Group, Inc.	Altria Group, Inc.	Buy	+1,141+0.3%	$15.00K	329,612
Q3 2021Sep 30, 2021	UNP Union Pacific Corporation	Union Pacific Corporation	Buy	+1,082+6.3%	$3.56K	18,173
Q3 2021Sep 30, 2021	FULT Fulton Financial Corporation	Fulton Financial Corporation	Buy	+418+0.6%	$1.14K	74,839
Q3 2021Sep 30, 2021	ABT Abbott Laboratories	Abbott Laboratories	Buy	+300+2.5%	$1.45K	12,275
Q3 2021Sep 30, 2021	ABBV AbbVie Inc.	AbbVie Inc.	Buy	+300+2.4%	$1.39K	12,910
Q3 2021Sep 30, 2021	AAPL Apple Inc.	Apple Inc.	Buy	+297+4.7%	$940.00	6,645
Q3 2021Sep 30, 2021	PG Procter & Gamble Company (The)	Procter & Gamble Company (The)	Buy	+280+0.7%	$5.99K	42,823
Q3 2021Sep 30, 2021	DOW Dow Inc.	Dow Inc.	Buy	+209+1.1%	$1.10K	19,189
Q3 2021Sep 30, 2021	COST Costco Wholesale Corporation	Costco Wholesale Corporation	Buy	+96+1.9%	$2.37K	5,264
Q3 2021Sep 30, 2021	DD DuPont de Nemours, Inc.	DuPont de Nemours, Inc.	Buy	+73+0.4%	$1.23K	18,028
Q3 2021Sep 30, 2021	MSFT Microsoft Corporation	Microsoft Corporation	Buy	+54+1.5%	$1.03K	3,656
Q3 2021Sep 30, 2021	TFC Truist Financial Corporation	Truist Financial Corporation	Buy	+46+0.4%	$624.00	10,642
Q3 2021Sep 30, 2021	CTVA Corteva, Inc.	Corteva, Inc.	Buy	+27+0.3%	$380.00	9,031
Q3 2021Sep 30, 2021	MRK Merck & Company, Inc.	Merck & Company, Inc.	Buy	+10+0.3%	$291.00	3,878
Q3 2021Sep 30, 2021	GHC Graham Holdings Company	Graham Holdings Company	Buy	+2+0.2%	$678.00	1,151
Q3 2021Sep 30, 2021	COCXF Lindt & Spruengli	Lindt & Spruengli	Sell	-1-5.0%	$2.24K	19
Q3 2021Sep 30, 2021	GOOGL Alphabet Inc.	Alphabet Inc.	Sell	-67-6.3%	$2.66K	994
Q3 2021Sep 30, 2021	MKC McCormick & Company, Incorporat	McCormick & Company, Incorporat	Sell	-75-0.2%	$3.92K	48,425
Q3 2021Sep 30, 2021	PNC PNC Financial Services Group, I	PNC Financial Services Group, I	Sell	-77-0.5%	$2.90K	14,836
Q3 2021Sep 30, 2021	CVX Chevron Corporation	Chevron Corporation	Sell	-82-1.7%	$482.00	4,751

Page 32 of 88 • 2628 total trades

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