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 2021Mar 31, 2021	PM Philip Morris International Inc	Philip Morris International Inc	Sell	-299,640-3.6%	$719.47K	8,107,660
Q1 2021Mar 31, 2021	CFRHF Compagnie Financiere Richemont	Compagnie Financiere Richemont	Sell	-354,346-5.1%	$641.16K	6,650,061
Q1 2021Mar 31, 2021	BUDFF AB InBev	AB InBev	Sell	-375,015-6.4%	$348.79K	5,521,279
Q1 2021Mar 31, 2021	PDRDF Pernod Ricard	Pernod Ricard	Sell	-388,955-10.0%	$657.96K	3,497,803
Q1 2021Mar 31, 2021	NSRGY Nestle S.A.	Nestle S.A.	Sell	-398,070-3.8%	$1.12M	10,021,937
Q1 2021Mar 31, 2021	JPM JP Morgan Chase & Co.	JP Morgan Chase & Co.	Sell	-511,309-14.2%	$468.84K	3,079,795
Q1 2021Mar 31, 2021	MA Mastercard Incorporated	Mastercard Incorporated	Sell	-755,866-17.5%	$1.27M	3,574,240
Q1 2021Mar 31, 2021	UL Unilever PLC	Unilever PLC	Sell	-1,120,197-10.0%	$560.28K	10,035,427
Q4 2020Dec 31, 2020	UL Unilever PLC	Unilever PLC	Buy - Position Entry	+11,155,624	$673.35K	11,155,624
Q4 2020Dec 31, 2020	CMCSA Comcast Corporation	Comcast Corporation	Buy	+764,134+15.4%	$299.46K	5,714,957
Q4 2020Dec 31, 2020	EVF Eaton Vance Senior Income Trust	Eaton Vance Senior Income Trust	Buy - Position Entry	+327,423	$2.08K	327,423
Q4 2020Dec 31, 2020	ASHTF Ashtead Group	Ashtead Group	Buy	+207,615+62.0%	$25.50K	542,610
Q4 2020Dec 31, 2020	PM Philip Morris International Inc	Philip Morris International Inc	Buy	+158,578+1.9%	$696.04K	8,407,300
Q4 2020Dec 31, 2020	DVDCF Campari	Campari	Buy	+50,445+5.8%	$10.60K	927,711
Q4 2020Dec 31, 2020	CABO Cable One, Inc.	Cable One, Inc.	Buy	+35,078+20879.8%	$78.52K	35,246
Q4 2020Dec 31, 2020	MKC McCormick & Company, Incorporat	McCormick & Company, Incorporat	Buy	+24,721+92.3%	$4.92K	51,492
Q4 2020Dec 31, 2020	CABJF Carlsberg	Carlsberg	Buy	+15,010+214.6%	$3.53K	22,006
Q4 2020Dec 31, 2020	CC Chemours Company (The)	Chemours Company (The)	Buy - Position Entry	+8,244	$204.00	8,244
Q4 2020Dec 31, 2020	KHC The Kraft Heinz Company	The Kraft Heinz Company	Buy - Position Entry	+6,000	$208.00	6,000
Q4 2020Dec 31, 2020	OUT Outfront Media	Outfront Media	Buy	+4,771+1.5%	$6.27K	320,362
Q4 2020Dec 31, 2020	BUD Anheuser-Busch Inbev SA Sponsor	Anheuser-Busch Inbev SA Sponsor	Buy - Position Entry	+3,981	$278.00	3,981
Q4 2020Dec 31, 2020	SWZ Swiss Helvetia Fund, Inc. (The)	Swiss Helvetia Fund, Inc. (The)	Buy	+3,367+1.5%	$1.98K	220,928
Q4 2020Dec 31, 2020	LRLCF L'Oreal	L'Oreal	Buy	+2,140+32.6%	$3.31K	8,711
Q4 2020Dec 31, 2020	VMC Vulcan Materials Company (Holdi	Vulcan Materials Company (Holdi	Buy	+2,091+3.2%	$10.14K	68,370
Q4 2020Dec 31, 2020	DOW Dow Inc.	Dow Inc.	Buy	+227+1.2%	$1.05K	19,003
Q4 2020Dec 31, 2020	MSFT Microsoft Corporation	Microsoft Corporation	Buy	+182+5.3%	$807.00	3,627
Q4 2020Dec 31, 2020	NSRGF Nestle REG	Nestle REG	Buy	+120+0.3%	$5.00K	42,370
Q4 2020Dec 31, 2020	DD DuPont de Nemours, Inc.	DuPont de Nemours, Inc.	Buy	+78+0.4%	$1.29K	18,132
Q4 2020Dec 31, 2020	UNP Union Pacific Corporation	Union Pacific Corporation	Buy	+73+0.4%	$3.53K	16,949
Q4 2020Dec 31, 2020	CTVA Corteva, Inc.	Corteva, Inc.	Buy	+51+0.3%	$613.00	15,831

Page 38 of 88 • 2628 total trades

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