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
Q2 2020Jun 30, 2020	GHC Graham Holdings Company	Graham Holdings Company	Buy - Position Entry	+1,163	$399.00	1,163
Q2 2020Jun 30, 2020	LRLCF L'Oreal	L'Oreal	Buy	+1,023+17.6%	$2.19K	6,821
Q2 2020Jun 30, 2020	DIS Walt Disney Company (The)	Walt Disney Company (The)	Buy	+810+18.8%	$570.00	5,113
Q2 2020Jun 30, 2020	COST Costco Wholesale Corporation	Costco Wholesale Corporation	Buy	+390+7.8%	$1.64K	5,419
Q2 2020Jun 30, 2020	PEP Pepsico, Inc.	Pepsico, Inc.	Buy	+201+0.9%	$3.13K	23,675
Q2 2020Jun 30, 2020	CABO Cable One, Inc.	Cable One, Inc.	Buy - Position Entry	+168	$298.00	168
Q2 2020Jun 30, 2020	ABBV AbbVie Inc.	AbbVie Inc.	Buy	+84+0.7%	$1.24K	12,594
Q2 2020Jun 30, 2020	TFC Truist Financial Corporation	Truist Financial Corporation	Buy	+61+0.6%	$391.00	10,402
Q2 2020Jun 30, 2020	MTB M&T Bank Corporation	M&T Bank Corporation	Buy	+47+1.1%	$464.00	4,458
Q2 2020Jun 30, 2020	WMT Walmart Inc.	Walmart Inc.	Sell	-150-3.2%	$549.00	4,580
Q2 2020Jun 30, 2020	MSFT Microsoft Corporation	Microsoft Corporation	Sell	-150-4.2%	$701.00	3,445
Q2 2020Jun 30, 2020	BRK-A Berkshire Hathaway Inc.	Berkshire Hathaway Inc.	Sell	-164-4.3%	$965.75K	3,613
Q2 2020Jun 30, 2020	GOOGL Alphabet Inc.	Alphabet Inc.	Sell	-285-16.3%	$2.08K	1,463
Q2 2020Jun 30, 2020	MKL Markel Group Inc.	Markel Group Inc.	Sell	-300-4.0%	$6.58K	7,127
Q2 2020Jun 30, 2020	MKC McCormick & Company, Incorporat	McCormick & Company, Incorporat	Sell	-325-1.2%	$4.81K	26,821
Q2 2020Jun 30, 2020	DOV Dover Corporation	Dover Corporation	Sell	-930-2.3%	$3.88K	40,135
Q2 2020Jun 30, 2020	ORLY O'Reilly Automotive, Inc.	O'Reilly Automotive, Inc.	Sell - Position Exit	-1,000-100.0%	$0.00	-
Q2 2020Jun 30, 2020	HRL Hormel Foods Corporation	Hormel Foods Corporation	Sell	-1,403-1.0%	$6.98K	144,671
Q2 2020Jun 30, 2020	VMC Vulcan Materials Company (Holdi	Vulcan Materials Company (Holdi	Sell	-4,554-6.4%	$7.72K	66,650
Q2 2020Jun 30, 2020	DEO Diageo plc	Diageo plc	Sell	-4,847-2.1%	$29.91K	222,559
Q2 2020Jun 30, 2020	MLKN MillerKnoll, Inc.	MillerKnoll, Inc.	Sell	-7,250-4.4%	$3.70K	156,731
Q2 2020Jun 30, 2020	EVF Eaton Vance Senior Income Trust	Eaton Vance Senior Income Trust	Sell	-8,706-2.8%	$1.63K	306,404
Q2 2020Jun 30, 2020	AXP American Express Company	American Express Company	Sell	-10,095-8.3%	$10.62K	111,548
Q2 2020Jun 30, 2020	COTY Coty Inc.	Coty Inc.	Sell - Position Exit	-13,297-100.0%	$0.00	-
Q2 2020Jun 30, 2020	KO Coca-Cola Company (The)	Coca-Cola Company (The)	Sell	-26,935-33.8%	$2.35K	52,672
Q2 2020Jun 30, 2020	V Visa Inc.	Visa Inc.	Sell	-28,291-5.5%	$93.65K	484,822
Q2 2020Jun 30, 2020	OUT Outfront Media	Outfront Media	Sell	-28,872-8.3%	$4.52K	318,810
Q2 2020Jun 30, 2020	FMX Fomento Economico Mexicano S.A.	Fomento Economico Mexicano S.A.	Sell	-32,877-39.4%	$3.13K	50,499
Q2 2020Jun 30, 2020	BRK-B Berkshire Hathaway Inc. New	Berkshire Hathaway Inc. New	Sell	-85,869-4.0%	$364.02K	2,039,228
Q2 2020Jun 30, 2020	MLM Martin Marietta Materials, Inc.	Martin Marietta Materials, Inc.	Sell	-85,880-5.2%	$323.06K	1,563,936

Page 43 of 88 • 2628 total trades

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