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 2019Dec 31, 2019	MKC McCormick & Company, Incorporat	McCormick & Company, Incorporat	Sell	-50-0.2%	$4.87K	28,700
Q4 2019Dec 31, 2019	MKL Markel Group Inc.	Markel Group Inc.	Sell	-50-0.7%	$8.61K	7,527
Q4 2019Dec 31, 2019	BRK-A Berkshire Hathaway Inc.	Berkshire Hathaway Inc.	Sell	-76-1.9%	$1.31M	3,850
Q4 2019Dec 31, 2019	MSFT Microsoft Corporation	Microsoft Corporation	Sell	-100-2.6%	$583.00	3,695
Q4 2019Dec 31, 2019	AAPL Apple Inc.	Apple Inc.	Sell	-100-4.8%	$586.00	1,995
Q4 2019Dec 31, 2019	ABBV AbbVie Inc.	AbbVie Inc.	Sell	-200-1.5%	$1.13K	12,810
Q4 2019Dec 31, 2019	DOV Dover Corporation	Dover Corporation	Sell	-200-0.5%	$4.85K	42,065
Q4 2019Dec 31, 2019	FULT Fulton Financial Corporation	Fulton Financial Corporation	Sell	-250-0.2%	$2.04K	117,274
Q4 2019Dec 31, 2019	COTY Coty Inc.	Coty Inc.	Sell	-314-2.2%	$160.00	14,186
Q4 2019Dec 31, 2019	CVX Chevron Corporation	Chevron Corporation	Sell	-400-4.4%	$1.04K	8,648
Q4 2019Dec 31, 2019	PNC PNC Financial Services Group, I	PNC Financial Services Group, I	Sell	-475-2.7%	$2.71K	16,988
Q4 2019Dec 31, 2019	VMC Vulcan Materials Company (Holdi	Vulcan Materials Company (Holdi	Sell	-633-1.1%	$8.16K	56,659
Q4 2019Dec 31, 2019	LRLCF L'Oreal	L'Oreal	Sell	-668-11.9%	$1.46K	4,923
Q4 2019Dec 31, 2019	PG Procter & Gamble Company (The)	Procter & Gamble Company (The)	Sell	-812-2.1%	$4.75K	38,025
Q4 2019Dec 31, 2019	HRL Hormel Foods Corporation	Hormel Foods Corporation	Sell	-863-0.6%	$6.80K	150,805
Q4 2019Dec 31, 2019	PEP Pepsico, Inc.	Pepsico, Inc.	Sell	-1,677-6.5%	$3.29K	24,068
Q4 2019Dec 31, 2019	MLKN MillerKnoll, Inc.	MillerKnoll, Inc.	Sell	-2,300-1.4%	$6.93K	166,481
Q4 2019Dec 31, 2019	XOM Exxon Mobil Corporation	Exxon Mobil Corporation	Sell	-2,912-2.0%	$10.19K	146,062
Q4 2019Dec 31, 2019	DEO Diageo plc	Diageo plc	Sell	-3,565-1.5%	$39.14K	232,405
Q4 2019Dec 31, 2019	HINKF Heineken	Heineken	Sell	-5,150-11.3%	$4.33K	40,588
Q4 2019Dec 31, 2019	KO Coca-Cola Company (The)	Coca-Cola Company (The)	Sell	-5,313-5.0%	$5.55K	100,254
Q4 2019Dec 31, 2019	AXP American Express Company	American Express Company	Sell	-5,687-4.1%	$16.42K	131,870
Q4 2019Dec 31, 2019	CFRUY Compagnie Financiere Richemont	Compagnie Financiere Richemont	Sell	-7,224-4.3%	$1.26K	159,951
Q4 2019Dec 31, 2019	V Visa Inc.	Visa Inc.	Sell	-7,569-1.5%	$93.01K	495,011
Q4 2019Dec 31, 2019	OUT OUTFRONT Media Inc.	OUTFRONT Media Inc.	Sell	-11,155-3.4%	$8.50K	317,032
Q4 2019Dec 31, 2019	FMX Fomento Economico Mexicano S.A.	Fomento Economico Mexicano S.A.	Sell	-23,917-18.3%	$10.08K	106,688
Q4 2019Dec 31, 2019	MLM Martin Marietta Materials, Inc.	Martin Marietta Materials, Inc.	Sell	-50,423-2.9%	$471.82K	1,687,254
Q4 2019Dec 31, 2019	BRK-B Berkshire Hathaway Inc. New	Berkshire Hathaway Inc. New	Sell	-55,786-2.5%	$499.86K	2,206,875
Q4 2019Dec 31, 2019	BF-B Brown Forman Inc	Brown Forman Inc	Sell	-81,640-4.5%	$116.38K	1,721,550
Q4 2019Dec 31, 2019	PDRDF Pernod Ricard	Pernod Ricard	Sell	-93,487-1.9%	$866.88K	4,844,875

Page 47 of 88 • 2628 total trades

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