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
Q3 2019Sep 30, 2019	PM Philip Morris International Inc	Philip Morris International Inc	Sell	-234,413-2.5%	$689.70K	9,083,335
Q3 2019Sep 30, 2019	MA Mastercard Incorporated	Mastercard Incorporated	Sell	-242,751-3.5%	$1.81M	6,672,200
Q3 2019Sep 30, 2019	CFRHF Compagnie Financiere Richemont	Compagnie Financiere Richemont	Sell	-274,610-2.6%	$764.51K	10,411,579
Q3 2019Sep 30, 2019	NSRGY Nestle S.A.	Nestle S.A.	Sell	-343,523-2.6%	$1.41M	13,036,690
Q3 2019Sep 30, 2019	MO Altria Group, Inc.	Altria Group, Inc.	Sell	-1,703,566-34.1%	$134.39K	3,285,894
Q2 2019Jun 30, 2019	GOOG Alphabet Inc.	Alphabet Inc.	Buy	+102,215+109.5%	$211.35K	195,534
Q2 2019Jun 30, 2019	CTVA Corteva, Inc.	Corteva, Inc.	Buy - Position Entry	+15,306	$453.00	15,306
Q2 2019Jun 30, 2019	DD DuPont de Nemours, Inc.	DuPont de Nemours, Inc.	Buy - Position Entry	+15,306	$1.15K	15,306
Q2 2019Jun 30, 2019	DOW Dow Inc.	Dow Inc.	Buy - Position Entry	+15,239	$751.00	15,239
Q2 2019Jun 30, 2019	BUD Anheuser-Busch Inbev SA Sponsor	Anheuser-Busch Inbev SA Sponsor	Buy - Position Entry	+4,193	$371.00	4,193
Q2 2019Jun 30, 2019	EVF Eaton Vance Senior Income Trust	Eaton Vance Senior Income Trust	Buy	+2,653+0.9%	$1.88K	302,095
Q2 2019Jun 30, 2019	VMC Vulcan Materials Company (Holdi	Vulcan Materials Company (Holdi	Buy	+1,424+2.6%	$7.63K	55,587
Q2 2019Jun 30, 2019	NSRGF Nestle REG	Nestle REG	Buy	+1,196+2.9%	$4.38K	42,250
Q2 2019Jun 30, 2019	JPM JP Morgan Chase & Co.	JP Morgan Chase & Co.	Buy	+71+0.6%	$1.36K	12,148
Q2 2019Jun 30, 2019	MTB M&T Bank Corporation	M&T Bank Corporation	Buy	+27+0.6%	$780.00	4,586
Q2 2019Jun 30, 2019	GOOGL Alphabet Inc.	Alphabet Inc.	Buy	+14+0.8%	$2.00K	1,844
Q2 2019Jun 30, 2019	MRK Merck & Company, Inc.	Merck & Company, Inc.	Sell	-5-0.2%	$233.00	2,781
Q2 2019Jun 30, 2019	BP BP p.l.c.	BP p.l.c.	Sell	-7-0.1%	$213.00	5,099
Q2 2019Jun 30, 2019	DIS Walt Disney Company (The)	Walt Disney Company (The)	Sell	-15-0.3%	$612.00	4,383
Q2 2019Jun 30, 2019	PNC PNC Financial Services Group, I	PNC Financial Services Group, I	Sell	-72-0.4%	$2.40K	17,496
Q2 2019Jun 30, 2019	WMT Walmart Inc.	Walmart Inc.	Sell	-85-1.7%	$536.00	4,855
Q2 2019Jun 30, 2019	MKL Markel Group Inc.	Markel Group Inc.	Sell	-85-1.1%	$8.37K	7,684
Q2 2019Jun 30, 2019	BRK-A Berkshire Hathaway Inc.	Berkshire Hathaway Inc.	Sell	-96-2.3%	$1.27M	4,002
Q2 2019Jun 30, 2019	UNP Union Pacific Corporation	Union Pacific Corporation	Sell	-110-6.1%	$287.00	1,700
Q2 2019Jun 30, 2019	COST Costco Wholesale Corporation	Costco Wholesale Corporation	Sell	-135-2.6%	$1.35K	5,092
Q2 2019Jun 30, 2019	HRL Hormel Foods Corporation	Hormel Foods Corporation	Sell	-200-0.1%	$6.21K	153,293
Q2 2019Jun 30, 2019	DOV Dover Corporation	Dover Corporation	Sell	-275-0.6%	$4.36K	43,501
Q2 2019Jun 30, 2019	XOM Exxon Mobil Corporation	Exxon Mobil Corporation	Sell	-352-0.2%	$11.57K	150,932
Q2 2019Jun 30, 2019	CFRUY Compagnie Financiere Richemont	Compagnie Financiere Richemont	Sell	-355-0.2%	$1.27K	149,520
Q2 2019Jun 30, 2019	LAMR Lamar Advertising Company	Lamar Advertising Company	Sell	-368-4.2%	$677.00	8,388

Page 50 of 88 • 2628 total trades

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