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 2019Jun 30, 2019	NSRGY Nestle S.A.	Nestle S.A.	Sell	-462,270-3.3%	$1.38M	13,380,213
Q2 2019Jun 30, 2019	MA Mastercard Incorporated	Mastercard Incorporated	Sell	-521,695-7.0%	$1.83M	6,914,951
Q2 2019Jun 30, 2019	DGEAF Diageo	Diageo	Sell	-525,750-8.4%	$246.55K	5,724,594
Q1 2019Mar 31, 2019	BUDFF AB InBev	AB InBev	Buy	+253,689+3.3%	$676.04K	8,053,414
Q1 2019Mar 31, 2019	CFRUY Compagnie Financiere Richemont	Compagnie Financiere Richemont	Buy	+51,980+53.1%	$1.09K	149,875
Q1 2019Mar 31, 2019	CC Chemours Company (The)	Chemours Company (The)	Buy - Position Entry	+6,416	$238.00	6,416
Q1 2019Mar 31, 2019	BP BP p.l.c.	BP p.l.c.	Buy - Position Entry	+5,106	$223.00	5,106
Q1 2019Mar 31, 2019	USB U.S. Bancorp	U.S. Bancorp	Buy - Position Entry	+4,314	$208.00	4,314
Q1 2019Mar 31, 2019	ORCL Oracle Corporation	Oracle Corporation	Buy - Position Entry	+4,000	$215.00	4,000
Q1 2019Mar 31, 2019	EVF Eaton Vance Senior Income Trust	Eaton Vance Senior Income Trust	Buy	+2,516+0.8%	$1.84K	299,442
Q1 2019Mar 31, 2019	HEINY Heineken N.V.	Heineken N.V.	Buy	+2,497+9.4%	$1.53K	29,009
Q1 2019Mar 31, 2019	IBM International Business Machines	International Business Machines	Buy - Position Entry	+1,512	$213.00	1,512
Q1 2019Mar 31, 2019	GOOG Alphabet Inc.	Alphabet Inc.	Buy	+749+0.8%	$109.49K	93,319
Q1 2019Mar 31, 2019	VMC Vulcan Materials Company (Holdi	Vulcan Materials Company (Holdi	Buy	+363+0.7%	$6.41K	54,163
Q1 2019Mar 31, 2019	LRLCF L'Oreal	L'Oreal	Buy	+338+7.2%	$1.35K	5,018
Q1 2019Mar 31, 2019	JPM JP Morgan Chase & Co.	JP Morgan Chase & Co.	Buy	+77+0.6%	$1.22K	12,077
Q1 2019Mar 31, 2019	NSRGF Nestle REG	Nestle REG	Buy	+54+0.1%	$3.91K	41,054
Q1 2019Mar 31, 2019	MTB M&T Bank Corporation	M&T Bank Corporation	Buy	+30+0.7%	$716.00	4,559
Q1 2019Mar 31, 2019	GOOGL Alphabet Inc.	Alphabet Inc.	Buy	+17+0.9%	$2.15K	1,830
Q1 2019Mar 31, 2019	MCD McDonald's Corporation	McDonald's Corporation	Buy	+5+0.2%	$564.00	2,970
Q1 2019Mar 31, 2019	DIS Walt Disney Company (The)	Walt Disney Company (The)	Sell	-70-1.6%	$488.00	4,398
Q1 2019Mar 31, 2019	UNP Union Pacific Corporation	Union Pacific Corporation	Sell	-100-5.2%	$303.00	1,810
Q1 2019Mar 31, 2019	WMT Walmart Inc.	Walmart Inc.	Sell	-115-2.3%	$482.00	4,940
Q1 2019Mar 31, 2019	MKL Markel Group Inc.	Markel Group Inc.	Sell	-151-1.9%	$7.74K	7,769
Q1 2019Mar 31, 2019	BRK-A Berkshire Hathaway Inc.	Berkshire Hathaway Inc.	Sell	-319-7.2%	$1.23M	4,098
Q1 2019Mar 31, 2019	XOM Exxon Mobil Corporation	Exxon Mobil Corporation	Sell	-332-0.2%	$12.22K	151,284
Q1 2019Mar 31, 2019	PNC PNC Financial Services Group, I	PNC Financial Services Group, I	Sell	-600-3.3%	$2.15K	17,568
Q1 2019Mar 31, 2019	CVX Chevron Corporation	Chevron Corporation	Sell	-650-6.1%	$1.23K	10,013
Q1 2019Mar 31, 2019	DOV Dover Corporation	Dover Corporation	Sell	-915-2.0%	$4.11K	43,776
Q1 2019Mar 31, 2019	ABBV AbbVie Inc.	AbbVie Inc.	Sell	-956-6.8%	$1.05K	13,010

Page 52 of 88 • 2628 total trades

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