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 2018Dec 31, 2018	FMX Fomento Economico Mexicano S.A.	Fomento Economico Mexicano S.A.	Sell	-9,407-5.8%	$13.16K	152,995
Q4 2018Dec 31, 2018	AXP American Express Company	American Express Company	Sell	-13,697-7.7%	$15.61K	163,749
Q4 2018Dec 31, 2018	HEINY Heineken N.V.	Heineken N.V.	Sell	-14,665-35.6%	$1.17K	26,512
Q4 2018Dec 31, 2018	DEO Diageo plc	Diageo plc	Sell	-26,421-6.8%	$51.62K	364,056
Q4 2018Dec 31, 2018	V Visa Inc.	Visa Inc.	Sell	-32,111-5.2%	$77.11K	584,461
Q4 2018Dec 31, 2018	WFC Wells Fargo & Company	Wells Fargo & Company	Sell	-35,138-0.3%	$614.77K	13,341,454
Q4 2018Dec 31, 2018	MLM Martin Marietta Materials, Inc.	Martin Marietta Materials, Inc.	Sell	-42,343-2.1%	$334.28K	1,944,937
Q4 2018Dec 31, 2018	OUT Outfront Media	Outfront Media	Sell	-47,670-10.4%	$7.43K	410,326
Q4 2018Dec 31, 2018	BRK-B Berkshire Hathaway Inc. New	Berkshire Hathaway Inc. New	Sell	-66,488-2.6%	$507.44K	2,485,257
Q4 2018Dec 31, 2018	BF-A Brown Forman Inc	Brown Forman Inc	Sell	-78,402-1.8%	$199.97K	4,216,925
Q4 2018Dec 31, 2018	BF-B Brown Forman Inc	Brown Forman Inc	Sell	-92,962-3.7%	$115.12K	2,419,447
Q4 2018Dec 31, 2018	DANOY Danone	Danone	Sell	-97,521-11.8%	$10.29K	731,449
Q4 2018Dec 31, 2018	MO Altria Group, Inc.	Altria Group, Inc.	Sell	-116,831-2.1%	$263.35K	5,331,976
Q4 2018Dec 31, 2018	CFRUY Compagnie Financiere Richemont	Compagnie Financiere Richemont	Sell	-133,125-57.6%	$626.00	97,895
Q4 2018Dec 31, 2018	CFRHF Compagnie Financiere Richemont	Compagnie Financiere Richemont	Sell	-167,468-1.4%	$733.44K	11,476,544
Q4 2018Dec 31, 2018	PDRDF Pernod Ricard	Pernod Ricard	Sell	-209,613-3.6%	$923.83K	5,639,552
Q4 2018Dec 31, 2018	CMCSA Comcast Corporation	Comcast Corporation	Sell	-222,252-3.2%	$230.85K	6,779,811
Q4 2018Dec 31, 2018	BUDFF AB InBev	AB InBev	Sell	-261,557-3.2%	$514.47K	7,799,725
Q4 2018Dec 31, 2018	HKHHF Heineken Holding	Heineken Holding	Sell	-272,694-2.6%	$869.59K	10,314,562
Q4 2018Dec 31, 2018	MA Mastercard Incorporated	Mastercard Incorporated	Sell	-273,552-3.3%	$1.52M	8,077,802
Q4 2018Dec 31, 2018	PM Philip Morris International Inc	Philip Morris International Inc	Sell	-277,019-2.7%	$669.21K	10,024,100
Q4 2018Dec 31, 2018	DGEAF Diageo	Diageo	Sell	-325,176-4.1%	$269.76K	7,578,148
Q4 2018Dec 31, 2018	NSRGY Nestle S.A.	Nestle S.A.	Sell	-494,760-3.2%	$1.21M	14,897,566
Q3 2018Sep 30, 2018	WFC Wells Fargo & Company	Wells Fargo & Company	Buy	+1,102,815+9.0%	$703.07K	13,376,592
Q3 2018Sep 30, 2018	CFRHF Compagnie Financiere Richemont	Compagnie Financiere Richemont	Buy	+140,186+1.2%	$953.65K	11,644,012
Q3 2018Sep 30, 2018	LTGIF LT Group	LT Group	Buy	+65,000+7.0%	$267.00	1,000,000
Q3 2018Sep 30, 2018	HKHHF Heineken Holding	Heineken Holding	Buy	+24,499+0.2%	$959.17K	10,587,256
Q3 2018Sep 30, 2018	BRK-B Berkshire Hathaway Inc. New	Berkshire Hathaway Inc. New	Buy	+24,097+1.0%	$546.35K	2,551,745
Q3 2018Sep 30, 2018	CFRUY Compagnie Financiere Richemont	Compagnie Financiere Richemont	Buy	+10,850+4.9%	$1.89K	231,020
Q3 2018Sep 30, 2018	JPM JP Morgan Chase & Co.	JP Morgan Chase & Co.	Buy	+9,520+476.0%	$1.30K	11,520

Page 55 of 88 • 2628 total trades

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