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 2018Sep 30, 2018	DOV Dover Corporation	Dover Corporation	Sell	-1,000-1.9%	$4.45K	50,291
Q3 2018Sep 30, 2018	PNC PNC Financial Services Group, I	PNC Financial Services Group, I	Sell	-1,392-6.6%	$2.67K	19,568
Q3 2018Sep 30, 2018	PG Procter & Gamble Company (The)	Procter & Gamble Company (The)	Sell	-1,403-2.9%	$3.95K	47,439
Q3 2018Sep 30, 2018	FMX Fomento Economico Mexicano S.A.	Fomento Economico Mexicano S.A.	Sell	-1,575-1.0%	$16.07K	162,402
Q3 2018Sep 30, 2018	JNJ Johnson & Johnson	Johnson & Johnson	Sell - Position Exit	-1,715-100.0%	$0.00	-
Q3 2018Sep 30, 2018	KO Coca-Cola Company (The)	Coca-Cola Company (The)	Sell	-2,675-2.2%	$5.51K	119,308
Q3 2018Sep 30, 2018	AXP American Express Company	American Express Company	Sell	-2,955-1.6%	$18.90K	177,446
Q3 2018Sep 30, 2018	MLM Martin Marietta Materials, Inc.	Martin Marietta Materials, Inc.	Sell	-3,908-0.2%	$361.59K	1,987,280
Q3 2018Sep 30, 2018	IBM International Business Machines	International Business Machines	Sell	-3,932-71.5%	$238.00	1,571
Q3 2018Sep 30, 2018	SLB Schlumberger N.V.	Schlumberger N.V.	Sell - Position Exit	-4,225-100.0%	$0.00	-
Q3 2018Sep 30, 2018	MLKN MillerKnoll, Inc.	MillerKnoll, Inc.	Sell	-5,625-2.9%	$7.31K	190,266
Q3 2018Sep 30, 2018	V Visa Inc.	Visa Inc.	Sell	-7,440-1.2%	$92.54K	616,572
Q3 2018Sep 30, 2018	BF-A Brown Forman Inc	Brown Forman Inc	Sell	-12,082-0.3%	$218.20K	4,295,327
Q3 2018Sep 30, 2018	DEO Diageo	Diageo	Sell	-12,178-3.0%	$55.32K	390,477
Q3 2018Sep 30, 2018	DANOY Danone	Danone	Sell	-19,010-2.2%	$12.84K	828,970
Q3 2018Sep 30, 2018	PDRDF Pernod Ricard	Pernod Ricard	Sell	-43,961-0.7%	$959.97K	5,849,165
Q3 2018Sep 30, 2018	CMCSA Comcast Corporation	Comcast Corporation	Sell	-77,574-1.1%	$247.94K	7,002,063
Q3 2018Sep 30, 2018	MO Altria Group, Inc.	Altria Group, Inc.	Sell	-92,271-1.7%	$328.62K	5,448,807
Q3 2018Sep 30, 2018	PM Philip Morris International Inc	Philip Morris International Inc	Sell	-96,319-0.9%	$839.95K	10,301,119
Q3 2018Sep 30, 2018	DGEAF Diageo	Diageo	Sell	-108,930-1.4%	$280.23K	7,903,324
Q3 2018Sep 30, 2018	BF-B Brown Forman Inc	Brown Forman Inc	Sell	-132,603-5.0%	$127.00K	2,512,409
Q3 2018Sep 30, 2018	NSRGY Nestle S.A.	Nestle S.A.	Sell	-302,053-1.9%	$1.28M	15,392,326
Q3 2018Sep 30, 2018	MA Mastercard Incorporated	Mastercard Incorporated	Sell	-308,279-3.6%	$1.86M	8,351,354
Q2 2018Jun 30, 2018	BUDFF AB InBev	AB InBev	Buy	+423,647+5.6%	$813.19K	8,051,913
Q2 2018Jun 30, 2018	LTGIF LT Group	LT Group	Buy	+335,000+55.8%	$317.00	935,000
Q2 2018Jun 30, 2018	DANOY Danone	Danone	Buy	+131,465+18.3%	$12.45K	847,980
Q2 2018Jun 30, 2018	OUT Outfront Media	Outfront Media	Buy	+115,307+33.9%	$8.86K	455,386
Q2 2018Jun 30, 2018	CFRUY Compagnie Financiere Richemont	Compagnie Financiere Richemont	Buy	+54,610+33.0%	$1.86K	220,170
Q2 2018Jun 30, 2018	GOOG Alphabet Inc.	Alphabet Inc.	Buy	+54,540+2497.3%	$63.28K	56,724
Q2 2018Jun 30, 2018	V Visa Inc.	Visa Inc.	Buy	+54,432+9.6%	$82.65K	624,012

Page 57 of 88 • 2628 total trades

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