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
Q1 2018Mar 31, 2018	BRK-B Berkshire Hathaway Inc. New	Berkshire Hathaway Inc. New	Buy	+50,081+2.0%	$508.69K	2,550,076
Q1 2018Mar 31, 2018	HINKF Heineken	Heineken	Buy - Position Entry	+47,288	$5.08K	47,288
Q1 2018Mar 31, 2018	NSRGF Nestle REG	Nestle REG	Buy - Position Entry	+41,000	$3.24K	41,000
Q1 2018Mar 31, 2018	COST Costco Wholesale Corporation	Costco Wholesale Corporation	Buy - Position Entry	+5,473	$1.03K	5,473
Q1 2018Mar 31, 2018	LRLCF L'Oreal	L'Oreal	Buy - Position Entry	+4,810	$1.08K	4,810
Q1 2018Mar 31, 2018	UNM Unum Group	Unum Group	Buy - Position Entry	+4,500	$214.00	4,500
Q1 2018Mar 31, 2018	VMC Vulcan Materials Company (Holdi	Vulcan Materials Company (Holdi	Buy	+4,090+27.8%	$2.15K	18,820
Q1 2018Mar 31, 2018	MLM Martin Marietta Materials, Inc.	Martin Marietta Materials, Inc.	Buy	+3,841+0.2%	$417.83K	2,015,598
Q1 2018Mar 31, 2018	FULT Fulton Financial Corporation	Fulton Financial Corporation	Buy	+3,432+2.9%	$2.13K	120,254
Q1 2018Mar 31, 2018	GOOG Alphabet Inc.	Alphabet Inc.	Buy - Position Entry	+2,184	$2.25K	2,184
Q1 2018Mar 31, 2018	HRL Hormel Foods Corporation	Hormel Foods Corporation	Buy	+2,060+1.3%	$5.50K	160,374
Q1 2018Mar 31, 2018	JPM JP Morgan Chase & Co.	JP Morgan Chase & Co.	Buy - Position Entry	+2,000	$220.00	2,000
Q1 2018Mar 31, 2018	GOOGL Alphabet Inc.	Alphabet Inc.	Buy - Position Entry	+1,871	$1.94K	1,871
Q1 2018Mar 31, 2018	USB U.S. Bancorp	U.S. Bancorp	Buy	+1,514+54.1%	$218.00	4,314
Q1 2018Mar 31, 2018	MMM 3M Company	3M Company	Buy - Position Entry	+1,425	$313.00	1,425
Q1 2018Mar 31, 2018	ORLY O'Reilly Automotive, Inc.	O'Reilly Automotive, Inc.	Buy - Position Entry	+1,100	$272.00	1,100
Q1 2018Mar 31, 2018	KHC The Kraft Heinz Company	The Kraft Heinz Company	Buy	+1,000+4.4%	$1.47K	23,535
Q1 2018Mar 31, 2018	BP BP p.l.c.	BP p.l.c.	Buy	+823+18.4%	$215.00	5,298
Q1 2018Mar 31, 2018	FMX Fomento Economico Mexicano S.A.	Fomento Economico Mexicano S.A.	Buy	+777+0.6%	$12.65K	138,417
Q1 2018Mar 31, 2018	JNJ Johnson & Johnson	Johnson & Johnson	Buy	+400+30.4%	$220.00	1,715
Q1 2018Mar 31, 2018	MSFT Microsoft Corporation	Microsoft Corporation	Buy	+350+8.0%	$434.00	4,750
Q1 2018Mar 31, 2018	AAPL Apple Inc.	Apple Inc.	Buy	+245+16.9%	$284.00	1,695
Q1 2018Mar 31, 2018	COCXF Lindt & Spruengli	Lindt & Spruengli	Buy - Position Entry	+27	$1.96K	27
Q1 2018Mar 31, 2018	CC Chemours Company (The)	Chemours Company (The)	Buy	+20+0.3%	$312.00	6,408
Q1 2018Mar 31, 2018	BRK-A Berkshire Hathaway Inc.	Berkshire Hathaway Inc.	Sell	-14-0.3%	$1.40M	4,666
Q1 2018Mar 31, 2018	WFC-L Wells Fargo	Wells Fargo	Sell - Position Exit	-18-100.0%	$0.00	-
Q1 2018Mar 31, 2018	BAC.PRN Bank of America	Bank of America	Sell - Position Exit	-21-100.0%	$0.00	-
Q1 2018Mar 31, 2018	MKC McCormick & Company, Incorporat	McCormick & Company, Incorporat	Sell	-50-0.1%	$3.57K	33,555
Q1 2018Mar 31, 2018	DE Deere & Company	Deere & Company	Sell - Position Exit	-65-100.0%	$0.00	-
Q1 2018Mar 31, 2018	AMZN Amazon.com, Inc.	Amazon.com, Inc.	Sell - Position Exit	-75-100.0%	$0.00	-

Page 60 of 88 • 2628 total trades

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