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 2017Dec 31, 2017	WFC-L Wells Fargo	Wells Fargo	Buy - Position Entry	+18	$24.00	18
Q4 2017Dec 31, 2017	MKC McCormick & Company, Incorporat	McCormick & Company, Incorporat	Sell	-50-0.1%	$3.42K	33,605
Q4 2017Dec 31, 2017	DIS Walt Disney Company (The)	Walt Disney Company (The)	Sell	-100-2.1%	$495.00	4,603
Q4 2017Dec 31, 2017	BRK-A Berkshire Hathaway Inc.	Berkshire Hathaway Inc.	Sell	-135-2.8%	$1.39M	4,680
Q4 2017Dec 31, 2017	MCD McDonald's Corporation	McDonald's Corporation	Sell	-145-4.3%	$557.00	3,235
Q4 2017Dec 31, 2017	SLB Schlumberger N.V.	Schlumberger N.V.	Sell	-165-3.8%	$285.00	4,225
Q4 2017Dec 31, 2017	FULT Fulton Financial Corporation	Fulton Financial Corporation	Sell	-250-0.2%	$2.09K	116,822
Q4 2017Dec 31, 2017	LAMR Lamar Advertising Company	Lamar Advertising Company	Sell	-320-2.6%	$904.00	12,170
Q4 2017Dec 31, 2017	CC Chemours Company (The)	Chemours Company (The)	Sell	-391-5.8%	$320.00	6,388
Q4 2017Dec 31, 2017	PSX Phillips 66	Phillips 66	Sell	-500-22.0%	$179.00	1,770
Q4 2017Dec 31, 2017	AXP American Express Company	American Express Company	Sell	-550-0.3%	$16.37K	164,801
Q4 2017Dec 31, 2017	IBM International Business Machines	International Business Machines	Sell	-596-7.3%	$1.16K	7,588
Q4 2017Dec 31, 2017	DOV Dover Corporation	Dover Corporation	Sell	-650-1.2%	$5.35K	53,016
Q4 2017Dec 31, 2017	COTY Coty Inc.	Coty Inc.	Sell	-931-2.2%	$826.00	41,543
Q4 2017Dec 31, 2017	HRL Hormel Foods Corporation	Hormel Foods Corporation	Sell	-959-0.6%	$5.76K	158,314
Q4 2017Dec 31, 2017	PEP Pepsico, Inc.	Pepsico, Inc.	Sell	-1,025-2.9%	$4.10K	34,175
Q4 2017Dec 31, 2017	MLKN MillerKnoll, Inc.	MillerKnoll, Inc.	Sell	-1,225-0.6%	$8.18K	204,191
Q4 2017Dec 31, 2017	WMT Walmart Inc.	Walmart Inc.	Sell	-1,390-19.8%	$555.00	5,619
Q4 2017Dec 31, 2017	BTI British American Tobacco Indus	British American Tobacco Indus	Sell	-1,625-12.9%	$733.00	10,947
Q4 2017Dec 31, 2017	PNC PNC Financial Services Group, I	PNC Financial Services Group, I	Sell	-1,800-7.9%	$3.04K	21,090
Q4 2017Dec 31, 2017	PG Procter & Gamble Company (The)	Procter & Gamble Company (The)	Sell	-1,843-3.0%	$5.55K	60,424
Q4 2017Dec 31, 2017	MKL Markel Group Inc.	Markel Group Inc.	Sell	-2,575-23.6%	$9.49K	8,333
Q4 2017Dec 31, 2017	ABBV AbbVie Inc.	AbbVie Inc.	Sell	-3,700-20.8%	$1.36K	14,100
Q4 2017Dec 31, 2017	ABT Abbott Laboratories	Abbott Laboratories	Sell	-3,700-22.4%	$730.00	12,800
Q4 2017Dec 31, 2017	HEINY Heineken N.V.	Heineken N.V.	Sell	-6,475-15.4%	$1.85K	35,482
Q4 2017Dec 31, 2017	CVX Chevron Corporation	Chevron Corporation	Sell	-7,037-29.0%	$2.16K	17,219
Q4 2017Dec 31, 2017	BRK-B Berkshire Hathaway Inc. New	Berkshire Hathaway Inc. New	Sell	-18,347-0.7%	$495.55K	2,499,995
Q4 2017Dec 31, 2017	MLM Martin Marietta Materials, Inc.	Martin Marietta Materials, Inc.	Sell	-22,394-1.1%	$444.68K	2,011,757
Q4 2017Dec 31, 2017	DEO Diageo	Diageo	Sell	-32,640-7.1%	$62.61K	428,725
Q4 2017Dec 31, 2017	KO Coca-Cola Company (The)	Coca-Cola Company (The)	Sell	-34,365-20.9%	$5.98K	130,412

Page 65 of 88 • 2628 total trades

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