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 2017Mar 31, 2017	SLB Schlumberger N.V.	Schlumberger N.V.	Sell	-25-0.5%	$401.00	5,140
Q1 2017Mar 31, 2017	BRK-A Berkshire Hathaway Inc.	Berkshire Hathaway Inc.	Sell	-30-0.6%	$1.22M	4,882
Q1 2017Mar 31, 2017	PNC PNC Financial Services Group, I	PNC Financial Services Group, I	Sell	-110-0.5%	$2.78K	23,090
Q1 2017Mar 31, 2017	IBM International Business Machines	International Business Machines	Sell	-390-4.1%	$1.59K	9,159
Q1 2017Mar 31, 2017	LAMR Lamar Advertising Company	Lamar Advertising Company	Sell	-475-3.4%	$1.01K	13,500
Q1 2017Mar 31, 2017	MKL Markel Group Inc.	Markel Group Inc.	Sell	-500-4.3%	$10.99K	11,262
Q1 2017Mar 31, 2017	MKC McCormick & Company, Incorporat	McCormick & Company, Incorporat	Sell	-550-1.6%	$3.30K	33,805
Q1 2017Mar 31, 2017	HTLD Heartland Express, Inc.	Heartland Express, Inc.	Sell	-600-4.8%	$239.00	11,899
Q1 2017Mar 31, 2017	COTY Coty Inc.	Coty Inc.	Sell	-866-1.9%	$802.00	44,210
Q1 2017Mar 31, 2017	ABBV AbbVie Inc.	AbbVie Inc.	Sell	-906-5.3%	$1.06K	16,200
Q1 2017Mar 31, 2017	PEP Pepsico, Inc.	Pepsico, Inc.	Sell	-948-2.6%	$4.02K	35,919
Q1 2017Mar 31, 2017	FULT Fulton Financial Corporation	Fulton Financial Corporation	Sell	-1,000-1.1%	$1.55K	86,843
Q1 2017Mar 31, 2017	PG Procter & Gamble Company (The)	Procter & Gamble Company (The)	Sell	-1,093-1.7%	$5.79K	64,402
Q1 2017Mar 31, 2017	MSFT Microsoft Corporation	Microsoft Corporation	Sell	-1,150-2.3%	$3.25K	49,400
Q1 2017Mar 31, 2017	BAC Bank of America Corporation	Bank of America Corporation	Sell	-1,600-3.2%	$1.14K	48,500
Q1 2017Mar 31, 2017	DOV Dover Corporation	Dover Corporation	Sell	-1,675-2.8%	$4.60K	57,301
Q1 2017Mar 31, 2017	CVX Chevron Corporation	Chevron Corporation	Sell	-2,175-7.4%	$2.90K	27,022
Q1 2017Mar 31, 2017	MLKN MillerKnoll, Inc.	MillerKnoll, Inc.	Sell	-3,500-1.7%	$6.57K	208,366
Q1 2017Mar 31, 2017	WMT Walmart Inc.	Walmart Inc.	Sell	-4,706-32.0%	$722.00	10,019
Q1 2017Mar 31, 2017	HRL Hormel Foods Corporation	Hormel Foods Corporation	Sell	-5,600-3.5%	$5.42K	156,649
Q1 2017Mar 31, 2017	DEO Diageo plc	Diageo plc	Sell	-6,070-1.3%	$54.74K	473,651
Q1 2017Mar 31, 2017	KO Coca-Cola Company (The)	Coca-Cola Company (The)	Sell	-9,980-5.5%	$7.33K	172,757
Q1 2017Mar 31, 2017	MLM Martin Marietta Materials, Inc.	Martin Marietta Materials, Inc.	Sell	-34,667-1.9%	$388.41K	1,779,672
Q1 2017Mar 31, 2017	PM Philip Morris International Inc	Philip Morris International Inc	Sell	-49,996-0.5%	$1.16M	10,313,815
Q1 2017Mar 31, 2017	BRK-B Berkshire Hathaway Inc. New	Berkshire Hathaway Inc. New	Sell	-62,831-2.5%	$416.57K	2,499,201
Q1 2017Mar 31, 2017	BF-A Brown Forman Inc	Brown Forman Inc	Sell	-96,931-2.1%	$213.85K	4,543,152
Q1 2017Mar 31, 2017	WFC Wells Fargo & Company	Wells Fargo & Company	Sell	-985,960-6.7%	$759.98K	13,653,885
Q4 2016Dec 31, 2016	NSRGY Nestle S.A.	Nestle S.A.	Buy	+113,048+0.7%	$1.14M	15,929,649
Q4 2016Dec 31, 2016	PM Philip Morris International Inc	Philip Morris International Inc	Buy	+49,798+0.5%	$948.18K	10,363,811
Q4 2016Dec 31, 2016	COTY Coty Inc.	Coty Inc.	Buy - Position Entry	+45,076	$825.00	45,076

Page 69 of 88 • 2628 total trades

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