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 2016Dec 31, 2016	DANOY Danone	Danone	Buy	+17,305+2.6%	$8.68K	683,075
Q4 2016Dec 31, 2016	BF-B Brown Forman Inc	Brown Forman Inc	Buy	+7,642+0.6%	$56.75K	1,263,411
Q4 2016Dec 31, 2016	AXP American Express Company	American Express Company	Buy	+2,995+1.9%	$11.75K	158,633
Q4 2016Dec 31, 2016	FMX Fomento Economico Mexicano S.A.	Fomento Economico Mexicano S.A.	Buy	+2,765+2.2%	$9.71K	127,430
Q4 2016Dec 31, 2016	KHC The Kraft Heinz Company	The Kraft Heinz Company	Buy	+375+1.7%	$1.91K	21,825
Q4 2016Dec 31, 2016	BTI British American Tobacco Indus	British American Tobacco Indus	Buy	+50+0.9%	$625.00	5,546
Q4 2016Dec 31, 2016	LAMR Lamar Advertising Company	Lamar Advertising Company	Sell	-10-0.1%	$940.00	13,975
Q4 2016Dec 31, 2016	BRK-A Berkshire Hathaway Inc.	Berkshire Hathaway Inc.	Sell	-72-1.4%	$1.20M	4,912
Q4 2016Dec 31, 2016	UNP Union Pacific Corporation	Union Pacific Corporation	Sell	-100-4.0%	$250.00	2,410
Q4 2016Dec 31, 2016	SLB Schlumberger N.V.	Schlumberger N.V.	Sell	-135-2.5%	$434.00	5,165
Q4 2016Dec 31, 2016	PEP Pepsico, Inc.	Pepsico, Inc.	Sell	-195-0.5%	$3.86K	36,867
Q4 2016Dec 31, 2016	DIS Walt Disney Company (The)	Walt Disney Company (The)	Sell	-200-4.1%	$490.00	4,703
Q4 2016Dec 31, 2016	MKL Markel Group Inc.	Markel Group Inc.	Sell	-225-1.9%	$10.64K	11,762
Q4 2016Dec 31, 2016	PNC PNC Financial Services Group, I	PNC Financial Services Group, I	Sell	-610-2.6%	$2.71K	23,200
Q4 2016Dec 31, 2016	MKC McCormick & Company, Incorporat	McCormick & Company, Incorporat	Sell	-650-1.9%	$3.21K	34,355
Q4 2016Dec 31, 2016	HEINY Heineken N.V.	Heineken N.V.	Sell	-870-2.2%	$1.43K	37,932
Q4 2016Dec 31, 2016	BAC Bank of America Corporation	Bank of America Corporation	Sell	-1,000-2.0%	$1.11K	50,100
Q4 2016Dec 31, 2016	CFRUY Compagnie Financiere Richemont	Compagnie Financiere Richemont	Sell	-1,000-0.5%	$1.44K	217,125
Q4 2016Dec 31, 2016	IBM International Business Machines	International Business Machines	Sell	-1,200-11.2%	$1.58K	9,549
Q4 2016Dec 31, 2016	HRL Hormel Foods Corporation	Hormel Foods Corporation	Sell	-1,600-1.0%	$5.65K	162,249
Q4 2016Dec 31, 2016	DEO Diageo	Diageo	Sell	-2,298-0.5%	$49.86K	479,721
Q4 2016Dec 31, 2016	CSL Carlisle Companies Incorporated	Carlisle Companies Incorporated	Sell - Position Exit	-2,500-100.0%	$0.00	-
Q4 2016Dec 31, 2016	KO Coca-Cola Company (The)	Coca-Cola Company (The)	Sell	-3,155-1.7%	$7.58K	182,737
Q4 2016Dec 31, 2016	DOV Dover Corporation	Dover Corporation	Sell	-3,350-5.4%	$4.42K	58,976
Q4 2016Dec 31, 2016	FULT Fulton Financial Corporation	Fulton Financial Corporation	Sell	-5,600-6.0%	$1.65K	87,843
Q4 2016Dec 31, 2016	CVX Chevron Corporation	Chevron Corporation	Sell	-6,345-17.9%	$3.44K	29,197
Q4 2016Dec 31, 2016	MAT Mattel, Inc.	Mattel, Inc.	Sell - Position Exit	-6,625-100.0%	$0.00	-
Q4 2016Dec 31, 2016	WMT Walmart Inc.	Walmart Inc.	Sell	-8,050-35.3%	$1.02K	14,725
Q4 2016Dec 31, 2016	MLKN MillerKnoll, Inc.	MillerKnoll, Inc.	Sell	-11,677-5.2%	$7.25K	211,866
Q4 2016Dec 31, 2016	PG Procter & Gamble Company (The)	Procter & Gamble Company (The)	Sell	-13,297-16.9%	$5.51K	65,495

Page 70 of 88 • 2628 total trades

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