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	BRK-B Berkshire Hathaway Inc. New	Berkshire Hathaway Inc. New	Sell	-29,469-1.1%	$417.56K	2,562,032
Q4 2016Dec 31, 2016	BF-A Brown Forman Inc	Brown Forman Inc	Sell	-89,631-1.9%	$214.60K	4,640,083
Q4 2016Dec 31, 2016	MLM Martin Marietta Materials, Inc.	Martin Marietta Materials, Inc.	Sell	-254,997-12.3%	$401.93K	1,814,339
Q4 2016Dec 31, 2016	WFC Wells Fargo & Company	Wells Fargo & Company	Sell	-1,168,713-7.4%	$806.80K	14,639,845
Q3 2016Sep 30, 2016	BF-A Brown Forman Inc	Brown Forman Inc	Buy	+2,321,849+96.4%	$235.30K	4,729,714
Q3 2016Sep 30, 2016	BF-B Brown Forman Inc	Brown Forman Inc	Buy	+666,405+113.1%	$59.57K	1,255,769
Q3 2016Sep 30, 2016	WFC Wells Fargo & Company	Wells Fargo & Company	Buy	+623,744+4.1%	$700.00K	15,808,558
Q3 2016Sep 30, 2016	FULT Fulton Financial Corporation	Fulton Financial Corporation	Buy	+58,513+167.5%	$1.36K	93,443
Q3 2016Sep 30, 2016	PNC PNC Financial Services Group, I	PNC Financial Services Group, I	Buy	+7,600+46.9%	$2.15K	23,810
Q3 2016Sep 30, 2016	BRK-B Berkshire Hathaway Inc. New	Berkshire Hathaway Inc. New	Buy	+6,992+0.3%	$374.39K	2,591,501
Q3 2016Sep 30, 2016	DEO Diageo	Diageo	Buy	+5,895+1.2%	$55.93K	482,019
Q3 2016Sep 30, 2016	SLB Schlumberger N.V.	Schlumberger N.V.	Buy - Position Entry	+5,300	$417.00	5,300
Q3 2016Sep 30, 2016	VMC Vulcan Materials Company (Holdi	Vulcan Materials Company (Holdi	Buy - Position Entry	+4,900	$557.00	4,900
Q3 2016Sep 30, 2016	CFRUY Compagnie Financiere Richemont	Compagnie Financiere Richemont	Buy	+2,625+1.2%	$1.33K	218,125
Q3 2016Sep 30, 2016	DOV Dover Corporation	Dover Corporation	Buy	+2,250+3.7%	$4.59K	62,326
Q3 2016Sep 30, 2016	PEP Pepsico, Inc.	Pepsico, Inc.	Buy	+1,914+5.4%	$4.03K	37,062
Q3 2016Sep 30, 2016	AXP American Express Company	American Express Company	Buy	+1,790+1.2%	$9.97K	155,638
Q3 2016Sep 30, 2016	FMX Fomento Economico Mexicano S.A.	Fomento Economico Mexicano S.A.	Buy	+930+0.8%	$11.47K	124,665
Q3 2016Sep 30, 2016	HEINY Heineken N.V.	Heineken N.V.	Buy	+440+1.1%	$1.71K	38,802
Q3 2016Sep 30, 2016	MSFT Microsoft Corporation	Microsoft Corporation	Buy	+400+0.8%	$2.91K	50,550
Q3 2016Sep 30, 2016	MCD McDonald's Corporation	McDonald's Corporation	Sell	-10-0.3%	$419.00	3,630
Q3 2016Sep 30, 2016	BRK-A Berkshire Hathaway Inc.	Berkshire Hathaway Inc.	Sell	-15-0.3%	$1.08M	4,984
Q3 2016Sep 30, 2016	BTI British American Tobacco Indus	British American Tobacco Indus	Sell	-20-0.4%	$702.00	5,496
Q3 2016Sep 30, 2016	CSL Carlisle Companies Incorporated	Carlisle Companies Incorporated	Sell	-200-7.4%	$256.00	2,500
Q3 2016Sep 30, 2016	MKL Markel Group Inc.	Markel Group Inc.	Sell	-285-2.3%	$11.13K	11,987
Q3 2016Sep 30, 2016	IBM International Business Machines	International Business Machines	Sell	-525-4.7%	$1.71K	10,749
Q3 2016Sep 30, 2016	LAMR Lamar Advertising Company	Lamar Advertising Company	Sell	-675-4.6%	$913.00	13,985
Q3 2016Sep 30, 2016	DANOY Danone	Danone	Sell	-1,200-0.2%	$9.88K	665,770
Q3 2016Sep 30, 2016	PG Procter & Gamble Company (The)	Procter & Gamble Company (The)	Sell	-1,270-1.6%	$7.07K	78,792
Q3 2016Sep 30, 2016	GD General Dynamics Corporation	General Dynamics Corporation	Sell - Position Exit	-1,600-100.0%	$0.00	-

Page 71 of 88 • 2628 total trades

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