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 2016Mar 31, 2016	DEO Diageo plc	Diageo plc	Buy	+2,222+0.5%	$51.04K	473,132
Q1 2016Mar 31, 2016	AXP American Express Company	American Express Company	Buy	+1,755+1.2%	$9.32K	151,773
Q1 2016Mar 31, 2016	MLM Martin Marietta Materials, Inc.	Martin Marietta Materials, Inc.	Buy	+1,170+0.1%	$335.55K	2,103,643
Q1 2016Mar 31, 2016	HEINY Heineken N.V.	Heineken N.V.	Buy	+675+1.6%	$1.90K	41,837
Q1 2016Mar 31, 2016	FMX Fomento Economico Mexicano S.A.	Fomento Economico Mexicano S.A.	Buy	+450+0.4%	$11.70K	121,470
Q1 2016Mar 31, 2016	BTI British American Tobacco Indus	British American Tobacco Indus	Buy	+75+1.2%	$717.00	6,136
Q1 2016Mar 31, 2016	MCD McDonald's Corporation	McDonald's Corporation	Sell	-5-0.1%	$457.00	3,640
Q1 2016Mar 31, 2016	BRK-A Berkshire Hathaway Inc.	Berkshire Hathaway Inc.	Sell	-42-0.8%	$1.07M	5,013
Q1 2016Mar 31, 2016	WMT Walmart Inc.	Walmart Inc.	Sell	-100-0.5%	$1.28K	18,674
Q1 2016Mar 31, 2016	DOV Dover Corporation	Dover Corporation	Sell	-200-0.3%	$4.18K	64,926
Q1 2016Mar 31, 2016	CSL Carlisle Companies Incorporated	Carlisle Companies Incorporated	Sell	-300-10.0%	$269.00	2,700
Q1 2016Mar 31, 2016	PNC PNC Financial Services Group, I	PNC Financial Services Group, I	Sell	-317-1.8%	$1.49K	17,627
Q1 2016Mar 31, 2016	PG Procter & Gamble Company (The)	Procter & Gamble Company (The)	Sell	-360-0.4%	$7.08K	85,987
Q1 2016Mar 31, 2016	DIS Walt Disney Company (The)	Walt Disney Company (The)	Sell	-447-8.5%	$477.00	4,803
Q1 2016Mar 31, 2016	IBM International Business Machines	International Business Machines	Sell	-460-5.0%	$1.31K	8,674
Q1 2016Mar 31, 2016	CVX Chevron Corporation	Chevron Corporation	Sell	-577-1.4%	$3.90K	40,883
Q1 2016Mar 31, 2016	LAMR Lamar Advertising Company	Lamar Advertising Company	Sell	-850-5.5%	$902.00	14,660
Q1 2016Mar 31, 2016	KO Coca-Cola Company (The)	Coca-Cola Company (The)	Sell	-1,145-0.6%	$9.52K	205,182
Q1 2016Mar 31, 2016	MKL Markel Group Inc.	Markel Group Inc.	Sell	-1,420-9.8%	$11.71K	13,137
Q1 2016Mar 31, 2016	MKC McCormick & Company, Incorporat	McCormick & Company, Incorporat	Sell	-1,675-4.1%	$3.93K	39,480
Q1 2016Mar 31, 2016	PEP Pepsico, Inc.	Pepsico, Inc.	Sell	-2,464-6.3%	$3.76K	36,647
Q1 2016Mar 31, 2016	WFC Wells Fargo & Company	Wells Fargo & Company	Sell	-28,654-0.2%	$710.55K	14,692,910
Q1 2016Mar 31, 2016	BF-A Brown Forman Inc	Brown Forman Inc	Sell	-51,306-2.1%	$260.42K	2,440,882
Q1 2016Mar 31, 2016	NSRGY Nestle S.A.	Nestle S.A.	Sell	-53,465-0.3%	$1.19M	15,823,803
Q1 2016Mar 31, 2016	PM Philip Morris International Inc	Philip Morris International Inc	Sell	-54,098-0.5%	$1.03M	10,511,803
Q1 2016Mar 31, 2016	MLKN MillerKnoll, Inc.	MillerKnoll, Inc.	Sell	-59,800-20.1%	$7.36K	238,277
Q1 2016Mar 31, 2016	ABBV AbbVie Inc.	AbbVie Inc.	Sell	-65,000-75.0%	$1.24K	21,718
Q1 2016Mar 31, 2016	ABT Abbott Laboratories	Abbott Laboratories	Sell	-65,000-76.1%	$853.00	20,400
Q4 2015Dec 31, 2015	WFC Wells Fargo & Company	Wells Fargo & Company	Buy	+146,061+1.0%	$800.26K	14,721,564
Q4 2015Dec 31, 2015	NSRGY Nestle S.A.	Nestle S.A.	Buy	+98,276+0.6%	$1.18M	15,877,268

Page 74 of 88 • 2628 total trades

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