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 2015Dec 31, 2015	PM Philip Morris International Inc	Philip Morris International Inc	Buy	+86,019+0.8%	$928.85K	10,565,901
Q4 2015Dec 31, 2015	DANOY Danone	Danone	Buy	+76,100+14.7%	$8.04K	594,005
Q4 2015Dec 31, 2015	BRK-B Berkshire Hathaway Inc. New	Berkshire Hathaway Inc. New	Buy	+68,215+2.7%	$340.70K	2,580,257
Q4 2015Dec 31, 2015	CFRUY Compagnie Financiere Richemont	Compagnie Financiere Richemont	Buy	+33,800+19.5%	$1.49K	207,100
Q4 2015Dec 31, 2015	MLM Martin Marietta Materials, Inc.	Martin Marietta Materials, Inc.	Buy	+31,946+1.5%	$287.16K	2,102,473
Q4 2015Dec 31, 2015	BF-B Brown Forman Inc	Brown Forman Inc	Buy	+23,830+4.5%	$55.08K	554,765
Q4 2015Dec 31, 2015	AXP American Express Company	American Express Company	Buy	+4,790+3.3%	$10.43K	150,018
Q4 2015Dec 31, 2015	MRK Merck & Company, Inc.	Merck & Company, Inc.	Buy - Position Entry	+3,836	$203.00	3,836
Q4 2015Dec 31, 2015	FMX Fomento Economico Mexicano S.A.	Fomento Economico Mexicano S.A.	Buy	+2,405+2.0%	$11.18K	121,020
Q4 2015Dec 31, 2015	DEO Diageo	Diageo	Buy	+2,059+0.4%	$51.36K	470,910
Q4 2015Dec 31, 2015	DIS Walt Disney Company (The)	Walt Disney Company (The)	Buy	+400+8.2%	$552.00	5,250
Q4 2015Dec 31, 2015	BRK-A Berkshire Hathaway Inc.	Berkshire Hathaway Inc.	Buy	+20+0.4%	$999.88K	5,055
Q4 2015Dec 31, 2015	CVX Chevron Corporation	Chevron Corporation	Sell	-50-0.1%	$3.73K	41,460
Q4 2015Dec 31, 2015	BTI British American Tobacco Indus	British American Tobacco Indus	Sell	-85-1.4%	$669.00	6,061
Q4 2015Dec 31, 2015	IBM International Business Machines	International Business Machines	Sell	-156-1.7%	$1.26K	9,134
Q4 2015Dec 31, 2015	PEP Pepsico, Inc.	Pepsico, Inc.	Sell	-682-1.7%	$3.91K	39,111
Q4 2015Dec 31, 2015	WMT Walmart Inc.	Walmart Inc.	Sell	-700-3.6%	$1.15K	18,774
Q4 2015Dec 31, 2015	MKC McCormick & Company, Incorporat	McCormick & Company, Incorporat	Sell	-700-1.7%	$3.52K	41,155
Q4 2015Dec 31, 2015	MKL Markel Group Inc.	Markel Group Inc.	Sell	-1,064-6.8%	$12.86K	14,557
Q4 2015Dec 31, 2015	LAMR Lamar Advertising Company	Lamar Advertising Company	Sell	-1,450-8.5%	$930.00	15,510
Q4 2015Dec 31, 2015	HEINY Heineken N.V.	Heineken N.V.	Sell	-1,875-4.4%	$1.76K	41,162
Q4 2015Dec 31, 2015	UNP Union Pacific Corporation	Union Pacific Corporation	Sell - Position Exit	-2,510-100.0%	$0.00	-
Q4 2015Dec 31, 2015	HRL Hormel Foods Corporation	Hormel Foods Corporation	Sell	-4,980-4.8%	$7.84K	99,089
Q4 2015Dec 31, 2015	DOV Dover Corporation	Dover Corporation	Sell	-5,480-7.8%	$3.99K	65,126
Q4 2015Dec 31, 2015	BP BP p.l.c.	BP p.l.c.	Sell - Position Exit	-7,096-100.0%	$0.00	-
Q4 2015Dec 31, 2015	FULT Fulton Financial Corporation	Fulton Financial Corporation	Sell	-7,500-19.2%	$410.00	31,530
Q4 2015Dec 31, 2015	PG Procter & Gamble Company (The)	Procter & Gamble Company (The)	Sell	-10,680-11.0%	$6.86K	86,347
Q4 2015Dec 31, 2015	MLKN MillerKnoll, Inc.	MillerKnoll, Inc.	Sell	-12,150-3.9%	$8.55K	298,077
Q4 2015Dec 31, 2015	KO Coca-Cola Company (The)	Coca-Cola Company (The)	Sell	-13,910-6.3%	$8.86K	206,327
Q4 2015Dec 31, 2015	BF-A Brown Forman Inc	Brown Forman Inc	Sell	-104,768-4.0%	$274.42K	2,492,188

Page 75 of 88 • 2628 total trades

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