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
Q3 2015Sep 30, 2015	PM Philip Morris International Inc	Philip Morris International Inc	Buy	+51,553+0.5%	$831.37K	10,479,882
Q3 2015Sep 30, 2015	DANOY Danone	Danone	Buy	+46,575+9.9%	$6.52K	517,905
Q3 2015Sep 30, 2015	BRK-B Berkshire Hathaway Inc. New	Berkshire Hathaway Inc. New	Buy	+39,506+1.6%	$327.57K	2,512,042
Q3 2015Sep 30, 2015	BF-B Brown Forman Inc	Brown Forman Inc	Buy	+13,502+2.6%	$51.45K	530,935
Q3 2015Sep 30, 2015	USB U.S. Bancorp	U.S. Bancorp	Buy - Position Entry	+6,000	$246.00	6,000
Q3 2015Sep 30, 2015	DEO Diageo plc	Diageo plc	Buy	+4,044+0.9%	$50.54K	468,851
Q3 2015Sep 30, 2015	FULT Fulton Financial Corporation	Fulton Financial Corporation	Buy	+2,000+5.4%	$472.00	39,030
Q3 2015Sep 30, 2015	BRK-A Berkshire Hathaway Inc.	Berkshire Hathaway Inc.	Sell	-67-1.3%	$983.03K	5,035
Q3 2015Sep 30, 2015	PEP Pepsico, Inc.	Pepsico, Inc.	Sell	-99-0.2%	$3.75K	39,793
Q3 2015Sep 30, 2015	GHC Graham Holdings Company	Graham Holdings Company	Sell - Position Exit	-203-100.0%	$0.00	-
Q3 2015Sep 30, 2015	IBM International Business Machines	International Business Machines	Sell	-234-2.5%	$1.35K	9,290
Q3 2015Sep 30, 2015	LAMR Lamar Advertising Company	Lamar Advertising Company	Sell	-325-1.9%	$885.00	16,960
Q3 2015Sep 30, 2015	CVX Chevron Corporation	Chevron Corporation	Sell	-463-1.1%	$3.27K	41,510
Q3 2015Sep 30, 2015	CSL Carlisle Companies Incorporated	Carlisle Companies Incorporated	Sell	-500-14.3%	$262.00	3,000
Q3 2015Sep 30, 2015	MKL Markel Group Inc.	Markel Group Inc.	Sell	-507-3.1%	$12.53K	15,621
Q3 2015Sep 30, 2015	MKC McCormick & Company, Incorporat	McCormick & Company, Incorporat	Sell	-650-1.5%	$3.44K	41,855
Q3 2015Sep 30, 2015	BP BP p.l.c.	BP p.l.c.	Sell	-718-9.2%	$217.00	7,096
Q3 2015Sep 30, 2015	BTI British American Tobacco Indus	British American Tobacco Indus	Sell	-779-11.2%	$677.00	6,146
Q3 2015Sep 30, 2015	DOV Dover Corporation	Dover Corporation	Sell	-1,600-2.2%	$4.04K	70,606
Q3 2015Sep 30, 2015	HRL Hormel Foods Corporation	Hormel Foods Corporation	Sell	-1,700-1.6%	$6.59K	104,069
Q3 2015Sep 30, 2015	SLB Schlumberger N.V.	Schlumberger N.V.	Sell - Position Exit	-2,525-100.0%	$0.00	-
Q3 2015Sep 30, 2015	MRK Merck & Company, Inc.	Merck & Company, Inc.	Sell - Position Exit	-3,836-100.0%	$0.00	-
Q3 2015Sep 30, 2015	MSFT Microsoft Corporation	Microsoft Corporation	Sell	-5,000-9.2%	$2.19K	49,450
Q3 2015Sep 30, 2015	PG Procter & Gamble Company (The)	Procter & Gamble Company (The)	Sell	-6,145-6.0%	$6.98K	97,027
Q3 2015Sep 30, 2015	KO Coca-Cola Company (The)	Coca-Cola Company (The)	Sell	-7,250-3.2%	$8.84K	220,237
Q3 2015Sep 30, 2015	HEINY Heineken N.V.	Heineken N.V.	Sell	-7,300-14.5%	$1.74K	43,037
Q3 2015Sep 30, 2015	AXP American Express Company	American Express Company	Sell	-7,860-5.1%	$10.77K	145,228
Q3 2015Sep 30, 2015	FMX Fomento Economico Mexicano S.A.	Fomento Economico Mexicano S.A.	Sell	-8,420-6.6%	$10.59K	118,615
Q3 2015Sep 30, 2015	MLKN MillerKnoll, Inc.	MillerKnoll, Inc.	Sell	-9,350-2.9%	$8.95K	310,227
Q3 2015Sep 30, 2015	CFRUY Compagnie Financiere Richemont	Compagnie Financiere Richemont	Sell	-19,050-9.9%	$1.34K	173,300

Page 76 of 88 • 2628 total trades

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