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 2024Sep 30, 2024	CTVA Corteva, Inc.	Corteva, Inc.	Buy	+18+0.3%	$356.86K	6,070
Q3 2024Sep 30, 2024	LAMR Lamar Advertising Company	Lamar Advertising Company	Sell	-1-0.0%	$798.13K	5,974
Q3 2024Sep 30, 2024	COCXF Lindt & Spruengli	Lindt & Spruengli	Sell	-2-10.5%	$2.17M	17
Q3 2024Sep 30, 2024	KO Coca-Cola Company (The)	Coca-Cola Company (The)	Sell	-50-0.3%	$1.04M	14,530
Q3 2024Sep 30, 2024	COST Costco Wholesale Corporation	Costco Wholesale Corporation	Sell	-55-1.0%	$4.81M	5,422
Q3 2024Sep 30, 2024	NSRGF Nestle REG	Nestle REG	Sell	-55-0.1%	$4.04M	40,081
Q3 2024Sep 30, 2024	BRK-A Berkshire Hathaway Inc.	Berkshire Hathaway Inc.	Sell	-69-3.3%	$1.41B	2,045
Q3 2024Sep 30, 2024	LRLCF L'Oreal	L'Oreal	Sell	-72-1.2%	$2.59M	5,769
Q3 2024Sep 30, 2024	PEP Pepsico, Inc.	Pepsico, Inc.	Sell	-124-1.0%	$2.08M	12,242
Q3 2024Sep 30, 2024	MSFT Microsoft Corporation	Microsoft Corporation	Sell	-200-3.8%	$2.15M	5,005
Q3 2024Sep 30, 2024	DIS Walt Disney Company (The)	Walt Disney Company (The)	Sell	-201-4.9%	$373.71K	3,885
Q3 2024Sep 30, 2024	CVX Chevron Corporation	Chevron Corporation	Sell	-202-4.3%	$655.19K	4,449
Q3 2024Sep 30, 2024	UNM Unum Group	Unum Group	Sell	-250-6.2%	$225.87K	3,800
Q3 2024Sep 30, 2024	DOV Dover Corporation	Dover Corporation	Sell	-325-1.4%	$4.43M	23,101
Q3 2024Sep 30, 2024	MRK Merck & Company, Inc.	Merck & Company, Inc.	Sell	-359-10.4%	$350.55K	3,087
Q3 2024Sep 30, 2024	MCD McDonald's Corporation	McDonald's Corporation	Sell	-492-41.1%	$214.68K	705
Q3 2024Sep 30, 2024	MKC McCormick & Company, Incorporat	McCormick & Company, Incorporat	Sell	-500-1.2%	$3.52M	42,820
Q3 2024Sep 30, 2024	AAPL Apple Inc.	Apple Inc.	Sell	-525-7.7%	$1.46M	6,274
Q3 2024Sep 30, 2024	MKL Markel Group Inc.	Markel Group Inc.	Sell	-603-6.3%	$14.14M	9,016
Q3 2024Sep 30, 2024	PG Procter & Gamble Company (The)	Procter & Gamble Company (The)	Sell	-729-2.3%	$5.42M	31,277
Q3 2024Sep 30, 2024	AXP American Express Company	American Express Company	Sell	-734-4.6%	$4.16M	15,341
Q3 2024Sep 30, 2024	CABJF Carlsberg	Carlsberg	Sell	-940-3.9%	$2.80M	23,450
Q3 2024Sep 30, 2024	FMX Fomento Economico Mexicano S.A.	Fomento Economico Mexicano S.A.	Sell	-1,334-26.8%	$359.40K	3,641
Q3 2024Sep 30, 2024	PNC PNC Financial Services Group, I	PNC Financial Services Group, I	Sell	-1,673-23.8%	$988.95K	5,350
Q3 2024Sep 30, 2024	TFC Truist Financial Corporation	Truist Financial Corporation	Sell	-1,924-16.8%	$408.30K	9,546
Q3 2024Sep 30, 2024	CR Crane Company	Crane Company	Sell	-2,550-3.9%	$9.87M	62,356
Q3 2024Sep 30, 2024	HRL Hormel Foods Corporation	Hormel Foods Corporation	Sell	-4,600-8.0%	$1.68M	53,091
Q3 2024Sep 30, 2024	OUT Outfront Media	Outfront Media	Sell	-7,937-15.0%	$827.23K	45,007
Q3 2024Sep 30, 2024	VMC Vulcan Materials Company (Holdi	Vulcan Materials Company (Holdi	Sell	-10,141-30.2%	$5.88M	23,481
Q3 2024Sep 30, 2024	DASH DoorDash, Inc.	DoorDash, Inc.	Sell	-11,121-1.6%	$100.66M	705,267

Page 8 of 88 • 2628 total trades

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