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 2014Sep 30, 2014	CFRUY Compagnie Financiere Richemont	Compagnie Financiere Richemont	Buy	+16,250+9.4%	$1.55K	188,875
Q3 2014Sep 30, 2014	DANOY Danone	Danone	Buy	+11,900+6.2%	$2.71K	202,710
Q3 2014Sep 30, 2014	DEO Diageo	Diageo	Buy	+7,509+1.8%	$49.79K	431,493
Q3 2014Sep 30, 2014	MLM Martin Marietta Materials, Inc.	Martin Marietta Materials, Inc.	Buy	+3,197+0.2%	$254.74K	1,975,609
Q3 2014Sep 30, 2014	HEINY Heineken N.V.	Heineken N.V.	Buy	+1,550+2.9%	$2.04K	54,562
Q3 2014Sep 30, 2014	BF-B Brown Forman Inc	Brown Forman Inc	Buy	+718+0.2%	$39.06K	432,976
Q3 2014Sep 30, 2014	HRL Hormel Foods Corporation	Hormel Foods Corporation	Buy	+322+0.3%	$5.71K	111,053
Q3 2014Sep 30, 2014	BTI British American Tobacco Indus	British American Tobacco Indus	Buy	+200+1.4%	$1.58K	13,999
Q3 2014Sep 30, 2014	MKC McCormick & Company, Incorporat	McCormick & Company, Incorporat	Buy	+175+0.4%	$2.86K	42,755
Q3 2014Sep 30, 2014	SLB Schlumberger N.V.	Schlumberger N.V.	Buy	+50+1.8%	$292.00	2,875
Q3 2014Sep 30, 2014	BRK-A Berkshire Hathaway Inc.	Berkshire Hathaway Inc.	Buy	+10+0.2%	$1.05M	5,082
Q3 2014Sep 30, 2014	MRK Merck & Company, Inc.	Merck & Company, Inc.	Sell	-50-1.1%	$257.00	4,336
Q3 2014Sep 30, 2014	PNC PNC Financial Services Group, I	PNC Financial Services Group, I	Sell	-100-0.5%	$1.83K	21,444
Q3 2014Sep 30, 2014	WMT Walmart Inc.	Walmart Inc.	Sell	-250-1.2%	$1.59K	20,759
Q3 2014Sep 30, 2014	CVX Chevron Corporation	Chevron Corporation	Sell	-350-0.7%	$5.66K	47,427
Q3 2014Sep 30, 2014	MKL Markel Group Inc.	Markel Group Inc.	Sell	-556-3.0%	$11.42K	17,946
Q3 2014Sep 30, 2014	PEP Pepsico, Inc.	Pepsico, Inc.	Sell	-850-1.9%	$4.04K	43,389
Q3 2014Sep 30, 2014	IBM International Business Machines	International Business Machines	Sell	-1,100-9.5%	$1.99K	10,455
Q3 2014Sep 30, 2014	FMX Fomento Economico Mexicano S.A.	Fomento Economico Mexicano S.A.	Sell	-1,115-1.0%	$10.07K	109,445
Q3 2014Sep 30, 2014	AXP American Express Company	American Express Company	Sell	-1,235-1.0%	$11.25K	128,535
Q3 2014Sep 30, 2014	PG Procter & Gamble Company (The)	Procter & Gamble Company (The)	Sell	-1,285-1.1%	$10.09K	120,502
Q3 2014Sep 30, 2014	MSFT Microsoft Corporation	Microsoft Corporation	Sell	-1,394-2.3%	$2.77K	59,850
Q3 2014Sep 30, 2014	MLKN MillerKnoll, Inc.	MillerKnoll, Inc.	Sell	-1,432-0.4%	$10.31K	345,454
Q3 2014Sep 30, 2014	GHC Graham Holdings Company	Graham Holdings Company	Sell	-2,124-3.1%	$46.28K	66,159
Q3 2014Sep 30, 2014	DOV Dover Corporation	Dover Corporation	Sell	-2,224-2.8%	$6.14K	76,406
Q3 2014Sep 30, 2014	KO Coca-Cola Company (The)	Coca-Cola Company (The)	Sell	-3,190-1.5%	$8.75K	205,187
Q3 2014Sep 30, 2014	CSL Carlisle Companies Incorporated	Carlisle Companies Incorporated	Sell	-5,200-57.1%	$313.00	3,900
Q3 2014Sep 30, 2014	WFC Wells Fargo & Company	Wells Fargo & Company	Sell	-7,873-0.1%	$759.27K	14,637,898
Q3 2014Sep 30, 2014	BF-A Brown Forman Inc	Brown Forman Inc	Sell	-14,938-0.5%	$252.64K	2,832,558
Q3 2014Sep 30, 2014	FULT Fulton Financial Corporation	Fulton Financial Corporation	Sell	-15,610-19.4%	$717.00	64,688

Page 81 of 88 • 2628 total trades

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