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
Q2 2014Jun 30, 2014	NSRGY Nestle S.A.	Nestle S.A.	Buy	+112,075+0.8%	$1.14M	14,688,902
Q2 2014Jun 30, 2014	PM Philip Morris International Inc	Philip Morris International Inc	Buy	+33,160+0.3%	$862.00K	10,224,197
Q2 2014Jun 30, 2014	BRK-B Berkshire Hathaway Inc. New	Berkshire Hathaway Inc. New	Buy	+26,530+1.1%	$307.81K	2,432,159
Q2 2014Jun 30, 2014	PGR Progressive Corporation (The)	Progressive Corporation (The)	Buy	+8,333+70.6%	$511.00	20,133
Q2 2014Jun 30, 2014	SWZ Swiss Helvetia Fund, Inc. (The)	Swiss Helvetia Fund, Inc. (The)	Buy	+3,554+5.3%	$1.04K	71,097
Q2 2014Jun 30, 2014	CFRUY Compagnie Financiere Richemont	Compagnie Financiere Richemont	Buy	+3,350+2.0%	$1.81K	172,625
Q2 2014Jun 30, 2014	UNP Union Pacific Corporation	Union Pacific Corporation	Buy - Position Entry	+2,730	$272.00	2,730
Q2 2014Jun 30, 2014	HEINY Heineken N.V.	Heineken N.V.	Buy	+950+1.8%	$1.90K	53,012
Q2 2014Jun 30, 2014	KO Coca-Cola Company (The)	Coca-Cola Company (The)	Buy	+664+0.3%	$8.83K	208,377
Q2 2014Jun 30, 2014	DIS Walt Disney Company (The)	Walt Disney Company (The)	Buy	+400+6.5%	$566.00	6,600
Q2 2014Jun 30, 2014	AXP American Express Company	American Express Company	Buy	+335+0.3%	$12.31K	129,770
Q2 2014Jun 30, 2014	BTI British American Tobacco Indus	British American Tobacco Indus	Buy	+100+0.7%	$1.64K	13,799
Q2 2014Jun 30, 2014	BRK-A Berkshire Hathaway Inc.	Berkshire Hathaway Inc.	Sell	-37-0.7%	$963.21K	5,072
Q2 2014Jun 30, 2014	MRK Merck & Company, Inc.	Merck & Company, Inc.	Sell	-150-3.3%	$254.00	4,386
Q2 2014Jun 30, 2014	FMX Fomento Economico Mexicano S.A.	Fomento Economico Mexicano S.A.	Sell	-240-0.2%	$10.35K	110,560
Q2 2014Jun 30, 2014	SLB Schlumberger N.V.	Schlumberger N.V.	Sell	-275-8.9%	$333.00	2,825
Q2 2014Jun 30, 2014	MCD McDonald's Corporation	McDonald's Corporation	Sell	-290-7.3%	$370.00	3,670
Q2 2014Jun 30, 2014	MKL Markel Group Inc.	Markel Group Inc.	Sell	-425-2.2%	$12.13K	18,502
Q2 2014Jun 30, 2014	PEP Pepsico, Inc.	Pepsico, Inc.	Sell	-859-1.9%	$3.95K	44,239
Q2 2014Jun 30, 2014	DEO Diageo plc	Diageo plc	Sell	-1,201-0.3%	$53.96K	423,984
Q2 2014Jun 30, 2014	BF-B Brown Forman Inc	Brown Forman Inc	Sell	-1,691-0.4%	$40.71K	432,258
Q2 2014Jun 30, 2014	IBM International Business Machines	International Business Machines	Sell	-2,060-15.1%	$2.10K	11,555
Q2 2014Jun 30, 2014	MKC McCormick & Company, Incorporat	McCormick & Company, Incorporat	Sell	-2,500-5.5%	$3.05K	42,580
Q2 2014Jun 30, 2014	HRL Hormel Foods Corporation	Hormel Foods Corporation	Sell	-4,032-3.5%	$5.46K	110,731
Q2 2014Jun 30, 2014	PNC PNC Financial Services Group, I	PNC Financial Services Group, I	Sell	-4,100-16.0%	$1.92K	21,544
Q2 2014Jun 30, 2014	DANOY Danone	Danone	Sell	-4,590-2.3%	$2.83K	190,810
Q2 2014Jun 30, 2014	GHC Graham Holdings Company	Graham Holdings Company	Sell	-4,785-6.5%	$49.03K	68,283
Q2 2014Jun 30, 2014	PG Procter & Gamble Company (The)	Procter & Gamble Company (The)	Sell	-5,510-4.3%	$9.57K	121,787
Q2 2014Jun 30, 2014	BP BP p.l.c.	BP p.l.c.	Sell	-6,027-43.2%	$418.00	7,923
Q2 2014Jun 30, 2014	CVX Chevron Corporation	Chevron Corporation	Sell	-6,330-11.7%	$6.24K	47,777

Page 82 of 88 • 2628 total trades

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