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	MLKN MillerKnoll, Inc.	MillerKnoll, Inc.	Sell	-8,784-2.5%	$10.49K	346,886
Q2 2014Jun 30, 2014	CL Colgate-Palmolive Company	Colgate-Palmolive Company	Sell - Position Exit	-8,900-100.0%	$0.00	-
Q2 2014Jun 30, 2014	MLM Martin Marietta Materials, Inc.	Martin Marietta Materials, Inc.	Sell	-20,190-1.0%	$260.46K	1,972,412
Q2 2014Jun 30, 2014	BF-A Brown Forman Inc	Brown Forman Inc	Sell	-29,063-1.0%	$262.94K	2,847,496
Q2 2014Jun 30, 2014	WFC Wells Fargo & Company	Wells Fargo & Company	Sell	-43,326-0.3%	$769.78K	14,645,771
Q1 2014Mar 31, 2014	PM Philip Morris International Inc	Philip Morris International Inc	Buy	+219,930+2.2%	$834.34K	10,191,037
Q1 2014Mar 31, 2014	WFC Wells Fargo & Company	Wells Fargo & Company	Buy	+154,327+1.1%	$730.64K	14,689,097
Q1 2014Mar 31, 2014	BRK-B Berkshire Hathaway Inc. New	Berkshire Hathaway Inc. New	Buy	+87,945+3.8%	$300.63K	2,405,629
Q1 2014Mar 31, 2014	MLM Martin Marietta Materials, Inc.	Martin Marietta Materials, Inc.	Buy	+61,040+3.2%	$255.75K	1,992,602
Q1 2014Mar 31, 2014	NSRGY Nestle S.A.	Nestle S.A.	Buy	+56,440+0.4%	$1.10M	14,576,827
Q1 2014Mar 31, 2014	CFRUY Compagnie Financiere Richemont	Compagnie Financiere Richemont	Buy	+14,150+9.1%	$1.62K	169,275
Q1 2014Mar 31, 2014	SWZ Swiss Helvetia Fund, Inc. (The)	Swiss Helvetia Fund, Inc. (The)	Buy	+11,518+20.6%	$971.00	67,543
Q1 2014Mar 31, 2014	DEO Diageo plc	Diageo plc	Buy	+11,481+2.8%	$52.97K	425,185
Q1 2014Mar 31, 2014	BF-B Brown Forman Inc	Brown Forman Inc	Buy	+9,018+2.1%	$38.92K	433,949
Q1 2014Mar 31, 2014	CL Colgate-Palmolive Company	Colgate-Palmolive Company	Buy - Position Entry	+8,900	$577.00	8,900
Q1 2014Mar 31, 2014	HEINY Heineken N.V.	Heineken N.V.	Buy	+8,816+20.4%	$1.81K	52,062
Q1 2014Mar 31, 2014	BF-A Brown Forman Inc	Brown Forman Inc	Buy	+7,646+0.3%	$255.81K	2,876,559
Q1 2014Mar 31, 2014	KO Coca-Cola Company (The)	Coca-Cola Company (The)	Buy	+4,390+2.2%	$8.03K	207,713
Q1 2014Mar 31, 2014	PG Procter & Gamble Company (The)	Procter & Gamble Company (The)	Buy	+3,335+2.7%	$10.26K	127,297
Q1 2014Mar 31, 2014	AXP American Express Company	American Express Company	Buy	+2,840+2.2%	$11.65K	129,435
Q1 2014Mar 31, 2014	FMX Fomento Economico Mexicano S.A.	Fomento Economico Mexicano S.A.	Buy	+1,145+1.0%	$10.33K	110,800
Q1 2014Mar 31, 2014	BTI British American Tobacco Indus	British American Tobacco Indus	Buy	+149+1.1%	$1.53K	13,699
Q1 2014Mar 31, 2014	BRK-A Berkshire Hathaway Inc.	Berkshire Hathaway Inc.	Buy	+31+0.6%	$957.17K	5,109
Q1 2014Mar 31, 2014	DIS Walt Disney Company (The)	Walt Disney Company (The)	Sell	-175-2.7%	$496.00	6,200
Q1 2014Mar 31, 2014	MKL Markel Group Inc.	Markel Group Inc.	Sell	-200-1.0%	$11.28K	18,927
Q1 2014Mar 31, 2014	SLB Schlumberger N.V.	Schlumberger N.V.	Sell	-250-7.5%	$302.00	3,100
Q1 2014Mar 31, 2014	MSFT Microsoft Corporation	Microsoft Corporation	Sell	-500-0.8%	$2.51K	61,244
Q1 2014Mar 31, 2014	CSL Carlisle Companies Incorporated	Carlisle Companies Incorporated	Sell	-600-6.2%	$722.00	9,100
Q1 2014Mar 31, 2014	MKC McCormick & Company, Incorporat	McCormick & Company, Incorporat	Sell	-820-1.8%	$3.23K	45,080
Q1 2014Mar 31, 2014	DE Deere & Company	Deere & Company	Sell	-1,500-5.0%	$2.58K	28,415

Page 83 of 88 • 2628 total trades

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