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
Q4 2013Dec 31, 2013	AXP American Express Company	American Express Company	Sell	-370-0.3%	$11.49K	126,595
Q4 2013Dec 31, 2013	MKL Markel Group Inc.	Markel Group Inc.	Sell	-650-3.3%	$11.10K	19,127
Q4 2013Dec 31, 2013	CVX Chevron Corporation	Chevron Corporation	Sell	-710-1.1%	$8.09K	64,761
Q4 2013Dec 31, 2013	MSFT Microsoft Corporation	Microsoft Corporation	Sell	-814-1.3%	$2.31K	61,744
Q4 2013Dec 31, 2013	PEP Pepsico, Inc.	Pepsico, Inc.	Sell	-1,007-1.7%	$4.83K	58,221
Q4 2013Dec 31, 2013	MRK Merck & Company, Inc.	Merck & Company, Inc.	Sell	-1,200-20.9%	$227.00	4,536
Q4 2013Dec 31, 2013	CFRUY Compagnie Financiere Richemont	Compagnie Financiere Richemont	Sell	-1,375-0.9%	$1.55K	155,125
Q4 2013Dec 31, 2013	MKC McCormick & Company, Incorporat	McCormick & Company, Incorporat	Sell	-1,880-3.9%	$3.16K	45,900
Q4 2013Dec 31, 2013	DOV Dover Corporation	Dover Corporation	Sell	-2,445-2.9%	$7.83K	81,075
Q4 2013Dec 31, 2013	BF-B Brown Forman Inc	Brown Forman Inc	Sell	-2,697-0.6%	$32.11K	424,931
Q4 2013Dec 31, 2013	PG Procter & Gamble Company (The)	Procter & Gamble Company (The)	Sell	-2,950-2.3%	$10.09K	123,962
Q4 2013Dec 31, 2013	KO Coca-Cola Company (The)	Coca-Cola Company (The)	Sell	-3,455-1.7%	$8.40K	203,323
Q4 2013Dec 31, 2013	DANOY Danone	Danone	Sell	-4,575-2.3%	$2.86K	198,475
Q4 2013Dec 31, 2013	HRL Hormel Foods Corporation	Hormel Foods Corporation	Sell	-6,150-5.0%	$5.28K	116,900
Q4 2013Dec 31, 2013	FMX Fomento Economico Mexicano S.A.	Fomento Economico Mexicano S.A.	Sell	-8,565-7.2%	$10.73K	109,655
Q4 2013Dec 31, 2013	MLKN MillerKnoll, Inc.	MillerKnoll, Inc.	Sell	-20,100-5.3%	$10.61K	359,370
Q4 2013Dec 31, 2013	PGR Progressive Corporation (The)	Progressive Corporation (The)	Sell	-70,208-80.7%	$458.00	16,778
Q4 2013Dec 31, 2013	HAS Hasbro, Inc.	Hasbro, Inc.	Sell - Position Exit	-626,021-100.0%	$0.00	-
Q3 2013Sep 30, 2013	NSRGY Nestle S.A.	Nestle S.A.	Buy	+886,516+6.7%	$984.82K	14,079,392
Q3 2013Sep 30, 2013	PM Philip Morris International Inc	Philip Morris International Inc	Buy	+424,991+4.6%	$832.71K	9,616,739
Q3 2013Sep 30, 2013	WFC Wells Fargo & Company	Wells Fargo & Company	Buy	+376,314+2.8%	$574.71K	13,908,732
Q3 2013Sep 30, 2013	BF-B Brown Forman Inc	Brown Forman Inc	Buy	+76,949+21.9%	$29.13K	427,628
Q3 2013Sep 30, 2013	MLM Martin Marietta Materials, Inc.	Martin Marietta Materials, Inc.	Buy	+48,555+2.8%	$175.34K	1,786,060
Q3 2013Sep 30, 2013	BRK-B Berkshire Hathaway Inc. New	Berkshire Hathaway Inc. New	Buy	+29,657+1.3%	$256.79K	2,262,253
Q3 2013Sep 30, 2013	KO Coca-Cola Company (The)	Coca-Cola Company (The)	Buy	+25,475+14.1%	$7.83K	206,778
Q3 2013Sep 30, 2013	DE Deere & Company	Deere & Company	Buy	+17,140+134.2%	$2.44K	29,915
Q3 2013Sep 30, 2013	AXP American Express Company	American Express Company	Buy	+10,800+9.3%	$9.59K	126,965
Q3 2013Sep 30, 2013	FMX Fomento Economico Mexicano S.A.	Fomento Economico Mexicano S.A.	Buy	+7,625+6.9%	$11.48K	118,220
Q3 2013Sep 30, 2013	IBM International Business Machines	International Business Machines	Buy	+437+2.7%	$3.09K	16,668
Q3 2013Sep 30, 2013	DEO Diageo	Diageo	Buy	+430+0.1%	$52.37K	412,072

Page 85 of 88 • 2628 total trades

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