Gardner Russo & Quinn

Q2 2013 13F · by Thomas Russo, portfolio manager

As of: Jun 30, 2013
Filed: Aug 13, 2013
US stock: $8.6B
Positions: 115
Options notional: $0
Documents: 1· no amendments

Picture58.9% US stock

Partial picture · of what this 13F reports is US stock

US stock listed on a US exchange 58.9%
Foreign stock not listed in the US 41.1%
Notes debt, at principal 0.0%
Puts at notional value 0.0%
Calls at notional value 0.0%

Moves

First filing on record. Nothing to compare against.

The book

Concentrated · behaves like 16 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Turnover · first filing on record

Low
Moderate
High

Top 5 positions43% of US stock

NSRGY Nestle S.a S/ held held10.1%
BRK.A Berkshire Hathaway Inc. held held9.6%
PM Philip Morris International Inc. held held9.3%
unresolved Compagnie Financiere Richemont held held7.0%
MA Mastercard Incorporated held held6.6%

Positions115 in this filing · 0 exited


NSRGYNestle S.a S/	10.07%	13,192,876	$864M	held	—	new
BRK.ABerkshire Hathaway Inc.	9.61%	4,891	$825M	held	—	new
PMPhilip Morris International Inc.	9.28%	9,191,748	$796M	held	—	new
unresolvedCompagnie Financiere Richemont	7.00%	6,797,657	$600M	held	—	new
MAMastercard Incorporated	6.56%	979,977	$563M	held	—	new
WFCWells Fargo & Co.	6.51%	13,532,418	$558M	held	—	new
HKHHFHeineken Holding NV Ord	6.35%	9,723,445	$545M	held	—	new
unresolvedSABMiller PLC	5.62%	10,083,853	$482M	held	—	new
PDRDFPernod Ricard Ord	5.35%	4,146,182	$459M	held	—	new
BUDAnheuser-Busch INBEV SA/NV	4.81%	4,573,748	$413M	held	—	new
UNUnilever N V -ny Shares	4.61%	10,066,606	$396M	held	—	new
MOAltria Group, Inc.	3.08%	7,554,679	$264M	held	—	new
BRK.BBERKSHIRE HATHAWAY Class B	2.91%	2,232,596	$250M	held	—	new
BTAFFBritish Amer Tbco London	2.81%	4,722,175	$241M	held	—	new
DGEAFDiageo PLC Ord	2.49%	7,487,269	$213M	held	—	new
BF.ABrown-Forman Corporation Class A	2.23%	2,826,950	$191M	held	—	new
unresolvedComcast Corp. Spl Cl A	2.17%	4,697,779	$186M	held	—	new
MLMMartin Marietta Materials	1.99%	1,737,505	$171M	held	—	new
SNIScripps Networks Inter-cl A	1.09%	1,401,230	$94M	held	—	new
DEODiageo plc	0.55%	411,642	$47M	held	—	new
unresolvedWashington Post Co	0.49%	86,602	$42M	held	—	new
JCDXFJc Decaux SA Act	0.46%	1,445,810	$39M	held	—	new
SWGAFSwatch Group AG New Ord	0.36%	57,048	$31M	held	—	new
HASHasbro, Inc.	0.34%	657,633	$29M	held	—	new
BF.BBrown-Forman Corporation Class B	0.28%	350,679	$24M	held	—	new
XOMExxon Mobil Corp	0.24%	227,061	$21M	held	—	new
VVISA Inc.	0.23%	108,933	$20M	held	—	new
SWMASwedish Match AB	0.15%	376,579	$13M	held	—	new
CXTCrane NXT, Co.	0.13%	180,652	$11M	held	—	new
FMXFomento Economico Mexicano, S.a.b. De C.v.	0.13%	110,595	$11M	held	—	new
PGProcter & Gamble Company	0.13%	142,105	$11M	held	—	new
MKLMarkel Group Inc.	0.12%	19,956	$11M	held	—	new
MLKNMillerKnoll, Inc.	0.12%	379,870	$10M	held	—	new
AXPAmerican Express Company	0.10%	116,165	$9M	held	—	new
GSGoldman Sachs Group Inc.	0.10%	57,225	$9M	held	—	new
CVXChevron Corporation	0.09%	65,471	$8M	held	—	new
KOCoca-Cola Company	0.08%	181,303	$7M	held	—	new
DOVDover Corporation	0.08%	85,045	$7M	held	—	new
unresolvedBerner Gruppen	0.07%	116,554	$6M	held	—	new
HRLHormel Foods Corporation	0.06%	125,784	$5M	held	—	new
PEPPepsiCo, Inc.	0.06%	60,852	$5M	held	—	new
RDS.ARoyal Dutch Shell PLC	0.06%	74,810	$5M	held	—	new
ABTAbbott Laboratories	0.04%	86,303	$3M	held	—	new
ABBVAbbvie Inc.	0.04%	87,127	$4M	held	—	new
DANOYDanone S/	0.04%	208,050	$3M	held	—	new
IBMInternational Business Machines Corporation	0.04%	16,231	$3M	held	—	new
MKCMcCormick & Company, Incorporated Non-VTG CS	0.04%	48,430	$3M	held	—	new
PXGBXPraxair Inc	0.04%	29,675	$3M	held	—	new
HINKFHeineken N V Reg	0.04%	54,588	$3M	held	—	new
CMCSAComcast Corp	0.03%	53,933	$2M	held	—	new
unresolvedDu Pont E I De Nemours & Co	0.03%	42,825	$2M	held	—	new
unresolvedJpmorgan Chase & Co	0.03%	150,750	$2M	held	—	new
MSFTMicrosoft Corp	0.03%	64,267	$2M	held	—	new
unresolvedPrecision Castparts Corp	0.03%	10,250	$2M	held	—	new
PGRProgressive Corporation	0.03%	89,811	$2M	held	—	new
unresolvedWells Fargo Warrants, 34.01 St	0.03%	177,750	$2M	held	—	new
BICEFBic Stec Ord	0.03%	22,750	$2M	held	—	new
NSRGFNestle S.a Reg Ord	0.03%	40,000	$3M	held	—	new
BBTTruist Financial Corporation	0.02%	41,281	$1M	held	—	new
CFRUYCompagnie Fnce Rch UN/	0.02%	159,150	$1M	held	—	new
EVFEaton Vance Senior Income Trust	0.02%	277,308	$2M	held	—	new
HEINYHeineken N V S/	0.02%	43,346	$1M	held	—	new
PNCPNC Financial Services Group	0.02%	26,551	$2M	held	—	new
WMTWalmart Inc.	0.02%	22,684	$2M	held	—	new
unresolvedAnheuser-Busch InBev	0.02%	15,000	$1M	held	—	new
COCXFLindt & Spruengli Ord	0.02%	39	$2M	held	—	new
PRGAFPargesa Holding Sa-br	0.02%	27,675	$2M	held	—	new
NHSTNhst Media Group As	0.02%	19,772	$1M	held	—	new
BPBP p.l.c.	0.01%	25,301	$1M	held	—	new
BACBank of America Corporation	0.01%	49,500	$637,000	held	—	new
BTIBritish American Tobacco p.l.c.	0.01%	6,600	$679,000	held	—	new
CSLCarlisle Companies, Inc.	0.01%	10,384	$647,000	held	—	new
COPConocoPhillips	0.01%	16,044	$971,000	held	—	new
COSTCostco Wholesale Corp	0.01%	5,855	$647,000	held	—	new
DEDeere & Company	0.01%	12,775	$1M	held	—	new
DISThe Walt Disney Company	0.01%	7,100	$448,000	held	—	new
FULTFulton Financial Corp	0.01%	81,113	$931,000	held	—	new
unresolvedGeneral Electric Co	0.01%	50,501	$1M	held	—	new
unresolvedGoogle Inc.	0.01%	897	$790,000	held	—	new
unresolvedLamar Advertising Co	0.01%	21,025	$912,000	held	—	new
unresolvedLeucadia National	0.01%	19,100	$501,000	held	—	new
unresolvedM&T Bank Corp Wts Exp 12/23/1	0.01%	30,000	$1M	held	—	new
MATMattel, Inc.	0.01%	11,625	$527,000	held	—	new
MCDMcDonald's Corporation	0.01%	5,185	$513,000	held	—	new
unresolvedPernod-Ricard SA-Unspon ADR	0.01%	48,100	$1M	held	—	new
PXDPioneer Natural Resource Co.	0.01%	3,000	$434,000	held	—	new
unresolvedSABMiller PLC Sponsored ADR	0.01%	25,450	$1M	held	—	new
SWZTotal Return Securities Fund	0.01%	51,025	$629,000	held	—	new
LRLCFL'oreal Co Eur Ord	0.01%	2,665	$437,000	held	—	new
RBGPFReckitt Benckiser Grp PLC	0.01%	11,200	$790,000	held	—	new
AMKAFA.p Moeller-maersk A/S A	0.01%	140	$943,000	held	—	new
UNUnilever Nv-cva	0.01%	30,000	$1M	held	—	new
unresolvedRoche Holding AG	0.00%	1,325	$329,000	held	—	new
AIGAmerican International Group, Inc.	0.00%	6,000	$268,000	held	—	new
BABoeing Company	0.00%	3,257	$334,000	held	—	new
DHRDanaher Corporation	0.00%	4,151	$263,000	held	—	new
DDominion Energy, Inc	0.00%	3,632	$206,000	held	—	new
GDGeneral Dynamics Corporation	0.00%	3,225	$253,000	held	—	new
HTLDHeartland Express Inc	0.00%	14,699	$204,000	held	—	new
MRKMerck & Co., Inc.	0.00%	5,736	$266,000	held	—	new
NTRSNorthern Trust Corp	0.00%	4,500	$261,000	held	—	new
ORCLOracle Corp	0.00%	13,125	$403,000	held	—	new
PTTRXPimco Total Return Fund-inst	0.00%	10,397	$112,000	held	—	new
PHIYXPimco High Yield Fund-inst	0.00%	11,116	$105,000	held	—	new
SPYState Street SPDR S&P 500 ETF Trust	0.00%	1,700	$273,000	held	—	new
SLBSLB Limited	0.00%	3,425	$245,000	held	—	new
unresolvedSusquehanna Bancshares Inc P	0.00%	17,429	$224,000	held	—	new
GPDNFGroupe Danone	0.00%	3,750	$281,000	held	—	new
unresolvedImperial Tobacco Group PLC	0.00%	6,750	$233,000	held	—	new
unresolvedLonrho PLC	0.00%	500,000	$75,000	held	—	new
PZCPz Cussons PLC	0.00%	15,000	$79,000	held	—	new
unresolvedSyngenta AG	0.00%	600	$234,000	held	—	new
unresolvedWal-Mart De Mexico S A	0.00%	10,000	$28,000	held	—	new
XPGDVend Marketplaces ASA	0.00%	6,150	$264,000	held	—	new
CIRCir SPA	0.00%	125,000	$141,000	held	—	new