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Gardner Russo & Quinn

Q3 2013 13F · by Thomas Russo, portfolio manager

As of
Sep 30, 2013
Filed
Nov 14, 2013
US stock
$9.4B · prev $8.6B
Positions
113 · prev 115
Options notional
$0
Documents
1· no amendments

Picture57.0% US stock

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

  • US stock listed on a US exchange 57.0%
  • Foreign stock not listed in the US 43.0%
  • Notes debt, at principal 0.0%
  • Puts at notional value 0.0%
  • Calls at notional value 0.0%

Moves92 since the prior filing

The book

Concentrated · behaves like 16 equal-sized positions

  1. Very concentrated
  2. Concentrated
  3. Focused
  4. Diversified

Moderate turnover · 26% a year, about 3.8 years per position

  1. Low
  2. Moderate
  3. High

Top 5 positions43% of US stock

  1. NSRGY Nestle S.a S/ added+0.38 pp added+0.3810.4%
  2. BRK.A Berkshire Hathaway Inc. added−0.65 pp added−0.659.0%
  3. PM Philip Morris International Inc. added−0.44 pp added−0.448.8%
  4. CFRHF Cie Financiere Richmn New new+7.23 pp new+7.237.2%
  5. MA Mastercard Incorporated added+0.59 pp added+0.597.2%

Positions113 in this filing · 7 exited

NSRGYNestle S.a S/10.45%14,079,392$985Madded+7%+0.38 pp2 q
BRK.ABerkshire Hathaway Inc.8.96%4,953$844Madded+1%−0.65 pp2 q
PMPhilip Morris International Inc.8.84%9,616,739$833Madded+5%−0.44 pp2 q
CFRHFCie Financiere Richmn New7.23%6,800,276$681Mnew+7.23 ppnew
MAMastercard Incorporated7.15%1,001,935$674Madded+2%+0.59 pp2 q
HKHHFHeineken Holding NV Ord6.70%9,972,655$631Madded+3%+0.35 pp2 q
WFCWells Fargo & Co.6.10%13,908,732$575Madded+3%−0.41 pp2 q
PDRDFPernod Ricard Ord5.84%4,426,700$550Madded+7%+0.49 pp2 q
unresolvedSABMiller PLC5.75%10,650,538$542Madded+6%+0.13 pp2 q
BUDAnheuser-Busch INBEV SA/NV5.09%4,833,827$480Madded+6%+0.28 pp2 q
UNUnilever N V -ny Shares4.27%10,661,578$402Madded+6%−0.34 pp2 q
MOAltria Group, Inc.2.81%7,708,331$265Madded+2%−0.27 pp2 q
BTAFFBritish Amer Tbco London2.80%4,963,955$263Madded+5%−0.01 pp2 q
BRK.BBERKSHIRE HATHAWAY Class B2.73%2,262,253$257Madded+1%−0.18 pp2 q
DGEAFDiageo PLC Ord2.67%7,905,573$252Madded+6%+0.18 pp2 q
unresolvedComcast Corp. Spl Cl A2.18%4,747,143$206Madded+1%+0.01 pp2 q
BF.ABrown-Forman Corporation Class A1.98%2,817,510$186Mtrimmed−0%−0.25 pp2 q
MLMMartin Marietta Materials1.86%1,786,060$175Madded+3%−0.13 pp2 q
SNIScripps Networks Inter-cl A1.16%1,393,439$109Mtrimmed−1%+0.07 pp2 q
JCDXFJc Decaux SA Act0.58%1,484,160$55Madded+3%+0.12 pp2 q
DEODiageo plc0.56%412,072$52Madded0%+0.01 pp2 q
unresolvedWashington Post Co0.52%80,868$49Mtrimmed−7%+0.03 pp2 q
SWGAFSwatch Group AG New Ord0.40%59,024$38Madded+3%+0.04 pp2 q
BF.BBrown-Forman Corporation Class B0.31%427,628$29Madded+22%+0.03 pp2 q
HASHasbro, Inc.0.31%626,021$30Mtrimmed−5%−0.03 pp2 q
VVISA Inc.0.22%106,458$20Mtrimmed−2%−0.01 pp2 q
XOMExxon Mobil Corp0.19%212,224$18Mtrimmed−7%−0.05 pp2 q
SWMASwedish Match AB0.14%364,712$13Mtrimmed−3%−0.01 pp2 q
CXTCrane NXT, Co.0.12%179,202$11Mtrimmed−1%−0.01 pp2 q
FMXFomento Economico Mexicano, S.a.b. De C.v.0.12%118,220$11Madded+7%−0.01 pp2 q
MLKNMillerKnoll, Inc.0.12%379,470$11Mtrimmed−0%0.00 pp2 q
MKLMarkel Group Inc.0.11%19,777$10Mtrimmed−1%−0.01 pp2 q
AXPAmerican Express Company0.10%126,965$10Madded+9%0.00 pp2 q
GSGoldman Sachs Group Inc.0.10%57,575$9Madded+1%0.00 pp2 q
PGProcter & Gamble Company0.10%126,912$10Mtrimmed−11%−0.03 pp2 q
CVXChevron Corporation0.08%65,471$8Mheld—2 q
KOCoca-Cola Company0.08%206,778$8Madded+14%0.00 pp2 q
DOVDover Corporation0.08%83,520$8Mtrimmed−2%0.00 pp2 q
unresolvedBerner Gruppen0.08%116,554$8Mheld—2 q
HRLHormel Foods Corporation0.06%123,050$5Mtrimmed−2%0.00 pp2 q
RDS.ARoyal Dutch Shell PLC0.06%80,960$5Madded+8%0.00 pp2 q
PEPPepsiCo, Inc.0.05%59,228$5Mtrimmed−3%−0.01 pp2 q
ABBVAbbvie Inc.0.04%86,777$4Mtrimmed−0%0.00 pp2 q
PXGBXPraxair Inc0.04%29,575$4Mtrimmed−0%0.00 pp2 q
HINKFHeineken N V Reg0.04%54,488$4Mtrimmed−0%0.00 pp2 q
ABTAbbott Laboratories0.03%86,503$3Madded0%−0.01 pp2 q
CMCSAComcast Corp0.03%52,773$2Mtrimmed−2%0.00 pp2 q
DANOYDanone S/0.03%203,050$3Mtrimmed−2%−0.01 pp2 q
DEDeere & Company0.03%29,915$2Madded×2.3+0.02 pp2 q
unresolvedDu Pont E I De Nemours & Co0.03%43,026$3Madded0%0.00 pp2 q
IBMInternational Business Machines Corporation0.03%16,668$3Madded+3%−0.01 pp2 q
unresolvedJpmorgan Chase & Co0.03%150,750$3Mheld—2 q
MKCMcCormick & Company, Incorporated Non-VTG CS0.03%47,780$3Mtrimmed−1%−0.01 pp2 q
unresolvedPrecision Castparts Corp0.03%11,325$3Madded+10%0.00 pp2 q
PGRProgressive Corporation0.03%86,986$2Mtrimmed−3%0.00 pp2 q
unresolvedWells Fargo Warrants, 34.01 St0.03%177,750$2Mheld—2 q
BICEFBic Stec Ord0.03%22,700$3Mtrimmed−0%0.00 pp2 q
NSRGFNestle S.a Reg Ord0.03%40,000$3Mheld—2 q
CFRUYCompagnie Fnce Rch UN/0.02%156,500$2Mtrimmed−2%0.00 pp2 q
EVFEaton Vance Senior Income Trust0.02%267,960$2Mtrimmed−3%0.00 pp2 q
HEINYHeineken N V S/0.02%43,346$2Mheld—2 q
MSFTMicrosoft Corp0.02%62,558$2Mtrimmed−3%−0.01 pp2 q
PNCPNC Financial Services Group0.02%25,644$2Mtrimmed−3%0.00 pp2 q
WMTWalmart Inc.0.02%22,559$2Mtrimmed−1%0.00 pp2 q
unresolvedAnheuser-Busch InBev0.02%15,000$1Mheld—2 q
COCXFLindt & Spruengli Ord0.02%39$2Mheld—2 q
PRGAFPargesa Holding Sa-br0.02%27,200$2Mtrimmed−2%0.00 pp2 q
BBTTruist Financial Corporation0.01%41,556$1Madded+1%−0.01 pp2 q
BPBP p.l.c.0.01%22,707$954,000trimmed−10%0.00 pp2 q
BACBank of America Corporation0.01%49,500$683,000held—2 q
BTIBritish American Tobacco p.l.c.0.01%6,600$694,000held—2 q
CSLCarlisle Companies, Inc.0.01%9,784$688,000trimmed−6%0.00 pp2 q
unresolvedChicago Bridge & Iron Co N V0.01%15,325$1Mnew+0.01 ppnew
COPConocoPhillips0.01%14,856$1Mtrimmed−7%0.00 pp2 q
COSTCostco Wholesale Corp0.01%5,855$674,000held—2 q
FULTFulton Financial Corp0.01%80,298$938,000trimmed−1%0.00 pp2 q
unresolvedGeneral Electric Co0.01%43,501$1Mtrimmed−14%0.00 pp2 q
unresolvedGoogle Inc.0.01%1,036$907,000added+16%0.00 pp2 q
unresolvedLamar Advertising Co0.01%20,525$965,000trimmed−2%0.00 pp2 q
unresolvedLeucadia National0.01%18,100$493,000trimmed−5%0.00 pp2 q
unresolvedM&T Bank Corp Wts Exp 12/23/10.01%30,000$1Mheld—2 q
unresolvedPernod-Ricard SA-Unspon ADR0.01%49,450$1Madded+3%0.00 pp2 q
PXDPioneer Natural Resource Co.0.01%2,700$510,000trimmed−10%0.00 pp2 q
unresolvedSABMiller PLC Sponsored ADR0.01%25,450$1Mheld—2 q
SWZTotal Return Securities Fund0.01%51,025$726,000held—2 q
RBGPFReckitt Benckiser Grp PLC0.01%17,800$1Madded+59%0.00 pp2 q
AMKAFA.p Moeller-maersk A/S A0.01%140$1Mheld—2 q
UNUnilever Nv-cva0.01%30,000$1Mheld—2 q
NHSTNhst Media Group As0.01%19,772$1Mheld—2 q
AIGAmerican International Group, Inc.0.00%6,000$292,000held—2 q
BABoeing Company0.00%2,430$286,000trimmed−25%0.00 pp2 q
CSFLCenterState Bank Corporation0.00%11,004$107,000new0.00 ppnew
DHRDanaher Corporation0.00%4,151$288,000held—2 q
DISThe Walt Disney Company0.00%6,375$411,000trimmed−10%−0.01 pp2 q
GDGeneral Dynamics Corporation0.00%3,000$263,000trimmed−7%0.00 pp2 q
HTLDHeartland Express Inc0.00%14,499$206,000trimmed−1%0.00 pp2 q
MATMattel, Inc.0.00%6,625$277,000trimmed−43%−0.01 pp2 q
MCDMcDonald's Corporation0.00%4,091$394,000trimmed−21%−0.01 pp2 q
MRKMerck & Co., Inc.0.00%5,736$273,000held—2 q
NTRSNorthern Trust Corp0.00%4,415$240,000trimmed−2%0.00 pp2 q
ORCLOracle Corp0.00%12,500$415,000trimmed−5%0.00 pp2 q
PHIYXPimco High Yield Fund-inst0.00%11,116$105,000held—2 q
SLBSLB Limited0.00%3,350$296,000trimmed−2%0.00 pp2 q
unresolvedSusquehanna Bancshares Inc P0.00%17,429$218,000held—2 q
GPDNFGroupe Danone0.00%3,500$264,000trimmed−7%0.00 pp2 q
LRLCFL'oreal Co Eur Ord0.00%2,665$458,000held—2 q
PZCPz Cussons PLC0.00%15,000$101,000held—2 q
unresolvedSyngenta AG0.00%600$245,000held—2 q
unresolvedWal-Mart De Mexico S A0.00%10,000$26,000held—2 q
unresolvedBerner Gruppen PFD0.00%3,501$239,000new0.00 ppnew
XPGDVend Marketplaces ASA0.00%6,150$317,000held—2 q
CIRCir SPA0.00%125,000$198,000held—2 q
PHJMFPt Hanjaya Mandala Samprn0.00%12,500$70,000new0.00 ppnew
unresolvedCompagnie Financiere Richemont—−6,797,657—exited−7.00 pp—
unresolvedRoche Holding AG—−1,325—exited0.00 pp—
DDominion Energy, Inc—−3,632—exited0.00 pp—
PTTRXPimco Total Return Fund-inst—−10,397—exited0.00 pp—
SPYState Street SPDR S&P 500 ETF Trust—−1,700—exited0.00 pp—
unresolvedImperial Tobacco Group PLC—−6,750—exited0.00 pp—
unresolvedLonrho PLC—−500,000—exited0.00 pp—

Source

Form
13F-HR
Reading
36 defects · 21 unresolved
Accession
0000860643-13-000008
Options
none in this filing
Notes
none in this filing
SEC cross-check
SEC data set not published yet
  • A security outside the official 13F list — CUSIP 204319107 not on the Official 13(f) List for 2013-09-30
  • A security outside the official 13F list — CUSIP 23636T100 not on the Official 13(f) List for 2013-09-30
  • A security outside the official 13F list — CUSIP 423012301 not on the Official 13(f) List for 2013-09-30
  • A security outside the official 13F list — CUSIP 641069406 not on the Official 13(f) List for 2013-09-30
  • A security outside the official 13F list — CUSIP 693390841 not on the Official 13(f) List for 2013-09-30
  • A security outside the official 13F list — CUSIP 714264207 not on the Official 13(f) List for 2013-09-30
  • A security outside the official 13F list — CUSIP 78572M105 not on the Official 13(f) List for 2013-09-30
  • A security outside the official 13F list — CUSIP B6399C107 not on the Official 13(f) List for 2013-09-30
  • A security outside the official 13F list — CUSIP F10080103 not on the Official 13(f) List for 2013-09-30
  • A security outside the official 13F list — CUSIP F12033134 not on the Official 13(f) List for 2013-09-30
  • A security outside the official 13F list — CUSIP F5333N100 not on the Official 13(f) List for 2013-09-30
  • A security outside the official 13F list — CUSIP F58149133 not on the Official 13(f) List for 2013-09-30
  • A security outside the official 13F list — CUSIP F72027109 not on the Official 13(f) List for 2013-09-30
  • A security outside the official 13F list — CUSIP G1510J102 not on the Official 13(f) List for 2013-09-30
  • A security outside the official 13F list — CUSIP G42089113 not on the Official 13(f) List for 2013-09-30
  • A security outside the official 13F list — CUSIP G6850S109 not on the Official 13(f) List for 2013-09-30
  • A security outside the official 13F list — CUSIP G74079107 not on the Official 13(f) List for 2013-09-30
  • A security outside the official 13F list — CUSIP G77395104 not on the Official 13(f) List for 2013-09-30
  • A security outside the official 13F list — CUSIP H25662182 not on the Official 13(f) List for 2013-09-30
  • A security outside the official 13F list — CUSIP H49983176 not on the Official 13(f) List for 2013-09-30
  • A security outside the official 13F list — CUSIP H57312649 not on the Official 13(f) List for 2013-09-30
  • A security outside the official 13F list — CUSIP H60477207 not on the Official 13(f) List for 2013-09-30
  • A security outside the official 13F list — CUSIP H83949141 not on the Official 13(f) List for 2013-09-30
  • A security outside the official 13F list — CUSIP H84140112 not on the Official 13(f) List for 2013-09-30
  • A security outside the official 13F list — CUSIP K0514G135 not on the Official 13(f) List for 2013-09-30
  • A security outside the official 13F list — CUSIP N39338194 not on the Official 13(f) List for 2013-09-30
  • A security outside the official 13F list — CUSIP N39427211 not on the Official 13(f) List for 2013-09-30
  • A security outside the official 13F list — CUSIP N8981F271 not on the Official 13(f) List for 2013-09-30
  • A security outside the official 13F list — CUSIP P98180105 not on the Official 13(f) List for 2013-09-30
  • A security outside the official 13F list — CUSIP R10549104 not on the Official 13(f) List for 2013-09-30
  • A security outside the official 13F list — CUSIP R10549112 not on the Official 13(f) List for 2013-09-30
  • A security outside the official 13F list — CUSIP R4700L117 not on the Official 13(f) List for 2013-09-30
  • A security outside the official 13F list — CUSIP R75677105 not on the Official 13(f) List for 2013-09-30
  • A security outside the official 13F list — CUSIP T28980125 not on the Official 13(f) List for 2013-09-30
  • A security outside the official 13F list — CUSIP W92277115 not on the Official 13(f) List for 2013-09-30
  • A security outside the official 13F list — CUSIP Y7121Z146 not on the Official 13(f) List for 2013-09-30