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Gardner Russo & Quinn

Q4 2013 13F · by Thomas Russo, portfolio manager

As of
Dec 31, 2013
Filed
Feb 12, 2014
US stock
$10.1B · prev $9.4B
Positions
110 · prev 113
Options notional
$0
Documents
1· no amendments

Picture58.7% US stock

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

  • US stock listed on a US exchange 58.7%
  • Foreign stock not listed in the US 41.3%
  • Notes debt, at principal 0.0%
  • Puts at notional value 0.0%
  • Calls at notional value 0.0%

Moves80 since the prior filing

The book

Concentrated · behaves like 16 equal-sized positions

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

Low turnover · 5.3% a year, about 18.8 years per position

  1. Low
  2. Moderate
  3. High

Top 5 positions43% of US stock

  1. NSRGY Nestle S.a S/ added+0.09 pp added+0.0910.5%
  2. BRK.A Berkshire Hathaway Inc. added−0.03 pp added−0.038.9%
  3. PM Philip Morris International Inc. added−0.25 pp added−0.258.6%
  4. MA Mastercard Incorporated trimmed+1.04 pp trimmed+1.048.2%
  5. CFRHF Cie Financiere Richmn New added−0.38 pp added−0.386.8%

Positions110 in this filing · 5 exited

NSRGYNestle S.a S/10.54%14,520,387$1.1Badded+3%+0.09 pp3 q
BRK.ABerkshire Hathaway Inc.8.93%5,078$903Madded+3%−0.03 pp3 q
PMPhilip Morris International Inc.8.59%9,971,107$869Madded+4%−0.25 pp3 q
MAMastercard Incorporated8.19%990,747$828Mtrimmed−1%+1.04 pp3 q
CFRHFCie Financiere Richmn New6.85%6,912,947$693Madded+2%−0.38 pp2 q
WFCWells Fargo & Co.6.53%14,534,770$660Madded+5%+0.43 pp3 q
HKHHFHeineken Holding NV Ord6.38%10,181,924$645Madded+2%−0.32 pp3 q
unresolvedSABMiller PLC5.61%11,037,653$567Madded+4%−0.14 pp3 q
PDRDFPernod Ricard Ord5.34%4,732,860$540Madded+7%−0.50 pp3 q
BUDAnheuser-Busch INBEV SA/NV5.21%4,944,404$526Madded+2%+0.12 pp3 q
UNUnilever N V -ny Shares4.70%11,808,636$475Madded+11%+0.43 pp3 q
BRK.BBERKSHIRE HATHAWAY Class B2.72%2,317,684$275Madded+2%−0.01 pp3 q
MOAltria Group, Inc.2.69%7,075,151$272Mtrimmed−8%−0.12 pp3 q
DGEAFDiageo PLC Ord2.65%8,092,869$268Madded+2%−0.02 pp3 q
BTAFFBritish Amer Tbco London2.52%4,746,338$255Mtrimmed−4%−0.28 pp3 q
unresolvedComcast Corp. Spl Cl A2.34%4,753,215$237Madded0%+0.16 pp3 q
BF.ABrown-Forman Corporation Class A2.09%2,868,913$212Madded+2%+0.11 pp3 q
MLMMartin Marietta Materials1.91%1,931,562$193Madded+8%+0.05 pp3 q
SNIScripps Networks Inter-cl A1.20%1,400,871$121Madded+1%+0.04 pp3 q
JCDXFJc Decaux SA Act0.60%1,461,955$60Mtrimmed−2%+0.02 pp3 q
DEODiageo plc0.54%413,704$55Madded0%−0.02 pp3 q
GHCGraham Holdings Company0.50%75,845$50Mnew+0.50 ppnew
SWGAFSwatch Group AG New Ord0.39%58,870$39Mtrimmed−0%−0.01 pp3 q
BF.BBrown-Forman Corporation Class B0.32%424,931$32Mtrimmed−1%+0.01 pp3 q
VVISA Inc.0.24%108,477$24Madded+2%+0.02 pp3 q
XOMExxon Mobil Corp0.21%210,918$21Mtrimmed−1%+0.02 pp3 q
AXPAmerican Express Company0.11%126,595$11Mtrimmed−0%+0.01 pp3 q
CXTCrane NXT, Co.0.11%172,552$12Mtrimmed−4%−0.01 pp3 q
FMXFomento Economico Mexicano, S.a.b. De C.v.0.11%109,655$11Mtrimmed−7%−0.01 pp3 q
MKLMarkel Group Inc.0.11%19,127$11Mtrimmed−3%0.00 pp3 q
SWMASwedish Match AB0.11%346,062$11Mtrimmed−5%−0.03 pp3 q
GSGoldman Sachs Group Inc.0.10%56,975$10Mtrimmed−1%0.00 pp3 q
MLKNMillerKnoll, Inc.0.10%359,370$11Mtrimmed−5%−0.02 pp3 q
PGProcter & Gamble Company0.10%123,962$10Mtrimmed−2%0.00 pp3 q
CVXChevron Corporation0.08%64,761$8Mtrimmed−1%0.00 pp3 q
KOCoca-Cola Company0.08%203,323$8Mtrimmed−2%0.00 pp3 q
DOVDover Corporation0.08%81,075$8Mtrimmed−3%0.00 pp3 q
ABBVAbbvie Inc.0.05%86,777$5Mheld—3 q
HRLHormel Foods Corporation0.05%116,900$5Mtrimmed−5%−0.01 pp3 q
PEPPepsiCo, Inc.0.05%58,221$5Mtrimmed−2%0.00 pp3 q
RDS.ARoyal Dutch Shell PLC0.05%74,915$5Mtrimmed−7%−0.01 pp3 q
unresolvedBerner Gruppen0.05%116,554$5Mheld—3 q
PXGBXPraxair Inc0.04%29,525$4Mtrimmed−0%0.00 pp3 q
ABTAbbott Laboratories0.03%86,503$3Mheld—3 q
CMCSAComcast Corp0.03%52,746$3Mtrimmed−0%0.00 pp3 q
DANOYDanone S/0.03%198,475$3Mtrimmed−2%0.00 pp3 q
DEDeere & Company0.03%29,915$3Mheld—3 q
unresolvedDu Pont E I De Nemours & Co0.03%43,591$3Madded+1%0.00 pp3 q
IBMInternational Business Machines Corporation0.03%16,668$3Mheld—3 q
unresolvedJpmorgan Chase & Co0.03%150,750$3Mheld—3 q
MKCMcCormick & Company, Incorporated Non-VTG CS0.03%45,900$3Mtrimmed−4%0.00 pp3 q
unresolvedPrecision Castparts Corp0.03%11,325$3Mheld—3 q
unresolvedWells Fargo Warrants, 34.01 St0.03%177,750$3Mheld—3 q
NSRGFNestle S.a Reg Ord0.03%40,310$3Madded+1%0.00 pp3 q
HINKFHeineken N V Reg0.03%52,191$4Mtrimmed−4%−0.01 pp3 q
BBTTruist Financial Corporation0.02%40,829$2Mtrimmed−2%+0.01 pp3 q
CFRUYCompagnie Fnce Rch UN/0.02%155,125$2Mtrimmed−1%0.00 pp3 q
EVFEaton Vance Senior Income Trust0.02%268,256$2Madded0%0.00 pp3 q
MSFTMicrosoft Corp0.02%61,744$2Mtrimmed−1%0.00 pp3 q
PNCPNC Financial Services Group0.02%25,644$2Mheld—3 q
WMTWalmart Inc.0.02%22,509$2Mtrimmed−0%0.00 pp3 q
unresolvedAnheuser-Busch InBev0.02%15,000$2Mheld—3 q
BICEFBic Stec Ord0.02%20,285$2Mtrimmed−11%−0.01 pp3 q
RBGPFReckitt Benckiser Grp PLC0.02%24,665$2Madded+39%+0.01 pp3 q
COCXFLindt & Spruengli Ord0.02%36$2Mtrimmed−8%0.00 pp3 q
PRGAFPargesa Holding Sa-br0.02%23,950$2Mtrimmed−12%0.00 pp3 q
BPBP p.l.c.0.01%22,707$1Mheld—3 q
BACBank of America Corporation0.01%49,500$771,000held—3 q
BTIBritish American Tobacco p.l.c.0.01%13,550$1Madded×2.10.00 pp3 q
CSLCarlisle Companies, Inc.0.01%9,700$770,000trimmed−1%0.00 pp3 q
unresolvedChicago Bridge & Iron Co N V0.01%14,875$1Mtrimmed−3%0.00 pp2 q
COPConocoPhillips0.01%12,856$908,000trimmed−13%0.00 pp3 q
COSTCostco Wholesale Corp0.01%5,855$697,000held—3 q
FULTFulton Financial Corp0.01%80,298$1Mheld—3 q
unresolvedGeneral Electric Co0.01%43,501$1Mheld—3 q
unresolvedGoogle Inc.0.01%1,016$1Mtrimmed−2%0.00 pp3 q
HEINYHeineken N V S/0.01%43,246$1Mtrimmed−0%−0.01 pp3 q
unresolvedLamar Advertising Co0.01%20,525$1Mheld—3 q
unresolvedM&T Bank Corp Wts Exp 12/23/10.01%30,000$1Mheld—3 q
unresolvedPernod-Ricard SA-Unspon ADR0.01%51,985$1Madded+5%0.00 pp3 q
unresolvedSABMiller PLC Sponsored ADR0.01%26,060$1Madded+2%0.00 pp3 q
SWZTotal Return Securities Fund0.01%56,025$782,000added+10%0.00 pp3 q
LRLCFL'oreal Co Eur Ord0.01%5,675$999,000added×2.1+0.01 pp3 q
AMKAFA.p Moeller-maersk A/S A0.01%125$1Mtrimmed−11%0.00 pp3 q
UNUnilever Nv-cva0.01%32,500$1Madded+8%0.00 pp3 q
NHSTNhst Media Group As0.01%19,772$1Mheld—3 q
AIGAmerican International Group, Inc.0.00%6,000$306,000held—3 q
BABoeing Company0.00%2,430$332,000held—3 q
CSFLCenterState Bank Corporation0.00%11,004$112,000held—2 q
DHRDanaher Corporation0.00%4,151$320,000held—3 q
DISThe Walt Disney Company0.00%6,375$487,000held—3 q
GDGeneral Dynamics Corporation0.00%3,000$287,000held—3 q
HTLDHeartland Express Inc0.00%14,499$284,000held—3 q
MATMattel, Inc.0.00%6,625$315,000held—3 q
MCDMcDonald's Corporation0.00%3,960$384,000trimmed−3%0.00 pp3 q
MRKMerck & Co., Inc.0.00%4,536$227,000trimmed−21%0.00 pp3 q
NTRSNorthern Trust Corp0.00%4,334$268,000trimmed−2%0.00 pp3 q
ORCLOracle Corp0.00%12,500$478,000held—3 q
PHIYXPimco High Yield Fund-inst0.00%11,116$107,000held—3 q
PSXPhillips 660.00%2,720$210,000new0.00 ppnew
PXDPioneer Natural Resource Co.0.00%2,700$497,000held—3 q
PGRProgressive Corporation0.00%16,778$458,000trimmed−81%−0.03 pp3 q
SLBSLB Limited0.00%3,350$302,000held—3 q
unresolvedSusquehanna Bancshares Inc P0.00%17,429$224,000held—3 q
GPDNFGroupe Danone0.00%3,500$252,000held—3 q
PZCPz Cussons PLC0.00%15,000$94,000held—3 q
unresolvedSyngenta AG0.00%521$209,000trimmed−13%0.00 pp3 q
XPGDVend Marketplaces ASA0.00%6,150$406,000held—3 q
CIRCir SPA0.00%125,000$197,000held—3 q
PHJMFPt Hanjaya Mandala Samprn0.00%25,000$128,000added×2.00.00 pp2 q
unresolvedWashington Post Co—−80,868—exited−0.52 pp—
HASHasbro, Inc.—−626,021—exited−0.31 pp—
unresolvedLeucadia National—−18,100—exited−0.01 pp—
unresolvedWal-Mart De Mexico S A—−10,000—exited0.00 pp—
unresolvedBerner Gruppen PFD—−3,501—exited0.00 pp—

Source

Form
13F-HR
Reading
34 defects · 17 unresolved
Accession
0000860643-14-000001
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 2013-12-31
  • A security outside the official 13F list — CUSIP 23636T100 not on the Official 13(f) List for 2013-12-31
  • A security outside the official 13F list — CUSIP 423012301 not on the Official 13(f) List for 2013-12-31
  • A security outside the official 13F list — CUSIP 641069406 not on the Official 13(f) List for 2013-12-31
  • A security outside the official 13F list — CUSIP 693390841 not on the Official 13(f) List for 2013-12-31
  • A security outside the official 13F list — CUSIP 714264207 not on the Official 13(f) List for 2013-12-31
  • A security outside the official 13F list — CUSIP 78572M105 not on the Official 13(f) List for 2013-12-31
  • A security outside the official 13F list — CUSIP B6399C107 not on the Official 13(f) List for 2013-12-31
  • A security outside the official 13F list — CUSIP F10080103 not on the Official 13(f) List for 2013-12-31
  • A security outside the official 13F list — CUSIP F12033134 not on the Official 13(f) List for 2013-12-31
  • A security outside the official 13F list — CUSIP F5333N100 not on the Official 13(f) List for 2013-12-31
  • A security outside the official 13F list — CUSIP F58149133 not on the Official 13(f) List for 2013-12-31
  • A security outside the official 13F list — CUSIP F72027109 not on the Official 13(f) List for 2013-12-31
  • A security outside the official 13F list — CUSIP G1510J102 not on the Official 13(f) List for 2013-12-31
  • A security outside the official 13F list — CUSIP G42089113 not on the Official 13(f) List for 2013-12-31
  • A security outside the official 13F list — CUSIP G6850S109 not on the Official 13(f) List for 2013-12-31
  • A security outside the official 13F list — CUSIP G74079107 not on the Official 13(f) List for 2013-12-31
  • A security outside the official 13F list — CUSIP G77395104 not on the Official 13(f) List for 2013-12-31
  • A security outside the official 13F list — CUSIP H25662182 not on the Official 13(f) List for 2013-12-31
  • A security outside the official 13F list — CUSIP H49983176 not on the Official 13(f) List for 2013-12-31
  • A security outside the official 13F list — CUSIP H57312649 not on the Official 13(f) List for 2013-12-31
  • A security outside the official 13F list — CUSIP H60477207 not on the Official 13(f) List for 2013-12-31
  • A security outside the official 13F list — CUSIP H83949141 not on the Official 13(f) List for 2013-12-31
  • A security outside the official 13F list — CUSIP H84140112 not on the Official 13(f) List for 2013-12-31
  • A security outside the official 13F list — CUSIP K0514G135 not on the Official 13(f) List for 2013-12-31
  • A security outside the official 13F list — CUSIP N39338194 not on the Official 13(f) List for 2013-12-31
  • A security outside the official 13F list — CUSIP N39427211 not on the Official 13(f) List for 2013-12-31
  • A security outside the official 13F list — CUSIP N8981F271 not on the Official 13(f) List for 2013-12-31
  • A security outside the official 13F list — CUSIP R10549104 not on the Official 13(f) List for 2013-12-31
  • A security outside the official 13F list — CUSIP R4700L117 not on the Official 13(f) List for 2013-12-31
  • A security outside the official 13F list — CUSIP R75677105 not on the Official 13(f) List for 2013-12-31
  • A security outside the official 13F list — CUSIP T28980125 not on the Official 13(f) List for 2013-12-31
  • A security outside the official 13F list — CUSIP W92277115 not on the Official 13(f) List for 2013-12-31
  • A security outside the official 13F list — CUSIP Y7121Z146 not on the Official 13(f) List for 2013-12-31