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Gardner Russo & Quinn

Q1 2014 13F · by Thomas Russo, portfolio manager

As of
Mar 31, 2014
Filed
May 13, 2014
US stock
$10.3B · prev $10.1B
Positions
112 · prev 110
Options notional
$0
Documents
1· no amendments

Picture58.8% US stock

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

  • US stock listed on a US exchange 58.8%
  • Foreign stock not listed in the US 41.2%
  • Notes debt, at principal 0.0%
  • Puts at notional value 0.0%
  • Calls at notional value 0.0%

Moves84 since the prior filing

The book

Concentrated · behaves like 16 equal-sized positions

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

Low turnover · 0.8% a year, more than 30 years per position

  1. Low
  2. Moderate
  3. High

Top 5 positions42% of US stock

  1. NSRGY Nestle S.a S/ added+0.07 pp added+0.0710.6%
  2. BRK.A Berkshire Hathaway Inc. added+0.32 pp added+0.329.3%
  3. PM Philip Morris International Inc. added−0.53 pp added−0.538.1%
  4. MA Mastercard Incorporated trimmed−1.10 pp trimmed−1.107.1%
  5. WFC Wells Fargo & Co. added+0.53 pp added+0.537.1%

Positions112 in this filing · 3 exited

NSRGYNestle S.a S/10.61%14,576,827$1.1Badded0%+0.07 pp4 q
BRK.ABerkshire Hathaway Inc.9.25%5,109$957Madded+1%+0.32 pp4 q
PMPhilip Morris International Inc.8.06%10,191,037$834Madded+2%−0.53 pp4 q
MAMastercard Incorporated7.09%9,827,537$734Mtrimmed−1%−1.10 pp4 q
WFCWells Fargo & Co.7.06%14,689,097$731Madded+1%+0.53 pp4 q
HKHHFHeineken Holding NV Ord6.50%10,406,630$672Madded+2%+0.12 pp4 q
CFRHFCie Financiere Richmn New6.49%7,027,196$671Madded+2%−0.36 pp3 q
unresolvedSABMiller PLC5.55%11,499,390$574Madded+4%−0.06 pp4 q
PDRDFPernod Ricard Ord5.53%4,917,307$573Madded+4%+0.19 pp4 q
BUDAnheuser-Busch INBEV SA/NV5.11%5,019,738$529Madded+2%−0.10 pp4 q
UNUnilever N V -ny Shares5.03%12,654,600$520Madded+7%+0.33 pp4 q
BRK.BBERKSHIRE HATHAWAY Class B2.90%2,405,629$301Madded+4%+0.18 pp4 q
BTAFFBritish Amer Tbco London2.60%4,831,214$269Madded+2%+0.08 pp4 q
MOAltria Group, Inc.2.59%7,148,952$268Madded+1%−0.10 pp4 q
DGEAFDiageo PLC Ord2.48%8,279,868$257Madded+2%−0.17 pp4 q
BF.ABrown-Forman Corporation Class A2.47%2,876,559$256Madded0%+0.38 pp4 q
MLMMartin Marietta Materials2.47%1,992,602$256Madded+3%+0.56 pp4 q
unresolvedComcast Corp. Spl Cl A2.25%4,769,644$233Madded0%−0.09 pp4 q
SNIScripps Networks Inter-cl A1.01%1,381,079$105Mtrimmed−1%−0.19 pp4 q
JCDXFJc Decaux SA Act0.62%1,468,195$64Madded0%+0.02 pp4 q
DEODiageo plc0.51%425,185$53Madded+3%−0.03 pp4 q
GHCGraham Holdings Company0.50%73,068$51Mtrimmed−4%0.00 pp2 q
BF.BBrown-Forman Corporation Class B0.38%433,949$39Madded+2%+0.06 pp4 q
SWGAFSwatch Group AG New Ord0.36%59,811$38Madded+2%−0.03 pp4 q
VVISA Inc.0.23%110,677$24Madded+2%−0.01 pp4 q
XOMExxon Mobil Corp0.17%180,151$18Mtrimmed−15%−0.04 pp4 q
CXTCrane NXT, Co.0.12%170,552$12Mtrimmed−1%+0.01 pp4 q
AXPAmerican Express Company0.11%129,435$12Madded+2%0.00 pp4 q
MKLMarkel Group Inc.0.11%18,927$11Mtrimmed−1%0.00 pp4 q
MLKNMillerKnoll, Inc.0.11%355,670$11Mtrimmed−1%+0.01 pp4 q
SWMASwedish Match AB0.11%341,362$11Mtrimmed−1%0.00 pp4 q
FMXFomento Economico Mexicano, S.a.b. De C.v.0.10%110,800$10Madded+1%−0.01 pp4 q
PGProcter & Gamble Company0.10%127,297$10Madded+3%0.00 pp4 q
GSGoldman Sachs Group Inc.0.09%55,875$9Mtrimmed−2%−0.01 pp4 q
KOCoca-Cola Company0.08%207,713$8Madded+2%0.00 pp4 q
unresolvedBerner Gruppen0.07%116,554$7Mheld—4 q
CVXChevron Corporation0.06%54,107$6Mtrimmed−16%−0.02 pp4 q
DOVDover Corporation0.06%78,630$6Mtrimmed−3%−0.02 pp4 q
RDS.ARoyal Dutch Shell PLC0.06%78,980$6Madded+5%+0.01 pp4 q
HRLHormel Foods Corporation0.05%114,763$6Mtrimmed−2%0.00 pp4 q
ABBVAbbvie Inc.0.04%86,777$4Mheld—4 q
PEPPepsiCo, Inc.0.04%45,098$4Mtrimmed−23%−0.01 pp4 q
HINKFHeineken N V Reg0.04%52,191$4Mheld—4 q
ABTAbbott Laboratories0.03%86,503$3Mheld—4 q
DANOYDanone S/0.03%195,400$3Mtrimmed−2%0.00 pp4 q
IBMInternational Business Machines Corporation0.03%13,615$3Mtrimmed−18%0.00 pp4 q
unresolvedJpmorgan Chase & Co0.03%150,750$3Mheld—4 q
MKCMcCormick & Company, Incorporated Non-VTG CS0.03%45,080$3Mtrimmed−2%0.00 pp4 q
PXGBXPraxair Inc0.03%27,150$4Mtrimmed−8%−0.01 pp4 q
unresolvedPrecision Castparts Corp0.03%11,325$3Mheld—4 q
unresolvedWells Fargo Warrants, 34.01 St0.03%177,750$3Mheld—4 q
BICEFBic Stec Ord0.03%20,725$3Madded+2%+0.01 pp4 q
NSRGFNestle S.a Reg Ord0.03%40,310$3Mheld—4 q
BBTTruist Financial Corporation0.02%41,077$2Madded+1%0.00 pp4 q
CMCSAComcast Corp0.02%36,166$2Mtrimmed−31%−0.01 pp4 q
CFRUYCompagnie Fnce Rch UN/0.02%169,275$2Madded+9%0.00 pp4 q
DEDeere & Company0.02%28,415$3Mtrimmed−5%−0.01 pp4 q
unresolvedDu Pont E I De Nemours & Co0.02%36,291$2Mtrimmed−17%−0.01 pp4 q
EVFEaton Vance Senior Income Trust0.02%270,514$2Madded+1%0.00 pp4 q
HEINYHeineken N V S/0.02%52,062$2Madded+20%+0.01 pp4 q
unresolvedM&T Bank Corp Wts Exp 12/23/10.02%32,500$2Madded+8%+0.01 pp4 q
MSFTMicrosoft Corp0.02%61,244$3Mtrimmed−1%0.00 pp4 q
PNCPNC Financial Services Group0.02%25,644$2Mheld—4 q
WMTWalmart Inc.0.02%21,009$2Mtrimmed−7%0.00 pp4 q
unresolvedAnheuser-Busch InBev0.02%15,000$2Mheld—4 q
RBGPFReckitt Benckiser Grp PLC0.02%25,435$2Madded+3%0.00 pp4 q
COCXFLindt & Spruengli Ord0.02%34$2Mtrimmed−6%0.00 pp4 q
PRGAFPargesa Holding Sa-br0.02%23,950$2Mheld—4 q
BPBP p.l.c.0.01%13,950$671,000trimmed−39%0.00 pp4 q
BACBank of America Corporation0.01%49,500$851,000held—4 q
BTIBritish American Tobacco p.l.c.0.01%13,699$2Madded+1%0.00 pp4 q
CSLCarlisle Companies, Inc.0.01%9,100$722,000trimmed−6%0.00 pp4 q
unresolvedChicago Bridge & Iron Co N V0.01%12,875$1Mtrimmed−13%0.00 pp3 q
CLColgate-Palmolive Company0.01%8,900$577,000new+0.01 ppnew
COPConocoPhillips0.01%12,887$907,000added0%0.00 pp4 q
COSTCostco Wholesale Corp0.01%6,855$766,000added+17%0.00 pp4 q
FULTFulton Financial Corp0.01%80,298$1Mheld—4 q
unresolvedGeneral Electric Co0.01%22,759$589,000trimmed−48%0.00 pp4 q
unresolvedGoogle Inc.0.01%1,016$1Mheld—4 q
KNKnowles Corporation0.01%38,564$1Mnew+0.01 ppnew
unresolvedLamar Advertising Co0.01%21,110$1Madded+3%0.00 pp4 q
unresolvedPernod-Ricard SA-Unspon ADR0.01%62,125$1Madded+20%0.00 pp4 q
unresolvedSABMiller PLC Sponsored ADR0.01%29,935$1Madded+15%0.00 pp4 q
SWZTotal Return Securities Fund0.01%67,543$971,000added+21%0.00 pp4 q
LRLCFL'oreal Co Eur Ord0.01%4,990$823,000trimmed−12%0.00 pp4 q
AMKAFA.p Moeller-maersk A/S A0.01%115$1Mtrimmed−8%0.00 pp4 q
UNUnilever Nv-cva0.01%34,250$1Madded+5%0.00 pp4 q
NHSTNhst Media Group As0.01%19,772$1Mheld—4 q
AIGAmerican International Group, Inc.0.00%6,000$300,000held—4 q
CSFLCenterState Bank Corporation0.00%11,004$120,000held—3 q
DISThe Walt Disney Company0.00%6,200$496,000trimmed−3%0.00 pp4 q
GDGeneral Dynamics Corporation0.00%3,000$327,000held—4 q
HTLDHeartland Express Inc0.00%14,499$329,000held—4 q
MATMattel, Inc.0.00%6,625$266,000held—4 q
MCDMcDonald's Corporation0.00%3,960$388,000held—4 q
MRKMerck & Co., Inc.0.00%4,536$258,000held—4 q
NTRSNorthern Trust Corp0.00%4,334$284,000held—4 q
ORCLOracle Corp0.00%10,000$409,000trimmed−20%0.00 pp4 q
PHIYXPimco High Yield Fund-inst0.00%11,116$108,000held—4 q
PSXPhillips 660.00%2,720$210,000held—2 q
PXDPioneer Natural Resource Co.0.00%2,700$505,000held—4 q
PGRProgressive Corporation0.00%11,800$286,000trimmed−30%0.00 pp4 q
SLBSLB Limited0.00%3,100$302,000trimmed−7%0.00 pp4 q
unresolvedSusquehanna Bancshares Inc P0.00%17,429$198,000held—4 q
TGBAXTempleton Global Bond-adv0.00%21,000$274,000new0.00 ppnew
GPDNFGroupe Danone0.00%3,500$248,000held—4 q
PZCPz Cussons PLC0.00%15,000$88,000held—4 q
unresolvedNielsen Holdings N V0.00%4,600$205,000new0.00 ppnew
unresolvedBerner Gruppen PFD0.00%3,501$205,000new0.00 ppnew
XPGDVend Marketplaces ASA0.00%6,150$382,000held—4 q
CIRCir SPA0.00%125,000$189,000held—4 q
PHJMFPt Hanjaya Mandala Samprn0.00%30,000$182,000added+20%0.00 pp3 q
BABoeing Company—−2,430—exited0.00 pp—
DHRDanaher Corporation—−4,151—exited0.00 pp—
unresolvedSyngenta AG—−521—exited0.00 pp—

Source

Form
13F-HR
Reading
35 defects · 18 unresolved
Accession
0000860643-14-000003
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 2014-03-31
  • A security outside the official 13F list — CUSIP 23636T100 not on the Official 13(f) List for 2014-03-31
  • A security outside the official 13F list — CUSIP 423012301 not on the Official 13(f) List for 2014-03-31
  • A security outside the official 13F list — CUSIP 641069406 not on the Official 13(f) List for 2014-03-31
  • A security outside the official 13F list — CUSIP 693390841 not on the Official 13(f) List for 2014-03-31
  • A security outside the official 13F list — CUSIP 714264207 not on the Official 13(f) List for 2014-03-31
  • A security outside the official 13F list — CUSIP 78572M105 not on the Official 13(f) List for 2014-03-31
  • A security outside the official 13F list — CUSIP 880208400 not on the Official 13(f) List for 2014-03-31
  • A security outside the official 13F list — CUSIP B6399C107 not on the Official 13(f) List for 2014-03-31
  • A security outside the official 13F list — CUSIP F10080103 not on the Official 13(f) List for 2014-03-31
  • A security outside the official 13F list — CUSIP F12033134 not on the Official 13(f) List for 2014-03-31
  • A security outside the official 13F list — CUSIP F5333N100 not on the Official 13(f) List for 2014-03-31
  • A security outside the official 13F list — CUSIP F58149133 not on the Official 13(f) List for 2014-03-31
  • A security outside the official 13F list — CUSIP F72027109 not on the Official 13(f) List for 2014-03-31
  • A security outside the official 13F list — CUSIP G1510J102 not on the Official 13(f) List for 2014-03-31
  • A security outside the official 13F list — CUSIP G42089113 not on the Official 13(f) List for 2014-03-31
  • A security outside the official 13F list — CUSIP G6850S109 not on the Official 13(f) List for 2014-03-31
  • A security outside the official 13F list — CUSIP G74079107 not on the Official 13(f) List for 2014-03-31
  • A security outside the official 13F list — CUSIP G77395104 not on the Official 13(f) List for 2014-03-31
  • A security outside the official 13F list — CUSIP H25662182 not on the Official 13(f) List for 2014-03-31
  • A security outside the official 13F list — CUSIP H49983176 not on the Official 13(f) List for 2014-03-31
  • A security outside the official 13F list — CUSIP H57312649 not on the Official 13(f) List for 2014-03-31
  • A security outside the official 13F list — CUSIP H60477207 not on the Official 13(f) List for 2014-03-31
  • A security outside the official 13F list — CUSIP H83949141 not on the Official 13(f) List for 2014-03-31
  • A security outside the official 13F list — CUSIP K0514G135 not on the Official 13(f) List for 2014-03-31
  • A security outside the official 13F list — CUSIP N39338194 not on the Official 13(f) List for 2014-03-31
  • A security outside the official 13F list — CUSIP N39427211 not on the Official 13(f) List for 2014-03-31
  • A security outside the official 13F list — CUSIP N8981F271 not on the Official 13(f) List for 2014-03-31
  • A security outside the official 13F list — CUSIP R10549104 not on the Official 13(f) List for 2014-03-31
  • A security outside the official 13F list — CUSIP R10549112 not on the Official 13(f) List for 2014-03-31
  • A security outside the official 13F list — CUSIP R4700L117 not on the Official 13(f) List for 2014-03-31
  • A security outside the official 13F list — CUSIP R75677105 not on the Official 13(f) List for 2014-03-31
  • A security outside the official 13F list — CUSIP T28980125 not on the Official 13(f) List for 2014-03-31
  • A security outside the official 13F list — CUSIP W92277115 not on the Official 13(f) List for 2014-03-31
  • A security outside the official 13F list — CUSIP Y7121Z146 not on the Official 13(f) List for 2014-03-31