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Gardner Russo & Quinn

Q2 2014 13F · by Thomas Russo, portfolio manager

As of
Jun 30, 2014
Filed
Aug 13, 2014
US stock
$10.8B · prev $10.3B
Positions
113 · prev 112
Options notional
$0
Documents
1· no amendments

Picture58.3% US stock

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

  • US stock listed on a US exchange 58.3%
  • Foreign stock not listed in the US 41.7%
  • Notes debt, at principal 0.0%
  • Puts at notional value 0.0%
  • Calls at notional value 0.0%

Moves83 since the prior filing

The book

Concentrated · behaves like 16 equal-sized positions

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

Low turnover · 1.8% a year, more than 30 years per position

  1. Low
  2. Moderate
  3. High

Top 5 positions41% of US stock

  1. NSRGY Nestle S.a S/ added−0.10 pp added−0.1010.5%
  2. BRK.A Berkshire Hathaway Inc. trimmed−0.35 pp trimmed−0.358.9%
  3. PM Philip Morris International Inc. added−0.10 pp added−0.108.0%
  4. WFC Wells Fargo & Co. trimmed+0.05 pp trimmed+0.057.1%
  5. CFRHF Cie Financiere Richmn New added+0.33 pp added+0.336.8%

Positions113 in this filing · 3 exited

NSRGYNestle S.a S/10.51%14,688,902$1.1Badded+1%−0.10 pp5 q
BRK.ABerkshire Hathaway Inc.8.90%5,072$963Mtrimmed−1%−0.35 pp5 q
PMPhilip Morris International Inc.7.96%10,224,197$862Madded0%−0.10 pp5 q
WFCWells Fargo & Co.7.11%14,645,771$770Mtrimmed−0%+0.05 pp5 q
CFRHFCie Financiere Richmn New6.82%7,031,752$738Madded0%+0.33 pp4 q
MAMastercard Incorporated6.71%9,889,730$727Madded+1%−0.38 pp5 q
HKHHFHeineken Holding NV Ord6.30%10,367,125$682Mtrimmed−0%−0.20 pp5 q
unresolvedSABMiller PLC6.15%11,489,132$666Mtrimmed−0%+0.60 pp5 q
PDRDFPernod Ricard Ord5.49%4,949,160$594Madded+1%−0.04 pp5 q
BUDAnheuser-Busch INBEV SA/NV5.35%5,037,319$579Madded0%+0.24 pp5 q
UNUnilever N V -ny Shares5.22%12,911,330$565Madded+2%+0.19 pp5 q
BRK.BBERKSHIRE HATHAWAY Class B2.84%2,432,159$308Madded+1%−0.06 pp5 q
MOAltria Group, Inc.2.76%7,133,191$299Mtrimmed−0%+0.17 pp5 q
BTAFFBritish Amer Tbco London2.62%4,764,040$283Mtrimmed−1%+0.02 pp5 q
DGEAFDiageo PLC Ord2.50%8,470,105$270Madded+2%+0.02 pp5 q
BF.ABrown-Forman Corporation Class A2.43%2,847,496$263Mtrimmed−1%−0.04 pp5 q
MLMMartin Marietta Materials2.41%1,972,412$260Mtrimmed−1%−0.06 pp5 q
unresolvedComcast Corp. Spl Cl A2.33%4,729,744$252Mtrimmed−1%+0.08 pp5 q
SNIScripps Networks Inter-cl A0.96%1,279,458$104Mtrimmed−7%−0.05 pp5 q
DEODiageo plc0.50%423,984$54Mtrimmed−0%−0.01 pp5 q
JCDXFJc Decaux SA Act0.50%1,461,150$55Mtrimmed−0%−0.12 pp5 q
GHCGraham Holdings Company0.45%68,283$49Mtrimmed−7%−0.05 pp3 q
BF.BBrown-Forman Corporation Class B0.38%432,258$41Mtrimmed−0%0.00 pp5 q
SWGAFSwatch Group AG New Ord0.34%61,816$37Madded+3%−0.02 pp5 q
VVISA Inc.0.22%112,151$24Madded+1%−0.01 pp5 q
XOMExxon Mobil Corp0.14%154,166$16Mtrimmed−14%−0.03 pp5 q
CXTCrane NXT, Co.0.12%169,852$13Mtrimmed−0%0.00 pp5 q
AXPAmerican Express Company0.11%129,770$12Madded0%0.00 pp5 q
MKLMarkel Group Inc.0.11%18,502$12Mtrimmed−2%0.00 pp5 q
SWMASwedish Match AB0.11%339,362$12Mtrimmed−1%0.00 pp5 q
FMXFomento Economico Mexicano, S.a.b. De C.v.0.10%110,560$10Mtrimmed−0%0.00 pp5 q
MLKNMillerKnoll, Inc.0.10%346,886$10Mtrimmed−2%−0.01 pp5 q
PGProcter & Gamble Company0.09%121,787$10Mtrimmed−4%−0.01 pp5 q
KOCoca-Cola Company0.08%208,377$9Madded0%0.00 pp5 q
DOVDover Corporation0.07%78,630$7Mheld—5 q
CVXChevron Corporation0.06%47,777$6Mtrimmed−12%0.00 pp5 q
GSGoldman Sachs Group Inc.0.06%38,125$6Mtrimmed−32%−0.03 pp5 q
RDS.ARoyal Dutch Shell PLC0.06%78,605$6Mtrimmed−0%0.00 pp5 q
unresolvedBerner Gruppen0.06%116,554$7Mheld—5 q
ABBVAbbvie Inc.0.05%86,777$5Mheld—5 q
HRLHormel Foods Corporation0.05%110,731$5Mtrimmed−4%0.00 pp5 q
PEPPepsiCo, Inc.0.04%44,239$4Mtrimmed−2%0.00 pp5 q
unresolvedWells Fargo Warrants, 34.01 St0.04%177,750$4Mheld—5 q
ABTAbbott Laboratories0.03%86,503$4Mheld—5 q
DANOYDanone S/0.03%190,810$3Mtrimmed−2%0.00 pp5 q
unresolvedJpmorgan Chase & Co0.03%150,750$3Mheld—5 q
MKCMcCormick & Company, Incorporated Non-VTG CS0.03%42,580$3Mtrimmed−6%0.00 pp5 q
unresolvedPrecision Castparts Corp0.03%11,175$3Mtrimmed−1%0.00 pp5 q
BICEFBic Stec Ord0.03%21,450$3Madded+4%0.00 pp5 q
NSRGFNestle S.a Reg Ord0.03%41,310$3Madded+2%0.00 pp5 q
HINKFHeineken N V Reg0.03%52,191$4Mheld—5 q
BBTTruist Financial Corporation0.02%41,336$2Madded+1%0.00 pp5 q
BTIBritish American Tobacco p.l.c.0.02%13,799$2Madded+1%+0.01 pp5 q
CMCSAComcast Corp0.02%35,949$2Mtrimmed−1%0.00 pp5 q
CFRUYCompagnie Fnce Rch UN/0.02%172,625$2Madded+2%0.00 pp5 q
DEDeere & Company0.02%28,415$3Mheld—5 q
unresolvedDu Pont E I De Nemours & Co0.02%33,335$2Mtrimmed−8%0.00 pp5 q
EVFEaton Vance Senior Income Trust0.02%272,234$2Madded+1%0.00 pp5 q
HEINYHeineken N V S/0.02%53,012$2Madded+2%0.00 pp5 q
IBMInternational Business Machines Corporation0.02%11,555$2Mtrimmed−15%−0.01 pp5 q
unresolvedM&T Bank Corp Wts Exp 12/23/10.02%50,000$3Madded+54%0.00 pp5 q
MSFTMicrosoft Corp0.02%61,244$3Mheld—5 q
PNCPNC Financial Services Group0.02%21,544$2Mtrimmed−16%0.00 pp5 q
PXGBXPraxair Inc0.02%15,750$2Mtrimmed−42%−0.01 pp5 q
unresolvedSABMiller PLC Sponsored ADR0.02%30,285$2Madded+1%+0.01 pp5 q
unresolvedAnheuser-Busch InBev0.02%15,000$2Mheld—5 q
RBGPFReckitt Benckiser Grp PLC0.02%26,860$2Madded+6%0.00 pp5 q
COCXFLindt & Spruengli Ord0.02%34$2Mheld—5 q
PRGAFPargesa Holding Sa-br0.02%23,950$2Mheld—5 q
BACBank of America Corporation0.01%49,500$761,000held—5 q
CSLCarlisle Companies, Inc.0.01%9,100$788,000held—5 q
unresolvedChicago Bridge & Iron Co N V0.01%12,775$871,000trimmed−1%0.00 pp4 q
COPConocoPhillips0.01%10,373$889,000trimmed−20%0.00 pp5 q
COSTCostco Wholesale Corp0.01%5,655$651,000trimmed−18%0.00 pp5 q
DISThe Walt Disney Company0.01%6,600$566,000added+6%+0.01 pp5 q
FULTFulton Financial Corp0.01%80,298$995,000held—5 q
unresolvedGoogle Inc.0.01%1,026$600,000added+1%0.00 pp5 q
GOOGAlphabet Inc. Class C0.01%1,011$582,000new+0.01 ppnew
unresolvedLamar Advertising Co0.01%21,785$1Madded+3%0.00 pp5 q
unresolvedPernod-Ricard SA-Unspon ADR0.01%63,025$2Madded+1%0.00 pp5 q
PXDPioneer Natural Resource Co.0.01%2,700$620,000held—5 q
SWZTotal Return Securities Fund0.01%71,097$1Madded+5%0.00 pp5 q
WMTWalmart Inc.0.01%21,009$2Mheld—5 q
LRLCFL'oreal Co Eur Ord0.01%7,120$1Madded+43%0.00 pp5 q
AMKAFA.p Moeller-maersk A/S A0.01%589$1Madded×5.10.00 pp5 q
UNUnilever Nv-cva0.01%35,500$2Madded+4%0.00 pp5 q
NHSTNhst Media Group As0.01%19,772$1Mheld—5 q
AIGAmerican International Group, Inc.0.00%6,000$327,000held—5 q
BPBP p.l.c.0.00%7,923$418,000trimmed−43%−0.01 pp5 q
CSFLCenterState Bank Corporation0.00%11,004$123,000held—4 q
GDGeneral Dynamics Corporation0.00%3,000$350,000held—5 q
unresolvedGeneral Electric Co0.00%10,663$280,000trimmed−53%−0.01 pp5 q
HTLDHeartland Express Inc0.00%14,499$309,000held—5 q
MATMattel, Inc.0.00%6,625$258,000held—5 q
MCDMcDonald's Corporation0.00%3,670$370,000trimmed−7%0.00 pp5 q
MRKMerck & Co., Inc.0.00%4,386$254,000trimmed−3%0.00 pp5 q
unresolvedMonsanto Co0.00%1,700$212,000new0.00 ppnew
NTRSNorthern Trust Corp0.00%4,334$278,000held—5 q
ORCLOracle Corp0.00%10,000$405,000held—5 q
PHIYXPimco High Yield Fund-inst0.00%11,116$109,000held—5 q
PSXPhillips 660.00%2,720$219,000held—3 q
PGRProgressive Corporation0.00%20,133$511,000added+71%0.00 pp5 q
SLBSLB Limited0.00%2,825$333,000trimmed−9%0.00 pp5 q
unresolvedSusquehanna Bancshares Inc P0.00%16,965$179,000trimmed−3%0.00 pp5 q
TGBAXTempleton Global Bond-adv0.00%19,684$262,000trimmed−6%0.00 pp2 q
UNPUnion Pacific Corp.0.00%2,730$272,000new0.00 ppnew
GPDNFGroupe Danone0.00%3,500$260,000held—5 q
PZCPz Cussons PLC0.00%15,000$89,000held—5 q
unresolvedNielsen Holdings N V0.00%4,600$223,000held—2 q
XPGDVend Marketplaces ASA0.00%6,150$320,000held—5 q
CIRCir SPA0.00%125,000$188,000held—5 q
LTGIFLt Group Inc0.00%75,000$25,000new0.00 ppnew
PHJMFPt Hanjaya Mandala Samprn0.00%30,000$170,000held—4 q
CLColgate-Palmolive Company—−8,900—exited−0.01 pp—
KNKnowles Corporation—−38,564—exited−0.01 pp—
unresolvedBerner Gruppen PFD—−3,501—exited0.00 pp—

Source

Form
13F-HR
Reading
35 defects · 18 unresolved
Accession
0000860643-14-000004
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 2014-06-30
  • A security outside the official 13F list — CUSIP 23636T100 not on the Official 13(f) List for 2014-06-30
  • A security outside the official 13F list — CUSIP 423012301 not on the Official 13(f) List for 2014-06-30
  • A security outside the official 13F list — CUSIP 641069406 not on the Official 13(f) List for 2014-06-30
  • A security outside the official 13F list — CUSIP 693390841 not on the Official 13(f) List for 2014-06-30
  • A security outside the official 13F list — CUSIP 714264207 not on the Official 13(f) List for 2014-06-30
  • A security outside the official 13F list — CUSIP 78572M105 not on the Official 13(f) List for 2014-06-30
  • A security outside the official 13F list — CUSIP 880208400 not on the Official 13(f) List for 2014-06-30
  • A security outside the official 13F list — CUSIP B6399C107 not on the Official 13(f) List for 2014-06-30
  • A security outside the official 13F list — CUSIP F10080103 not on the Official 13(f) List for 2014-06-30
  • A security outside the official 13F list — CUSIP F12033134 not on the Official 13(f) List for 2014-06-30
  • A security outside the official 13F list — CUSIP F5333N100 not on the Official 13(f) List for 2014-06-30
  • A security outside the official 13F list — CUSIP F58149133 not on the Official 13(f) List for 2014-06-30
  • A security outside the official 13F list — CUSIP F72027109 not on the Official 13(f) List for 2014-06-30
  • A security outside the official 13F list — CUSIP G1510J102 not on the Official 13(f) List for 2014-06-30
  • A security outside the official 13F list — CUSIP G42089113 not on the Official 13(f) List for 2014-06-30
  • A security outside the official 13F list — CUSIP G6850S109 not on the Official 13(f) List for 2014-06-30
  • A security outside the official 13F list — CUSIP G74079107 not on the Official 13(f) List for 2014-06-30
  • A security outside the official 13F list — CUSIP G77395104 not on the Official 13(f) List for 2014-06-30
  • A security outside the official 13F list — CUSIP H25662182 not on the Official 13(f) List for 2014-06-30
  • A security outside the official 13F list — CUSIP H49983176 not on the Official 13(f) List for 2014-06-30
  • A security outside the official 13F list — CUSIP H57312649 not on the Official 13(f) List for 2014-06-30
  • A security outside the official 13F list — CUSIP H60477207 not on the Official 13(f) List for 2014-06-30
  • A security outside the official 13F list — CUSIP H83949141 not on the Official 13(f) List for 2014-06-30
  • A security outside the official 13F list — CUSIP K0514G135 not on the Official 13(f) List for 2014-06-30
  • A security outside the official 13F list — CUSIP N39338194 not on the Official 13(f) List for 2014-06-30
  • A security outside the official 13F list — CUSIP N39427211 not on the Official 13(f) List for 2014-06-30
  • A security outside the official 13F list — CUSIP N8981F271 not on the Official 13(f) List for 2014-06-30
  • A security outside the official 13F list — CUSIP R10549104 not on the Official 13(f) List for 2014-06-30
  • A security outside the official 13F list — CUSIP R4700L117 not on the Official 13(f) List for 2014-06-30
  • A security outside the official 13F list — CUSIP R75677105 not on the Official 13(f) List for 2014-06-30
  • A security outside the official 13F list — CUSIP T28980125 not on the Official 13(f) List for 2014-06-30
  • A security outside the official 13F list — CUSIP W92277115 not on the Official 13(f) List for 2014-06-30
  • A security outside the official 13F list — CUSIP Y5342M100 not on the Official 13(f) List for 2014-06-30
  • A security outside the official 13F list — CUSIP Y7121Z146 not on the Official 13(f) List for 2014-06-30