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Gardner Russo & Quinn

Q3 2014 13F · by Thomas Russo, portfolio manager

As of
Sep 30, 2014
Filed
Nov 13, 2014
US stock
$10.6B · prev $10.8B
Positions
111 · prev 113
Options notional
$0
Documents
1· no amendments

Picture59.9% US stock

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

  • US stock listed on a US exchange 59.9%
  • Foreign stock not listed in the US 40.1%
  • 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 · 0.7% 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−0.14 pp added−0.1410.4%
  2. BRK.A Berkshire Hathaway Inc. added+1.00 pp added+1.009.9%
  3. PM Philip Morris International Inc. added+0.09 pp added+0.098.1%
  4. WFC Wells Fargo & Co. trimmed+0.04 pp trimmed+0.047.2%
  5. MA Mastercard Incorporated added+0.22 pp added+0.226.9%

Positions111 in this filing · 3 exited

NSRGYNestle S.a S/10.37%14,981,721$1.1Badded+2%−0.14 pp6 q
BRK.ABerkshire Hathaway Inc.9.90%5,082$1.1Badded0%+1.00 pp6 q
PMPhilip Morris International Inc.8.05%10,252,495$855Madded0%+0.09 pp6 q
WFCWells Fargo & Co.7.15%14,637,898$759Mtrimmed−0%+0.04 pp6 q
MAMastercard Incorporated6.93%9,956,963$736Madded+1%+0.22 pp6 q
HKHHFHeineken Holding NV Ord6.56%10,527,476$696Madded+2%+0.26 pp6 q
unresolvedSABMiller PLC6.05%11,562,694$643Madded+1%−0.10 pp6 q
CFRHFCie Financiere Richmn New5.59%7,243,980$594Madded+3%−1.23 pp5 q
PDRDFPernod Ricard Ord5.54%5,194,053$588Madded+5%+0.05 pp6 q
BUDAnheuser-Busch INBEV SA/NV5.32%5,096,871$565Madded+1%−0.03 pp6 q
UNUnilever N V -ny Shares4.97%13,297,615$528Madded+3%−0.25 pp6 q
BRK.BBERKSHIRE HATHAWAY Class B3.20%2,457,392$339Madded+1%+0.36 pp6 q
MOAltria Group, Inc.3.07%7,108,388$327Mtrimmed−0%+0.31 pp6 q
BTAFFBritish Amer Tbco London2.56%4,815,888$272Madded+1%−0.06 pp6 q
MLMMartin Marietta Materials2.40%1,975,609$255Madded0%−0.01 pp6 q
BF.ABrown-Forman Corporation Class A2.38%2,832,558$253Mtrimmed−1%−0.05 pp6 q
unresolvedComcast Corp. Spl Cl A2.37%4,715,276$252Mtrimmed−0%+0.04 pp6 q
DGEAFDiageo PLC Ord2.35%8,615,112$249Madded+2%−0.15 pp6 q
SNIScripps Networks Inter-cl A0.94%1,278,832$100Mtrimmed−0%−0.02 pp6 q
DEODiageo plc0.47%431,493$50Madded+2%−0.03 pp6 q
GHCGraham Holdings Company0.44%66,159$46Mtrimmed−3%−0.01 pp4 q
JCDXFJc Decaux SA Act0.44%1,472,010$46Madded+1%−0.06 pp6 q
BF.BBrown-Forman Corporation Class B0.37%432,976$39Madded0%−0.01 pp6 q
SWGAFSwatch Group AG New Ord0.28%63,563$30Madded+3%−0.06 pp6 q
VVISA Inc.0.23%112,816$24Madded+1%+0.01 pp6 q
XOMExxon Mobil Corp0.14%160,426$15Madded+4%0.00 pp6 q
AXPAmerican Express Company0.11%128,535$11Mtrimmed−1%0.00 pp6 q
MKLMarkel Group Inc.0.11%17,946$11Mtrimmed−3%0.00 pp6 q
CXTCrane NXT, Co.0.10%168,652$11Mtrimmed−1%−0.02 pp6 q
MLKNMillerKnoll, Inc.0.10%345,454$10Mtrimmed−0%0.00 pp6 q
SWMASwedish Match AB0.10%337,412$11Mtrimmed−1%−0.01 pp6 q
FMXFomento Economico Mexicano, S.a.b. De C.v.0.09%109,445$10Mtrimmed−1%−0.01 pp6 q
PGProcter & Gamble Company0.09%120,502$10Mtrimmed−1%0.00 pp6 q
KOCoca-Cola Company0.08%205,187$9Mtrimmed−2%0.00 pp6 q
DOVDover Corporation0.06%76,406$6Mtrimmed−3%−0.01 pp6 q
unresolvedPrecision Castparts Corp0.06%24,680$6Madded×2.2+0.03 pp6 q
ABBVAbbvie Inc.0.05%86,777$5Mheld—6 q
CVXChevron Corporation0.05%47,427$6Mtrimmed−1%−0.01 pp6 q
HRLHormel Foods Corporation0.05%111,053$6Madded0%0.00 pp6 q
RDS.ARoyal Dutch Shell PLC0.05%70,835$5Mtrimmed−10%−0.01 pp6 q
GSGoldman Sachs Group Inc.0.04%22,893$4Mtrimmed−40%−0.02 pp6 q
PEPPepsiCo, Inc.0.04%43,389$4Mtrimmed−2%0.00 pp6 q
HINKFHeineken N V Reg0.04%51,991$4Mtrimmed−0%+0.01 pp6 q
ABTAbbott Laboratories0.03%86,503$4Mheld—6 q
DANOYDanone S/0.03%202,710$3Madded+6%0.00 pp6 q
unresolvedJpmorgan Chase & Co0.03%180,750$4Madded+20%0.00 pp6 q
MKCMcCormick & Company, Incorporated Non-VTG CS0.03%42,755$3Madded0%0.00 pp6 q
MSFTMicrosoft Corp0.03%59,850$3Mtrimmed−2%+0.01 pp6 q
unresolvedWells Fargo Warrants, 34.01 St0.03%177,750$4Mheld—6 q
BICEFBic Stec Ord0.03%20,925$3Mtrimmed−2%0.00 pp6 q
NSRGFNestle S.a Reg Ord0.03%41,310$3Mheld—6 q
CMCSAComcast Corp0.02%35,949$2Mheld—6 q
DEDeere & Company0.02%28,415$2Mheld—6 q
unresolvedDu Pont E I De Nemours & Co0.02%33,534$2Madded+1%0.00 pp6 q
EVFEaton Vance Senior Income Trust0.02%274,031$2Madded+1%0.00 pp6 q
HEINYHeineken N V S/0.02%54,562$2Madded+3%0.00 pp6 q
IBMInternational Business Machines Corporation0.02%10,455$2Mtrimmed−10%0.00 pp6 q
unresolvedM&T Bank Corp Wts Exp 12/23/10.02%52,000$3Madded+4%0.00 pp6 q
PNCPNC Financial Services Group0.02%21,444$2Mtrimmed−0%0.00 pp6 q
PXGBXPraxair Inc0.02%15,650$2Mtrimmed−1%0.00 pp6 q
unresolvedSABMiller PLC Sponsored ADR0.02%31,310$2Madded+3%0.00 pp6 q
unresolvedAnheuser-Busch InBev0.02%15,000$2Mheld—6 q
RBGPFReckitt Benckiser Grp PLC0.02%30,375$3Madded+13%0.00 pp6 q
COCXFLindt & Spruengli Ord0.02%34$2Mheld—6 q
PRGAFPargesa Holding Sa-br0.02%20,850$2Mtrimmed−13%0.00 pp6 q
BBTTruist Financial Corporation0.01%41,599$2Madded+1%−0.01 pp6 q
BACBank of America Corporation0.01%49,500$844,000held—6 q
BTIBritish American Tobacco p.l.c.0.01%13,999$2Madded+1%−0.01 pp6 q
unresolvedChicago Bridge & Iron Co N V0.01%12,025$696,000trimmed−6%0.00 pp5 q
CFRUYCompagnie Fnce Rch UN/0.01%188,875$2Madded+9%−0.01 pp6 q
COPConocoPhillips0.01%9,356$716,000trimmed−10%0.00 pp6 q
COSTCostco Wholesale Corp0.01%5,655$709,000held—6 q
DISThe Walt Disney Company0.01%6,600$588,000held—6 q
FULTFulton Financial Corp0.01%64,688$717,000trimmed−19%0.00 pp6 q
unresolvedLamar Advertising Co0.01%15,360$756,000trimmed−29%0.00 pp6 q
unresolvedPernod-Ricard SA-Unspon ADR0.01%68,050$2Madded+8%0.00 pp6 q
PXDPioneer Natural Resource Co.0.01%2,700$532,000held—6 q
SWZTotal Return Securities Fund0.01%71,097$962,000held—6 q
WMTWalmart Inc.0.01%20,759$2Mtrimmed−1%0.00 pp6 q
LRLCFL'oreal Co Eur Ord0.01%7,220$1Madded+1%0.00 pp6 q
AMKAFA.p Moeller-maersk A/S A0.01%583$1Mtrimmed−1%0.00 pp6 q
UNUnilever Nv-cva0.01%35,500$1Mheld—6 q
AIGAmerican International Group, Inc.0.00%6,000$324,000held—6 q
BPBP p.l.c.0.00%7,923$348,000held—6 q
CSLCarlisle Companies, Inc.0.00%3,900$313,000trimmed−57%−0.01 pp6 q
unresolvedCBS Outdoor Americas Inc0.00%9,555$286,000new0.00 ppnew
CSFLCenterState Bank Corporation0.00%11,004$114,000held—5 q
GDGeneral Dynamics Corporation0.00%3,000$381,000held—6 q
unresolvedGeneral Electric Co0.00%11,663$299,000added+9%0.00 pp6 q
unresolvedGoogle Inc.0.00%884$520,000trimmed−14%−0.01 pp6 q
GOOGAlphabet Inc. Class C0.00%869$502,000trimmed−14%−0.01 pp2 q
HTLDHeartland Express Inc0.00%14,499$347,000held—6 q
MATMattel, Inc.0.00%6,625$203,000held—6 q
MCDMcDonald's Corporation0.00%3,670$348,000held—6 q
MRKMerck & Co., Inc.0.00%4,336$257,000trimmed−1%0.00 pp6 q
NTRSNorthern Trust Corp0.00%4,334$295,000held—6 q
ORCLOracle Corp0.00%10,000$383,000held—6 q
PHIYXPimco High Yield Fund-inst0.00%11,116$105,000held—6 q
PSXPhillips 660.00%2,720$221,000held—4 q
PGRProgressive Corporation0.00%20,133$509,000held—6 q
SLBSLB Limited0.00%2,875$292,000added+2%0.00 pp6 q
unresolvedSusquehanna Bancshares Inc P0.00%15,125$151,000trimmed−11%0.00 pp6 q
TGBAXTempleton Global Bond-adv0.00%19,693$260,000added0%0.00 pp3 q
UNPUnion Pacific Corp.0.00%2,730$296,000held—2 q
GPDNFGroupe Danone0.00%3,700$248,000added+6%0.00 pp6 q
PZCPz Cussons PLC0.00%15,000$89,000held—6 q
unresolvedNielsen Holdings N V0.00%4,800$213,000added+4%0.00 pp3 q
XPGDVend Marketplaces ASA0.00%6,150$334,000held—6 q
CIRCir SPA0.00%125,000$142,000held—6 q
LTGIFLt Group Inc0.00%150,000$52,000added×2.00.00 pp2 q
PHJMFPt Hanjaya Mandala Samprn0.00%30,000$177,000held—5 q
unresolvedBerner Gruppen—−116,554—exited−0.06 pp—
NHSTNhst Media Group As—−19,772—exited−0.01 pp—
unresolvedMonsanto Co—−1,700—exited0.00 pp—

Source

Form
13F-HR
Reading
33 defects · 17 unresolved
Accession
0000860643-14-000005
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 2014-09-30
  • A security outside the official 13F list — CUSIP 23636T100 not on the Official 13(f) List for 2014-09-30
  • A security outside the official 13F list — CUSIP 423012301 not on the Official 13(f) List for 2014-09-30
  • A security outside the official 13F list — CUSIP 641069406 not on the Official 13(f) List for 2014-09-30
  • A security outside the official 13F list — CUSIP 693390841 not on the Official 13(f) List for 2014-09-30
  • A security outside the official 13F list — CUSIP 714264207 not on the Official 13(f) List for 2014-09-30
  • A security outside the official 13F list — CUSIP 78572M105 not on the Official 13(f) List for 2014-09-30
  • A security outside the official 13F list — CUSIP 880208400 not on the Official 13(f) List for 2014-09-30
  • A security outside the official 13F list — CUSIP B6399C107 not on the Official 13(f) List for 2014-09-30
  • A security outside the official 13F list — CUSIP F10080103 not on the Official 13(f) List for 2014-09-30
  • A security outside the official 13F list — CUSIP F12033134 not on the Official 13(f) List for 2014-09-30
  • A security outside the official 13F list — CUSIP F5333N100 not on the Official 13(f) List for 2014-09-30
  • A security outside the official 13F list — CUSIP F58149133 not on the Official 13(f) List for 2014-09-30
  • A security outside the official 13F list — CUSIP F72027109 not on the Official 13(f) List for 2014-09-30
  • A security outside the official 13F list — CUSIP G1510J102 not on the Official 13(f) List for 2014-09-30
  • A security outside the official 13F list — CUSIP G42089113 not on the Official 13(f) List for 2014-09-30
  • A security outside the official 13F list — CUSIP G6850S109 not on the Official 13(f) List for 2014-09-30
  • A security outside the official 13F list — CUSIP G74079107 not on the Official 13(f) List for 2014-09-30
  • A security outside the official 13F list — CUSIP G77395104 not on the Official 13(f) List for 2014-09-30
  • A security outside the official 13F list — CUSIP H25662182 not on the Official 13(f) List for 2014-09-30
  • A security outside the official 13F list — CUSIP H49983176 not on the Official 13(f) List for 2014-09-30
  • A security outside the official 13F list — CUSIP H57312649 not on the Official 13(f) List for 2014-09-30
  • A security outside the official 13F list — CUSIP H60477207 not on the Official 13(f) List for 2014-09-30
  • A security outside the official 13F list — CUSIP H83949141 not on the Official 13(f) List for 2014-09-30
  • A security outside the official 13F list — CUSIP K0514G135 not on the Official 13(f) List for 2014-09-30
  • A security outside the official 13F list — CUSIP N39338194 not on the Official 13(f) List for 2014-09-30
  • A security outside the official 13F list — CUSIP N39427211 not on the Official 13(f) List for 2014-09-30
  • A security outside the official 13F list — CUSIP N8981F271 not on the Official 13(f) List for 2014-09-30
  • A security outside the official 13F list — CUSIP R75677105 not on the Official 13(f) List for 2014-09-30
  • A security outside the official 13F list — CUSIP T28980125 not on the Official 13(f) List for 2014-09-30
  • A security outside the official 13F list — CUSIP W92277115 not on the Official 13(f) List for 2014-09-30
  • A security outside the official 13F list — CUSIP Y5342M100 not on the Official 13(f) List for 2014-09-30
  • A security outside the official 13F list — CUSIP Y7121Z146 not on the Official 13(f) List for 2014-09-30