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Gardner Russo & Quinn

Q4 2014 13F · by Thomas Russo, portfolio manager

As of
Dec 31, 2014
Filed
Feb 12, 2015
US stock
$11.0B · prev $10.6B
Positions
110 · prev 111
Options notional
$0
Documents
1· no amendments

Picture60.3% US stock

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

  • US stock listed on a US exchange 60.3%
  • Foreign stock not listed in the US 39.7%
  • Notes debt, at principal 0.0%
  • Puts at notional value 0.0%
  • Calls at notional value 0.0%

Moves86 since the prior filing

The book

Concentrated · behaves like 16 equal-sized positions

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

Low turnover · 2.6% a year, more than 30 years per position

  1. Low
  2. Moderate
  3. High

Top 5 positions43% of US stock

  1. BRK.A Berkshire Hathaway Inc. trimmed+0.51 pp trimmed+0.5110.4%
  2. NSRGY Nestle S.a S/ added−0.09 pp added−0.0910.3%
  3. MA Mastercard Incorporated added+0.90 pp added+0.907.8%
  4. PM Philip Morris International Inc. trimmed−0.73 pp trimmed−0.737.3%
  5. WFC Wells Fargo & Co. trimmed+0.14 pp trimmed+0.147.3%

Positions110 in this filing · 5 exited

BRK.ABerkshire Hathaway Inc.10.41%5,060$1.1Btrimmed−0%+0.51 pp7 q
NSRGYNestle S.a S/10.28%15,379,148$1.1Badded+3%−0.09 pp7 q
MAMastercard Incorporated7.83%9,982,281$860Madded0%+0.90 pp7 q
PMPhilip Morris International Inc.7.32%9,873,952$804Mtrimmed−4%−0.73 pp7 q
WFCWells Fargo & Co.7.29%14,607,509$801Mtrimmed−0%+0.14 pp7 q
CFRHFCie Financiere Richmn New6.47%7,914,743$711Madded+9%+0.88 pp6 q
HKHHFHeineken Holding NV Ord6.14%10,729,489$674Madded+2%−0.42 pp7 q
unresolvedSABMiller PLC5.57%11,667,753$611Madded+1%−0.48 pp7 q
PDRDFPernod Ricard Ord5.39%5,296,807$591Madded+2%−0.15 pp7 q
BUDAnheuser-Busch INBEV SA/NV5.26%5,147,302$578Madded+1%−0.06 pp7 q
UNUnilever N V -ny Shares4.98%14,000,433$547Madded+5%+0.01 pp7 q
BRK.BBERKSHIRE HATHAWAY Class B3.35%2,449,094$368Mtrimmed−0%+0.15 pp7 q
MOAltria Group, Inc.3.12%6,943,963$342Mtrimmed−2%+0.05 pp7 q
unresolvedComcast Corp. Spl Cl A2.44%4,646,790$267Mtrimmed−1%+0.07 pp7 q
BTAFFBritish Amer Tbco London2.43%4,889,618$267Madded+2%−0.13 pp7 q
DGEAFDiageo PLC Ord2.26%8,628,560$249Madded0%−0.09 pp7 q
BF.ABrown-Forman Corporation Class A2.25%2,816,975$247Mtrimmed−1%−0.13 pp7 q
MLMMartin Marietta Materials2.06%2,047,918$226Madded+4%−0.34 pp7 q
SNIScripps Networks Inter-cl A0.86%1,255,149$94Mtrimmed−2%−0.08 pp7 q
GHCGraham Holdings Company0.47%59,404$51Mtrimmed−10%+0.03 pp5 q
JCDXFJc Decaux SA Act0.46%1,473,971$51Madded0%+0.02 pp7 q
DEODiageo plc0.45%433,253$49Madded0%−0.02 pp7 q
BF.BBrown-Forman Corporation Class B0.34%426,850$37Mtrimmed−1%−0.03 pp7 q
SWGAFSwatch Group AG New Ord0.30%72,971$33Madded+15%+0.02 pp7 q
VVISA Inc.0.27%114,624$30Madded+2%+0.04 pp7 q
XOMExxon Mobil Corp0.14%162,014$15Madded+1%0.00 pp7 q
AXPAmerican Express Company0.11%127,999$12Mtrimmed−0%0.00 pp7 q
MKLMarkel Group Inc.0.10%16,521$11Mtrimmed−8%−0.01 pp7 q
CXTCrane NXT, Co.0.09%168,152$10Mtrimmed−0%−0.01 pp7 q
FMXFomento Economico Mexicano, S.a.b. De C.v.0.09%107,740$9Mtrimmed−2%0.00 pp7 q
MLKNMillerKnoll, Inc.0.09%333,204$10Mtrimmed−4%−0.01 pp7 q
PGProcter & Gamble Company0.09%112,437$10Mtrimmed−7%0.00 pp7 q
SWMASwedish Match AB0.09%328,024$10Mtrimmed−3%−0.01 pp7 q
KOCoca-Cola Company0.08%203,967$9Mtrimmed−1%0.00 pp7 q
ABBVAbbvie Inc.0.05%86,718$6Mtrimmed−0%0.00 pp7 q
CVXChevron Corporation0.05%44,630$5Mtrimmed−6%0.00 pp7 q
DOVDover Corporation0.05%75,756$5Mtrimmed−1%−0.01 pp7 q
HRLHormel Foods Corporation0.05%107,357$6Mtrimmed−3%0.00 pp7 q
unresolvedPrecision Castparts Corp0.05%24,690$6Madded0%−0.01 pp7 q
ABTAbbott Laboratories0.04%85,400$4Mtrimmed−1%+0.01 pp7 q
PEPPepsiCo, Inc.0.04%42,264$4Mtrimmed−3%0.00 pp7 q
RDS.ARoyal Dutch Shell PLC0.04%70,045$5Mtrimmed−1%−0.01 pp7 q
GSGoldman Sachs Group Inc.0.03%18,868$4Mtrimmed−18%−0.01 pp7 q
unresolvedJpmorgan Chase & Co0.03%180,750$4Mheld—7 q
unresolvedM&T Bank Corp Wts Exp 12/23/10.03%61,500$3Madded+18%+0.01 pp7 q
MKCMcCormick & Company, Incorporated Non-VTG CS0.03%42,755$3Mheld—7 q
MSFTMicrosoft Corp0.03%59,550$3Mtrimmed−1%0.00 pp7 q
unresolvedWells Fargo Warrants, 34.01 St0.03%177,750$4Mheld—7 q
NSRGFNestle S.a Reg Ord0.03%51,310$4Madded+24%0.00 pp7 q
HINKFHeineken N V Reg0.03%51,991$4Mheld—7 q
CMCSAComcast Corp0.02%36,131$2Madded+1%0.00 pp7 q
CFRUYCompagnie Fnce Rch UN/0.02%188,300$2Mtrimmed−0%+0.01 pp7 q
DANOYDanone S/0.02%202,350$3Mtrimmed−0%−0.01 pp7 q
unresolvedDu Pont E I De Nemours & Co0.02%35,852$3Madded+7%0.00 pp7 q
EVFEaton Vance Senior Income Trust0.02%275,982$2Madded+1%0.00 pp7 q
HEINYHeineken N V S/0.02%51,937$2Mtrimmed−5%0.00 pp7 q
PNCPNC Financial Services Group0.02%18,944$2Mtrimmed−12%0.00 pp7 q
WMTWalmart Inc.0.02%20,609$2Mtrimmed−1%+0.01 pp7 q
unresolvedAnheuser-Busch InBev0.02%15,000$2Mheld—7 q
BICEFBic Stec Ord0.02%20,125$3Mtrimmed−4%−0.01 pp7 q
RBGPFReckitt Benckiser Grp PLC0.02%30,402$2Madded0%0.00 pp7 q
COCXFLindt & Spruengli Ord0.02%34$2Mheld—7 q
BBTTruist Financial Corporation0.01%41,860$2Madded+1%0.00 pp7 q
BACBank of America Corporation0.01%49,500$886,000held—7 q
BTIBritish American Tobacco p.l.c.0.01%13,855$1Mtrimmed−1%0.00 pp7 q
COPConocoPhillips0.01%8,356$577,000trimmed−11%0.00 pp7 q
COSTCostco Wholesale Corp0.01%5,655$802,000held—7 q
DISThe Walt Disney Company0.01%6,600$622,000held—7 q
FULTFulton Financial Corp0.01%53,688$664,000trimmed−17%0.00 pp7 q
unresolvedGoogle Inc.0.01%1,209$642,000added+37%+0.01 pp7 q
GOOGAlphabet Inc. Class C0.01%1,169$615,000added+35%+0.01 pp3 q
IBMInternational Business Machines Corporation0.01%9,849$2Mtrimmed−6%−0.01 pp7 q
LAMRLamar Advertising Co0.01%14,860$797,000new+0.01 ppnew
unresolvedPernod-Ricard SA-Unspon ADR0.01%64,250$1Mtrimmed−6%0.00 pp7 q
PXGBXPraxair Inc0.01%11,900$2Mtrimmed−24%−0.01 pp7 q
unresolvedSABMiller PLC Sponsored ADR0.01%29,950$2Mtrimmed−4%−0.01 pp7 q
SWZTotal Return Securities Fund0.01%71,097$792,000held—7 q
LRLCFL'oreal Co Eur Ord0.01%7,120$1Mtrimmed−1%0.00 pp7 q
PRGAFPargesa Holding Sa-br0.01%20,250$2Mtrimmed−3%−0.01 pp7 q
AMKAFA.p Moeller-maersk A/S A0.01%571$1Mtrimmed−2%0.00 pp7 q
UNUnilever Nv-cva0.01%37,500$1Madded+6%0.00 pp7 q
AIGAmerican International Group, Inc.0.00%6,000$336,000held—7 q
BPBP p.l.c.0.00%7,925$302,000trimmed−1%0.00 pp7 q
CSLCarlisle Companies, Inc.0.00%3,500$316,000trimmed−10%0.00 pp7 q
CSFLCenterState Bank Corporation0.00%11,004$131,000held—6 q
unresolvedChicago Bridge & Iron Co N V0.00%12,025$505,000held—6 q
GDGeneral Dynamics Corporation0.00%3,000$413,000held—7 q
unresolvedGeneral Electric Co0.00%11,661$295,000trimmed−0%0.00 pp7 q
HTLDHeartland Express Inc0.00%14,499$392,000held—7 q
MATMattel, Inc.0.00%6,625$205,000held—7 q
MCDMcDonald's Corporation0.00%3,670$344,000held—7 q
MRKMerck & Co., Inc.0.00%4,336$246,000held—7 q
NTRSNorthern Trust Corp0.00%3,432$231,000trimmed−21%0.00 pp7 q
ORCLOracle Corp0.00%10,000$450,000held—7 q
unresolvedOutfront Media Inc0.00%12,453$334,000new0.00 ppnew
PHIYXPimco High Yield Fund-inst0.00%11,116$102,000held—7 q
PXDPioneer Natural Resource Co.0.00%2,700$402,000held—7 q
SLBSLB Limited0.00%2,875$246,000held—7 q
unresolvedSusquehanna Bancshares Inc P0.00%14,000$188,000trimmed−7%0.00 pp7 q
TGBAXTempleton Global Bond-adv0.00%18,537$230,000trimmed−6%0.00 pp4 q
UNPUnion Pacific Corp.0.00%2,730$325,000held—3 q
BOIVFBollore Investissemnt Ord0.00%30,000$137,000new0.00 ppnew
GPDNFGroupe Danone0.00%3,700$244,000held—7 q
unresolvedIndivior PLC0.00%30,357$71,000new0.00 ppnew
PZCPz Cussons PLC0.00%15,000$72,000held—7 q
unresolvedNielsen Holdings N V0.00%4,900$219,000added+2%0.00 pp4 q
XPGDVend Marketplaces ASA0.00%6,150$393,000held—7 q
CIRCir SPA0.00%125,000$132,000held—7 q
LTGIFLt Group Inc0.00%150,000$41,000held—3 q
PHJMFPt Hanjaya Mandala Samprn0.00%30,000$165,000held—6 q
DEDeere & Company—−28,415—exited−0.02 pp—
unresolvedLamar Advertising Co—−15,360—exited−0.01 pp—
unresolvedCBS Outdoor Americas Inc—−9,555—exited0.00 pp—
PSXPhillips 66—−2,720—exited0.00 pp—
PGRProgressive Corporation—−20,133—exited0.00 pp—

Source

Form
13F-HR
Reading
35 defects · 17 unresolved
Accession
0000860643-15-000001
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 2014-12-31
  • A security outside the official 13F list — CUSIP 23636T100 not on the Official 13(f) List for 2014-12-31
  • A security outside the official 13F list — CUSIP 423012301 not on the Official 13(f) List for 2014-12-31
  • A security outside the official 13F list — CUSIP 641069406 not on the Official 13(f) List for 2014-12-31
  • A security outside the official 13F list — CUSIP 693390841 not on the Official 13(f) List for 2014-12-31
  • A security outside the official 13F list — CUSIP 714264207 not on the Official 13(f) List for 2014-12-31
  • A security outside the official 13F list — CUSIP 78572M105 not on the Official 13(f) List for 2014-12-31
  • A security outside the official 13F list — CUSIP 880208400 not on the Official 13(f) List for 2014-12-31
  • A security outside the official 13F list — CUSIP B6399C107 not on the Official 13(f) List for 2014-12-31
  • A security outside the official 13F list — CUSIP F10080103 not on the Official 13(f) List for 2014-12-31
  • A security outside the official 13F list — CUSIP F10659260 not on the Official 13(f) List for 2014-12-31
  • A security outside the official 13F list — CUSIP F12033134 not on the Official 13(f) List for 2014-12-31
  • A security outside the official 13F list — CUSIP F5333N100 not on the Official 13(f) List for 2014-12-31
  • A security outside the official 13F list — CUSIP F58149133 not on the Official 13(f) List for 2014-12-31
  • A security outside the official 13F list — CUSIP F72027109 not on the Official 13(f) List for 2014-12-31
  • A security outside the official 13F list — CUSIP G1510J102 not on the Official 13(f) List for 2014-12-31
  • A security outside the official 13F list — CUSIP G42089113 not on the Official 13(f) List for 2014-12-31
  • A security outside the official 13F list — CUSIP G4766E108 not on the Official 13(f) List for 2014-12-31
  • A security outside the official 13F list — CUSIP G6850S109 not on the Official 13(f) List for 2014-12-31
  • A security outside the official 13F list — CUSIP G74079107 not on the Official 13(f) List for 2014-12-31
  • A security outside the official 13F list — CUSIP G77395104 not on the Official 13(f) List for 2014-12-31
  • A security outside the official 13F list — CUSIP H25662182 not on the Official 13(f) List for 2014-12-31
  • A security outside the official 13F list — CUSIP H49983176 not on the Official 13(f) List for 2014-12-31
  • A security outside the official 13F list — CUSIP H57312649 not on the Official 13(f) List for 2014-12-31
  • A security outside the official 13F list — CUSIP H60477207 not on the Official 13(f) List for 2014-12-31
  • A security outside the official 13F list — CUSIP H83949141 not on the Official 13(f) List for 2014-12-31
  • A security outside the official 13F list — CUSIP K0514G135 not on the Official 13(f) List for 2014-12-31
  • A security outside the official 13F list — CUSIP N39338194 not on the Official 13(f) List for 2014-12-31
  • A security outside the official 13F list — CUSIP N39427211 not on the Official 13(f) List for 2014-12-31
  • A security outside the official 13F list — CUSIP N8981F271 not on the Official 13(f) List for 2014-12-31
  • A security outside the official 13F list — CUSIP R75677105 not on the Official 13(f) List for 2014-12-31
  • A security outside the official 13F list — CUSIP T28980125 not on the Official 13(f) List for 2014-12-31
  • A security outside the official 13F list — CUSIP W92277115 not on the Official 13(f) List for 2014-12-31
  • A security outside the official 13F list — CUSIP Y5342M100 not on the Official 13(f) List for 2014-12-31
  • A security outside the official 13F list — CUSIP Y7121Z146 not on the Official 13(f) List for 2014-12-31