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Gardner Russo & Quinn

Q1 2015 13F · by Thomas Russo, portfolio manager

As of
Mar 31, 2015
Filed
May 14, 2015
US stock
$11.1B · prev $11.0B
Positions
110 · prev 110
Options notional
$0
Documents
1· no amendments

Picture59.4% US stock

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

  • US stock listed on a US exchange 59.4%
  • Foreign stock not listed in the US 40.6%
  • 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 · 3.5% a year, about 28.6 years per position

  1. Low
  2. Moderate
  3. High

Top 5 positions42% of US stock

  1. NSRGY Nestle S.a S/ added+0.33 pp added+0.3310.6%
  2. BRK.A Berkshire Hathaway Inc. added−0.51 pp added−0.519.9%
  3. MA Mastercard Incorporated added−0.05 pp added−0.057.8%
  4. WFC Wells Fargo & Co. added−0.11 pp added−0.117.2%
  5. PM Philip Morris International Inc. added−0.49 pp added−0.496.8%

Positions110 in this filing · 3 exited

NSRGYNestle S.a S/10.61%15,623,641$1.2Badded+2%+0.33 pp8 q
BRK.ABerkshire Hathaway Inc.9.90%5,064$1.1Badded0%−0.51 pp8 q
MAMastercard Incorporated7.78%10,020,489$866Madded0%−0.05 pp8 q
WFCWells Fargo & Co.7.18%14,681,593$799Madded+1%−0.11 pp8 q
PMPhilip Morris International Inc.6.83%10,093,731$760Madded+2%−0.49 pp8 q
HKHHFHeineken Holding NV Ord6.71%10,843,664$747Madded+1%+0.57 pp8 q
CFRHFCie Financiere Richmn New5.90%8,139,652$656Madded+3%−0.57 pp7 q
PDRDFPernod Ricard Ord5.81%5,467,006$647Madded+3%+0.42 pp8 q
BUDAnheuser-Busch INBEV SA/NV5.68%5,187,889$632Madded+1%+0.42 pp8 q
unresolvedSABMiller PLC5.60%11,852,678$623Madded+2%+0.03 pp8 q
UNUnilever N V -ny Shares5.32%14,178,046$592Madded+1%+0.34 pp8 q
BRK.BBERKSHIRE HATHAWAY Class B3.20%2,468,657$356Madded+1%−0.15 pp8 q
MOAltria Group, Inc.2.95%6,554,948$328Mtrimmed−6%−0.17 pp8 q
MLMMartin Marietta Materials2.61%2,078,583$291Madded+2%+0.55 pp8 q
BTAFFBritish Amer Tbco London2.32%4,986,657$258Madded+2%−0.11 pp8 q
BF.ABrown-Forman Corporation Class A2.29%2,807,200$255Mtrimmed−0%+0.04 pp8 q
unresolvedComcast Corp. Spl Cl A2.25%4,468,193$251Mtrimmed−4%−0.19 pp8 q
DGEAFDiageo PLC Ord2.25%9,084,513$251Madded+5%−0.01 pp8 q
SNIScripps Networks Inter-cl A0.79%1,276,570$88Madded+2%−0.07 pp8 q
JCDXFJc Decaux SA Act0.70%2,325,297$78Madded+58%+0.24 pp8 q
DEODiageo plc0.46%461,545$51Madded+7%+0.01 pp8 q
BF.BBrown-Forman Corporation Class B0.38%466,975$42Madded+9%+0.04 pp8 q
SWGAFSwatch Group AG New Ord0.29%76,075$32Madded+4%−0.01 pp8 q
VVISA Inc.0.27%458,760$30Madded0%0.00 pp8 q
XOMExxon Mobil Corp0.13%164,305$14Madded+1%−0.01 pp8 q
MKLMarkel Group Inc.0.11%16,247$12Mtrimmed−2%+0.01 pp8 q
AXPAmerican Express Company0.09%127,994$10Mtrimmed0%−0.02 pp8 q
CXTCrane NXT, Co.0.09%167,952$10Mtrimmed−0%0.00 pp8 q
FMXFomento Economico Mexicano, S.a.b. De C.v.0.09%107,745$10Madded0%0.00 pp8 q
MLKNMillerKnoll, Inc.0.08%323,604$9Mtrimmed−3%−0.01 pp8 q
PGProcter & Gamble Company0.08%109,187$9Mtrimmed−3%−0.01 pp8 q
SWMASwedish Match AB0.08%317,774$9Mtrimmed−3%−0.01 pp8 q
KOCoca-Cola Company0.07%199,492$8Mtrimmed−2%−0.01 pp8 q
unresolvedPrecision Castparts Corp0.06%31,375$7Madded+27%+0.01 pp8 q
ABBVAbbvie Inc.0.05%86,718$5Mheld—8 q
DOVDover Corporation0.05%73,106$5Mtrimmed−4%0.00 pp8 q
HRLHormel Foods Corporation0.05%106,451$6Mtrimmed−1%0.00 pp8 q
ABTAbbott Laboratories0.04%85,400$4Mheld—8 q
CVXChevron Corporation0.04%42,293$4Mtrimmed−5%−0.01 pp8 q
unresolvedJpmorgan Chase & Co0.04%180,750$4Mheld—8 q
PEPPepsiCo, Inc.0.04%40,941$4Mtrimmed−3%0.00 pp8 q
RDS.ARoyal Dutch Shell PLC0.04%70,815$4Madded+1%0.00 pp8 q
HINKFHeineken N V Reg0.04%51,991$4Mheld—8 q
GHCGraham Holdings Company0.03%2,660$3Mtrimmed−96%−0.44 pp6 q
unresolvedM&T Bank Corp Wts Exp 12/23/10.03%67,500$4Madded+10%0.00 pp8 q
MKCMcCormick & Company, Incorporated Non-VTG CS0.03%42,755$3Mheld—8 q
unresolvedWells Fargo Warrants, 34.01 St0.03%177,750$4Mheld—8 q
BICEFBic Stec Ord0.03%20,125$3Mheld—8 q
NSRGFNestle S.a Reg Ord0.03%41,310$3Mtrimmed−19%0.00 pp8 q
CMCSAComcast Corp0.02%31,976$2Mtrimmed−12%0.00 pp8 q
DANOYDanone S/0.02%205,580$3Madded+2%0.00 pp8 q
unresolvedDu Pont E I De Nemours & Co0.02%36,834$3Madded+3%0.00 pp8 q
EVFEaton Vance Senior Income Trust0.02%277,942$2Madded+1%0.00 pp8 q
GSGoldman Sachs Group Inc.0.02%10,793$2Mtrimmed−43%−0.01 pp8 q
HEINYHeineken N V S/0.02%52,162$2Madded0%0.00 pp8 q
MSFTMicrosoft Corp0.02%54,450$2Mtrimmed−9%−0.01 pp8 q
PNCPNC Financial Services Group0.02%18,294$2Mtrimmed−3%0.00 pp8 q
unresolvedAnheuser-Busch InBev0.02%15,000$2Mheld—8 q
RBGPFReckitt Benckiser Grp PLC0.02%30,852$3Madded+1%0.00 pp8 q
COCXFLindt & Spruengli Ord0.02%34$2Mheld—8 q
BBTTruist Financial Corporation0.01%42,122$2Madded+1%0.00 pp8 q
BACBank of America Corporation0.01%51,100$786,000added+3%0.00 pp8 q
BTIBritish American Tobacco p.l.c.0.01%7,050$732,000trimmed−49%0.00 pp8 q
CFRUYCompagnie Fnce Rch UN/0.01%198,000$2Madded+5%−0.01 pp8 q
COSTCostco Wholesale Corp0.01%5,655$857,000held—8 q
FULTFulton Financial Corp0.01%50,688$625,000trimmed−6%0.00 pp8 q
unresolvedGoogle Inc.0.01%1,233$684,000added+2%0.00 pp8 q
GOOGAlphabet Inc. Class C0.01%1,168$640,000trimmed−0%0.00 pp4 q
IBMInternational Business Machines Corporation0.01%9,549$2Mtrimmed−3%0.00 pp8 q
LAMRLamar Advertising Co0.01%17,760$1Madded+20%0.00 pp2 q
unresolvedPernod-Ricard SA-Unspon ADR0.01%65,775$2Madded+2%0.00 pp8 q
PXGBXPraxair Inc0.01%11,750$1Mtrimmed−1%0.00 pp8 q
unresolvedSABMiller PLC Sponsored ADR0.01%30,650$2Madded+2%0.00 pp8 q
WMTWalmart Inc.0.01%20,024$2Mtrimmed−3%−0.01 pp8 q
LRLCFL'oreal Co Eur Ord0.01%6,970$1Mtrimmed−2%0.00 pp8 q
PRGAFPargesa Holding Sa-br0.01%20,250$1Mheld—8 q
AMKAFA.p Moeller-maersk A/S A0.01%571$1Mheld—8 q
UNUnilever Nv-cva0.01%37,500$2Mheld—8 q
YAlleghany Corporation0.00%421$205,000new0.00 ppnew
AIGAmerican International Group, Inc.0.00%6,000$329,000held—8 q
BPBP p.l.c.0.00%7,831$306,000trimmed−1%0.00 pp8 q
CSLCarlisle Companies, Inc.0.00%3,500$324,000held—8 q
CSFLCenterState Bank Corporation0.00%11,004$131,000held—7 q
unresolvedChicago Bridge & Iron Co N V0.00%10,725$528,000trimmed−11%0.00 pp7 q
COPConocoPhillips0.00%7,788$485,000trimmed−7%−0.01 pp8 q
DISThe Walt Disney Company0.00%4,850$509,000trimmed−27%−0.01 pp8 q
GDGeneral Dynamics Corporation0.00%1,750$238,000trimmed−42%0.00 pp8 q
unresolvedGeneral Electric Co0.00%10,546$262,000trimmed−10%0.00 pp8 q
HTLDHeartland Express Inc0.00%14,499$344,000held—8 q
MCDMcDonald's Corporation0.00%3,645$355,000trimmed−1%0.00 pp8 q
MRKMerck & Co., Inc.0.00%3,836$220,000trimmed−12%0.00 pp8 q
ORCLOracle Corp0.00%10,000$432,000held—8 q
unresolvedOutfront Media Inc0.00%15,428$462,000added+24%0.00 pp2 q
PHIYXPimco High Yield Fund-inst0.00%11,116$103,000held—8 q
PXDPioneer Natural Resource Co.0.00%2,700$441,000held—8 q
SLBSLB Limited0.00%2,825$236,000trimmed−2%0.00 pp8 q
unresolvedSusquehanna Bancshares Inc P0.00%14,000$192,000held—8 q
TGBAXTempleton Global Bond-adv0.00%16,512$204,000trimmed−11%0.00 pp5 q
UNPUnion Pacific Corp.0.00%2,730$296,000held—4 q
WBCWabco Holdings Inc.0.00%1,936$238,000new0.00 ppnew
BOIVFBollore Investissemnt Ord0.00%30,000$160,000held—2 q
GPDNFGroupe Danone0.00%3,700$249,000held—8 q
unresolvedIndivior PLC0.00%30,207$85,000trimmed−0%0.00 pp2 q
PZCPz Cussons PLC0.00%15,000$76,000held—8 q
MYLMylan NV0.00%5,850$347,000new0.00 ppnew
unresolvedNielsen Holdings N V0.00%5,100$227,000added+4%0.00 pp5 q
XPGDVend Marketplaces ASA0.00%6,150$357,000held—8 q
CIRCir SPA0.00%125,000$146,000held—8 q
LTGIFLt Group Inc0.00%150,000$55,000held—4 q
PHJMFPt Hanjaya Mandala Samprn0.00%30,000$169,000held—7 q
SWZTotal Return Securities Fund—−71,097—exited−0.01 pp—
MATMattel, Inc.—−6,625—exited0.00 pp—
NTRSNorthern Trust Corp—−3,432—exited0.00 pp—

Source

Form
13F-HR
Reading
35 defects · 17 unresolved
Accession
0000860643-15-000003
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 2015-03-31
  • A security outside the official 13F list — CUSIP 23636T100 not on the Official 13(f) List for 2015-03-31
  • A security outside the official 13F list — CUSIP 423012301 not on the Official 13(f) List for 2015-03-31
  • A security outside the official 13F list — CUSIP 641069406 not on the Official 13(f) List for 2015-03-31
  • A security outside the official 13F list — CUSIP 693390841 not on the Official 13(f) List for 2015-03-31
  • A security outside the official 13F list — CUSIP 714264207 not on the Official 13(f) List for 2015-03-31
  • A security outside the official 13F list — CUSIP 78572M105 not on the Official 13(f) List for 2015-03-31
  • A security outside the official 13F list — CUSIP 880208400 not on the Official 13(f) List for 2015-03-31
  • A security outside the official 13F list — CUSIP B6399C107 not on the Official 13(f) List for 2015-03-31
  • A security outside the official 13F list — CUSIP F10080103 not on the Official 13(f) List for 2015-03-31
  • A security outside the official 13F list — CUSIP F10659260 not on the Official 13(f) List for 2015-03-31
  • A security outside the official 13F list — CUSIP F12033134 not on the Official 13(f) List for 2015-03-31
  • A security outside the official 13F list — CUSIP F5333N100 not on the Official 13(f) List for 2015-03-31
  • A security outside the official 13F list — CUSIP F58149133 not on the Official 13(f) List for 2015-03-31
  • A security outside the official 13F list — CUSIP F72027109 not on the Official 13(f) List for 2015-03-31
  • A security outside the official 13F list — CUSIP G1510J102 not on the Official 13(f) List for 2015-03-31
  • A security outside the official 13F list — CUSIP G42089113 not on the Official 13(f) List for 2015-03-31
  • A security outside the official 13F list — CUSIP G4766E108 not on the Official 13(f) List for 2015-03-31
  • A security outside the official 13F list — CUSIP G6850S109 not on the Official 13(f) List for 2015-03-31
  • A security outside the official 13F list — CUSIP G74079107 not on the Official 13(f) List for 2015-03-31
  • A security outside the official 13F list — CUSIP G77395104 not on the Official 13(f) List for 2015-03-31
  • A security outside the official 13F list — CUSIP H25662182 not on the Official 13(f) List for 2015-03-31
  • A security outside the official 13F list — CUSIP H49983176 not on the Official 13(f) List for 2015-03-31
  • A security outside the official 13F list — CUSIP H57312649 not on the Official 13(f) List for 2015-03-31
  • A security outside the official 13F list — CUSIP H60477207 not on the Official 13(f) List for 2015-03-31
  • A security outside the official 13F list — CUSIP H83949141 not on the Official 13(f) List for 2015-03-31
  • A security outside the official 13F list — CUSIP K0514G135 not on the Official 13(f) List for 2015-03-31
  • A security outside the official 13F list — CUSIP N39338194 not on the Official 13(f) List for 2015-03-31
  • A security outside the official 13F list — CUSIP N39427211 not on the Official 13(f) List for 2015-03-31
  • A security outside the official 13F list — CUSIP N8981F271 not on the Official 13(f) List for 2015-03-31
  • A security outside the official 13F list — CUSIP R75677105 not on the Official 13(f) List for 2015-03-31
  • A security outside the official 13F list — CUSIP T28980125 not on the Official 13(f) List for 2015-03-31
  • A security outside the official 13F list — CUSIP W92277115 not on the Official 13(f) List for 2015-03-31
  • A security outside the official 13F list — CUSIP Y5342M100 not on the Official 13(f) List for 2015-03-31
  • A security outside the official 13F list — CUSIP Y7121Z146 not on the Official 13(f) List for 2015-03-31