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Gardner Russo & Quinn

Q2 2015 13F · by Thomas Russo, portfolio manager

As of
Jun 30, 2015
Filed
Aug 11, 2015
US stock
$11.4B · prev $11.1B
Positions
109 · prev 110
Options notional
$0
Documents
1· no amendments

Picture59.5% US stock

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

  • US stock listed on a US exchange 59.5%
  • Foreign stock not listed in the US 40.5%
  • 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 · 1.3% 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−0.55 pp added−0.5510.1%
  2. BRK.A Berkshire Hathaway Inc. added−0.72 pp added−0.729.2%
  3. MA Mastercard Incorporated added+0.46 pp added+0.468.2%
  4. PM Philip Morris International Inc. added+0.52 pp added+0.527.3%
  5. WFC Wells Fargo & Co. trimmed+0.07 pp trimmed+0.077.3%

Positions109 in this filing · 2 exited

NSRGYNestle S.a S/10.06%15,842,688$1.1Badded+1%−0.55 pp9 q
BRK.ABerkshire Hathaway Inc.9.18%5,102$1.0Badded+1%−0.72 pp9 q
MAMastercard Incorporated8.24%10,032,175$938Madded0%+0.46 pp9 q
PMPhilip Morris International Inc.7.35%10,428,329$836Madded+3%+0.52 pp9 q
WFCWells Fargo & Co.7.25%14,675,054$825Mtrimmed−0%+0.07 pp9 q
HKHHFHeineken Holding NV Ord6.72%10,903,597$765Madded+1%+0.01 pp9 q
CFRHFCie Financiere Richmn New5.99%8,378,806$682Madded+3%+0.09 pp8 q
PDRDFPernod Ricard Ord5.65%5,573,710$643Madded+2%−0.16 pp9 q
unresolvedSABMiller PLC5.53%12,110,171$629Madded+2%−0.07 pp9 q
BUDAnheuser-Busch INBEV SA/NV5.52%5,205,103$628Madded0%−0.16 pp9 q
UNUnilever N V -ny Shares5.27%14,334,418$600Madded+1%−0.05 pp9 q
BRK.BBERKSHIRE HATHAWAY Class B2.96%2,472,536$337Madded0%−0.24 pp9 q
MOAltria Group, Inc.2.79%6,500,066$318Mtrimmed−1%−0.16 pp9 q
BF.ABrown-Forman Corporation Class A2.66%2,718,726$303Mtrimmed−3%+0.37 pp9 q
MLMMartin Marietta Materials2.61%2,096,408$297Madded+1%0.00 pp9 q
DGEAFDiageo PLC Ord2.36%9,276,448$269Madded+2%+0.11 pp9 q
BTAFFBritish Amer Tbco London2.35%4,983,288$268Mtrimmed−0%+0.03 pp9 q
unresolvedComcast Corp. Spl Cl A2.19%4,164,417$250Mtrimmed−7%−0.06 pp9 q
JCDXFJc Decaux SA Act1.05%2,870,395$120Madded+23%+0.35 pp9 q
SNIScripps Networks Inter-cl A0.73%1,265,716$83Mtrimmed−1%−0.06 pp9 q
DEODiageo plc0.47%464,807$54Madded+1%+0.01 pp9 q
BF.BBrown-Forman Corporation Class B0.46%517,433$52Madded+11%+0.08 pp9 q
SWGAFSwatch Group AG New Ord0.36%105,010$41Madded+38%+0.07 pp9 q
VVISA Inc.0.32%543,124$36Madded+18%+0.05 pp9 q
XOMExxon Mobil Corp0.12%163,466$14Mtrimmed−1%−0.01 pp9 q
MKLMarkel Group Inc.0.11%16,128$13Mtrimmed−1%0.00 pp9 q
AXPAmerican Express Company0.10%153,088$12Madded+20%+0.01 pp9 q
FMXFomento Economico Mexicano, S.a.b. De C.v.0.10%127,035$11Madded+18%+0.01 pp9 q
CXTCrane NXT, Co.0.09%165,742$10Mtrimmed−1%0.00 pp9 q
KOCoca-Cola Company0.08%227,487$9Madded+14%+0.01 pp9 q
MLKNMillerKnoll, Inc.0.08%319,577$9Mtrimmed−1%0.00 pp9 q
SWMASwedish Match AB0.08%314,674$9Mtrimmed−1%0.00 pp9 q
PGProcter & Gamble Company0.07%103,172$8Mtrimmed−6%−0.01 pp9 q
unresolvedPrecision Castparts Corp0.06%31,465$6Madded0%0.00 pp9 q
ABBVAbbvie Inc.0.05%86,718$6Mheld—9 q
DANOYDanone S/0.05%471,330$6Madded×2.3+0.03 pp9 q
HRLHormel Foods Corporation0.05%105,769$6Mtrimmed−1%0.00 pp9 q
ABTAbbott Laboratories0.04%85,400$4Mheld—9 q
CVXChevron Corporation0.04%41,973$4Mtrimmed−1%0.00 pp9 q
DOVDover Corporation0.04%72,206$5Mtrimmed−1%−0.01 pp9 q
unresolvedJpmorgan Chase & Co0.04%200,750$5Madded+11%0.00 pp9 q
RDS.ARoyal Dutch Shell PLC0.04%71,385$4Madded+1%0.00 pp9 q
unresolvedWells Fargo Warrants, 34.01 St0.04%202,750$5Madded+14%+0.01 pp9 q
unresolvedM&T Bank Corp Wts Exp 12/23/10.03%67,600$4Madded0%0.00 pp9 q
MKCMcCormick & Company, Incorporated Non-VTG CS0.03%42,505$3Mtrimmed−1%0.00 pp9 q
PEPPepsiCo, Inc.0.03%39,892$4Mtrimmed−3%−0.01 pp9 q
BICEFBic Stec Ord0.03%20,000$3Mtrimmed−1%0.00 pp9 q
NSRGFNestle S.a Reg Ord0.03%41,310$3Mheld—9 q
HINKFHeineken N V Reg0.03%49,991$4Mtrimmed−4%−0.01 pp9 q
BBTTruist Financial Corporation0.02%42,408$2Madded+1%+0.01 pp9 q
CMCSAComcast Corp0.02%31,926$2Mtrimmed−0%0.00 pp9 q
unresolvedDu Pont E I De Nemours & Co0.02%37,048$2Madded+1%0.00 pp9 q
EVFEaton Vance Senior Income Trust0.02%279,947$2Madded+1%0.00 pp9 q
GSGoldman Sachs Group Inc.0.02%10,393$2Mtrimmed−4%0.00 pp9 q
HEINYHeineken N V S/0.02%50,337$2Mtrimmed−4%0.00 pp9 q
MSFTMicrosoft Corp0.02%54,450$2Mheld—9 q
unresolvedOutfront Media Inc0.02%89,847$2Madded×5.8+0.02 pp3 q
PNCPNC Financial Services Group0.02%17,944$2Mtrimmed−2%0.00 pp9 q
unresolvedAnheuser-Busch InBev0.02%15,000$2Mheld—9 q
RBGPFReckitt Benckiser Grp PLC0.02%30,917$3Madded0%0.00 pp9 q
COCXFLindt & Spruengli Ord0.02%33$2Mtrimmed−3%0.00 pp9 q
BACBank of America Corporation0.01%51,100$870,000held—9 q
BTIBritish American Tobacco p.l.c.0.01%6,925$750,000trimmed−2%0.00 pp9 q
CFRUYCompagnie Fnce Rch UN/0.01%192,350$2Mtrimmed−3%0.00 pp9 q
COSTCostco Wholesale Corp0.01%5,655$764,000held—9 q
unresolvedGoogle Inc.0.01%1,233$666,000held—9 q
GOOGAlphabet Inc. Class C0.01%1,168$608,000held—5 q
IBMInternational Business Machines Corporation0.01%9,524$2Mtrimmed−0%0.00 pp9 q
LAMRLamar Advertising Co0.01%17,285$994,000trimmed−3%0.00 pp3 q
unresolvedPernod-Ricard SA-Unspon ADR0.01%63,275$1Mtrimmed−4%0.00 pp9 q
PXGBXPraxair Inc0.01%11,575$1Mtrimmed−1%0.00 pp9 q
unresolvedSABMiller PLC Sponsored ADR0.01%30,600$2Mtrimmed−0%0.00 pp9 q
WMTWalmart Inc.0.01%19,474$1Mtrimmed−3%0.00 pp9 q
LRLCFL'oreal Co Eur Ord0.01%6,400$1Mtrimmed−8%0.00 pp9 q
PRGAFPargesa Holding Sa-br0.01%20,250$1Mheld—9 q
AMKAFA.p Moeller-maersk A/S A0.01%554$972,000trimmed−3%0.00 pp9 q
UNUnilever Nv-cva0.01%37,500$2Mheld—9 q
AIGAmerican International Group, Inc.0.00%6,000$371,000held—9 q
BPBP p.l.c.0.00%7,814$312,000trimmed−2%0.00 pp9 q
CSLCarlisle Companies, Inc.0.00%3,500$350,000held—9 q
CSFLCenterState Bank Corporation0.00%11,004$149,000held—8 q
unresolvedChicago Bridge & Iron Co N V0.00%10,575$529,000trimmed−1%0.00 pp8 q
COPConocoPhillips0.00%7,288$448,000trimmed−6%0.00 pp9 q
DISThe Walt Disney Company0.00%4,850$554,000held—9 q
FULTFulton Financial Corp0.00%37,030$484,000trimmed−27%−0.01 pp9 q
GDGeneral Dynamics Corporation0.00%1,600$227,000trimmed−9%0.00 pp9 q
unresolvedGeneral Electric Co0.00%10,546$280,000held—9 q
GHCGraham Holdings Company0.00%203$218,000trimmed−92%−0.03 pp7 q
HTLDHeartland Express Inc0.00%12,499$253,000trimmed−14%0.00 pp9 q
MCDMcDonald's Corporation0.00%3,645$347,000held—9 q
MRKMerck & Co., Inc.0.00%3,836$218,000held—9 q
ORCLOracle Corp0.00%7,500$302,000trimmed−25%0.00 pp9 q
PHIYXPimco High Yield Fund-inst0.00%11,116$101,000held—9 q
PXDPioneer Natural Resource Co.0.00%2,700$374,000held—9 q
SLBSLB Limited0.00%2,525$218,000trimmed−11%0.00 pp9 q
unresolvedSpectrum Brands Hldgs Inc0.00%2,000$204,000new0.00 ppnew
unresolvedSusquehanna Bancshares Inc P0.00%14,000$198,000held—9 q
TGBAXTempleton Global Bond-adv0.00%11,714$143,000trimmed−29%0.00 pp6 q
UNPUnion Pacific Corp.0.00%2,510$239,000trimmed−8%0.00 pp5 q
WBCWabco Holdings Inc.0.00%1,703$211,000trimmed−12%0.00 pp2 q
BOIVFBollore Investissemnt Ord0.00%30,000$160,000held—3 q
GPDNFGroupe Danone0.00%3,700$239,000held—9 q
unresolvedIndivior PLC0.00%28,907$102,000trimmed−4%0.00 pp3 q
PZCPz Cussons PLC0.00%15,000$85,000held—9 q
MYLMylan NV0.00%5,850$397,000held—2 q
unresolvedNielsen Holdings N V0.00%5,450$244,000added+7%0.00 pp6 q
CIRCir SPA0.00%125,000$133,000held—9 q
LTGIFLt Group Inc0.00%150,000$46,000held—5 q
PHJMFPt Hanjaya Mandala Samprn0.00%34,500$186,000added+15%0.00 pp8 q
YAlleghany Corporation—−421—exited0.00 pp—
XPGDVend Marketplaces ASA—−6,150—exited0.00 pp—

Source

Form
13F-HR
Reading
34 defects · 18 unresolved
Accession
0000860643-15-000004
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 2015-06-30
  • A security outside the official 13F list — CUSIP 23636T100 not on the Official 13(f) List for 2015-06-30
  • A security outside the official 13F list — CUSIP 423012301 not on the Official 13(f) List for 2015-06-30
  • A security outside the official 13F list — CUSIP 641069406 not on the Official 13(f) List for 2015-06-30
  • A security outside the official 13F list — CUSIP 693390841 not on the Official 13(f) List for 2015-06-30
  • A security outside the official 13F list — CUSIP 714264207 not on the Official 13(f) List for 2015-06-30
  • A security outside the official 13F list — CUSIP 78572M105 not on the Official 13(f) List for 2015-06-30
  • A security outside the official 13F list — CUSIP 880208400 not on the Official 13(f) List for 2015-06-30
  • A security outside the official 13F list — CUSIP B6399C107 not on the Official 13(f) List for 2015-06-30
  • A security outside the official 13F list — CUSIP F10080103 not on the Official 13(f) List for 2015-06-30
  • A security outside the official 13F list — CUSIP F10659260 not on the Official 13(f) List for 2015-06-30
  • A security outside the official 13F list — CUSIP F12033134 not on the Official 13(f) List for 2015-06-30
  • A security outside the official 13F list — CUSIP F5333N100 not on the Official 13(f) List for 2015-06-30
  • A security outside the official 13F list — CUSIP F58149133 not on the Official 13(f) List for 2015-06-30
  • A security outside the official 13F list — CUSIP F72027109 not on the Official 13(f) List for 2015-06-30
  • A security outside the official 13F list — CUSIP G1510J102 not on the Official 13(f) List for 2015-06-30
  • A security outside the official 13F list — CUSIP G42089113 not on the Official 13(f) List for 2015-06-30
  • A security outside the official 13F list — CUSIP G4766E108 not on the Official 13(f) List for 2015-06-30
  • A security outside the official 13F list — CUSIP G6850S109 not on the Official 13(f) List for 2015-06-30
  • A security outside the official 13F list — CUSIP G74079107 not on the Official 13(f) List for 2015-06-30
  • A security outside the official 13F list — CUSIP G77395104 not on the Official 13(f) List for 2015-06-30
  • A security outside the official 13F list — CUSIP H25662182 not on the Official 13(f) List for 2015-06-30
  • A security outside the official 13F list — CUSIP H49983176 not on the Official 13(f) List for 2015-06-30
  • A security outside the official 13F list — CUSIP H57312649 not on the Official 13(f) List for 2015-06-30
  • A security outside the official 13F list — CUSIP H60477207 not on the Official 13(f) List for 2015-06-30
  • A security outside the official 13F list — CUSIP H83949141 not on the Official 13(f) List for 2015-06-30
  • A security outside the official 13F list — CUSIP K0514G135 not on the Official 13(f) List for 2015-06-30
  • A security outside the official 13F list — CUSIP N39338194 not on the Official 13(f) List for 2015-06-30
  • A security outside the official 13F list — CUSIP N39427211 not on the Official 13(f) List for 2015-06-30
  • A security outside the official 13F list — CUSIP N8981F271 not on the Official 13(f) List for 2015-06-30
  • A security outside the official 13F list — CUSIP T28980125 not on the Official 13(f) List for 2015-06-30
  • A security outside the official 13F list — CUSIP W92277115 not on the Official 13(f) List for 2015-06-30
  • A security outside the official 13F list — CUSIP Y5342M100 not on the Official 13(f) List for 2015-06-30
  • A security outside the official 13F list — CUSIP Y7121Z146 not on the Official 13(f) List for 2015-06-30