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Gardner Russo & Quinn

Q3 2015 13F · by Thomas Russo, portfolio manager

As of
Sep 30, 2015
Filed
Nov 12, 2015
US stock
$11.1B · prev $11.4B
Positions
104 · prev 109
Options notional
$0
Documents
1· no amendments

Picture58.1% US stock

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

  • US stock listed on a US exchange 58.1%
  • Foreign stock not listed in the US 41.9%
  • Notes debt, at principal 0.0%
  • Puts at notional value 0.0%
  • Calls at notional value 0.0%

Moves81 since the prior filing

The book

Concentrated · behaves like 16 equal-sized positions

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

Low turnover · 3.2% 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/ trimmed+0.62 pp trimmed+0.6210.7%
  2. BRK.A Berkshire Hathaway Inc. trimmed−0.30 pp trimmed−0.308.9%
  3. MA Mastercard Incorporated trimmed−0.16 pp trimmed−0.168.1%
  4. PM Philip Morris International Inc. added+0.16 pp added+0.167.5%
  5. HKHHF Heineken Holding NV Ord trimmed+0.24 pp trimmed+0.247.0%

Positions104 in this filing · 10 exited

NSRGYNestle S.a S/10.68%15,778,992$1.2Btrimmed−0%+0.62 pp10 q
BRK.ABerkshire Hathaway Inc.8.88%5,035$983Mtrimmed−1%−0.30 pp10 q
MAMastercard Incorporated8.08%9,930,607$895Mtrimmed−1%−0.16 pp10 q
PMPhilip Morris International Inc.7.51%10,479,882$831Madded0%+0.16 pp10 q
HKHHFHeineken Holding NV Ord6.96%10,854,321$771Mtrimmed−0%+0.24 pp10 q
WFCWells Fargo & Co.6.76%14,575,503$748Mtrimmed−1%−0.49 pp10 q
CFRHFCie Financiere Richmn New6.20%8,858,871$686Madded+6%+0.21 pp9 q
unresolvedSABMiller PLC6.15%12,037,017$681Mtrimmed−1%+0.62 pp10 q
UNUnilever N V -ny Shares5.14%14,145,516$569Mtrimmed−1%−0.13 pp10 q
PDRDFPernod Ricard Ord5.14%5,648,600$569Madded+1%−0.51 pp10 q
BUDAnheuser-Busch INBEV SA/NV4.97%5,173,285$550Mtrimmed−1%−0.55 pp10 q
MOAltria Group, Inc.3.16%6,422,309$349Mtrimmed−1%+0.37 pp10 q
BRK.BBERKSHIRE HATHAWAY Class B2.96%2,512,042$328Madded+2%0.00 pp10 q
MLMMartin Marietta Materials2.84%2,070,527$315Mtrimmed−1%+0.23 pp10 q
BF.ABrown-Forman Corporation Class A2.51%2,596,956$278Mtrimmed−4%−0.15 pp10 q
BTAFFBritish Amer Tbco London2.48%4,971,592$274Mtrimmed−0%+0.13 pp10 q
DGEAFDiageo PLC Ord2.25%9,284,318$249Madded0%−0.11 pp10 q
unresolvedComcast Corp. Spl Cl A2.10%4,054,956$232Mtrimmed−3%−0.09 pp10 q
JCDXFJc Decaux SA Act1.26%3,868,070$140Madded+35%+0.21 pp10 q
SNIScripps Networks Inter-cl A0.55%1,245,833$61Mtrimmed−2%−0.18 pp10 q
BF.BBrown-Forman Corporation Class B0.46%530,935$51Madded+3%0.00 pp10 q
DEODiageo plc0.46%468,851$51Madded+1%−0.01 pp10 q
SWGAFSwatch Group AG New Ord0.36%107,524$40Madded+2%0.00 pp10 q
VVISA Inc.0.33%523,941$36Mtrimmed−4%+0.01 pp10 q
XOMExxon Mobil Corp0.11%166,346$12Madded+2%−0.01 pp10 q
MKLMarkel Group Inc.0.11%15,621$13Mtrimmed−3%0.00 pp10 q
AXPAmerican Express Company0.10%145,228$11Mtrimmed−5%0.00 pp10 q
FMXFomento Economico Mexicano, S.a.b. De C.v.0.10%118,615$11Mtrimmed−7%0.00 pp10 q
SWMASwedish Match AB0.09%312,549$9Mtrimmed−1%+0.01 pp10 q
KOCoca-Cola Company0.08%220,237$9Mtrimmed−3%0.00 pp10 q
MLKNMillerKnoll, Inc.0.08%310,227$9Mtrimmed−3%0.00 pp10 q
CXTCrane NXT, Co.0.07%164,591$8Mtrimmed−1%−0.02 pp10 q
DANOYDanone S/0.06%517,905$7Madded+10%+0.01 pp10 q
HRLHormel Foods Corporation0.06%104,069$7Mtrimmed−2%+0.01 pp10 q
unresolvedPrecision Castparts Corp0.06%30,820$7Mtrimmed−2%0.00 pp10 q
PGProcter & Gamble Company0.06%97,027$7Mtrimmed−6%−0.01 pp10 q
ABBVAbbvie Inc.0.04%86,718$5Mheld—10 q
DOVDover Corporation0.04%70,606$4Mtrimmed−2%0.00 pp10 q
unresolvedJpmorgan Chase & Co0.04%200,750$4Mheld—10 q
HINKFHeineken N V Reg0.04%49,788$4Mtrimmed−0%+0.01 pp10 q
ABTAbbott Laboratories0.03%85,400$3Mheld—10 q
CVXChevron Corporation0.03%41,510$3Mtrimmed−1%−0.01 pp10 q
unresolvedM&T Bank Corp Wts Exp 12/23/10.03%70,000$3Madded+4%0.00 pp10 q
MKCMcCormick & Company, Incorporated Non-VTG CS0.03%41,855$3Mtrimmed−2%0.00 pp10 q
PEPPepsiCo, Inc.0.03%39,793$4Mtrimmed−0%0.00 pp10 q
RDS.ARoyal Dutch Shell PLC0.03%63,745$3Mtrimmed−11%−0.01 pp10 q
unresolvedWells Fargo Warrants, 34.01 St0.03%202,750$4Mheld—10 q
BICEFBic Stec Ord0.03%19,390$3Mtrimmed−3%0.00 pp10 q
RBGPFReckitt Benckiser Grp PLC0.03%30,567$3Mtrimmed−1%+0.01 pp10 q
NSRGFNestle S.a Reg Ord0.03%41,310$3Mheld—10 q
CMCSAComcast Corp0.02%32,405$2Madded+2%0.00 pp10 q
unresolvedDu Pont E I De Nemours & Co0.02%40,408$2Madded+9%0.00 pp10 q
GSGoldman Sachs Group Inc.0.02%10,393$2Mheld—10 q
HEINYHeineken N V S/0.02%43,037$2Mtrimmed−15%0.00 pp10 q
MSFTMicrosoft Corp0.02%49,450$2Mtrimmed−9%0.00 pp10 q
unresolvedOutfront Media Inc0.02%103,592$2Madded+15%0.00 pp4 q
COCXFLindt & Spruengli Ord0.02%33$2Mheld—10 q
GOOGAlphabet Inc. Class C0.01%1,105$672,000trimmed−5%0.00 pp6 q
GOOGLAlphabet Inc. Class A0.01%1,268$809,000new+0.01 ppnew
BBTTruist Financial Corporation0.01%46,260$2Madded+9%−0.01 pp10 q
BACBank of America Corporation0.01%51,100$796,000held—10 q
BTIBritish American Tobacco p.l.c.0.01%6,146$677,000trimmed−11%0.00 pp10 q
CFRUYCompagnie Fnce Rch UN/0.01%173,300$1Mtrimmed−10%0.00 pp10 q
COSTCostco Wholesale Corp0.01%6,295$910,000added+11%0.00 pp10 q
EVFEaton Vance Senior Income Trust0.01%282,100$2Madded+1%−0.01 pp10 q
IBMInternational Business Machines Corporation0.01%9,290$1Mtrimmed−2%0.00 pp10 q
LAMRLamar Advertising Co0.01%16,960$885,000trimmed−2%0.00 pp4 q
PNCPNC Financial Services Group0.01%17,944$2Mheld—10 q
unresolvedPernod-Ricard SA-Unspon ADR0.01%55,550$1Mtrimmed−12%0.00 pp10 q
PXGBXPraxair Inc0.01%10,850$1Mtrimmed−6%0.00 pp10 q
unresolvedSABMiller PLC Sponsored ADR0.01%26,625$2Mtrimmed−13%0.00 pp10 q
WMTWalmart Inc.0.01%19,474$1Mheld—10 q
unresolvedAnheuser-Busch InBev0.01%15,000$2Mheld—10 q
LRLCFL'oreal Co Eur Ord0.01%6,400$1Mheld—10 q
PRGAFPargesa Holding Sa-br0.01%19,690$1Mtrimmed−3%0.00 pp10 q
AMKAFA.p Moeller-maersk A/S A0.01%554$832,000held—10 q
UNUnilever Nv-cva0.01%37,500$2Mheld—10 q
AIGAmerican International Group, Inc.0.00%6,000$341,000held—10 q
BPBP p.l.c.0.00%7,096$217,000trimmed−9%0.00 pp10 q
CSLCarlisle Companies, Inc.0.00%3,000$262,000trimmed−14%0.00 pp10 q
CSFLCenterState Bank Corporation0.00%11,004$162,000held—9 q
unresolvedChicago Bridge & Iron Co N V0.00%10,575$419,000held—9 q
COPConocoPhillips0.00%7,288$350,000held—10 q
DISThe Walt Disney Company0.00%4,850$496,000held—10 q
FULTFulton Financial Corp0.00%39,030$472,000added+5%0.00 pp10 q
GDGeneral Dynamics Corporation0.00%1,600$221,000held—10 q
unresolvedGeneral Electric Co0.00%10,546$266,000held—10 q
HTLDHeartland Express Inc0.00%12,499$249,000held—10 q
MCDMcDonald's Corporation0.00%3,645$359,000held—10 q
PHIYXPimco High Yield Fund-inst0.00%11,116$96,000held—10 q
PXDPioneer Natural Resource Co.0.00%2,700$328,000held—10 q
MMM3M Company0.00%1,600$227,000new0.00 ppnew
USBU.S. Bancorp0.00%6,000$246,000new0.00 ppnew
UNPUnion Pacific Corp.0.00%2,510$222,000held—6 q
BOIVFBollore Investissemnt Ord0.00%30,000$146,000held—4 q
GPDNFGroupe Danone0.00%3,700$233,000held—10 q
unresolvedIndivior PLC0.00%27,982$96,000trimmed−3%0.00 pp4 q
NLSNNielsen Holdings PLC0.00%5,450$242,000new0.00 ppnew
PZCPz Cussons PLC0.00%15,000$66,000held—10 q
MYLMylan NV0.00%5,850$236,000held—3 q
XPGDVend Marketplaces ASA0.00%6,150$208,000new0.00 ppnew
CIRCir SPA0.00%125,000$125,000held—10 q
LTGIFLt Group Inc0.00%150,000$32,000held—6 q
PHJMFPt Hanjaya Mandala Samprn0.00%34,500$179,000held—9 q
unresolvedGoogle Inc.—−1,233—exited−0.01 pp—
GHCGraham Holdings Company—−203—exited0.00 pp—
MRKMerck & Co., Inc.—−3,836—exited0.00 pp—
ORCLOracle Corp—−7,500—exited0.00 pp—
SLBSLB Limited—−2,525—exited0.00 pp—
unresolvedSpectrum Brands Hldgs Inc—−2,000—exited0.00 pp—
unresolvedSusquehanna Bancshares Inc P—−14,000—exited0.00 pp—
TGBAXTempleton Global Bond-adv—−11,714—exited0.00 pp—
WBCWabco Holdings Inc.—−1,703—exited0.00 pp—
unresolvedNielsen Holdings N V—−5,450—exited0.00 pp—

Source

Form
13F-HR
Reading
36 defects · 14 unresolved
Accession
0000860643-15-000005
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 02079K107 not on the Official 13(f) List for 2015-09-30
  • A security outside the official 13F list — CUSIP 02079K305 not on the Official 13(f) List for 2015-09-30
  • A security outside the official 13F list — CUSIP 204319107 not on the Official 13(f) List for 2015-09-30
  • A security outside the official 13F list — CUSIP 23636T100 not on the Official 13(f) List for 2015-09-30
  • A security outside the official 13F list — CUSIP 423012301 not on the Official 13(f) List for 2015-09-30
  • A security outside the official 13F list — CUSIP 641069406 not on the Official 13(f) List for 2015-09-30
  • A security outside the official 13F list — CUSIP 693390841 not on the Official 13(f) List for 2015-09-30
  • A security outside the official 13F list — CUSIP 714264207 not on the Official 13(f) List for 2015-09-30
  • A security outside the official 13F list — CUSIP 78572M105 not on the Official 13(f) List for 2015-09-30
  • A security outside the official 13F list — CUSIP B6399C107 not on the Official 13(f) List for 2015-09-30
  • A security outside the official 13F list — CUSIP F10080103 not on the Official 13(f) List for 2015-09-30
  • A security outside the official 13F list — CUSIP F10659260 not on the Official 13(f) List for 2015-09-30
  • A security outside the official 13F list — CUSIP F12033134 not on the Official 13(f) List for 2015-09-30
  • A security outside the official 13F list — CUSIP F5333N100 not on the Official 13(f) List for 2015-09-30
  • A security outside the official 13F list — CUSIP F58149133 not on the Official 13(f) List for 2015-09-30
  • A security outside the official 13F list — CUSIP F72027109 not on the Official 13(f) List for 2015-09-30
  • A security outside the official 13F list — CUSIP G1510J102 not on the Official 13(f) List for 2015-09-30
  • A security outside the official 13F list — CUSIP G42089113 not on the Official 13(f) List for 2015-09-30
  • A security outside the official 13F list — CUSIP G4766E108 not on the Official 13(f) List for 2015-09-30
  • A security outside the official 13F list — CUSIP G6850S109 not on the Official 13(f) List for 2015-09-30
  • A security outside the official 13F list — CUSIP G74079107 not on the Official 13(f) List for 2015-09-30
  • A security outside the official 13F list — CUSIP G77395104 not on the Official 13(f) List for 2015-09-30
  • A security outside the official 13F list — CUSIP H25662182 not on the Official 13(f) List for 2015-09-30
  • A security outside the official 13F list — CUSIP H49983176 not on the Official 13(f) List for 2015-09-30
  • A security outside the official 13F list — CUSIP H57312649 not on the Official 13(f) List for 2015-09-30
  • A security outside the official 13F list — CUSIP H60477207 not on the Official 13(f) List for 2015-09-30
  • A security outside the official 13F list — CUSIP H83949141 not on the Official 13(f) List for 2015-09-30
  • A security outside the official 13F list — CUSIP K0514G135 not on the Official 13(f) List for 2015-09-30
  • A security outside the official 13F list — CUSIP N39338194 not on the Official 13(f) List for 2015-09-30
  • A security outside the official 13F list — CUSIP N39427211 not on the Official 13(f) List for 2015-09-30
  • A security outside the official 13F list — CUSIP N8981F271 not on the Official 13(f) List for 2015-09-30
  • A security outside the official 13F list — CUSIP R75677105 not on the Official 13(f) List for 2015-09-30
  • A security outside the official 13F list — CUSIP T28980125 not on the Official 13(f) List for 2015-09-30
  • A security outside the official 13F list — CUSIP W92277115 not on the Official 13(f) List for 2015-09-30
  • A security outside the official 13F list — CUSIP Y5342M100 not on the Official 13(f) List for 2015-09-30
  • A security outside the official 13F list — CUSIP Y7121Z146 not on the Official 13(f) List for 2015-09-30