Gardner Russo & Quinn

Q4 2015 13F · by Thomas Russo, portfolio manager

As of: Dec 31, 2015
Filed: Feb 11, 2016
US stock: $11.7B · prev $11.1B
Positions: 105 · prev 104
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%

Moves76 since the prior filing

+6.1 pp in · −6.1 pp out

New 5 0.00 pp
Added 29 +6.08 pp
Trimmed 38 −4.01 pp
Exited 4 −2.10 pp

The book

Concentrated · behaves like 16 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Moderate turnover · 25% a year, about 4.0 years per position

Low
Moderate
High

Top 5 positions42% of US stock

NSRGY Nestle S.a S/ added−0.57 pp added−0.5710.1%
BRK.A Berkshire Hathaway Inc. added−0.33 pp added−0.338.6%
MA Mastercard Incorporated trimmed−0.01 pp trimmed−0.018.1%
PM Philip Morris International Inc. added+0.43 pp added+0.437.9%
HKHHF Heineken Holding NV Ord added+0.21 pp added+0.217.2%

Positions105 in this filing · 4 exited


NSRGYNestle S.a S/	10.11%	15,877,268	$1.2B	added+1%	−0.57 pp	11 q
BRK.ABerkshire Hathaway Inc.	8.55%	5,055	$1000M	added0%	−0.33 pp	11 q
MAMastercard Incorporated	8.07%	9,701,294	$945M	trimmed−2%	−0.01 pp	11 q
PMPhilip Morris International Inc.	7.94%	10,565,901	$929M	added+1%	+0.43 pp	11 q
HKHHFHeineken Holding NV Ord	7.17%	10,870,043	$838M	added0%	+0.21 pp	11 q
BUDAnheuser-Busch INBEV SA/NV	6.90%	6,456,812	$807M	added+25%	+1.93 pp	11 q
WFCWells Fargo & Co.	6.84%	14,721,564	$800M	added+1%	+0.08 pp	11 q
CFRHFCie Financiere Richmn New	6.32%	10,149,409	$739M	added+15%	+0.12 pp	10 q
PDRDFPernod Ricard Ord	5.63%	5,760,258	$658M	added+2%	+0.49 pp	11 q
UNUnilever N V -ny Shares	5.31%	14,339,560	$621M	added+1%	+0.17 pp	11 q
MOAltria Group, Inc.	3.01%	6,045,822	$352M	trimmed−6%	−0.15 pp	11 q
BRK.BBERKSHIRE HATHAWAY Class B	2.91%	2,580,257	$341M	added+3%	−0.05 pp	11 q
unresolvedSABMiller PLC	2.49%	4,864,639	$292M	trimmed−60%	−3.66 pp	11 q
MLMMartin Marietta Materials	2.45%	2,102,473	$287M	added+2%	−0.39 pp	11 q
BTAFFBritish Amer Tbco London	2.41%	5,076,584	$282M	added+2%	−0.07 pp	11 q
BF.ABrown-Forman Corporation Class A	2.35%	2,492,188	$274M	trimmed−4%	−0.16 pp	11 q
SWGAFSwatch Group AG New Ord	2.22%	733,803	$260M	added×6.8	+1.86 pp	11 q
DGEAFDiageo PLC Ord	2.18%	9,317,355	$255M	added0%	−0.07 pp	11 q
CMCSAComcast Corp	1.89%	3,913,103	$221M	added×120.8	+1.87 pp	11 q
JCDXFJc Decaux SA Act	1.63%	4,968,357	$191M	added+28%	+0.37 pp	11 q
SNIScripps Networks Inter-cl A	0.59%	1,243,250	$69M	trimmed−0%	+0.04 pp	11 q
BF.BBrown-Forman Corporation Class B	0.47%	554,765	$55M	added+4%	+0.01 pp	11 q
DEODiageo plc	0.44%	470,910	$51M	added0%	−0.02 pp	11 q
VVISA Inc.	0.36%	541,958	$42M	added+3%	+0.03 pp	11 q
XOMExxon Mobil Corp	0.11%	165,680	$13M	trimmed−0%	0.00 pp	11 q
MKLMarkel Group Inc.	0.11%	14,557	$13M	trimmed−7%	0.00 pp	11 q
FMXFomento Economico Mexicano, S.a.b. De C.v.	0.10%	121,020	$11M	added+2%	0.00 pp	11 q
AXPAmerican Express Company	0.09%	150,018	$10M	added+3%	−0.01 pp	11 q
SWMASwedish Match AB	0.09%	305,699	$11M	trimmed−2%	0.00 pp	11 q
KOCoca-Cola Company	0.08%	206,327	$9M	trimmed−6%	0.00 pp	11 q
CXTCrane NXT, Co.	0.07%	160,741	$8M	trimmed−2%	0.00 pp	11 q
DANOYDanone S/	0.07%	594,005	$8M	added+15%	+0.01 pp	11 q
HRLHormel Foods Corporation	0.07%	99,089	$8M	trimmed−5%	+0.01 pp	11 q
MLKNMillerKnoll, Inc.	0.07%	298,077	$9M	trimmed−4%	−0.01 pp	11 q
PGProcter & Gamble Company	0.06%	86,347	$7M	trimmed−11%	0.00 pp	11 q
ABBVAbbvie Inc.	0.04%	86,718	$5M	held	—	11 q
unresolvedJpmorgan Chase & Co	0.04%	200,350	$5M	trimmed−0%	0.00 pp	11 q
unresolvedWells Fargo Warrants, 34.01 St	0.04%	201,500	$4M	trimmed−1%	+0.01 pp	11 q
HINKFHeineken N V Reg	0.04%	49,788	$4M	held	—	11 q
ABTAbbott Laboratories	0.03%	85,400	$4M	held	—	11 q
CVXChevron Corporation	0.03%	41,460	$4M	trimmed−0%	0.00 pp	11 q
DOVDover Corporation	0.03%	65,126	$4M	trimmed−8%	−0.01 pp	11 q
unresolvedM&T Bank Corp Wts Exp 12/23/1	0.03%	70,000	$3M	held	—	11 q
MKCMcCormick & Company, Incorporated Non-VTG CS	0.03%	41,155	$4M	trimmed−2%	0.00 pp	11 q
unresolvedOutfront Media Inc	0.03%	160,857	$4M	added+55%	+0.01 pp	5 q
PEPPepsiCo, Inc.	0.03%	39,111	$4M	trimmed−2%	0.00 pp	11 q
BICEFBic Stec Ord	0.03%	21,625	$4M	added+12%	0.00 pp	11 q
NSRGFNestle S.a Reg Ord	0.03%	41,310	$3M	held	—	11 q
unresolvedDu Pont E I De Nemours & Co	0.02%	38,084	$3M	trimmed−6%	0.00 pp	11 q
GSGoldman Sachs Group Inc.	0.02%	10,393	$2M	held	—	11 q
HEINYHeineken N V S/	0.02%	41,162	$2M	trimmed−4%	0.00 pp	11 q
MSFTMicrosoft Corp	0.02%	49,450	$3M	held	—	11 q
RDS.ARoyal Dutch Shell PLC	0.02%	61,065	$3M	trimmed−4%	−0.01 pp	11 q
unresolvedAnheuser-Busch InBev	0.02%	15,000	$2M	held	—	11 q
RBGPFReckitt Benckiser Grp PLC	0.02%	30,512	$3M	trimmed−0%	−0.01 pp	11 q
COCXFLindt & Spruengli Ord	0.02%	33	$2M	held	—	11 q
GOOGAlphabet Inc. Class C	0.01%	1,480	$1M	added+34%	0.00 pp	7 q
GOOGLAlphabet Inc. Class A	0.01%	1,268	$987,000	held	—	2 q
BBTTruist Financial Corporation	0.01%	40,878	$2M	trimmed−12%	0.00 pp	11 q
BACBank of America Corporation	0.01%	51,100	$860,000	held	—	11 q
BTIBritish American Tobacco p.l.c.	0.01%	6,061	$669,000	trimmed−1%	0.00 pp	11 q
CFRUYCompagnie Fnce Rch UN/	0.01%	207,100	$1M	added+20%	0.00 pp	11 q
COSTCostco Wholesale Corp	0.01%	6,295	$1M	held	—	11 q
EVFEaton Vance Senior Income Trust	0.01%	282,729	$2M	added0%	0.00 pp	11 q
IBMInternational Business Machines Corporation	0.01%	9,134	$1M	trimmed−2%	0.00 pp	11 q
LAMRLamar Advertising Co	0.01%	15,510	$930,000	trimmed−9%	0.00 pp	5 q
PNCPNC Financial Services Group	0.01%	17,944	$2M	held	—	11 q
unresolvedPernod-Ricard SA-Unspon ADR	0.01%	56,600	$1M	added+2%	0.00 pp	11 q
PXGBXPraxair Inc	0.01%	9,700	$993,000	trimmed−11%	0.00 pp	11 q
unresolvedPrecision Castparts Corp	0.01%	3,395	$788,000	trimmed−89%	−0.05 pp	11 q
unresolvedSABMiller PLC Sponsored ADR	0.01%	10,035	$602,000	trimmed−62%	0.00 pp	11 q
WMTWalmart Inc.	0.01%	18,774	$1M	trimmed−4%	0.00 pp	11 q
LRLCFL'oreal Co Eur Ord	0.01%	6,400	$1M	held	—	11 q
PRGAFPargesa Holding Sa-br	0.01%	18,373	$1M	trimmed−7%	0.00 pp	11 q
AMKAFA.p Moeller-maersk A/S A	0.01%	554	$719,000	held	—	11 q
UNUnilever Nv-cva	0.01%	37,500	$2M	held	—	11 q
YAlleghany Corporation	0.00%	421	$201,000	new	0.00 pp	new
AIGAmerican International Group, Inc.	0.00%	6,000	$372,000	held	—	11 q
CSLCarlisle Companies, Inc.	0.00%	3,000	$266,000	held	—	11 q
CSFLCenterState Bank Corporation	0.00%	11,004	$172,000	held	—	10 q
unresolvedChicago Bridge & Iron Co N V	0.00%	7,725	$301,000	trimmed−27%	0.00 pp	10 q
COPConocoPhillips	0.00%	6,288	$294,000	trimmed−14%	0.00 pp	11 q
DISThe Walt Disney Company	0.00%	5,250	$552,000	added+8%	0.00 pp	11 q
FULTFulton Financial Corp	0.00%	31,530	$410,000	trimmed−19%	0.00 pp	11 q
GDGeneral Dynamics Corporation	0.00%	1,600	$220,000	held	—	11 q
unresolvedGeneral Electric Co	0.00%	9,246	$288,000	trimmed−12%	0.00 pp	11 q
HTLDHeartland Express Inc	0.00%	12,499	$213,000	held	—	11 q
MCDMcDonald's Corporation	0.00%	3,645	$431,000	held	—	11 q
MRKMerck & Co., Inc.	0.00%	3,836	$203,000	new	0.00 pp	new
PXDPioneer Natural Resource Co.	0.00%	2,700	$339,000	held	—	11 q
unresolvedSpectrum Brands Hldgs Inc	0.00%	2,000	$204,000	new	0.00 pp	new
SWGAYSwatch Group AG UNSP/	0.00%	30,850	$540,000	new	0.00 pp	new
MMM3M Company	0.00%	1,600	$241,000	held	—	2 q
USBU.S. Bancorp	0.00%	6,000	$256,000	held	—	2 q
WBCWabco Holdings Inc.	0.00%	2,418	$247,000	new	0.00 pp	new
BOIVFBollore Investissemnt Ord	0.00%	30,000	$140,000	held	—	5 q
GPDNFGroupe Danone	0.00%	3,700	$250,000	held	—	11 q
unresolvedIndivior PLC	0.00%	27,927	$77,000	trimmed−0%	0.00 pp	5 q
NLSNNielsen Holdings PLC	0.00%	5,450	$254,000	held	—	2 q
PZCPz Cussons PLC	0.00%	15,000	$63,000	held	—	11 q
MYLMylan NV	0.00%	5,850	$316,000	held	—	4 q
XPGDVend Marketplaces ASA	0.00%	6,150	$204,000	held	—	2 q
CIRCir SPA	0.00%	125,000	$132,000	held	—	11 q
LTGIFLt Group Inc	0.00%	150,000	$47,000	held	—	7 q
PHJMFPt Hanjaya Mandala Samprn	0.00%	27,500	$188,000	trimmed−20%	0.00 pp	10 q
unresolvedComcast Corp. Spl Cl A	—	−4,054,956	—	exited	−2.10 pp	—
BPBP p.l.c.	—	−7,096	—	exited	0.00 pp	—
PHIYXPimco High Yield Fund-inst	—	−11,116	—	exited	0.00 pp	—
UNPUnion Pacific Corp.	—	−2,510	—	exited	0.00 pp	—

Source

Form: 13F-HR
Reading: 34 defects · 14 unresolved
Accession: 0000860643-16-000006
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 2015-12-31
A security outside the official 13F list — CUSIP 23636T100 not on the Official 13(f) List for 2015-12-31
A security outside the official 13F list — CUSIP 423012301 not on the Official 13(f) List for 2015-12-31
A security outside the official 13F list — CUSIP 641069406 not on the Official 13(f) List for 2015-12-31
A security outside the official 13F list — CUSIP 714264207 not on the Official 13(f) List for 2015-12-31
A security outside the official 13F list — CUSIP 78572M105 not on the Official 13(f) List for 2015-12-31
A security outside the official 13F list — CUSIP 870123106 not on the Official 13(f) List for 2015-12-31
A security outside the official 13F list — CUSIP B6399C107 not on the Official 13(f) List for 2015-12-31
A security outside the official 13F list — CUSIP F10080103 not on the Official 13(f) List for 2015-12-31
A security outside the official 13F list — CUSIP F10659260 not on the Official 13(f) List for 2015-12-31
A security outside the official 13F list — CUSIP F12033134 not on the Official 13(f) List for 2015-12-31
A security outside the official 13F list — CUSIP F5333N100 not on the Official 13(f) List for 2015-12-31
A security outside the official 13F list — CUSIP F58149133 not on the Official 13(f) List for 2015-12-31
A security outside the official 13F list — CUSIP F72027109 not on the Official 13(f) List for 2015-12-31
A security outside the official 13F list — CUSIP G1510J102 not on the Official 13(f) List for 2015-12-31
A security outside the official 13F list — CUSIP G42089113 not on the Official 13(f) List for 2015-12-31
A security outside the official 13F list — CUSIP G4766E108 not on the Official 13(f) List for 2015-12-31
A security outside the official 13F list — CUSIP G6850S109 not on the Official 13(f) List for 2015-12-31
A security outside the official 13F list — CUSIP G74079107 not on the Official 13(f) List for 2015-12-31
A security outside the official 13F list — CUSIP G77395104 not on the Official 13(f) List for 2015-12-31
A security outside the official 13F list — CUSIP H25662182 not on the Official 13(f) List for 2015-12-31
A security outside the official 13F list — CUSIP H49983176 not on the Official 13(f) List for 2015-12-31
A security outside the official 13F list — CUSIP H57312649 not on the Official 13(f) List for 2015-12-31
A security outside the official 13F list — CUSIP H60477207 not on the Official 13(f) List for 2015-12-31
A security outside the official 13F list — CUSIP H83949141 not on the Official 13(f) List for 2015-12-31
A security outside the official 13F list — CUSIP K0514G135 not on the Official 13(f) List for 2015-12-31
A security outside the official 13F list — CUSIP N39338194 not on the Official 13(f) List for 2015-12-31
A security outside the official 13F list — CUSIP N39427211 not on the Official 13(f) List for 2015-12-31
A security outside the official 13F list — CUSIP N8981F271 not on the Official 13(f) List for 2015-12-31
A security outside the official 13F list — CUSIP R75677105 not on the Official 13(f) List for 2015-12-31
A security outside the official 13F list — CUSIP T28980125 not on the Official 13(f) List for 2015-12-31
A security outside the official 13F list — CUSIP W92277115 not on the Official 13(f) List for 2015-12-31
A security outside the official 13F list — CUSIP Y5342M100 not on the Official 13(f) List for 2015-12-31
A security outside the official 13F list — CUSIP Y7121Z146 not on the Official 13(f) List for 2015-12-31

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