Gardner Russo & Quinn

Q1 2016 13F · by Thomas Russo, portfolio manager

As of: Mar 31, 2016
Filed: May 12, 2016
US stock: $11.8B · prev $11.7B
Positions: 107 · prev 105
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 39.8%
Notes debt, at principal 0.0%
Puts at notional value 0.0%
Calls at notional value 0.0%

Moves83 since the prior filing

+1.1 pp in · −1.1 pp out

New 5 +0.01 pp
Added 33 +1.12 pp
Trimmed 42 −1.13 pp
Exited 3 −0.01 pp

The book

Concentrated · behaves like 16 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Low turnover · 6.4% a year, about 15.6 years per position

Low
Moderate
High

Top 5 positions43% of US stock

NSRGY Nestle S.a S/ trimmed−0.08 pp trimmed−0.0810.0%
BRK.A Berkshire Hathaway Inc. trimmed+0.49 pp trimmed+0.499.0%
PM Philip Morris International Inc. trimmed+0.77 pp trimmed+0.778.7%
MA Mastercard Incorporated added−0.30 pp added−0.307.8%
HKHHF Heineken Holding NV Ord trimmed−0.02 pp trimmed−0.027.2%

Positions107 in this filing · 3 exited


NSRGYNestle S.a S/	10.03%	15,823,803	$1.2B	trimmed−0%	−0.08 pp	12 q
BRK.ABerkshire Hathaway Inc.	9.04%	5,013	$1.1B	trimmed−1%	+0.49 pp	12 q
PMPhilip Morris International Inc.	8.71%	10,511,803	$1.0B	trimmed−1%	+0.77 pp	12 q
MAMastercard Incorporated	7.77%	9,725,470	$919M	added0%	−0.30 pp	12 q
HKHHFHeineken Holding NV Ord	7.15%	10,830,034	$846M	trimmed−0%	−0.02 pp	12 q
BUDAnheuser-Busch INBEV SA/NV	6.85%	6,502,526	$811M	added+1%	−0.05 pp	12 q
CFRHFCie Financiere Richmn New	6.38%	11,376,709	$755M	added+12%	+0.06 pp	11 q
WFCWells Fargo & Co.	6.00%	14,692,910	$711M	trimmed−0%	−0.84 pp	12 q
PDRDFPernod Ricard Ord	5.58%	5,916,349	$661M	added+3%	−0.05 pp	12 q
UNUnilever N V -ny Shares	5.40%	14,312,004	$639M	trimmed−0%	+0.09 pp	12 q
MOAltria Group, Inc.	3.15%	5,945,898	$373M	trimmed−2%	+0.14 pp	12 q
BRK.BBERKSHIRE HATHAWAY Class B	3.11%	2,590,604	$368M	added0%	+0.20 pp	12 q
MLMMartin Marietta Materials	2.84%	2,103,643	$336M	added0%	+0.39 pp	12 q
BTAFFBritish Amer Tbco London	2.53%	5,091,660	$299M	added0%	+0.12 pp	12 q
SWGAFSwatch Group AG New Ord	2.53%	861,996	$300M	added+17%	+0.31 pp	12 q
BF.ABrown-Forman Corporation Class A	2.20%	2,440,882	$260M	trimmed−2%	−0.15 pp	12 q
DGEAFDiageo PLC Ord	2.13%	9,314,735	$252M	trimmed−0%	−0.05 pp	12 q
JCDXFJc Decaux SA Act	2.06%	5,570,228	$244M	added+12%	+0.43 pp	12 q
CMCSAComcast Corp	1.98%	3,838,373	$234M	trimmed−2%	+0.09 pp	12 q
unresolvedSABMiller PLC	0.94%	1,821,270	$111M	trimmed−63%	−1.55 pp	12 q
SNIScripps Networks Inter-cl A	0.66%	1,190,190	$78M	trimmed−4%	+0.07 pp	12 q
BF.BBrown-Forman Corporation Class B	0.48%	574,634	$57M	added+4%	+0.01 pp	12 q
DEODiageo plc	0.43%	473,132	$51M	added0%	−0.01 pp	12 q
VVISA Inc.	0.35%	540,796	$41M	trimmed−0%	−0.01 pp	12 q
XOMExxon Mobil Corp	0.12%	166,128	$14M	added0%	+0.01 pp	12 q
FMXFomento Economico Mexicano, S.a.b. De C.v.	0.10%	121,470	$12M	added0%	0.00 pp	12 q
MKLMarkel Group Inc.	0.10%	13,137	$12M	trimmed−10%	−0.01 pp	12 q
SWMASwedish Match AB	0.09%	304,213	$10M	trimmed−0%	0.00 pp	12 q
AXPAmerican Express Company	0.08%	151,773	$9M	added+1%	−0.01 pp	12 q
KOCoca-Cola Company	0.08%	205,182	$10M	trimmed−1%	0.00 pp	12 q
DANOYDanone S/	0.08%	638,500	$9M	added+7%	+0.01 pp	12 q
CXTCrane NXT, Co.	0.07%	159,341	$9M	trimmed−1%	0.00 pp	12 q
HRLHormel Foods Corporation	0.06%	170,069	$7M	trimmed−14%	−0.01 pp	12 q
MLKNMillerKnoll, Inc.	0.06%	238,277	$7M	trimmed−20%	−0.01 pp	12 q
PGProcter & Gamble Company	0.06%	85,987	$7M	trimmed−0%	0.00 pp	12 q
DOVDover Corporation	0.04%	64,926	$4M	trimmed−0%	+0.01 pp	12 q
unresolvedOutfront Media Inc	0.04%	234,705	$5M	added+46%	+0.01 pp	6 q
HINKFHeineken N V Reg	0.04%	49,788	$5M	held	—	12 q
CVXChevron Corporation	0.03%	40,883	$4M	trimmed−1%	0.00 pp	12 q
unresolvedJpmorgan Chase & Co	0.03%	200,750	$4M	added0%	−0.01 pp	12 q
unresolvedM&T Bank Corp Wts Exp 12/23/1	0.03%	82,139	$3M	added+17%	0.00 pp	12 q
MKCMcCormick & Company, Incorporated Non-VTG CS	0.03%	39,480	$4M	trimmed−4%	0.00 pp	12 q
PEPPepsiCo, Inc.	0.03%	36,647	$4M	trimmed−6%	0.00 pp	12 q
unresolvedWells Fargo Warrants, 34.01 St	0.03%	253,000	$4M	added+26%	−0.01 pp	12 q
BICEFBic Stec Ord	0.03%	21,625	$3M	held	—	12 q
NSRGFNestle S.a Reg Ord	0.03%	41,310	$3M	held	—	12 q
unresolvedDu Pont E I De Nemours & Co	0.02%	38,144	$2M	added0%	0.00 pp	12 q
HEINYHeineken N V S/	0.02%	41,837	$2M	added+2%	0.00 pp	12 q
MSFTMicrosoft Corp	0.02%	49,450	$3M	held	—	12 q
RDS.ARoyal Dutch Shell PLC	0.02%	60,970	$3M	trimmed−0%	0.00 pp	12 q
unresolvedAnheuser-Busch InBev	0.02%	15,000	$2M	held	—	12 q
RBGPFReckitt Benckiser Grp PLC	0.02%	30,187	$3M	trimmed−1%	0.00 pp	12 q
COCXFLindt & Spruengli Ord	0.02%	33	$2M	held	—	12 q
ABTAbbott Laboratories	0.01%	20,400	$853,000	trimmed−76%	−0.02 pp	12 q
ABBVAbbvie Inc.	0.01%	21,718	$1M	trimmed−75%	−0.03 pp	12 q
GOOGAlphabet Inc. Class C	0.01%	1,646	$1M	added+11%	0.00 pp	8 q
GOOGLAlphabet Inc. Class A	0.01%	1,529	$1M	added+21%	0.00 pp	3 q
BBTTruist Financial Corporation	0.01%	41,191	$1M	added+1%	0.00 pp	12 q
BACBank of America Corporation	0.01%	51,100	$691,000	held	—	12 q
BTIBritish American Tobacco p.l.c.	0.01%	6,136	$717,000	added+1%	0.00 pp	12 q
CFRUYCompagnie Fnce Rch UN/	0.01%	230,250	$2M	added+11%	0.00 pp	12 q
COSTCostco Wholesale Corp	0.01%	6,391	$1M	added+2%	0.00 pp	12 q
EVFEaton Vance Senior Income Trust	0.01%	285,958	$2M	added+1%	0.00 pp	12 q
GSGoldman Sachs Group Inc.	0.01%	10,393	$2M	held	—	12 q
IBMInternational Business Machines Corporation	0.01%	8,674	$1M	trimmed−5%	0.00 pp	12 q
KHCThe Kraft Heinz Company	0.01%	20,950	$2M	new	+0.01 pp	new
LAMRLamar Advertising Co	0.01%	14,660	$902,000	trimmed−5%	0.00 pp	6 q
PNCPNC Financial Services Group	0.01%	17,627	$1M	trimmed−2%	0.00 pp	12 q
unresolvedPernod-Ricard SA-Unspon ADR	0.01%	59,050	$1M	added+4%	0.00 pp	12 q
PXGBXPraxair Inc	0.01%	6,725	$770,000	trimmed−31%	0.00 pp	12 q
SWGAYSwatch Group AG UNSP/	0.01%	35,650	$620,000	added+16%	+0.01 pp	2 q
WMTWalmart Inc.	0.01%	18,674	$1M	trimmed−1%	0.00 pp	12 q
LRLCFL'oreal Co Eur Ord	0.01%	6,400	$1M	held	—	12 q
PRGAFPargesa Holding Sa-br	0.01%	18,601	$1M	added+1%	0.00 pp	12 q
AMKAFA.p Moeller-maersk A/S A	0.01%	554	$708,000	held	—	12 q
UNUnilever Nv-cva	0.01%	37,500	$2M	held	—	12 q
YAlleghany Corporation	0.00%	421	$209,000	held	—	2 q
AIGAmerican International Group, Inc.	0.00%	6,000	$324,000	held	—	12 q
CSLCarlisle Companies, Inc.	0.00%	2,700	$269,000	trimmed−10%	0.00 pp	12 q
CSFLCenterState Bank Corporation	0.00%	10,004	$149,000	trimmed−9%	0.00 pp	11 q
unresolvedChicago Bridge & Iron Co N V	0.00%	7,475	$274,000	trimmed−3%	0.00 pp	11 q
COPConocoPhillips	0.00%	5,388	$217,000	trimmed−14%	0.00 pp	12 q
DISThe Walt Disney Company	0.00%	4,803	$477,000	trimmed−9%	0.00 pp	12 q
FULTFulton Financial Corp	0.00%	34,930	$467,000	added+11%	0.00 pp	12 q
GDGeneral Dynamics Corporation	0.00%	1,600	$210,000	held	—	12 q
unresolvedGeneral Electric Co	0.00%	9,246	$294,000	held	—	12 q
HTLDHeartland Express Inc	0.00%	12,499	$232,000	held	—	12 q
MATMattel, Inc.	0.00%	6,625	$223,000	new	0.00 pp	new
MCDMcDonald's Corporation	0.00%	3,640	$457,000	trimmed−0%	0.00 pp	12 q
MRKMerck & Co., Inc.	0.00%	3,836	$203,000	held	—	2 q
ORLYO'Reilly Automotive, Inc.	0.00%	1,340	$367,000	new	0.00 pp	new
ORCLOracle Corp	0.00%	5,000	$205,000	new	0.00 pp	new
PSXPhillips 66	0.00%	2,420	$210,000	new	0.00 pp	new
PXDPioneer Natural Resource Co.	0.00%	2,700	$380,000	held	—	12 q
unresolvedSABMiller PLC Sponsored ADR	0.00%	5,125	$314,000	trimmed−49%	−0.01 pp	12 q
MMM3M Company	0.00%	1,425	$237,000	trimmed−11%	0.00 pp	3 q
USBU.S. Bancorp	0.00%	6,000	$244,000	held	—	3 q
WBCWabco Holdings Inc.	0.00%	3,168	$339,000	added+31%	0.00 pp	2 q
BOIVFBollore Investissemnt Ord	0.00%	30,000	$117,000	held	—	6 q
GPDNFGroupe Danone	0.00%	3,700	$264,000	held	—	12 q
unresolvedIndivior PLC	0.00%	27,927	$65,000	held	—	6 q
NLSNNielsen Holdings PLC	0.00%	5,450	$287,000	held	—	3 q
PZCPz Cussons PLC	0.00%	15,000	$65,000	held	—	12 q
MYLMylan NV	0.00%	5,395	$250,000	trimmed−8%	0.00 pp	5 q
CIRCir SPA	0.00%	125,000	$148,000	held	—	12 q
LTGIFLt Group Inc	0.00%	150,000	$51,000	held	—	8 q
PHJMFPt Hanjaya Mandala Samprn	0.00%	27,500	$204,000	held	—	11 q
unresolvedPrecision Castparts Corp	—	−3,395	—	exited	−0.01 pp	—
unresolvedSpectrum Brands Hldgs Inc	—	−2,000	—	exited	0.00 pp	—
XPGDVend Marketplaces ASA	—	−6,150	—	exited	0.00 pp	—

Source

Form: 13F-HR
Reading: 33 defects · 12 unresolved
Accession: 0000860643-16-000008
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 F10080103 not on the Official 13(f) List for 2016-03-31
A security outside the official 13F list — CUSIP F10659260 not on the Official 13(f) List for 2016-03-31
A security outside the official 13F list — CUSIP F12033134 not on the Official 13(f) List for 2016-03-31
A security outside the official 13F list — CUSIP F5333N100 not on the Official 13(f) List for 2016-03-31
A security outside the official 13F list — CUSIP F58149133 not on the Official 13(f) List for 2016-03-31
A security outside the official 13F list — CUSIP F72027109 not on the Official 13(f) List for 2016-03-31
A security outside the official 13F list — CUSIP G1510J102 not on the Official 13(f) List for 2016-03-31
A security outside the official 13F list — CUSIP G42089113 not on the Official 13(f) List for 2016-03-31
A security outside the official 13F list — CUSIP G4766E108 not on the Official 13(f) List for 2016-03-31
A security outside the official 13F list — CUSIP G6850S109 not on the Official 13(f) List for 2016-03-31
A security outside the official 13F list — CUSIP G74079107 not on the Official 13(f) List for 2016-03-31
A security outside the official 13F list — CUSIP G77395104 not on the Official 13(f) List for 2016-03-31
A security outside the official 13F list — CUSIP H25662182 not on the Official 13(f) List for 2016-03-31
A security outside the official 13F list — CUSIP H49983176 not on the Official 13(f) List for 2016-03-31
A security outside the official 13F list — CUSIP H57312649 not on the Official 13(f) List for 2016-03-31
A security outside the official 13F list — CUSIP H60477207 not on the Official 13(f) List for 2016-03-31
A security outside the official 13F list — CUSIP H83949141 not on the Official 13(f) List for 2016-03-31
A security outside the official 13F list — CUSIP K0514G135 not on the Official 13(f) List for 2016-03-31
A security outside the official 13F list — CUSIP N39338194 not on the Official 13(f) List for 2016-03-31
A security outside the official 13F list — CUSIP N39427211 not on the Official 13(f) List for 2016-03-31
A security outside the official 13F list — CUSIP N8981F271 not on the Official 13(f) List for 2016-03-31
A security outside the official 13F list — CUSIP T28980125 not on the Official 13(f) List for 2016-03-31
A security outside the official 13F list — CUSIP W92277115 not on the Official 13(f) List for 2016-03-31
A security outside the official 13F list — CUSIP Y5342M100 not on the Official 13(f) List for 2016-03-31
A security outside the official 13F list — CUSIP Y7121Z146 not on the Official 13(f) List for 2016-03-31
A security outside the official 13F list — CUSIP 204319107 not on the Official 13(f) List for 2016-03-31
A security outside the official 13F list — CUSIP 23636T100 not on the Official 13(f) List for 2016-03-31
A security outside the official 13F list — CUSIP 423012301 not on the Official 13(f) List for 2016-03-31
A security outside the official 13F list — CUSIP 641069406 not on the Official 13(f) List for 2016-03-31
A security outside the official 13F list — CUSIP 714264207 not on the Official 13(f) List for 2016-03-31
A security outside the official 13F list — CUSIP 78572M105 not on the Official 13(f) List for 2016-03-31
A security outside the official 13F list — CUSIP 870123106 not on the Official 13(f) List for 2016-03-31
A security outside the official 13F list — CUSIP B6399C107 not on the Official 13(f) List for 2016-03-31

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