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Gardner Russo & Quinn

Q2 2016 13F · by Thomas Russo, portfolio manager

As of
Jun 30, 2016
Filed
Aug 12, 2016
US stock
$11.9B · prev $11.8B
Positions
105 · prev 107
Options notional
$0
Documents
1· no amendments

Picture61.4% US stock

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

  • US stock listed on a US exchange 61.4%
  • Foreign stock not listed in the US 38.6%
  • Notes debt, at principal 0.0%
  • Puts at notional value 0.0%
  • Calls at notional value 0.0%

Moves87 since the prior filing

The book

Concentrated · behaves like 16 equal-sized positions

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

Low turnover · 4.3% a year, about 23.5 years per position

  1. Low
  2. Moderate
  3. High

Top 5 positions43% of US stock

  1. NSRGY Nestle S.a S/ added+0.20 pp added+0.2010.2%
  2. BRK.A Berkshire Hathaway Inc. trimmed+0.04 pp trimmed+0.049.1%
  3. PM Philip Morris International Inc. trimmed+0.23 pp trimmed+0.238.9%
  4. HKHHF Heineken Holding NV Ord trimmed+0.21 pp trimmed+0.217.4%
  5. BUD Anheuser-Busch INBEV SA/NV added+0.35 pp added+0.357.2%

Positions105 in this filing · 6 exited

NSRGYNestle S.a S/10.23%15,839,365$1.2Badded0%+0.20 pp13 q
BRK.ABerkshire Hathaway Inc.9.08%4,999$1.1Btrimmed−0%+0.04 pp13 q
PMPhilip Morris International Inc.8.94%10,490,864$1.1Btrimmed−0%+0.23 pp13 q
HKHHFHeineken Holding NV Ord7.36%10,817,005$879Mtrimmed−0%+0.21 pp13 q
BUDAnheuser-Busch INBEV SA/NV7.20%6,527,644$860Madded0%+0.35 pp13 q
MAMastercard Incorporated7.18%9,739,551$858Madded0%−0.59 pp13 q
WFCWells Fargo & Co.6.02%15,184,814$719Madded+3%+0.02 pp13 q
PDRDFPernod Ricard Ord5.87%6,302,619$701Madded+7%+0.29 pp13 q
CFRHFCie Financiere Richmn New5.69%11,672,670$680Madded+3%−0.69 pp12 q
UNUnilever N V -ny Shares5.63%14,321,377$672Madded0%+0.23 pp13 q
MOAltria Group, Inc.3.42%5,926,585$409Mtrimmed−0%+0.27 pp13 q
MLMMartin Marietta Materials3.35%2,085,558$400Mtrimmed−1%+0.51 pp13 q
BRK.BBERKSHIRE HATHAWAY Class B3.13%2,584,509$374Mtrimmed−0%+0.02 pp13 q
BTAFFBritish Amer Tbco London2.76%5,087,470$329Mtrimmed−0%+0.23 pp13 q
SWGAFSwatch Group AG New Ord2.35%964,896$280Madded+12%−0.18 pp13 q
BF.ABrown-Forman Corporation Class A2.18%2,407,865$260Mtrimmed−1%−0.02 pp13 q
DGEAFDiageo PLC Ord2.18%9,327,951$260Madded0%+0.05 pp13 q
CMCSAComcast Corp2.08%3,815,150$249Mtrimmed−1%+0.10 pp13 q
JCDXFJc Decaux SA Act1.71%6,039,109$204Madded+8%−0.35 pp13 q
SNIScripps Networks Inter-cl A0.62%1,180,302$73Mtrimmed−1%−0.04 pp13 q
BF.BBrown-Forman Corporation Class B0.49%589,364$59Madded+3%+0.01 pp13 q
DEODiageo plc0.45%476,124$54Madded+1%+0.02 pp13 q
VVISA Inc.0.34%541,106$40Madded0%−0.01 pp13 q
XOMExxon Mobil Corp0.13%167,101$16Madded+1%+0.01 pp13 q
FMXFomento Economico Mexicano, S.a.b. De C.v.0.10%123,735$11Madded+2%0.00 pp13 q
MKLMarkel Group Inc.0.10%12,272$12Mtrimmed−7%0.00 pp13 q
SWMASwedish Match AB0.09%303,638$10Mtrimmed−0%0.00 pp13 q
AXPAmerican Express Company0.08%153,848$9Madded+1%0.00 pp13 q
DANOYDanone S/0.08%666,970$9Madded+4%0.00 pp13 q
KOCoca-Cola Company0.07%197,107$9Mtrimmed−4%−0.01 pp13 q
CXTCrane NXT, Co.0.07%156,341$9Mtrimmed−2%0.00 pp13 q
MLKNMillerKnoll, Inc.0.06%227,043$7Mtrimmed−5%0.00 pp13 q
PGProcter & Gamble Company0.06%80,062$7Mtrimmed−7%0.00 pp13 q
HRLHormel Foods Corporation0.05%165,849$6Mtrimmed−2%−0.01 pp13 q
unresolvedOutfront Media Inc0.05%249,630$6Madded+6%+0.01 pp7 q
unresolvedJpmorgan Chase & Co0.04%233,250$5Madded+16%+0.01 pp13 q
HINKFHeineken N V Reg0.04%49,788$5Mheld—13 q
CVXChevron Corporation0.03%38,539$4Mtrimmed−6%0.00 pp13 q
DOVDover Corporation0.03%60,076$4Mtrimmed−7%−0.01 pp13 q
unresolvedM&T Bank Corp Wts Exp 12/23/10.03%82,139$4Mheld—13 q
MKCMcCormick & Company, Incorporated Non-VTG CS0.03%37,455$4Mtrimmed−5%0.00 pp13 q
PEPPepsiCo, Inc.0.03%35,148$4Mtrimmed−4%0.00 pp13 q
RDS.ARoyal Dutch Shell PLC0.03%58,545$3Mtrimmed−4%+0.01 pp13 q
unresolvedWells Fargo Warrants, 34.01 St0.03%258,000$4Madded+2%0.00 pp13 q
BICEFBic Stec Ord0.03%21,975$3Madded+2%0.00 pp13 q
RBGPFReckitt Benckiser Grp PLC0.03%29,837$3Mtrimmed−1%+0.01 pp13 q
unresolvedSABMiller PLC0.03%67,607$4Mtrimmed−96%−0.91 pp13 q
NSRGFNestle S.a Reg Ord0.03%41,310$3Mheld—13 q
unresolvedDu Pont E I De Nemours & Co0.02%37,716$2Mtrimmed−1%0.00 pp13 q
KHCThe Kraft Heinz Company0.02%21,450$2Madded+2%+0.01 pp2 q
MSFTMicrosoft Corp0.02%50,150$3Madded+1%0.00 pp13 q
WMTWalmart Inc.0.02%26,675$2Madded+43%+0.01 pp13 q
unresolvedAnheuser-Busch InBev0.02%15,000$2Mheld—13 q
COCXFLindt & Spruengli Ord0.02%34$2Madded+3%0.00 pp13 q
ABTAbbott Laboratories0.01%16,400$645,000trimmed−20%0.00 pp13 q
ABBVAbbvie Inc.0.01%17,106$1Mtrimmed−21%0.00 pp13 q
GOOGAlphabet Inc. Class C0.01%1,704$1Madded+4%0.00 pp9 q
GOOGLAlphabet Inc. Class A0.01%1,587$1Madded+4%0.00 pp4 q
BBTTruist Financial Corporation0.01%41,480$1Madded+1%0.00 pp13 q
BACBank of America Corporation0.01%51,100$678,000held—13 q
BTIBritish American Tobacco p.l.c.0.01%5,516$714,000trimmed−10%0.00 pp13 q
CFRUYCompagnie Fnce Rch UN/0.01%215,500$1Mtrimmed−6%0.00 pp13 q
COSTCostco Wholesale Corp0.01%6,516$1Madded+2%0.00 pp13 q
EVFEaton Vance Senior Income Trust0.01%288,245$2Madded+1%0.00 pp13 q
GSGoldman Sachs Group Inc.0.01%9,393$1Mtrimmed−10%0.00 pp13 q
HEINYHeineken N V S/0.01%38,362$2Mtrimmed−8%−0.01 pp13 q
IBMInternational Business Machines Corporation0.01%11,274$2Madded+30%0.00 pp13 q
LAMRLamar Advertising Co0.01%14,660$972,000held—7 q
PNCPNC Financial Services Group0.01%16,210$1Mtrimmed−8%0.00 pp13 q
unresolvedPernod-Ricard SA-Unspon ADR0.01%56,625$1Mtrimmed−4%0.00 pp13 q
PFEPfizer Inc.0.01%19,900$701,000new+0.01 ppnew
LRLCFL'oreal Co Eur Ord0.01%6,725$1Madded+5%0.00 pp13 q
PRGAFPargesa Holding Sa-br0.01%17,401$1Mtrimmed−6%0.00 pp13 q
AMKAFA.p Moeller-maersk A/S A0.01%576$722,000added+4%0.00 pp13 q
UNUnilever Nv-cva0.01%37,500$2Mheld—13 q
YAlleghany Corporation0.00%421$231,000held—3 q
AIGAmerican International Group, Inc.0.00%6,000$317,000held—13 q
BPBP p.l.c.0.00%5,696$202,000new0.00 ppnew
CSLCarlisle Companies, Inc.0.00%2,700$285,000held—13 q
CSFLCenterState Bank Corporation0.00%10,004$158,000held—12 q
COPConocoPhillips0.00%4,888$213,000trimmed−9%0.00 pp13 q
DISThe Walt Disney Company0.00%4,903$480,000added+2%0.00 pp13 q
FULTFulton Financial Corp0.00%34,930$472,000held—13 q
GDGeneral Dynamics Corporation0.00%1,600$223,000held—13 q
unresolvedGeneral Electric Co0.00%9,246$291,000held—13 q
HTLDHeartland Express Inc0.00%12,499$217,000held—13 q
JNJJohnson & Johnson0.00%2,050$249,000new0.00 ppnew
MATMattel, Inc.0.00%6,625$207,000held—2 q
MCDMcDonald's Corporation0.00%3,640$438,000held—13 q
ORLYO'Reilly Automotive, Inc.0.00%1,100$298,000trimmed−18%0.00 pp2 q
ORCLOracle Corp0.00%5,000$205,000held—2 q
PXDPioneer Natural Resource Co.0.00%2,700$408,000held—13 q
PXGBXPraxair Inc0.00%2,900$326,000trimmed−57%−0.01 pp13 q
SWGAYSwatch Group AG UNSP/0.00%36,650$532,000added+3%−0.01 pp3 q
MMM3M Company0.00%1,525$267,000added+7%0.00 pp4 q
USBU.S. Bancorp0.00%6,000$242,000held—4 q
UNPUnion Pacific Corp.0.00%2,510$219,000new0.00 ppnew
BOIVFBollore Investissemnt Ord0.00%30,000$102,000held—7 q
GPDNFGroupe Danone0.00%3,575$252,000trimmed−3%0.00 pp13 q
unresolvedIndivior PLC0.00%27,527$92,000trimmed−1%0.00 pp7 q
NLSNNielsen Holdings PLC0.00%10,986$571,000added×2.00.00 pp4 q
PZCPz Cussons PLC0.00%15,000$66,000held—13 q
CIRCir SPA0.00%125,000$135,000held—13 q
LTGIFLt Group Inc0.00%150,000$51,000held—9 q
PHJMFPt Hanjaya Mandala Samprn0.00%687,500$198,000added×25.00.00 pp12 q
unresolvedChicago Bridge & Iron Co N V—−7,475—exited0.00 pp—
MRKMerck & Co., Inc.—−3,836—exited0.00 pp—
PSXPhillips 66—−2,420—exited0.00 pp—
unresolvedSABMiller PLC Sponsored ADR—−5,125—exited0.00 pp—
WBCWabco Holdings Inc.—−3,168—exited0.00 pp—
MYLMylan NV—−5,395—exited0.00 pp—

Source

Form
13F-HR
Reading
32 defects · 10 unresolved
Accession
0000860643-16-000009
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 2016-06-30
  • A security outside the official 13F list — CUSIP 204319107 not on the Official 13(f) List for 2016-06-30
  • A security outside the official 13F list — CUSIP 23636T100 not on the Official 13(f) List for 2016-06-30
  • A security outside the official 13F list — CUSIP 423012301 not on the Official 13(f) List for 2016-06-30
  • A security outside the official 13F list — CUSIP 641069406 not on the Official 13(f) List for 2016-06-30
  • A security outside the official 13F list — CUSIP 714264207 not on the Official 13(f) List for 2016-06-30
  • A security outside the official 13F list — CUSIP 870123106 not on the Official 13(f) List for 2016-06-30
  • A security outside the official 13F list — CUSIP B6399C107 not on the Official 13(f) List for 2016-06-30
  • A security outside the official 13F list — CUSIP F10659260 not on the Official 13(f) List for 2016-06-30
  • A security outside the official 13F list — CUSIP F12033134 not on the Official 13(f) List for 2016-06-30
  • A security outside the official 13F list — CUSIP F5333N100 not on the Official 13(f) List for 2016-06-30
  • A security outside the official 13F list — CUSIP F58149133 not on the Official 13(f) List for 2016-06-30
  • A security outside the official 13F list — CUSIP F72027109 not on the Official 13(f) List for 2016-06-30
  • A security outside the official 13F list — CUSIP G1510J102 not on the Official 13(f) List for 2016-06-30
  • A security outside the official 13F list — CUSIP G42089113 not on the Official 13(f) List for 2016-06-30
  • A security outside the official 13F list — CUSIP G4766E108 not on the Official 13(f) List for 2016-06-30
  • A security outside the official 13F list — CUSIP G6850S109 not on the Official 13(f) List for 2016-06-30
  • A security outside the official 13F list — CUSIP G74079107 not on the Official 13(f) List for 2016-06-30
  • A security outside the official 13F list — CUSIP G77395104 not on the Official 13(f) List for 2016-06-30
  • A security outside the official 13F list — CUSIP H25662182 not on the Official 13(f) List for 2016-06-30
  • A security outside the official 13F list — CUSIP H49983176 not on the Official 13(f) List for 2016-06-30
  • A security outside the official 13F list — CUSIP H57312649 not on the Official 13(f) List for 2016-06-30
  • A security outside the official 13F list — CUSIP H60477207 not on the Official 13(f) List for 2016-06-30
  • A security outside the official 13F list — CUSIP H83949141 not on the Official 13(f) List for 2016-06-30
  • A security outside the official 13F list — CUSIP K0514G135 not on the Official 13(f) List for 2016-06-30
  • A security outside the official 13F list — CUSIP N39338194 not on the Official 13(f) List for 2016-06-30
  • A security outside the official 13F list — CUSIP N39427211 not on the Official 13(f) List for 2016-06-30
  • A security outside the official 13F list — CUSIP N8981F271 not on the Official 13(f) List for 2016-06-30
  • A security outside the official 13F list — CUSIP T28980125 not on the Official 13(f) List for 2016-06-30
  • A security outside the official 13F list — CUSIP W92277115 not on the Official 13(f) List for 2016-06-30
  • A security outside the official 13F list — CUSIP Y5342M100 not on the Official 13(f) List for 2016-06-30
  • A security outside the official 13F list — CUSIP Y7121Z146 not on the Official 13(f) List for 2016-06-30