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Gardner Russo & Quinn

Q3 2016 13F · by Thomas Russo, portfolio manager

As of
Sep 30, 2016
Filed
Nov 14, 2016
US stock
$12.0B · prev $11.9B
Positions
100 · prev 105
Options notional
$0
Documents
1· no amendments

Picture60.7% US stock

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

  • US stock listed on a US exchange 60.7%
  • Foreign stock not listed in the US 39.3%
  • Notes debt, at principal 0.0%
  • Puts at notional value 0.0%
  • Calls at notional value 0.0%

Moves73 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 positions43% of US stock

  1. NSRGY Nestle S.a S/ trimmed+0.16 pp trimmed+0.1610.4%
  2. BRK.A Berkshire Hathaway Inc. trimmed−0.11 pp trimmed−0.119.0%
  3. PM Philip Morris International Inc. trimmed−0.60 pp trimmed−0.608.3%
  4. MA Mastercard Incorporated added+1.10 pp added+1.108.3%
  5. BUD Anheuser-Busch INBEV SA/NV added+0.01 pp added+0.017.2%

Positions100 in this filing · 8 exited

NSRGYNestle S.a S/10.39%15,816,601$1.2Btrimmed−0%+0.16 pp14 q
BRK.ABerkshire Hathaway Inc.8.97%4,984$1.1Btrimmed−0%−0.11 pp14 q
PMPhilip Morris International Inc.8.34%10,314,013$1.0Btrimmed−2%−0.60 pp14 q
MAMastercard Incorporated8.28%9,775,132$995Madded0%+1.10 pp14 q
BUDAnheuser-Busch INBEV SA/NV7.21%6,592,165$866Madded+1%+0.01 pp14 q
HKHHFHeineken Holding NV Ord7.21%10,808,907$867Mtrimmed−0%−0.15 pp14 q
PDRDFPernod Ricard Ord6.20%6,296,414$745Mtrimmed−0%+0.33 pp14 q
CFRHFCie Financiere Richmn New6.06%11,931,897$729Madded+2%+0.37 pp13 q
WFCWells Fargo & Co.5.82%15,808,558$700Madded+4%−0.20 pp14 q
UNUnilever N V -ny Shares5.49%14,322,660$660Madded0%−0.14 pp14 q
BRK.BBERKSHIRE HATHAWAY Class B3.12%2,591,501$374Madded0%−0.01 pp14 q
MOAltria Group, Inc.3.10%5,893,334$373Mtrimmed−1%−0.32 pp14 q
MLMMartin Marietta Materials3.08%2,069,336$371Mtrimmed−1%−0.27 pp14 q
BTAFFBritish Amer Tbco London2.70%5,057,949$324Mtrimmed−1%−0.06 pp14 q
SWGAFSwatch Group AG New Ord2.30%977,574$277Madded+1%−0.05 pp14 q
DGEAFDiageo PLC Ord2.23%9,351,031$269Madded0%+0.05 pp14 q
CMCSAComcast Corp2.09%3,780,163$251Mtrimmed−1%+0.01 pp14 q
BF.ABrown-Forman Corporation Class A1.96%4,729,714$235Madded+96%−0.22 pp14 q
JCDXFJc Decaux SA Act1.69%6,291,096$203Madded+4%−0.02 pp14 q
SNIScripps Networks Inter-cl A0.62%1,178,056$75Mtrimmed−0%0.00 pp14 q
BF.BBrown-Forman Corporation Class B0.50%1,255,769$60Madded×2.1+0.01 pp14 q
DEODiageo plc0.47%482,019$56Madded+1%+0.02 pp14 q
VVISA Inc.0.37%542,014$45Madded0%+0.03 pp14 q
XOMExxon Mobil Corp0.12%163,315$14Mtrimmed−2%−0.01 pp14 q
FMXFomento Economico Mexicano, S.a.b. De C.v.0.10%124,665$11Madded+1%0.00 pp14 q
MKLMarkel Group Inc.0.09%11,987$11Mtrimmed−2%−0.01 pp14 q
SWMASwedish Match AB0.09%300,938$11Mtrimmed−1%0.00 pp14 q
AXPAmerican Express Company0.08%155,638$10Madded+1%0.00 pp14 q
CXTCrane NXT, Co.0.08%153,741$10Mtrimmed−2%+0.01 pp14 q
DANOYDanone S/0.08%665,770$10Mtrimmed−0%0.00 pp14 q
BUDFFAnheuser Busch Inbev Ord0.08%76,260$10Mnew+0.08 ppnew
KOCoca-Cola Company0.07%185,892$8Mtrimmed−6%0.00 pp14 q
PGProcter & Gamble Company0.06%78,792$7Mtrimmed−2%0.00 pp14 q
HRLHormel Foods Corporation0.05%163,849$6Mtrimmed−1%0.00 pp14 q
unresolvedJpmorgan Chase & Co0.05%234,750$6Madded+1%+0.01 pp14 q
MLKNMillerKnoll, Inc.0.05%223,543$6Mtrimmed−2%−0.01 pp14 q
unresolvedOutfront Media Inc0.05%250,700$6Madded0%0.00 pp8 q
DOVDover Corporation0.04%62,326$5Madded+4%+0.01 pp14 q
HINKFHeineken N V Reg0.04%49,788$4Mheld—14 q
CVXChevron Corporation0.03%35,542$4Mtrimmed−8%0.00 pp14 q
unresolvedM&T Bank Corp Wts Exp 12/23/10.03%82,139$3Mheld—14 q
MKCMcCormick & Company, Incorporated Non-VTG CS0.03%35,005$3Mtrimmed−7%0.00 pp14 q
PEPPepsiCo, Inc.0.03%37,062$4Madded+5%0.00 pp14 q
unresolvedWells Fargo Warrants, 34.01 St0.03%268,000$3Madded+4%0.00 pp14 q
BICEFBic Stec Ord0.03%21,725$3Mtrimmed−1%0.00 pp14 q
unresolvedSABMiller PLC0.03%65,760$4Mtrimmed−3%0.00 pp14 q
NSRGFNestle S.a Reg Ord0.03%41,310$3Mheld—14 q
unresolvedDu Pont E I De Nemours & Co0.02%37,687$3Mtrimmed−0%0.00 pp14 q
EVFEaton Vance Senior Income Trust0.02%286,696$2Mtrimmed−1%+0.01 pp14 q
KHCThe Kraft Heinz Company0.02%21,450$2Mheld—3 q
MSFTMicrosoft Corp0.02%50,550$3Madded+1%0.00 pp14 q
PNCPNC Financial Services Group0.02%23,810$2Madded+47%+0.01 pp14 q
RDS.ARoyal Dutch Shell PLC0.02%57,920$3Mtrimmed−1%−0.01 pp14 q
RBGPFReckitt Benckiser Grp PLC0.02%29,537$3Mtrimmed−1%−0.01 pp14 q
COCXFLindt & Spruengli Ord0.02%34$2Mheld—14 q
ABTAbbott Laboratories0.01%16,400$694,000held—14 q
ABBVAbbvie Inc.0.01%17,106$1Mheld—14 q
GOOGAlphabet Inc. Class C0.01%1,704$1Mheld—10 q
GOOGLAlphabet Inc. Class A0.01%1,587$1Mheld—5 q
BBTTruist Financial Corporation0.01%37,787$1Mtrimmed−9%0.00 pp14 q
BACBank of America Corporation0.01%51,100$800,000held—14 q
BTIBritish American Tobacco p.l.c.0.01%5,496$702,000trimmed−0%0.00 pp14 q
CFRUYCompagnie Fnce Rch UN/0.01%218,125$1Madded+1%0.00 pp14 q
COSTCostco Wholesale Corp0.01%6,516$994,000held—14 q
FULTFulton Financial Corp0.01%93,443$1Madded×2.7+0.01 pp14 q
GSGoldman Sachs Group Inc.0.01%9,393$2Mheld—14 q
HEINYHeineken N V S/0.01%38,802$2Madded+1%0.00 pp14 q
IBMInternational Business Machines Corporation0.01%10,749$2Mtrimmed−5%0.00 pp14 q
LAMRLamar Advertising Co0.01%13,985$913,000trimmed−5%0.00 pp8 q
unresolvedPernod-Ricard SA-Unspon ADR0.01%56,225$1Mtrimmed−1%0.00 pp14 q
WMTWalmart Inc.0.01%22,775$2Mtrimmed−15%−0.01 pp14 q
LRLCFL'oreal Co Eur Ord0.01%6,675$1Mtrimmed−1%0.00 pp14 q
PRGAFPargesa Holding Sa-br0.01%17,401$1Mheld—14 q
AMKAFA.p Moeller-maersk A/S A0.01%559$785,000trimmed−3%0.00 pp14 q
UNUnilever Nv-cva0.01%37,500$2Mheld—14 q
YAlleghany Corporation0.00%421$221,000held—4 q
AIGAmerican International Group, Inc.0.00%6,000$356,000held—14 q
CSLCarlisle Companies, Inc.0.00%2,500$256,000trimmed−7%0.00 pp14 q
CSFLCenterState Bank Corporation0.00%10,004$177,000held—13 q
COPConocoPhillips0.00%4,888$212,000held—14 q
DISThe Walt Disney Company0.00%4,903$455,000held—14 q
unresolvedGeneral Electric Co0.00%9,246$274,000held—14 q
HTLDHeartland Express Inc0.00%12,499$236,000held—14 q
MATMattel, Inc.0.00%6,625$201,000held—3 q
MCDMcDonald's Corporation0.00%3,630$419,000trimmed−0%0.00 pp14 q
ORLYO'Reilly Automotive, Inc.0.00%1,100$308,000held—3 q
PXDPioneer Natural Resource Co.0.00%2,700$501,000held—14 q
SLBSLB Limited0.00%5,300$417,000new0.00 ppnew
SWGAYSwatch Group AG UNSP/0.00%36,650$519,000held—4 q
MMM3M Company0.00%1,525$269,000held—5 q
UNPUnion Pacific Corp.0.00%2,510$245,000held—2 q
VMCVulcan Materials Company(Holding Company)0.00%4,900$557,000new0.00 ppnew
BOIVFBollore Investissemnt Ord0.00%30,000$104,000held—8 q
GPDNFGroupe Danone0.00%3,575$265,000held—14 q
unresolvedIndivior PLC0.00%27,527$110,000held—8 q
NLSNNielsen Holdings PLC0.00%10,986$589,000held—5 q
PZCPz Cussons PLC0.00%15,000$71,000held—14 q
CIRCir SPA0.00%125,000$128,000held—14 q
LTGIFLt Group Inc0.00%150,000$47,000held—10 q
PHJMFPt Hanjaya Mandala Samprn0.00%687,500$208,000held—13 q
unresolvedAnheuser-Busch InBev—−15,000—exited−0.02 pp—
PFEPfizer Inc.—−19,900—exited−0.01 pp—
BPBP p.l.c.—−5,696—exited0.00 pp—
GDGeneral Dynamics Corporation—−1,600—exited0.00 pp—
JNJJohnson & Johnson—−2,050—exited0.00 pp—
ORCLOracle Corp—−5,000—exited0.00 pp—
PXGBXPraxair Inc—−2,900—exited0.00 pp—
USBU.S. Bancorp—−6,000—exited0.00 pp—

Source

Form
13F-HR
Reading
32 defects · 9 unresolved
Accession
0000860643-16-000010
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 2016-09-30
  • A security outside the official 13F list — CUSIP 23636T100 not on the Official 13(f) List for 2016-09-30
  • A security outside the official 13F list — CUSIP 423012301 not on the Official 13(f) List for 2016-09-30
  • A security outside the official 13F list — CUSIP 641069406 not on the Official 13(f) List for 2016-09-30
  • A security outside the official 13F list — CUSIP 714264207 not on the Official 13(f) List for 2016-09-30
  • A security outside the official 13F list — CUSIP 870123106 not on the Official 13(f) List for 2016-09-30
  • A security outside the official 13F list — CUSIP B639CJ108 not on the Official 13(f) List for 2016-09-30
  • A security outside the official 13F list — CUSIP F10080103 not on the Official 13(f) List for 2016-09-30
  • A security outside the official 13F list — CUSIP F10659260 not on the Official 13(f) List for 2016-09-30
  • A security outside the official 13F list — CUSIP F12033134 not on the Official 13(f) List for 2016-09-30
  • A security outside the official 13F list — CUSIP F5333N100 not on the Official 13(f) List for 2016-09-30
  • A security outside the official 13F list — CUSIP F58149133 not on the Official 13(f) List for 2016-09-30
  • A security outside the official 13F list — CUSIP F72027109 not on the Official 13(f) List for 2016-09-30
  • A security outside the official 13F list — CUSIP G1510J102 not on the Official 13(f) List for 2016-09-30
  • A security outside the official 13F list — CUSIP G42089113 not on the Official 13(f) List for 2016-09-30
  • A security outside the official 13F list — CUSIP G4766E108 not on the Official 13(f) List for 2016-09-30
  • A security outside the official 13F list — CUSIP G6850S109 not on the Official 13(f) List for 2016-09-30
  • A security outside the official 13F list — CUSIP G74079107 not on the Official 13(f) List for 2016-09-30
  • A security outside the official 13F list — CUSIP G77395104 not on the Official 13(f) List for 2016-09-30
  • A security outside the official 13F list — CUSIP H25662182 not on the Official 13(f) List for 2016-09-30
  • A security outside the official 13F list — CUSIP H49983176 not on the Official 13(f) List for 2016-09-30
  • A security outside the official 13F list — CUSIP H57312649 not on the Official 13(f) List for 2016-09-30
  • A security outside the official 13F list — CUSIP H60477207 not on the Official 13(f) List for 2016-09-30
  • A security outside the official 13F list — CUSIP H83949141 not on the Official 13(f) List for 2016-09-30
  • A security outside the official 13F list — CUSIP K0514G135 not on the Official 13(f) List for 2016-09-30
  • A security outside the official 13F list — CUSIP N39338194 not on the Official 13(f) List for 2016-09-30
  • A security outside the official 13F list — CUSIP N39427211 not on the Official 13(f) List for 2016-09-30
  • A security outside the official 13F list — CUSIP N8981F271 not on the Official 13(f) List for 2016-09-30
  • A security outside the official 13F list — CUSIP T28980125 not on the Official 13(f) List for 2016-09-30
  • A security outside the official 13F list — CUSIP W92277115 not on the Official 13(f) List for 2016-09-30
  • A security outside the official 13F list — CUSIP Y5342M100 not on the Official 13(f) List for 2016-09-30
  • A security outside the official 13F list — CUSIP Y7121Z146 not on the Official 13(f) List for 2016-09-30