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Gardner Russo & Quinn

Q4 2016 13F · by Thomas Russo, portfolio manager

As of
Dec 31, 2016
Filed
Feb 13, 2017
US stock
$11.8B · prev $12.0B
Positions
97 · prev 100
Options notional
$0
Documents
1· no amendments

Picture56.1% US stock

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

  • US stock listed on a US exchange 56.1%
  • Foreign stock not listed in the US 43.9%
  • Notes debt, at principal 0.0%
  • Puts at notional value 0.0%
  • Calls at notional value 0.0%

Moves77 since the prior filing

The book

Concentrated · behaves like 16 equal-sized positions

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

Moderate turnover · 27% a year, about 3.7 years per position

  1. Low
  2. Moderate
  3. High

Top 5 positions43% of US stock

  1. BRK.A Berkshire Hathaway Inc. trimmed+1.18 pp trimmed+1.1810.2%
  2. NSRGY Nestle S.a S/ added−0.72 pp added−0.729.7%
  3. MA Mastercard Incorporated trimmed+0.11 pp trimmed+0.118.4%
  4. PM Philip Morris International Inc. added−0.32 pp added−0.328.0%
  5. WFC Wells Fargo & Co. trimmed+1.01 pp trimmed+1.016.8%

Positions97 in this filing · 4 exited

BRK.ABerkshire Hathaway Inc.10.15%4,912$1.2Btrimmed−1%+1.18 pp15 q
NSRGYNestle S.a S/9.67%15,929,649$1.1Badded+1%−0.72 pp15 q
MAMastercard Incorporated8.39%9,603,214$992Mtrimmed−2%+0.11 pp15 q
PMPhilip Morris International Inc.8.02%10,363,811$948Madded0%−0.32 pp15 q
WFCWells Fargo & Co.6.83%14,639,845$807Mtrimmed−7%+1.01 pp15 q
CFRHFCie Financiere Richmn New6.69%11,910,471$790Mtrimmed−0%+0.63 pp14 q
HKHHFHeineken Holding NV Ord6.41%10,857,060$757Madded0%−0.80 pp15 q
BUDFFAnheuser Busch Inbev Ord6.07%6,758,600$717Madded×88.6+5.99 pp2 q
PDRDFPernod Ricard Ord5.72%6,228,340$676Mtrimmed−1%−0.48 pp15 q
UNUnilever N V -ny Shares5.30%15,248,821$626Madded+6%−0.19 pp15 q
BRK.BBERKSHIRE HATHAWAY Class B3.53%2,562,032$418Mtrimmed−1%+0.41 pp15 q
MLMMartin Marietta Materials3.40%1,814,339$402Mtrimmed−12%+0.32 pp15 q
MOAltria Group, Inc.3.15%5,496,944$372Mtrimmed−7%+0.05 pp15 q
SWGAFSwatch Group AG New Ord2.68%1,016,384$317Madded+4%+0.38 pp15 q
BTAFFBritish Amer Tbco London2.48%5,142,295$294Madded+2%−0.22 pp15 q
CMCSAComcast Corp2.12%3,620,913$250Mtrimmed−4%+0.03 pp15 q
DGEAFDiageo PLC Ord2.05%9,286,040$242Mtrimmed−1%−0.18 pp15 q
BF.ABrown-Forman Corporation Class A1.82%4,640,083$215Mtrimmed−2%−0.14 pp15 q
JCDXFJc Decaux SA Act1.73%6,946,556$205Madded+10%+0.04 pp15 q
SNIScripps Networks Inter-cl A0.70%1,165,551$83Mtrimmed−1%+0.08 pp15 q
BF.BBrown-Forman Corporation Class B0.48%1,263,411$57Madded+1%−0.02 pp15 q
DEODiageo plc0.42%479,721$50Mtrimmed−0%−0.05 pp15 q
VVISA Inc.0.36%540,034$42Mtrimmed−0%−0.01 pp15 q
BUDAnheuser-Busch INBEV SA/NV0.15%171,291$18Mtrimmed−97%−7.06 pp15 q
XOMExxon Mobil Corp0.12%159,985$14Mtrimmed−2%0.00 pp15 q
AXPAmerican Express Company0.10%158,633$12Madded+2%+0.02 pp15 q
MKLMarkel Group Inc.0.09%11,762$11Mtrimmed−2%0.00 pp15 q
CXTCrane NXT, Co.0.08%135,473$10Mtrimmed−12%0.00 pp15 q
FMXFomento Economico Mexicano, S.a.b. De C.v.0.08%127,430$10Madded+2%−0.02 pp15 q
SWMASwedish Match AB0.08%299,338$10Mtrimmed−1%−0.01 pp15 q
DANOYDanone S/0.07%683,075$9Madded+3%−0.01 pp15 q
KOCoca-Cola Company0.06%182,737$8Mtrimmed−2%−0.01 pp15 q
unresolvedJpmorgan Chase & Co0.06%160,750$7Mtrimmed−32%+0.01 pp15 q
MLKNMillerKnoll, Inc.0.06%211,866$7Mtrimmed−5%+0.01 pp15 q
unresolvedOutfront Media Inc0.06%261,547$7Madded+4%+0.01 pp9 q
HRLHormel Foods Corporation0.05%162,249$6Mtrimmed−1%0.00 pp15 q
PGProcter & Gamble Company0.05%65,495$6Mtrimmed−17%−0.01 pp15 q
DOVDover Corporation0.04%58,976$4Mtrimmed−5%0.00 pp15 q
unresolvedM&T Bank Corp Wts Exp 12/23/10.04%65,000$5Mtrimmed−21%+0.01 pp15 q
unresolvedWells Fargo Warrants, 34.01 St0.04%223,000$5Mtrimmed−17%+0.01 pp15 q
CVXChevron Corporation0.03%29,197$3Mtrimmed−18%0.00 pp15 q
MKCMcCormick & Company, Incorporated Non-VTG CS0.03%34,355$3Mtrimmed−2%0.00 pp15 q
MSFTMicrosoft Corp0.03%50,550$3Mheld—15 q
PEPPepsiCo, Inc.0.03%36,867$4Mtrimmed−1%0.00 pp15 q
RDS.ARoyal Dutch Shell PLC0.03%56,200$3Mtrimmed−3%+0.01 pp15 q
BICEFBic Stec Ord0.03%24,025$3Madded+11%0.00 pp15 q
NSRGFNestle S.a Reg Ord0.03%41,310$3Mheld—15 q
HINKFHeineken N V Reg0.03%49,788$4Mheld—15 q
GOOGAlphabet Inc. Class C0.02%2,449$2Madded+44%+0.01 pp11 q
unresolvedDu Pont E I De Nemours & Co0.02%37,503$3Mtrimmed−0%0.00 pp15 q
EVFEaton Vance Senior Income Trust0.02%281,387$2Mtrimmed−2%0.00 pp15 q
KHCThe Kraft Heinz Company0.02%21,825$2Madded+2%0.00 pp4 q
PNCPNC Financial Services Group0.02%23,200$3Mtrimmed−3%0.00 pp15 q
RBGPFReckitt Benckiser Grp PLC0.02%29,292$2Mtrimmed−1%0.00 pp15 q
COCXFLindt & Spruengli Ord0.02%34$2Mheld—15 q
ABTAbbott Laboratories0.01%16,400$630,000held—15 q
ABBVAbbvie Inc.0.01%17,106$1Mheld—15 q
GOOGLAlphabet Inc. Class A0.01%1,572$1Mtrimmed−1%0.00 pp6 q
BBTTruist Financial Corporation0.01%23,413$1Mtrimmed−38%0.00 pp15 q
BACBank of America Corporation0.01%50,100$1Mtrimmed−2%0.00 pp15 q
BTIBritish American Tobacco p.l.c.0.01%5,546$625,000added+1%0.00 pp15 q
CFRUYCompagnie Fnce Rch UN/0.01%217,125$1Mtrimmed−0%0.00 pp15 q
COSTCostco Wholesale Corp0.01%6,648$1Madded+2%0.00 pp15 q
COTYCoty Inc0.01%45,076$825,000new+0.01 ppnew
FULTFulton Financial Corp0.01%87,843$2Mtrimmed−6%0.00 pp15 q
HEINYHeineken N V S/0.01%37,932$1Mtrimmed−2%0.00 pp15 q
IBMInternational Business Machines Corporation0.01%9,549$2Mtrimmed−11%0.00 pp15 q
LAMRLamar Advertising Co0.01%13,975$940,000trimmed−0%0.00 pp9 q
unresolvedPernod-Ricard SA-Unspon ADR0.01%56,435$1Madded0%0.00 pp15 q
VMCVulcan Materials Company(Holding Company)0.01%4,900$613,000held—2 q
WMTWalmart Inc.0.01%14,725$1Mtrimmed−35%0.00 pp15 q
LRLCFL'oreal Co Eur Ord0.01%6,675$1Mheld—15 q
PRGAFPargesa Holding Sa-br0.01%17,401$1Mheld—15 q
AMKAFA.p Moeller-maersk A/S A0.01%559$846,000held—15 q
UNUnilever Nv-cva0.01%39,000$2Madded+4%0.00 pp15 q
YAlleghany Corporation0.00%391$238,000trimmed−7%0.00 pp5 q
AIGAmerican International Group, Inc.0.00%6,000$392,000held—15 q
CSFLCenterState Bank Corporation0.00%10,004$252,000held—14 q
COPConocoPhillips0.00%4,888$245,000held—15 q
DISThe Walt Disney Company0.00%4,703$490,000trimmed−4%0.00 pp15 q
unresolvedGeneral Electric Co0.00%7,080$224,000trimmed−23%0.00 pp15 q
HTLDHeartland Express Inc0.00%12,499$254,000held—15 q
MCDMcDonald's Corporation0.00%3,630$442,000held—15 q
ORLYO'Reilly Automotive, Inc.0.00%1,100$306,000held—4 q
PXDPioneer Natural Resource Co.0.00%2,700$486,000held—15 q
SLBSLB Limited0.00%5,165$434,000trimmed−3%0.00 pp2 q
SWGAYSwatch Group AG UNSP/0.00%36,510$569,000trimmed−0%0.00 pp5 q
MMM3M Company0.00%1,525$272,000held—6 q
UNPUnion Pacific Corp.0.00%2,410$250,000trimmed−4%0.00 pp3 q
BOIVFBollore Investissemnt Ord0.00%30,000$106,000held—9 q
GPDNFGroupe Danone0.00%3,575$227,000held—15 q
unresolvedIndivior PLC0.00%27,337$100,000trimmed−1%0.00 pp9 q
NLSNNielsen Holdings PLC0.00%11,386$478,000added+4%0.00 pp6 q
PZCPz Cussons PLC0.00%15,000$62,000held—15 q
CIRCir SPA0.00%125,000$136,000held—15 q
LTGIFLt Group Inc0.00%150,000$38,000held—11 q
PHJMFPt Hanjaya Mandala Samprn0.00%687,500$195,000held—14 q
unresolvedSABMiller PLC—−65,760—exited−0.03 pp—
GSGoldman Sachs Group Inc.—−9,393—exited−0.01 pp—
CSLCarlisle Companies, Inc.—−2,500—exited0.00 pp—
MATMattel, Inc.—−6,625—exited0.00 pp—

Source

Form
13F-HR
Reading
31 defects · 8 unresolved
Accession
0000860643-17-000001
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 2016-12-31
  • A security outside the official 13F list — CUSIP 23636T100 not on the Official 13(f) List for 2016-12-31
  • A security outside the official 13F list — CUSIP 423012301 not on the Official 13(f) List for 2016-12-31
  • A security outside the official 13F list — CUSIP 641069406 not on the Official 13(f) List for 2016-12-31
  • A security outside the official 13F list — CUSIP 714264207 not on the Official 13(f) List for 2016-12-31
  • A security outside the official 13F list — CUSIP 870123106 not on the Official 13(f) List for 2016-12-31
  • A security outside the official 13F list — CUSIP B639CJ108 not on the Official 13(f) List for 2016-12-31
  • A security outside the official 13F list — CUSIP F10080103 not on the Official 13(f) List for 2016-12-31
  • A security outside the official 13F list — CUSIP F10659260 not on the Official 13(f) List for 2016-12-31
  • A security outside the official 13F list — CUSIP F12033134 not on the Official 13(f) List for 2016-12-31
  • A security outside the official 13F list — CUSIP F5333N100 not on the Official 13(f) List for 2016-12-31
  • A security outside the official 13F list — CUSIP F58149133 not on the Official 13(f) List for 2016-12-31
  • A security outside the official 13F list — CUSIP F72027109 not on the Official 13(f) List for 2016-12-31
  • A security outside the official 13F list — CUSIP G1510J102 not on the Official 13(f) List for 2016-12-31
  • A security outside the official 13F list — CUSIP G42089113 not on the Official 13(f) List for 2016-12-31
  • A security outside the official 13F list — CUSIP G4766E108 not on the Official 13(f) List for 2016-12-31
  • A security outside the official 13F list — CUSIP G6850S109 not on the Official 13(f) List for 2016-12-31
  • A security outside the official 13F list — CUSIP G74079107 not on the Official 13(f) List for 2016-12-31
  • A security outside the official 13F list — CUSIP H25662182 not on the Official 13(f) List for 2016-12-31
  • A security outside the official 13F list — CUSIP H49983176 not on the Official 13(f) List for 2016-12-31
  • A security outside the official 13F list — CUSIP H57312649 not on the Official 13(f) List for 2016-12-31
  • A security outside the official 13F list — CUSIP H60477207 not on the Official 13(f) List for 2016-12-31
  • A security outside the official 13F list — CUSIP H83949141 not on the Official 13(f) List for 2016-12-31
  • A security outside the official 13F list — CUSIP K0514G135 not on the Official 13(f) List for 2016-12-31
  • A security outside the official 13F list — CUSIP N39338194 not on the Official 13(f) List for 2016-12-31
  • A security outside the official 13F list — CUSIP N39427211 not on the Official 13(f) List for 2016-12-31
  • A security outside the official 13F list — CUSIP N8981F271 not on the Official 13(f) List for 2016-12-31
  • A security outside the official 13F list — CUSIP T28980125 not on the Official 13(f) List for 2016-12-31
  • A security outside the official 13F list — CUSIP W92277115 not on the Official 13(f) List for 2016-12-31
  • A security outside the official 13F list — CUSIP Y5342M100 not on the Official 13(f) List for 2016-12-31
  • A security outside the official 13F list — CUSIP Y7121Z146 not on the Official 13(f) List for 2016-12-31