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Gardner Russo & Quinn

Q1 2017 13F · by Thomas Russo, portfolio manager

As of
Mar 31, 2017
Filed
May 11, 2017
US stock
$12.9B · prev $11.8B
Positions
102 · prev 97
Options notional
$0
Documents
1· no amendments

Picture54.6% US stock

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

  • US stock listed on a US exchange 54.6%
  • Foreign stock not listed in the US 45.4%
  • Notes debt, at principal 0.0%
  • Puts at notional value 0.0%
  • Calls at notional value 0.0%

Moves82 since the prior filing

The book

Concentrated · behaves like 16 equal-sized positions

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

Low turnover · 3.1% a year, more than 30 years per position

  1. Low
  2. Moderate
  3. High

Top 5 positions44% of US stock

  1. NSRGY Nestle S.a S/ added−0.15 pp added−0.159.5%
  2. BRK.A Berkshire Hathaway Inc. trimmed−0.71 pp trimmed−0.719.4%
  3. PM Philip Morris International Inc. trimmed+0.99 pp trimmed+0.999.0%
  4. MA Mastercard Incorporated trimmed−0.10 pp trimmed−0.108.3%
  5. CFRHF Cie Financiere Richmn New added+0.61 pp added+0.617.3%

Positions102 in this filing · 0 exited

NSRGYNestle S.a S/9.52%15,989,885$1.2Badded0%−0.15 pp16 q
BRK.ABerkshire Hathaway Inc.9.44%4,882$1.2Btrimmed−1%−0.71 pp16 q
PMPhilip Morris International Inc.9.01%10,313,815$1.2Btrimmed−0%+0.99 pp16 q
MAMastercard Incorporated8.29%9,525,546$1.1Btrimmed−1%−0.10 pp16 q
CFRHFCie Financiere Richmn New7.30%11,914,401$943Madded0%+0.61 pp15 q
HKHHFHeineken Holding NV Ord6.88%11,150,922$889Madded+3%+0.47 pp16 q
BUDFFAnheuser Busch Inbev Ord5.98%7,021,186$773Madded+4%−0.09 pp3 q
WFCWells Fargo & Co.5.88%13,653,885$760Mtrimmed−7%−0.95 pp16 q
UNUnilever N V -ny Shares5.86%15,237,940$757Mtrimmed−0%+0.56 pp16 q
PDRDFPernod Ricard Ord5.79%6,307,031$748Madded+1%+0.07 pp16 q
BRK.BBERKSHIRE HATHAWAY Class B3.22%2,499,201$417Mtrimmed−2%−0.31 pp16 q
MLMMartin Marietta Materials3.01%1,779,672$388Mtrimmed−2%−0.39 pp16 q
MOAltria Group, Inc.2.97%5,380,768$384Mtrimmed−2%−0.18 pp16 q
SWGAFSwatch Group AG New Ord2.90%1,044,510$374Madded+3%+0.22 pp16 q
BTAFFBritish Amer Tbco London2.62%5,111,336$339Mtrimmed−1%+0.14 pp16 q
CMCSAComcast Corp2.08%7,143,906$269Mtrimmed−1%−0.04 pp16 q
DGEAFDiageo PLC Ord2.07%9,363,233$267Madded+1%+0.02 pp16 q
JCDXFJc Decaux SA Act1.96%7,164,839$253Madded+3%+0.23 pp16 q
BF.ABrown-Forman Corporation Class A1.65%4,543,152$214Mtrimmed−2%−0.17 pp16 q
SNIScripps Networks Inter-cl A0.70%1,152,605$90Mtrimmed−1%0.00 pp16 q
BF.BBrown-Forman Corporation Class B0.50%1,395,094$64Madded+10%+0.02 pp16 q
DEODiageo plc0.42%473,651$55Mtrimmed−1%0.00 pp16 q
VVISA Inc.0.38%550,171$49Madded+2%+0.02 pp16 q
AXPAmerican Express Company0.10%160,993$13Madded+1%0.00 pp16 q
XOMExxon Mobil Corp0.10%161,941$13Madded+1%−0.02 pp16 q
FMXFomento Economico Mexicano, S.a.b. De C.v.0.09%128,280$11Madded+1%+0.01 pp16 q
MKLMarkel Group Inc.0.09%11,262$11Mtrimmed−4%0.00 pp16 q
CXTCrane NXT, Co.0.08%134,973$10Mtrimmed−0%0.00 pp16 q
DANOYDanone S/0.08%736,605$10Madded+8%+0.01 pp16 q
SWMASwedish Match AB0.07%278,868$9Mtrimmed−7%−0.01 pp16 q
KOCoca-Cola Company0.06%172,757$7Mtrimmed−5%0.00 pp16 q
unresolvedOutfront Media Inc0.06%285,225$8Madded+9%0.00 pp10 q
MLKNMillerKnoll, Inc.0.05%208,366$7Mtrimmed−2%−0.01 pp16 q
DOVDover Corporation0.04%57,301$5Mtrimmed−3%0.00 pp16 q
HRLHormel Foods Corporation0.04%156,649$5Mtrimmed−3%−0.01 pp16 q
PGProcter & Gamble Company0.04%64,402$6Mtrimmed−2%−0.01 pp16 q
unresolvedJpmorgan Chase & Co0.03%85,300$4Mtrimmed−47%−0.03 pp16 q
MKCMcCormick & Company, Incorporated Non-VTG CS0.03%33,805$3Mtrimmed−2%0.00 pp16 q
MSFTMicrosoft Corp0.03%49,400$3Mtrimmed−2%0.00 pp16 q
PEPPepsiCo, Inc.0.03%35,919$4Mtrimmed−3%0.00 pp16 q
unresolvedWells Fargo Warrants, 34.01 St0.03%151,500$3Mtrimmed−32%−0.01 pp16 q
HINKFHeineken N V Reg0.03%49,788$4Mheld—16 q
GOOGAlphabet Inc. Class C0.02%2,500$2Madded+2%0.00 pp12 q
CVXChevron Corporation0.02%27,022$3Mtrimmed−7%−0.01 pp16 q
unresolvedDu Pont E I De Nemours & Co0.02%37,654$3Madded0%0.00 pp16 q
KHCThe Kraft Heinz Company0.02%22,225$2Madded+2%0.00 pp5 q
unresolvedM&T Bank Corp Wts Exp 12/23/10.02%40,000$3Mtrimmed−38%−0.02 pp16 q
PNCPNC Financial Services Group0.02%23,090$3Mtrimmed−0%0.00 pp16 q
RDS.ARoyal Dutch Shell PLC0.02%53,990$3Mtrimmed−4%−0.01 pp16 q
unresolvedAnheuser-Busch InBev SA Restri0.02%28,305$3Mnew+0.02 ppnew
BICEFBic Stec Ord0.02%20,725$3Mtrimmed−14%−0.01 pp16 q
RBGPFReckitt Benckiser Grp PLC0.02%26,317$2Mtrimmed−10%0.00 pp16 q
NSRGFNestle S.a Reg Ord0.02%41,310$3Mheld—16 q
UNUnilever Nv-cva0.02%39,000$2Mheld—16 q
ABTAbbott Laboratories0.01%16,400$728,000held—16 q
ABBVAbbvie Inc.0.01%16,200$1Mtrimmed−5%0.00 pp16 q
GOOGLAlphabet Inc. Class A0.01%1,812$2Madded+15%0.00 pp7 q
BBTTruist Financial Corporation0.01%23,536$1Madded+1%0.00 pp16 q
BACBank of America Corporation0.01%48,500$1Mtrimmed−3%0.00 pp16 q
BTIBritish American Tobacco p.l.c.0.01%11,912$790,000added+7%0.00 pp16 q
CFRUYCompagnie Fnce Rch UN/0.01%237,105$2Madded+9%0.00 pp16 q
COSTCostco Wholesale Corp0.01%6,643$1Mtrimmed−0%0.00 pp16 q
COTYCoty Inc0.01%44,210$802,000trimmed−2%0.00 pp2 q
EVFEaton Vance Senior Income Trust0.01%283,390$2Madded+1%−0.01 pp16 q
FULTFulton Financial Corp0.01%86,843$2Mtrimmed−1%0.00 pp16 q
HEINYHeineken N V S/0.01%44,395$2Madded+17%0.00 pp16 q
IBMInternational Business Machines Corporation0.01%9,159$2Mtrimmed−4%0.00 pp16 q
LAMRLamar Advertising Co0.01%13,500$1Mtrimmed−3%0.00 pp10 q
unresolvedPernod-Ricard SA-Unspon ADR0.01%64,945$2Madded+15%0.00 pp16 q
SWGAYSwatch Group AG UNSP/0.01%41,010$735,000added+12%+0.01 pp6 q
WMTWalmart Inc.0.01%10,019$722,000trimmed−32%0.00 pp16 q
LRLCFL'oreal Co Eur Ord0.01%7,405$1Madded+11%0.00 pp16 q
COCXFLindt & Spruengli Ord0.01%26$2Mtrimmed−24%−0.01 pp16 q
PRGAFPargesa Holding Sa-br0.01%14,601$1Mtrimmed−16%0.00 pp16 q
AMKAFA.p Moeller-maersk A/S A0.01%459$743,000trimmed−18%0.00 pp16 q
unresolvedRoche Holding AG0.00%1,429$365,000new0.00 ppnew
YAlleghany Corporation0.00%391$240,000held—6 q
AIGAmerican International Group, Inc.0.00%6,000$375,000held—16 q
BUDAnheuser-Busch INBEV SA/NV0.00%3,720$408,000trimmed−98%−0.15 pp16 q
CSFLCenterState Bank Corporation0.00%9,004$233,000trimmed−10%0.00 pp15 q
CCThe Chemours Company0.00%6,779$261,000new0.00 ppnew
COPConocoPhillips0.00%4,888$244,000held—16 q
DISThe Walt Disney Company0.00%4,703$533,000held—16 q
unresolvedGeneral Electric Co0.00%7,080$211,000held—16 q
HTLDHeartland Express Inc0.00%11,899$239,000trimmed−5%0.00 pp16 q
MCDMcDonald's Corporation0.00%3,630$470,000held—16 q
unresolvedMonsanto Co0.00%2,425$275,000new0.00 ppnew
ORLYO'Reilly Automotive, Inc.0.00%1,100$297,000held—5 q
PXDPioneer Natural Resource Co.0.00%2,700$503,000held—16 q
SLBSLB Limited0.00%5,140$401,000trimmed−0%0.00 pp3 q
MMM3M Company0.00%1,525$292,000held—7 q
UNPUnion Pacific Corp.0.00%2,410$255,000held—4 q
UNMUnum Group0.00%4,500$211,000new0.00 ppnew
VMCVulcan Materials Company(Holding Company)0.00%4,950$596,000added+1%−0.01 pp3 q
BOIVFBollore Investissemnt Ord0.00%30,000$117,000held—10 q
GPDNFGroupe Danone0.00%3,575$244,000held—16 q
unresolvedIndivior PLC0.00%24,037$97,000trimmed−12%0.00 pp10 q
NLSNNielsen Holdings PLC0.00%14,091$582,000added+24%0.00 pp7 q
PZCPz Cussons PLC0.00%15,000$60,000held—16 q
CIRCir SPA0.00%125,000$191,000held—16 q
LTGIFLt Group Inc0.00%150,000$48,000held—12 q
PHJMFPt Hanjaya Mandala Samprn0.00%687,500$201,000held—15 q

Source

Form
13F-HR
Reading
34 defects · 11 unresolved
Accession
0000860643-17-000003
Options
none in this filing
Notes
none in this filing
SEC cross-check
SEC data set not published yet
  • A row was set aside — invalid CUSIP 001203204
  • A security outside the official 13F list — CUSIP 001203204 not on the Official 13(f) List for 2017-03-31
  • A security outside the official 13F list — CUSIP 204319107 not on the Official 13(f) List for 2017-03-31
  • A security outside the official 13F list — CUSIP 23636T100 not on the Official 13(f) List for 2017-03-31
  • A security outside the official 13F list — CUSIP 423012301 not on the Official 13(f) List for 2017-03-31
  • A security outside the official 13F list — CUSIP 641069406 not on the Official 13(f) List for 2017-03-31
  • A security outside the official 13F list — CUSIP 714264207 not on the Official 13(f) List for 2017-03-31
  • A security outside the official 13F list — CUSIP 870123106 not on the Official 13(f) List for 2017-03-31
  • A security outside the official 13F list — CUSIP B639CJ108 not on the Official 13(f) List for 2017-03-31
  • A security outside the official 13F list — CUSIP B639CJ116 not on the Official 13(f) List for 2017-03-31
  • A security outside the official 13F list — CUSIP F10080103 not on the Official 13(f) List for 2017-03-31
  • A security outside the official 13F list — CUSIP F10659260 not on the Official 13(f) List for 2017-03-31
  • A security outside the official 13F list — CUSIP F12033134 not on the Official 13(f) List for 2017-03-31
  • A security outside the official 13F list — CUSIP F5333N100 not on the Official 13(f) List for 2017-03-31
  • A security outside the official 13F list — CUSIP F58149133 not on the Official 13(f) List for 2017-03-31
  • A security outside the official 13F list — CUSIP F72027109 not on the Official 13(f) List for 2017-03-31
  • A security outside the official 13F list — CUSIP G1510J102 not on the Official 13(f) List for 2017-03-31
  • A security outside the official 13F list — CUSIP G42089113 not on the Official 13(f) List for 2017-03-31
  • A security outside the official 13F list — CUSIP G4766E108 not on the Official 13(f) List for 2017-03-31
  • A security outside the official 13F list — CUSIP G6850S109 not on the Official 13(f) List for 2017-03-31
  • A security outside the official 13F list — CUSIP G74079107 not on the Official 13(f) List for 2017-03-31
  • A security outside the official 13F list — CUSIP H25662182 not on the Official 13(f) List for 2017-03-31
  • A security outside the official 13F list — CUSIP H49983176 not on the Official 13(f) List for 2017-03-31
  • A security outside the official 13F list — CUSIP H57312649 not on the Official 13(f) List for 2017-03-31
  • A security outside the official 13F list — CUSIP H60477207 not on the Official 13(f) List for 2017-03-31
  • A security outside the official 13F list — CUSIP H83949141 not on the Official 13(f) List for 2017-03-31
  • A security outside the official 13F list — CUSIP K0514G135 not on the Official 13(f) List for 2017-03-31
  • A security outside the official 13F list — CUSIP N39338194 not on the Official 13(f) List for 2017-03-31
  • A security outside the official 13F list — CUSIP N39427211 not on the Official 13(f) List for 2017-03-31
  • A security outside the official 13F list — CUSIP N8981F271 not on the Official 13(f) List for 2017-03-31
  • A security outside the official 13F list — CUSIP T28980125 not on the Official 13(f) List for 2017-03-31
  • A security outside the official 13F list — CUSIP W92277115 not on the Official 13(f) List for 2017-03-31
  • A security outside the official 13F list — CUSIP Y5342M100 not on the Official 13(f) List for 2017-03-31
  • A security outside the official 13F list — CUSIP Y7121Z146 not on the Official 13(f) List for 2017-03-31