Gardner Russo & Quinn

Q2 2017 13F · by Thomas Russo, portfolio manager

As of: Jun 30, 2017
Filed: Aug 14, 2017
US stock: $13.5B · prev $12.9B
Positions: 102 · prev 102
Options notional: $0
Documents: 1· no amendments

Picture53.5% US stock

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

US stock listed on a US exchange 53.5%
Foreign stock not listed in the US 46.5%
Notes debt, at principal 0.0%
Puts at notional value 0.0%
Calls at notional value 0.0%

Moves81 since the prior filing

+0.6 pp in · −0.6 pp out

New 2 0.00 pp
Added 26 +0.63 pp
Trimmed 51 −0.60 pp
Exited 2 0.00 pp

The book

Concentrated · behaves like 16 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Low turnover · 0.8% a year, more than 30 years per position

Low
Moderate
High

Top 5 positions44% of US stock

Positions102 in this filing · 2 exited


NSRGYNestle S.a S/	10.36%	16,092,009	$1.4B	added+1%	+0.84 pp	17 q
BRK.ABerkshire Hathaway Inc.	9.09%	4,834	$1.2B	trimmed−1%	−0.35 pp	17 q
PMPhilip Morris International Inc.	8.83%	10,189,292	$1.2B	trimmed−1%	−0.18 pp	17 q
MAMastercard Incorporated	8.57%	9,558,705	$1.2B	added0%	+0.28 pp	17 q
HKHHFHeineken Holding NV Ord	7.47%	11,053,544	$1.0B	trimmed−1%	+0.59 pp	17 q
CFRHFCie Financiere Richmn New	7.21%	11,848,219	$977M	trimmed−1%	−0.09 pp	16 q
PDRDFPernod Ricard Ord	6.19%	6,273,056	$839M	trimmed−1%	+0.40 pp	17 q
UNUnilever N V -ny Shares	6.15%	15,081,382	$834M	trimmed−1%	+0.29 pp	17 q
BUDFFAnheuser Busch Inbev Ord	5.72%	7,030,534	$775M	added0%	−0.26 pp	4 q
WFCWells Fargo & Co.	5.17%	12,648,626	$701M	trimmed−7%	−0.71 pp	17 q
BRK.BBERKSHIRE HATHAWAY Class B	3.14%	2,509,718	$425M	added0%	−0.08 pp	17 q
MOAltria Group, Inc.	2.94%	5,346,297	$398M	trimmed−1%	−0.03 pp	17 q
MLMMartin Marietta Materials	2.90%	1,765,953	$393M	trimmed−1%	−0.11 pp	17 q
SWGAFSwatch Group AG New Ord	2.84%	1,041,507	$385M	trimmed−0%	−0.06 pp	17 q
BTAFFBritish Amer Tbco London	2.54%	5,071,308	$345M	trimmed−1%	−0.08 pp	17 q
CMCSAComcast Corp	2.03%	7,082,067	$276M	trimmed−1%	−0.05 pp	17 q
DGEAFDiageo PLC Ord	1.99%	9,158,652	$270M	trimmed−2%	−0.08 pp	17 q
JCDXFJc Decaux SA Act	1.74%	7,176,682	$235M	added0%	−0.22 pp	17 q
BF.ABrown-Forman Corporation Class A	1.64%	4,496,066	$222M	trimmed−1%	−0.01 pp	17 q
SNIScripps Networks Inter-cl A	0.58%	1,152,171	$79M	trimmed−0%	−0.12 pp	17 q
BF.BBrown-Forman Corporation Class B	0.52%	1,448,495	$70M	added+4%	+0.02 pp	17 q
DEODiageo plc	0.42%	471,770	$57M	trimmed−0%	0.00 pp	17 q
VVISA Inc.	0.39%	562,186	$53M	added+2%	+0.01 pp	17 q
AXPAmerican Express Company	0.10%	164,812	$14M	added+2%	0.00 pp	17 q
XOMExxon Mobil Corp	0.10%	161,319	$13M	trimmed−0%	0.00 pp	17 q
FMXFomento Economico Mexicano, S.a.b. De C.v.	0.10%	133,860	$13M	added+4%	+0.01 pp	17 q
DANOYDanone S/	0.09%	790,045	$12M	added+5%	+0.01 pp	17 q
CXTCrane NXT, Co.	0.08%	134,573	$11M	trimmed−0%	0.00 pp	17 q
MKLMarkel Group Inc.	0.08%	11,112	$11M	trimmed−1%	−0.01 pp	17 q
SWMASwedish Match AB	0.07%	277,243	$10M	trimmed−1%	0.00 pp	17 q
KOCoca-Cola Company	0.06%	169,527	$8M	trimmed−2%	0.00 pp	17 q
MLKNMillerKnoll, Inc.	0.05%	205,516	$6M	trimmed−1%	0.00 pp	17 q
unresolvedOutfront Media Inc	0.05%	310,725	$7M	added+9%	−0.01 pp	11 q
HRLHormel Foods Corporation	0.04%	155,849	$5M	trimmed−1%	0.00 pp	17 q
PGProcter & Gamble Company	0.04%	64,392	$6M	trimmed−0%	0.00 pp	17 q
unresolvedAnheuser-Busch InBev SA Restri	0.04%	51,983	$6M	added+84%	+0.02 pp	2 q
HINKFHeineken N V Reg	0.04%	49,688	$5M	trimmed−0%	+0.01 pp	17 q
DOVDover Corporation	0.03%	55,426	$4M	trimmed−3%	−0.01 pp	17 q
unresolvedJpmorgan Chase & Co	0.03%	78,420	$4M	trimmed−8%	0.00 pp	17 q
MSFTMicrosoft Corp	0.03%	49,400	$3M	held	—	17 q
PEPPepsiCo, Inc.	0.03%	35,219	$4M	trimmed−2%	0.00 pp	17 q
NSRGFNestle S.a Reg Ord	0.03%	41,000	$4M	trimmed−1%	+0.01 pp	17 q
GOOGAlphabet Inc. Class C	0.02%	2,470	$2M	trimmed−1%	0.00 pp	13 q
CVXChevron Corporation	0.02%	25,856	$3M	trimmed−4%	0.00 pp	17 q
unresolvedDu Pont E I De Nemours & Co	0.02%	37,553	$3M	trimmed−0%	0.00 pp	17 q
HEINYHeineken N V S/	0.02%	44,160	$2M	trimmed−1%	+0.01 pp	17 q
unresolvedM&T Bank Corp Wts Exp 12/23/1	0.02%	34,930	$3M	trimmed−13%	0.00 pp	17 q
MKCMcCormick & Company, Incorporated Non-VTG CS	0.02%	33,755	$3M	trimmed−0%	−0.01 pp	17 q
PNCPNC Financial Services Group	0.02%	22,890	$3M	trimmed−1%	0.00 pp	17 q
RDS.ARoyal Dutch Shell PLC	0.02%	53,825	$3M	trimmed−0%	0.00 pp	17 q
unresolvedWells Fargo Warrants, 34.01 St	0.02%	134,895	$3M	trimmed−11%	−0.01 pp	17 q
BICEFBic Stec Ord	0.02%	20,605	$2M	trimmed−1%	0.00 pp	17 q
RBGPFReckitt Benckiser Grp PLC	0.02%	26,367	$3M	added0%	0.00 pp	17 q
UNUnilever Nv-cva	0.02%	39,000	$2M	held	—	17 q
ABTAbbott Laboratories	0.01%	16,600	$807,000	added+1%	0.00 pp	17 q
ABBVAbbvie Inc.	0.01%	16,200	$1M	held	—	17 q
GOOGLAlphabet Inc. Class A	0.01%	2,102	$2M	added+16%	0.00 pp	8 q
BBTTruist Financial Corporation	0.01%	23,676	$1M	added+1%	0.00 pp	17 q
BACBank of America Corporation	0.01%	49,100	$1M	added+1%	0.00 pp	17 q
BTIBritish American Tobacco p.l.c.	0.01%	12,122	$831,000	added+2%	0.00 pp	17 q
CFRUYCompagnie Fnce Rch UN/	0.01%	237,640	$2M	added0%	0.00 pp	17 q
COSTCostco Wholesale Corp	0.01%	6,643	$1M	held	—	17 q
COTYCoty Inc	0.01%	44,202	$829,000	trimmed−0%	0.00 pp	3 q
EVFEaton Vance Senior Income Trust	0.01%	285,330	$2M	added+1%	0.00 pp	17 q
FULTFulton Financial Corp	0.01%	84,843	$2M	trimmed−2%	0.00 pp	17 q
IBMInternational Business Machines Corporation	0.01%	8,934	$1M	trimmed−2%	0.00 pp	17 q
KHCThe Kraft Heinz Company	0.01%	22,535	$2M	added+1%	−0.01 pp	6 q
LAMRLamar Advertising Co	0.01%	13,240	$974,000	trimmed−2%	0.00 pp	11 q
unresolvedPernod-Ricard SA-Unspon ADR	0.01%	64,625	$2M	trimmed−0%	0.00 pp	17 q
SWGAYSwatch Group AG UNSP/	0.01%	41,910	$775,000	added+2%	0.00 pp	7 q
VMCVulcan Materials Company(Holding Company)	0.01%	8,985	$1M	added+82%	+0.01 pp	4 q
WMTWalmart Inc.	0.01%	10,019	$758,000	held	—	17 q
LRLCFL'oreal Co Eur Ord	0.01%	5,225	$1M	trimmed−29%	0.00 pp	17 q
NLSNNielsen Holdings PLC	0.01%	19,341	$748,000	added+37%	+0.01 pp	8 q
COCXFLindt & Spruengli Ord	0.01%	27	$2M	added+4%	0.00 pp	17 q
PRGAFPargesa Holding Sa-br	0.01%	13,026	$992,000	trimmed−11%	0.00 pp	17 q
AMKAFA.p Moeller-maersk A/S A	0.01%	425	$810,000	trimmed−7%	0.00 pp	17 q
unresolvedRoche Holding AG	0.00%	1,179	$301,000	trimmed−17%	0.00 pp	2 q
unresolvedShiseido Co Ltd	0.00%	5,800	$206,000	new	0.00 pp	new
YAlleghany Corporation	0.00%	391	$233,000	held	—	7 q
AIGAmerican International Group, Inc.	0.00%	6,000	$375,000	held	—	17 q
BUDAnheuser-Busch INBEV SA/NV	0.00%	3,845	$424,000	added+3%	0.00 pp	17 q
CSFLCenterState Bank Corporation	0.00%	8,504	$211,000	trimmed−6%	0.00 pp	16 q
CCThe Chemours Company	0.00%	6,779	$257,000	held	—	2 q
COPConocoPhillips	0.00%	4,888	$215,000	held	—	17 q
DISThe Walt Disney Company	0.00%	4,703	$500,000	held	—	17 q
MCDMcDonald's Corporation	0.00%	3,380	$518,000	trimmed−7%	0.00 pp	17 q
unresolvedMonsanto Co	0.00%	2,425	$287,000	held	—	2 q
ORLYO'Reilly Automotive, Inc.	0.00%	1,100	$241,000	held	—	6 q
ORCLOracle Corp	0.00%	4,300	$216,000	new	0.00 pp	new
PXDPioneer Natural Resource Co.	0.00%	2,700	$431,000	held	—	17 q
SLBSLB Limited	0.00%	4,390	$289,000	trimmed−15%	0.00 pp	4 q
MMM3M Company	0.00%	1,525	$317,000	held	—	8 q
UNPUnion Pacific Corp.	0.00%	2,410	$262,000	held	—	5 q
UNMUnum Group	0.00%	4,500	$210,000	held	—	2 q
BOIVFBollore Investissemnt Ord	0.00%	30,000	$136,000	held	—	11 q
GPDNFGroupe Danone	0.00%	3,575	$268,000	held	—	17 q
unresolvedIndivior PLC	0.00%	24,037	$98,000	held	—	11 q
PZCPz Cussons PLC	0.00%	15,000	$67,000	held	—	17 q
CIRCir SPA	0.00%	125,000	$175,000	held	—	17 q
LTGIFLt Group Inc	0.00%	150,000	$44,000	held	—	13 q
PHJMFPt Hanjaya Mandala Samprn	0.00%	687,500	$198,000	held	—	16 q
unresolvedGeneral Electric Co	—	−7,080	—	exited	0.00 pp	—
HTLDHeartland Express Inc	—	−11,899	—	exited	0.00 pp	—