Gardner Russo & Quinn

Q3 2017 13F · by Thomas Russo, portfolio manager

As of: Sep 30, 2017
Filed: Nov 14, 2017
US stock: $14.1B · prev $13.5B
Positions: 102 · prev 102
Options notional: $0
Documents: 1· no amendments

Picture53.2% US stock

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

US stock listed on a US exchange 53.2%
Foreign stock not listed in the US 46.8%
Notes debt, at principal 0.0%
Puts at notional value 0.0%
Calls at notional value 0.0%

Moves72 since the prior filing

0.0 pp in · −0.0 pp out

New 2 +0.02 pp
Added 29 +0.01 pp
Trimmed 39 −0.01 pp
Exited 2 −0.02 pp

The book

Concentrated · behaves like 16 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Low turnover · 3.4% a year, about 29.1 years per position

Low
Moderate
High

Top 5 positions44% of US stock

NSRGY Nestle S.a S/ trimmed−0.80 pp trimmed−0.809.6%
MA Mastercard Incorporated trimmed+0.92 pp trimmed+0.929.5%
BRK.A Berkshire Hathaway Inc. trimmed+0.27 pp trimmed+0.279.4%
PM Philip Morris International Inc. added−0.83 pp added−0.838.0%
CFRHF Cie Financiere Richmn New added+0.47 pp added+0.477.7%

Positions102 in this filing · 2 exited


NSRGYNestle S.a S/	9.56%	16,090,733	$1.4B	trimmed−0%	−0.80 pp	18 q
MAMastercard Incorporated	9.49%	9,501,788	$1.3B	trimmed−1%	+0.92 pp	18 q
BRK.ABerkshire Hathaway Inc.	9.36%	4,815	$1.3B	trimmed−0%	+0.27 pp	18 q
PMPhilip Morris International Inc.	8.00%	10,190,340	$1.1B	added0%	−0.83 pp	18 q
CFRHFCie Financiere Richmn New	7.68%	11,871,712	$1.1B	added0%	+0.47 pp	17 q
HKHHFHeineken Holding NV Ord	7.30%	10,980,972	$1.0B	trimmed−1%	−0.17 pp	18 q
UNUnilever N V -ny Shares	6.27%	15,026,289	$887M	trimmed−0%	+0.12 pp	18 q
PDRDFPernod Ricard Ord	6.14%	6,270,809	$868M	trimmed−0%	−0.05 pp	18 q
BUDFFAnheuser Busch Inbev Ord	5.98%	7,063,655	$846M	added0%	+0.26 pp	5 q
WFCWells Fargo & Co.	4.96%	12,704,228	$701M	added0%	−0.21 pp	18 q
BRK.BBERKSHIRE HATHAWAY Class B	3.27%	2,518,342	$462M	added0%	+0.13 pp	18 q
SWGAFSwatch Group AG New Ord	3.16%	1,073,987	$447M	added+3%	+0.32 pp	18 q
MLMMartin Marietta Materials	2.97%	2,034,151	$420M	added+15%	+0.07 pp	18 q
MOAltria Group, Inc.	2.55%	5,683,852	$360M	added+6%	−0.39 pp	18 q
BTAFFBritish Amer Tbco London	2.35%	5,295,611	$332M	added+4%	−0.19 pp	18 q
DGEAFDiageo PLC Ord	2.12%	9,126,500	$300M	trimmed−0%	+0.13 pp	18 q
JCDXFJc Decaux SA Act	2.06%	7,777,411	$291M	added+8%	+0.32 pp	18 q
CMCSAComcast Corp	1.95%	7,160,960	$276M	added+1%	−0.08 pp	18 q
BF.ABrown-Forman Corporation Class A	1.75%	4,441,151	$247M	trimmed−1%	+0.11 pp	18 q
BF.BBrown-Forman Corporation Class B	0.59%	1,528,826	$83M	added+6%	+0.07 pp	18 q
DEODiageo plc	0.43%	461,365	$61M	trimmed−2%	+0.01 pp	18 q
VVISA Inc.	0.42%	567,051	$60M	added+1%	+0.03 pp	18 q
AXPAmerican Express Company	0.11%	165,351	$15M	added0%	+0.01 pp	18 q
DANOYDanone S/	0.09%	795,070	$12M	added+1%	0.00 pp	18 q
XOMExxon Mobil Corp	0.09%	160,552	$13M	trimmed−0%	−0.01 pp	18 q
FMXFomento Economico Mexicano, S.a.b. De C.v.	0.09%	133,775	$13M	trimmed−0%	−0.01 pp	18 q
SNIScripps Networks Inter-cl A	0.09%	147,901	$13M	trimmed−87%	−0.49 pp	18 q
CXTCrane NXT, Co.	0.08%	133,123	$11M	trimmed−1%	0.00 pp	18 q
MKLMarkel Group Inc.	0.08%	10,908	$12M	trimmed−2%	0.00 pp	18 q
SWMASwedish Match AB	0.07%	275,838	$10M	trimmed−1%	0.00 pp	18 q
unresolvedOutfront Media Inc	0.06%	325,815	$8M	added+5%	+0.01 pp	12 q
KOCoca-Cola Company	0.05%	164,777	$7M	trimmed−3%	−0.01 pp	18 q
MLKNMillerKnoll, Inc.	0.05%	205,416	$7M	trimmed−0%	0.00 pp	18 q
HRLHormel Foods Corporation	0.04%	159,273	$5M	added+2%	0.00 pp	18 q
PGProcter & Gamble Company	0.04%	62,267	$6M	trimmed−3%	0.00 pp	18 q
unresolvedAnheuser-Busch InBev SA Restri	0.04%	51,983	$6M	held	—	3 q
DOVDover Corporation	0.03%	53,666	$5M	trimmed−3%	0.00 pp	18 q
unresolvedJpmorgan Chase & Co	0.03%	67,800	$4M	trimmed−14%	0.00 pp	18 q
MSFTMicrosoft Corp	0.03%	49,400	$4M	held	—	18 q
PEPPepsiCo, Inc.	0.03%	35,200	$4M	trimmed−0%	0.00 pp	18 q
HINKFHeineken N V Reg	0.03%	49,688	$5M	held	—	18 q
GOOGAlphabet Inc. Class C	0.02%	2,665	$3M	added+8%	0.00 pp	14 q
CVXChevron Corporation	0.02%	24,256	$3M	trimmed−6%	0.00 pp	18 q
CFRUYCompagnie Fnce Rch UN/	0.02%	244,140	$2M	added+3%	+0.01 pp	18 q
unresolvedDowdupont Inc	0.02%	48,139	$3M	new	+0.02 pp	new
FULTFulton Financial Corp	0.02%	117,072	$2M	added+38%	+0.01 pp	18 q
unresolvedM&T Bank Corp Wts Exp 12/23/1	0.02%	34,930	$3M	held	—	18 q
MKCMcCormick & Company, Incorporated Non-VTG CS	0.02%	33,655	$3M	trimmed−0%	0.00 pp	18 q
PNCPNC Financial Services Group	0.02%	22,890	$3M	held	—	18 q
RDS.ARoyal Dutch Shell PLC	0.02%	53,825	$3M	held	—	18 q
unresolvedWells Fargo Warrants, 34.01 St	0.02%	134,895	$3M	held	—	18 q
BICEFBic Stec Ord	0.02%	21,680	$3M	added+5%	0.00 pp	18 q
RBGPFReckitt Benckiser Grp PLC	0.02%	26,217	$2M	trimmed−1%	0.00 pp	18 q
NSRGFNestle S.a Reg Ord	0.02%	41,000	$3M	held	—	18 q
UNUnilever Nv-cva	0.02%	39,000	$2M	held	—	18 q
ABTAbbott Laboratories	0.01%	16,500	$880,000	trimmed−1%	0.00 pp	18 q
ABBVAbbvie Inc.	0.01%	17,800	$2M	added+10%	0.00 pp	18 q
GOOGLAlphabet Inc. Class A	0.01%	2,097	$2M	trimmed−0%	0.00 pp	9 q
BBTTruist Financial Corporation	0.01%	26,967	$1M	added+14%	0.00 pp	18 q
BACBank of America Corporation	0.01%	46,975	$1M	trimmed−4%	0.00 pp	18 q
BTIBritish American Tobacco p.l.c.	0.01%	12,572	$785,000	added+4%	0.00 pp	18 q
COSTCostco Wholesale Corp	0.01%	5,318	$874,000	trimmed−20%	0.00 pp	18 q
EVFEaton Vance Senior Income Trust	0.01%	287,323	$2M	added+1%	0.00 pp	18 q
HEINYHeineken N V S/	0.01%	41,957	$2M	trimmed−5%	−0.01 pp	18 q
IBMInternational Business Machines Corporation	0.01%	8,184	$1M	trimmed−8%	0.00 pp	18 q
KHCThe Kraft Heinz Company	0.01%	22,535	$2M	held	—	7 q
LAMRLamar Advertising Co	0.01%	12,490	$856,000	trimmed−6%	0.00 pp	12 q
unresolvedPernod-Ricard SA-Unspon ADR	0.01%	65,650	$2M	added+2%	0.00 pp	18 q
SWGAYSwatch Group AG UNSP/	0.01%	43,635	$908,000	added+4%	0.00 pp	8 q
VMCVulcan Materials Company(Holding Company)	0.01%	9,845	$1M	added+10%	0.00 pp	5 q
LRLCFL'oreal Co Eur Ord	0.01%	5,150	$1M	trimmed−1%	0.00 pp	18 q
NLSNNielsen Holdings PLC	0.01%	19,341	$802,000	held	—	9 q
COCXFLindt & Spruengli Ord	0.01%	27	$2M	held	—	18 q
PRGAFPargesa Holding Sa-br	0.01%	13,026	$1M	held	—	18 q
AMKAFA.p Moeller-maersk A/S A	0.01%	425	$781,000	held	—	18 q
unresolvedRoche Holding AG	0.00%	1,179	$301,000	held	—	3 q
unresolvedShiseido Co Ltd	0.00%	5,800	$232,000	held	—	2 q
AIGAmerican International Group, Inc.	0.00%	5,735	$352,000	trimmed−4%	0.00 pp	18 q
BUDAnheuser-Busch INBEV SA/NV	0.00%	2,665	$318,000	trimmed−31%	0.00 pp	18 q
CSFLCenterState Bank Corporation	0.00%	8,504	$228,000	held	—	17 q
CCThe Chemours Company	0.00%	6,779	$343,000	held	—	3 q
COPConocoPhillips	0.00%	4,388	$220,000	trimmed−10%	0.00 pp	18 q
COTYCoty Inc	0.00%	42,474	$702,000	trimmed−4%	−0.01 pp	4 q
DISThe Walt Disney Company	0.00%	4,703	$464,000	held	—	18 q
MCDMcDonald's Corporation	0.00%	3,380	$530,000	held	—	18 q
unresolvedMonsanto Co	0.00%	2,425	$291,000	held	—	3 q
ORLYO'Reilly Automotive, Inc.	0.00%	1,100	$237,000	held	—	7 q
ORCLOracle Corp	0.00%	4,300	$208,000	held	—	2 q
PSXPhillips 66	0.00%	2,270	$208,000	new	0.00 pp	new
PXDPioneer Natural Resource Co.	0.00%	2,700	$398,000	held	—	18 q
SLBSLB Limited	0.00%	4,390	$306,000	held	—	5 q
MMM3M Company	0.00%	1,525	$320,000	held	—	9 q
UNPUnion Pacific Corp.	0.00%	2,410	$279,000	held	—	6 q
UNMUnum Group	0.00%	4,500	$230,000	held	—	3 q
WMTWalmart Inc.	0.00%	7,009	$548,000	trimmed−30%	−0.01 pp	18 q
BOIVFBollore Investissemnt Ord	0.00%	30,000	$150,000	held	—	12 q
GPDNFGroupe Danone	0.00%	3,275	$257,000	trimmed−8%	0.00 pp	18 q
unresolvedIndivior PLC	0.00%	23,837	$109,000	trimmed−1%	0.00 pp	12 q
PZCPz Cussons PLC	0.00%	15,000	$64,000	held	—	18 q
CIRCir SPA	0.00%	125,000	$193,000	held	—	18 q
LTGIFLt Group Inc	0.00%	350,000	$121,000	added×2.3	0.00 pp	14 q
PHJMFPt Hanjaya Mandala Samprn	0.00%	687,500	$197,000	held	—	17 q
unresolvedDu Pont E I De Nemours & Co	—	−37,553	—	exited	−0.02 pp	—
YAlleghany Corporation	—	−391	—	exited	0.00 pp	—

Source

Form: 13F-HR
Reading: 36 defects · 11 unresolved
Accession: 0000860643-17-000005
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 row was set aside — invalid CUSIP 001228935
A security outside the official 13F list — CUSIP F10080103 not on the Official 13(f) List for 2017-09-30
A security outside the official 13F list — CUSIP F10659260 not on the Official 13(f) List for 2017-09-30
A security outside the official 13F list — CUSIP F12033134 not on the Official 13(f) List for 2017-09-30
A security outside the official 13F list — CUSIP F5333N100 not on the Official 13(f) List for 2017-09-30
A security outside the official 13F list — CUSIP F58149133 not on the Official 13(f) List for 2017-09-30
A security outside the official 13F list — CUSIP F72027109 not on the Official 13(f) List for 2017-09-30
A security outside the official 13F list — CUSIP G1510J102 not on the Official 13(f) List for 2017-09-30
A security outside the official 13F list — CUSIP G42089113 not on the Official 13(f) List for 2017-09-30
A security outside the official 13F list — CUSIP G4766E108 not on the Official 13(f) List for 2017-09-30
A security outside the official 13F list — CUSIP G6850S109 not on the Official 13(f) List for 2017-09-30
A security outside the official 13F list — CUSIP G74079107 not on the Official 13(f) List for 2017-09-30
A security outside the official 13F list — CUSIP H25662182 not on the Official 13(f) List for 2017-09-30
A security outside the official 13F list — CUSIP H49983176 not on the Official 13(f) List for 2017-09-30
A security outside the official 13F list — CUSIP H57312649 not on the Official 13(f) List for 2017-09-30
A security outside the official 13F list — CUSIP H60477207 not on the Official 13(f) List for 2017-09-30
A security outside the official 13F list — CUSIP H83949141 not on the Official 13(f) List for 2017-09-30
A security outside the official 13F list — CUSIP K0514G135 not on the Official 13(f) List for 2017-09-30
A security outside the official 13F list — CUSIP N39338194 not on the Official 13(f) List for 2017-09-30
A security outside the official 13F list — CUSIP 001203204 not on the Official 13(f) List for 2017-09-30
A security outside the official 13F list — CUSIP 001228935 not on the Official 13(f) List for 2017-09-30
A security outside the official 13F list — CUSIP 204319107 not on the Official 13(f) List for 2017-09-30
A security outside the official 13F list — CUSIP 23636T100 not on the Official 13(f) List for 2017-09-30
A security outside the official 13F list — CUSIP 423012301 not on the Official 13(f) List for 2017-09-30
A security outside the official 13F list — CUSIP 641069406 not on the Official 13(f) List for 2017-09-30
A security outside the official 13F list — CUSIP 714264207 not on the Official 13(f) List for 2017-09-30
A security outside the official 13F list — CUSIP 870123106 not on the Official 13(f) List for 2017-09-30
A security outside the official 13F list — CUSIP B639CJ108 not on the Official 13(f) List for 2017-09-30
A security outside the official 13F list — CUSIP B639CJ116 not on the Official 13(f) List for 2017-09-30
A security outside the official 13F list — CUSIP N39427211 not on the Official 13(f) List for 2017-09-30
A security outside the official 13F list — CUSIP N8981F271 not on the Official 13(f) List for 2017-09-30
A security outside the official 13F list — CUSIP T28980125 not on the Official 13(f) List for 2017-09-30
A security outside the official 13F list — CUSIP W92277115 not on the Official 13(f) List for 2017-09-30
A security outside the official 13F list — CUSIP Y5342M100 not on the Official 13(f) List for 2017-09-30
A security outside the official 13F list — CUSIP Y7121Z146 not on the Official 13(f) List for 2017-09-30

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