Gardner Russo & Quinn

Q4 2017 13F · by Thomas Russo, portfolio manager

As of: Dec 31, 2017
Filed: Feb 14, 2018
US stock: $14.5B · prev $14.1B
Positions: 196 · prev 102
Options notional: $0
Documents: 1· no amendments

Picture53.4% US stock

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

US stock listed on a US exchange 53.4%
Foreign stock not listed in the US 46.6%
Notes debt, at principal 0.0%
Puts at notional value 0.0%
Calls at notional value 0.0%

Moves173 since the prior filing

−0.4 pp in · +0.3 pp out

New 94 0.00 pp
Added 11 −0.39 pp
Trimmed 68 +0.31 pp
Exited 0 0.00 pp

The book

Concentrated · behaves like 16 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Low turnover · 1.4% a year, more than 30 years per position

Low
Moderate
High

Top 5 positions43% of US stock

BRK.A Berkshire Hathaway Inc. trimmed+0.23 pp trimmed+0.239.6%
MA Mastercard Incorporated trimmed+0.04 pp trimmed+0.049.5%
NSRGY Nestle S.a S/ trimmed−0.16 pp trimmed−0.169.4%
PM Philip Morris International Inc. trimmed−0.62 pp trimmed−0.627.4%
HKHHF Heineken Holding NV Ord trimmed+0.04 pp trimmed+0.047.3%

Positions196 in this filing · 0 exited


BRK.ABerkshire Hathaway Inc.	9.59%	4,680	$1.4B	trimmed−3%	+0.23 pp	19 q
MAMastercard Incorporated	9.53%	9,146,308	$1.4B	trimmed−4%	+0.04 pp	19 q
NSRGYNestle S.a S/	9.40%	15,887,125	$1.4B	trimmed−1%	−0.16 pp	19 q
PMPhilip Morris International Inc.	7.38%	10,143,009	$1.1B	trimmed−0%	−0.62 pp	19 q
HKHHFHeineken Holding NV Ord	7.34%	10,767,419	$1.1B	trimmed−2%	+0.04 pp	19 q
CFRHFCie Financiere Richmn New	7.23%	11,589,314	$1.1B	trimmed−2%	−0.45 pp	18 q
PDRDFPernod Ricard Ord	6.65%	6,096,008	$966M	trimmed−3%	+0.51 pp	19 q
UNUnilever N V -ny Shares	5.73%	14,781,958	$833M	trimmed−2%	−0.54 pp	19 q
BUDFFAnheuser Busch Inbev Ord	5.51%	7,152,503	$800M	added+1%	−0.47 pp	6 q
WFCWells Fargo & Co.	5.21%	12,470,839	$757M	trimmed−2%	+0.25 pp	19 q
BRK.BBERKSHIRE HATHAWAY Class B	3.41%	2,499,995	$496M	trimmed−1%	+0.14 pp	19 q
SWGAFSwatch Group AG New Ord	3.22%	1,147,483	$468M	added+7%	+0.06 pp	19 q
MLMMartin Marietta Materials	3.06%	2,011,757	$445M	trimmed−1%	+0.09 pp	19 q
MOAltria Group, Inc.	2.75%	5,591,153	$399M	trimmed−2%	+0.20 pp	19 q
BTAFFBritish Amer Tbco London	2.44%	5,213,405	$354M	trimmed−2%	+0.09 pp	19 q
DGEAFDiageo PLC Ord	2.26%	8,888,628	$328M	trimmed−3%	+0.14 pp	19 q
JCDXFJc Decaux SA Act	2.15%	7,734,042	$312M	trimmed−1%	+0.09 pp	19 q
BF.ABrown-Forman Corporation Class A	2.00%	4,325,375	$291M	trimmed−3%	+0.25 pp	19 q
CMCSAComcast Corp	1.96%	7,120,002	$285M	trimmed−1%	+0.01 pp	19 q
BF.BBrown-Forman Corporation Class B	0.70%	1,480,467	$102M	trimmed−3%	+0.11 pp	19 q
VVISA Inc.	0.45%	574,391	$65M	added+1%	+0.03 pp	19 q
DEODiageo plc	0.43%	428,725	$63M	trimmed−7%	0.00 pp	19 q
AXPAmerican Express Company	0.11%	164,801	$16M	trimmed−0%	0.00 pp	19 q
XOMExxon Mobil Corp	0.09%	158,428	$13M	trimmed−1%	0.00 pp	19 q
FMXFomento Economico Mexicano, S.a.b. De C.v.	0.09%	137,640	$13M	added+3%	0.00 pp	19 q
CXTCrane NXT, Co.	0.08%	128,743	$11M	trimmed−3%	0.00 pp	19 q
DANOYDanone S/	0.08%	721,410	$12M	trimmed−9%	−0.01 pp	19 q
MKLMarkel Group Inc.	0.07%	8,333	$9M	trimmed−24%	−0.01 pp	19 q
SWMASwedish Match AB	0.07%	275,753	$11M	trimmed−0%	0.00 pp	19 q
MLKNMillerKnoll, Inc.	0.06%	204,191	$8M	trimmed−1%	+0.01 pp	19 q
unresolvedOutfront Media Inc	0.05%	326,359	$8M	added0%	−0.01 pp	13 q
KOCoca-Cola Company	0.04%	130,412	$6M	trimmed−21%	−0.01 pp	19 q
DOVDover Corporation	0.04%	53,016	$5M	trimmed−1%	+0.01 pp	19 q
HRLHormel Foods Corporation	0.04%	158,314	$6M	trimmed−1%	0.00 pp	19 q
PGProcter & Gamble Company	0.04%	60,424	$6M	trimmed−3%	0.00 pp	19 q
SNIScripps Networks Inter-cl A	0.04%	61,183	$5M	trimmed−59%	−0.05 pp	19 q
unresolvedAnheuser-Busch InBev SA Restri	0.04%	51,983	$6M	held	—	4 q
HINKFHeineken N V Reg	0.04%	49,688	$5M	held	—	19 q
unresolvedJpmorgan Chase & Co	0.03%	57,800	$4M	trimmed−15%	0.00 pp	19 q
PEPPepsiCo, Inc.	0.03%	34,175	$4M	trimmed−3%	0.00 pp	19 q
GOOGAlphabet Inc. Class C	0.02%	2,475	$3M	trimmed−7%	0.00 pp	15 q
GOOGLAlphabet Inc. Class A	0.02%	2,077	$2M	trimmed−1%	+0.01 pp	10 q
unresolvedDowdupont Inc	0.02%	47,305	$3M	trimmed−2%	0.00 pp	2 q
unresolvedM&T Bank Corp Wts Exp 12/23/1	0.02%	30,000	$3M	trimmed−14%	0.00 pp	19 q
MKCMcCormick & Company, Incorporated Non-VTG CS	0.02%	33,605	$3M	trimmed−0%	0.00 pp	19 q
PNCPNC Financial Services Group	0.02%	21,090	$3M	trimmed−8%	0.00 pp	19 q
RDS.ARoyal Dutch Shell PLC	0.02%	52,005	$3M	trimmed−3%	0.00 pp	19 q
unresolvedWells Fargo Warrants, 34.01 St	0.02%	127,195	$3M	trimmed−6%	0.00 pp	19 q
BICEFBic Stec Ord	0.02%	21,680	$2M	held	—	19 q
RBGPFReckitt Benckiser Grp PLC	0.02%	25,967	$2M	trimmed−1%	0.00 pp	19 q
NSRGFNestle S.a Reg Ord	0.02%	41,000	$4M	held	—	19 q
UNUnilever Nv-cva	0.02%	39,000	$2M	held	—	19 q
ABTAbbott Laboratories	0.01%	12,800	$730,000	trimmed−22%	0.00 pp	19 q
ABBVAbbvie Inc.	0.01%	14,100	$1M	trimmed−21%	0.00 pp	19 q
BBTTruist Financial Corporation	0.01%	27,105	$1M	added+1%	0.00 pp	19 q
BACBank of America Corporation	0.01%	47,975	$1M	added+2%	0.00 pp	19 q
BTIBritish American Tobacco p.l.c.	0.01%	10,947	$733,000	trimmed−13%	0.00 pp	19 q
CVXChevron Corporation	0.01%	17,219	$2M	trimmed−29%	−0.01 pp	19 q
CFRUYCompagnie Fnce Rch UN/	0.01%	195,665	$2M	trimmed−20%	−0.01 pp	19 q
COSTCostco Wholesale Corp	0.01%	5,318	$990,000	held	—	19 q
COTYCoty Inc	0.01%	41,543	$826,000	trimmed−2%	+0.01 pp	5 q
EVFEaton Vance Senior Income Trust	0.01%	289,387	$2M	added+1%	0.00 pp	19 q
FULTFulton Financial Corp	0.01%	116,822	$2M	trimmed−0%	−0.01 pp	19 q
HEINYHeineken N V S/	0.01%	35,482	$2M	trimmed−15%	0.00 pp	19 q
IBMInternational Business Machines Corporation	0.01%	7,588	$1M	trimmed−7%	0.00 pp	19 q
KHCThe Kraft Heinz Company	0.01%	22,535	$2M	held	—	8 q
LAMRLamar Advertising Co	0.01%	12,170	$904,000	trimmed−3%	0.00 pp	13 q
unresolvedPernod-Ricard SA-Unspon ADR	0.01%	51,200	$2M	trimmed−22%	0.00 pp	19 q
SWGAYSwatch Group AG UNSP/	0.01%	38,385	$783,000	trimmed−12%	0.00 pp	9 q
VMCVulcan Materials Company(Holding Company)	0.01%	14,730	$2M	added+50%	0.00 pp	6 q
LRLCFL'oreal Co Eur Ord	0.01%	5,140	$1M	trimmed−0%	0.00 pp	19 q
NLSNNielsen Holdings PLC	0.01%	20,341	$740,000	added+5%	0.00 pp	10 q
COCXFLindt & Spruengli Ord	0.01%	27	$2M	held	—	19 q
PRGAFPargesa Holding Sa-br	0.01%	11,776	$1M	trimmed−10%	0.00 pp	19 q
ACNBACNB Corp	0.00%	881	$26,000	new	0.00 pp	new
unresolvedEssilor International	0.00%	1,385	$191,000	new	0.00 pp	new
unresolvedRoche Holding AG	0.00%	1,179	$298,000	held	—	4 q
unresolvedShiseido Co Ltd	0.00%	5,800	$280,000	held	—	3 q
TAT&T Inc.	0.00%	1,500	$58,000	new	0.00 pp	new
YAlleghany Corporation	0.00%	324	$193,000	new	0.00 pp	new
AMZNAmazon.Com Inc	0.00%	75	$88,000	new	0.00 pp	new
AIGAmerican International Group, Inc.	0.00%	5,735	$342,000	held	—	19 q
BUDAnheuser-Busch INBEV SA/NV	0.00%	665	$74,000	trimmed−75%	0.00 pp	19 q
ELVElevance Health, Inc.	0.00%	100	$23,000	new	0.00 pp	new
AAPLApple Inc.	0.00%	1,450	$245,000	new	0.00 pp	new
BPBP p.l.c.	0.00%	4,475	$188,000	new	0.00 pp	new
unresolvedBank Of America Corporation	0.00%	2,000	$4,000	new	0.00 pp	new
BAC.PRLBank Of America Corp	0.00%	21	$28,000	new	0.00 pp	new
unresolvedBank Mutual Corp	0.00%	1,467	$16,000	new	0.00 pp	new
BNYBank of New York Mellon Corporation	0.00%	1,500	$81,000	new	0.00 pp	new
BABoeing Company	0.00%	350	$103,000	new	0.00 pp	new
CSXCSX Corporation	0.00%	1,400	$77,000	new	0.00 pp	new
CABOCable One, Inc.	0.00%	139	$97,000	new	0.00 pp	new
CPBThe Campbell's Company	0.00%	1,300	$63,000	new	0.00 pp	new
CNICanadian National Railway	0.00%	200	$17,000	new	0.00 pp	new
CSLCarlisle Companies, Inc.	0.00%	900	$102,000	new	0.00 pp	new
CATCaterpillar Inc.	0.00%	650	$102,000	new	0.00 pp	new
CELGCelgene Corp	0.00%	500	$52,000	new	0.00 pp	new
CSFLCenterState Bank Corporation	0.00%	8,504	$219,000	held	—	18 q
CCThe Chemours Company	0.00%	6,388	$320,000	trimmed−6%	0.00 pp	4 q
unresolvedCitigroup Inc	0.00%	2,000	$0	new	0.00 pp	new
CLColgate-Palmolive Company	0.00%	2,100	$158,000	new	0.00 pp	new
COPConocoPhillips	0.00%	4,138	$227,000	trimmed−6%	0.00 pp	19 q
STZConstellation Brands, Inc.	0.00%	200	$46,000	new	0.00 pp	new
DJCODaily Journal Corp	0.00%	100	$23,000	new	0.00 pp	new
DHRDanaher Corporation	0.00%	1,400	$130,000	new	0.00 pp	new
DEDeere & Company	0.00%	65	$10,000	new	0.00 pp	new
DISThe Walt Disney Company	0.00%	4,603	$495,000	trimmed−2%	0.00 pp	19 q
FASTFastenal Co	0.00%	1,275	$70,000	new	0.00 pp	new
FDXFedEx Corporation	0.00%	370	$92,000	new	0.00 pp	new
FTVFortive Corporation	0.00%	500	$36,000	new	0.00 pp	new
BENFranklin Templeton, Inc.	0.00%	775	$34,000	new	0.00 pp	new
GCIGannett Co Inc	0.00%	2,750	$32,000	new	0.00 pp	new
unresolvedGeneral Electric Co	0.00%	7,080	$124,000	new	0.00 pp	new
GWRGenesee & Wyoming Inc.	0.00%	225	$18,000	new	0.00 pp	new
GHCGraham Holdings Company	0.00%	138	$77,000	new	0.00 pp	new
HAINHain Celestial Group Inc	0.00%	100	$4,000	new	0.00 pp	new
HASHasbro, Inc.	0.00%	1,507	$137,000	new	0.00 pp	new
HTLDHeartland Express Inc	0.00%	6,499	$152,000	new	0.00 pp	new
HSYThe Hershey Company	0.00%	676	$77,000	new	0.00 pp	new
HDHome Depot, Inc.	0.00%	450	$85,000	new	0.00 pp	new
unresolvedHostess Brands Inc Wts Exp 11/	0.00%	57,500	$134,000	new	0.00 pp	new
JPMJPMorgan Chase & Co.	0.00%	2,000	$214,000	new	0.00 pp	new
JNJJohnson & Johnson	0.00%	1,315	$184,000	new	0.00 pp	new
KNKnowles Corporation	0.00%	300	$4,000	new	0.00 pp	new
LVMUYLvmh-moet H/L/V UNSP/	0.00%	1,500	$88,000	new	0.00 pp	new
ELThe Estee Lauder Companies Inc. Class A	0.00%	190	$24,000	new	0.00 pp	new
LMTLockheed Martin Corp.	0.00%	170	$55,000	new	0.00 pp	new
LOWLowe's Companies Inc.	0.00%	300	$28,000	new	0.00 pp	new
unresolvedLuxottica Group SPA ADR	0.00%	466	$29,000	new	0.00 pp	new
MANManpowerGroup	0.00%	215	$27,000	new	0.00 pp	new
MATMattel, Inc.	0.00%	6,625	$102,000	new	0.00 pp	new
unresolvedMcClatchy Company Cl A	0.00%	2,500	$22,000	new	0.00 pp	new
MCDMcDonald's Corporation	0.00%	3,235	$557,000	trimmed−4%	0.00 pp	19 q
MCKMcKesson Corporation	0.00%	95	$15,000	new	0.00 pp	new
MRKMerck & Co., Inc.	0.00%	2,886	$162,000	new	0.00 pp	new
MSFTMicrosoft Corp	0.00%	4,400	$376,000	trimmed−91%	−0.03 pp	19 q
unresolvedMicropore Inc C CV PFD	0.00%	2,750	$14,000	new	0.00 pp	new
unresolvedMirant Corp Escrow Shares	0.00%	500	$0	new	0.00 pp	new
MHKMohawk Industries, Inc.	0.00%	300	$83,000	new	0.00 pp	new
unresolvedMonsanto Co	0.00%	2,425	$283,000	held	—	4 q
MURMurphy Oil Corp.	0.00%	975	$30,000	new	0.00 pp	new
MUSAMurphy USA Inc.	0.00%	250	$20,000	new	0.00 pp	new
NWLNewell Brands Inc.	0.00%	150	$5,000	new	0.00 pp	new
NEENextEra Energy, Inc.	0.00%	550	$86,000	new	0.00 pp	new
NKENike, Inc.	0.00%	2,350	$147,000	new	0.00 pp	new
NTRSNorthern Trust Corp	0.00%	1,129	$113,000	new	0.00 pp	new
NVSNovartis AG	0.00%	125	$10,000	new	0.00 pp	new
ORLYO'Reilly Automotive, Inc.	0.00%	1,100	$265,000	held	—	8 q
ORCLOracle Corp	0.00%	4,300	$203,000	held	—	3 q
PTTRXPimco Total Return Fund-inst	0.00%	1,623	$17,000	new	0.00 pp	new
PFEPfizer Inc.	0.00%	1,900	$69,000	new	0.00 pp	new
PSXPhillips 66	0.00%	1,770	$179,000	trimmed−22%	0.00 pp	2 q
PXDPioneer Natural Resource Co.	0.00%	2,700	$467,000	held	—	19 q
unresolvedRite Aid Corp	0.00%	500	$1,000	new	0.00 pp	new
RDS.BRoyal Dutch Shell PLC	0.00%	325	$22,000	new	0.00 pp	new
SLBSLB Limited	0.00%	4,225	$285,000	trimmed−4%	0.00 pp	6 q
SUSuncor Energy, Inc.	0.00%	4,000	$147,000	new	0.00 pp	new
TGBAXTempleton Global Bond-adv	0.00%	1,373	$16,000	new	0.00 pp	new
TCEHYTencent Hldgs UNSP/	0.00%	1,675	$87,000	new	0.00 pp	new
MMM3M Company	0.00%	1,500	$353,000	trimmed−2%	0.00 pp	10 q
UGIUGI Corporation	0.00%	1,500	$70,000	new	0.00 pp	new
USBU.S. Bancorp	0.00%	2,800	$150,000	new	0.00 pp	new
unresolvedUnilever Spn.Adr 1:1	0.00%	2,749	$152,000	new	0.00 pp	new
UNPUnion Pacific Corp.	0.00%	2,410	$323,000	held	—	7 q
UNMUnum Group	0.00%	4,500	$247,000	held	—	4 q
unresolvedVectren Corp	0.00%	1,599	$104,000	new	0.00 pp	new
VZVerizon Communications	0.00%	175	$9,000	new	0.00 pp	new
WBCWabco Holdings Inc.	0.00%	1,250	$179,000	new	0.00 pp	new
WMTWalmart Inc.	0.00%	5,619	$555,000	trimmed−20%	0.00 pp	19 q
WBAWalgreens Boots Alliance, Inc	0.00%	125	$9,000	new	0.00 pp	new
WFC.PRLWells Fargo & Company	0.00%	18	$24,000	new	0.00 pp	new
WEYSWeyco Group Inc	0.00%	2,250	$67,000	new	0.00 pp	new
WLYJohn Wiley & Sons, Inc. Class A	0.00%	1,250	$82,000	new	0.00 pp	new
YUMYum! Brands, Inc.	0.00%	1,200	$98,000	new	0.00 pp	new
YUMCYum China Holdings, Inc.	0.00%	1,200	$48,000	new	0.00 pp	new
BAMXFBayerische Motorenwrk Ord	0.00%	500	$52,000	new	0.00 pp	new
MBGAFMercedes Benz Group AG	0.00%	902	$77,000	new	0.00 pp	new
BOIVFBollore Investissemnt Ord	0.00%	30,000	$163,000	held	—	13 q
GPDNFGroupe Danone	0.00%	3,275	$275,000	held	—	19 q
LVMHFLvmh-moet Hnsy L Vutn	0.00%	671	$198,000	new	0.00 pp	new
REMYFRemy Cointreau SA Ord	0.00%	975	$135,000	new	0.00 pp	new
unresolvedIndivior PLC	0.00%	23,192	$128,000	trimmed−3%	0.00 pp	13 q
unresolvedIngersoll-Rand Plc	0.00%	875	$78,000	new	0.00 pp	new
PZCPz Cussons PLC	0.00%	15,000	$66,000	held	—	19 q
AMKAFA.p Moeller-maersk A/S A	0.00%	424	$708,000	trimmed−0%	−0.01 pp	19 q
SGLJFStrauss Group Ltd Ord	0.00%	5,000	$107,000	new	0.00 pp	new
MYLMylan NV	0.00%	2,540	$107,000	new	0.00 pp	new
WMMVFWalmart De Mex Sab Cv Ord	0.00%	4,025	$10,000	new	0.00 pp	new
XPGDVend Marketplaces ASA	0.00%	3,400	$98,000	new	0.00 pp	new
SBBTFVend Marketplaces ASA B	0.00%	3,400	$91,000	new	0.00 pp	new
CIRCir SPA	0.00%	125,000	$175,000	held	—	19 q
CPRDavide Campari Milano N V	0.00%	1,825	$14,000	new	0.00 pp	new
unresolvedYoox S P A Shs Prive Di Valore	0.00%	1,500	$52,000	new	0.00 pp	new
LTGIFLt Group Inc	0.00%	600,000	$225,000	added+71%	0.00 pp	15 q
PHJMFPt Hanjaya Mandala Samprn	0.00%	687,500	$240,000	held	—	18 q