Gardner Russo & Quinn

Q1 2018 13F · by Thomas Russo, portfolio manager

As of: Mar 31, 2018
Filed: May 11, 2018
US stock: $14.3B · prev $14.5B
Positions: 100 · prev 196
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%

Moves176 since the prior filing

+0.3 pp in · −0.2 pp out

New 1 0.00 pp
Added 27 +0.28 pp
Trimmed 51 −0.15 pp
Exited 97 −0.04 pp

The book

Concentrated · behaves like 15 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

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

Low
Moderate
High

Top 5 positions44% of US stock

Positions100 in this filing · 97 exited


MAMastercard Incorporated	10.93%	8,946,630	$1.6B	trimmed−2%	+1.40 pp	20 q
BRK.ABerkshire Hathaway Inc.	9.74%	4,666	$1.4B	trimmed−0%	+0.15 pp	20 q
NSRGYNestle S.a S/	8.75%	15,861,323	$1.3B	trimmed−0%	−0.65 pp	20 q
HKHHFHeineken Holding NV Ord	7.69%	10,701,707	$1.1B	trimmed−1%	+0.35 pp	20 q
CFRHFCie Financiere Richmn New	7.27%	11,640,283	$1.0B	added0%	+0.04 pp	19 q
PMPhilip Morris International Inc.	7.20%	10,380,319	$1.0B	added+2%	−0.18 pp	20 q
PDRDFPernod Ricard Ord	6.98%	6,010,668	$1000M	trimmed−1%	+0.33 pp	20 q
UNUnilever N V -ny Shares	6.00%	15,252,999	$860M	added+3%	+0.27 pp	20 q
BUDFFAnheuser Busch Inbev Ord	5.84%	7,628,266	$838M	added+7%	+0.33 pp	7 q
WFCWells Fargo & Co.	4.52%	12,350,667	$647M	trimmed−1%	−0.69 pp	20 q
BRK.BBERKSHIRE HATHAWAY Class B	3.55%	2,550,076	$509M	added+2%	+0.14 pp	20 q
SWGAFSwatch Group AG New Ord	3.55%	1,155,343	$508M	added+1%	+0.33 pp	20 q
MLMMartin Marietta Materials	2.92%	2,015,598	$418M	added0%	−0.14 pp	20 q
MOAltria Group, Inc.	2.45%	5,638,211	$351M	added+1%	−0.30 pp	20 q
BTAFFBritish Amer Tbco London	2.13%	5,278,970	$306M	added+1%	−0.31 pp	20 q
DGEAFDiageo PLC Ord	1.98%	8,389,879	$284M	trimmed−6%	−0.28 pp	20 q
JCDXFJc Decaux SA Act	1.88%	7,733,431	$269M	trimmed−0%	−0.27 pp	20 q
CMCSAComcast Corp	1.70%	7,122,137	$243M	added0%	−0.26 pp	20 q
BF.ABrown-Forman Corporation Class A	1.61%	4,318,029	$230M	trimmed−0%	−0.39 pp	20 q
BF.BBrown-Forman Corporation Class B	1.07%	2,816,490	$153M	added+90%	+0.37 pp	20 q
VVISA Inc.	0.48%	569,580	$68M	trimmed−1%	+0.03 pp	20 q
DEODiageo plc	0.39%	415,289	$56M	trimmed−3%	−0.04 pp	20 q
AXPAmerican Express Company	0.11%	163,699	$15M	trimmed−1%	0.00 pp	20 q
FMXFomento Economico Mexicano, S.a.b. De C.v.	0.09%	138,417	$13M	added+1%	0.00 pp	20 q
SWMASwedish Match AB	0.09%	272,193	$12M	trimmed−1%	+0.02 pp	20 q
CXTCrane NXT, Co.	0.08%	123,693	$11M	trimmed−4%	0.00 pp	20 q
DANOYDanone S/	0.08%	716,515	$12M	trimmed−1%	0.00 pp	20 q
XOMExxon Mobil Corp	0.08%	156,595	$12M	trimmed−1%	−0.01 pp	20 q
MKLMarkel Group Inc.	0.07%	8,183	$10M	trimmed−2%	0.00 pp	20 q
KOCoca-Cola Company	0.04%	123,708	$5M	trimmed−5%	0.00 pp	20 q
DOVDover Corporation	0.04%	51,816	$5M	trimmed−2%	0.00 pp	20 q
HRLHormel Foods Corporation	0.04%	160,374	$6M	added+1%	0.00 pp	20 q
MLKNMillerKnoll, Inc.	0.04%	197,241	$6M	trimmed−3%	−0.02 pp	20 q
unresolvedOutfront Media Inc	0.04%	340,079	$6M	added+4%	−0.01 pp	14 q
unresolvedAnheuser-Busch InBev SA Restri	0.04%	51,983	$6M	held	—	5 q
HINKFHeineken N V Reg	0.04%	47,288	$5M	trimmed−5%	0.00 pp	20 q
PEPPepsiCo, Inc.	0.03%	33,597	$4M	trimmed−2%	0.00 pp	20 q
PGProcter & Gamble Company	0.03%	52,860	$4M	trimmed−13%	−0.01 pp	20 q
GOOGAlphabet Inc. Class C	0.02%	2,184	$2M	trimmed−12%	0.00 pp	16 q
unresolvedDowdupont Inc	0.02%	47,521	$3M	added0%	0.00 pp	3 q
unresolvedM&T Bank Corp Wts Exp 12/23/1	0.02%	19,750	$2M	trimmed−34%	0.00 pp	20 q
MKCMcCormick & Company, Incorporated Non-VTG CS	0.02%	33,555	$4M	trimmed−0%	0.00 pp	20 q
PNCPNC Financial Services Group	0.02%	20,965	$3M	trimmed−1%	0.00 pp	20 q
RDS.ARoyal Dutch Shell PLC	0.02%	47,265	$3M	trimmed−9%	0.00 pp	20 q
RBGPFReckitt Benckiser Grp PLC	0.02%	25,472	$2M	trimmed−2%	0.00 pp	20 q
NSRGFNestle S.a Reg Ord	0.02%	41,000	$3M	held	—	20 q
UNUnilever Nv-cva	0.02%	39,000	$2M	held	—	20 q
ABTAbbott Laboratories	0.01%	12,800	$767,000	held	—	20 q
ABBVAbbvie Inc.	0.01%	13,700	$1M	trimmed−3%	0.00 pp	20 q
GOOGLAlphabet Inc. Class A	0.01%	1,871	$2M	trimmed−10%	−0.01 pp	11 q
BBTTruist Financial Corporation	0.01%	16,690	$869,000	trimmed−38%	0.00 pp	20 q
BACBank of America Corporation	0.01%	47,975	$1M	held	—	20 q
CVXChevron Corporation	0.01%	12,348	$1M	trimmed−28%	0.00 pp	20 q
CFRUYCompagnie Fnce Rch UN/	0.01%	165,560	$1M	trimmed−15%	0.00 pp	20 q
COSTCostco Wholesale Corp	0.01%	5,473	$1M	added+3%	0.00 pp	20 q
EVFEaton Vance Senior Income Trust	0.01%	291,507	$2M	added+1%	0.00 pp	20 q
FULTFulton Financial Corp	0.01%	120,254	$2M	added+3%	0.00 pp	20 q
HEINYHeineken N V S/	0.01%	30,322	$2M	trimmed−15%	0.00 pp	20 q
IBMInternational Business Machines Corporation	0.01%	6,173	$947,000	trimmed−19%	0.00 pp	20 q
unresolvedJpmorgan Chase & Co	0.01%	30,300	$2M	trimmed−48%	−0.02 pp	20 q
KHCThe Kraft Heinz Company	0.01%	23,535	$1M	added+4%	0.00 pp	9 q
LAMRLamar Advertising Co	0.01%	11,945	$760,000	trimmed−2%	0.00 pp	14 q
unresolvedPernod-Ricard SA-Unspon ADR	0.01%	42,775	$1M	trimmed−16%	0.00 pp	20 q
SWGAYSwatch Group AG UNSP/	0.01%	37,130	$817,000	trimmed−3%	0.00 pp	10 q
VMCVulcan Materials Company(Holding Company)	0.01%	18,820	$2M	added+28%	0.00 pp	7 q
unresolvedWells Fargo Warrants, 34.01 St	0.01%	101,500	$2M	trimmed−20%	−0.01 pp	20 q
BICEFBic Stec Ord	0.01%	21,055	$2M	trimmed−3%	−0.01 pp	20 q
LRLCFL'oreal Co Eur Ord	0.01%	4,810	$1M	trimmed−6%	0.00 pp	20 q
NLSNNielsen Holdings PLC	0.01%	23,236	$739,000	added+14%	0.00 pp	11 q
COCXFLindt & Spruengli Ord	0.01%	27	$2M	held	—	20 q
PRGAFPargesa Holding Sa-br	0.01%	11,776	$1M	held	—	20 q
AIGAmerican International Group, Inc.	0.00%	5,735	$312,000	held	—	20 q
AAPLApple Inc.	0.00%	1,695	$284,000	added+17%	0.00 pp	2 q
BPBP p.l.c.	0.00%	5,298	$215,000	added+17%	0.00 pp	2 q
BTIBritish American Tobacco p.l.c.	0.00%	10,492	$605,000	trimmed−4%	−0.01 pp	20 q
CCThe Chemours Company	0.00%	6,408	$312,000	added0%	0.00 pp	5 q
COTYCoty Inc	0.00%	36,590	$670,000	trimmed−12%	−0.01 pp	6 q
DISThe Walt Disney Company	0.00%	4,603	$462,000	held	—	20 q
unresolvedHostess Brands Inc Wts Exp 11/	0.00%	57,500	$136,000	held	—	2 q
JPMJPMorgan Chase & Co.	0.00%	2,000	$220,000	held	—	2 q
JNJJohnson & Johnson	0.00%	1,715	$220,000	added+30%	0.00 pp	2 q
MCDMcDonald's Corporation	0.00%	3,235	$506,000	held	—	20 q
MSFTMicrosoft Corp	0.00%	4,750	$434,000	added+8%	0.00 pp	20 q
ORLYO'Reilly Automotive, Inc.	0.00%	1,100	$272,000	held	—	9 q
PXDPioneer Natural Resource Co.	0.00%	2,600	$447,000	trimmed−4%	0.00 pp	20 q
SLBSLB Limited	0.00%	4,225	$274,000	held	—	7 q
MMM3M Company	0.00%	1,425	$313,000	trimmed−5%	0.00 pp	11 q
USBU.S. Bancorp	0.00%	4,314	$218,000	added+54%	0.00 pp	2 q
UNPUnion Pacific Corp.	0.00%	1,910	$257,000	trimmed−21%	0.00 pp	8 q
UNMUnum Group	0.00%	4,500	$214,000	held	—	5 q
WMTWalmart Inc.	0.00%	5,350	$476,000	trimmed−5%	0.00 pp	20 q
BOIVFBollore Investissemnt Ord	0.00%	30,000	$160,000	held	—	14 q
GPDNFGroupe Danone	0.00%	3,275	$265,000	held	—	20 q
unresolvedIndivior PLC	0.00%	22,782	$130,000	trimmed−2%	0.00 pp	14 q
PZCPz Cussons PLC	0.00%	15,000	$48,000	held	—	20 q
SSDOFShiseido Co Ltd Ord	0.00%	3,500	$223,000	new	0.00 pp	new
AMKAFA.p Moeller-maersk A/S A	0.00%	420	$614,000	trimmed−1%	0.00 pp	20 q
CIRCir SPA	0.00%	125,000	$165,000	held	—	20 q
LTGIFLt Group Inc	0.00%	600,000	$216,000	held	—	16 q
PHJMFPt Hanjaya Mandala Samprn	0.00%	687,500	$199,000	held	—	19 q
SNIScripps Networks Inter-cl A	—	−61,183	—	exited	−0.04 pp	—
ACNBACNB Corp	—	−881	—	exited	0.00 pp	—
unresolvedEssilor International	—	−1,385	—	exited	0.00 pp	—
unresolvedRoche Holding AG	—	−1,179	—	exited	0.00 pp	—
unresolvedShiseido Co Ltd	—	−5,800	—	exited	0.00 pp	—
TAT&T Inc.	—	−1,500	—	exited	0.00 pp	—
YAlleghany Corporation	—	−324	—	exited	0.00 pp	—
AMZNAmazon.Com Inc	—	−75	—	exited	0.00 pp	—
BUDAnheuser-Busch INBEV SA/NV	—	−665	—	exited	0.00 pp	—
ELVElevance Health, Inc.	—	−100	—	exited	0.00 pp	—
unresolvedBank Of America Corporation	—	−2,000	—	exited	0.00 pp	—
BAC.PRLBank Of America Corp	—	−21	—	exited	0.00 pp	—
unresolvedBank Mutual Corp	—	−1,467	—	exited	0.00 pp	—
BNYBank of New York Mellon Corporation	—	−1,500	—	exited	0.00 pp	—
BABoeing Company	—	−350	—	exited	0.00 pp	—
CSXCSX Corporation	—	−1,400	—	exited	0.00 pp	—
CABOCable One, Inc.	—	−139	—	exited	0.00 pp	—
CPBThe Campbell's Company	—	−1,300	—	exited	0.00 pp	—
CNICanadian National Railway	—	−200	—	exited	0.00 pp	—
CSLCarlisle Companies, Inc.	—	−900	—	exited	0.00 pp	—
CATCaterpillar Inc.	—	−650	—	exited	0.00 pp	—
CELGCelgene Corp	—	−500	—	exited	0.00 pp	—
CSFLCenterState Bank Corporation	—	−8,504	—	exited	0.00 pp	—
unresolvedCitigroup Inc	—	−2,000	—	exited	0.00 pp	—
CLColgate-Palmolive Company	—	−2,100	—	exited	0.00 pp	—
COPConocoPhillips	—	−4,138	—	exited	0.00 pp	—
STZConstellation Brands, Inc.	—	−200	—	exited	0.00 pp	—
DJCODaily Journal Corp	—	−100	—	exited	0.00 pp	—
DHRDanaher Corporation	—	−1,400	—	exited	0.00 pp	—
DEDeere & Company	—	−65	—	exited	0.00 pp	—
FASTFastenal Co	—	−1,275	—	exited	0.00 pp	—
FDXFedEx Corporation	—	−370	—	exited	0.00 pp	—
FTVFortive Corporation	—	−500	—	exited	0.00 pp	—
BENFranklin Templeton, Inc.	—	−775	—	exited	0.00 pp	—
GCIGannett Co Inc	—	−2,750	—	exited	0.00 pp	—
unresolvedGeneral Electric Co	—	−7,080	—	exited	0.00 pp	—
GWRGenesee & Wyoming Inc.	—	−225	—	exited	0.00 pp	—
GHCGraham Holdings Company	—	−138	—	exited	0.00 pp	—
HAINHain Celestial Group Inc	—	−100	—	exited	0.00 pp	—
HASHasbro, Inc.	—	−1,507	—	exited	0.00 pp	—
HTLDHeartland Express Inc	—	−6,499	—	exited	0.00 pp	—
HSYThe Hershey Company	—	−676	—	exited	0.00 pp	—
HDHome Depot, Inc.	—	−450	—	exited	0.00 pp	—
KNKnowles Corporation	—	−300	—	exited	0.00 pp	—
LVMUYLvmh-moet H/L/V UNSP/	—	−1,500	—	exited	0.00 pp	—
ELThe Estee Lauder Companies Inc. Class A	—	−190	—	exited	0.00 pp	—
LMTLockheed Martin Corp.	—	−170	—	exited	0.00 pp	—
LOWLowe's Companies Inc.	—	−300	—	exited	0.00 pp	—
unresolvedLuxottica Group SPA ADR	—	−466	—	exited	0.00 pp	—
MANManpowerGroup	—	−215	—	exited	0.00 pp	—
MATMattel, Inc.	—	−6,625	—	exited	0.00 pp	—
unresolvedMcClatchy Company Cl A	—	−2,500	—	exited	0.00 pp	—
MCKMcKesson Corporation	—	−95	—	exited	0.00 pp	—
MRKMerck & Co., Inc.	—	−2,886	—	exited	0.00 pp	—
unresolvedMicropore Inc C CV PFD	—	−2,750	—	exited	0.00 pp	—
unresolvedMirant Corp Escrow Shares	—	−500	—	exited	0.00 pp	—
MHKMohawk Industries, Inc.	—	−300	—	exited	0.00 pp	—
unresolvedMonsanto Co	—	−2,425	—	exited	0.00 pp	—
MURMurphy Oil Corp.	—	−975	—	exited	0.00 pp	—
MUSAMurphy USA Inc.	—	−250	—	exited	0.00 pp	—
NWLNewell Brands Inc.	—	−150	—	exited	0.00 pp	—
NEENextEra Energy, Inc.	—	−550	—	exited	0.00 pp	—
NKENike, Inc.	—	−2,350	—	exited	0.00 pp	—
NTRSNorthern Trust Corp	—	−1,129	—	exited	0.00 pp	—
NVSNovartis AG	—	−125	—	exited	0.00 pp	—
ORCLOracle Corp	—	−4,300	—	exited	0.00 pp	—
PTTRXPimco Total Return Fund-inst	—	−1,623	—	exited	0.00 pp	—
PFEPfizer Inc.	—	−1,900	—	exited	0.00 pp	—
PSXPhillips 66	—	−1,770	—	exited	0.00 pp	—
unresolvedRite Aid Corp	—	−500	—	exited	0.00 pp	—
RDS.BRoyal Dutch Shell PLC	—	−325	—	exited	0.00 pp	—
SUSuncor Energy, Inc.	—	−4,000	—	exited	0.00 pp	—
TGBAXTempleton Global Bond-adv	—	−1,373	—	exited	0.00 pp	—
TCEHYTencent Hldgs UNSP/	—	−1,675	—	exited	0.00 pp	—
UGIUGI Corporation	—	−1,500	—	exited	0.00 pp	—
unresolvedUnilever Spn.Adr 1:1	—	−2,749	—	exited	0.00 pp	—
unresolvedVectren Corp	—	−1,599	—	exited	0.00 pp	—
VZVerizon Communications	—	−175	—	exited	0.00 pp	—
WBCWabco Holdings Inc.	—	−1,250	—	exited	0.00 pp	—
WBAWalgreens Boots Alliance, Inc	—	−125	—	exited	0.00 pp	—
WFC.PRLWells Fargo & Company	—	−18	—	exited	0.00 pp	—
WEYSWeyco Group Inc	—	−2,250	—	exited	0.00 pp	—
WLYJohn Wiley & Sons, Inc. Class A	—	−1,250	—	exited	0.00 pp	—
YUMYum! Brands, Inc.	—	−1,200	—	exited	0.00 pp	—
YUMCYum China Holdings, Inc.	—	−1,200	—	exited	0.00 pp	—
BAMXFBayerische Motorenwrk Ord	—	−500	—	exited	0.00 pp	—
MBGAFMercedes Benz Group AG	—	−902	—	exited	0.00 pp	—
LVMHFLvmh-moet Hnsy L Vutn	—	−671	—	exited	0.00 pp	—
REMYFRemy Cointreau SA Ord	—	−975	—	exited	0.00 pp	—
unresolvedIngersoll-Rand Plc	—	−875	—	exited	0.00 pp	—
SGLJFStrauss Group Ltd Ord	—	−5,000	—	exited	0.00 pp	—
MYLMylan NV	—	−2,540	—	exited	0.00 pp	—
WMMVFWalmart De Mex Sab Cv Ord	—	−4,025	—	exited	0.00 pp	—
XPGDVend Marketplaces ASA	—	−3,400	—	exited	0.00 pp	—
SBBTFVend Marketplaces ASA B	—	−3,400	—	exited	0.00 pp	—
CPRDavide Campari Milano N V	—	−1,825	—	exited	0.00 pp	—
unresolvedYoox S P A Shs Prive Di Valore	—	−1,500	—	exited	0.00 pp	—

Source

Form: 13F-HR
Reading: 33 defects · 9 unresolved
Accession: 0000860643-18-000003
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 2018-03-31
A security outside the official 13F list — CUSIP 23636T100 not on the Official 13(f) List for 2018-03-31
A security outside the official 13F list — CUSIP 423012301 not on the Official 13(f) List for 2018-03-31
A security outside the official 13F list — CUSIP 641069406 not on the Official 13(f) List for 2018-03-31
A security outside the official 13F list — CUSIP 714264207 not on the Official 13(f) List for 2018-03-31
A security outside the official 13F list — CUSIP 870123106 not on the Official 13(f) List for 2018-03-31
A security outside the official 13F list — CUSIP B639CJ108 not on the Official 13(f) List for 2018-03-31
A security outside the official 13F list — CUSIP B639CJ116 not on the Official 13(f) List for 2018-03-31
A security outside the official 13F list — CUSIP F10080103 not on the Official 13(f) List for 2018-03-31
A security outside the official 13F list — CUSIP F10659260 not on the Official 13(f) List for 2018-03-31
A security outside the official 13F list — CUSIP F12033134 not on the Official 13(f) List for 2018-03-31
A security outside the official 13F list — CUSIP F5333N100 not on the Official 13(f) List for 2018-03-31
A security outside the official 13F list — CUSIP F58149133 not on the Official 13(f) List for 2018-03-31
A security outside the official 13F list — CUSIP F72027109 not on the Official 13(f) List for 2018-03-31
A security outside the official 13F list — CUSIP G1510J102 not on the Official 13(f) List for 2018-03-31
A security outside the official 13F list — CUSIP G42089113 not on the Official 13(f) List for 2018-03-31
A security outside the official 13F list — CUSIP G4766E108 not on the Official 13(f) List for 2018-03-31
A security outside the official 13F list — CUSIP G6850S109 not on the Official 13(f) List for 2018-03-31
A security outside the official 13F list — CUSIP G74079107 not on the Official 13(f) List for 2018-03-31
A security outside the official 13F list — CUSIP H25662182 not on the Official 13(f) List for 2018-03-31
A security outside the official 13F list — CUSIP H49983176 not on the Official 13(f) List for 2018-03-31
A security outside the official 13F list — CUSIP H57312649 not on the Official 13(f) List for 2018-03-31
A security outside the official 13F list — CUSIP H60477207 not on the Official 13(f) List for 2018-03-31
A security outside the official 13F list — CUSIP H83949141 not on the Official 13(f) List for 2018-03-31
A security outside the official 13F list — CUSIP J74358144 not on the Official 13(f) List for 2018-03-31
A security outside the official 13F list — CUSIP K0514G135 not on the Official 13(f) List for 2018-03-31
A security outside the official 13F list — CUSIP N39338194 not on the Official 13(f) List for 2018-03-31
A security outside the official 13F list — CUSIP N39427211 not on the Official 13(f) List for 2018-03-31
A security outside the official 13F list — CUSIP N8981F271 not on the Official 13(f) List for 2018-03-31
A security outside the official 13F list — CUSIP T28980125 not on the Official 13(f) List for 2018-03-31
A security outside the official 13F list — CUSIP W92277115 not on the Official 13(f) List for 2018-03-31
A security outside the official 13F list — CUSIP Y5342M100 not on the Official 13(f) List for 2018-03-31
A security outside the official 13F list — CUSIP Y7121Z146 not on the Official 13(f) List for 2018-03-31

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