Gardner Russo & Quinn

Q2 2018 13F · by Thomas Russo, portfolio manager

As of: Jun 30, 2018
Filed: Aug 13, 2018
US stock: $13.7B · prev $14.3B
Positions: 98 · prev 100
Options notional: $0
Documents: 1· no amendments

Picture54.8% US stock

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

US stock listed on a US exchange 54.8%
Foreign stock not listed in the US 45.2%
Notes debt, at principal 0.0%
Puts at notional value 0.0%
Calls at notional value 0.0%

Moves73 since the prior filing

−0.3 pp in · +0.2 pp out

New 2 +0.01 pp
Added 19 −0.31 pp
Trimmed 48 +0.24 pp
Exited 4 0.00 pp

The book

Concentrated · behaves like 15 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Low turnover · 3.7% a year, about 26.7 years per position

Low
Moderate
High

Top 5 positions45% of US stock

MA Mastercard Incorporated trimmed+1.49 pp trimmed+1.4912.4%
BRK.A Berkshire Hathaway Inc. trimmed−0.23 pp trimmed−0.239.5%
NSRGY Nestle S.a S/ trimmed+0.12 pp trimmed+0.128.9%
HKHHF Heineken Holding NV Ord trimmed−0.30 pp trimmed−0.307.4%
CFRHF Cie Financiere Richmn New trimmed−0.16 pp trimmed−0.167.1%

Positions98 in this filing · 4 exited


MAMastercard Incorporated	12.42%	8,659,633	$1.7B	trimmed−3%	+1.49 pp	21 q
BRK.ABerkshire Hathaway Inc.	9.51%	4,621	$1.3B	trimmed−1%	−0.23 pp	21 q
NSRGYNestle S.a S/	8.87%	15,694,379	$1.2B	trimmed−1%	+0.12 pp	21 q
HKHHFHeineken Holding NV Ord	7.39%	10,562,757	$1.0B	trimmed−1%	−0.30 pp	21 q
CFRHFCie Financiere Richmn New	7.11%	11,503,826	$975M	trimmed−1%	−0.16 pp	20 q
PDRDFPernod Ricard Ord	7.02%	5,893,126	$963M	trimmed−2%	+0.04 pp	21 q
PMPhilip Morris International Inc.	6.13%	10,397,438	$839M	added0%	−1.07 pp	21 q
UNUnilever N V -ny Shares	6.08%	14,950,600	$833M	trimmed−2%	+0.08 pp	21 q
BUDFFAnheuser Busch Inbev Ord	5.93%	8,051,913	$813M	added+6%	+0.09 pp	8 q
WFCWells Fargo & Co.	4.97%	12,273,777	$680M	trimmed−1%	+0.45 pp	21 q
SWGAFSwatch Group AG New Ord	3.98%	1,150,619	$546M	trimmed−0%	+0.43 pp	21 q
BRK.BBERKSHIRE HATHAWAY Class B	3.44%	2,527,648	$472M	trimmed−1%	−0.11 pp	21 q
MLMMartin Marietta Materials	3.25%	1,991,188	$445M	trimmed−1%	+0.33 pp	21 q
MOAltria Group, Inc.	2.30%	5,541,078	$315M	trimmed−2%	−0.15 pp	21 q
DGEAFDiageo PLC Ord	2.10%	8,012,254	$288M	trimmed−5%	+0.12 pp	21 q
JCDXFJc Decaux SA Act	1.88%	7,711,342	$258M	trimmed−0%	0.00 pp	21 q
CMCSAComcast Corp	1.70%	7,079,637	$232M	trimmed−1%	0.00 pp	21 q
BF.ABrown-Forman Corporation Class A	1.54%	4,307,409	$210M	trimmed−0%	−0.07 pp	21 q
BF.BBrown-Forman Corporation Class B	0.95%	2,645,012	$130M	trimmed−6%	−0.12 pp	21 q
VVISA Inc.	0.60%	624,012	$83M	added+10%	+0.12 pp	21 q
GOOGAlphabet Inc. Class C	0.46%	56,724	$63M	added×26.0	+0.44 pp	17 q
BTAFFBritish Amer Tbco London	0.46%	1,254,227	$63M	trimmed−76%	−1.67 pp	21 q
DEODiageo plc	0.42%	402,655	$58M	trimmed−3%	+0.03 pp	21 q
AXPAmerican Express Company	0.13%	180,401	$18M	added+10%	+0.02 pp	21 q
FMXFomento Economico Mexicano, S.a.b. De C.v.	0.11%	163,977	$14M	added+18%	+0.02 pp	21 q
DANOYDanone S/	0.09%	847,980	$12M	added+18%	+0.01 pp	21 q
XOMExxon Mobil Corp	0.09%	154,366	$13M	trimmed−1%	+0.01 pp	21 q
SWMASwedish Match AB	0.09%	259,683	$13M	trimmed−5%	0.00 pp	21 q
CXTCrane NXT, Co.	0.07%	119,843	$10M	trimmed−3%	−0.01 pp	21 q
MKLMarkel Group Inc.	0.06%	8,090	$9M	trimmed−1%	−0.01 pp	21 q
unresolvedOutfront Media Inc	0.06%	455,386	$9M	added+34%	+0.02 pp	15 q
MLKNMillerKnoll, Inc.	0.05%	195,891	$7M	trimmed−1%	+0.01 pp	21 q
VMCVulcan Materials Company(Holding Company)	0.05%	54,855	$7M	added×2.9	+0.04 pp	8 q
KOCoca-Cola Company	0.04%	121,983	$5M	trimmed−1%	0.00 pp	21 q
HRLHormel Foods Corporation	0.04%	158,601	$6M	trimmed−1%	0.00 pp	21 q
unresolvedAnheuser-Busch InBev SA Restri	0.04%	51,983	$5M	held	—	6 q
DOVDover Corporation	0.03%	51,291	$4M	trimmed−1%	−0.01 pp	21 q
MKCMcCormick & Company, Incorporated Non-VTG CS	0.03%	33,455	$4M	trimmed−0%	+0.01 pp	21 q
PEPPepsiCo, Inc.	0.03%	32,174	$4M	trimmed−4%	0.00 pp	21 q
PGProcter & Gamble Company	0.03%	48,842	$4M	trimmed−8%	0.00 pp	21 q
HINKFHeineken N V Reg	0.03%	45,988	$5M	trimmed−3%	−0.01 pp	21 q
GOOGLAlphabet Inc. Class A	0.02%	1,871	$2M	held	—	12 q
unresolvedDowdupont Inc	0.02%	47,646	$3M	added0%	0.00 pp	4 q
PNCPNC Financial Services Group	0.02%	20,960	$3M	trimmed−0%	0.00 pp	21 q
RDS.ARoyal Dutch Shell PLC	0.02%	45,550	$3M	trimmed−4%	0.00 pp	21 q
RBGPFReckitt Benckiser Grp PLC	0.02%	25,147	$2M	trimmed−1%	0.00 pp	21 q
NSRGFNestle S.a Reg Ord	0.02%	41,000	$3M	held	—	21 q
UNUnilever Nv-cva	0.02%	39,000	$2M	held	—	21 q
ABTAbbott Laboratories	0.01%	13,960	$851,000	added+9%	0.00 pp	21 q
ABBVAbbvie Inc.	0.01%	13,966	$1M	added+2%	0.00 pp	21 q
APYChampionX Corporation	0.01%	24,644	$1M	new	+0.01 pp	new
BACBank of America Corporation	0.01%	47,975	$1M	held	—	21 q
CVXChevron Corporation	0.01%	11,033	$1M	trimmed−11%	0.00 pp	21 q
CFRUYCompagnie Fnce Rch UN/	0.01%	220,170	$2M	added+33%	0.00 pp	21 q
COSTCostco Wholesale Corp	0.01%	5,473	$1M	held	—	21 q
EVFEaton Vance Senior Income Trust	0.01%	292,239	$2M	added0%	0.00 pp	21 q
FULTFulton Financial Corp	0.01%	120,254	$2M	held	—	21 q
HEINYHeineken N V S/	0.01%	39,852	$2M	added+31%	0.00 pp	21 q
IBMInternational Business Machines Corporation	0.01%	5,503	$769,000	trimmed−11%	0.00 pp	21 q
unresolvedJpmorgan Chase & Co	0.01%	14,915	$946,000	trimmed−51%	0.00 pp	21 q
KHCThe Kraft Heinz Company	0.01%	23,535	$1M	held	—	10 q
LAMRLamar Advertising Co	0.01%	11,945	$816,000	held	—	15 q
unresolvedM&T Bank Corp Wts Exp 12/23/1	0.01%	7,360	$709,000	trimmed−63%	−0.01 pp	21 q
unresolvedPernod-Ricard SA-Unspon ADR	0.01%	53,140	$2M	added+24%	0.00 pp	21 q
SWGAYSwatch Group AG UNSP/	0.01%	48,990	$1M	added+32%	0.00 pp	11 q
unresolvedWells Fargo Warrants, 34.01 St	0.01%	81,785	$2M	trimmed−19%	0.00 pp	21 q
BICEFBic Stec Ord	0.01%	21,055	$2M	held	—	21 q
LRLCFL'oreal Co Eur Ord	0.01%	4,810	$1M	held	—	21 q
COCXFLindt & Spruengli Ord	0.01%	27	$2M	held	—	21 q
PRGAFPargesa Holding Sa-br	0.01%	11,776	$997,000	held	—	21 q
AIGAmerican International Group, Inc.	0.00%	5,735	$304,000	held	—	21 q
AAPLApple Inc.	0.00%	1,695	$314,000	held	—	3 q
BBTTruist Financial Corporation	0.00%	10,578	$534,000	trimmed−37%	−0.01 pp	21 q
BPBP p.l.c.	0.00%	5,198	$237,000	trimmed−3%	0.00 pp	3 q
CSFLCenterState Bank Corporation	0.00%	7,304	$218,000	new	0.00 pp	new
CCThe Chemours Company	0.00%	6,429	$285,000	added0%	0.00 pp	6 q
COTYCoty Inc	0.00%	35,077	$495,000	trimmed−4%	0.00 pp	7 q
DISThe Walt Disney Company	0.00%	4,603	$482,000	held	—	21 q
unresolvedHostess Brands Inc Wts Exp 11/	0.00%	57,500	$98,000	held	—	3 q
JPMJPMorgan Chase & Co.	0.00%	2,000	$208,000	held	—	3 q
JNJJohnson & Johnson	0.00%	1,715	$208,000	held	—	3 q
MCDMcDonald's Corporation	0.00%	2,965	$465,000	trimmed−8%	0.00 pp	21 q
MSFTMicrosoft Corp	0.00%	3,850	$380,000	trimmed−19%	0.00 pp	21 q
ORLYO'Reilly Automotive, Inc.	0.00%	1,100	$301,000	held	—	10 q
PXDPioneer Natural Resource Co.	0.00%	2,600	$492,000	held	—	21 q
SLBSLB Limited	0.00%	4,225	$283,000	held	—	8 q
MMM3M Company	0.00%	1,425	$280,000	held	—	12 q
USBU.S. Bancorp	0.00%	4,314	$216,000	held	—	3 q
UNPUnion Pacific Corp.	0.00%	1,910	$271,000	held	—	9 q
WMTWalmart Inc.	0.00%	5,295	$454,000	trimmed−1%	0.00 pp	21 q
BOIVFBollore Investissemnt Ord	0.00%	30,000	$140,000	trimmed−1%	0.00 pp	15 q
GPDNFGroupe Danone	0.00%	3,275	$240,000	trimmed−3%	0.00 pp	21 q
NLSNNielsen Holdings PLC	0.00%	18,975	$587,000	trimmed−18%	−0.01 pp	12 q
PZCPz Cussons PLC	0.00%	15,000	$45,000	held	—	21 q
SSDOFShiseido Co Ltd Ord	0.00%	3,500	$278,000	held	—	2 q
CIRCir SPA	0.00%	125,000	$153,000	held	—	21 q
LTGIFLt Group Inc	0.00%	935,000	$317,000	added+56%	0.00 pp	17 q
PHJMFPt Hanjaya Mandala Samprn	0.00%	687,500	$172,000	held	—	20 q
BTIBritish American Tobacco p.l.c.	—	−10,492	—	exited	0.00 pp	—
UNMUnum Group	—	−4,500	—	exited	0.00 pp	—
unresolvedIndivior PLC	—	−22,782	—	exited	0.00 pp	—
AMKAFA.p Moeller-maersk A/S A	—	−420	—	exited	0.00 pp	—