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Gardner Russo & Quinn

Q3 2018 13F · by Thomas Russo, portfolio manager

As of
Sep 30, 2018
Filed
Nov 13, 2018
US stock
$13.8B · prev $13.7B
Positions
95 · prev 98
Options notional
$0
Documents
1· no amendments

Picture57.0% US stock

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

  • US stock listed on a US exchange 57.0%
  • Foreign stock not listed in the US 43.0%
  • Notes debt, at principal 0.0%
  • Puts at notional value 0.0%
  • Calls at notional value 0.0%

Moves81 since the prior filing

The book

Concentrated · behaves like 14 equal-sized positions

  1. Very concentrated
  2. Concentrated
  3. Focused
  4. Diversified

Low turnover · 2.9% a year, more than 30 years per position

  1. Low
  2. Moderate
  3. High

Top 5 positions47% of US stock

  1. MA Mastercard Incorporated trimmed+1.02 pp trimmed+1.0213.4%
  2. BRK.A Berkshire Hathaway Inc. trimmed+1.03 pp trimmed+1.0310.5%
  3. NSRGY Nestle S.a S/ trimmed+0.39 pp trimmed+0.399.3%
  4. PDRDF Pernod Ricard Ord trimmed−0.08 pp trimmed−0.086.9%
  5. HKHHF Heineken Holding NV Ord added−0.45 pp added−0.456.9%

Positions95 in this filing · 6 exited

MAMastercard Incorporated13.44%8,351,354$1.9Btrimmed−4%+1.02 pp22 q
BRK.ABerkshire Hathaway Inc.10.54%4,555$1.5Btrimmed−1%+1.03 pp22 q
NSRGYNestle S.a S/9.26%15,392,326$1.3Btrimmed−2%+0.39 pp22 q
PDRDFPernod Ricard Ord6.94%5,849,165$960Mtrimmed−1%−0.08 pp22 q
HKHHFHeineken Holding NV Ord6.94%10,587,256$959Madded0%−0.45 pp22 q
CFRHFCie Financiere Richmn New6.90%11,644,012$954Madded+1%−0.21 pp21 q
PMPhilip Morris International Inc.6.07%10,301,119$840Mtrimmed−1%−0.06 pp22 q
UNUnilever N V -ny Shares5.91%14,723,219$818Mtrimmed−2%−0.17 pp22 q
BUDFFAnheuser Busch Inbev Ord5.09%8,061,282$704Madded0%−0.84 pp9 q
WFCWells Fargo & Co.5.08%13,376,592$703Madded+9%+0.11 pp22 q
BRK.BBERKSHIRE HATHAWAY Class B3.95%2,551,745$546Madded+1%+0.51 pp22 q
SWGAFSwatch Group AG New Ord3.46%1,196,589$478Madded+4%−0.52 pp22 q
MLMMartin Marietta Materials2.61%1,987,280$362Mtrimmed−0%−0.64 pp22 q
MOAltria Group, Inc.2.38%5,448,807$329Mtrimmed−2%+0.08 pp22 q
DGEAFDiageo PLC Ord2.03%7,903,324$280Mtrimmed−1%−0.07 pp22 q
JCDXFJc Decaux SA Act2.02%7,626,378$279Mtrimmed−1%+0.14 pp22 q
CMCSAComcast Corp1.79%7,002,063$248Mtrimmed−1%+0.09 pp22 q
BF.ABrown-Forman Corporation Class A1.58%4,295,327$218Mtrimmed−0%+0.04 pp22 q
BF.BBrown-Forman Corporation Class B0.92%2,512,409$127Mtrimmed−5%−0.03 pp22 q
VVISA Inc.0.67%616,572$93Mtrimmed−1%+0.07 pp22 q
GOOGAlphabet Inc. Class C0.49%57,351$68Madded+1%+0.03 pp18 q
DEODiageo plc0.40%390,477$55Mtrimmed−3%−0.02 pp22 q
AXPAmerican Express Company0.14%177,446$19Mtrimmed−2%+0.01 pp22 q
FMXFomento Economico Mexicano, S.a.b. De C.v.0.12%162,402$16Mtrimmed−1%+0.01 pp22 q
XOMExxon Mobil Corp0.10%154,948$13Madded0%+0.01 pp22 q
SWMASwedish Match AB0.10%258,395$13Mtrimmed−1%+0.01 pp22 q
DANOYDanone S/0.09%828,970$13Mtrimmed−2%0.00 pp22 q
CXTCrane NXT, Co.0.08%116,518$11Mtrimmed−3%+0.01 pp22 q
MKLMarkel Group Inc.0.07%8,000$10Mtrimmed−1%+0.01 pp22 q
unresolvedOutfront Media Inc0.07%457,996$9Madded+1%+0.01 pp16 q
HRLHormel Foods Corporation0.05%160,023$6Madded+1%+0.01 pp22 q
MLKNMillerKnoll, Inc.0.05%190,266$7Mtrimmed−3%0.00 pp22 q
KOCoca-Cola Company0.04%119,308$6Mtrimmed−2%0.00 pp22 q
VMCVulcan Materials Company(Holding Company)0.04%55,415$6Madded+1%−0.01 pp9 q
DOVDover Corporation0.03%50,291$4Mtrimmed−2%0.00 pp22 q
MKCMcCormick & Company, Incorporated Non-VTG CS0.03%32,805$4Mtrimmed−2%0.00 pp22 q
PEPPepsiCo, Inc.0.03%31,975$4Mtrimmed−1%0.00 pp22 q
PGProcter & Gamble Company0.03%47,439$4Mtrimmed−3%0.00 pp22 q
unresolvedAnheuser-Busch InBev SA Restri0.03%51,983$5Mheld—7 q
HINKFHeineken N V Reg0.03%45,988$4Mheld—22 q
GOOGLAlphabet Inc. Class A0.02%1,871$2Mheld—13 q
unresolvedDowdupont Inc0.02%47,631$3Mtrimmed−0%0.00 pp5 q
PNCPNC Financial Services Group0.02%19,568$3Mtrimmed−7%0.00 pp22 q
RDS.ARoyal Dutch Shell PLC0.02%40,050$3Mtrimmed−12%0.00 pp22 q
RBGPFReckitt Benckiser Grp PLC0.02%24,717$2Mtrimmed−2%0.00 pp22 q
COCXFLindt & Spruengli Ord0.02%26$2Mtrimmed−4%+0.01 pp22 q
NSRGFNestle S.a Reg Ord0.02%41,000$3Mheld—22 q
UNUnilever Nv-cva0.02%39,000$2Mheld—22 q
ABTAbbott Laboratories0.01%13,960$1Mheld—22 q
ABBVAbbvie Inc.0.01%13,966$1Mheld—22 q
BACBank of America Corporation0.01%49,975$1Madded+4%0.00 pp22 q
CVXChevron Corporation0.01%10,663$1Mtrimmed−3%0.00 pp22 q
CFRUYCompagnie Fnce Rch UN/0.01%231,020$2Madded+5%0.00 pp22 q
COSTCostco Wholesale Corp0.01%5,227$1Mtrimmed−4%0.00 pp22 q
EVFEaton Vance Senior Income Trust0.01%294,503$2Madded+1%0.00 pp22 q
FULTFulton Financial Corp0.01%120,154$2Mtrimmed−0%0.00 pp22 q
HEINYHeineken N V S/0.01%41,177$2Madded+3%0.00 pp22 q
JPMJPMorgan Chase & Co.0.01%11,520$1Madded×5.8+0.01 pp4 q
KHCThe Kraft Heinz Company0.01%23,535$1Mheld—11 q
LAMRLamar Advertising Co0.01%11,445$890,000trimmed−4%0.00 pp16 q
unresolvedPernod-Ricard SA-Unspon ADR0.01%55,265$2Madded+4%0.00 pp22 q
SWGAYSwatch Group AG UNSP/0.01%54,590$1Madded+11%0.00 pp12 q
BICEFBic Stec Ord0.01%22,055$2Madded+5%0.00 pp22 q
LRLCFL'oreal Co Eur Ord0.01%4,680$1Mtrimmed−3%0.00 pp22 q
PRGAFPargesa Holding Sa-br0.01%11,776$951,000held—22 q
YAlleghany Corporation0.00%324$211,000new0.00 ppnew
AIGAmerican International Group, Inc.0.00%5,735$305,000held—22 q
APYChampionX Corporation0.00%14,512$632,000trimmed−41%−0.01 pp2 q
AAPLApple Inc.0.00%2,595$586,000added+53%0.00 pp4 q
BBTTruist Financial Corporation0.00%10,617$515,000added0%0.00 pp22 q
BPBP p.l.c.0.00%5,200$240,000trimmed−1%0.00 pp4 q
CCThe Chemours Company0.00%6,466$255,000added+1%0.00 pp7 q
COPConocoPhillips0.00%2,638$204,000new0.00 ppnew
COTYCoty Inc0.00%35,008$440,000trimmed−0%0.00 pp8 q
DISThe Walt Disney Company0.00%4,468$522,000trimmed−3%0.00 pp22 q
unresolvedHostess Brands Inc Wts Exp 11/0.00%100,000$106,000added+74%0.00 pp4 q
IBMInternational Business Machines Corporation0.00%1,571$238,000trimmed−71%−0.01 pp22 q
unresolvedM&T Bank Corp Wts Exp 12/23/10.00%7,360$682,000held—22 q
MCDMcDonald's Corporation0.00%2,965$496,000held—22 q
MSFTMicrosoft Corp0.00%3,795$434,000trimmed−1%0.00 pp22 q
ORLYO'Reilly Automotive, Inc.0.00%1,000$347,000trimmed−9%0.00 pp11 q
ORCLOracle Corp0.00%4,000$206,000new0.00 ppnew
PXDPioneer Natural Resource Co.0.00%2,600$453,000held—22 q
MMM3M Company0.00%1,140$240,000trimmed−20%0.00 pp13 q
USBU.S. Bancorp0.00%4,314$228,000held—4 q
UNPUnion Pacific Corp.0.00%1,910$311,000held—10 q
WMTWalmart Inc.0.00%5,055$475,000trimmed−5%0.00 pp22 q
BOIVFBollore Investissemnt Ord0.00%30,000$130,000trimmed−1%0.00 pp16 q
GPDNFGroupe Danone0.00%3,275$254,000held—22 q
NLSNNielsen Holdings PLC0.00%16,775$464,000trimmed−12%0.00 pp13 q
PZCPz Cussons PLC0.00%15,000$46,000held—22 q
SSDOFShiseido Co Ltd Ord0.00%3,500$271,000held—3 q
CIRCir SPA0.00%125,000$143,000held—22 q
LTGIFLt Group Inc0.00%1,000,000$267,000added+7%0.00 pp18 q
PHJMFPt Hanjaya Mandala Samprn0.00%687,500$178,000held—21 q
BTAFFBritish Amer Tbco London—−1,254,227—exited−0.46 pp—
unresolvedJpmorgan Chase & Co—−14,915—exited−0.01 pp—
unresolvedWells Fargo Warrants, 34.01 St—−81,785—exited−0.01 pp—
CSFLCenterState Bank Corporation—−7,304—exited0.00 pp—
JNJJohnson & Johnson—−1,715—exited0.00 pp—
SLBSLB Limited—−4,225—exited0.00 pp—

Source

Form
13F-HR
Reading
30 defects · 6 unresolved
Accession
0000860643-18-000006
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 2018-09-30
  • A security outside the official 13F list — CUSIP 23636T100 not on the Official 13(f) List for 2018-09-30
  • A security outside the official 13F list — CUSIP 423012301 not on the Official 13(f) List for 2018-09-30
  • A security outside the official 13F list — CUSIP 641069406 not on the Official 13(f) List for 2018-09-30
  • A security outside the official 13F list — CUSIP 714264207 not on the Official 13(f) List for 2018-09-30
  • A security outside the official 13F list — CUSIP 870123106 not on the Official 13(f) List for 2018-09-30
  • A security outside the official 13F list — CUSIP B639CJ108 not on the Official 13(f) List for 2018-09-30
  • A security outside the official 13F list — CUSIP B639CJ116 not on the Official 13(f) List for 2018-09-30
  • A security outside the official 13F list — CUSIP F10080103 not on the Official 13(f) List for 2018-09-30
  • A security outside the official 13F list — CUSIP F10659260 not on the Official 13(f) List for 2018-09-30
  • A security outside the official 13F list — CUSIP F12033134 not on the Official 13(f) List for 2018-09-30
  • A security outside the official 13F list — CUSIP F5333N100 not on the Official 13(f) List for 2018-09-30
  • A security outside the official 13F list — CUSIP F58149133 not on the Official 13(f) List for 2018-09-30
  • A security outside the official 13F list — CUSIP F72027109 not on the Official 13(f) List for 2018-09-30
  • A security outside the official 13F list — CUSIP G42089113 not on the Official 13(f) List for 2018-09-30
  • A security outside the official 13F list — CUSIP G6850S109 not on the Official 13(f) List for 2018-09-30
  • A security outside the official 13F list — CUSIP G74079107 not on the Official 13(f) List for 2018-09-30
  • A security outside the official 13F list — CUSIP H25662182 not on the Official 13(f) List for 2018-09-30
  • A security outside the official 13F list — CUSIP H49983176 not on the Official 13(f) List for 2018-09-30
  • A security outside the official 13F list — CUSIP H57312649 not on the Official 13(f) List for 2018-09-30
  • A security outside the official 13F list — CUSIP H60477207 not on the Official 13(f) List for 2018-09-30
  • A security outside the official 13F list — CUSIP H83949141 not on the Official 13(f) List for 2018-09-30
  • A security outside the official 13F list — CUSIP J74358144 not on the Official 13(f) List for 2018-09-30
  • A security outside the official 13F list — CUSIP N39338194 not on the Official 13(f) List for 2018-09-30
  • A security outside the official 13F list — CUSIP N39427211 not on the Official 13(f) List for 2018-09-30
  • A security outside the official 13F list — CUSIP N8981F271 not on the Official 13(f) List for 2018-09-30
  • A security outside the official 13F list — CUSIP T28980125 not on the Official 13(f) List for 2018-09-30
  • A security outside the official 13F list — CUSIP W92277115 not on the Official 13(f) List for 2018-09-30
  • A security outside the official 13F list — CUSIP Y5342M100 not on the Official 13(f) List for 2018-09-30
  • A security outside the official 13F list — CUSIP Y7121Z146 not on the Official 13(f) List for 2018-09-30