Gardner Russo & Quinn

Q4 2018 13F · by Thomas Russo, portfolio manager

As of: Dec 31, 2018
Filed: Feb 13, 2019
US stock: $12.0B · prev $13.8B
Positions: 88 · prev 95
Options notional: $0
Documents: 1· no amendments

Picture57.5% US stock

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

US stock listed on a US exchange 57.5%
Foreign stock not listed in the US 42.5%
Notes debt, at principal 0.0%
Puts at notional value 0.0%
Calls at notional value 0.0%

Moves68 since the prior filing

+0.3 pp in · −0.3 pp out

New 2 +0.01 pp
Added 7 +0.31 pp
Trimmed 50 −0.25 pp
Exited 9 −0.01 pp

The book

Concentrated · behaves like 14 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Low turnover · 1.3% a year, more than 30 years per position

Low
Moderate
High

Top 5 positions49% of US stock

Positions88 in this filing · 9 exited


MAMastercard Incorporated	12.65%	8,077,802	$1.5B	trimmed−3%	−0.79 pp	23 q
BRK.ABerkshire Hathaway Inc.	11.22%	4,417	$1.4B	trimmed−3%	+0.68 pp	23 q
NSRGYNestle S.a S/	10.01%	14,897,566	$1.2B	trimmed−3%	+0.75 pp	23 q
PDRDFPernod Ricard Ord	7.67%	5,639,552	$924M	trimmed−4%	+0.73 pp	23 q
HKHHFHeineken Holding NV Ord	7.22%	10,314,562	$870M	trimmed−3%	+0.28 pp	23 q
UNUnilever N V -ny Shares	6.40%	14,322,780	$771M	trimmed−3%	+0.49 pp	23 q
CFRHFCie Financiere Richmn New	6.09%	11,476,544	$733M	trimmed−1%	−0.81 pp	22 q
PMPhilip Morris International Inc.	5.56%	10,024,100	$669M	trimmed−3%	−0.51 pp	23 q
WFCWells Fargo & Co.	5.10%	13,341,454	$615M	trimmed−0%	+0.02 pp	23 q
BUDFFAnheuser Busch Inbev Ord	4.27%	7,799,725	$514M	trimmed−3%	−0.82 pp	10 q
BRK.BBERKSHIRE HATHAWAY Class B	4.21%	2,485,257	$507M	trimmed−3%	+0.26 pp	23 q
SWGAFSwatch Group AG New Ord	2.88%	1,193,914	$347M	trimmed−0%	−0.58 pp	23 q
MLMMartin Marietta Materials	2.78%	1,944,937	$334M	trimmed−2%	+0.17 pp	23 q
DGEAFDiageo PLC Ord	2.24%	7,578,148	$270M	trimmed−4%	+0.21 pp	23 q
MOAltria Group, Inc.	2.19%	5,331,976	$263M	trimmed−2%	−0.19 pp	23 q
CMCSAComcast Corp	1.92%	6,779,811	$231M	trimmed−3%	+0.13 pp	23 q
JCDXFJc Decaux SA Act	1.68%	7,234,684	$203M	trimmed−5%	−0.34 pp	23 q
BF.ABrown-Forman Corporation Class A	1.66%	4,216,925	$200M	trimmed−2%	+0.08 pp	23 q
BF.BBrown-Forman Corporation Class B	0.96%	2,419,447	$115M	trimmed−4%	+0.04 pp	23 q
GOOGAlphabet Inc. Class C	0.80%	92,570	$96M	added+61%	+0.31 pp	19 q
VVISA Inc.	0.64%	584,461	$77M	trimmed−5%	−0.03 pp	23 q
DEODiageo plc	0.43%	364,056	$52M	trimmed−7%	+0.03 pp	23 q
AXPAmerican Express Company	0.13%	163,749	$16M	trimmed−8%	−0.01 pp	23 q
FMXFomento Economico Mexicano, S.a.b. De C.v.	0.11%	152,995	$13M	trimmed−6%	−0.01 pp	23 q
DANOYDanone S/	0.09%	731,449	$10M	trimmed−12%	0.00 pp	23 q
XOMExxon Mobil Corp	0.09%	151,616	$10M	trimmed−2%	−0.01 pp	23 q
SWMASwedish Match AB	0.08%	245,445	$10M	trimmed−5%	−0.02 pp	23 q
MKLMarkel Group Inc.	0.07%	7,920	$8M	trimmed−1%	0.00 pp	23 q
CXTCrane NXT, Co.	0.06%	106,993	$8M	trimmed−8%	−0.02 pp	23 q
HRLHormel Foods Corporation	0.06%	155,373	$7M	trimmed−3%	+0.01 pp	23 q
unresolvedOutfront Media Inc	0.06%	410,326	$7M	trimmed−10%	−0.01 pp	17 q
KOCoca-Cola Company	0.05%	116,923	$6M	trimmed−2%	+0.01 pp	23 q
MLKNMillerKnoll, Inc.	0.05%	183,216	$6M	trimmed−4%	0.00 pp	23 q
MKCMcCormick & Company, Incorporated Non-VTG CS	0.04%	30,855	$4M	trimmed−6%	+0.01 pp	23 q
VMCVulcan Materials Company(Holding Company)	0.04%	53,800	$5M	trimmed−3%	0.00 pp	10 q
DOVDover Corporation	0.03%	44,691	$3M	trimmed−11%	0.00 pp	23 q
PEPPepsiCo, Inc.	0.03%	27,921	$3M	trimmed−13%	0.00 pp	23 q
PGProcter & Gamble Company	0.03%	45,511	$4M	trimmed−4%	0.00 pp	23 q
unresolvedAnheuser-Busch InBev SA Restri	0.03%	51,983	$3M	held	—	8 q
NSRGFNestle S.a Reg Ord	0.03%	41,000	$3M	held	—	23 q
HINKFHeineken N V Reg	0.03%	45,988	$4M	held	—	23 q
GOOGLAlphabet Inc. Class A	0.02%	1,813	$2M	trimmed−3%	0.00 pp	14 q
unresolvedDowdupont Inc	0.02%	47,724	$3M	added0%	0.00 pp	6 q
FULTFulton Financial Corp	0.02%	120,154	$2M	held	—	23 q
PNCPNC Financial Services Group	0.02%	18,168	$2M	trimmed−7%	0.00 pp	23 q
RDS.ARoyal Dutch Shell PLC	0.02%	38,945	$2M	trimmed−3%	0.00 pp	23 q
BICEFBic Stec Ord	0.02%	22,055	$2M	held	—	23 q
RBGPFReckitt Benckiser Grp PLC	0.02%	23,732	$2M	trimmed−4%	0.00 pp	23 q
COCXFLindt & Spruengli Ord	0.02%	26	$2M	held	—	23 q
UNUnilever Nv-cva	0.02%	39,000	$2M	held	—	23 q
ABTAbbott Laboratories	0.01%	13,960	$1M	held	—	23 q
ABBVAbbvie Inc.	0.01%	13,966	$1M	held	—	23 q
BACBank of America Corporation	0.01%	48,975	$1M	trimmed−2%	0.00 pp	23 q
CVXChevron Corporation	0.01%	10,663	$1M	held	—	23 q
CFRUYCompagnie Fnce Rch UN/	0.01%	97,895	$626,000	trimmed−58%	0.00 pp	23 q
COSTCostco Wholesale Corp	0.01%	5,227	$1M	held	—	23 q
EVFEaton Vance Senior Income Trust	0.01%	296,926	$2M	added+1%	0.00 pp	23 q
HEINYHeineken N V S/	0.01%	26,512	$1M	trimmed−36%	0.00 pp	23 q
JPMJPMorgan Chase & Co.	0.01%	12,000	$1M	added+4%	0.00 pp	5 q
KHCThe Kraft Heinz Company	0.01%	23,940	$1M	added+2%	0.00 pp	12 q
LAMRLamar Advertising Co	0.01%	8,756	$606,000	trimmed−23%	0.00 pp	17 q
MTBM&T Bank Corp.	0.01%	4,529	$648,000	new	+0.01 pp	new
unresolvedPernod-Ricard SA-Unspon ADR	0.01%	48,424	$2M	trimmed−12%	0.00 pp	23 q
LRLCFL'oreal Co Eur Ord	0.01%	4,680	$1M	held	—	23 q
PRGAFPargesa Holding Sa-br	0.01%	11,776	$846,000	held	—	23 q
YAlleghany Corporation	0.00%	324	$202,000	held	—	2 q
AIGAmerican International Group, Inc.	0.00%	5,735	$226,000	held	—	23 q
APYChampionX Corporation	0.00%	11,737	$318,000	trimmed−19%	0.00 pp	3 q
AAPLApple Inc.	0.00%	2,095	$330,000	trimmed−19%	0.00 pp	5 q
BBTTruist Financial Corporation	0.00%	10,116	$438,000	trimmed−5%	0.00 pp	23 q
COTYCoty Inc	0.00%	34,358	$225,000	trimmed−2%	0.00 pp	9 q
DISThe Walt Disney Company	0.00%	4,468	$490,000	held	—	23 q
unresolvedHostess Brands Inc Wts Exp 11/	0.00%	212,000	$197,000	added×2.1	0.00 pp	5 q
MCDMcDonald's Corporation	0.00%	2,965	$526,000	held	—	23 q
MRKMerck & Co., Inc.	0.00%	2,786	$213,000	new	0.00 pp	new
MSFTMicrosoft Corp	0.00%	3,795	$385,000	held	—	23 q
ORLYO'Reilly Automotive, Inc.	0.00%	1,000	$344,000	held	—	12 q
PXDPioneer Natural Resource Co.	0.00%	2,600	$342,000	held	—	23 q
MMM3M Company	0.00%	1,140	$217,000	held	—	14 q
UNPUnion Pacific Corp.	0.00%	1,910	$264,000	held	—	11 q
WMTWalmart Inc.	0.00%	5,055	$471,000	held	—	23 q
BOIVFBollore Investissemnt Ord	0.00%	30,000	$120,000	held	—	17 q
GPDNFGroupe Danone	0.00%	3,275	$230,000	held	—	23 q
PZCPz Cussons PLC	0.00%	15,000	$41,000	held	—	23 q
SSDOFShiseido Co Ltd Ord	0.00%	3,500	$220,000	held	—	4 q
CIRCir SPA	0.00%	125,000	$133,000	held	—	23 q
LTGIFLt Group Inc	0.00%	1,250,000	$395,000	added+25%	0.00 pp	19 q
PHJMFPt Hanjaya Mandala Samprn	0.00%	687,500	$177,000	held	—	22 q
SWGAYSwatch Group AG UNSP/	—	−54,590	—	exited	−0.01 pp	—
BPBP p.l.c.	—	−5,279	—	exited	0.00 pp	—
CCThe Chemours Company	—	−6,466	—	exited	0.00 pp	—
COPConocoPhillips	—	−2,638	—	exited	0.00 pp	—
IBMInternational Business Machines Corporation	—	−1,571	—	exited	0.00 pp	—
unresolvedM&T Bank Corp Wts Exp 12/23/1	—	−7,360	—	exited	0.00 pp	—
ORCLOracle Corp	—	−4,000	—	exited	0.00 pp	—
USBU.S. Bancorp	—	−4,314	—	exited	0.00 pp	—
NLSNNielsen Holdings PLC	—	−16,775	—	exited	0.00 pp	—