Gardner Russo & Quinn

Q1 2019 13F · by Thomas Russo, portfolio manager

As of: Mar 31, 2019
Filed: May 15, 2019
US stock: $12.9B · prev $12.0B
Positions: 93 · prev 88
Options notional: $0
Documents: 1· no amendments

Picture56.9% US stock

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

US stock listed on a US exchange 56.9%
Foreign stock not listed in the US 43.1%
Notes debt, at principal 0.0%
Puts at notional value 0.0%
Calls at notional value 0.0%

Moves76 since the prior filing

+1.0 pp in · −1.1 pp out

New 8 0.00 pp
Added 15 +1.04 pp
Trimmed 50 −1.11 pp
Exited 3 −0.01 pp

The book

Concentrated · behaves like 14 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Low turnover · 0.8% a year, more than 30 years per position

Low
Moderate
High

Top 5 positions48% of US stock

MA Mastercard Incorporated trimmed+0.95 pp trimmed+0.9513.6%
NSRGY Nestle S.a S/ trimmed+0.24 pp trimmed+0.2410.3%
BRK.A Berkshire Hathaway Inc. trimmed−1.63 pp trimmed−1.639.6%
HKHHF Heineken Holding NV Ord trimmed+0.31 pp trimmed+0.317.5%
PDRDF Pernod Ricard Ord trimmed−0.34 pp trimmed−0.347.3%

Positions93 in this filing · 3 exited


MAMastercard Incorporated	13.60%	7,436,646	$1.8B	trimmed−8%	+0.95 pp	24 q
NSRGYNestle S.a S/	10.25%	13,842,483	$1.3B	trimmed−7%	+0.24 pp	24 q
BRK.ABerkshire Hathaway Inc.	9.59%	4,098	$1.2B	trimmed−7%	−1.63 pp	24 q
HKHHFHeineken Holding NV Ord	7.53%	9,662,797	$969M	trimmed−6%	+0.31 pp	24 q
PDRDFPernod Ricard Ord	7.33%	5,253,465	$944M	trimmed−7%	−0.34 pp	24 q
PMPhilip Morris International Inc.	6.61%	9,624,084	$851M	trimmed−4%	+1.05 pp	24 q
CFRHFCie Financiere Richmn New	6.17%	10,904,881	$794M	trimmed−5%	+0.08 pp	23 q
UNUnilever N V -ny Shares	6.03%	13,309,242	$776M	trimmed−7%	−0.37 pp	24 q
BUDFFAnheuser Busch Inbev Ord	5.25%	8,053,414	$676M	added+3%	+0.98 pp	11 q
WFCWells Fargo & Co.	4.75%	12,648,868	$611M	trimmed−5%	−0.35 pp	24 q
BRK.BBERKSHIRE HATHAWAY Class B	3.77%	2,417,601	$486M	trimmed−3%	−0.44 pp	24 q
MLMMartin Marietta Materials	2.90%	1,853,170	$373M	trimmed−5%	+0.12 pp	24 q
SWGAFSwatch Group AG New Ord	2.59%	1,163,414	$333M	trimmed−3%	−0.29 pp	24 q
MOAltria Group, Inc.	2.28%	5,113,999	$294M	trimmed−4%	+0.09 pp	24 q
DGEAFDiageo PLC Ord	1.99%	6,250,344	$256M	trimmed−18%	−0.25 pp	24 q
CMCSAComcast Corp	1.95%	6,287,439	$251M	trimmed−7%	+0.03 pp	24 q
JCDXFJc Decaux SA Act	1.63%	6,910,347	$210M	trimmed−4%	−0.05 pp	24 q
BF.ABrown-Forman Corporation Class A	1.61%	4,053,990	$207M	trimmed−4%	−0.05 pp	24 q
GOOGAlphabet Inc. Class C	0.85%	93,319	$109M	added+1%	+0.05 pp	20 q
BF.BBrown-Forman Corporation Class B	0.82%	2,008,798	$106M	trimmed−17%	−0.14 pp	24 q
VVISA Inc.	0.63%	520,170	$81M	trimmed−11%	−0.01 pp	24 q
DEODiageo plc	0.44%	343,801	$56M	trimmed−6%	+0.01 pp	24 q
AXPAmerican Express Company	0.12%	144,814	$16M	trimmed−12%	−0.01 pp	24 q
FMXFomento Economico Mexicano, S.a.b. De C.v.	0.10%	137,134	$13M	trimmed−10%	−0.01 pp	24 q
SWMASwedish Match AB	0.10%	242,790	$12M	trimmed−1%	+0.02 pp	24 q
XOMExxon Mobil Corp	0.09%	151,284	$12M	trimmed−0%	0.00 pp	24 q
CXTCrane NXT, Co.	0.07%	102,593	$9M	trimmed−4%	+0.01 pp	24 q
DANOYDanone S/	0.07%	557,639	$9M	trimmed−24%	−0.02 pp	24 q
MKLMarkel Group Inc.	0.06%	7,769	$8M	trimmed−2%	−0.01 pp	24 q
unresolvedOutfront Media Inc	0.06%	341,359	$8M	trimmed−17%	0.00 pp	18 q
HRLHormel Foods Corporation	0.05%	153,493	$7M	trimmed−1%	−0.01 pp	24 q
MLKNMillerKnoll, Inc.	0.05%	176,716	$6M	trimmed−4%	0.00 pp	24 q
VMCVulcan Materials Company(Holding Company)	0.05%	54,163	$6M	added+1%	+0.01 pp	11 q
KOCoca-Cola Company	0.04%	110,999	$5M	trimmed−5%	−0.01 pp	24 q
HINKFHeineken N V Reg	0.04%	45,988	$5M	held	—	24 q
DOVDover Corporation	0.03%	43,776	$4M	trimmed−2%	0.00 pp	24 q
MKCMcCormick & Company, Incorporated Non-VTG CS	0.03%	29,480	$4M	trimmed−4%	−0.01 pp	24 q
PEPPepsiCo, Inc.	0.03%	26,667	$3M	trimmed−4%	0.00 pp	24 q
PGProcter & Gamble Company	0.03%	42,780	$4M	trimmed−6%	0.00 pp	24 q
unresolvedAnheuser-Busch InBev SA Restri	0.03%	51,983	$4M	held	—	9 q
NSRGFNestle S.a Reg Ord	0.03%	41,054	$4M	added0%	0.00 pp	24 q
GOOGLAlphabet Inc. Class A	0.02%	1,830	$2M	added+1%	0.00 pp	15 q
unresolvedDowdupont Inc	0.02%	46,686	$2M	trimmed−2%	0.00 pp	7 q
PNCPNC Financial Services Group	0.02%	17,568	$2M	trimmed−3%	0.00 pp	24 q
RDS.ARoyal Dutch Shell PLC	0.02%	35,595	$2M	trimmed−9%	0.00 pp	24 q
BICEFBic Stec Ord	0.02%	22,215	$2M	added+1%	0.00 pp	24 q
COCXFLindt & Spruengli Ord	0.02%	26	$2M	held	—	24 q
UNUnilever Nv-cva	0.02%	39,105	$2M	added0%	0.00 pp	24 q
ABTAbbott Laboratories	0.01%	12,110	$968,000	trimmed−13%	0.00 pp	24 q
ABBVAbbvie Inc.	0.01%	13,010	$1M	trimmed−7%	0.00 pp	24 q
BACBank of America Corporation	0.01%	48,975	$1M	held	—	24 q
CVXChevron Corporation	0.01%	10,013	$1M	trimmed−6%	0.00 pp	24 q
CFRUYCompagnie Fnce Rch UN/	0.01%	149,875	$1M	added+53%	0.00 pp	24 q
COSTCostco Wholesale Corp	0.01%	5,227	$1M	held	—	24 q
EVFEaton Vance Senior Income Trust	0.01%	299,442	$2M	added+1%	0.00 pp	24 q
FULTFulton Financial Corp	0.01%	119,154	$2M	trimmed−1%	−0.01 pp	24 q
HEINYHeineken N V S/	0.01%	29,009	$2M	added+9%	0.00 pp	24 q
JPMJPMorgan Chase & Co.	0.01%	12,077	$1M	added+1%	0.00 pp	6 q
LAMRLamar Advertising Co	0.01%	8,756	$694,000	held	—	18 q
MTBM&T Bank Corp.	0.01%	4,559	$716,000	added+1%	0.00 pp	2 q
unresolvedPernod-Ricard SA-Unspon ADR	0.01%	35,025	$1M	trimmed−28%	0.00 pp	24 q
LRLCFL'oreal Co Eur Ord	0.01%	5,018	$1M	added+7%	0.00 pp	24 q
RBGPFReckitt Benckiser Grp PLC	0.01%	22,807	$2M	trimmed−4%	−0.01 pp	24 q
PRGAFPargesa Holding Sa-br	0.01%	11,526	$903,000	trimmed−2%	0.00 pp	24 q
AIGAmerican International Group, Inc.	0.00%	5,735	$247,000	held	—	24 q
AAPLApple Inc.	0.00%	2,095	$398,000	held	—	6 q
BBTTruist Financial Corporation	0.00%	10,157	$473,000	added0%	0.00 pp	24 q
BPBP p.l.c.	0.00%	5,106	$223,000	new	0.00 pp	new
CCThe Chemours Company	0.00%	6,416	$238,000	new	0.00 pp	new
COTYCoty Inc	0.00%	29,853	$343,000	trimmed−13%	0.00 pp	10 q
DISThe Walt Disney Company	0.00%	4,398	$488,000	trimmed−2%	0.00 pp	24 q
unresolvedHostess Brands Inc Wts Exp 11/	0.00%	212,000	$276,000	held	—	6 q
IBMInternational Business Machines Corporation	0.00%	1,512	$213,000	new	0.00 pp	new
MCDMcDonald's Corporation	0.00%	2,970	$564,000	added0%	0.00 pp	24 q
MRKMerck & Co., Inc.	0.00%	2,786	$232,000	held	—	2 q
MSFTMicrosoft Corp	0.00%	3,795	$448,000	held	—	24 q
ORLYO'Reilly Automotive, Inc.	0.00%	1,000	$388,000	held	—	13 q
ORCLOracle Corp	0.00%	4,000	$215,000	new	0.00 pp	new
PXDPioneer Natural Resource Co.	0.00%	2,600	$396,000	held	—	24 q
SWGAYSwatch Group AG UNSP/	0.00%	35,585	$509,000	new	0.00 pp	new
MMM3M Company	0.00%	1,140	$237,000	held	—	15 q
USBU.S. Bancorp	0.00%	4,314	$208,000	new	0.00 pp	new
UNPUnion Pacific Corp.	0.00%	1,810	$303,000	trimmed−5%	0.00 pp	12 q
WMTWalmart Inc.	0.00%	4,940	$482,000	trimmed−2%	0.00 pp	24 q
BOIVFBollore Investissemnt Ord	0.00%	30,000	$136,000	held	—	18 q
GPDNFGroupe Danone	0.00%	3,215	$248,000	trimmed−2%	0.00 pp	24 q
PZCPz Cussons PLC	0.00%	15,000	$38,000	held	—	24 q
ROGNRoche Holding Ag-genusschein	0.00%	775	$213,000	new	0.00 pp	new
SSDOFShiseido Co Ltd Ord	0.00%	3,500	$253,000	held	—	5 q
CIRCir SPA	0.00%	125,000	$153,000	held	—	24 q
CPRDavide Campari Milano N V	0.00%	13,280	$130,000	new	0.00 pp	new
LTGIFLt Group Inc	0.00%	1,250,000	$383,000	held	—	20 q
PHJMFPt Hanjaya Mandala Samprn	0.00%	687,500	$181,000	held	—	23 q
KHCThe Kraft Heinz Company	—	−23,940	—	exited	−0.01 pp	—
YAlleghany Corporation	—	−324	—	exited	0.00 pp	—
APYChampionX Corporation	—	−11,737	—	exited	0.00 pp	—

Source

Form: 13F-HR
Reading: 32 defects · 5 unresolved
Accession: 0000860643-19-000003
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 2019-03-31
A security outside the official 13F list — CUSIP 23636T100 not on the Official 13(f) List for 2019-03-31
A security outside the official 13F list — CUSIP 423012301 not on the Official 13(f) List for 2019-03-31
A security outside the official 13F list — CUSIP 641069406 not on the Official 13(f) List for 2019-03-31
A security outside the official 13F list — CUSIP 714264207 not on the Official 13(f) List for 2019-03-31
A security outside the official 13F list — CUSIP 870123106 not on the Official 13(f) List for 2019-03-31
A security outside the official 13F list — CUSIP B639CJ108 not on the Official 13(f) List for 2019-03-31
A security outside the official 13F list — CUSIP B639CJ116 not on the Official 13(f) List for 2019-03-31
A security outside the official 13F list — CUSIP F10080103 not on the Official 13(f) List for 2019-03-31
A security outside the official 13F list — CUSIP F10659260 not on the Official 13(f) List for 2019-03-31
A security outside the official 13F list — CUSIP F12033134 not on the Official 13(f) List for 2019-03-31
A security outside the official 13F list — CUSIP F5333N100 not on the Official 13(f) List for 2019-03-31
A security outside the official 13F list — CUSIP F58149133 not on the Official 13(f) List for 2019-03-31
A security outside the official 13F list — CUSIP F72027109 not on the Official 13(f) List for 2019-03-31
A security outside the official 13F list — CUSIP G42089113 not on the Official 13(f) List for 2019-03-31
A security outside the official 13F list — CUSIP G6850S109 not on the Official 13(f) List for 2019-03-31
A security outside the official 13F list — CUSIP G74079107 not on the Official 13(f) List for 2019-03-31
A security outside the official 13F list — CUSIP H25662182 not on the Official 13(f) List for 2019-03-31
A security outside the official 13F list — CUSIP H49983176 not on the Official 13(f) List for 2019-03-31
A security outside the official 13F list — CUSIP H57312649 not on the Official 13(f) List for 2019-03-31
A security outside the official 13F list — CUSIP H60477207 not on the Official 13(f) List for 2019-03-31
A security outside the official 13F list — CUSIP H69293217 not on the Official 13(f) List for 2019-03-31
A security outside the official 13F list — CUSIP H83949141 not on the Official 13(f) List for 2019-03-31
A security outside the official 13F list — CUSIP J74358144 not on the Official 13(f) List for 2019-03-31
A security outside the official 13F list — CUSIP N39338194 not on the Official 13(f) List for 2019-03-31
A security outside the official 13F list — CUSIP N39427211 not on the Official 13(f) List for 2019-03-31
A security outside the official 13F list — CUSIP N8981F271 not on the Official 13(f) List for 2019-03-31
A security outside the official 13F list — CUSIP T28980125 not on the Official 13(f) List for 2019-03-31
A security outside the official 13F list — CUSIP T3490M150 not on the Official 13(f) List for 2019-03-31
A security outside the official 13F list — CUSIP W92277115 not on the Official 13(f) List for 2019-03-31
A security outside the official 13F list — CUSIP Y5342M100 not on the Official 13(f) List for 2019-03-31
A security outside the official 13F list — CUSIP Y7121Z146 not on the Official 13(f) List for 2019-03-31

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