Gardner Russo & Quinn

Q2 2019 13F · by Thomas Russo, portfolio manager

As of: Jun 30, 2019
Filed: Aug 13, 2019
US stock: $13.2B · prev $12.9B
Positions: 96 · prev 93
Options notional: $0
Documents: 1· no amendments

Picture56.4% US stock

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

US stock listed on a US exchange 56.4%
Foreign stock not listed in the US 43.6%
Notes debt, at principal 0.0%
Puts at notional value 0.0%
Calls at notional value 0.0%

Moves77 since the prior filing

+0.8 pp in · −0.8 pp out

New 8 +0.04 pp
Added 9 +0.77 pp
Trimmed 55 −0.78 pp
Exited 5 −0.04 pp

The book

Concentrated · behaves like 14 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Low turnover · 3.6% a year, about 28.1 years per position

Low
Moderate
High

Top 5 positions49% of US stock

Positions96 in this filing · 5 exited


MAMastercard Incorporated	13.91%	6,914,951	$1.8B	trimmed−7%	+0.31 pp	25 q
NSRGYNestle S.a S/	10.52%	13,380,213	$1.4B	trimmed−3%	+0.27 pp	25 q
BRK.ABerkshire Hathaway Inc.	9.69%	4,002	$1.3B	trimmed−2%	+0.10 pp	25 q
HKHHFHeineken Holding NV Ord	7.49%	9,373,392	$985M	trimmed−3%	−0.04 pp	25 q
PDRDFPernod Ricard Ord	7.11%	5,065,560	$935M	trimmed−4%	−0.22 pp	25 q
CFRHFCie Financiere Richmn New	6.90%	10,686,189	$908M	trimmed−2%	+0.73 pp	24 q
UNUnilever N V -ny Shares	5.94%	12,874,544	$782M	trimmed−3%	−0.09 pp	25 q
PMPhilip Morris International Inc.	5.56%	9,317,748	$732M	trimmed−3%	−1.05 pp	25 q
BUDFFAnheuser Busch Inbev Ord	5.33%	7,912,198	$701M	trimmed−2%	+0.08 pp	12 q
WFCWells Fargo & Co.	4.55%	12,636,204	$598M	trimmed−0%	−0.20 pp	25 q
BRK.BBERKSHIRE HATHAWAY Class B	3.78%	2,332,814	$497M	trimmed−4%	+0.01 pp	25 q
MLMMartin Marietta Materials	3.14%	1,794,450	$413M	trimmed−3%	+0.24 pp	25 q
SWGAFSwatch Group AG New Ord	2.44%	1,118,079	$321M	trimmed−4%	−0.15 pp	25 q
CMCSAComcast Corp	1.95%	6,054,812	$256M	trimmed−4%	0.00 pp	25 q
DGEAFDiageo PLC Ord	1.87%	5,724,594	$247M	trimmed−8%	−0.12 pp	25 q
MOAltria Group, Inc.	1.80%	4,989,460	$236M	trimmed−2%	−0.48 pp	25 q
BF.ABrown-Forman Corporation Class A	1.65%	3,944,019	$217M	trimmed−3%	+0.04 pp	25 q
GOOGAlphabet Inc. Class C	1.61%	195,534	$211M	added×2.1	+0.76 pp	21 q
JCDXFJc Decaux SA Act	1.55%	6,699,785	$203M	trimmed−3%	−0.08 pp	25 q
BF.BBrown-Forman Corporation Class B	0.80%	1,894,106	$105M	trimmed−6%	−0.02 pp	25 q
VVISA Inc.	0.68%	512,994	$89M	trimmed−1%	+0.05 pp	25 q
DEODiageo plc	0.32%	241,341	$42M	trimmed−30%	−0.12 pp	25 q
AXPAmerican Express Company	0.13%	139,430	$17M	trimmed−4%	+0.01 pp	25 q
FMXFomento Economico Mexicano, S.a.b. De C.v.	0.10%	132,167	$13M	trimmed−4%	0.00 pp	25 q
XOMExxon Mobil Corp	0.09%	150,932	$12M	trimmed−0%	0.00 pp	25 q
SWMASwedish Match AB	0.07%	223,070	$9M	trimmed−8%	−0.03 pp	25 q
CXTCrane NXT, Co.	0.06%	99,643	$8M	trimmed−3%	−0.01 pp	25 q
DANOYDanone S/	0.06%	500,743	$8M	trimmed−10%	−0.01 pp	25 q
MKLMarkel Group Inc.	0.06%	7,684	$8M	trimmed−1%	0.00 pp	25 q
MLKNMillerKnoll, Inc.	0.06%	173,716	$8M	trimmed−2%	+0.01 pp	25 q
unresolvedOutfront Media Inc	0.06%	327,337	$8M	trimmed−4%	0.00 pp	19 q
VMCVulcan Materials Company(Holding Company)	0.06%	55,587	$8M	added+3%	+0.01 pp	12 q
HRLHormel Foods Corporation	0.05%	153,293	$6M	trimmed−0%	0.00 pp	25 q
KOCoca-Cola Company	0.04%	106,017	$5M	trimmed−4%	0.00 pp	25 q
HINKFHeineken N V Reg	0.04%	45,988	$5M	held	—	25 q
DOVDover Corporation	0.03%	43,501	$4M	trimmed−1%	0.00 pp	25 q
MKCMcCormick & Company, Incorporated Non-VTG CS	0.03%	28,975	$4M	trimmed−2%	0.00 pp	25 q
PEPPepsiCo, Inc.	0.03%	26,276	$3M	trimmed−1%	0.00 pp	25 q
PGProcter & Gamble Company	0.03%	39,278	$4M	trimmed−8%	0.00 pp	25 q
unresolvedAnheuser-Busch InBev SA Restri	0.03%	49,357	$4M	trimmed−5%	0.00 pp	10 q
NSRGFNestle S.a Reg Ord	0.03%	42,250	$4M	added+3%	0.00 pp	25 q
GOOGLAlphabet Inc. Class A	0.02%	1,844	$2M	added+1%	0.00 pp	16 q
PNCPNC Financial Services Group	0.02%	17,496	$2M	trimmed−0%	0.00 pp	25 q
RDS.ARoyal Dutch Shell PLC	0.02%	33,615	$2M	trimmed−6%	0.00 pp	25 q
COCXFLindt & Spruengli Ord	0.02%	26	$2M	held	—	25 q
UNAUnilever NV	0.02%	39,000	$2M	new	+0.02 pp	new
ABTAbbott Laboratories	0.01%	12,110	$1M	held	—	25 q
ABBVAbbvie Inc.	0.01%	13,010	$946,000	held	—	25 q
BACBank of America Corporation	0.01%	48,975	$1M	held	—	25 q
CVXChevron Corporation	0.01%	9,268	$1M	trimmed−7%	0.00 pp	25 q
CFRUYCompagnie Fnce Rch UN/	0.01%	149,520	$1M	trimmed−0%	0.00 pp	25 q
COSTCostco Wholesale Corp	0.01%	5,092	$1M	trimmed−3%	0.00 pp	25 q
DOWDow Inc.	0.01%	15,239	$751,000	new	+0.01 pp	new
DDDuPont de Nemours, Inc.	0.01%	15,306	$1M	new	+0.01 pp	new
EVFEaton Vance Senior Income Trust	0.01%	302,095	$2M	added+1%	0.00 pp	25 q
FULTFulton Financial Corp	0.01%	117,524	$2M	trimmed−1%	0.00 pp	25 q
HEINYHeineken N V S/	0.01%	28,357	$2M	trimmed−2%	0.00 pp	25 q
JPMJPMorgan Chase & Co.	0.01%	12,148	$1M	added+1%	0.00 pp	7 q
LAMRLamar Advertising Co	0.01%	8,388	$677,000	trimmed−4%	0.00 pp	19 q
MTBM&T Bank Corp.	0.01%	4,586	$780,000	added+1%	0.00 pp	3 q
unresolvedPernod-Ricard SA-Unspon ADR	0.01%	34,800	$1M	trimmed−1%	0.00 pp	25 q
BICEFBic Stec Ord	0.01%	21,815	$2M	trimmed−2%	−0.01 pp	25 q
LRLCFL'oreal Co Eur Ord	0.01%	5,018	$1M	held	—	25 q
RBGPFReckitt Benckiser Grp PLC	0.01%	22,592	$2M	trimmed−1%	0.00 pp	25 q
PRGAFPargesa Holding Sa-br	0.01%	11,526	$890,000	held	—	25 q
YAlleghany Corporation	0.00%	324	$221,000	new	0.00 pp	new
AIGAmerican International Group, Inc.	0.00%	5,735	$306,000	held	—	25 q
BUDAnheuser-Busch INBEV SA/NV	0.00%	4,193	$371,000	new	0.00 pp	new
AAPLApple Inc.	0.00%	2,095	$415,000	held	—	7 q
BBTTruist Financial Corporation	0.00%	10,200	$501,000	added0%	0.00 pp	25 q
BPBP p.l.c.	0.00%	5,099	$213,000	trimmed−0%	0.00 pp	2 q
CTVACorteva, Inc.	0.00%	15,306	$453,000	new	0.00 pp	new
COTYCoty Inc	0.00%	15,225	$204,000	trimmed−49%	0.00 pp	11 q
DISThe Walt Disney Company	0.00%	4,383	$612,000	trimmed−0%	0.00 pp	25 q
unresolvedHostess Brands Inc Wts Exp 11/	0.00%	212,000	$403,000	held	—	7 q
MCDMcDonald's Corporation	0.00%	2,970	$617,000	held	—	25 q
MRKMerck & Co., Inc.	0.00%	2,781	$233,000	trimmed−0%	0.00 pp	3 q
MSFTMicrosoft Corp	0.00%	3,795	$508,000	held	—	25 q
ORLYO'Reilly Automotive, Inc.	0.00%	1,000	$369,000	held	—	14 q
ORCLOracle Corp	0.00%	4,000	$228,000	held	—	2 q
PXDPioneer Natural Resource Co.	0.00%	2,600	$400,000	held	—	25 q
SWGAYSwatch Group AG UNSP/	0.00%	35,585	$510,000	held	—	2 q
unresolvedSwedish Match AB Unspon ADR	0.00%	16,650	$352,000	new	0.00 pp	new
USBU.S. Bancorp	0.00%	4,314	$226,000	held	—	2 q
UNPUnion Pacific Corp.	0.00%	1,700	$287,000	trimmed−6%	0.00 pp	13 q
WMTWalmart Inc.	0.00%	4,855	$536,000	trimmed−2%	0.00 pp	25 q
BOIVFBollore Investissemnt Ord	0.00%	30,000	$133,000	held	—	19 q
GPDNFGroupe Danone	0.00%	3,205	$272,000	trimmed−0%	0.00 pp	25 q
LVMHFLvmh-moet Hnsy L Vutn	0.00%	630	$269,000	new	0.00 pp	new
PZCPz Cussons PLC	0.00%	15,000	$41,000	held	—	25 q
ROGNRoche Holding Ag-genusschein	0.00%	775	$218,000	held	—	2 q
SSDOFShiseido Co Ltd Ord	0.00%	3,500	$264,000	held	—	6 q
CIRCir SPA	0.00%	125,000	$134,000	held	—	25 q
CPRDavide Campari Milano N V	0.00%	28,040	$275,000	added×2.1	0.00 pp	2 q
LTGIFLt Group Inc	0.00%	1,250,000	$371,000	held	—	21 q
PHJMFPt Hanjaya Mandala Samprn	0.00%	687,500	$153,000	held	—	24 q
unresolvedDowdupont Inc	—	−46,686	—	exited	−0.02 pp	—
UNUnilever Nv-cva	—	−39,105	—	exited	−0.02 pp	—
CCThe Chemours Company	—	−6,416	—	exited	0.00 pp	—
IBMInternational Business Machines Corporation	—	−1,512	—	exited	0.00 pp	—
MMM3M Company	—	−1,140	—	exited	0.00 pp	—