Gardner Russo & Quinn

Q4 2019 13F · by Thomas Russo, portfolio manager

As of: Dec 31, 2019
Filed: Feb 11, 2020
US stock: $13.0B · prev $13.2B
Positions: 93 · prev 96
Options notional: $0
Documents: 1· no amendments

Picture59.4% US stock

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

US stock listed on a US exchange 59.4%
Foreign stock not listed in the US 40.6%
Notes debt, at principal 0.0%
Puts at notional value 0.0%
Calls at notional value 0.0%

Moves80 since the prior filing

+2.3 pp in · −2.3 pp out

New 1 0.00 pp
Added 11 +2.27 pp
Trimmed 64 −2.27 pp
Exited 4 0.00 pp

The book

Concentrated · behaves like 14 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Low turnover · 4.8% a year, about 20.6 years per position

Low
Moderate
High

Top 5 positions49% of US stock

MA Mastercard Incorporated trimmed+0.70 pp trimmed+0.7014.6%
NSRGY Nestle S.a S/ trimmed+0.08 pp trimmed+0.0810.6%
BRK.A Berkshire Hathaway Inc. trimmed+0.34 pp trimmed+0.3410.0%
HKHHF Heineken Holding NV Ord trimmed−0.80 pp trimmed−0.806.7%
PDRDF Pernod Ricard Ord trimmed−0.46 pp trimmed−0.466.7%

Positions93 in this filing · 4 exited


MAMastercard Incorporated	14.61%	6,380,459	$1.9B	trimmed−8%	+0.70 pp	new
NSRGYNestle S.a S/	10.60%	12,760,244	$1.4B	trimmed−5%	+0.08 pp	new
BRK.ABerkshire Hathaway Inc.	10.03%	3,850	$1.3B	trimmed−4%	+0.34 pp	new
HKHHFHeineken Holding NV Ord	6.69%	8,992,136	$872M	trimmed−4%	−0.80 pp	new
PDRDFPernod Ricard Ord	6.65%	4,844,875	$867M	trimmed−4%	−0.46 pp	new
CFRHFCie Financiere Richmn New	6.12%	10,157,731	$798M	trimmed−5%	−0.78 pp	new
PMPhilip Morris International Inc.	5.79%	8,863,924	$754M	trimmed−5%	+0.23 pp	new
UNUnilever N V -ny Shares	5.45%	12,374,258	$711M	trimmed−4%	−0.49 pp	new
WFCWells Fargo & Co.	5.22%	12,639,980	$680M	added0%	+0.67 pp	new
BUDFFAnheuser Busch Inbev Ord	4.74%	7,574,490	$618M	trimmed−4%	−0.59 pp	new
BRK.BBERKSHIRE HATHAWAY Class B	3.83%	2,206,875	$500M	trimmed−5%	+0.05 pp	new
MLMMartin Marietta Materials	3.62%	1,687,254	$472M	trimmed−6%	+0.48 pp	new
GOOGAlphabet Inc. Class C	3.21%	312,829	$418M	added+60%	+1.60 pp	new
SWGAFSwatch Group AG New Ord	2.23%	1,044,330	$291M	trimmed−7%	−0.21 pp	new
CMCSAComcast Corp	1.99%	5,778,809	$260M	trimmed−5%	+0.04 pp	new
BF.ABrown-Forman Corporation Class A	1.80%	3,738,915	$235M	trimmed−5%	+0.15 pp	new
DGEAFDiageo PLC Ord	1.77%	5,427,771	$230M	trimmed−5%	−0.10 pp	new
JCDXFJc Decaux SA Act	1.50%	6,345,372	$196M	trimmed−5%	−0.05 pp	new
BF.BBrown-Forman Corporation Class B	0.89%	1,721,550	$116M	trimmed−9%	+0.09 pp	new
MOAltria Group, Inc.	0.85%	2,221,018	$111M	trimmed−55%	−0.95 pp	new
VVISA Inc.	0.71%	495,011	$93M	trimmed−4%	+0.03 pp	new
DEODiageo plc	0.30%	232,405	$39M	trimmed−4%	−0.02 pp	new
AXPAmerican Express Company	0.13%	131,870	$16M	trimmed−5%	0.00 pp	new
XOMExxon Mobil Corp	0.08%	146,062	$10M	trimmed−3%	−0.01 pp	new
FMXFomento Economico Mexicano, S.a.b. De C.v.	0.08%	106,688	$10M	trimmed−19%	−0.02 pp	new
SWMASwedish Match AB	0.08%	195,800	$10M	trimmed−12%	+0.01 pp	new
MKLMarkel Group Inc.	0.07%	7,527	$9M	trimmed−2%	+0.01 pp	new
unresolvedOutfront Media Inc	0.07%	317,032	$9M	trimmed−3%	+0.01 pp	new
CXTCrane NXT, Co.	0.06%	96,493	$8M	trimmed−3%	0.00 pp	new
VMCVulcan Materials Company(Holding Company)	0.06%	56,659	$8M	added+2%	0.00 pp	new
HRLHormel Foods Corporation	0.05%	150,805	$7M	trimmed−2%	0.00 pp	new
MLKNMillerKnoll, Inc.	0.05%	166,481	$7M	trimmed−4%	−0.01 pp	new
KOCoca-Cola Company	0.04%	100,254	$6M	trimmed−5%	0.00 pp	new
DANOYDanone S/	0.04%	334,718	$6M	trimmed−33%	−0.02 pp	new
DOVDover Corporation	0.04%	42,065	$5M	trimmed−3%	+0.01 pp	new
MKCMcCormick & Company, Incorporated Non-VTG CS	0.04%	28,700	$5M	trimmed−1%	+0.01 pp	new
PGProcter & Gamble Company	0.04%	38,025	$5M	trimmed−3%	+0.01 pp	new
NSRGFNestle S.a Reg Ord	0.04%	42,250	$5M	held	—	new
PEPPepsiCo, Inc.	0.03%	24,068	$3M	trimmed−8%	0.00 pp	new
unresolvedAnheuser-Busch InBev SA Restri	0.03%	49,357	$4M	held	—	new
HINKFHeineken N V Reg	0.03%	40,588	$4M	trimmed−12%	−0.01 pp	new
GOOGLAlphabet Inc. Class A	0.02%	1,818	$2M	trimmed−1%	0.00 pp	new
FULTFulton Financial Corp	0.02%	117,274	$2M	trimmed−0%	+0.01 pp	new
PNCPNC Financial Services Group	0.02%	16,988	$3M	trimmed−3%	0.00 pp	new
COCXFLindt & Spruengli Ord	0.02%	26	$2M	held	—	new
UNAUnilever NV	0.02%	39,000	$2M	held	—	new
ABTAbbott Laboratories	0.01%	12,110	$1M	held	—	new
ABBVAbbvie Inc.	0.01%	12,810	$1M	trimmed−2%	0.00 pp	new
BACBank of America Corporation	0.01%	48,975	$2M	held	—	new
CVXChevron Corporation	0.01%	8,648	$1M	trimmed−7%	0.00 pp	new
CFRUYCompagnie Fnce Rch UN/	0.01%	159,951	$1M	added+7%	0.00 pp	new
COSTCostco Wholesale Corp	0.01%	5,165	$2M	added+1%	0.00 pp	new
DOWDow Inc.	0.01%	15,188	$831,000	trimmed−0%	0.00 pp	new
DDDuPont de Nemours, Inc.	0.01%	15,133	$972,000	trimmed−1%	0.00 pp	new
EVFEaton Vance Senior Income Trust	0.01%	300,315	$2M	trimmed−1%	0.00 pp	new
HEINYHeineken N V S/	0.01%	28,637	$2M	added+1%	0.00 pp	new
JPMJPMorgan Chase & Co.	0.01%	10,377	$1M	trimmed−15%	0.00 pp	new
LAMRLamar Advertising Co	0.01%	8,125	$725,000	trimmed−3%	0.00 pp	new
MTBM&T Bank Corp.	0.01%	4,365	$741,000	trimmed−5%	0.00 pp	new
unresolvedPernod-Ricard SA-Unspon ADR	0.01%	37,050	$1M	added+6%	0.00 pp	new
RDS.ARoyal Dutch Shell PLC	0.01%	29,966	$2M	trimmed−11%	−0.01 pp	new
BICEFBic Stec Ord	0.01%	14,805	$1M	trimmed−32%	0.00 pp	new
LRLCFL'oreal Co Eur Ord	0.01%	4,923	$1M	trimmed−2%	0.00 pp	new
RBGPFReckitt Benckiser Grp PLC	0.01%	19,180	$2M	trimmed−15%	0.00 pp	new
PRGAFPargesa Holding Sa-br	0.01%	11,526	$958,000	held	—	new
YAlleghany Corporation	0.00%	324	$259,000	held	—	new
AIGAmerican International Group, Inc.	0.00%	5,735	$294,000	held	—	new
AAPLApple Inc.	0.00%	1,995	$586,000	trimmed−5%	0.00 pp	new
CTVACorteva, Inc.	0.00%	12,988	$384,000	trimmed−15%	0.00 pp	new
COTYCoty Inc	0.00%	14,186	$160,000	trimmed−7%	0.00 pp	new
DHRDanaher Corporation	0.00%	1,333	$205,000	new	0.00 pp	new
DISThe Walt Disney Company	0.00%	4,303	$622,000	trimmed−2%	0.00 pp	new
unresolvedHostess Brands Inc Wts Exp 11/	0.00%	250,000	$493,000	added+18%	0.00 pp	new
MCDMcDonald's Corporation	0.00%	2,970	$587,000	held	—	new
MRKMerck & Co., Inc.	0.00%	2,751	$250,000	trimmed−1%	0.00 pp	new
MSFTMicrosoft Corp	0.00%	3,695	$583,000	trimmed−3%	0.00 pp	new
ORLYO'Reilly Automotive, Inc.	0.00%	1,000	$438,000	held	—	new
ORCLOracle Corp	0.00%	4,000	$212,000	held	—	new
PXDPioneer Natural Resource Co.	0.00%	2,600	$394,000	held	—	new
SWGAYSwatch Group AG UNSP/	0.00%	37,825	$527,000	added+6%	0.00 pp	new
unresolvedSwedish Match AB Unspon ADR	0.00%	12,325	$318,000	trimmed−26%	0.00 pp	new
TFCTruist Financial Corporation	0.00%	10,293	$580,000	added+1%	0.00 pp	new
USBU.S. Bancorp	0.00%	3,514	$208,000	trimmed−19%	0.00 pp	new
UNPUnion Pacific Corp.	0.00%	1,560	$282,000	trimmed−8%	0.00 pp	new
WMTWalmart Inc.	0.00%	4,855	$577,000	held	—	new
BOIVFBollore Investissemnt Ord	0.00%	13,500	$59,000	trimmed−55%	0.00 pp	new
LVMHFLvmh-moet Hnsy L Vutn	0.00%	544	$253,000	trimmed−14%	0.00 pp	new
ROGNRoche Holding Ag-genusschein	0.00%	635	$206,000	trimmed−18%	0.00 pp	new
SSDOFShiseido Co Ltd Ord	0.00%	2,900	$208,000	trimmed−17%	0.00 pp	new
CIRCir SPA	0.00%	125,000	$153,000	held	—	new
CPRDavide Campari Milano N V	0.00%	65,620	$600,000	added×2.3	0.00 pp	new
LTGIFLt Group Inc	0.00%	1,250,000	$296,000	held	—	new
PHJMFPt Hanjaya Mandala Samprn	0.00%	687,500	$104,000	held	—	new
BUDAnheuser-Busch INBEV SA/NV	—	−4,193	—	exited	0.00 pp	—
BPBP p.l.c.	—	−5,185	—	exited	0.00 pp	—
GPDNFGroupe Danone	—	−3,205	—	exited	0.00 pp	—
PZCPz Cussons PLC	—	−15,000	—	exited	0.00 pp	—