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Gardner Russo & Quinn

Q1 2020 13F · by Thomas Russo, portfolio manager

As of
Mar 31, 2020
Filed
May 13, 2020
US stock
$9.9B · prev $13.0B
Positions
84 · prev 93
Options notional
$0
Documents
1· no amendments

Picture60.0% US stock

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

  • US stock listed on a US exchange 60.0%
  • Foreign stock not listed in the US 40.0%
  • Notes debt, at principal 0.0%
  • Puts at notional value 0.0%
  • Calls at notional value 0.0%

Moves80 since the prior filing

The book

Concentrated · behaves like 13 equal-sized positions

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

Low turnover · 19% a year, about 5.4 years per position

  1. Low
  2. Moderate
  3. High

Top 5 positions52% of US stock

  1. MA Mastercard Incorporated trimmed−0.01 pp trimmed−0.0114.6%
  2. NSRGY Nestle S.a S/ trimmed+2.27 pp trimmed+2.2712.9%
  3. BRK.A Berkshire Hathaway Inc. trimmed+0.36 pp trimmed+0.3610.4%
  4. HKHHF Heineken Holding NV Ord trimmed+0.16 pp trimmed+0.166.8%
  5. PDRDF Pernod Ricard Ord trimmed+0.18 pp trimmed+0.186.8%

Positions84 in this filing · 10 exited

MAMastercard Incorporated14.60%5,977,556$1.4Btrimmed−6%−0.01 pp2 q
NSRGYNestle S.a S/12.87%12,356,351$1.3Btrimmed−3%+2.27 pp2 q
BRK.ABerkshire Hathaway Inc.10.39%3,777$1.0Btrimmed−2%+0.36 pp2 q
HKHHFHeineken Holding NV Ord6.85%8,841,859$678Mtrimmed−2%+0.16 pp2 q
PDRDFPernod Ricard Ord6.83%4,758,762$676Mtrimmed−2%+0.18 pp2 q
PMPhilip Morris International Inc.6.30%8,539,626$623Mtrimmed−4%+0.51 pp2 q
UNUnilever N V -ny Shares6.08%12,329,991$602Mtrimmed−0%+0.63 pp2 q
GOOGAlphabet Inc. Class C4.63%393,781$458Madded+26%+1.42 pp2 q
CFRHFCie Financiere Richmn New4.63%8,353,276$458Mtrimmed−18%−1.49 pp2 q
BRK.BBERKSHIRE HATHAWAY Class B3.93%2,125,097$389Mtrimmed−4%+0.10 pp2 q
BUDFFAnheuser Busch Inbev Ord3.54%7,889,553$350Madded+4%−1.20 pp2 q
JPMJPMorgan Chase & Co.3.49%3,833,929$345Madded×369.5+3.48 pp2 q
MLMMartin Marietta Materials3.16%1,649,816$312Mtrimmed−2%−0.46 pp2 q
SWGAFSwatch Group AG New Ord2.05%1,016,018$203Mtrimmed−3%−0.18 pp2 q
CMCSAComcast Corp1.95%5,611,373$193Mtrimmed−3%−0.04 pp2 q
BF.ABrown-Forman Corporation Class A1.91%3,684,298$189Mtrimmed−1%+0.11 pp2 q
DGEAFDiageo PLC Ord1.72%5,292,972$170Mtrimmed−2%−0.05 pp2 q
JCDXFJc Decaux SA Act1.12%6,139,123$111Mtrimmed−3%−0.38 pp2 q
BF.BBrown-Forman Corporation Class B0.92%1,633,483$91Mtrimmed−5%+0.03 pp2 q
VVISA Inc.0.84%513,113$83Madded+4%+0.13 pp2 q
WFCWells Fargo & Co.0.43%1,496,776$43Mtrimmed−88%−4.79 pp2 q
DEODiageo plc0.29%227,406$29Mtrimmed−2%−0.01 pp2 q
MOAltria Group, Inc.0.15%374,042$14Mtrimmed−83%−0.70 pp2 q
AXPAmerican Express Company0.11%121,643$10Mtrimmed−8%−0.02 pp2 q
SWMASwedish Match AB0.11%182,180$10Mtrimmed−7%+0.03 pp2 q
VMCVulcan Materials Company(Holding Company)0.08%71,204$8Madded+26%+0.02 pp2 q
HRLHormel Foods Corporation0.07%146,074$7Mtrimmed−3%+0.02 pp2 q
MKLMarkel Group Inc.0.07%7,427$7Mtrimmed−1%0.00 pp2 q
XOMExxon Mobil Corp0.06%146,081$6Madded0%−0.02 pp2 q
CXTCrane NXT, Co.0.05%95,768$5Mtrimmed−1%−0.01 pp2 q
FMXFomento Economico Mexicano, S.a.b. De C.v.0.05%83,376$5Mtrimmed−22%−0.03 pp2 q
unresolvedOutfront Media Inc0.05%347,682$5Madded+10%−0.02 pp2 q
KOCoca-Cola Company0.04%79,607$4Mtrimmed−21%0.00 pp2 q
DANOYDanone S/0.04%299,150$4Mtrimmed−11%0.00 pp2 q
MKCMcCormick & Company, Incorporated Non-VTG CS0.04%27,146$4Mtrimmed−5%0.00 pp2 q
MLKNMillerKnoll, Inc.0.04%163,981$4Mtrimmed−2%−0.01 pp2 q
PGProcter & Gamble Company0.04%37,563$4Mtrimmed−1%0.00 pp2 q
NSRGFNestle S.a Reg Ord0.04%42,250$4Mheld—2 q
DOVDover Corporation0.03%41,065$3Mtrimmed−2%−0.01 pp2 q
PEPPepsiCo, Inc.0.03%23,474$3Mtrimmed−2%0.00 pp2 q
HINKFHeineken N V Reg0.03%40,588$3Mheld—2 q
CPRDavide Campari Milano N V0.03%344,615$2Madded×5.3+0.03 pp2 q
GOOGLAlphabet Inc. Class A0.02%1,748$2Mtrimmed−4%0.00 pp2 q
PNCPNC Financial Services Group0.02%16,988$2Mheld—2 q
unresolvedAnheuser-Busch InBev SA Restri0.02%49,357$2Mheld—2 q
LRLCFL'oreal Co Eur Ord0.02%5,798$2Madded+18%+0.01 pp2 q
COCXFLindt & Spruengli Ord0.02%25$2Mtrimmed−4%0.00 pp2 q
UNAUnilever NV0.02%39,000$2Mheld—2 q
ABTAbbott Laboratories0.01%11,810$932,000trimmed−2%0.00 pp2 q
ABBVAbbvie Inc.0.01%12,510$953,000trimmed−2%0.00 pp2 q
AAPLApple Inc.0.01%2,035$517,000added+2%+0.01 pp2 q
BACBank of America Corporation0.01%48,975$1Mheld—2 q
CVXChevron Corporation0.01%7,848$569,000trimmed−9%0.00 pp2 q
CFRUYCompagnie Fnce Rch UN/0.01%146,710$805,000trimmed−8%0.00 pp2 q
COSTCostco Wholesale Corp0.01%5,029$1Mtrimmed−3%0.00 pp2 q
DDDuPont de Nemours, Inc.0.01%16,333$557,000added+8%0.00 pp2 q
EVFEaton Vance Senior Income Trust0.01%315,110$1Madded+5%0.00 pp2 q
FULTFulton Financial Corp0.01%117,274$1Mheld—2 q
HEINYHeineken N V S/0.01%30,152$1Madded+5%0.00 pp2 q
MSFTMicrosoft Corp0.01%3,595$567,000trimmed−3%+0.01 pp2 q
unresolvedPernod-Ricard SA-Unspon ADR0.01%44,490$1Madded+20%0.00 pp2 q
RDS.ARoyal Dutch Shell PLC0.01%29,466$1Mtrimmed−2%0.00 pp2 q
WMTWalmart Inc.0.01%4,730$537,000trimmed−3%+0.01 pp2 q
LVMHFLvmh-moet Hnsy L Vutn0.01%2,819$1Madded×5.2+0.01 pp2 q
RBGPFReckitt Benckiser Grp PLC0.01%14,550$1Mtrimmed−24%0.00 pp2 q
CTVACorteva, Inc.0.00%14,312$336,000added+10%0.00 pp2 q
COTYCoty Inc0.00%13,297$69,000trimmed−6%0.00 pp2 q
DISThe Walt Disney Company0.00%4,303$416,000held—2 q
DOWDow Inc.0.00%15,530$454,000added+2%−0.01 pp2 q
unresolvedHostess Brands Inc Wts Exp 11/0.00%250,000$143,000held—2 q
LAMRLamar Advertising Co0.00%8,125$417,000held—2 q
MTBM&T Bank Corp.0.00%4,411$456,000added+1%−0.01 pp2 q
MCDMcDonald's Corporation0.00%2,345$388,000trimmed−21%0.00 pp2 q
MRKMerck & Co., Inc.0.00%2,751$212,000held—2 q
ORLYO'Reilly Automotive, Inc.0.00%1,000$301,000held—2 q
SWGAYSwatch Group AG UNSP/0.00%34,315$343,000trimmed−9%0.00 pp2 q
TFCTruist Financial Corporation0.00%10,341$319,000added0%0.00 pp2 q
UNPUnion Pacific Corp.0.00%1,535$216,000trimmed−2%0.00 pp2 q
BOIVFBollore Investissemnt Ord0.00%13,500$37,000held—2 q
PRGAFPargesa Holding Sa-br0.00%3,826$254,000trimmed−67%−0.01 pp2 q
ROGNRoche Holding Ag-genusschein0.00%635$206,000held—2 q
CFDZFCofide SPA0.00%251,250$115,000new0.00 ppnew
LTGIFLt Group Inc0.00%1,525,000$249,000added+22%0.00 pp2 q
PHJMFPt Hanjaya Mandala Samprn0.00%1,000,000$87,000added+45%0.00 pp2 q
BICEFBic Stec Ord—−14,805—exited−0.01 pp—
YAlleghany Corporation—−324—exited0.00 pp—
AIGAmerican International Group, Inc.—−5,735—exited0.00 pp—
DHRDanaher Corporation—−1,333—exited0.00 pp—
ORCLOracle Corp—−4,000—exited0.00 pp—
PXDPioneer Natural Resource Co.—−2,600—exited0.00 pp—
unresolvedSwedish Match AB Unspon ADR—−12,325—exited0.00 pp—
USBU.S. Bancorp—−3,514—exited0.00 pp—
SSDOFShiseido Co Ltd Ord—−2,900—exited0.00 pp—
CIRCir SPA—−125,000—exited0.00 pp—

Source

Form
13F-HR
Reading
29 defects · 4 unresolved
Accession
0000860643-20-000003
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 2020-03-31
  • A security outside the official 13F list — CUSIP 23636T100 not on the Official 13(f) List for 2020-03-31
  • A security outside the official 13F list — CUSIP 423012301 not on the Official 13(f) List for 2020-03-31
  • A security outside the official 13F list — CUSIP 641069406 not on the Official 13(f) List for 2020-03-31
  • A security outside the official 13F list — CUSIP 714264207 not on the Official 13(f) List for 2020-03-31
  • A security outside the official 13F list — CUSIP 870123106 not on the Official 13(f) List for 2020-03-31
  • A security outside the official 13F list — CUSIP B639CJ108 not on the Official 13(f) List for 2020-03-31
  • A security outside the official 13F list — CUSIP B639CJ116 not on the Official 13(f) List for 2020-03-31
  • A security outside the official 13F list — CUSIP F10659260 not on the Official 13(f) List for 2020-03-31
  • A security outside the official 13F list — CUSIP F5333N100 not on the Official 13(f) List for 2020-03-31
  • A security outside the official 13F list — CUSIP F58149133 not on the Official 13(f) List for 2020-03-31
  • A security outside the official 13F list — CUSIP F58485115 not on the Official 13(f) List for 2020-03-31
  • A security outside the official 13F list — CUSIP F72027109 not on the Official 13(f) List for 2020-03-31
  • A security outside the official 13F list — CUSIP G42089113 not on the Official 13(f) List for 2020-03-31
  • A security outside the official 13F list — CUSIP G74079107 not on the Official 13(f) List for 2020-03-31
  • A security outside the official 13F list — CUSIP H25662182 not on the Official 13(f) List for 2020-03-31
  • A security outside the official 13F list — CUSIP H49983176 not on the Official 13(f) List for 2020-03-31
  • A security outside the official 13F list — CUSIP H57312649 not on the Official 13(f) List for 2020-03-31
  • A security outside the official 13F list — CUSIP H60477207 not on the Official 13(f) List for 2020-03-31
  • A security outside the official 13F list — CUSIP H69293217 not on the Official 13(f) List for 2020-03-31
  • A security outside the official 13F list — CUSIP H83949141 not on the Official 13(f) List for 2020-03-31
  • A security outside the official 13F list — CUSIP N39338194 not on the Official 13(f) List for 2020-03-31
  • A security outside the official 13F list — CUSIP N39427211 not on the Official 13(f) List for 2020-03-31
  • A security outside the official 13F list — CUSIP N8981F289 not on the Official 13(f) List for 2020-03-31
  • A security outside the official 13F list — CUSIP T19404101 not on the Official 13(f) List for 2020-03-31
  • A security outside the official 13F list — CUSIP T3490M150 not on the Official 13(f) List for 2020-03-31
  • A security outside the official 13F list — CUSIP W92277115 not on the Official 13(f) List for 2020-03-31
  • A security outside the official 13F list — CUSIP Y5342M100 not on the Official 13(f) List for 2020-03-31
  • A security outside the official 13F list — CUSIP Y7121Z146 not on the Official 13(f) List for 2020-03-31