Gardner Russo & Quinn

Q2 2020 13F · by Thomas Russo, portfolio manager

As of: Jun 30, 2020
Filed: Aug 14, 2020
US stock: $9.8B · prev $9.9B
Positions: 86 · prev 84
Options notional: $0
Documents: 1· no amendments

Picture62.8% US stock

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

US stock listed on a US exchange 62.8%
Foreign stock not listed in the US 37.2%
Notes debt, at principal 0.0%
Puts at notional value 0.0%
Calls at notional value 0.0%

Moves73 since the prior filing

+1.6 pp in · −1.6 pp out

New 7 +0.01 pp
Added 23 +1.56 pp
Trimmed 38 +0.45 pp
Exited 5 −2.05 pp

The book

Concentrated · behaves like 12 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Low turnover · 2.2% a year, more than 30 years per position

Low
Moderate
High

Top 5 positions53% of US stock

MA Mastercard Incorporated trimmed+1.64 pp trimmed+1.6416.2%
NSRGY Nestle S.a S/ trimmed+0.07 pp trimmed+0.0712.9%
BRK.A Berkshire Hathaway Inc. trimmed−0.58 pp trimmed−0.589.8%
PDRDF Pernod Ricard Ord trimmed+0.25 pp trimmed+0.257.1%
HKHHF Heineken Holding NV Ord trimmed+0.20 pp trimmed+0.207.0%

Positions86 in this filing · 5 exited


MAMastercard Incorporated	16.24%	5,407,070	$1.6B	trimmed−10%	+1.64 pp	3 q
NSRGYNestle S.a S/	12.94%	11,532,546	$1.3B	trimmed−7%	+0.07 pp	3 q
BRK.ABerkshire Hathaway Inc.	9.81%	3,613	$966M	trimmed−4%	−0.58 pp	3 q
PDRDFPernod Ricard Ord	7.08%	4,428,919	$697M	trimmed−7%	+0.25 pp	3 q
HKHHFHeineken Holding NV Ord	7.05%	8,486,756	$694M	trimmed−4%	+0.20 pp	3 q
UNUnilever N V -ny Shares	6.54%	12,077,346	$643M	trimmed−2%	+0.46 pp	3 q
GOOGAlphabet Inc. Class C	6.04%	420,742	$595M	added+7%	+1.41 pp	3 q
PMPhilip Morris International Inc.	5.87%	8,250,338	$578M	trimmed−3%	−0.43 pp	3 q
CFRHFCie Financiere Richmn New	5.04%	7,772,940	$496M	trimmed−7%	+0.41 pp	3 q
BRK.BBERKSHIRE HATHAWAY Class B	3.70%	2,039,228	$364M	trimmed−4%	−0.23 pp	3 q
JPMJPMorgan Chase & Co.	3.46%	3,619,116	$340M	trimmed−6%	−0.03 pp	3 q
MLMMartin Marietta Materials	3.28%	1,563,936	$323M	trimmed−5%	+0.12 pp	3 q
BUDFFAnheuser Busch Inbev Ord	3.00%	5,988,968	$295M	trimmed−24%	−0.54 pp	3 q
CMCSAComcast Corp	2.05%	5,177,827	$202M	trimmed−8%	+0.10 pp	3 q
BF.ABrown-Forman Corporation Class A	2.02%	3,446,258	$198M	trimmed−6%	+0.11 pp	3 q
DGEAFDiageo PLC Ord	1.62%	4,813,074	$159M	trimmed−9%	−0.10 pp	3 q
VVISA Inc.	0.95%	484,822	$94M	trimmed−6%	+0.11 pp	3 q
BF.BBrown-Forman Corporation Class B	0.93%	1,432,311	$91M	trimmed−12%	+0.01 pp	3 q
WFCWells Fargo & Co.	0.42%	1,595,655	$41M	added+7%	−0.01 pp	3 q
DEODiageo plc	0.30%	222,559	$30M	trimmed−2%	+0.01 pp	3 q
MOAltria Group, Inc.	0.15%	378,473	$15M	added+1%	0.00 pp	3 q
SWMASwedish Match AB	0.12%	172,315	$12M	trimmed−5%	+0.01 pp	3 q
AXPAmerican Express Company	0.11%	111,548	$11M	trimmed−8%	0.00 pp	3 q
XOMExxon Mobil Corp	0.08%	178,864	$8M	added+22%	+0.02 pp	3 q
VMCVulcan Materials Company(Holding Company)	0.08%	66,650	$8M	trimmed−6%	0.00 pp	3 q
HRLHormel Foods Corporation	0.07%	144,671	$7M	trimmed−1%	0.00 pp	3 q
MKLMarkel Group Inc.	0.07%	7,127	$7M	trimmed−4%	0.00 pp	3 q
DVDCFDavide Campari Milano N V	0.07%	870,050	$7M	added×2.5	+0.04 pp	3 q
CXTCrane NXT, Co.	0.06%	95,768	$6M	held	—	3 q
MKCMcCormick & Company, Incorporated Non-VTG CS	0.05%	26,821	$5M	trimmed−1%	+0.01 pp	3 q
unresolvedOutfront Media Inc	0.05%	318,810	$5M	trimmed−8%	0.00 pp	3 q
PGProcter & Gamble Company	0.05%	39,191	$5M	added+4%	+0.01 pp	3 q
NSRGFNestle S.a Reg Ord	0.05%	42,250	$5M	held	—	3 q
DOVDover Corporation	0.04%	40,135	$4M	trimmed−2%	+0.01 pp	3 q
MLKNMillerKnoll, Inc.	0.04%	156,731	$4M	trimmed−4%	0.00 pp	3 q
HINKFHeineken N V Reg	0.04%	40,588	$4M	held	—	3 q
DANOYDanone S/	0.03%	194,640	$3M	trimmed−35%	−0.01 pp	3 q
FMXFomento Economico Mexicano, S.a.b. De C.v.	0.03%	50,499	$3M	trimmed−39%	−0.02 pp	3 q
PEPPepsiCo, Inc.	0.03%	23,675	$3M	added+1%	0.00 pp	3 q
UNPUnion Pacific Corp.	0.03%	16,802	$3M	added×10.9	+0.03 pp	3 q
unresolvedAnheuser-Busch InBev SA Restri	0.03%	51,578	$3M	added+5%	+0.01 pp	3 q
GOOGLAlphabet Inc. Class A	0.02%	1,463	$2M	trimmed−16%	0.00 pp	3 q
KOCoca-Cola Company	0.02%	52,672	$2M	trimmed−34%	−0.02 pp	3 q
COSTCostco Wholesale Corp	0.02%	5,419	$2M	added+8%	+0.01 pp	3 q
EVFEaton Vance Senior Income Trust	0.02%	306,404	$2M	trimmed−3%	+0.01 pp	3 q
HEINYHeineken N V S/	0.02%	36,647	$2M	added+22%	+0.01 pp	3 q
PNCPNC Financial Services Group	0.02%	16,988	$2M	held	—	3 q
unresolvedPernod-Ricard SA-Unspon ADR	0.02%	47,973	$2M	added+8%	+0.01 pp	3 q
LRLCFL'oreal Co Eur Ord	0.02%	6,821	$2M	added+18%	0.00 pp	3 q
COCXFLindt & Spruengli Ord	0.02%	25	$2M	held	—	3 q
UNAUnilever NV	0.02%	39,000	$2M	held	—	3 q
ABTAbbott Laboratories	0.01%	11,810	$1M	held	—	3 q
ABBVAbbvie Inc.	0.01%	12,594	$1M	added+1%	0.00 pp	3 q
AAPLApple Inc.	0.01%	2,035	$742,000	held	—	3 q
BACBank of America Corporation	0.01%	48,975	$1M	held	—	3 q
CVXChevron Corporation	0.01%	9,107	$813,000	added+16%	0.00 pp	3 q
CFRUYCompagnie Fnce Rch UN/	0.01%	160,211	$1M	added+9%	0.00 pp	3 q
DISThe Walt Disney Company	0.01%	5,113	$570,000	added+19%	+0.01 pp	3 q
DOWDow Inc.	0.01%	18,522	$755,000	added+19%	+0.01 pp	3 q
DDDuPont de Nemours, Inc.	0.01%	18,714	$994,000	added+15%	0.00 pp	3 q
FULTFulton Financial Corp	0.01%	117,274	$1M	held	—	3 q
LAMRLamar Advertising Co	0.01%	8,125	$542,000	held	—	3 q
MSFTMicrosoft Corp	0.01%	3,445	$701,000	trimmed−4%	0.00 pp	3 q
WMTWalmart Inc.	0.01%	4,580	$549,000	trimmed−3%	0.00 pp	3 q
JCDXFJc Decaux SA Act	0.01%	60,250	$1M	trimmed−99%	−1.11 pp	3 q
LVMHFLvmh-moet Hnsy L Vutn	0.01%	1,793	$786,000	trimmed−36%	0.00 pp	3 q
RBGPFReckitt Benckiser Grp PLC	0.01%	13,755	$1M	trimmed−5%	0.00 pp	3 q
CABJFCarlsburg As B Ord	0.01%	5,859	$774,000	new	+0.01 pp	new
CABOCable One, Inc.	0.00%	168	$298,000	new	0.00 pp	new
CTVACorteva, Inc.	0.00%	15,715	$421,000	added+10%	0.00 pp	3 q
DHRDanaher Corporation	0.00%	1,333	$236,000	new	0.00 pp	new
GHCGraham Holdings Company	0.00%	1,163	$399,000	new	0.00 pp	new
unresolvedHostess Brands Inc Wts Exp 11/	0.00%	250,000	$215,000	held	—	3 q
MTBM&T Bank Corp.	0.00%	4,458	$464,000	added+1%	0.00 pp	3 q
MCDMcDonald's Corporation	0.00%	2,345	$433,000	held	—	3 q
MRKMerck & Co., Inc.	0.00%	3,926	$304,000	added+43%	0.00 pp	3 q
ORCLOracle Corp	0.00%	4,000	$221,000	new	0.00 pp	new
PXDPioneer Natural Resource Co.	0.00%	2,500	$244,000	new	0.00 pp	new
RDS.ARoyal Dutch Shell PLC	0.00%	9,496	$310,000	trimmed−68%	−0.01 pp	3 q
TFCTruist Financial Corporation	0.00%	10,402	$391,000	added+1%	0.00 pp	3 q
BOIVFBollore Investissemnt Ord	0.00%	13,500	$42,000	held	—	3 q
AHTAshtead Group PLC	0.00%	8,750	$294,000	new	0.00 pp	new
ROGNRoche Holding Ag-genusschein	0.00%	635	$220,000	held	—	3 q
CFDZFCofide SPA	0.00%	251,250	$117,000	held	—	2 q
LTGIFLt Group Inc	0.00%	1,525,000	$245,000	held	—	3 q
PHJMFPt Hanjaya Mandala Samprn	0.00%	1,000,000	$115,000	held	—	3 q
SWGAFSwatch Group AG New Ord	—	−1,016,018	—	exited	−2.05 pp	—
COTYCoty Inc	—	−13,297	—	exited	0.00 pp	—
ORLYO'Reilly Automotive, Inc.	—	−1,000	—	exited	0.00 pp	—
SWGAYSwatch Group AG UNSP/	—	−34,315	—	exited	0.00 pp	—
PRGAFPargesa Holding Sa-br	—	−3,826	—	exited	0.00 pp	—