Gardner Russo & Quinn

Q3 2020 13F · by Thomas Russo, portfolio manager

As of: Sep 30, 2020
Filed: Nov 12, 2020
US stock: $10.3B · prev $9.8B
Positions: 86 · prev 86
Options notional: $0
Documents: 1· no amendments

Picture65.6% US stock

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

US stock listed on a US exchange 65.6%
Foreign stock not listed in the US 34.4%
Notes debt, at principal 0.0%
Puts at notional value 0.0%
Calls at notional value 0.0%

Moves70 since the prior filing

+1.3 pp in · −1.3 pp out

New 3 +0.02 pp
Added 20 +1.29 pp
Trimmed 44 −1.30 pp
Exited 3 −0.03 pp

The book

Concentrated · behaves like 12 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Low turnover · 2.9% a year, more than 30 years per position

Low
Moderate
High

Top 5 positions53% of US stock

MA Mastercard Incorporated trimmed−0.17 pp trimmed−0.1716.1%
NSRGY Nestle S.a S/ trimmed−0.10 pp trimmed−0.1012.8%
BRK.A Berkshire Hathaway Inc. trimmed+1.27 pp trimmed+1.2711.1%
UN Unilever N V -ny Shares trimmed+0.31 pp trimmed+0.316.8%
PDRDF Pernod Ricard Ord trimmed−0.47 pp trimmed−0.476.6%

Positions86 in this filing · 3 exited


MAMastercard Incorporated	16.07%	4,891,460	$1.7B	trimmed−10%	−0.17 pp	4 q
NSRGYNestle S.a S/	12.84%	11,084,028	$1.3B	trimmed−4%	−0.10 pp	4 q
BRK.ABerkshire Hathaway Inc.	11.08%	3,563	$1.1B	trimmed−1%	+1.27 pp	4 q
UNUnilever N V -ny Shares	6.85%	11,668,433	$705M	trimmed−3%	+0.31 pp	4 q
PDRDFPernod Ricard Ord	6.61%	4,259,293	$680M	trimmed−4%	−0.47 pp	4 q
HKHHFHeineken Holding NV Ord	6.27%	8,285,690	$646M	trimmed−2%	−0.78 pp	4 q
GOOGAlphabet Inc. Class C	6.21%	435,045	$639M	added+3%	+0.17 pp	4 q
PMPhilip Morris International Inc.	6.01%	8,248,722	$619M	trimmed−0%	+0.14 pp	4 q
CFRHFCie Financiere Richmn New	4.82%	7,384,381	$496M	trimmed−5%	−0.22 pp	4 q
BRK.BBERKSHIRE HATHAWAY Class B	4.38%	2,116,145	$451M	added+4%	+0.68 pp	4 q
JPMJPMorgan Chase & Co.	3.53%	3,776,377	$364M	added+4%	+0.07 pp	4 q
MLMMartin Marietta Materials	3.43%	1,500,938	$353M	trimmed−4%	+0.15 pp	4 q
BUDFFAnheuser Busch Inbev Ord	3.22%	6,105,623	$331M	added+2%	+0.22 pp	4 q
CMCSAComcast Corp	2.23%	4,950,823	$229M	trimmed−4%	+0.18 pp	4 q
BF.ABrown-Forman Corporation Class A	2.21%	3,306,343	$227M	trimmed−4%	+0.19 pp	4 q
BF.BBrown-Forman Corporation Class B	0.97%	1,321,658	$100M	trimmed−8%	+0.04 pp	4 q
VVISA Inc.	0.92%	472,931	$95M	trimmed−2%	−0.03 pp	4 q
WFCWells Fargo & Co.	0.36%	1,583,309	$37M	trimmed−1%	−0.06 pp	4 q
DEODiageo plc	0.25%	190,486	$26M	trimmed−14%	−0.05 pp	4 q
MOAltria Group, Inc.	0.14%	369,452	$14M	trimmed−2%	−0.01 pp	4 q
AHTAshtead Group PLC	0.12%	334,995	$12M	added×382.9	+0.12 pp	2 q
SWMASwedish Match AB	0.12%	154,765	$13M	trimmed−10%	0.00 pp	4 q
VMCVulcan Materials Company(Holding Company)	0.09%	66,279	$9M	trimmed−1%	+0.01 pp	4 q
DVDCFDavide Campari Milano N V	0.09%	877,266	$10M	added+1%	+0.02 pp	4 q
AXPAmerican Express Company	0.08%	79,893	$8M	trimmed−28%	−0.03 pp	4 q
HRLHormel Foods Corporation	0.07%	144,171	$7M	trimmed−0%	0.00 pp	4 q
MKLMarkel Group Inc.	0.07%	7,127	$7M	held	—	4 q
XOMExxon Mobil Corp	0.06%	178,324	$6M	trimmed−0%	−0.02 pp	4 q
CXTCrane NXT, Co.	0.05%	92,618	$5M	trimmed−3%	−0.01 pp	4 q
MKCMcCormick & Company, Incorporated Non-VTG CS	0.05%	26,771	$5M	trimmed−0%	0.00 pp	4 q
PGProcter & Gamble Company	0.05%	39,129	$5M	trimmed−0%	0.00 pp	4 q
NSRGFNestle S.a Reg Ord	0.05%	42,250	$5M	held	—	4 q
DOVDover Corporation	0.04%	39,160	$4M	trimmed−2%	0.00 pp	4 q
MLKNMillerKnoll, Inc.	0.04%	142,772	$4M	trimmed−9%	0.00 pp	4 q
unresolvedOutfront Media Inc	0.04%	315,591	$5M	trimmed−1%	−0.01 pp	4 q
HINKFHeineken N V Reg	0.04%	40,588	$4M	held	—	4 q
KOCoca-Cola Company	0.03%	52,672	$3M	held	—	4 q
FMXFomento Economico Mexicano, S.a.b. De C.v.	0.03%	48,332	$3M	trimmed−4%	0.00 pp	4 q
PEPPepsiCo, Inc.	0.03%	23,662	$3M	trimmed−0%	0.00 pp	4 q
UNPUnion Pacific Corp.	0.03%	16,876	$3M	added0%	0.00 pp	4 q
unresolvedAnheuser-Busch InBev SA Restri	0.03%	51,578	$3M	held	—	4 q
UNAUnilever NV	0.03%	46,250	$3M	added+19%	+0.01 pp	4 q
GOOGLAlphabet Inc. Class A	0.02%	1,334	$2M	trimmed−9%	0.00 pp	4 q
COSTCostco Wholesale Corp	0.02%	5,393	$2M	trimmed−0%	0.00 pp	4 q
DANOYDanone S/	0.02%	185,318	$2M	trimmed−5%	−0.01 pp	4 q
PNCPNC Financial Services Group	0.02%	16,988	$2M	held	—	4 q
unresolvedPernod-Ricard SA-Unspon ADR	0.02%	48,574	$2M	added+1%	0.00 pp	4 q
SWZTotal Return Securities Fund	0.02%	217,561	$2M	new	+0.02 pp	new
LRLCFL'oreal Co Eur Ord	0.02%	6,571	$2M	trimmed−4%	0.00 pp	4 q
COCXFLindt & Spruengli Ord	0.02%	25	$2M	held	—	4 q
ABTAbbott Laboratories	0.01%	11,975	$1M	added+1%	0.00 pp	4 q
ABBVAbbvie Inc.	0.01%	12,610	$1M	added0%	0.00 pp	4 q
AAPLApple Inc.	0.01%	9,048	$1M	added+11%	0.00 pp	4 q
CVXChevron Corporation	0.01%	8,970	$646,000	trimmed−2%	0.00 pp	4 q
CFRUYCompagnie Fnce Rch UN/	0.01%	170,379	$1M	added+6%	0.00 pp	4 q
DISThe Walt Disney Company	0.01%	5,203	$646,000	added+2%	0.00 pp	4 q
DOWDow Inc.	0.01%	18,776	$883,000	added+1%	0.00 pp	4 q
DDDuPont de Nemours, Inc.	0.01%	18,054	$1M	trimmed−4%	0.00 pp	4 q
FULTFulton Financial Corp	0.01%	117,184	$1M	trimmed−0%	0.00 pp	4 q
HEINYHeineken N V S/	0.01%	31,127	$1M	trimmed−15%	−0.01 pp	4 q
LAMRLamar Advertising Co	0.01%	8,125	$538,000	held	—	4 q
MCDMcDonald's Corporation	0.01%	2,345	$515,000	held	—	4 q
MSFTMicrosoft Corp	0.01%	3,445	$725,000	held	—	4 q
WMTWalmart Inc.	0.01%	4,580	$641,000	held	—	4 q
JCDXFJc Decaux SA Act	0.01%	38,500	$667,000	trimmed−36%	0.00 pp	4 q
LVMHFLvmh-moet Hnsy L Vutn	0.01%	1,743	$816,000	trimmed−3%	0.00 pp	4 q
DGEAFDiageo PLC Ord	0.01%	33,086	$1M	trimmed−99%	−1.61 pp	4 q
RBGPFReckitt Benckiser Grp PLC	0.01%	13,480	$1M	trimmed−2%	0.00 pp	4 q
CABJFCarlsburg As B Ord	0.01%	6,996	$943,000	added+19%	0.00 pp	2 q
CABOCable One, Inc.	0.00%	168	$317,000	held	—	2 q
CTVACorteva, Inc.	0.00%	15,780	$455,000	added0%	0.00 pp	4 q
DHRDanaher Corporation	0.00%	1,333	$287,000	held	—	2 q
GHCGraham Holdings Company	0.00%	1,159	$468,000	trimmed−0%	0.00 pp	2 q
HKHHYHeineken Holding NV S/	0.00%	6,748	$263,000	new	0.00 pp	new
unresolvedHostess Brands Inc Wts Exp 11/	0.00%	215,000	$176,000	trimmed−14%	0.00 pp	4 q
MTBM&T Bank Corp.	0.00%	4,511	$415,000	added+1%	0.00 pp	4 q
MRKMerck & Co., Inc.	0.00%	3,935	$326,000	added0%	0.00 pp	4 q
NKENike, Inc.	0.00%	1,617	$203,000	new	0.00 pp	new
ORCLOracle Corp	0.00%	4,000	$239,000	held	—	2 q
PXDPioneer Natural Resource Co.	0.00%	2,500	$215,000	held	—	2 q
RDS.ARoyal Dutch Shell PLC	0.00%	9,146	$230,000	trimmed−4%	0.00 pp	4 q
TFCTruist Financial Corporation	0.00%	10,463	$398,000	added+1%	0.00 pp	4 q
BOIVFBollore Investissemnt Ord	0.00%	13,500	$50,000	held	—	4 q
CFDZFCofide SPA	0.00%	251,250	$115,000	held	—	3 q
LTGIFLt Group Inc	0.00%	1,525,000	$283,000	held	—	4 q
PHJMFPt Hanjaya Mandala Samprn	0.00%	1,000,000	$94,000	held	—	4 q
EVFEaton Vance Senior Income Trust	—	−306,404	—	exited	−0.02 pp	—
BACBank of America Corporation	—	−48,975	—	exited	−0.01 pp	—
ROGNRoche Holding Ag-genusschein	—	−635	—	exited	0.00 pp	—

Source

Form: 13F-HR
Reading: 28 defects · 4 unresolved
Accession: 0000860643-20-000005
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 2020-09-30
A security outside the official 13F list — CUSIP 23636T100 not on the Official 13(f) List for 2020-09-30
A security outside the official 13F list — CUSIP 423008101 not on the Official 13(f) List for 2020-09-30
A security outside the official 13F list — CUSIP 423012301 not on the Official 13(f) List for 2020-09-30
A security outside the official 13F list — CUSIP 641069406 not on the Official 13(f) List for 2020-09-30
A security outside the official 13F list — CUSIP 714264207 not on the Official 13(f) List for 2020-09-30
A security outside the official 13F list — CUSIP B639CJ108 not on the Official 13(f) List for 2020-09-30
A security outside the official 13F list — CUSIP B639CJ116 not on the Official 13(f) List for 2020-09-30
A security outside the official 13F list — CUSIP F10659260 not on the Official 13(f) List for 2020-09-30
A security outside the official 13F list — CUSIP F5333N100 not on the Official 13(f) List for 2020-09-30
A security outside the official 13F list — CUSIP F58149133 not on the Official 13(f) List for 2020-09-30
A security outside the official 13F list — CUSIP F58485115 not on the Official 13(f) List for 2020-09-30
A security outside the official 13F list — CUSIP F72027109 not on the Official 13(f) List for 2020-09-30
A security outside the official 13F list — CUSIP G05320109 not on the Official 13(f) List for 2020-09-30
A security outside the official 13F list — CUSIP G42089113 not on the Official 13(f) List for 2020-09-30
A security outside the official 13F list — CUSIP G74079107 not on the Official 13(f) List for 2020-09-30
A security outside the official 13F list — CUSIP H25662182 not on the Official 13(f) List for 2020-09-30
A security outside the official 13F list — CUSIP H49983176 not on the Official 13(f) List for 2020-09-30
A security outside the official 13F list — CUSIP H57312649 not on the Official 13(f) List for 2020-09-30
A security outside the official 13F list — CUSIP K36628137 not on the Official 13(f) List for 2020-09-30
A security outside the official 13F list — CUSIP N24565108 not on the Official 13(f) List for 2020-09-30
A security outside the official 13F list — CUSIP N39338194 not on the Official 13(f) List for 2020-09-30
A security outside the official 13F list — CUSIP N39427211 not on the Official 13(f) List for 2020-09-30
A security outside the official 13F list — CUSIP N8981F289 not on the Official 13(f) List for 2020-09-30
A security outside the official 13F list — CUSIP T19404101 not on the Official 13(f) List for 2020-09-30
A security outside the official 13F list — CUSIP W92277115 not on the Official 13(f) List for 2020-09-30
A security outside the official 13F list — CUSIP Y5342M100 not on the Official 13(f) List for 2020-09-30
A security outside the official 13F list — CUSIP Y7121Z146 not on the Official 13(f) List for 2020-09-30

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