Gardner Russo & Quinn

Q4 2020 13F · by Thomas Russo, portfolio manager

As of: Dec 31, 2020
Filed: Feb 11, 2021
US stock: $11.0B · prev $10.3B
Positions: 92 · prev 86
Options notional: $0
Documents: 1· no amendments

Picture65.0% US stock

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

US stock listed on a US exchange 65.0%
Foreign stock not listed in the US 35.0%
Notes debt, at principal 0.0%
Puts at notional value 0.0%
Calls at notional value 0.0%

Moves80 since the prior filing

+7.9 pp in · −7.9 pp out

New 8 +6.19 pp
Added 22 +1.70 pp
Trimmed 48 −1.03 pp
Exited 2 −6.88 pp

The book

Concentrated · behaves like 13 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Moderate turnover · 30% a year, about 3.3 years per position

Low
Moderate
High

Top 5 positions50% of US stock

MA Mastercard Incorporated trimmed−2.05 pp trimmed−2.0514.0%
NSRGY Nestle S.a S/ trimmed−1.70 pp trimmed−1.7011.1%
BRK.A Berkshire Hathaway Inc. trimmed−0.29 pp trimmed−0.2910.8%
GOOG Alphabet Inc. Class C trimmed+0.66 pp trimmed+0.666.9%
HKHHF Heineken Holding NV Ord trimmed+0.50 pp trimmed+0.506.8%

Positions92 in this filing · 2 exited


MAMastercard Incorporated	14.02%	4,330,106	$1.5B	trimmed−11%	−2.05 pp	5 q
NSRGYNestle S.a S/	11.14%	10,420,007	$1.2B	trimmed−6%	−1.70 pp	5 q
BRK.ABerkshire Hathaway Inc.	10.79%	3,419	$1.2B	trimmed−4%	−0.29 pp	5 q
GOOGAlphabet Inc. Class C	6.87%	432,171	$757M	trimmed−1%	+0.66 pp	5 q
HKHHFHeineken Holding NV Ord	6.77%	7,911,557	$746M	trimmed−5%	+0.50 pp	5 q
PDRDFPernod Ricard Ord	6.76%	3,886,758	$746M	trimmed−9%	+0.15 pp	5 q
PMPhilip Morris International Inc.	6.31%	8,407,300	$696M	added+2%	+0.30 pp	5 q
unresolvedUnilever Spn.Adr 1:1	6.11%	11,155,624	$673M	new	+6.11 pp	new
CFRHFCie Financiere Richmn New	5.76%	7,004,407	$635M	trimmed−5%	+0.94 pp	5 q
BRK.BBERKSHIRE HATHAWAY Class B	4.30%	2,042,091	$474M	trimmed−4%	−0.08 pp	5 q
JPMJPMorgan Chase & Co.	4.14%	3,591,104	$456M	trimmed−5%	+0.61 pp	5 q
BUDFFAnheuser Busch Inbev Ord	3.73%	5,896,294	$411M	trimmed−3%	+0.51 pp	5 q
MLMMartin Marietta Materials	3.60%	1,395,833	$396M	trimmed−7%	+0.17 pp	5 q
CMCSAComcast Corp	2.72%	5,714,957	$299M	added+15%	+0.49 pp	5 q
BF.ABrown-Forman Corporation Class A	2.05%	3,070,626	$226M	trimmed−7%	−0.16 pp	5 q
BF.BBrown-Forman Corporation Class B	0.91%	1,259,287	$100M	trimmed−5%	−0.06 pp	5 q
VVISA Inc.	0.89%	450,194	$98M	trimmed−5%	−0.03 pp	5 q
CABOCable One, Inc.	0.71%	35,246	$79M	added×209.8	+0.71 pp	3 q
WFCWells Fargo & Co.	0.40%	1,475,702	$45M	trimmed−7%	+0.04 pp	5 q
AHTAshtead Group PLC	0.23%	542,610	$26M	added+62%	+0.11 pp	3 q
MOAltria Group, Inc.	0.13%	359,729	$15M	trimmed−3%	−0.01 pp	5 q
SWMASwedish Match AB	0.11%	152,839	$12M	trimmed−1%	−0.01 pp	5 q
DVDCFDavide Campari Milano N V	0.10%	927,711	$11M	added+6%	+0.01 pp	5 q
DEODiageo plc	0.09%	65,776	$10M	trimmed−65%	−0.16 pp	5 q
VMCVulcan Materials Company(Holding Company)	0.09%	68,370	$10M	added+3%	0.00 pp	5 q
AXPAmerican Express Company	0.07%	65,966	$8M	trimmed−17%	−0.01 pp	5 q
XOMExxon Mobil Corp	0.07%	175,439	$7M	trimmed−2%	+0.01 pp	5 q
CXTCrane NXT, Co.	0.06%	90,484	$7M	trimmed−2%	+0.01 pp	5 q
HRLHormel Foods Corporation	0.06%	144,071	$7M	trimmed−0%	−0.01 pp	5 q
MKLMarkel Group Inc.	0.06%	6,772	$7M	trimmed−5%	−0.01 pp	5 q
unresolvedOutfront Media Inc	0.06%	320,362	$6M	added+2%	+0.02 pp	5 q
PGProcter & Gamble Company	0.05%	37,352	$5M	trimmed−5%	0.00 pp	5 q
NSRGFNestle S.a Reg Ord	0.05%	42,370	$5M	added0%	0.00 pp	5 q
DOVDover Corporation	0.04%	36,734	$5M	trimmed−6%	0.00 pp	5 q
MKCMcCormick & Company, Incorporated Non-VTG CS	0.04%	51,492	$5M	trimmed−4%	−0.01 pp	5 q
MLKNMillerKnoll, Inc.	0.04%	137,056	$5M	trimmed−4%	0.00 pp	5 q
HINKFHeineken N V Reg	0.04%	40,588	$5M	held	—	5 q
FMXFomento Economico Mexicano, S.a.b. De C.v.	0.03%	40,641	$3M	trimmed−16%	0.00 pp	5 q
PEPPepsiCo, Inc.	0.03%	23,562	$3M	trimmed−0%	0.00 pp	5 q
UNPUnion Pacific Corp.	0.03%	16,949	$4M	added0%	0.00 pp	5 q
unresolvedAnheuser-Busch InBev SA Restri	0.03%	51,578	$4M	held	—	5 q
LRLCFL'oreal Co Eur Ord	0.03%	8,711	$3M	added+33%	+0.01 pp	5 q
UNLYFUnilever PLC Gbp	0.03%	46,250	$3M	new	+0.03 pp	new
unresolvedCompagnie Financiere Richemont	0.03%	14,130,076	$4M	new	+0.03 pp	new
CABJFCarlsburg As B Ord	0.03%	22,006	$4M	added×3.1	+0.02 pp	3 q
GOOGLAlphabet Inc. Class A	0.02%	1,231	$2M	trimmed−8%	0.00 pp	5 q
KOCoca-Cola Company	0.02%	47,329	$3M	trimmed−10%	−0.01 pp	5 q
COSTCostco Wholesale Corp	0.02%	5,395	$2M	added0%	0.00 pp	5 q
DANOYDanone S/	0.02%	167,422	$2M	trimmed−10%	0.00 pp	5 q
EVFEaton Vance Senior Income Trust	0.02%	327,423	$2M	new	+0.02 pp	new
PNCPNC Financial Services Group	0.02%	14,938	$2M	trimmed−12%	0.00 pp	5 q
SWZTotal Return Securities Fund	0.02%	220,928	$2M	added+2%	0.00 pp	2 q
COCXFLindt & Spruengli Ord	0.02%	25	$3M	held	—	5 q
ABTAbbott Laboratories	0.01%	11,975	$1M	held	—	5 q
ABBVAbbvie Inc.	0.01%	12,610	$1M	held	—	5 q
AAPLApple Inc.	0.01%	8,748	$1M	trimmed−3%	0.00 pp	5 q
CVXChevron Corporation	0.01%	8,264	$698,000	trimmed−8%	0.00 pp	5 q
CFRUYCompagnie Fnce Rch UN/	0.01%	128,018	$1M	trimmed−25%	0.00 pp	5 q
CTVACorteva, Inc.	0.01%	15,831	$613,000	added0%	+0.01 pp	5 q
DISThe Walt Disney Company	0.01%	5,202	$943,000	trimmed−0%	0.00 pp	5 q
DOWDow Inc.	0.01%	19,003	$1M	added+1%	0.00 pp	5 q
DDDuPont de Nemours, Inc.	0.01%	18,132	$1M	added0%	0.00 pp	5 q
FULTFulton Financial Corp	0.01%	74,671	$950,000	trimmed−36%	0.00 pp	5 q
GHCGraham Holdings Company	0.01%	1,163	$620,000	added0%	+0.01 pp	3 q
HEINYHeineken N V S/	0.01%	18,112	$1M	trimmed−42%	0.00 pp	5 q
LAMRLamar Advertising Co	0.01%	8,125	$676,000	held	—	5 q
MTBM&T Bank Corp.	0.01%	4,550	$579,000	added+1%	+0.01 pp	5 q
MSFTMicrosoft Corp	0.01%	3,627	$807,000	added+5%	0.00 pp	5 q
unresolvedPernod-Ricard SA-Unspon ADR	0.01%	35,765	$1M	trimmed−26%	−0.01 pp	5 q
WMTWalmart Inc.	0.01%	4,480	$646,000	trimmed−2%	0.00 pp	5 q
LVMHFLvmh-moet Hnsy L Vutn	0.01%	1,658	$1M	trimmed−5%	0.00 pp	5 q
DGEAFDiageo PLC Ord	0.01%	31,351	$1M	trimmed−5%	0.00 pp	5 q
RBGPFReckitt Benckiser Grp PLC	0.01%	12,159	$1M	trimmed−10%	0.00 pp	5 q
BUDAnheuser-Busch INBEV SA/NV	0.00%	3,981	$278,000	new	0.00 pp	new
CCThe Chemours Company	0.00%	8,244	$204,000	new	0.00 pp	new
DHRDanaher Corporation	0.00%	1,333	$296,000	held	—	3 q
DVCMYDavide Cmpri Mil UNSP/	0.00%	11,475	$131,000	new	0.00 pp	new
HKHHYHeineken Holding NV S/	0.00%	10,300	$486,000	added+53%	0.00 pp	2 q
unresolvedHostess Brands Inc Wts Exp 11/	0.00%	135,000	$215,000	trimmed−37%	0.00 pp	5 q
KHCThe Kraft Heinz Company	0.00%	6,000	$208,000	new	0.00 pp	new
MCDMcDonald's Corporation	0.00%	2,280	$489,000	trimmed−3%	−0.01 pp	5 q
MRKMerck & Co., Inc.	0.00%	3,944	$323,000	added0%	0.00 pp	5 q
NKENike, Inc.	0.00%	1,617	$229,000	held	—	2 q
ORCLOracle Corp	0.00%	4,000	$259,000	held	—	3 q
PXDPioneer Natural Resource Co.	0.00%	2,500	$285,000	held	—	3 q
RDS.ARoyal Dutch Shell PLC	0.00%	6,817	$240,000	trimmed−25%	0.00 pp	5 q
TFCTruist Financial Corporation	0.00%	10,514	$504,000	added0%	0.00 pp	5 q
BOIVFBollore Investissemnt Ord	0.00%	13,500	$56,000	held	—	5 q
JCDXFJc Decaux SA Act	0.00%	10,500	$239,000	trimmed−73%	−0.01 pp	5 q
CFDZFCofide SPA	0.00%	251,250	$135,000	held	—	4 q
LTGIFLt Group Inc	0.00%	1,525,000	$416,000	held	—	5 q
PHJMFPt Hanjaya Mandala Samprn	0.00%	1,000,000	$107,000	held	—	5 q
UNUnilever N V -ny Shares	—	−11,668,433	—	exited	−6.85 pp	—
UNAUnilever NV	—	−46,250	—	exited	−0.03 pp	—