Gardner Russo & Quinn

Q1 2021 13F · by Thomas Russo, portfolio manager

As of: Mar 31, 2021
Filed: May 12, 2021
US stock: $11.0B · prev $11.0B
Positions: 90 · prev 92
Options notional: $0
Documents: 1· no amendments

Picture66.7% US stock

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

US stock listed on a US exchange 66.7%
Foreign stock not listed in the US 33.3%
Notes debt, at principal 0.0%
Puts at notional value 0.0%
Calls at notional value 0.0%

Moves76 since the prior filing

+4.1 pp in · −4.1 pp out

New 2 +2.32 pp
Added 11 +1.79 pp
Trimmed 59 −3.99 pp
Exited 4 −0.10 pp

The book

Concentrated · behaves like 14 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Low turnover · 16% a year, about 6.1 years per position

Low
Moderate
High

Top 5 positions48% of US stock

MA Mastercard Incorporated trimmed−2.41 pp trimmed−2.4111.6%
BRK.A Berkshire Hathaway Inc. trimmed+0.66 pp trimmed+0.6611.4%
NSRGY Nestle S.a S/ trimmed−0.94 pp trimmed−0.9410.2%
GOOG Alphabet Inc. Class C trimmed+1.03 pp trimmed+1.037.9%
PM Philip Morris International Inc. trimmed+0.25 pp trimmed+0.256.6%

Positions90 in this filing · 4 exited


MAMastercard Incorporated	11.61%	3,574,240	$1.3B	trimmed−17%	−2.41 pp	6 q
BRK.ABerkshire Hathaway Inc.	11.45%	3,255	$1.3B	trimmed−5%	+0.66 pp	6 q
NSRGYNestle S.a S/	10.20%	10,021,937	$1.1B	trimmed−4%	−0.94 pp	6 q
GOOGAlphabet Inc. Class C	7.90%	418,759	$866M	trimmed−3%	+1.03 pp	6 q
PMPhilip Morris International Inc.	6.56%	8,107,660	$719M	trimmed−4%	+0.25 pp	6 q
HKHHFHeineken Holding NV Ord	6.20%	7,615,609	$679M	trimmed−4%	−0.57 pp	6 q
PDRDFPernod Ricard Ord	6.00%	3,497,803	$658M	trimmed−10%	−0.76 pp	6 q
CFRHFCie Financiere Richmn New	5.85%	6,650,061	$641M	trimmed−5%	+0.09 pp	6 q
unresolvedUnilever Spn.Adr 1:1	5.11%	10,035,427	$560M	trimmed−10%	−1.00 pp	2 q
BRK.BBERKSHIRE HATHAWAY Class B	4.63%	1,984,710	$507M	trimmed−3%	+0.33 pp	6 q
JPMJPMorgan Chase & Co.	4.28%	3,079,795	$469M	trimmed−14%	+0.14 pp	6 q
MLMMartin Marietta Materials	3.89%	1,270,550	$427M	trimmed−9%	+0.29 pp	6 q
BUDFFAnheuser Busch Inbev Ord	3.18%	5,521,279	$349M	trimmed−6%	−0.55 pp	6 q
CMCSAComcast Corp	2.73%	5,531,300	$299M	trimmed−3%	+0.01 pp	6 q
BABAAlibaba Group Holding Limited	2.32%	1,119,994	$254M	new	+2.32 pp	new
BF.ABrown-Forman Corporation Class A	1.73%	2,982,153	$190M	trimmed−3%	−0.32 pp	6 q
AHTAshtead Group PLC	1.38%	2,525,046	$151M	added×4.7	+1.15 pp	4 q
CABOCable One, Inc.	1.30%	77,671	$142M	added×2.2	+0.59 pp	4 q
VVISA Inc.	0.80%	415,066	$88M	trimmed−8%	−0.09 pp	6 q
BF.BBrown-Forman Corporation Class B	0.75%	1,195,565	$82M	trimmed−5%	−0.16 pp	6 q
WFCWells Fargo & Co.	0.42%	1,179,800	$46M	trimmed−20%	+0.02 pp	6 q
MOAltria Group, Inc.	0.16%	337,615	$17M	trimmed−6%	+0.03 pp	6 q
VMCVulcan Materials Company(Holding Company)	0.10%	67,500	$11M	trimmed−1%	+0.01 pp	6 q
SWMASwedish Match AB	0.10%	138,188	$11M	trimmed−10%	−0.01 pp	6 q
XOMExxon Mobil Corp	0.09%	176,007	$10M	added0%	+0.02 pp	6 q
DVDCFDavide Campari Milano N V	0.09%	893,236	$10M	trimmed−4%	−0.01 pp	6 q
CXTCrane NXT, Co.	0.07%	83,553	$8M	trimmed−8%	+0.01 pp	6 q
MKLMarkel Group Inc.	0.07%	6,712	$8M	trimmed−1%	+0.01 pp	6 q
AXPAmerican Express Company	0.06%	44,566	$6M	trimmed−32%	−0.01 pp	6 q
HRLHormel Foods Corporation	0.06%	143,021	$7M	trimmed−1%	0.00 pp	6 q
unresolvedOutfront Media Inc	0.06%	308,085	$7M	trimmed−4%	0.00 pp	6 q
PGProcter & Gamble Company	0.05%	42,583	$6M	added+14%	0.00 pp	6 q
unresolvedCompagnie Financiere Richemont	0.05%	14,671,544	$6M	added+4%	+0.02 pp	2 q
DOVDover Corporation	0.04%	34,682	$5M	trimmed−6%	0.00 pp	6 q
MKCMcCormick & Company, Incorporated Non-VTG CS	0.04%	50,000	$4M	trimmed−3%	0.00 pp	6 q
NSRGFNestle S.a Reg Ord	0.04%	42,370	$5M	held	—	6 q
HINKFHeineken N V Reg	0.04%	40,166	$4M	trimmed−1%	0.00 pp	6 q
MLKNMillerKnoll, Inc.	0.03%	69,021	$3M	trimmed−50%	−0.01 pp	6 q
PEPPepsiCo, Inc.	0.03%	23,049	$3M	trimmed−2%	0.00 pp	6 q
UNPUnion Pacific Corp.	0.03%	17,016	$4M	added0%	0.00 pp	6 q
unresolvedAnheuser-Busch InBev SA Restri	0.03%	51,578	$3M	held	—	6 q
LRLCFL'oreal Co Eur Ord	0.03%	7,365	$3M	trimmed−15%	0.00 pp	6 q
CABJFCarlsburg As B Ord	0.03%	21,811	$3M	trimmed−1%	0.00 pp	4 q
GOOGLAlphabet Inc. Class A	0.02%	1,077	$2M	trimmed−13%	0.00 pp	6 q
COSTCostco Wholesale Corp	0.02%	5,294	$2M	trimmed−2%	0.00 pp	6 q
DANOYDanone S/	0.02%	154,945	$2M	trimmed−7%	0.00 pp	6 q
EVFEaton Vance Senior Income Trust	0.02%	360,956	$2M	added+10%	0.00 pp	2 q
FMXFomento Economico Mexicano, S.a.b. De C.v.	0.02%	23,621	$2M	trimmed−42%	−0.01 pp	6 q
PNCPNC Financial Services Group	0.02%	14,913	$3M	trimmed−0%	0.00 pp	6 q
SWZTotal Return Securities Fund	0.02%	224,346	$2M	added+2%	0.00 pp	3 q
UNLYFUnilever PLC Gbp	0.02%	46,250	$3M	held	—	2 q
COCXFLindt & Spruengli Ord	0.02%	20	$2M	trimmed−20%	0.00 pp	6 q
ABTAbbott Laboratories	0.01%	11,975	$1M	held	—	6 q
ABBVAbbvie Inc.	0.01%	12,610	$1M	held	—	6 q
AAPLApple Inc.	0.01%	6,348	$775,000	trimmed−27%	0.00 pp	6 q
KOCoca-Cola Company	0.01%	23,327	$1M	trimmed−51%	−0.01 pp	6 q
CFRUYCompagnie Fnce Rch UN/	0.01%	127,300	$1M	trimmed−1%	0.00 pp	6 q
CTVACorteva, Inc.	0.01%	15,462	$721,000	trimmed−2%	0.00 pp	6 q
DISThe Walt Disney Company	0.01%	5,202	$960,000	held	—	6 q
DOWDow Inc.	0.01%	18,795	$1M	trimmed−1%	0.00 pp	6 q
DDDuPont de Nemours, Inc.	0.01%	17,893	$1M	trimmed−1%	0.00 pp	6 q
FULTFulton Financial Corp	0.01%	74,421	$1M	trimmed−0%	0.00 pp	6 q
GHCGraham Holdings Company	0.01%	1,146	$645,000	trimmed−1%	0.00 pp	4 q
HEINYHeineken N V S/	0.01%	16,837	$867,000	trimmed−7%	0.00 pp	6 q
LAMRLamar Advertising Co	0.01%	8,035	$755,000	trimmed−1%	0.00 pp	6 q
MSFTMicrosoft Corp	0.01%	3,577	$843,000	trimmed−1%	0.00 pp	6 q
unresolvedPernod-Ricard SA-Unspon ADR	0.01%	35,024	$1M	trimmed−2%	0.00 pp	6 q
TFCTruist Financial Corporation	0.01%	10,555	$616,000	added0%	+0.01 pp	6 q
WMTWalmart Inc.	0.01%	4,480	$609,000	held	—	6 q
LVMHFLvmh-moet Hnsy L Vutn	0.01%	1,403	$937,000	trimmed−15%	0.00 pp	6 q
DGEAFDiageo PLC Ord	0.01%	22,851	$943,000	trimmed−27%	0.00 pp	6 q
RBGPFReckitt Benckiser Grp PLC	0.01%	6,670	$598,000	trimmed−45%	0.00 pp	6 q
YAlleghany Corporation	0.00%	324	$203,000	new	0.00 pp	new
BUDAnheuser-Busch INBEV SA/NV	0.00%	3,981	$250,000	held	—	2 q
CCThe Chemours Company	0.00%	8,320	$232,000	added+1%	0.00 pp	2 q
CVXChevron Corporation	0.00%	4,817	$505,000	trimmed−42%	−0.01 pp	6 q
DHRDanaher Corporation	0.00%	1,183	$266,000	trimmed−11%	0.00 pp	4 q
DVCMYDavide Cmpri Mil UNSP/	0.00%	11,475	$129,000	held	—	2 q
HKHHYHeineken Holding NV S/	0.00%	10,750	$479,000	added+4%	0.00 pp	3 q
unresolvedHostess Brands Inc Wts Exp 11/	0.00%	80,000	$116,000	trimmed−41%	0.00 pp	6 q
KHCThe Kraft Heinz Company	0.00%	6,000	$240,000	held	—	2 q
MCDMcDonald's Corporation	0.00%	2,280	$511,000	held	—	6 q
MRKMerck & Co., Inc.	0.00%	3,858	$297,000	trimmed−2%	0.00 pp	6 q
ORCLOracle Corp	0.00%	4,000	$281,000	held	—	4 q
PXDPioneer Natural Resource Co.	0.00%	2,500	$397,000	held	—	4 q
BOIVFBollore Investissemnt Ord	0.00%	13,500	$65,000	held	—	6 q
JCDXFJc Decaux SA Act	0.00%	10,500	$265,000	held	—	6 q
CFDZFCofide SPA	0.00%	251,250	$140,000	held	—	5 q
LTGIFLt Group Inc	0.00%	1,525,000	$424,000	held	—	6 q
PHJMFPt Hanjaya Mandala Samprn	0.00%	1,000,000	$95,000	held	—	6 q
DEODiageo plc	—	−65,776	—	exited	−0.09 pp	—
MTBM&T Bank Corp.	—	−4,550	—	exited	−0.01 pp	—
NKENike, Inc.	—	−1,617	—	exited	0.00 pp	—
RDS.ARoyal Dutch Shell PLC	—	−6,817	—	exited	0.00 pp	—

Source

Form: 13F-HR
Reading: 30 defects · 6 unresolved
Accession: 0000860643-21-000004
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 2021-03-31
A security outside the official 13F list — CUSIP 23636T100 not on the Official 13(f) List for 2021-03-31
A security outside the official 13F list — CUSIP 23857X103 not on the Official 13(f) List for 2021-03-31
A security outside the official 13F list — CUSIP 423008101 not on the Official 13(f) List for 2021-03-31
A security outside the official 13F list — CUSIP 423012301 not on the Official 13(f) List for 2021-03-31
A security outside the official 13F list — CUSIP 641069406 not on the Official 13(f) List for 2021-03-31
A security outside the official 13F list — CUSIP 714264207 not on the Official 13(f) List for 2021-03-31
A security outside the official 13F list — CUSIP B639CJ108 not on the Official 13(f) List for 2021-03-31
A security outside the official 13F list — CUSIP B639CJ116 not on the Official 13(f) List for 2021-03-31
A security outside the official 13F list — CUSIP F10659260 not on the Official 13(f) List for 2021-03-31
A security outside the official 13F list — CUSIP F5333N100 not on the Official 13(f) List for 2021-03-31
A security outside the official 13F list — CUSIP F58149133 not on the Official 13(f) List for 2021-03-31
A security outside the official 13F list — CUSIP F58485115 not on the Official 13(f) List for 2021-03-31
A security outside the official 13F list — CUSIP F72027109 not on the Official 13(f) List for 2021-03-31
A security outside the official 13F list — CUSIP G05320109 not on the Official 13(f) List for 2021-03-31
A security outside the official 13F list — CUSIP G42089113 not on the Official 13(f) List for 2021-03-31
A security outside the official 13F list — CUSIP G74079107 not on the Official 13(f) List for 2021-03-31
A security outside the official 13F list — CUSIP G92087165 not on the Official 13(f) List for 2021-03-31
A security outside the official 13F list — CUSIP H25662182 not on the Official 13(f) List for 2021-03-31
A security outside the official 13F list — CUSIP H25663123 not on the Official 13(f) List for 2021-03-31
A security outside the official 13F list — CUSIP H49983176 not on the Official 13(f) List for 2021-03-31
A security outside the official 13F list — CUSIP H57312649 not on the Official 13(f) List for 2021-03-31
A security outside the official 13F list — CUSIP K36628137 not on the Official 13(f) List for 2021-03-31
A security outside the official 13F list — CUSIP N24565108 not on the Official 13(f) List for 2021-03-31
A security outside the official 13F list — CUSIP N39338194 not on the Official 13(f) List for 2021-03-31
A security outside the official 13F list — CUSIP N39427211 not on the Official 13(f) List for 2021-03-31
A security outside the official 13F list — CUSIP T19404101 not on the Official 13(f) List for 2021-03-31
A security outside the official 13F list — CUSIP W92277115 not on the Official 13(f) List for 2021-03-31
A security outside the official 13F list — CUSIP Y5342M100 not on the Official 13(f) List for 2021-03-31
A security outside the official 13F list — CUSIP Y7121Z146 not on the Official 13(f) List for 2021-03-31

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