Gardner Russo & Quinn

Q2 2021 13F · by Thomas Russo, portfolio manager

As of: Jun 30, 2021
Filed: Aug 12, 2021
US stock: $11.8B · prev $11.0B
Positions: 88 · prev 90
Options notional: $0
Documents: 1· no amendments

Picture65.1% US stock

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

US stock listed on a US exchange 65.1%
Foreign stock not listed in the US 34.9%
Notes debt, at principal 0.0%
Puts at notional value 0.0%
Calls at notional value 0.0%

Moves67 since the prior filing

+0.8 pp in · −0.9 pp out

New 1 0.00 pp
Added 22 +0.85 pp
Trimmed 41 −0.91 pp
Exited 3 0.00 pp

The book

Concentrated · behaves like 15 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Low turnover · 3.9% a year, about 25.8 years per position

Low
Moderate
High

Top 5 positions47% of US stock

BRK.A Berkshire Hathaway Inc. trimmed−0.33 pp trimmed−0.3311.1%
MA Mastercard Incorporated trimmed−1.10 pp trimmed−1.1010.5%
NSRGY Nestle S.a S/ trimmed+0.11 pp trimmed+0.1110.3%
GOOG Alphabet Inc. Class C trimmed+0.54 pp trimmed+0.548.4%
PM Philip Morris International Inc. trimmed+0.06 pp trimmed+0.066.6%

Positions88 in this filing · 3 exited


BRK.ABerkshire Hathaway Inc.	11.12%	3,145	$1.3B	trimmed−3%	−0.33 pp	7 q
MAMastercard Incorporated	10.51%	3,408,038	$1.2B	trimmed−5%	−1.10 pp	7 q
NSRGYNestle S.a S/	10.31%	9,780,019	$1.2B	trimmed−2%	+0.11 pp	7 q
GOOGAlphabet Inc. Class C	8.44%	398,721	$999M	trimmed−5%	+0.54 pp	7 q
PMPhilip Morris International Inc.	6.62%	7,900,711	$783M	trimmed−3%	+0.06 pp	7 q
CFRHFCie Financiere Richmn New	6.57%	6,424,393	$778M	trimmed−3%	+0.72 pp	7 q
PDRDFPernod Ricard Ord	6.36%	3,392,609	$753M	trimmed−3%	+0.36 pp	7 q
HKHHFHeineken Holding NV Ord	6.30%	7,396,894	$745M	trimmed−3%	+0.10 pp	7 q
unresolvedUnilever Spn.Adr 1:1	4.81%	9,734,425	$569M	trimmed−3%	−0.30 pp	3 q
BRK.BBERKSHIRE HATHAWAY Class B	4.53%	1,931,245	$537M	trimmed−3%	−0.10 pp	7 q
MLMMartin Marietta Materials	3.67%	1,235,775	$435M	trimmed−3%	−0.22 pp	7 q
JPMJPMorgan Chase & Co.	3.66%	2,788,140	$434M	trimmed−9%	−0.62 pp	7 q
BUDFFAnheuser Busch Inbev Ord	3.21%	5,269,728	$380M	trimmed−5%	+0.03 pp	7 q
BABAAlibaba Group Holding Limited	2.80%	1,463,677	$332M	added+31%	+0.48 pp	2 q
CMCSAComcast Corp	2.58%	5,363,742	$306M	trimmed−3%	−0.15 pp	7 q
BF.ABrown-Forman Corporation Class A	1.73%	2,900,487	$204M	trimmed−3%	0.00 pp	7 q
AHTAshtead Group PLC	1.59%	2,543,263	$188M	added+1%	+0.21 pp	5 q
CABOCable One, Inc.	1.45%	89,855	$172M	added+16%	+0.15 pp	5 q
VVISA Inc.	0.80%	406,354	$95M	trimmed−2%	0.00 pp	7 q
BF.BBrown-Forman Corporation Class B	0.76%	1,203,700	$90M	added+1%	+0.01 pp	7 q
WFCWells Fargo & Co.	0.44%	1,144,747	$52M	trimmed−3%	+0.02 pp	7 q
MOAltria Group, Inc.	0.13%	328,471	$16M	trimmed−3%	−0.03 pp	7 q
VMCVulcan Materials Company(Holding Company)	0.10%	68,812	$12M	added+2%	0.00 pp	7 q
DVDCFDavide Campari Milano N V	0.10%	882,086	$12M	trimmed−1%	+0.01 pp	7 q
SWMASSwedish Match AB	0.10%	1,358,375	$12M	added×9.8	0.00 pp	7 q
XOMExxon Mobil Corp	0.09%	176,699	$11M	added0%	0.00 pp	7 q
unresolvedCompagnie Financiere Richemont	0.08%	14,395,190	$10M	trimmed−2%	+0.03 pp	3 q
MKLMarkel Group Inc.	0.07%	6,702	$8M	trimmed−0%	0.00 pp	7 q
AXPAmerican Express Company	0.06%	43,783	$7M	trimmed−2%	0.00 pp	7 q
CXTCrane NXT, Co.	0.06%	82,806	$8M	trimmed−1%	−0.01 pp	7 q
HRLHormel Foods Corporation	0.06%	142,971	$7M	trimmed−0%	0.00 pp	7 q
unresolvedOutfront Media Inc	0.06%	305,504	$7M	trimmed−1%	0.00 pp	7 q
PGProcter & Gamble Company	0.05%	42,543	$6M	trimmed−0%	0.00 pp	7 q
DOVDover Corporation	0.04%	34,132	$5M	trimmed−2%	0.00 pp	7 q
MKCMcCormick & Company, Incorporated Non-VTG CS	0.04%	48,500	$4M	trimmed−3%	0.00 pp	7 q
NSRGFNestle S.a Reg Ord	0.04%	42,370	$5M	held	—	7 q
CABJFCarlsburg As B Ord	0.04%	22,291	$4M	added+2%	+0.01 pp	5 q
HINKFHeineken N V Reg	0.04%	40,166	$5M	held	—	7 q
PEPPepsiCo, Inc.	0.03%	22,856	$3M	trimmed−1%	0.00 pp	7 q
UNPUnion Pacific Corp.	0.03%	17,091	$4M	added0%	0.00 pp	7 q
unresolvedAnheuser-Busch InBev SA Restri	0.03%	51,578	$4M	held	—	7 q
LRLCFL'oreal Co Eur Ord	0.03%	7,020	$3M	trimmed−5%	0.00 pp	7 q
GOOGLAlphabet Inc. Class A	0.02%	1,061	$3M	trimmed−1%	0.00 pp	7 q
COSTCostco Wholesale Corp	0.02%	5,168	$2M	trimmed−2%	0.00 pp	7 q
DANOYDanone S/	0.02%	148,999	$2M	trimmed−4%	0.00 pp	7 q
EVFEaton Vance Senior Income Trust	0.02%	379,440	$3M	added+5%	0.00 pp	3 q
FMXFomento Economico Mexicano, S.a.b. De C.v.	0.02%	22,861	$2M	trimmed−3%	0.00 pp	7 q
MLKNMillerKnoll, Inc.	0.02%	61,921	$3M	trimmed−10%	−0.01 pp	7 q
PNCPNC Financial Services Group	0.02%	14,913	$3M	held	—	7 q
SWZTotal Return Securities Fund	0.02%	227,492	$2M	added+1%	0.00 pp	4 q
UNLYFUnilever PLC Gbp	0.02%	46,250	$3M	held	—	3 q
COCXFLindt & Spruengli Ord	0.02%	20	$2M	held	—	7 q
ABTAbbott Laboratories	0.01%	11,975	$1M	held	—	7 q
ABBVAbbvie Inc.	0.01%	12,610	$1M	held	—	7 q
AAPLApple Inc.	0.01%	6,348	$869,000	held	—	7 q
KOCoca-Cola Company	0.01%	22,710	$1M	trimmed−3%	0.00 pp	7 q
CFRUYCompagnie Fnce Rch UN/	0.01%	129,415	$2M	added+2%	0.00 pp	7 q
DISThe Walt Disney Company	0.01%	5,222	$918,000	added0%	0.00 pp	7 q
DOWDow Inc.	0.01%	18,980	$1M	added+1%	0.00 pp	7 q
DDDuPont de Nemours, Inc.	0.01%	17,955	$1M	added0%	0.00 pp	7 q
FULTFulton Financial Corp	0.01%	74,421	$1M	held	—	7 q
GHCGraham Holdings Company	0.01%	1,149	$728,000	added0%	0.00 pp	5 q
HEINYHeineken N V S/	0.01%	18,748	$1M	added+11%	0.00 pp	7 q
LAMRLamar Advertising Co	0.01%	8,035	$839,000	held	—	7 q
MSFTMicrosoft Corp	0.01%	3,602	$976,000	added+1%	0.00 pp	7 q
unresolvedPernod-Ricard SA-Unspon ADR	0.01%	37,389	$2M	added+7%	0.00 pp	7 q
WMTWalmart Inc.	0.01%	4,480	$632,000	held	—	7 q
LVMHFLvmh-moet Hnsy L Vutn	0.01%	1,375	$1M	trimmed−2%	0.00 pp	7 q
DGEAFDiageo PLC Ord	0.01%	22,151	$1M	trimmed−3%	0.00 pp	7 q
YAlleghany Corporation	0.00%	324	$216,000	held	—	2 q
BUDAnheuser-Busch INBEV SA/NV	0.00%	3,981	$287,000	held	—	3 q
CVXChevron Corporation	0.00%	4,833	$506,000	added0%	0.00 pp	7 q
CTVACorteva, Inc.	0.00%	9,004	$399,000	trimmed−42%	−0.01 pp	7 q
DHRDanaher Corporation	0.00%	1,183	$317,000	held	—	5 q
DVCMYDavide Cmpri Mil UNSP/	0.00%	11,475	$154,000	held	—	3 q
HKHHYHeineken Holding NV S/	0.00%	10,750	$541,000	held	—	4 q
KHCThe Kraft Heinz Company	0.00%	6,000	$245,000	held	—	3 q
MCDMcDonald's Corporation	0.00%	2,280	$527,000	held	—	7 q
MRKMerck & Co., Inc.	0.00%	3,868	$301,000	added0%	0.00 pp	7 q
NKENike, Inc.	0.00%	1,542	$238,000	new	0.00 pp	new
ORCLOracle Corp	0.00%	4,000	$311,000	held	—	5 q
PXDPioneer Natural Resource Co.	0.00%	2,400	$390,000	trimmed−4%	0.00 pp	5 q
TFCTruist Financial Corporation	0.00%	10,596	$588,000	added0%	−0.01 pp	7 q
JCDXFJc Decaux SA Act	0.00%	10,500	$291,000	held	—	7 q
RBGPFReckitt Benckiser Grp PLC	0.00%	6,430	$568,000	trimmed−4%	−0.01 pp	7 q
CFDZFCofide SPA	0.00%	251,250	$151,000	held	—	6 q
LTGIFLt Group Inc	0.00%	1,525,000	$403,000	held	—	7 q
PHJMFPt Hanjaya Mandala Samprn	0.00%	1,000,000	$84,000	held	—	7 q
CCThe Chemours Company	—	−8,320	—	exited	0.00 pp	—
unresolvedHostess Brands Inc Wts Exp 11/	—	−80,000	—	exited	0.00 pp	—
BOIVFBollore Investissemnt Ord	—	−13,500	—	exited	0.00 pp	—

Source

Form: 13F-HR
Reading: 29 defects · 5 unresolved
Accession: 0000860643-21-000005
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 2021-06-30
A security outside the official 13F list — CUSIP 23636T100 not on the Official 13(f) List for 2021-06-30
A security outside the official 13F list — CUSIP 23857X103 not on the Official 13(f) List for 2021-06-30
A security outside the official 13F list — CUSIP 423008101 not on the Official 13(f) List for 2021-06-30
A security outside the official 13F list — CUSIP 423012301 not on the Official 13(f) List for 2021-06-30
A security outside the official 13F list — CUSIP 641069406 not on the Official 13(f) List for 2021-06-30
A security outside the official 13F list — CUSIP 714264207 not on the Official 13(f) List for 2021-06-30
A security outside the official 13F list — CUSIP B639CJ108 not on the Official 13(f) List for 2021-06-30
A security outside the official 13F list — CUSIP B639CJ116 not on the Official 13(f) List for 2021-06-30
A security outside the official 13F list — CUSIP F5333N100 not on the Official 13(f) List for 2021-06-30
A security outside the official 13F list — CUSIP F58149133 not on the Official 13(f) List for 2021-06-30
A security outside the official 13F list — CUSIP F58485115 not on the Official 13(f) List for 2021-06-30
A security outside the official 13F list — CUSIP F72027109 not on the Official 13(f) List for 2021-06-30
A security outside the official 13F list — CUSIP G05320109 not on the Official 13(f) List for 2021-06-30
A security outside the official 13F list — CUSIP G42089113 not on the Official 13(f) List for 2021-06-30
A security outside the official 13F list — CUSIP G74079107 not on the Official 13(f) List for 2021-06-30
A security outside the official 13F list — CUSIP G92087165 not on the Official 13(f) List for 2021-06-30
A security outside the official 13F list — CUSIP H25662182 not on the Official 13(f) List for 2021-06-30
A security outside the official 13F list — CUSIP H25663123 not on the Official 13(f) List for 2021-06-30
A security outside the official 13F list — CUSIP H49983176 not on the Official 13(f) List for 2021-06-30
A security outside the official 13F list — CUSIP H57312649 not on the Official 13(f) List for 2021-06-30
A security outside the official 13F list — CUSIP K36628137 not on the Official 13(f) List for 2021-06-30
A security outside the official 13F list — CUSIP N24565108 not on the Official 13(f) List for 2021-06-30
A security outside the official 13F list — CUSIP N39338194 not on the Official 13(f) List for 2021-06-30
A security outside the official 13F list — CUSIP N39427211 not on the Official 13(f) List for 2021-06-30
A security outside the official 13F list — CUSIP T19404101 not on the Official 13(f) List for 2021-06-30
A security outside the official 13F list — CUSIP W9376L154 not on the Official 13(f) List for 2021-06-30
A security outside the official 13F list — CUSIP Y5342M100 not on the Official 13(f) List for 2021-06-30
A security outside the official 13F list — CUSIP Y7121Z146 not on the Official 13(f) List for 2021-06-30

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