Gardner Russo & Quinn

Q3 2021 13F · by Thomas Russo, portfolio manager

As of: Sep 30, 2021
Filed: Nov 15, 2021
US stock: $10.8B · prev $11.8B
Positions: 87 · prev 88
Options notional: $0
Documents: 1· no amendments

Picture65.8% US stock

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

US stock listed on a US exchange 65.8%
Foreign stock not listed in the US 34.2%
Notes debt, at principal 0.0%
Puts at notional value 0.0%
Calls at notional value 0.0%

Moves68 since the prior filing

−0.4 pp in · +0.5 pp out

New 1 +0.02 pp
Added 25 −0.41 pp
Trimmed 40 +0.49 pp
Exited 2 −0.03 pp

The book

Concentrated · behaves like 14 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Low turnover · 7.2% a year, about 13.9 years per position

Low
Moderate
High

Top 5 positions48% of US stock

BRK.A Berkshire Hathaway Inc. trimmed+0.42 pp trimmed+0.4211.5%
NSRGY Nestle S.a S/ trimmed+0.23 pp trimmed+0.2310.5%
MA Mastercard Incorporated trimmed−0.40 pp trimmed−0.4010.1%
GOOG Alphabet Inc. Class C trimmed+0.99 pp trimmed+0.999.4%
PDRDF Pernod Ricard Ord trimmed+0.36 pp trimmed+0.366.7%

Positions87 in this filing · 2 exited


BRK.ABerkshire Hathaway Inc.	11.54%	3,044	$1.3B	trimmed−3%	+0.42 pp	8 q
NSRGYNestle S.a S/	10.54%	9,510,972	$1.1B	trimmed−3%	+0.23 pp	8 q
MAMastercard Incorporated	10.11%	3,155,872	$1.1B	trimmed−7%	−0.40 pp	8 q
GOOGAlphabet Inc. Class C	9.43%	383,666	$1.0B	trimmed−4%	+0.99 pp	8 q
PDRDFPernod Ricard Ord	6.72%	3,296,810	$729M	trimmed−3%	+0.36 pp	8 q
PMPhilip Morris International Inc.	6.56%	7,513,648	$712M	trimmed−5%	−0.06 pp	8 q
CFRHFCie Financiere Richmn New	6.01%	6,239,671	$652M	trimmed−3%	−0.56 pp	8 q
HKHHFHeineken Holding NV Ord	5.88%	7,320,416	$638M	trimmed−1%	−0.42 pp	8 q
BRK.BBERKSHIRE HATHAWAY Class B	4.78%	1,899,976	$519M	trimmed−2%	+0.25 pp	8 q
unresolvedUnilever Spn.Adr 1:1	4.71%	9,414,768	$510M	trimmed−3%	−0.10 pp	4 q
JPMJPMorgan Chase & Co.	3.80%	2,515,409	$412M	trimmed−10%	+0.14 pp	8 q
MLMMartin Marietta Materials	3.76%	1,192,297	$407M	trimmed−4%	+0.09 pp	8 q
CMCSAComcast Corp	2.68%	5,189,614	$290M	trimmed−3%	+0.10 pp	8 q
BUDFFAnheuser Busch Inbev Ord	2.68%	5,108,358	$291M	trimmed−3%	−0.53 pp	8 q
BABAAlibaba Group Holding Limited	2.18%	1,595,076	$236M	added+9%	−0.62 pp	3 q
AHTAshtead Group PLC	1.74%	2,485,746	$189M	added×9.8	+0.15 pp	6 q
BF.ABrown-Forman Corporation Class A	1.66%	2,868,801	$180M	trimmed−1%	−0.07 pp	8 q
CABOCable One, Inc.	1.47%	87,731	$159M	trimmed−2%	+0.02 pp	6 q
VVISA Inc.	0.83%	402,770	$90M	trimmed−1%	+0.03 pp	8 q
BF.BBrown-Forman Corporation Class B	0.70%	1,132,510	$76M	trimmed−6%	−0.06 pp	8 q
WFCWells Fargo & Co.	0.46%	1,073,517	$50M	trimmed−6%	+0.02 pp	8 q
MOAltria Group, Inc.	0.14%	329,612	$15M	added0%	+0.01 pp	8 q
VMCVulcan Materials Company(Holding Company)	0.11%	68,652	$12M	trimmed−0%	+0.01 pp	8 q
DVDCFDavide Campari Milano N V	0.11%	879,436	$12M	trimmed−0%	+0.01 pp	8 q
SWMASSwedish Match AB	0.11%	1,352,270	$12M	trimmed−0%	+0.01 pp	8 q
XOMExxon Mobil Corp	0.10%	177,987	$10M	added+1%	+0.01 pp	8 q
AXPAmerican Express Company	0.07%	42,651	$7M	trimmed−3%	+0.01 pp	8 q
CXTCrane NXT, Co.	0.07%	77,756	$7M	trimmed−6%	+0.01 pp	8 q
MKLMarkel Group Inc.	0.07%	6,602	$8M	trimmed−1%	0.00 pp	8 q
unresolvedOutfront Media Inc	0.07%	297,287	$7M	trimmed−3%	+0.01 pp	8 q
PGProcter & Gamble Company	0.06%	42,823	$6M	added+1%	+0.01 pp	8 q
unresolvedCompagnie Financiere Richemont	0.06%	14,066,170	$7M	trimmed−2%	−0.02 pp	4 q
HRLHormel Foods Corporation	0.05%	140,781	$6M	trimmed−2%	−0.01 pp	8 q
NSRGFNestle S.a Reg Ord	0.05%	42,370	$5M	held	—	8 q
CABJFCarlsburg As B Ord	0.05%	35,379	$6M	added+59%	+0.01 pp	6 q
DOVDover Corporation	0.04%	31,167	$5M	trimmed−9%	0.00 pp	8 q
MKCMcCormick & Company, Incorporated Non-VTG CS	0.04%	48,425	$4M	trimmed−0%	0.00 pp	8 q
HINKFHeineken N V Reg	0.04%	40,166	$4M	held	—	8 q
PNCPNC Financial Services Group	0.03%	14,836	$3M	trimmed−1%	+0.01 pp	8 q
PEPPepsiCo, Inc.	0.03%	22,747	$3M	trimmed−0%	0.00 pp	8 q
UNPUnion Pacific Corp.	0.03%	18,173	$4M	added+6%	0.00 pp	8 q
unresolvedAnheuser-Busch InBev SA Restri	0.03%	51,578	$3M	held	—	8 q
LRLCFL'oreal Co Eur Ord	0.03%	6,745	$3M	trimmed−4%	0.00 pp	8 q
GOOGLAlphabet Inc. Class A	0.02%	994	$3M	trimmed−6%	0.00 pp	8 q
CFRUYCompagnie Fnce Rch UN/	0.02%	169,563	$2M	added+31%	+0.01 pp	8 q
COSTCostco Wholesale Corp	0.02%	5,264	$2M	added+2%	0.00 pp	8 q
DANOYDanone S/	0.02%	138,464	$2M	trimmed−7%	0.00 pp	8 q
FMXFomento Economico Mexicano, S.a.b. De C.v.	0.02%	21,411	$2M	trimmed−6%	0.00 pp	8 q
MLKNMillerKnoll, Inc.	0.02%	61,321	$2M	trimmed−1%	0.00 pp	8 q
PRNDYPernod Ricard S A SP/	0.02%	47,904	$2M	new	+0.02 pp	new
SWZTotal Return Securities Fund	0.02%	230,908	$2M	added+2%	0.00 pp	5 q
UNLYFUnilever PLC Gbp	0.02%	46,250	$3M	held	—	4 q
COCXFLindt & Spruengli Ord	0.02%	19	$2M	trimmed−5%	0.00 pp	8 q
ABTAbbott Laboratories	0.01%	12,275	$1M	added+3%	0.00 pp	8 q
ABBVAbbvie Inc.	0.01%	12,910	$1M	added+2%	0.00 pp	8 q
AAPLApple Inc.	0.01%	6,645	$940,000	added+5%	0.00 pp	8 q
KOCoca-Cola Company	0.01%	22,710	$1M	held	—	8 q
DISThe Walt Disney Company	0.01%	5,222	$883,000	held	—	8 q
DOWDow Inc.	0.01%	19,189	$1M	added+1%	0.00 pp	8 q
DDDuPont de Nemours, Inc.	0.01%	18,028	$1M	added0%	0.00 pp	8 q
FULTFulton Financial Corp	0.01%	74,839	$1M	added+1%	0.00 pp	8 q
GHCGraham Holdings Company	0.01%	1,151	$678,000	added0%	0.00 pp	6 q
HEINYHeineken N V S/	0.01%	29,456	$2M	added+57%	0.00 pp	8 q
LAMRLamar Advertising Co	0.01%	8,035	$912,000	held	—	8 q
MCDMcDonald's Corporation	0.01%	2,280	$550,000	held	—	8 q
MSFTMicrosoft Corp	0.01%	3,656	$1M	added+2%	0.00 pp	8 q
TFCTruist Financial Corporation	0.01%	10,642	$624,000	added0%	+0.01 pp	8 q
WMTWalmart Inc.	0.01%	4,480	$624,000	held	—	8 q
LVMHFLvmh-moet Hnsy L Vutn	0.01%	1,375	$988,000	held	—	8 q
DGEAFDiageo PLC Ord	0.01%	19,401	$943,000	trimmed−12%	0.00 pp	8 q
YAlleghany Corporation	0.00%	324	$202,000	held	—	3 q
BUDAnheuser-Busch INBEV SA/NV	0.00%	3,981	$224,000	held	—	4 q
CVXChevron Corporation	0.00%	4,751	$482,000	trimmed−2%	0.00 pp	8 q
CTVACorteva, Inc.	0.00%	9,031	$380,000	added0%	0.00 pp	8 q
DHRDanaher Corporation	0.00%	1,183	$360,000	held	—	6 q
DVCMYDavide Cmpri Mil UNSP/	0.00%	11,475	$162,000	held	—	4 q
HKHHYHeineken Holding NV S/	0.00%	11,125	$485,000	added+3%	0.00 pp	5 q
KHCThe Kraft Heinz Company	0.00%	6,000	$221,000	held	—	4 q
MRKMerck & Co., Inc.	0.00%	3,878	$291,000	added0%	0.00 pp	8 q
NKENike, Inc.	0.00%	1,542	$224,000	held	—	2 q
ORCLOracle Corp	0.00%	4,000	$349,000	held	—	6 q
PXDPioneer Natural Resource Co.	0.00%	2,400	$400,000	held	—	6 q
JCDXFJc Decaux SA Act	0.00%	10,500	$279,000	held	—	8 q
RBGPFReckitt Benckiser Grp PLC	0.00%	6,430	$505,000	held	—	8 q
CFDZFCofide SPA	0.00%	251,250	$141,000	held	—	7 q
LTGIFLt Group Inc	0.00%	1,775,000	$351,000	added+16%	0.00 pp	8 q
PHJMFPt Hanjaya Mandala Samprn	0.00%	5,000,000	$360,000	added×5.0	0.00 pp	8 q
EVFEaton Vance Senior Income Trust	—	−379,440	—	exited	−0.02 pp	—
unresolvedPernod-Ricard SA-Unspon ADR	—	−37,389	—	exited	−0.01 pp	—

Source

Form: 13F-HR
Reading: 29 defects · 4 unresolved
Accession: 0000860643-21-000006
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 2021-09-30
A security outside the official 13F list — CUSIP 23636T100 not on the Official 13(f) List for 2021-09-30
A security outside the official 13F list — CUSIP 23857X103 not on the Official 13(f) List for 2021-09-30
A security outside the official 13F list — CUSIP 423008101 not on the Official 13(f) List for 2021-09-30
A security outside the official 13F list — CUSIP 423012301 not on the Official 13(f) List for 2021-09-30
A security outside the official 13F list — CUSIP 641069406 not on the Official 13(f) List for 2021-09-30
A security outside the official 13F list — CUSIP 714264306 not on the Official 13(f) List for 2021-09-30
A security outside the official 13F list — CUSIP B639CJ108 not on the Official 13(f) List for 2021-09-30
A security outside the official 13F list — CUSIP B639CJ116 not on the Official 13(f) List for 2021-09-30
A security outside the official 13F list — CUSIP F5333N100 not on the Official 13(f) List for 2021-09-30
A security outside the official 13F list — CUSIP F58149133 not on the Official 13(f) List for 2021-09-30
A security outside the official 13F list — CUSIP F58485115 not on the Official 13(f) List for 2021-09-30
A security outside the official 13F list — CUSIP F72027109 not on the Official 13(f) List for 2021-09-30
A security outside the official 13F list — CUSIP G05320109 not on the Official 13(f) List for 2021-09-30
A security outside the official 13F list — CUSIP G42089113 not on the Official 13(f) List for 2021-09-30
A security outside the official 13F list — CUSIP G74079107 not on the Official 13(f) List for 2021-09-30
A security outside the official 13F list — CUSIP G92087165 not on the Official 13(f) List for 2021-09-30
A security outside the official 13F list — CUSIP H25662182 not on the Official 13(f) List for 2021-09-30
A security outside the official 13F list — CUSIP H25663123 not on the Official 13(f) List for 2021-09-30
A security outside the official 13F list — CUSIP H49983176 not on the Official 13(f) List for 2021-09-30
A security outside the official 13F list — CUSIP H57312649 not on the Official 13(f) List for 2021-09-30
A security outside the official 13F list — CUSIP K36628137 not on the Official 13(f) List for 2021-09-30
A security outside the official 13F list — CUSIP N24565108 not on the Official 13(f) List for 2021-09-30
A security outside the official 13F list — CUSIP N39338194 not on the Official 13(f) List for 2021-09-30
A security outside the official 13F list — CUSIP N39427211 not on the Official 13(f) List for 2021-09-30
A security outside the official 13F list — CUSIP T19404101 not on the Official 13(f) List for 2021-09-30
A security outside the official 13F list — CUSIP W9376L154 not on the Official 13(f) List for 2021-09-30
A security outside the official 13F list — CUSIP Y5342M100 not on the Official 13(f) List for 2021-09-30
A security outside the official 13F list — CUSIP Y7121Z146 not on the Official 13(f) List for 2021-09-30

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