Gardner Russo & Quinn

Q4 2021 13F · by Thomas Russo, portfolio manager

As of: Dec 31, 2021
Filed: Feb 10, 2022
US stock: $11.2B · prev $10.8B
Positions: 88 · prev 87
Options notional: $0
Documents: 1· no amendments

Picture64.3% US stock

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

US stock listed on a US exchange 64.3%
Foreign stock not listed in the US 35.7%
Notes debt, at principal 0.0%
Puts at notional value 0.0%
Calls at notional value 0.0%

Moves70 since the prior filing

+0.5 pp in · −0.6 pp out

New 3 0.00 pp
Added 19 +0.47 pp
Trimmed 46 −0.54 pp
Exited 2 −0.03 pp

The book

Concentrated · behaves like 14 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Low turnover · 1.6% a year, more than 30 years per position

Low
Moderate
High

Top 5 positions51% of US stock

BRK.A Berkshire Hathaway Inc. trimmed+0.42 pp trimmed+0.4212.0%
NSRGY Nestle S.a S/ trimmed+1.04 pp trimmed+1.0411.6%
MA Mastercard Incorporated trimmed−0.31 pp trimmed−0.319.8%
GOOG Alphabet Inc. Class C trimmed−0.06 pp trimmed−0.069.4%
CFRHF Cie Financiere Richmn New trimmed+2.16 pp trimmed+2.168.2%

Positions88 in this filing · 2 exited


BRK.ABerkshire Hathaway Inc.	11.96%	2,976	$1.3B	trimmed−2%	+0.42 pp	9 q
NSRGYNestle S.a S/	11.58%	9,250,167	$1.3B	trimmed−3%	+1.04 pp	9 q
MAMastercard Incorporated	9.80%	3,058,213	$1.1B	trimmed−3%	−0.31 pp	9 q
GOOGAlphabet Inc. Class C	9.37%	362,996	$1.1B	trimmed−5%	−0.06 pp	9 q
CFRHFCie Financiere Richmn New	8.17%	6,091,713	$916M	trimmed−2%	+2.16 pp	9 q
PDRDFPernod Ricard Ord	6.72%	3,130,439	$753M	trimmed−5%	0.00 pp	9 q
HKHHFHeineken Holding NV Ord	6.37%	7,739,293	$714M	added+6%	+0.49 pp	9 q
PMPhilip Morris International Inc.	6.14%	7,241,512	$688M	trimmed−4%	−0.42 pp	9 q
BRK.BBERKSHIRE HATHAWAY Class B	4.87%	1,826,210	$546M	trimmed−4%	+0.09 pp	9 q
MLMMartin Marietta Materials	4.59%	1,168,678	$515M	trimmed−2%	+0.83 pp	9 q
unresolvedUnilever Spn.Adr 1:1	4.08%	8,501,212	$457M	trimmed−10%	−0.63 pp	5 q
JPMJPMorgan Chase & Co.	3.31%	2,344,257	$371M	trimmed−7%	−0.49 pp	9 q
CMCSAComcast Corp	2.26%	5,031,770	$253M	trimmed−3%	−0.42 pp	9 q
AHTAshtead Group PLC	1.76%	2,454,697	$198M	trimmed−1%	+0.02 pp	7 q
BF.ABrown-Forman Corporation Class A	1.69%	2,798,664	$190M	trimmed−2%	+0.03 pp	9 q
BABAAlibaba Group Holding Limited	1.66%	1,562,502	$186M	trimmed−2%	−0.52 pp	4 q
CABOCable One, Inc.	1.43%	90,821	$160M	added+4%	−0.04 pp	7 q
VVISA Inc.	0.74%	382,157	$83M	trimmed−5%	−0.09 pp	9 q
BF.BBrown-Forman Corporation Class B	0.71%	1,092,274	$80M	trimmed−4%	+0.01 pp	9 q
WFCWells Fargo & Co.	0.45%	1,047,346	$50M	trimmed−2%	−0.01 pp	9 q
BUDFFAnheuser Busch Inbev Ord	0.45%	838,781	$51M	trimmed−84%	−2.23 pp	9 q
MOAltria Group, Inc.	0.14%	331,175	$16M	added0%	0.00 pp	9 q
unresolvedCompagnie Financiere Richemont	0.14%	13,800,707	$15M	trimmed−2%	+0.08 pp	5 q
VMCVulcan Materials Company(Holding Company)	0.12%	66,952	$14M	trimmed−2%	+0.01 pp	9 q
DVDCFDavide Campari Milano N V	0.11%	878,836	$13M	trimmed−0%	0.00 pp	9 q
XOMExxon Mobil Corp	0.10%	179,067	$11M	added+1%	0.00 pp	9 q
SWMASSwedish Match AB	0.10%	1,347,281	$11M	trimmed−0%	−0.01 pp	9 q
CXTCrane NXT, Co.	0.07%	75,056	$8M	trimmed−3%	0.00 pp	9 q
MKLMarkel Group Inc.	0.07%	6,527	$8M	trimmed−1%	0.00 pp	9 q
unresolvedOutfront Media Inc	0.07%	284,313	$8M	trimmed−4%	0.00 pp	9 q
AXPAmerican Express Company	0.06%	41,077	$7M	trimmed−4%	−0.01 pp	9 q
HRLHormel Foods Corporation	0.06%	138,991	$7M	trimmed−1%	+0.01 pp	9 q
PGProcter & Gamble Company	0.06%	37,757	$6M	trimmed−12%	0.00 pp	9 q
DOVDover Corporation	0.05%	30,467	$6M	trimmed−2%	+0.01 pp	9 q
NSRGFNestle S.a Reg Ord	0.05%	42,370	$6M	held	—	9 q
CABJFCarlsburg As B Ord	0.05%	34,382	$6M	trimmed−3%	0.00 pp	7 q
MKCMcCormick & Company, Incorporated Non-VTG CS	0.04%	47,825	$5M	trimmed−1%	0.00 pp	9 q
UNPUnion Pacific Corp.	0.04%	18,252	$5M	added0%	+0.01 pp	9 q
HINKFHeineken N V Reg	0.04%	39,066	$4M	trimmed−3%	0.00 pp	9 q
GOOGLAlphabet Inc. Class A	0.03%	994	$3M	held	—	9 q
COSTCostco Wholesale Corp	0.03%	5,264	$3M	held	—	9 q
PEPPepsiCo, Inc.	0.03%	21,756	$4M	trimmed−4%	0.00 pp	9 q
LRLCFL'oreal Co Eur Ord	0.03%	6,745	$3M	held	—	9 q
ABTAbbott Laboratories	0.02%	12,275	$2M	held	—	9 q
ABBVAbbvie Inc.	0.02%	12,910	$2M	held	—	9 q
CFRUYCompagnie Fnce Rch UN/	0.02%	171,678	$3M	added+1%	0.00 pp	9 q
MLKNMillerKnoll, Inc.	0.02%	58,821	$2M	trimmed−4%	0.00 pp	9 q
PNCPNC Financial Services Group	0.02%	12,193	$2M	trimmed−18%	−0.01 pp	9 q
PRNDYPernod Ricard S A SP/	0.02%	48,838	$2M	added+2%	0.00 pp	2 q
SWZTotal Return Securities Fund	0.02%	234,799	$2M	added+2%	0.00 pp	6 q
UNLYFUnilever PLC Gbp	0.02%	44,000	$2M	trimmed−5%	0.00 pp	5 q
COCXFLindt & Spruengli Ord	0.02%	19	$3M	held	—	9 q
AAPLApple Inc.	0.01%	6,485	$1M	trimmed−2%	0.00 pp	9 q
KOCoca-Cola Company	0.01%	21,435	$1M	trimmed−6%	0.00 pp	9 q
DANOYDanone S/	0.01%	133,531	$2M	trimmed−4%	−0.01 pp	9 q
DISThe Walt Disney Company	0.01%	5,252	$814,000	added+1%	0.00 pp	9 q
DOWDow Inc.	0.01%	19,426	$1M	added+1%	0.00 pp	9 q
DDDuPont de Nemours, Inc.	0.01%	18,094	$1M	added0%	0.00 pp	9 q
FMXFomento Economico Mexicano, S.a.b. De C.v.	0.01%	20,295	$2M	trimmed−5%	−0.01 pp	9 q
FULTFulton Financial Corp	0.01%	74,689	$1M	trimmed−0%	0.00 pp	9 q
GHCGraham Holdings Company	0.01%	1,154	$727,000	added0%	0.00 pp	7 q
HKHHYHeineken Holding NV S/	0.01%	14,000	$646,000	added+26%	+0.01 pp	6 q
HEINYHeineken N V S/	0.01%	29,550	$2M	added0%	0.00 pp	9 q
LAMRLamar Advertising Co	0.01%	8,035	$975,000	held	—	9 q
MSFTMicrosoft Corp	0.01%	3,449	$1M	trimmed−6%	0.00 pp	9 q
TFCTruist Financial Corporation	0.01%	10,686	$626,000	added0%	0.00 pp	9 q
LVMHFLvmh-moet Hnsy L Vutn	0.01%	1,375	$1M	held	—	9 q
DGEAFDiageo PLC Ord	0.01%	19,401	$1M	held	—	9 q
YAlleghany Corporation	0.00%	324	$216,000	held	—	4 q
CVXChevron Corporation	0.00%	4,767	$559,000	added0%	0.00 pp	9 q
CTVACorteva, Inc.	0.00%	9,057	$428,000	added0%	0.00 pp	9 q
DHRDanaher Corporation	0.00%	1,183	$389,000	held	—	7 q
DVCMYDavide Cmpri Mil UNSP/	0.00%	13,650	$200,000	added+19%	0.00 pp	5 q
KHCThe Kraft Heinz Company	0.00%	6,000	$215,000	held	—	5 q
LVMUYLvmh-moet H/L/V UNSP/	0.00%	1,229	$203,000	new	0.00 pp	new
MCDMcDonald's Corporation	0.00%	2,030	$544,000	trimmed−11%	−0.01 pp	9 q
MRKMerck & Co., Inc.	0.00%	3,888	$298,000	added0%	0.00 pp	9 q
NKENike, Inc.	0.00%	1,542	$257,000	held	—	3 q
ORCLOracle Corp	0.00%	4,000	$349,000	held	—	7 q
PXDPioneer Natural Resource Co.	0.00%	2,400	$437,000	held	—	7 q
SHWThe Sherwin-Williams Company	0.00%	585	$206,000	new	0.00 pp	new
SBUXStarbucks Corp	0.00%	1,778	$208,000	new	0.00 pp	new
WMTWalmart Inc.	0.00%	3,480	$504,000	trimmed−22%	−0.01 pp	9 q
JCDXFJc Decaux SA Act	0.00%	10,500	$263,000	held	—	9 q
RBGPFReckitt Benckiser Grp PLC	0.00%	5,555	$477,000	trimmed−14%	0.00 pp	9 q
CFDZFCofide SPA	0.00%	251,250	$134,000	held	—	8 q
LTGIFLt Group Inc	0.00%	1,775,000	$345,000	held	—	9 q
PHJMFPt Hanjaya Mandala Samprn	0.00%	5,000,000	$339,000	held	—	9 q
unresolvedAnheuser-Busch InBev SA Restri	—	−51,578	—	exited	−0.03 pp	—
BUDAnheuser-Busch INBEV SA/NV	—	−3,981	—	exited	0.00 pp	—

Source

Form: 13F-HR
Reading: 29 defects · 3 unresolved
Accession: 0000860643-22-000001
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 2021-12-31
A security outside the official 13F list — CUSIP 23636T100 not on the Official 13(f) List for 2021-12-31
A security outside the official 13F list — CUSIP 23857X103 not on the Official 13(f) List for 2021-12-31
A security outside the official 13F list — CUSIP 423008101 not on the Official 13(f) List for 2021-12-31
A security outside the official 13F list — CUSIP 423012301 not on the Official 13(f) List for 2021-12-31
A security outside the official 13F list — CUSIP 502441306 not on the Official 13(f) List for 2021-12-31
A security outside the official 13F list — CUSIP 641069406 not on the Official 13(f) List for 2021-12-31
A security outside the official 13F list — CUSIP 714264306 not on the Official 13(f) List for 2021-12-31
A security outside the official 13F list — CUSIP B639CJ108 not on the Official 13(f) List for 2021-12-31
A security outside the official 13F list — CUSIP F5333N100 not on the Official 13(f) List for 2021-12-31
A security outside the official 13F list — CUSIP F58149133 not on the Official 13(f) List for 2021-12-31
A security outside the official 13F list — CUSIP F58485115 not on the Official 13(f) List for 2021-12-31
A security outside the official 13F list — CUSIP F72027109 not on the Official 13(f) List for 2021-12-31
A security outside the official 13F list — CUSIP G05320109 not on the Official 13(f) List for 2021-12-31
A security outside the official 13F list — CUSIP G42089113 not on the Official 13(f) List for 2021-12-31
A security outside the official 13F list — CUSIP G74079107 not on the Official 13(f) List for 2021-12-31
A security outside the official 13F list — CUSIP G92087165 not on the Official 13(f) List for 2021-12-31
A security outside the official 13F list — CUSIP H25662182 not on the Official 13(f) List for 2021-12-31
A security outside the official 13F list — CUSIP H25663123 not on the Official 13(f) List for 2021-12-31
A security outside the official 13F list — CUSIP H49983176 not on the Official 13(f) List for 2021-12-31
A security outside the official 13F list — CUSIP H57312649 not on the Official 13(f) List for 2021-12-31
A security outside the official 13F list — CUSIP K36628137 not on the Official 13(f) List for 2021-12-31
A security outside the official 13F list — CUSIP N24565108 not on the Official 13(f) List for 2021-12-31
A security outside the official 13F list — CUSIP N39338194 not on the Official 13(f) List for 2021-12-31
A security outside the official 13F list — CUSIP N39427211 not on the Official 13(f) List for 2021-12-31
A security outside the official 13F list — CUSIP T19404101 not on the Official 13(f) List for 2021-12-31
A security outside the official 13F list — CUSIP W9376L154 not on the Official 13(f) List for 2021-12-31
A security outside the official 13F list — CUSIP Y5342M100 not on the Official 13(f) List for 2021-12-31
A security outside the official 13F list — CUSIP Y7121Z146 not on the Official 13(f) List for 2021-12-31

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