Gardner Russo & Quinn

Q1 2022 13F · by Thomas Russo, portfolio manager

As of: Mar 31, 2022
Filed: May 12, 2022
US stock: $10.4B · prev $11.2B
Positions: 84 · prev 88
Options notional: $0
Documents: 1· no amendments

Picture66.0% US stock

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

US stock listed on a US exchange 66.0%
Foreign stock not listed in the US 34.0%
Notes debt, at principal 0.0%
Puts at notional value 0.0%
Calls at notional value 0.0%

Moves63 since the prior filing

−0.1 pp in · +0.2 pp out

New 0 0.00 pp
Added 21 −0.12 pp
Trimmed 38 +0.16 pp
Exited 4 0.00 pp

The book

Concentrated · behaves like 13 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Low turnover · 3.0% a year, more than 30 years per position

Low
Moderate
High

Top 5 positions52% of US stock

BRK.A Berkshire Hathaway Inc. trimmed+2.28 pp trimmed+2.2814.2%
NSRGY Nestle S.a S/ trimmed−0.42 pp trimmed−0.4211.2%
MA Mastercard Incorporated trimmed−0.18 pp trimmed−0.189.6%
GOOG Alphabet Inc. Class C trimmed+0.05 pp trimmed+0.059.4%
CFRHF Cie Financiere Richmn New trimmed−0.86 pp trimmed−0.867.3%

Positions84 in this filing · 4 exited


BRK.ABerkshire Hathaway Inc.	14.24%	2,799	$1.5B	trimmed−6%	+2.28 pp	10 q
NSRGYNestle S.a S/	11.16%	8,912,209	$1.2B	trimmed−4%	−0.42 pp	10 q
MAMastercard Incorporated	9.62%	2,798,219	$1.0B	trimmed−9%	−0.18 pp	10 q
GOOGAlphabet Inc. Class C	9.42%	350,345	$979M	trimmed−3%	+0.05 pp	10 q
CFRHFCie Financiere Richmn New	7.31%	5,923,312	$760M	trimmed−3%	−0.86 pp	10 q
PDRDFPernod Ricard Ord	6.41%	3,003,615	$666M	trimmed−4%	−0.31 pp	10 q
PMPhilip Morris International Inc.	6.33%	7,005,566	$658M	trimmed−3%	+0.19 pp	10 q
HKHHFHeineken Holding NV Ord	6.26%	8,229,407	$651M	added+6%	−0.11 pp	10 q
BRK.BBERKSHIRE HATHAWAY Class B	6.06%	1,783,715	$629M	trimmed−2%	+1.19 pp	10 q
MLMMartin Marietta Materials	4.05%	1,092,971	$421M	trimmed−6%	−0.54 pp	10 q
unresolvedUnilever Spn.Adr 1:1	3.43%	7,826,397	$357M	trimmed−8%	−0.65 pp	6 q
JPMJPMorgan Chase & Co.	2.80%	2,133,032	$291M	trimmed−9%	−0.51 pp	10 q
CMCSAComcast Corp	2.20%	4,875,977	$228M	trimmed−3%	−0.06 pp	10 q
AHTAshtead Group PLC	1.82%	2,970,804	$189M	added+21%	+0.06 pp	8 q
BABAAlibaba Group Holding Limited	1.65%	1,573,018	$171M	added+1%	−0.01 pp	5 q
BF.ABrown-Forman Corporation Class A	1.63%	2,700,581	$169M	trimmed−4%	−0.06 pp	10 q
CABOCable One, Inc.	1.30%	92,513	$135M	added+2%	−0.13 pp	8 q
VVISA Inc.	0.81%	379,237	$84M	trimmed−1%	+0.07 pp	10 q
BF.BBrown-Forman Corporation Class B	0.69%	1,071,033	$72M	trimmed−2%	−0.02 pp	10 q
BUDFFAnheuser Busch Inbev Ord	0.47%	804,543	$49M	trimmed−4%	+0.02 pp	10 q
WFCWells Fargo & Co.	0.41%	876,446	$42M	trimmed−16%	−0.04 pp	10 q
MOAltria Group, Inc.	0.17%	331,544	$17M	added0%	+0.03 pp	10 q
XOMExxon Mobil Corp	0.14%	179,863	$15M	added0%	+0.04 pp	10 q
VMCVulcan Materials Company(Holding Company)	0.12%	67,177	$12M	added0%	0.00 pp	10 q
unresolvedCompagnie Financiere Richemont	0.10%	13,715,823	$11M	trimmed−1%	−0.04 pp	6 q
DVDCFDavide Campari Milano N V	0.10%	881,217	$10M	added0%	−0.01 pp	10 q
SWMASSwedish Match AB	0.10%	1,304,263	$10M	trimmed−3%	0.00 pp	10 q
MKLMarkel Group Inc.	0.09%	6,517	$10M	trimmed−0%	+0.02 pp	10 q
CXTCrane NXT, Co.	0.08%	74,356	$8M	trimmed−1%	+0.01 pp	10 q
AXPAmerican Express Company	0.07%	40,217	$8M	trimmed−2%	+0.01 pp	10 q
HRLHormel Foods Corporation	0.07%	137,791	$7M	trimmed−1%	+0.01 pp	10 q
unresolvedOutfront Media Inc	0.07%	257,543	$7M	trimmed−9%	0.00 pp	10 q
PGProcter & Gamble Company	0.06%	38,372	$6M	added+2%	0.00 pp	10 q
DOVDover Corporation	0.05%	30,217	$5M	trimmed−1%	0.00 pp	10 q
MKCMcCormick & Company, Incorporated Non-VTG CS	0.05%	47,225	$5M	trimmed−1%	+0.01 pp	10 q
UNPUnion Pacific Corp.	0.05%	18,324	$5M	added0%	+0.01 pp	10 q
NSRGFNestle S.a Reg Ord	0.05%	42,370	$6M	held	—	10 q
CABJFCarlsburg As B Ord	0.04%	37,536	$5M	added+9%	−0.01 pp	8 q
HINKFHeineken N V Reg	0.04%	39,066	$4M	held	—	10 q
GOOGLAlphabet Inc. Class A	0.03%	982	$3M	trimmed−1%	0.00 pp	10 q
COSTCostco Wholesale Corp	0.03%	5,739	$3M	added+9%	0.00 pp	10 q
PEPPepsiCo, Inc.	0.03%	21,667	$4M	trimmed−0%	0.00 pp	10 q
LRLCFL'oreal Co Eur Ord	0.03%	6,745	$3M	held	—	10 q
ABBVAbbvie Inc.	0.02%	12,910	$2M	held	—	10 q
CFRUYCompagnie Fnce Rch UN/	0.02%	168,699	$2M	trimmed−2%	0.00 pp	10 q
PNCPNC Financial Services Group	0.02%	11,693	$2M	trimmed−4%	0.00 pp	10 q
PRNDYPernod Ricard S A SP/	0.02%	48,023	$2M	trimmed−2%	0.00 pp	3 q
SWZTotal Return Securities Fund	0.02%	239,081	$2M	added+2%	0.00 pp	7 q
UNLYFUnilever PLC Gbp	0.02%	44,000	$2M	held	—	6 q
COCXFLindt & Spruengli Ord	0.02%	19	$2M	held	—	10 q
ABTAbbott Laboratories	0.01%	12,275	$1M	held	—	10 q
AAPLApple Inc.	0.01%	7,308	$1M	added+13%	0.00 pp	10 q
CVXChevron Corporation	0.01%	4,778	$778,000	added0%	+0.01 pp	10 q
KOCoca-Cola Company	0.01%	21,435	$1M	held	—	10 q
DANOYDanone S/	0.01%	74,576	$830,000	trimmed−44%	0.00 pp	10 q
DISThe Walt Disney Company	0.01%	5,252	$720,000	held	—	10 q
DOWDow Inc.	0.01%	19,138	$1M	trimmed−1%	0.00 pp	10 q
DDDuPont de Nemours, Inc.	0.01%	17,559	$1M	trimmed−3%	0.00 pp	10 q
FMXFomento Economico Mexicano, S.a.b. De C.v.	0.01%	14,395	$1M	trimmed−29%	0.00 pp	10 q
FULTFulton Financial Corp	0.01%	74,689	$1M	held	—	10 q
GHCGraham Holdings Company	0.01%	1,157	$707,000	added0%	0.00 pp	8 q
HKHHYHeineken Holding NV S/	0.01%	16,000	$633,000	added+14%	0.00 pp	7 q
HEINYHeineken N V S/	0.01%	28,908	$1M	trimmed−2%	0.00 pp	10 q
LAMRLamar Advertising Co	0.01%	8,035	$934,000	held	—	10 q
MSFTMicrosoft Corp	0.01%	3,704	$1M	added+7%	0.00 pp	10 q
MLKNMillerKnoll, Inc.	0.01%	27,230	$941,000	trimmed−54%	−0.01 pp	10 q
PXDPioneer Natural Resource Co.	0.01%	2,400	$600,000	held	—	8 q
TFCTruist Financial Corporation	0.01%	10,731	$608,000	added0%	0.00 pp	10 q
LVMHFLvmh-moet Hnsy L Vutn	0.01%	1,375	$994,000	held	—	10 q
DGEAFDiageo PLC Ord	0.01%	19,401	$987,000	held	—	10 q
YAlleghany Corporation	0.00%	324	$274,000	held	—	5 q
CTVACorteva, Inc.	0.00%	8,569	$493,000	trimmed−5%	0.00 pp	10 q
DHRDanaher Corporation	0.00%	1,183	$347,000	held	—	8 q
DVCMYDavide Cmpri Mil UNSP/	0.00%	13,650	$160,000	held	—	6 q
KHCThe Kraft Heinz Company	0.00%	6,000	$236,000	held	—	6 q
MCDMcDonald's Corporation	0.00%	2,050	$507,000	added+1%	0.00 pp	10 q
MRKMerck & Co., Inc.	0.00%	3,899	$320,000	added0%	0.00 pp	10 q
ORCLOracle Corp	0.00%	4,000	$331,000	held	—	8 q
WMTWalmart Inc.	0.00%	3,480	$518,000	held	—	10 q
JCDXFJc Decaux SA Act	0.00%	10,500	$250,000	held	—	10 q
RBGPFReckitt Benckiser Grp PLC	0.00%	5,555	$427,000	held	—	10 q
CFDZFCofide SPA	0.00%	251,250	$114,000	held	—	9 q
LTGIFLt Group Inc	0.00%	1,775,000	$305,000	held	—	10 q
PHJMFPt Hanjaya Mandala Samprn	0.00%	5,000,000	$322,000	held	—	10 q
LVMUYLvmh-moet H/L/V UNSP/	—	−1,229	—	exited	0.00 pp	—
NKENike, Inc.	—	−1,542	—	exited	0.00 pp	—
SHWThe Sherwin-Williams Company	—	−585	—	exited	0.00 pp	—
SBUXStarbucks Corp	—	−1,778	—	exited	0.00 pp	—

Source

Form: 13F-HR
Reading: 28 defects · 3 unresolved
Accession: 0000860643-22-000002
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 2022-03-31
A security outside the official 13F list — CUSIP 23636T100 not on the Official 13(f) List for 2022-03-31
A security outside the official 13F list — CUSIP 23857X103 not on the Official 13(f) List for 2022-03-31
A security outside the official 13F list — CUSIP 423008101 not on the Official 13(f) List for 2022-03-31
A security outside the official 13F list — CUSIP 423012301 not on the Official 13(f) List for 2022-03-31
A security outside the official 13F list — CUSIP 641069406 not on the Official 13(f) List for 2022-03-31
A security outside the official 13F list — CUSIP 714264306 not on the Official 13(f) List for 2022-03-31
A security outside the official 13F list — CUSIP B639CJ108 not on the Official 13(f) List for 2022-03-31
A security outside the official 13F list — CUSIP F5333N100 not on the Official 13(f) List for 2022-03-31
A security outside the official 13F list — CUSIP F58149133 not on the Official 13(f) List for 2022-03-31
A security outside the official 13F list — CUSIP F58485115 not on the Official 13(f) List for 2022-03-31
A security outside the official 13F list — CUSIP F72027109 not on the Official 13(f) List for 2022-03-31
A security outside the official 13F list — CUSIP G05320109 not on the Official 13(f) List for 2022-03-31
A security outside the official 13F list — CUSIP G42089113 not on the Official 13(f) List for 2022-03-31
A security outside the official 13F list — CUSIP G74079107 not on the Official 13(f) List for 2022-03-31
A security outside the official 13F list — CUSIP G92087165 not on the Official 13(f) List for 2022-03-31
A security outside the official 13F list — CUSIP H25662182 not on the Official 13(f) List for 2022-03-31
A security outside the official 13F list — CUSIP H25663123 not on the Official 13(f) List for 2022-03-31
A security outside the official 13F list — CUSIP H49983176 not on the Official 13(f) List for 2022-03-31
A security outside the official 13F list — CUSIP H57312649 not on the Official 13(f) List for 2022-03-31
A security outside the official 13F list — CUSIP K36628137 not on the Official 13(f) List for 2022-03-31
A security outside the official 13F list — CUSIP N24565108 not on the Official 13(f) List for 2022-03-31
A security outside the official 13F list — CUSIP N39338194 not on the Official 13(f) List for 2022-03-31
A security outside the official 13F list — CUSIP N39427211 not on the Official 13(f) List for 2022-03-31
A security outside the official 13F list — CUSIP T19404101 not on the Official 13(f) List for 2022-03-31
A security outside the official 13F list — CUSIP W9376L154 not on the Official 13(f) List for 2022-03-31
A security outside the official 13F list — CUSIP Y5342M100 not on the Official 13(f) List for 2022-03-31
A security outside the official 13F list — CUSIP Y7121Z146 not on the Official 13(f) List for 2022-03-31

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