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Gardner Russo & Quinn

Q2 2022 13F · by Thomas Russo, portfolio manager

As of
Jun 30, 2022
Filed
Aug 4, 2022
US stock
$8.9B · prev $10.4B
Positions
85 · prev 84
Options notional
$0
Documents
1· no amendments

Picture65.7% US stock

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

  • US stock listed on a US exchange 65.7%
  • Foreign stock not listed in the US 34.3%
  • Notes debt, at principal 0.0%
  • Puts at notional value 0.0%
  • Calls at notional value 0.0%

Moves68 since the prior filing

The book

Concentrated · behaves like 14 equal-sized positions

  1. Very concentrated
  2. Concentrated
  3. Focused
  4. Diversified

Low turnover · 7.9% a year, about 12.6 years per position

  1. Low
  2. Moderate
  3. High

Top 5 positions50% of US stock

  1. BRK.A Berkshire Hathaway Inc. trimmed−1.65 pp trimmed−1.6512.6%
  2. NSRGY Nestle S.a S/ trimmed+0.31 pp trimmed+0.3111.5%
  3. MA Mastercard Incorporated trimmed−0.07 pp trimmed−0.079.6%
  4. GOOG Alphabet Inc. Class C added−0.32 pp added−0.329.1%
  5. PM Philip Morris International Inc. trimmed+1.33 pp trimmed+1.337.7%

Positions85 in this filing · 3 exited

BRK.ABerkshire Hathaway Inc.12.59%2,752$1.1Btrimmed−2%−1.65 pp11 q
NSRGYNestle S.a S/11.47%8,810,693$1.0Btrimmed−1%+0.31 pp11 q
MAMastercard Incorporated9.55%2,706,785$854Mtrimmed−3%−0.07 pp11 q
GOOGAlphabet Inc. Class C9.10%372,180$814Madded+6%−0.32 pp11 q
PMPhilip Morris International Inc.7.66%6,940,111$685Mtrimmed−1%+1.33 pp11 q
CFRHFCie Financiere Richmn New6.97%5,869,036$623Mtrimmed−1%−0.34 pp11 q
HKHHFHeineken Holding NV Ord6.68%8,221,695$597Mtrimmed−0%+0.42 pp11 q
PDRDFPernod Ricard Ord6.20%3,023,558$554Madded+1%−0.21 pp11 q
BRK.BBERKSHIRE HATHAWAY Class B5.34%1,748,767$477Mtrimmed−2%−0.72 pp11 q
MLMMartin Marietta Materials3.61%1,079,827$323Mtrimmed−1%−0.44 pp11 q
unresolvedUnilever Spn.Adr 1:13.57%6,962,917$319Mtrimmed−11%+0.14 pp7 q
JPMJPMorgan Chase & Co.2.46%1,954,492$220Mtrimmed−8%−0.34 pp11 q
CMCSAComcast Corp2.07%4,720,538$185Mtrimmed−3%−0.13 pp11 q
BF.ABrown-Forman Corporation Class A2.02%2,673,548$181Mtrimmed−1%+0.39 pp11 q
BABAAlibaba Group Holding Limited2.01%1,581,740$180Madded+1%+0.36 pp6 q
AHTAshtead Group PLC1.97%4,221,181$176Madded+42%+0.15 pp9 q
CABOCable One, Inc.1.35%93,938$121Madded+2%+0.05 pp9 q
NFLXNetFlix Inc1.02%520,842$91Mnew+1.02 ppnew
BF.BBrown-Forman Corporation Class B0.82%1,046,701$73Mtrimmed−2%+0.13 pp11 q
VVISA Inc.0.81%368,640$73Mtrimmed−3%0.00 pp11 q
BUDFFAnheuser Busch Inbev Ord0.43%722,473$39Mtrimmed−10%−0.04 pp11 q
WFCWells Fargo & Co.0.36%830,783$33Mtrimmed−5%−0.05 pp11 q
XOMExxon Mobil Corp0.17%178,264$15Mtrimmed−1%+0.03 pp11 q
MOAltria Group, Inc.0.16%332,846$14Madded0%−0.01 pp11 q
SWMASSwedish Match AB0.12%1,091,245$11Mtrimmed−16%+0.02 pp11 q
MKLMarkel Group Inc.0.10%6,611$9Madded+1%+0.01 pp11 q
VMCVulcan Materials Company(Holding Company)0.10%61,887$9Mtrimmed−8%−0.02 pp11 q
DVDCFDavide Campari Milano N V0.10%822,508$9Mtrimmed−7%0.00 pp11 q
unresolvedCompagnie Financiere Richemont0.08%13,659,405$7Mtrimmed−0%−0.02 pp7 q
CXTCrane NXT, Co.0.07%74,356$7Mnew+0.07 ppnew
HRLHormel Foods Corporation0.07%134,616$6Mtrimmed−2%0.00 pp11 q
AXPAmerican Express Company0.06%39,836$6Mtrimmed−1%−0.01 pp11 q
PGProcter & Gamble Company0.06%37,531$5Mtrimmed−2%0.00 pp11 q
NSRGFNestle S.a Reg Ord0.06%42,370$5Mheld—11 q
unresolvedOutfront Media Inc0.05%266,433$5Madded+3%−0.02 pp11 q
CABJFCarlsburg As B Ord0.05%32,756$4Mtrimmed−13%+0.01 pp9 q
DOVDover Corporation0.04%30,042$4Mtrimmed−1%−0.01 pp11 q
MKCMcCormick & Company, Incorporated Non-VTG CS0.04%46,050$4Mtrimmed−2%−0.01 pp11 q
PEPPepsiCo, Inc.0.04%21,185$4Mtrimmed−2%+0.01 pp11 q
UNPUnion Pacific Corp.0.04%18,340$4Madded0%−0.01 pp11 q
HINKFHeineken N V Reg0.04%39,066$4Mheld—11 q
COSTCostco Wholesale Corp0.03%5,589$3Mtrimmed−3%0.00 pp11 q
LRLCFL'oreal Co Eur Ord0.03%7,815$3Madded+16%0.00 pp11 q
ABBVAbbvie Inc.0.02%12,610$2Mtrimmed−2%0.00 pp11 q
GOOGLAlphabet Inc. Class A0.02%982$2Mheld—11 q
KOCoca-Cola Company0.02%21,365$1Mtrimmed−0%+0.01 pp11 q
CFRUYCompagnie Fnce Rch UN/0.02%168,699$2Mheld—11 q
PNCPNC Financial Services Group0.02%11,693$2Mheld—11 q
PRNDYPernod Ricard S A SP/0.02%48,593$2Madded+1%0.00 pp4 q
SWZTotal Return Securities Fund0.02%244,154$2Madded+2%0.00 pp8 q
UNLYFUnilever PLC Gbp0.02%44,000$2Mheld—7 q
COCXFLindt & Spruengli Ord0.02%19$2Mheld—11 q
ABTAbbott Laboratories0.01%11,775$1Mtrimmed−4%0.00 pp11 q
AAPLApple Inc.0.01%7,158$979,000trimmed−2%0.00 pp11 q
CVXChevron Corporation0.01%4,789$693,000added0%0.00 pp11 q
CTVACorteva, Inc.0.01%8,590$465,000added0%+0.01 pp11 q
DANOYDanone S/0.01%73,337$817,000trimmed−2%0.00 pp11 q
DISThe Walt Disney Company0.01%5,204$491,000trimmed−1%0.00 pp11 q
DOWDow Inc.0.01%19,338$998,000added+1%0.00 pp11 q
DDDuPont de Nemours, Inc.0.01%17,653$981,000added+1%0.00 pp11 q
FMXFomento Economico Mexicano, S.a.b. De C.v.0.01%14,146$955,000trimmed−2%0.00 pp11 q
FULTFulton Financial Corp0.01%68,053$983,000trimmed−9%0.00 pp11 q
GHCGraham Holdings Company0.01%1,160$657,000added0%0.00 pp9 q
HKHHYHeineken Holding NV S/0.01%16,000$581,000held—8 q
HEINYHeineken N V S/0.01%28,908$1Mheld—11 q
LAMRLamar Advertising Co0.01%7,925$697,000trimmed−1%0.00 pp11 q
MCDMcDonald's Corporation0.01%2,035$502,000trimmed−1%+0.01 pp11 q
MSFTMicrosoft Corp0.01%3,629$932,000trimmed−2%0.00 pp11 q
MLKNMillerKnoll, Inc.0.01%26,630$700,000trimmed−2%0.00 pp11 q
PXDPioneer Natural Resource Co.0.01%2,400$535,000held—9 q
TFCTruist Financial Corporation0.01%10,787$512,000added+1%0.00 pp11 q
LVMHFLvmh-moet Hnsy L Vutn0.01%1,375$836,000held—11 q
DGEAFDiageo PLC Ord0.01%19,401$832,000held—11 q
YAlleghany Corporation0.00%324$270,000held—6 q
DHRDanaher Corporation0.00%1,183$300,000held—9 q
DVCMYDavide Cmpri Mil UNSP/0.00%13,650$143,000held—7 q
MRKMerck & Co., Inc.0.00%3,909$356,000added0%0.00 pp11 q
MDLZMondelez International, Inc. Class A0.00%4,400$273,000new0.00 ppnew
ORCLOracle Corp0.00%4,000$279,000held—9 q
WMTWalmart Inc.0.00%3,480$423,000held—11 q
JCDXFJc Decaux SA Act0.00%10,500$176,000held—11 q
RBGPFReckitt Benckiser Grp PLC0.00%5,530$414,000trimmed−0%0.00 pp11 q
unresolvedCir SPA0.00%251,250$106,000new0.00 ppnew
LTGIFLt Group Inc0.00%1,775,000$261,000held—11 q
PHJMFPt Hanjaya Mandala Samprn0.00%5,000,000$327,000held—11 q
CXTCrane NXT, Co.—−74,356—exited−0.08 pp—
KHCThe Kraft Heinz Company—−6,000—exited0.00 pp—
CFDZFCofide SPA—−251,250—exited0.00 pp—

Source

Form
13F-HR
Reading
28 defects · 4 unresolved
Accession
0000860643-22-000003
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 2022-06-30
  • A security outside the official 13F list — CUSIP 23636T100 not on the Official 13(f) List for 2022-06-30
  • A security outside the official 13F list — CUSIP 23857X103 not on the Official 13(f) List for 2022-06-30
  • A security outside the official 13F list — CUSIP 423008101 not on the Official 13(f) List for 2022-06-30
  • A security outside the official 13F list — CUSIP 423012301 not on the Official 13(f) List for 2022-06-30
  • A security outside the official 13F list — CUSIP 641069406 not on the Official 13(f) List for 2022-06-30
  • A security outside the official 13F list — CUSIP 714264306 not on the Official 13(f) List for 2022-06-30
  • A security outside the official 13F list — CUSIP B639CJ108 not on the Official 13(f) List for 2022-06-30
  • A security outside the official 13F list — CUSIP F5333N100 not on the Official 13(f) List for 2022-06-30
  • A security outside the official 13F list — CUSIP F58149133 not on the Official 13(f) List for 2022-06-30
  • A security outside the official 13F list — CUSIP F58485115 not on the Official 13(f) List for 2022-06-30
  • A security outside the official 13F list — CUSIP F72027109 not on the Official 13(f) List for 2022-06-30
  • A security outside the official 13F list — CUSIP G05320109 not on the Official 13(f) List for 2022-06-30
  • A security outside the official 13F list — CUSIP G42089113 not on the Official 13(f) List for 2022-06-30
  • A security outside the official 13F list — CUSIP G74079107 not on the Official 13(f) List for 2022-06-30
  • A security outside the official 13F list — CUSIP G92087165 not on the Official 13(f) List for 2022-06-30
  • A security outside the official 13F list — CUSIP H25662182 not on the Official 13(f) List for 2022-06-30
  • A security outside the official 13F list — CUSIP H25663123 not on the Official 13(f) List for 2022-06-30
  • A security outside the official 13F list — CUSIP H49983176 not on the Official 13(f) List for 2022-06-30
  • A security outside the official 13F list — CUSIP H57312649 not on the Official 13(f) List for 2022-06-30
  • A security outside the official 13F list — CUSIP K36628137 not on the Official 13(f) List for 2022-06-30
  • A security outside the official 13F list — CUSIP N24565108 not on the Official 13(f) List for 2022-06-30
  • A security outside the official 13F list — CUSIP N39338194 not on the Official 13(f) List for 2022-06-30
  • A security outside the official 13F list — CUSIP N39427211 not on the Official 13(f) List for 2022-06-30
  • A security outside the official 13F list — CUSIP T2R765103 not on the Official 13(f) List for 2022-06-30
  • A security outside the official 13F list — CUSIP W9376L154 not on the Official 13(f) List for 2022-06-30
  • A security outside the official 13F list — CUSIP Y5342M100 not on the Official 13(f) List for 2022-06-30
  • A security outside the official 13F list — CUSIP Y7121Z146 not on the Official 13(f) List for 2022-06-30