Gardner Russo & Quinn

Q3 2022 13F · by Thomas Russo, portfolio manager

As of: Sep 30, 2022
Filed: Nov 10, 2022
US stock: $8.3B · prev $8.9B
Positions: 83 · prev 85
Options notional: $0
Documents: 1· no amendments

Picture64.4% US stock

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

US stock listed on a US exchange 64.4%
Foreign stock not listed in the US 35.6%
Notes debt, at principal 0.0%
Puts at notional value 0.0%
Calls at notional value 0.0%

Moves61 since the prior filing

+2.1 pp in · −2.1 pp out

New 1 0.00 pp
Added 15 +2.14 pp
Trimmed 42 −0.12 pp
Exited 3 −2.02 pp

The book

Concentrated · behaves like 13 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Low turnover · 8.5% a year, about 11.8 years per position

Low
Moderate
High

Top 5 positions50% of US stock

BRK.A Berkshire Hathaway Inc. trimmed+0.74 pp trimmed+0.7413.3%
NSRGY Nestle S.a S/ trimmed−0.11 pp trimmed−0.1111.4%
MA Mastercard Incorporated trimmed−0.39 pp trimmed−0.399.2%
GOOG Alphabet Inc. Class C added−0.14 pp added−0.149.0%
PM Philip Morris International Inc. trimmed−0.78 pp trimmed−0.786.9%

Positions83 in this filing · 3 exited


BRK.ABerkshire Hathaway Inc.	13.33%	2,710	$1.1B	trimmed−2%	+0.74 pp	12 q
NSRGYNestle S.a S/	11.36%	8,722,425	$939M	trimmed−1%	−0.11 pp	12 q
MAMastercard Incorporated	9.16%	2,661,848	$757M	trimmed−2%	−0.39 pp	12 q
GOOGAlphabet Inc. Class C	8.96%	7,700,535	$740M	added+3%	−0.14 pp	12 q
PMPhilip Morris International Inc.	6.88%	6,852,288	$569M	trimmed−1%	−0.78 pp	12 q
HKHHFHeineken Holding NV Ord	6.86%	8,208,621	$567M	trimmed−0%	+0.18 pp	12 q
CFRHFCie Financiere Richmn New	6.77%	5,843,425	$560M	trimmed−0%	−0.20 pp	12 q
PDRDFPernod Ricard Ord	6.73%	3,005,697	$556M	trimmed−1%	+0.53 pp	12 q
BRK.BBERKSHIRE HATHAWAY Class B	5.55%	1,717,887	$459M	trimmed−2%	+0.21 pp	12 q
MLMMartin Marietta Materials	4.16%	1,067,783	$344M	trimmed−1%	+0.55 pp	12 q
unresolvedUnilever Spn.Adr 1:1	3.40%	6,407,128	$281M	trimmed−8%	−0.17 pp	8 q
AHTAshtead Group PLC	2.92%	5,284,992	$241M	added+25%	+0.95 pp	10 q
NFLXNetFlix Inc	2.68%	940,802	$222M	added+81%	+1.66 pp	2 q
JPMJPMorgan Chase & Co.	2.44%	1,928,564	$202M	trimmed−1%	−0.02 pp	12 q
BF.ABrown-Forman Corporation Class A	2.14%	2,624,001	$177M	trimmed−2%	+0.12 pp	12 q
CMCSAComcast Corp	1.41%	3,985,573	$117M	trimmed−16%	−0.66 pp	12 q
CABOCable One, Inc.	0.99%	95,713	$82M	added+2%	−0.36 pp	10 q
BF.BBrown-Forman Corporation Class B	0.83%	1,032,898	$69M	trimmed−1%	+0.01 pp	12 q
VVISA Inc.	0.78%	363,212	$65M	trimmed−1%	−0.03 pp	12 q
WFCWells Fargo & Co.	0.38%	784,511	$32M	trimmed−6%	+0.02 pp	12 q
BUDFFAnheuser Busch Inbev Ord	0.36%	642,884	$29M	trimmed−11%	−0.07 pp	12 q
XOMExxon Mobil Corp	0.19%	179,099	$16M	added0%	+0.02 pp	12 q
MOAltria Group, Inc.	0.16%	335,936	$14M	added+1%	0.00 pp	12 q
SWMASSwedish Match AB	0.12%	1,029,195	$10M	trimmed−6%	0.00 pp	12 q
MKLMarkel Group Inc.	0.11%	8,037	$9M	added+22%	+0.01 pp	12 q
VMCVulcan Materials Company(Holding Company)	0.11%	55,407	$9M	trimmed−10%	+0.01 pp	12 q
DVDCFDavide Campari Milano N V	0.09%	813,493	$7M	trimmed−1%	−0.01 pp	12 q
CXTCrane NXT, Co.	0.08%	73,281	$6M	trimmed−1%	+0.01 pp	2 q
AXPAmerican Express Company	0.07%	39,836	$5M	held	—	12 q
HRLHormel Foods Corporation	0.07%	132,281	$6M	trimmed−2%	0.00 pp	12 q
unresolvedCompagnie Financiere Richemont	0.07%	13,562,528	$6M	trimmed−1%	−0.01 pp	8 q
NSRGFNestle S.a Reg Ord	0.06%	42,370	$5M	held	—	12 q
PGProcter & Gamble Company	0.05%	35,091	$4M	trimmed−7%	−0.01 pp	12 q
DOVDover Corporation	0.04%	29,762	$3M	trimmed−1%	0.00 pp	12 q
MKCMcCormick & Company, Incorporated Non-VTG CS	0.04%	45,150	$3M	trimmed−2%	0.00 pp	12 q
unresolvedOutfront Media Inc	0.04%	240,833	$4M	trimmed−10%	−0.01 pp	12 q
PEPPepsiCo, Inc.	0.04%	20,865	$3M	trimmed−2%	0.00 pp	12 q
UNPUnion Pacific Corp.	0.04%	18,451	$4M	added+1%	0.00 pp	12 q
CABJFCarlsburg As B Ord	0.04%	28,771	$3M	trimmed−12%	−0.01 pp	10 q
HINKFHeineken N V Reg	0.04%	39,066	$3M	held	—	12 q
COSTCostco Wholesale Corp	0.03%	5,389	$3M	trimmed−4%	0.00 pp	12 q
LRLCFL'oreal Co Eur Ord	0.03%	7,815	$3M	held	—	12 q
ABBVAbbvie Inc.	0.02%	12,610	$2M	held	—	12 q
GOOGLAlphabet Inc. Class A	0.02%	19,640	$2M	held	—	12 q
CFRUYCompagnie Fnce Rch UN/	0.02%	138,220	$1M	trimmed−18%	0.00 pp	12 q
PNCPNC Financial Services Group	0.02%	11,693	$2M	held	—	12 q
PRNDYPernod Ricard S A SP/	0.02%	39,905	$1M	trimmed−18%	0.00 pp	5 q
SWZTotal Return Securities Fund	0.02%	250,137	$2M	added+2%	0.00 pp	9 q
UNLYFUnilever PLC Gbp	0.02%	44,000	$2M	held	—	8 q
COCXFLindt & Spruengli Ord	0.02%	19	$2M	held	—	12 q
ABTAbbott Laboratories	0.01%	11,775	$1M	held	—	12 q
AAPLApple Inc.	0.01%	7,158	$989,000	held	—	12 q
CVXChevron Corporation	0.01%	4,802	$690,000	added0%	0.00 pp	12 q
KOCoca-Cola Company	0.01%	20,995	$1M	trimmed−2%	−0.01 pp	12 q
CTVACorteva, Inc.	0.01%	8,611	$492,000	added0%	0.00 pp	12 q
DANOYDanone S/	0.01%	73,337	$698,000	held	—	12 q
DISThe Walt Disney Company	0.01%	4,792	$452,000	trimmed−8%	0.00 pp	12 q
DOWDow Inc.	0.01%	19,618	$862,000	added+1%	0.00 pp	12 q
DDDuPont de Nemours, Inc.	0.01%	17,754	$895,000	added+1%	0.00 pp	12 q
FMXFomento Economico Mexicano, S.a.b. De C.v.	0.01%	14,011	$879,000	trimmed−1%	0.00 pp	12 q
FULTFulton Financial Corp	0.01%	67,605	$1M	trimmed−1%	0.00 pp	12 q
GHCGraham Holdings Company	0.01%	1,162	$625,000	added0%	0.00 pp	10 q
HKHHYHeineken Holding NV S/	0.01%	16,000	$553,000	held	—	9 q
HEINYHeineken N V S/	0.01%	21,982	$968,000	trimmed−24%	0.00 pp	12 q
LAMRLamar Advertising Co	0.01%	7,925	$654,000	held	—	12 q
MCDMcDonald's Corporation	0.01%	1,952	$450,000	trimmed−4%	0.00 pp	12 q
MSFTMicrosoft Corp	0.01%	2,310	$538,000	trimmed−36%	0.00 pp	12 q
PXDPioneer Natural Resource Co.	0.01%	2,400	$520,000	held	—	10 q
TFCTruist Financial Corporation	0.01%	10,850	$472,000	added+1%	0.00 pp	12 q
WMTWalmart Inc.	0.01%	3,480	$451,000	held	—	12 q
DGEAFDiageo PLC Ord	0.01%	19,351	$820,000	trimmed−0%	0.00 pp	12 q
ASHTYAshtead Group Plc-unspon ADR	0.00%	1,250	$228,000	new	0.00 pp	new
DHRDanaher Corporation	0.00%	1,183	$306,000	held	—	10 q
DVCMYDavide Cmpri Mil UNSP/	0.00%	13,650	$122,000	held	—	8 q
MRKMerck & Co., Inc.	0.00%	3,858	$332,000	trimmed−1%	0.00 pp	12 q
MLKNMillerKnoll, Inc.	0.00%	24,230	$378,000	trimmed−9%	−0.01 pp	12 q
MDLZMondelez International, Inc. Class A	0.00%	4,400	$241,000	held	—	2 q
ORCLOracle Corp	0.00%	4,000	$244,000	held	—	10 q
JCDXFJc Decaux SA Act	0.00%	10,500	$124,000	held	—	12 q
RBGPFReckitt Benckiser Grp PLC	0.00%	5,530	$369,000	held	—	12 q
unresolvedCir SPA	0.00%	251,250	$97,000	held	—	2 q
LTGIFLt Group Inc	0.00%	1,775,000	$250,000	held	—	12 q
PHJMFPt Hanjaya Mandala Samprn	0.00%	5,000,000	$299,000	held	—	12 q
BABAAlibaba Group Holding Limited	—	−1,581,740	—	exited	−2.01 pp	—
LVMHFLvmh-moet Hnsy L Vutn	—	−1,375	—	exited	−0.01 pp	—
YAlleghany Corporation	—	−324	—	exited	0.00 pp	—

Source

Form: 13F-HR
Reading: 28 defects · 4 unresolved
Accession: 0000860643-22-000004
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 045055100 not on the Official 13(f) List for 2022-09-30
A security outside the official 13F list — CUSIP 204319107 not on the Official 13(f) List for 2022-09-30
A security outside the official 13F list — CUSIP 23636T100 not on the Official 13(f) List for 2022-09-30
A security outside the official 13F list — CUSIP 23857X103 not on the Official 13(f) List for 2022-09-30
A security outside the official 13F list — CUSIP 423008101 not on the Official 13(f) List for 2022-09-30
A security outside the official 13F list — CUSIP 423012301 not on the Official 13(f) List for 2022-09-30
A security outside the official 13F list — CUSIP 641069406 not on the Official 13(f) List for 2022-09-30
A security outside the official 13F list — CUSIP 714264306 not on the Official 13(f) List for 2022-09-30
A security outside the official 13F list — CUSIP B639CJ108 not on the Official 13(f) List for 2022-09-30
A security outside the official 13F list — CUSIP F5333N100 not on the Official 13(f) List for 2022-09-30
A security outside the official 13F list — CUSIP F58149133 not on the Official 13(f) List for 2022-09-30
A security outside the official 13F list — CUSIP F72027109 not on the Official 13(f) List for 2022-09-30
A security outside the official 13F list — CUSIP G05320109 not on the Official 13(f) List for 2022-09-30
A security outside the official 13F list — CUSIP G42089113 not on the Official 13(f) List for 2022-09-30
A security outside the official 13F list — CUSIP G74079107 not on the Official 13(f) List for 2022-09-30
A security outside the official 13F list — CUSIP G92087165 not on the Official 13(f) List for 2022-09-30
A security outside the official 13F list — CUSIP H25662182 not on the Official 13(f) List for 2022-09-30
A security outside the official 13F list — CUSIP H25663123 not on the Official 13(f) List for 2022-09-30
A security outside the official 13F list — CUSIP H49983176 not on the Official 13(f) List for 2022-09-30
A security outside the official 13F list — CUSIP H57312649 not on the Official 13(f) List for 2022-09-30
A security outside the official 13F list — CUSIP K36628137 not on the Official 13(f) List for 2022-09-30
A security outside the official 13F list — CUSIP N24565108 not on the Official 13(f) List for 2022-09-30
A security outside the official 13F list — CUSIP N39338194 not on the Official 13(f) List for 2022-09-30
A security outside the official 13F list — CUSIP N39427211 not on the Official 13(f) List for 2022-09-30
A security outside the official 13F list — CUSIP T2R765103 not on the Official 13(f) List for 2022-09-30
A security outside the official 13F list — CUSIP W9376L154 not on the Official 13(f) List for 2022-09-30
A security outside the official 13F list — CUSIP Y5342M100 not on the Official 13(f) List for 2022-09-30
A security outside the official 13F list — CUSIP Y7121Z146 not on the Official 13(f) List for 2022-09-30

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