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Gardner Russo & Quinn

Q4 2022 13F · by Thomas Russo, portfolio manager

As of
Dec 31, 2022
Filed
Feb 13, 2023
US stock
$9.1B · prev $8.3B
Positions
83 · prev 83
Options notional
$0
Documents
1· no amendments

Picture63.9% US stock

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

  • US stock listed on a US exchange 63.9%
  • Foreign stock not listed in the US 36.1%
  • Notes debt, at principal 0.0%
  • Puts at notional value 0.0%
  • Calls at notional value 0.0%

Moves61 since the prior filing

The book

Concentrated · behaves like 13 equal-sized positions

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

Low turnover · 2.8% a year, more than 30 years per position

  1. Low
  2. Moderate
  3. High

Top 5 positions49% of US stock

  1. BRK.A Berkshire Hathaway Inc. trimmed+0.12 pp trimmed+0.1213.4%
  2. NSRGY Nestle S.a S/ trimmed−0.84 pp trimmed−0.8410.5%
  3. MA Mastercard Incorporated trimmed+0.43 pp trimmed+0.439.6%
  4. CFRHF Cie Financiere Richmn New trimmed+1.28 pp trimmed+1.288.1%
  5. GOOG Alphabet Inc. Class C added−1.19 pp added−1.197.8%

Positions83 in this filing · 1 exited

BRK.ABerkshire Hathaway Inc.13.45%2,600$1.2Btrimmed−4%+0.12 pp13 q
NSRGYNestle S.a S/10.52%8,267,832$954Mtrimmed−5%−0.84 pp13 q
MAMastercard Incorporated9.59%2,497,748$869Mtrimmed−6%+0.43 pp13 q
CFRHFCie Financiere Richmn New8.05%5,626,912$729Mtrimmed−4%+1.28 pp13 q
GOOGAlphabet Inc. Class C7.77%7,932,302$704Madded+3%−1.19 pp13 q
PMPhilip Morris International Inc.7.21%6,458,197$654Mtrimmed−6%+0.33 pp13 q
HKHHFHeineken Holding NV Ord7.00%8,243,545$634Madded0%+0.14 pp13 q
PDRDFPernod Ricard Ord6.36%2,937,753$576Mtrimmed−2%−0.37 pp13 q
BRK.BBERKSHIRE HATHAWAY Class B5.66%1,659,081$512Mtrimmed−3%+0.11 pp13 q
MLMMartin Marietta Materials3.77%1,010,403$341Mtrimmed−5%−0.39 pp13 q
NFLXNetFlix Inc3.48%1,070,563$316Madded+14%+0.80 pp3 q
AHTAshtead Group PLC3.25%5,191,787$295Mtrimmed−2%+0.33 pp11 q
unresolvedUnilever Spn.Adr 1:13.04%5,463,056$275Mtrimmed−15%−0.36 pp9 q
JPMJPMorgan Chase & Co.2.73%1,844,064$247Mtrimmed−4%+0.29 pp13 q
BF.ABrown-Forman Corporation Class A1.80%2,477,243$163Mtrimmed−6%−0.34 pp13 q
CMCSAComcast Corp1.47%3,815,477$133Mtrimmed−4%+0.06 pp13 q
VVISA Inc.0.80%346,711$72Mtrimmed−5%+0.02 pp13 q
BF.BBrown-Forman Corporation Class B0.72%998,582$66Mtrimmed−3%−0.11 pp13 q
CABOCable One, Inc.0.70%89,621$64Mtrimmed−6%−0.29 pp11 q
BUDFFAnheuser Busch Inbev Ord0.41%611,754$37Mtrimmed−5%+0.05 pp13 q
WFCWells Fargo & Co.0.35%766,181$32Mtrimmed−2%−0.03 pp13 q
XOMExxon Mobil Corp0.21%176,458$19Mtrimmed−1%+0.02 pp13 q
MOAltria Group, Inc.0.16%325,292$15Mtrimmed−3%0.00 pp13 q
MKLMarkel Group Inc.0.13%8,725$11Madded+9%+0.02 pp13 q
unresolvedCompagnie Financiere Richemont0.12%13,407,268$11Mtrimmed−1%+0.05 pp9 q
VMCVulcan Materials Company(Holding Company)0.11%55,162$10Mtrimmed−0%0.00 pp13 q
DVDCFDavide Campari Milano N V0.09%812,678$8Mtrimmed−0%0.00 pp13 q
CXTCrane NXT, Co.0.08%71,706$7Mtrimmed−2%0.00 pp3 q
HRLHormel Foods Corporation0.07%130,233$6Mtrimmed−2%0.00 pp13 q
AXPAmerican Express Company0.06%38,831$6Mtrimmed−3%−0.01 pp13 q
PGProcter & Gamble Company0.06%35,977$5Madded+3%+0.01 pp13 q
NSRGFNestle S.a Reg Ord0.05%39,870$5Mtrimmed−6%−0.01 pp13 q
DOVDover Corporation0.04%29,662$4Mtrimmed−0%0.00 pp13 q
MKCMcCormick & Company, Incorporated Non-VTG CS0.04%45,000$4Mtrimmed−0%0.00 pp13 q
unresolvedOutfront Media Inc0.04%222,055$4Mtrimmed−8%0.00 pp13 q
PEPPepsiCo, Inc.0.04%19,777$4Mtrimmed−5%0.00 pp13 q
UNPUnion Pacific Corp.0.04%18,556$4Madded+1%0.00 pp13 q
CABJFCarlsburg As B Ord0.04%28,526$4Mtrimmed−1%0.00 pp11 q
HINKFHeineken N V Reg0.04%40,441$4Madded+4%0.00 pp13 q
COSTCostco Wholesale Corp0.03%5,389$2Mheld—13 q
LRLCFL'oreal Co Eur Ord0.03%7,816$3Madded0%0.00 pp13 q
ABBVAbbvie Inc.0.02%12,610$2Mheld—13 q
GOOGLAlphabet Inc. Class A0.02%19,640$2Mheld—13 q
CFRUYCompagnie Fnce Rch UN/0.02%110,946$1Mtrimmed−20%0.00 pp13 q
PNCPNC Financial Services Group0.02%11,268$2Mtrimmed−4%0.00 pp13 q
SWZTotal Return Securities Fund0.02%254,146$2Madded+2%0.00 pp10 q
UNLYFUnilever PLC Gbp0.02%44,000$2Mheld—9 q
COCXFLindt & Spruengli Ord0.02%19$2Mheld—13 q
ABTAbbott Laboratories0.01%11,775$1Mheld—13 q
AAPLApple Inc.0.01%6,982$907,171trimmed−2%0.00 pp13 q
CVXChevron Corporation0.01%4,813$863,898added0%0.00 pp13 q
KOCoca-Cola Company0.01%20,995$1Mheld—13 q
CTVACorteva, Inc.0.01%8,631$507,354added0%0.00 pp13 q
DANOYDanone S/0.01%66,737$701,279trimmed−9%0.00 pp13 q
DOWDow Inc.0.01%19,888$1Madded+1%0.00 pp13 q
DDDuPont de Nemours, Inc.0.01%17,836$1Madded0%0.00 pp13 q
FMXFomento Economico Mexicano, S.a.b. De C.v.0.01%13,871$1Mtrimmed−1%0.00 pp13 q
FULTFulton Financial Corp0.01%67,405$1Mtrimmed−0%0.00 pp13 q
GHCGraham Holdings Company0.01%1,165$704,029added0%0.00 pp11 q
HKHHYHeineken Holding NV S/0.01%16,000$615,162held—10 q
HEINYHeineken N V S/0.01%17,770$833,321trimmed−19%0.00 pp13 q
LAMRLamar Advertising Co0.01%7,925$748,120held—13 q
MCDMcDonald's Corporation0.01%1,952$514,411held—13 q
MSFTMicrosoft Corp0.01%2,285$547,989trimmed−1%0.00 pp13 q
PRNDYPernod Ricard S A SP/0.01%32,317$1Mtrimmed−19%−0.01 pp6 q
PXDPioneer Natural Resource Co.0.01%2,400$548,136held—11 q
TFCTruist Financial Corporation0.01%10,917$469,759added+1%0.00 pp13 q
WMTWalmart Inc.0.01%3,480$493,429held—13 q
DGEAFDiageo PLC Ord0.01%19,351$849,622held—13 q
ASHTYAshtead Group Plc-unspon ADR0.00%1,250$283,886held—2 q
BPBP p.l.c.0.00%6,889$240,630new0.00 ppnew
DHRDanaher Corporation0.00%1,183$313,992held—11 q
DVCMYDavide Cmpri Mil UNSP/0.00%13,650$138,163held—9 q
DISThe Walt Disney Company0.00%4,559$396,100trimmed−5%−0.01 pp13 q
MRKMerck & Co., Inc.0.00%3,673$407,517trimmed−5%0.00 pp13 q
MLKNMillerKnoll, Inc.0.00%15,600$327,756trimmed−36%0.00 pp13 q
MDLZMondelez International, Inc. Class A0.00%4,400$293,260held—3 q
ORCLOracle Corp0.00%4,000$326,960held—11 q
JCDXFJc Decaux SA Act0.00%10,500$198,573held—13 q
RBGPFReckitt Benckiser Grp PLC0.00%5,530$382,758held—13 q
unresolvedCir SPA0.00%251,250$116,510held—3 q
LTGIFLt Group Inc0.00%1,775,000$293,033held—13 q
PHJMFPt Hanjaya Mandala Samprn0.00%5,000,000$269,793held—13 q
SWMASSwedish Match AB—−1,029,195—exited−0.12 pp—

Source

Form
13F-HR
Reading
27 defects · 4 unresolved
Accession
0000860643-23-000001
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 045055100 not on the Official 13(f) List for 2022-12-31
  • A security outside the official 13F list — CUSIP 204319107 not on the Official 13(f) List for 2022-12-31
  • A security outside the official 13F list — CUSIP 23636T100 not on the Official 13(f) List for 2022-12-31
  • A security outside the official 13F list — CUSIP 23857X103 not on the Official 13(f) List for 2022-12-31
  • A security outside the official 13F list — CUSIP 423008101 not on the Official 13(f) List for 2022-12-31
  • A security outside the official 13F list — CUSIP 423012301 not on the Official 13(f) List for 2022-12-31
  • A security outside the official 13F list — CUSIP 641069406 not on the Official 13(f) List for 2022-12-31
  • A security outside the official 13F list — CUSIP 714264306 not on the Official 13(f) List for 2022-12-31
  • A security outside the official 13F list — CUSIP B639CJ108 not on the Official 13(f) List for 2022-12-31
  • A security outside the official 13F list — CUSIP F5333N100 not on the Official 13(f) List for 2022-12-31
  • A security outside the official 13F list — CUSIP F58149133 not on the Official 13(f) List for 2022-12-31
  • A security outside the official 13F list — CUSIP F72027109 not on the Official 13(f) List for 2022-12-31
  • A security outside the official 13F list — CUSIP G05320109 not on the Official 13(f) List for 2022-12-31
  • A security outside the official 13F list — CUSIP G42089113 not on the Official 13(f) List for 2022-12-31
  • A security outside the official 13F list — CUSIP G74079107 not on the Official 13(f) List for 2022-12-31
  • A security outside the official 13F list — CUSIP G92087165 not on the Official 13(f) List for 2022-12-31
  • A security outside the official 13F list — CUSIP H25662182 not on the Official 13(f) List for 2022-12-31
  • A security outside the official 13F list — CUSIP H25663123 not on the Official 13(f) List for 2022-12-31
  • A security outside the official 13F list — CUSIP H49983176 not on the Official 13(f) List for 2022-12-31
  • A security outside the official 13F list — CUSIP H57312649 not on the Official 13(f) List for 2022-12-31
  • A security outside the official 13F list — CUSIP K36628137 not on the Official 13(f) List for 2022-12-31
  • A security outside the official 13F list — CUSIP N24565108 not on the Official 13(f) List for 2022-12-31
  • A security outside the official 13F list — CUSIP N39338194 not on the Official 13(f) List for 2022-12-31
  • A security outside the official 13F list — CUSIP N39427211 not on the Official 13(f) List for 2022-12-31
  • A security outside the official 13F list — CUSIP T2R765103 not on the Official 13(f) List for 2022-12-31
  • A security outside the official 13F list — CUSIP Y5342M100 not on the Official 13(f) List for 2022-12-31
  • A security outside the official 13F list — CUSIP Y7121Z146 not on the Official 13(f) List for 2022-12-31