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Gardner Russo & Quinn

Q1 2023 13F · by Thomas Russo, portfolio manager

As of
Mar 31, 2023
Filed
May 11, 2023
US stock
$9.6B · prev $9.1B
Positions
84 · prev 83
Options notional
$0
Documents
1· no amendments

Picture61.7% US stock

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

  • US stock listed on a US exchange 61.7%
  • Foreign stock not listed in the US 38.3%
  • Notes debt, at principal 0.0%
  • Puts at notional value 0.0%
  • Calls at notional value 0.0%

Moves66 since the prior filing

The book

Concentrated · behaves like 13 equal-sized positions

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

Low turnover · 2.3% a year, more than 30 years per position

  1. Low
  2. Moderate
  3. High

Top 5 positions50% of US stock

  1. BRK.A Berkshire Hathaway Inc. trimmed−0.99 pp trimmed−0.9912.5%
  2. NSRGY Nestle S.a S/ trimmed−0.18 pp trimmed−0.1810.3%
  3. MA Mastercard Incorporated trimmed−0.26 pp trimmed−0.269.3%
  4. CFRHF Cie Financiere Richmn New trimmed+1.10 pp trimmed+1.109.2%
  5. GOOG Alphabet Inc. Class C added+1.32 pp added+1.329.1%

Positions84 in this filing · 1 exited

BRK.ABerkshire Hathaway Inc.12.46%2,579$1.2Btrimmed−1%−0.99 pp14 q
NSRGYNestle S.a S/10.34%8,191,861$997Mtrimmed−1%−0.18 pp14 q
MAMastercard Incorporated9.33%2,474,848$899Mtrimmed−1%−0.26 pp14 q
CFRHFCie Financiere Richmn New9.15%5,523,910$882Mtrimmed−2%+1.10 pp14 q
GOOGAlphabet Inc. Class C9.09%8,427,202$876Madded+6%+1.32 pp14 q
HKHHFHeineken Holding NV Ord7.81%8,195,112$753Mtrimmed−1%+0.81 pp14 q
PDRDFPernod Ricard Ord6.88%2,925,535$663Mtrimmed−0%+0.52 pp14 q
PMPhilip Morris International Inc.6.49%6,430,332$625Mtrimmed−0%−0.72 pp14 q
BRK.BBERKSHIRE HATHAWAY Class B5.26%1,641,630$507Mtrimmed−1%−0.40 pp14 q
NFLXNetFlix Inc3.82%1,065,603$368Mtrimmed−0%+0.34 pp4 q
MLMMartin Marietta Materials3.69%1,001,338$356Mtrimmed−1%−0.08 pp14 q
AHTAshtead Group PLC3.29%5,169,533$317Mtrimmed−0%+0.04 pp12 q
JPMJPMorgan Chase & Co.2.46%1,818,859$237Mtrimmed−1%−0.27 pp14 q
unresolvedUnilever Spn.Adr 1:12.29%4,250,863$221Mtrimmed−22%−0.75 pp10 q
BF.ABrown-Forman Corporation Class A1.66%2,449,158$160Mtrimmed−1%−0.14 pp14 q
CMCSAComcast Corp1.48%3,764,199$143Mtrimmed−1%+0.01 pp14 q
VVISA Inc.0.80%341,089$77Mtrimmed−2%0.00 pp14 q
BF.BBrown-Forman Corporation Class B0.66%991,720$64Mtrimmed−1%−0.06 pp14 q
CABOCable One, Inc.0.66%90,219$63Madded+1%−0.04 pp12 q
BUDFFAnheuser Busch Inbev Ord0.41%586,839$39Mtrimmed−4%0.00 pp14 q
WFCWells Fargo & Co.0.29%751,014$28Mtrimmed−2%−0.06 pp14 q
XOMExxon Mobil Corp0.20%177,068$19Madded0%−0.01 pp14 q
MOAltria Group, Inc.0.15%324,590$14Mtrimmed−0%−0.01 pp14 q
MKLMarkel Group Inc.0.13%9,750$12Madded+12%0.00 pp14 q
VMCVulcan Materials Company(Holding Company)0.10%54,762$9Mtrimmed−1%−0.01 pp14 q
DVDCFDavide Campari Milano N V0.10%815,358$10Madded0%+0.01 pp14 q
CXTCrane NXT, Co.0.08%70,331$8Mtrimmed−2%0.00 pp4 q
AXPAmerican Express Company0.07%38,446$6Mtrimmed−1%+0.01 pp14 q
PGProcter & Gamble Company0.06%36,875$5Madded+3%0.00 pp14 q
DOVDover Corporation0.05%29,317$4Mtrimmed−1%+0.01 pp14 q
HRLHormel Foods Corporation0.05%125,708$5Mtrimmed−3%−0.02 pp14 q
UNPUnion Pacific Corp.0.05%21,562$4Madded+16%+0.01 pp14 q
NSRGFNestle S.a Reg Ord0.05%39,870$5Mheld—14 q
CABJFCarlsburg As B Ord0.05%29,361$5Madded+3%+0.01 pp12 q
MKCMcCormick & Company, Incorporated Non-VTG CS0.04%44,400$4Mtrimmed−1%0.00 pp14 q
LRLCFL'oreal Co Eur Ord0.04%8,436$4Madded+8%+0.01 pp14 q
COSTCostco Wholesale Corp0.03%5,132$3Mtrimmed−5%0.00 pp14 q
unresolvedOutfront Media Inc0.03%185,674$3Mtrimmed−16%−0.01 pp14 q
PEPPepsiCo, Inc.0.03%14,439$3Mtrimmed−27%−0.01 pp14 q
HINKFHeineken N V Reg0.03%25,441$3Mtrimmed−37%−0.01 pp14 q
ABBVAbbvie Inc.0.02%12,610$2Mheld—14 q
GOOGLAlphabet Inc. Class A0.02%19,856$2Madded+1%0.00 pp14 q
SWZTotal Return Securities Fund0.02%258,159$2Madded+2%0.00 pp11 q
UNLYFUnilever PLC Gbp0.02%44,000$2Mheld—10 q
COCXFLindt & Spruengli Ord0.02%19$2Mheld—14 q
ABTAbbott Laboratories0.01%11,775$1Mheld—14 q
AAPLApple Inc.0.01%6,982$1Mheld—14 q
CVXChevron Corporation0.01%4,826$787,426added0%0.00 pp14 q
KOCoca-Cola Company0.01%19,769$1Mtrimmed−6%0.00 pp14 q
CFRUYCompagnie Fnce Rch UN/0.01%87,165$1Mtrimmed−21%−0.01 pp14 q
CTVACorteva, Inc.0.01%8,654$521,910added0%0.00 pp14 q
DOWDow Inc.0.01%20,136$1Madded+1%0.00 pp14 q
DDDuPont de Nemours, Inc.0.01%17,929$1Madded+1%0.00 pp14 q
FMXFomento Economico Mexicano, S.a.b. De C.v.0.01%13,495$1Mtrimmed−3%0.00 pp14 q
FULTFulton Financial Corp0.01%79,905$1Madded+19%0.00 pp14 q
GHCGraham Holdings Company0.01%1,168$695,918added0%0.00 pp12 q
HKHHYHeineken Holding NV S/0.01%16,000$734,874held—11 q
HEINYHeineken N V S/0.01%11,176$601,401trimmed−37%0.00 pp14 q
LAMRLamar Advertising Co0.01%7,925$791,628held—14 q
MCDMcDonald's Corporation0.01%1,952$545,799held—14 q
MSFTMicrosoft Corp0.01%2,129$613,791trimmed−7%0.00 pp14 q
PNCPNC Financial Services Group0.01%11,268$1Mheld—14 q
PRNDYPernod Ricard S A SP/0.01%24,933$1Mtrimmed−23%0.00 pp7 q
PXDPioneer Natural Resource Co.0.01%2,400$490,176held—12 q
WMTWalmart Inc.0.01%3,455$509,440trimmed−1%0.00 pp14 q
DGEAFDiageo PLC Ord0.01%14,627$653,612trimmed−24%0.00 pp14 q
unresolvedCompagnie Financiere Richemont0.01%482,470$607,346trimmed−96%−0.11 pp10 q
ASHTYAshtead Group Plc-unspon ADR0.00%1,250$306,515held—3 q
BPBP p.l.c.0.00%6,719$254,916trimmed−2%0.00 pp2 q
DHRDanaher Corporation0.00%1,083$272,959trimmed−8%0.00 pp12 q
DANOYDanone S/0.00%16,562$206,245trimmed−75%−0.01 pp14 q
DVCMYDavide Cmpri Mil UNSP/0.00%13,650$166,837held—10 q
DISThe Walt Disney Company0.00%4,455$446,095trimmed−2%0.00 pp14 q
LVMUYLvmh-moet H/L/V UNSP/0.00%1,109$203,479new0.00 ppnew
MRKMerck & Co., Inc.0.00%3,831$407,612added+4%0.00 pp14 q
MDLZMondelez International, Inc. Class A0.00%4,400$306,768held—4 q
ORCLOracle Corp0.00%4,000$371,680held—12 q
TFCTruist Financial Corporation0.00%11,282$384,699added+3%−0.01 pp14 q
JCDXFJc Decaux SA Act0.00%10,500$220,283held—14 q
LVMHFLvmh-moet Hnsy L Vutn0.00%445$408,242new0.00 ppnew
RBGPFReckitt Benckiser Grp PLC0.00%5,455$415,347trimmed−1%0.00 pp14 q
unresolvedCir SPA0.00%251,250$105,230held—4 q
LTGIFLt Group Inc0.00%1,775,000$323,232held—14 q
PHJMFPt Hanjaya Mandala Samprn0.00%5,000,000$375,138held—14 q
MLKNMillerKnoll, Inc.—−15,600—exited0.00 pp—

Source

Form
13F-HR
Reading
29 defects · 4 unresolved
Accession
0000860643-23-000003
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 045055100 not on the Official 13(f) List for 2023-03-31
  • A security outside the official 13F list — CUSIP 204319107 not on the Official 13(f) List for 2023-03-31
  • A security outside the official 13F list — CUSIP 23636T100 not on the Official 13(f) List for 2023-03-31
  • A security outside the official 13F list — CUSIP 23857X103 not on the Official 13(f) List for 2023-03-31
  • A security outside the official 13F list — CUSIP 423008101 not on the Official 13(f) List for 2023-03-31
  • A security outside the official 13F list — CUSIP 423012301 not on the Official 13(f) List for 2023-03-31
  • A security outside the official 13F list — CUSIP 502441306 not on the Official 13(f) List for 2023-03-31
  • A security outside the official 13F list — CUSIP 641069406 not on the Official 13(f) List for 2023-03-31
  • A security outside the official 13F list — CUSIP 714264306 not on the Official 13(f) List for 2023-03-31
  • A security outside the official 13F list — CUSIP B639CJ108 not on the Official 13(f) List for 2023-03-31
  • A security outside the official 13F list — CUSIP F5333N100 not on the Official 13(f) List for 2023-03-31
  • A security outside the official 13F list — CUSIP F58149133 not on the Official 13(f) List for 2023-03-31
  • A security outside the official 13F list — CUSIP F58485115 not on the Official 13(f) List for 2023-03-31
  • A security outside the official 13F list — CUSIP F72027109 not on the Official 13(f) List for 2023-03-31
  • A security outside the official 13F list — CUSIP G05320109 not on the Official 13(f) List for 2023-03-31
  • A security outside the official 13F list — CUSIP G42089113 not on the Official 13(f) List for 2023-03-31
  • A security outside the official 13F list — CUSIP G74079107 not on the Official 13(f) List for 2023-03-31
  • A security outside the official 13F list — CUSIP G92087165 not on the Official 13(f) List for 2023-03-31
  • A security outside the official 13F list — CUSIP H25662182 not on the Official 13(f) List for 2023-03-31
  • A security outside the official 13F list — CUSIP H25663123 not on the Official 13(f) List for 2023-03-31
  • A security outside the official 13F list — CUSIP H49983176 not on the Official 13(f) List for 2023-03-31
  • A security outside the official 13F list — CUSIP H57312649 not on the Official 13(f) List for 2023-03-31
  • A security outside the official 13F list — CUSIP K36628137 not on the Official 13(f) List for 2023-03-31
  • A security outside the official 13F list — CUSIP N24565108 not on the Official 13(f) List for 2023-03-31
  • A security outside the official 13F list — CUSIP N39338194 not on the Official 13(f) List for 2023-03-31
  • A security outside the official 13F list — CUSIP N39427211 not on the Official 13(f) List for 2023-03-31
  • A security outside the official 13F list — CUSIP T2R765103 not on the Official 13(f) List for 2023-03-31
  • A security outside the official 13F list — CUSIP Y5342M100 not on the Official 13(f) List for 2023-03-31
  • A security outside the official 13F list — CUSIP Y7121Z146 not on the Official 13(f) List for 2023-03-31