Gardner Russo & Quinn

Q2 2023 13F · by Thomas Russo, portfolio manager

As of: Jun 30, 2023
Filed: Aug 11, 2023
US stock: $10.1B · prev $9.6B
Positions: 83 · prev 84
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%

Moves67 since the prior filing

+2.3 pp in · −2.3 pp out

New 1 +0.06 pp
Added 25 +2.25 pp
Trimmed 39 −2.22 pp
Exited 2 −0.09 pp

The book

Concentrated · behaves like 13 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Low turnover · 4.4% a year, about 22.5 years per position

Low
Moderate
High

Top 5 positions50% of US stock

BRK.A Berkshire Hathaway Inc. trimmed+0.48 pp trimmed+0.4812.9%
GOOG Alphabet Inc. Class C trimmed+0.73 pp trimmed+0.739.8%
NSRGY Nestle S.a S/ trimmed−0.81 pp trimmed−0.819.5%
MA Mastercard Incorporated trimmed+0.06 pp trimmed+0.069.4%
CFRHF Cie Financiere Richmn New trimmed−0.53 pp trimmed−0.538.6%

Positions83 in this filing · 2 exited


BRK.ABerkshire Hathaway Inc.	12.94%	2,530	$1.3B	trimmed−2%	+0.48 pp	15 q
GOOGAlphabet Inc. Class C	9.82%	8,221,065	$995M	trimmed−2%	+0.73 pp	15 q
NSRGYNestle S.a S/	9.53%	8,019,143	$965M	trimmed−2%	−0.81 pp	15 q
MAMastercard Incorporated	9.39%	2,417,258	$951M	trimmed−2%	+0.06 pp	15 q
CFRHFCie Financiere Richmn New	8.62%	5,147,539	$873M	trimmed−7%	−0.53 pp	15 q
HKHHFHeineken Holding NV Ord	6.86%	7,994,343	$695M	trimmed−2%	−0.95 pp	15 q
PDRDFPernod Ricard Ord	6.24%	2,862,426	$632M	trimmed−2%	−0.64 pp	15 q
PMPhilip Morris International Inc.	6.09%	6,314,371	$616M	trimmed−2%	−0.40 pp	15 q
BRK.BBERKSHIRE HATHAWAY Class B	5.48%	1,625,553	$554M	trimmed−1%	+0.22 pp	15 q
NFLXNetFlix Inc	5.12%	1,175,745	$518M	added+10%	+1.30 pp	5 q
MLMMartin Marietta Materials	4.44%	973,520	$449M	trimmed−3%	+0.75 pp	15 q
AHTAshtead Group PLC	3.67%	5,365,720	$371M	added+4%	+0.38 pp	13 q
JPMJPMorgan Chase & Co.	3.04%	2,112,917	$307M	added+16%	+0.58 pp	15 q
BF.ABrown-Forman Corporation Class A	1.61%	2,400,333	$163M	trimmed−2%	−0.05 pp	15 q
CMCSAComcast Corp	1.48%	3,614,535	$150M	trimmed−4%	0.00 pp	15 q
unresolvedUnilever Spn.Adr 1:1	1.44%	2,791,456	$146M	trimmed−34%	−0.85 pp	11 q
VVISA Inc.	0.78%	334,028	$79M	trimmed−2%	−0.02 pp	15 q
BF.BBrown-Forman Corporation Class B	0.64%	967,024	$65M	trimmed−2%	−0.02 pp	15 q
CABOCable One, Inc.	0.56%	86,436	$57M	trimmed−4%	−0.10 pp	13 q
WFCWells Fargo & Co.	0.31%	731,989	$31M	trimmed−3%	+0.02 pp	15 q
BUDFFAnheuser Busch Inbev Ord	0.31%	554,933	$31M	trimmed−5%	−0.10 pp	15 q
XOMExxon Mobil Corp	0.19%	178,409	$19M	added+1%	−0.01 pp	15 q
MOAltria Group, Inc.	0.15%	327,378	$15M	added+1%	0.00 pp	15 q
MKLMarkel Group Inc.	0.14%	9,919	$14M	added+2%	+0.01 pp	15 q
VMCVulcan Materials Company(Holding Company)	0.12%	53,608	$12M	trimmed−2%	+0.02 pp	15 q
DVDCFDavide Campari Milano N V	0.11%	809,173	$11M	trimmed−1%	+0.01 pp	15 q
AXPAmerican Express Company	0.06%	33,901	$6M	trimmed−12%	−0.01 pp	15 q
CRCrane Company	0.06%	70,331	$6M	new	+0.06 pp	new
PGProcter & Gamble Company	0.06%	36,723	$6M	trimmed−0%	0.00 pp	15 q
HRLHormel Foods Corporation	0.05%	119,550	$5M	trimmed−5%	0.00 pp	15 q
NSRGFNestle S.a Reg Ord	0.05%	39,870	$5M	held	—	15 q
CABJFCarlsburg As B Ord	0.05%	29,246	$5M	trimmed−0%	0.00 pp	13 q
DOVDover Corporation	0.04%	28,592	$4M	trimmed−2%	−0.01 pp	15 q
MKCMcCormick & Company, Incorporated Non-VTG CS	0.04%	45,000	$4M	added+1%	0.00 pp	15 q
UNPUnion Pacific Corp.	0.04%	21,695	$4M	added+1%	−0.01 pp	15 q
LRLCFL'oreal Co Eur Ord	0.04%	8,436	$4M	held	—	15 q
GOOGLAlphabet Inc. Class A	0.03%	21,430	$3M	added+8%	+0.01 pp	15 q
COSTCostco Wholesale Corp	0.03%	5,228	$3M	added+2%	0.00 pp	15 q
PEPPepsiCo, Inc.	0.03%	14,063	$3M	trimmed−3%	0.00 pp	15 q
HINKFHeineken N V Reg	0.03%	25,441	$3M	held	—	15 q
ABBVAbbvie Inc.	0.02%	12,591	$2M	trimmed−0%	0.00 pp	15 q
unresolvedOutfront Media Inc	0.02%	97,924	$2M	trimmed−47%	−0.01 pp	15 q
SWZTotal Return Securities Fund	0.02%	262,045	$2M	added+2%	0.00 pp	12 q
UNLYFUnilever PLC Gbp	0.02%	44,000	$2M	held	—	11 q
COCXFLindt & Spruengli Ord	0.02%	19	$2M	held	—	15 q
ABTAbbott Laboratories	0.01%	11,610	$1M	trimmed−1%	0.00 pp	15 q
AAPLApple Inc.	0.01%	7,564	$1M	added+8%	0.00 pp	15 q
CVXChevron Corporation	0.01%	4,721	$742,776	trimmed−2%	0.00 pp	15 q
KOCoca-Cola Company	0.01%	20,159	$1M	added+2%	0.00 pp	15 q
CFRUYCompagnie Fnce Rch UN/	0.01%	61,522	$1M	trimmed−29%	0.00 pp	15 q
DOWDow Inc.	0.01%	20,402	$1M	added+1%	0.00 pp	15 q
DDDuPont de Nemours, Inc.	0.01%	18,026	$1M	added+1%	0.00 pp	15 q
FMXFomento Economico Mexicano, S.a.b. De C.v.	0.01%	13,220	$1M	trimmed−2%	0.00 pp	15 q
FULTFulton Financial Corp	0.01%	99,905	$1M	added+25%	0.00 pp	15 q
GHCGraham Holdings Company	0.01%	1,169	$668,150	added0%	0.00 pp	13 q
HKHHYHeineken Holding NV S/	0.01%	16,000	$695,186	held	—	12 q
LAMRLamar Advertising Co	0.01%	6,960	$690,780	trimmed−12%	0.00 pp	15 q
MCDMcDonald's Corporation	0.01%	1,986	$592,642	added+2%	0.00 pp	15 q
MSFTMicrosoft Corp	0.01%	2,233	$760,426	added+5%	0.00 pp	15 q
PNCPNC Financial Services Group	0.01%	11,268	$1M	held	—	15 q
PRNDYPernod Ricard S A SP/	0.01%	17,530	$774,190	trimmed−30%	0.00 pp	8 q
WMTWalmart Inc.	0.01%	3,455	$543,057	held	—	15 q
DGEAFDiageo PLC Ord	0.01%	13,841	$594,594	trimmed−5%	0.00 pp	15 q
ASHTYAshtead Group Plc-unspon ADR	0.00%	1,253	$346,890	added0%	0.00 pp	4 q
BPBP p.l.c.	0.00%	6,804	$240,101	added+1%	0.00 pp	3 q
CTVACorteva, Inc.	0.00%	8,677	$497,164	added0%	−0.01 pp	15 q
DHRDanaher Corporation	0.00%	1,083	$259,920	held	—	13 q
DANOYDanone S/	0.00%	16,562	$202,881	held	—	15 q
DVCMYDavide Cmpri Mil UNSP/	0.00%	13,650	$188,982	held	—	11 q
DISThe Walt Disney Company	0.00%	4,435	$395,971	trimmed−0%	0.00 pp	15 q
HEINYHeineken N V S/	0.00%	4,564	$234,476	trimmed−59%	−0.01 pp	15 q
LVMUYLvmh-moet H/L/V UNSP/	0.00%	1,124	$211,657	added+1%	0.00 pp	2 q
MRKMerck & Co., Inc.	0.00%	3,960	$456,921	added+3%	0.00 pp	15 q
MDLZMondelez International, Inc. Class A	0.00%	4,411	$321,738	added0%	0.00 pp	5 q
ORCLOracle Corp	0.00%	3,605	$429,319	trimmed−10%	0.00 pp	13 q
PXDPioneer Natural Resource Co.	0.00%	2,400	$497,232	held	—	13 q
TFCTruist Financial Corporation	0.00%	11,082	$336,352	trimmed−2%	0.00 pp	15 q
JCDXFJc Decaux SA Act	0.00%	10,500	$209,177	held	—	15 q
LVMHFLvmh-moet Hnsy L Vutn	0.00%	445	$418,982	held	—	2 q
RBGPFReckitt Benckiser Grp PLC	0.00%	5,455	$410,010	held	—	15 q
unresolvedCir SPA	0.00%	251,250	$103,752	held	—	5 q
LTGIFLt Group Inc	0.00%	1,775,000	$305,804	held	—	15 q
PHJMFPt Hanjaya Mandala Samprn	0.00%	5,000,000	$315,158	held	—	15 q
CXTCrane NXT, Co.	—	−70,331	—	exited	−0.08 pp	—
unresolvedCompagnie Financiere Richemont	—	−482,470	—	exited	−0.01 pp	—

Source

Form: 13F-HR
Reading: 28 defects · 3 unresolved
Accession: 0000860643-23-000004
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 23636T100 not on the Official 13(f) List for 2023-06-30
A security outside the official 13F list — CUSIP 23857X103 not on the Official 13(f) List for 2023-06-30
A security outside the official 13F list — CUSIP 423008101 not on the Official 13(f) List for 2023-06-30
A security outside the official 13F list — CUSIP 423012301 not on the Official 13(f) List for 2023-06-30
A security outside the official 13F list — CUSIP 502441306 not on the Official 13(f) List for 2023-06-30
A security outside the official 13F list — CUSIP 641069406 not on the Official 13(f) List for 2023-06-30
A security outside the official 13F list — CUSIP 714264306 not on the Official 13(f) List for 2023-06-30
A security outside the official 13F list — CUSIP B639CJ108 not on the Official 13(f) List for 2023-06-30
A security outside the official 13F list — CUSIP F5333N100 not on the Official 13(f) List for 2023-06-30
A security outside the official 13F list — CUSIP F58149133 not on the Official 13(f) List for 2023-06-30
A security outside the official 13F list — CUSIP F58485115 not on the Official 13(f) List for 2023-06-30
A security outside the official 13F list — CUSIP F72027109 not on the Official 13(f) List for 2023-06-30
A security outside the official 13F list — CUSIP G05320109 not on the Official 13(f) List for 2023-06-30
A security outside the official 13F list — CUSIP G42089113 not on the Official 13(f) List for 2023-06-30
A security outside the official 13F list — CUSIP G74079107 not on the Official 13(f) List for 2023-06-30
A security outside the official 13F list — CUSIP G92087165 not on the Official 13(f) List for 2023-06-30
A security outside the official 13F list — CUSIP H25662182 not on the Official 13(f) List for 2023-06-30
A security outside the official 13F list — CUSIP H49983176 not on the Official 13(f) List for 2023-06-30
A security outside the official 13F list — CUSIP H57312649 not on the Official 13(f) List for 2023-06-30
A security outside the official 13F list — CUSIP K36628137 not on the Official 13(f) List for 2023-06-30
A security outside the official 13F list — CUSIP N24565108 not on the Official 13(f) List for 2023-06-30
A security outside the official 13F list — CUSIP N39338194 not on the Official 13(f) List for 2023-06-30
A security outside the official 13F list — CUSIP N39427211 not on the Official 13(f) List for 2023-06-30
A security outside the official 13F list — CUSIP T2R765103 not on the Official 13(f) List for 2023-06-30
A security outside the official 13F list — CUSIP Y5342M100 not on the Official 13(f) List for 2023-06-30
A security outside the official 13F list — CUSIP Y7121Z146 not on the Official 13(f) List for 2023-06-30
A security outside the official 13F list — CUSIP 045055100 not on the Official 13(f) List for 2023-06-30
A security outside the official 13F list — CUSIP 204319107 not on the Official 13(f) List for 2023-06-30

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