Gardner Russo & Quinn

Q3 2023 13F · by Thomas Russo, portfolio manager

As of: Sep 30, 2023
Filed: Nov 14, 2023
US stock: $9.2B · prev $10.1B
Positions: 82 · prev 83
Options notional: $0
Documents: 1· no amendments

Picture67.7% US stock

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

US stock listed on a US exchange 67.7%
Foreign stock not listed in the US 32.3%
Notes debt, at principal 0.0%
Puts at notional value 0.0%
Calls at notional value 0.0%

Moves64 since the prior filing

+0.1 pp in · −0.0 pp out

New 1 0.00 pp
Added 16 +0.05 pp
Trimmed 45 −0.01 pp
Exited 2 −0.02 pp

The book

Concentrated · behaves like 12 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Low turnover · 0.0% a year, more than 30 years per position

Low
Moderate
High

Top 5 positions53% of US stock

BRK.A Berkshire Hathaway Inc. trimmed+1.44 pp trimmed+1.4414.4%
GOOG Alphabet Inc. Class C trimmed+1.82 pp trimmed+1.8211.6%
MA Mastercard Incorporated trimmed+0.90 pp trimmed+0.9010.3%
NSRGY Nestle S.a S/ trimmed+0.17 pp trimmed+0.179.7%
CFRHF Cie Financiere Richmn New trimmed−1.88 pp trimmed−1.886.7%

Positions82 in this filing · 2 exited


BRK.ABerkshire Hathaway Inc.	14.38%	2,482	$1.3B	trimmed−2%	+1.44 pp	16 q
GOOGAlphabet Inc. Class C	11.64%	8,093,922	$1.1B	trimmed−2%	+1.82 pp	16 q
MAMastercard Incorporated	10.29%	2,382,969	$943M	trimmed−1%	+0.90 pp	16 q
NSRGYNestle S.a S/	9.70%	7,859,532	$889M	trimmed−2%	+0.17 pp	16 q
CFRHFCie Financiere Richmn New	6.74%	5,048,100	$618M	trimmed−2%	−1.88 pp	16 q
HKHHFHeineken Holding NV Ord	6.52%	7,909,106	$598M	trimmed−1%	−0.34 pp	16 q
PMPhilip Morris International Inc.	6.30%	6,240,303	$578M	trimmed−1%	+0.21 pp	16 q
BRK.BBERKSHIRE HATHAWAY Class B	6.18%	1,618,150	$567M	trimmed−0%	+0.70 pp	16 q
PDRDFPernod Ricard Ord	5.15%	2,823,890	$472M	trimmed−1%	−1.09 pp	16 q
NFLXNetFlix Inc	4.78%	1,161,475	$439M	trimmed−1%	−0.34 pp	6 q
MLMMartin Marietta Materials	4.29%	958,763	$394M	trimmed−2%	−0.15 pp	16 q
AHTAshtead Group PLC	3.56%	5,341,822	$326M	trimmed−0%	−0.11 pp	14 q
JPMJPMorgan Chase & Co.	3.32%	2,098,425	$304M	trimmed−1%	+0.28 pp	16 q
CMCSAComcast Corp	1.71%	3,528,069	$156M	trimmed−2%	+0.23 pp	16 q
BF.ABrown-Forman Corporation Class A	1.49%	2,355,804	$137M	trimmed−2%	−0.12 pp	16 q
VVISA Inc.	0.83%	331,341	$76M	trimmed−1%	+0.05 pp	16 q
BF.BBrown-Forman Corporation Class B	0.60%	960,448	$55M	trimmed−1%	−0.04 pp	16 q
BUDFFAnheuser Busch Inbev Ord	0.33%	541,283	$30M	trimmed−2%	+0.02 pp	16 q
WFCWells Fargo & Co.	0.32%	726,373	$30M	trimmed−1%	+0.01 pp	16 q
XOMExxon Mobil Corp	0.23%	178,180	$21M	trimmed−0%	+0.04 pp	16 q
CABOCable One, Inc.	0.17%	24,670	$15M	trimmed−71%	−0.39 pp	14 q
MKLMarkel Group Inc.	0.16%	9,989	$15M	added+1%	+0.02 pp	16 q
MOAltria Group, Inc.	0.15%	330,299	$14M	added+1%	0.00 pp	16 q
VMCVulcan Materials Company(Holding Company)	0.12%	53,103	$11M	trimmed−1%	0.00 pp	16 q
DVDCFDavide Campari Milano N V	0.10%	805,403	$10M	trimmed−0%	−0.01 pp	16 q
CRCrane Company	0.07%	70,181	$6M	trimmed−0%	+0.01 pp	2 q
PGProcter & Gamble Company	0.06%	36,684	$5M	trimmed−0%	0.00 pp	16 q
AXPAmerican Express Company	0.05%	28,176	$4M	trimmed−17%	−0.01 pp	16 q
HRLHormel Foods Corporation	0.05%	116,130	$4M	trimmed−3%	0.00 pp	16 q
unresolvedUnilever Spn.Adr 1:1	0.05%	99,284	$5M	trimmed−96%	−1.39 pp	12 q
UNPUnion Pacific Corp.	0.05%	21,763	$4M	added0%	+0.01 pp	16 q
NSRGFNestle S.a Reg Ord	0.05%	39,870	$5M	held	—	16 q
DOVDover Corporation	0.04%	28,467	$4M	trimmed−0%	0.00 pp	16 q
MKCMcCormick & Company, Incorporated Non-VTG CS	0.04%	44,950	$3M	trimmed−0%	0.00 pp	16 q
LRLCFL'oreal Co Eur Ord	0.04%	8,436	$4M	held	—	16 q
CABJFCarlsburg As B Ord	0.04%	29,176	$4M	trimmed−0%	−0.01 pp	14 q
GOOGLAlphabet Inc. Class A	0.03%	22,330	$3M	added+4%	0.00 pp	16 q
COSTCostco Wholesale Corp	0.03%	5,143	$3M	trimmed−2%	0.00 pp	16 q
PEPPepsiCo, Inc.	0.03%	14,048	$2M	trimmed−0%	0.00 pp	16 q
ABBVAbbvie Inc.	0.02%	12,583	$2M	trimmed−0%	0.00 pp	16 q
AAPLApple Inc.	0.02%	8,155	$1M	added+8%	+0.01 pp	16 q
FULTFulton Financial Corp	0.02%	119,905	$1M	added+20%	+0.01 pp	16 q
PNCPNC Financial Services Group	0.02%	11,268	$1M	held	—	16 q
SWZTotal Return Securities Fund	0.02%	266,253	$2M	added+2%	0.00 pp	13 q
COCXFLindt & Spruengli Ord	0.02%	19	$2M	held	—	16 q
HINKFHeineken N V Reg	0.02%	25,441	$2M	held	—	16 q
ABTAbbott Laboratories	0.01%	11,610	$1M	held	—	16 q
CVXChevron Corporation	0.01%	4,734	$798,166	added0%	0.00 pp	16 q
KOCoca-Cola Company	0.01%	20,008	$1M	trimmed−1%	0.00 pp	16 q
CFRUYCompagnie Fnce Rch UN/	0.01%	62,347	$763,321	added+1%	0.00 pp	16 q
DOWDow Inc.	0.01%	20,666	$1M	added+1%	0.00 pp	16 q
DDDuPont de Nemours, Inc.	0.01%	18,107	$1M	added0%	0.00 pp	16 q
FMXFomento Economico Mexicano, S.a.b. De C.v.	0.01%	11,820	$1M	trimmed−11%	0.00 pp	16 q
GHCGraham Holdings Company	0.01%	1,161	$677,045	trimmed−1%	0.00 pp	14 q
HKHHYHeineken Holding NV S/	0.01%	16,000	$604,758	held	—	13 q
LAMRLamar Advertising Co	0.01%	6,575	$548,815	trimmed−6%	0.00 pp	16 q
MCDMcDonald's Corporation	0.01%	1,932	$508,966	trimmed−3%	0.00 pp	16 q
MSFTMicrosoft Corp	0.01%	2,132	$673,179	trimmed−5%	0.00 pp	16 q
unresolvedOutfront Media Inc	0.01%	93,669	$946,057	trimmed−4%	−0.01 pp	16 q
PRNDYPernod Ricard S A SP/	0.01%	17,544	$586,403	added0%	0.00 pp	9 q
PXDPioneer Natural Resource Co.	0.01%	2,400	$550,920	held	—	14 q
WMTWalmart Inc.	0.01%	3,455	$552,558	held	—	16 q
DGEAFDiageo PLC Ord	0.01%	13,841	$512,553	held	—	16 q
ASHTYAshtead Group Plc-unspon ADR	0.00%	1,253	$305,993	held	—	5 q
BPBP p.l.c.	0.00%	6,780	$262,540	trimmed−0%	0.00 pp	4 q
BURCABurnham Hldgs Inc A	0.00%	10,000	$122,100	new	0.00 pp	new
CTVACorteva, Inc.	0.00%	8,703	$445,256	added0%	0.00 pp	16 q
DHRDanaher Corporation	0.00%	1,083	$268,692	held	—	14 q
DANOYDanone S/	0.00%	14,757	$163,302	trimmed−11%	0.00 pp	16 q
DVCMYDavide Cmpri Mil UNSP/	0.00%	13,650	$161,355	held	—	12 q
DISThe Walt Disney Company	0.00%	4,370	$354,201	trimmed−1%	0.00 pp	16 q
HEINYHeineken N V S/	0.00%	4,575	$202,131	added0%	0.00 pp	16 q
MRKMerck & Co., Inc.	0.00%	3,842	$395,547	trimmed−3%	0.00 pp	16 q
MDLZMondelez International, Inc. Class A	0.00%	4,411	$306,123	held	—	6 q
ORCLOracle Corp	0.00%	3,618	$383,219	added0%	0.00 pp	14 q
TFCTruist Financial Corporation	0.00%	11,187	$320,051	added+1%	0.00 pp	16 q
JCDXFJc Decaux SA Act	0.00%	10,500	$178,092	held	—	16 q
LVMHFLvmh-moet Hnsy L Vutn	0.00%	445	$337,527	held	—	3 q
RBGPFReckitt Benckiser Grp PLC	0.00%	5,455	$385,770	held	—	16 q
unresolvedCir SPA	0.00%	251,250	$107,468	held	—	6 q
LTGIFLt Group Inc	0.00%	1,775,000	$282,364	held	—	16 q
PHJMFPt Hanjaya Mandala Samprn	0.00%	5,000,000	$279,845	held	—	16 q
UNLYFUnilever PLC Gbp	—	−44,000	—	exited	−0.02 pp	—
LVMUYLvmh-moet H/L/V UNSP/	—	−1,124	—	exited	0.00 pp	—

Source

Form: 13F-HR
Reading: 27 defects · 3 unresolved
Accession: 0000860643-23-000005
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 2023-09-30
A security outside the official 13F list — CUSIP 122295108 not on the Official 13(f) List for 2023-09-30
A security outside the official 13F list — CUSIP 204319107 not on the Official 13(f) List for 2023-09-30
A security outside the official 13F list — CUSIP 23636T100 not on the Official 13(f) List for 2023-09-30
A security outside the official 13F list — CUSIP 23857X103 not on the Official 13(f) List for 2023-09-30
A security outside the official 13F list — CUSIP 423008101 not on the Official 13(f) List for 2023-09-30
A security outside the official 13F list — CUSIP 423012301 not on the Official 13(f) List for 2023-09-30
A security outside the official 13F list — CUSIP 641069406 not on the Official 13(f) List for 2023-09-30
A security outside the official 13F list — CUSIP 714264306 not on the Official 13(f) List for 2023-09-30
A security outside the official 13F list — CUSIP B639CJ108 not on the Official 13(f) List for 2023-09-30
A security outside the official 13F list — CUSIP F5333N100 not on the Official 13(f) List for 2023-09-30
A security outside the official 13F list — CUSIP F58149133 not on the Official 13(f) List for 2023-09-30
A security outside the official 13F list — CUSIP F58485115 not on the Official 13(f) List for 2023-09-30
A security outside the official 13F list — CUSIP F72027109 not on the Official 13(f) List for 2023-09-30
A security outside the official 13F list — CUSIP G05320109 not on the Official 13(f) List for 2023-09-30
A security outside the official 13F list — CUSIP G42089113 not on the Official 13(f) List for 2023-09-30
A security outside the official 13F list — CUSIP G74079107 not on the Official 13(f) List for 2023-09-30
A security outside the official 13F list — CUSIP H25662182 not on the Official 13(f) List for 2023-09-30
A security outside the official 13F list — CUSIP H49983176 not on the Official 13(f) List for 2023-09-30
A security outside the official 13F list — CUSIP H57312649 not on the Official 13(f) List for 2023-09-30
A security outside the official 13F list — CUSIP K36628137 not on the Official 13(f) List for 2023-09-30
A security outside the official 13F list — CUSIP N24565108 not on the Official 13(f) List for 2023-09-30
A security outside the official 13F list — CUSIP N39338194 not on the Official 13(f) List for 2023-09-30
A security outside the official 13F list — CUSIP N39427211 not on the Official 13(f) List for 2023-09-30
A security outside the official 13F list — CUSIP T2R765103 not on the Official 13(f) List for 2023-09-30
A security outside the official 13F list — CUSIP Y5342M100 not on the Official 13(f) List for 2023-09-30
A security outside the official 13F list — CUSIP Y7121Z146 not on the Official 13(f) List for 2023-09-30

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