Gardner Russo & Quinn

Q4 2023 13F · by Thomas Russo, portfolio manager

As of: Dec 31, 2023
Filed: Feb 13, 2024
US stock: $9.8B · prev $9.2B
Positions: 82 · prev 82
Options notional: $0
Documents: 1· no amendments

Picture67.8% US stock

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

US stock listed on a US exchange 67.8%
Foreign stock not listed in the US 32.2%
Notes debt, at principal 0.0%
Puts at notional value 0.0%
Calls at notional value 0.0%

Moves66 since the prior filing

+1.9 pp in · −2.0 pp out

New 1 +1.93 pp
Added 17 −0.02 pp
Trimmed 47 −1.97 pp
Exited 1 0.00 pp

The book

Concentrated · behaves like 13 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Low turnover · 7.8% a year, about 12.8 years per position

Low
Moderate
High

Top 5 positions50% of US stock

BRK.A Berkshire Hathaway Inc. trimmed−1.01 pp trimmed−1.0113.4%
GOOG Alphabet Inc. Class C trimmed−0.55 pp trimmed−0.5511.1%
MA Mastercard Incorporated trimmed−0.28 pp trimmed−0.2810.0%
NSRGY Nestle S.a S/ trimmed−0.67 pp trimmed−0.679.0%
CFRHF Cie Financiere Richmn New trimmed+0.25 pp trimmed+0.257.0%

Positions82 in this filing · 1 exited


BRK.ABerkshire Hathaway Inc.	13.37%	2,417	$1.3B	trimmed−3%	−1.01 pp	17 q
GOOGAlphabet Inc. Class C	11.09%	7,721,397	$1.1B	trimmed−5%	−0.55 pp	17 q
MAMastercard Incorporated	10.01%	2,302,289	$982M	trimmed−3%	−0.28 pp	17 q
NSRGYNestle S.a S/	9.03%	7,667,386	$887M	trimmed−2%	−0.67 pp	17 q
CFRHFCie Financiere Richmn New	6.99%	4,987,265	$686M	trimmed−1%	+0.25 pp	17 q
HKHHFHeineken Holding NV Ord	6.76%	7,844,013	$664M	trimmed−1%	+0.24 pp	17 q
PMPhilip Morris International Inc.	5.83%	6,077,975	$572M	trimmed−3%	−0.47 pp	17 q
BRK.BBERKSHIRE HATHAWAY Class B	5.71%	1,569,986	$560M	trimmed−3%	−0.47 pp	17 q
NFLXNetFlix Inc	5.58%	1,124,962	$548M	trimmed−3%	+0.80 pp	7 q
PDRDFPernod Ricard Ord	5.06%	2,812,437	$496M	trimmed−0%	−0.09 pp	17 q
MLMMartin Marietta Materials	4.78%	940,568	$469M	trimmed−2%	+0.49 pp	17 q
AHTAshtead Group PLC	3.74%	5,275,065	$367M	trimmed−1%	+0.18 pp	15 q
JPMJPMorgan Chase & Co.	3.51%	2,023,369	$344M	trimmed−4%	+0.19 pp	17 q
UBERUber Technologies, Inc.	1.93%	3,081,363	$190M	new	+1.93 pp	new
CMCSAComcast Corp	1.47%	3,295,791	$145M	trimmed−7%	−0.24 pp	17 q
BF.ABrown-Forman Corporation Class A	1.38%	2,269,315	$135M	trimmed−4%	−0.11 pp	17 q
VVISA Inc.	0.86%	322,891	$84M	trimmed−3%	+0.03 pp	17 q
BF.BBrown-Forman Corporation Class B	0.55%	937,483	$54M	trimmed−2%	−0.05 pp	17 q
WFCWells Fargo & Co.	0.36%	712,229	$35M	trimmed−2%	+0.04 pp	17 q
BUDFFAnheuser Busch Inbev Ord	0.34%	511,688	$33M	trimmed−5%	+0.01 pp	17 q
XOMExxon Mobil Corp	0.18%	179,199	$18M	added+1%	−0.05 pp	17 q
MKLMarkel Group Inc.	0.14%	9,984	$14M	trimmed−0%	−0.02 pp	17 q
MOAltria Group, Inc.	0.13%	311,070	$13M	trimmed−6%	−0.02 pp	17 q
VMCVulcan Materials Company(Holding Company)	0.11%	48,682	$11M	trimmed−8%	−0.01 pp	17 q
CABOCable One, Inc.	0.09%	16,017	$9M	trimmed−35%	−0.08 pp	15 q
DVDCFDavide Campari Milano N V	0.09%	771,418	$9M	trimmed−4%	−0.01 pp	17 q
CRCrane Company	0.08%	68,281	$8M	trimmed−3%	+0.01 pp	3 q
UNPUnion Pacific Corp.	0.06%	22,887	$6M	added+5%	+0.01 pp	17 q
PGProcter & Gamble Company	0.05%	36,670	$5M	trimmed−0%	−0.01 pp	17 q
NSRGFNestle S.a Reg Ord	0.05%	39,870	$5M	held	—	17 q
AXPAmerican Express Company	0.04%	20,535	$4M	trimmed−27%	−0.01 pp	17 q
COSTCostco Wholesale Corp	0.04%	5,550	$4M	added+8%	+0.01 pp	17 q
DOVDover Corporation	0.04%	27,897	$4M	trimmed−2%	0.00 pp	17 q
GOOGLAlphabet Inc. Class A	0.03%	22,530	$3M	added+1%	0.00 pp	17 q
MKCMcCormick & Company, Incorporated Non-VTG CS	0.03%	44,120	$3M	trimmed−2%	−0.01 pp	17 q
LRLCFL'oreal Co Eur Ord	0.03%	6,836	$3M	trimmed−19%	−0.01 pp	17 q
CABJFCarlsburg As B Ord	0.03%	24,526	$3M	trimmed−16%	−0.01 pp	15 q
HINKFHeineken N V Reg	0.03%	25,441	$3M	held	—	17 q
ABBVAbbvie Inc.	0.02%	12,510	$2M	trimmed−1%	0.00 pp	17 q
AAPLApple Inc.	0.02%	9,274	$2M	added+14%	0.00 pp	17 q
FULTFulton Financial Corp	0.02%	116,805	$2M	trimmed−3%	0.00 pp	17 q
HRLHormel Foods Corporation	0.02%	75,572	$2M	trimmed−35%	−0.03 pp	17 q
MSFTMicrosoft Corp	0.02%	5,218	$2M	added×2.4	+0.01 pp	17 q
PEPPepsiCo, Inc.	0.02%	13,048	$2M	trimmed−7%	−0.01 pp	17 q
SWZTotal Return Securities Fund	0.02%	270,504	$2M	added+2%	0.00 pp	14 q
unresolvedUnilever Spn.Adr 1:1	0.02%	49,873	$2M	trimmed−50%	−0.03 pp	13 q
COCXFLindt & Spruengli Ord	0.02%	19	$2M	held	—	17 q
ABTAbbott Laboratories	0.01%	11,610	$1M	held	—	17 q
CVXChevron Corporation	0.01%	4,738	$706,692	added0%	0.00 pp	17 q
KOCoca-Cola Company	0.01%	18,245	$1M	trimmed−9%	0.00 pp	17 q
CFRUYCompagnie Fnce Rch UN/	0.01%	65,847	$905,574	added+6%	0.00 pp	17 q
DOWDow Inc.	0.01%	20,948	$1M	added+1%	0.00 pp	17 q
DDDuPont de Nemours, Inc.	0.01%	18,199	$1M	added+1%	0.00 pp	17 q
FMXFomento Economico Mexicano, S.a.b. De C.v.	0.01%	8,105	$1M	trimmed−31%	0.00 pp	17 q
GHCGraham Holdings Company	0.01%	1,161	$808,332	held	—	15 q
HKHHYHeineken Holding NV S/	0.01%	17,850	$755,203	added+12%	0.00 pp	14 q
LAMRLamar Advertising Co	0.01%	6,575	$698,791	held	—	17 q
MCDMcDonald's Corporation	0.01%	1,932	$572,857	held	—	17 q
unresolvedOutfront Media Inc	0.01%	85,939	$1M	trimmed−8%	0.00 pp	17 q
PNCPNC Financial Services Group	0.01%	7,668	$1M	trimmed−32%	−0.01 pp	17 q
PRNDYPernod Ricard S A SP/	0.01%	19,444	$686,251	added+11%	0.00 pp	10 q
PXDPioneer Natural Resource Co.	0.01%	2,400	$539,712	held	—	15 q
WMTWalmart Inc.	0.01%	3,455	$544,681	held	—	17 q
DGEAFDiageo PLC Ord	0.01%	13,841	$503,927	held	—	17 q
ASHTYAshtead Group Plc-unspon ADR	0.00%	1,253	$348,982	held	—	6 q
BPBP p.l.c.	0.00%	6,552	$231,944	trimmed−3%	0.00 pp	5 q
BURCABurnham Hldgs Inc A	0.00%	10,000	$117,500	held	—	2 q
CTVACorteva, Inc.	0.00%	8,734	$418,540	added0%	0.00 pp	17 q
DHRDanaher Corporation	0.00%	1,083	$250,541	held	—	15 q
DANOYDanone S/	0.00%	10,782	$139,780	trimmed−27%	0.00 pp	17 q
DVCMYDavide Cmpri Mil UNSP/	0.00%	13,650	$154,028	held	—	13 q
DISThe Walt Disney Company	0.00%	4,171	$376,614	trimmed−5%	0.00 pp	17 q
HEINYHeineken N V S/	0.00%	4,985	$253,143	added+9%	0.00 pp	17 q
MRKMerck & Co., Inc.	0.00%	3,806	$414,974	trimmed−1%	0.00 pp	17 q
MDLZMondelez International, Inc. Class A	0.00%	4,400	$318,692	trimmed−0%	0.00 pp	7 q
ORCLOracle Corp	0.00%	3,497	$368,689	trimmed−3%	0.00 pp	15 q
TFCTruist Financial Corporation	0.00%	11,287	$416,729	added+1%	0.00 pp	17 q
LVMHFLvmh-moet Hnsy L Vutn	0.00%	560	$453,808	added+26%	0.00 pp	4 q
RBGPFReckitt Benckiser Grp PLC	0.00%	5,130	$354,453	trimmed−6%	0.00 pp	17 q
unresolvedCir SPA	0.00%	251,250	$119,482	held	—	7 q
LTGIFLt Group Inc	0.00%	1,775,000	$287,846	held	—	17 q
PHJMFPt Hanjaya Mandala Samprn	0.00%	5,000,000	$290,641	held	—	17 q
JCDXFJc Decaux SA Act	—	−10,500	—	exited	0.00 pp	—

Source

Form: 13F-HR
Reading: 26 defects · 3 unresolved
Accession: 0000860643-24-000001
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 2023-12-31
A security outside the official 13F list — CUSIP 122295108 not on the Official 13(f) List for 2023-12-31
A security outside the official 13F list — CUSIP 204319107 not on the Official 13(f) List for 2023-12-31
A security outside the official 13F list — CUSIP 23636T100 not on the Official 13(f) List for 2023-12-31
A security outside the official 13F list — CUSIP 23857X103 not on the Official 13(f) List for 2023-12-31
A security outside the official 13F list — CUSIP 423008101 not on the Official 13(f) List for 2023-12-31
A security outside the official 13F list — CUSIP 423012301 not on the Official 13(f) List for 2023-12-31
A security outside the official 13F list — CUSIP 641069406 not on the Official 13(f) List for 2023-12-31
A security outside the official 13F list — CUSIP 714264306 not on the Official 13(f) List for 2023-12-31
A security outside the official 13F list — CUSIP B639CJ108 not on the Official 13(f) List for 2023-12-31
A security outside the official 13F list — CUSIP F58149133 not on the Official 13(f) List for 2023-12-31
A security outside the official 13F list — CUSIP F58485115 not on the Official 13(f) List for 2023-12-31
A security outside the official 13F list — CUSIP F72027109 not on the Official 13(f) List for 2023-12-31
A security outside the official 13F list — CUSIP G05320109 not on the Official 13(f) List for 2023-12-31
A security outside the official 13F list — CUSIP G42089113 not on the Official 13(f) List for 2023-12-31
A security outside the official 13F list — CUSIP G74079107 not on the Official 13(f) List for 2023-12-31
A security outside the official 13F list — CUSIP H25662182 not on the Official 13(f) List for 2023-12-31
A security outside the official 13F list — CUSIP H49983176 not on the Official 13(f) List for 2023-12-31
A security outside the official 13F list — CUSIP H57312649 not on the Official 13(f) List for 2023-12-31
A security outside the official 13F list — CUSIP K36628137 not on the Official 13(f) List for 2023-12-31
A security outside the official 13F list — CUSIP N24565108 not on the Official 13(f) List for 2023-12-31
A security outside the official 13F list — CUSIP N39338194 not on the Official 13(f) List for 2023-12-31
A security outside the official 13F list — CUSIP N39427211 not on the Official 13(f) List for 2023-12-31
A security outside the official 13F list — CUSIP T2R765103 not on the Official 13(f) List for 2023-12-31
A security outside the official 13F list — CUSIP Y5342M100 not on the Official 13(f) List for 2023-12-31
A security outside the official 13F list — CUSIP Y7121Z146 not on the Official 13(f) List for 2023-12-31

Search