Gardner Russo & Quinn

Q1 2024 13F · by Timothy Quinn, portfolio manager

As of: Mar 31, 2024
Filed: May 14, 2024
US stock: $9.7B · prev $9.8B
Positions: 81 · prev 82
Options notional: $0
Documents: 1· no amendments

Picture69.0% US stock

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

US stock listed on a US exchange 69.0%
Foreign stock not listed in the US 31.0%
Notes debt, at principal 0.0%
Puts at notional value 0.0%
Calls at notional value 0.0%

Moves67 since the prior filing

+0.7 pp in · −0.7 pp out

New 2 0.00 pp
Added 12 +0.67 pp
Trimmed 50 −0.67 pp
Exited 3 −0.02 pp

The book

Concentrated · behaves like 13 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Low turnover · 2.1% a year, more than 30 years per position

Low
Moderate
High

Top 5 positions50% of US stock

BRK.A Berkshire Hathaway Inc. trimmed+0.51 pp trimmed+0.5113.9%
GOOG Alphabet Inc. Class C trimmed−0.06 pp trimmed−0.0611.0%
MA Mastercard Incorporated trimmed+0.37 pp trimmed+0.3710.4%
NSRGY Nestle S.a S/ trimmed−1.13 pp trimmed−1.137.9%
CFRHF Cie Financiere Richmn New trimmed+0.27 pp trimmed+0.277.3%

Positions81 in this filing · 3 exited


BRK.ABerkshire Hathaway Inc.	13.88%	2,132	$1.4B	trimmed−12%	+0.51 pp	18 q
GOOGAlphabet Inc. Class C	11.03%	7,060,922	$1.1B	trimmed−9%	−0.06 pp	18 q
MAMastercard Incorporated	10.38%	2,100,298	$1.0B	trimmed−9%	+0.37 pp	18 q
NSRGYNestle S.a S/	7.90%	7,251,976	$770M	trimmed−5%	−1.13 pp	18 q
CFRHFCie Financiere Richmn New	7.26%	4,636,489	$708M	trimmed−7%	+0.27 pp	18 q
HKHHFHeineken Holding NV Ord	6.49%	7,824,713	$632M	trimmed−0%	−0.27 pp	18 q
BRK.BBERKSHIRE HATHAWAY Class B	6.32%	1,464,531	$616M	trimmed−7%	+0.61 pp	18 q
NFLXNetFlix Inc	5.45%	874,075	$531M	trimmed−22%	−0.13 pp	8 q
PMPhilip Morris International Inc.	5.22%	5,551,197	$509M	trimmed−9%	−0.61 pp	18 q
PDRDFPernod Ricard Ord	5.02%	3,023,620	$490M	added+8%	−0.04 pp	18 q
MLMMartin Marietta Materials	4.96%	787,480	$483M	trimmed−16%	+0.18 pp	18 q
AHTAshtead Group PLC	3.75%	5,126,660	$365M	trimmed−3%	+0.01 pp	16 q
JPMJPMorgan Chase & Co.	3.51%	1,710,494	$343M	trimmed−15%	0.00 pp	18 q
UBERUber Technologies, Inc.	2.61%	3,300,228	$254M	added+7%	+0.68 pp	2 q
CMCSAComcast Corp	1.38%	3,094,244	$134M	trimmed−6%	−0.09 pp	18 q
BF.ABrown-Forman Corporation Class A	1.19%	2,198,694	$116M	trimmed−3%	−0.19 pp	18 q
VVISA Inc.	0.85%	295,629	$83M	trimmed−8%	−0.01 pp	18 q
BF.BBrown-Forman Corporation Class B	0.48%	904,932	$47M	trimmed−3%	−0.07 pp	18 q
WFCWells Fargo & Co.	0.40%	674,969	$39M	trimmed−5%	+0.04 pp	18 q
BUDFFAnheuser Busch Inbev Ord	0.30%	472,393	$29M	trimmed−8%	−0.04 pp	18 q
XOMExxon Mobil Corp	0.21%	180,134	$21M	added+1%	+0.03 pp	18 q
MKLMarkel Group Inc.	0.15%	9,799	$15M	trimmed−2%	+0.01 pp	18 q
MOAltria Group, Inc.	0.14%	314,052	$14M	added+1%	+0.01 pp	18 q
VMCVulcan Materials Company(Holding Company)	0.11%	38,643	$11M	trimmed−21%	0.00 pp	18 q
CRCrane Company	0.09%	66,981	$9M	trimmed−2%	+0.01 pp	4 q
DVDCFDavide Campari Milano N V	0.07%	641,646	$6M	trimmed−17%	−0.02 pp	18 q
UNPUnion Pacific Corp.	0.06%	23,374	$6M	added+2%	0.00 pp	18 q
CABOCable One, Inc.	0.05%	11,681	$5M	trimmed−27%	−0.04 pp	16 q
PGProcter & Gamble Company	0.05%	32,325	$5M	trimmed−12%	0.00 pp	18 q
AXPAmerican Express Company	0.04%	18,095	$4M	trimmed−12%	0.00 pp	18 q
COSTCostco Wholesale Corp	0.04%	5,477	$4M	trimmed−1%	0.00 pp	18 q
DOVDover Corporation	0.04%	24,697	$4M	trimmed−11%	0.00 pp	18 q
NSRGFNestle S.a Reg Ord	0.04%	40,136	$4M	added+1%	−0.01 pp	18 q
GOOGLAlphabet Inc. Class A	0.03%	21,930	$3M	trimmed−3%	0.00 pp	18 q
MKCMcCormick & Company, Incorporated Non-VTG CS	0.03%	43,445	$3M	trimmed−2%	0.00 pp	18 q
LRLCFL'oreal Co Eur Ord	0.03%	6,736	$3M	trimmed−1%	0.00 pp	18 q
CABJFCarlsburg As B Ord	0.03%	24,530	$3M	added0%	0.00 pp	16 q
HINKFHeineken N V Reg	0.03%	25,441	$2M	held	—	18 q
ABBVAbbvie Inc.	0.02%	12,510	$2M	held	—	18 q
FULTFulton Financial Corp	0.02%	116,305	$2M	trimmed−0%	0.00 pp	18 q
HRLHormel Foods Corporation	0.02%	60,813	$2M	trimmed−20%	0.00 pp	18 q
MSFTMicrosoft Corp	0.02%	5,362	$2M	added+3%	0.00 pp	18 q
PEPPepsiCo, Inc.	0.02%	12,443	$2M	trimmed−5%	0.00 pp	18 q
SWZTotal Return Securities Fund	0.02%	274,948	$2M	added+2%	0.00 pp	15 q
COCXFLindt & Spruengli Ord	0.02%	19	$2M	held	—	18 q
ABTAbbott Laboratories	0.01%	11,610	$1M	held	—	18 q
AAPLApple Inc.	0.01%	7,974	$1M	trimmed−14%	−0.01 pp	18 q
CVXChevron Corporation	0.01%	4,636	$731,254	trimmed−2%	0.00 pp	18 q
KOCoca-Cola Company	0.01%	15,580	$953,184	trimmed−15%	0.00 pp	18 q
CFRUYCompagnie Fnce Rch UN/	0.01%	65,847	$1M	held	—	18 q
DISThe Walt Disney Company	0.01%	4,086	$499,927	trimmed−2%	+0.01 pp	18 q
DOWDow Inc.	0.01%	17,874	$1M	trimmed−15%	0.00 pp	18 q
DDDuPont de Nemours, Inc.	0.01%	15,482	$1M	trimmed−15%	0.00 pp	18 q
FMXFomento Economico Mexicano, S.a.b. De C.v.	0.01%	6,325	$823,958	trimmed−22%	0.00 pp	18 q
HKHHYHeineken Holding NV S/	0.01%	17,850	$720,994	held	—	15 q
LAMRLamar Advertising Co	0.01%	6,575	$785,121	held	—	18 q
MCDMcDonald's Corporation	0.01%	1,932	$544,727	held	—	18 q
unresolvedOutfront Media Inc	0.01%	63,379	$1M	trimmed−26%	0.00 pp	18 q
PNCPNC Financial Services Group	0.01%	7,293	$1M	trimmed−5%	0.00 pp	18 q
PRNDYPernod Ricard S A SP/	0.01%	20,735	$671,588	added+7%	0.00 pp	11 q
unresolvedUnilever Spn.Adr 1:1	0.01%	15,167	$761,248	trimmed−70%	−0.01 pp	14 q
WMTWalmart Inc.	0.01%	10,365	$623,662	held	—	18 q
LVMHFLvmh-moet Hnsy L Vutn	0.01%	560	$504,222	held	—	5 q
ASHTYAshtead Group Plc-unspon ADR	0.00%	1,253	$357,091	held	—	7 q
BPBP p.l.c.	0.00%	6,492	$244,634	trimmed−1%	0.00 pp	6 q
BURCABurnham Hldgs Inc A	0.00%	10,000	$132,500	held	—	3 q
CTVACorteva, Inc.	0.00%	6,033	$347,932	trimmed−31%	0.00 pp	18 q
DANOYDanone S/	0.00%	10,057	$130,099	trimmed−7%	0.00 pp	18 q
DVCMYDavide Cmpri Mil UNSP/	0.00%	13,650	$137,307	held	—	14 q
HEINYHeineken N V S/	0.00%	5,060	$244,112	added+2%	0.00 pp	18 q
LVMUYLvmh-moet H/L/V UNSP/	0.00%	1,121	$201,868	new	0.00 pp	new
MRKMerck & Co., Inc.	0.00%	3,513	$463,550	trimmed−8%	0.00 pp	18 q
MDLZMondelez International, Inc. Class A	0.00%	4,400	$308,000	held	—	8 q
ORCLOracle Corp	0.00%	3,475	$436,495	trimmed−1%	0.00 pp	16 q
TFCTruist Financial Corporation	0.00%	11,381	$443,650	added+1%	0.00 pp	18 q
UNMUnum Group	0.00%	4,050	$217,323	new	0.00 pp	new
DGEAFDiageo PLC Ord	0.00%	8,452	$312,355	trimmed−39%	−0.01 pp	18 q
RBGPFReckitt Benckiser Grp PLC	0.00%	4,630	$263,900	trimmed−10%	0.00 pp	18 q
unresolvedCir SPA	0.00%	251,250	$145,444	held	—	8 q
LTGIFLt Group Inc	0.00%	1,775,000	$315,436	held	—	18 q
PHJMFPt Hanjaya Mandala Samprn	0.00%	5,000,000	$271,208	held	—	18 q
GHCGraham Holdings Company	—	−1,161	—	exited	−0.01 pp	—
PXDPioneer Natural Resource Co.	—	−2,400	—	exited	−0.01 pp	—
DHRDanaher Corporation	—	−1,083	—	exited	0.00 pp	—

Source

Form: 13F-HR
Reading: 27 defects · 3 unresolved
Accession: 0000860643-24-000003
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 2024-03-31
A security outside the official 13F list — CUSIP 122295108 not on the Official 13(f) List for 2024-03-31
A security outside the official 13F list — CUSIP 204319107 not on the Official 13(f) List for 2024-03-31
A security outside the official 13F list — CUSIP 23636T100 not on the Official 13(f) List for 2024-03-31
A security outside the official 13F list — CUSIP 23857X103 not on the Official 13(f) List for 2024-03-31
A security outside the official 13F list — CUSIP 423008101 not on the Official 13(f) List for 2024-03-31
A security outside the official 13F list — CUSIP 423012301 not on the Official 13(f) List for 2024-03-31
A security outside the official 13F list — CUSIP 502441306 not on the Official 13(f) List for 2024-03-31
A security outside the official 13F list — CUSIP 641069406 not on the Official 13(f) List for 2024-03-31
A security outside the official 13F list — CUSIP 714264306 not on the Official 13(f) List for 2024-03-31
A security outside the official 13F list — CUSIP B639CJ108 not on the Official 13(f) List for 2024-03-31
A security outside the official 13F list — CUSIP F58149133 not on the Official 13(f) List for 2024-03-31
A security outside the official 13F list — CUSIP F58485115 not on the Official 13(f) List for 2024-03-31
A security outside the official 13F list — CUSIP F72027109 not on the Official 13(f) List for 2024-03-31
A security outside the official 13F list — CUSIP G05320109 not on the Official 13(f) List for 2024-03-31
A security outside the official 13F list — CUSIP G42089113 not on the Official 13(f) List for 2024-03-31
A security outside the official 13F list — CUSIP G74079107 not on the Official 13(f) List for 2024-03-31
A security outside the official 13F list — CUSIP H25662182 not on the Official 13(f) List for 2024-03-31
A security outside the official 13F list — CUSIP H49983176 not on the Official 13(f) List for 2024-03-31
A security outside the official 13F list — CUSIP H57312649 not on the Official 13(f) List for 2024-03-31
A security outside the official 13F list — CUSIP K36628137 not on the Official 13(f) List for 2024-03-31
A security outside the official 13F list — CUSIP N24565108 not on the Official 13(f) List for 2024-03-31
A security outside the official 13F list — CUSIP N39338194 not on the Official 13(f) List for 2024-03-31
A security outside the official 13F list — CUSIP N39427211 not on the Official 13(f) List for 2024-03-31
A security outside the official 13F list — CUSIP T2R765103 not on the Official 13(f) List for 2024-03-31
A security outside the official 13F list — CUSIP Y5342M100 not on the Official 13(f) List for 2024-03-31
A security outside the official 13F list — CUSIP Y7121Z146 not on the Official 13(f) List for 2024-03-31

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