Gardner Russo & Quinn

Q2 2024 13F · by Timothy Quinn, portfolio manager

As of: Jun 30, 2024
Filed: Aug 13, 2024
US stock: $9.5B · prev $9.7B
Positions: 77 · prev 81
Options notional: $0
Documents: 1· no amendments

Picture68.9% US stock

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

US stock listed on a US exchange 68.9%
Foreign stock not listed in the US 31.1%
Notes debt, at principal 0.0%
Puts at notional value 0.0%
Calls at notional value 0.0%

Moves66 since the prior filing

+1.3 pp in · −1.3 pp out

New 2 +0.82 pp
Added 19 +0.49 pp
Trimmed 39 −1.23 pp
Exited 6 −0.07 pp

The book

Concentrated · behaves like 13 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Low turnover · 6.8% a year, about 14.7 years per position

Low
Moderate
High

Top 5 positions51% of US stock

BRK.A Berkshire Hathaway Inc. trimmed−0.21 pp trimmed−0.2113.7%
GOOG Alphabet Inc. Class C trimmed+1.00 pp trimmed+1.0012.0%
MA Mastercard Incorporated trimmed−0.80 pp trimmed−0.809.6%
NSRGY Nestle S.a S/ added−0.04 pp added−0.047.9%
CFRHF Cie Financiere Richmn New added+0.44 pp added+0.447.7%

Positions77 in this filing · 6 exited


BRK.ABerkshire Hathaway Inc.	13.67%	2,114	$1.3B	trimmed−1%	−0.21 pp	19 q
GOOGAlphabet Inc. Class C	12.03%	6,209,856	$1.1B	trimmed−12%	+1.00 pp	19 q
MAMastercard Incorporated	9.58%	2,056,350	$907M	trimmed−2%	−0.80 pp	19 q
NSRGYNestle S.a S/	7.86%	7,260,624	$744M	added0%	−0.04 pp	19 q
CFRHFCie Financiere Richmn New	7.70%	4,669,634	$729M	added+1%	+0.44 pp	19 q
HKHHFHeineken Holding NV Ord	6.66%	7,982,338	$630M	added+2%	+0.17 pp	19 q
BRK.BBERKSHIRE HATHAWAY Class B	5.97%	1,390,310	$566M	trimmed−5%	−0.35 pp	19 q
PMPhilip Morris International Inc.	5.85%	5,466,358	$554M	trimmed−2%	+0.63 pp	19 q
NFLXNetFlix Inc	5.58%	782,062	$528M	trimmed−11%	+0.13 pp	9 q
PDRDFPernod Ricard Ord	4.74%	3,305,294	$449M	added+9%	−0.28 pp	19 q
MLMMartin Marietta Materials	4.37%	764,059	$414M	trimmed−3%	−0.59 pp	19 q
AHTAshtead Group PLC	3.57%	5,058,162	$338M	trimmed−1%	−0.18 pp	17 q
JPMJPMorgan Chase & Co.	3.19%	1,492,835	$302M	trimmed−13%	−0.32 pp	19 q
UBERUber Technologies, Inc.	2.80%	3,644,712	$265M	added+10%	+0.19 pp	3 q
CMCSAComcast Corp	1.27%	3,064,822	$120M	trimmed−1%	−0.11 pp	19 q
BF.ABrown-Forman Corporation Class A	1.01%	2,170,683	$96M	trimmed−1%	−0.18 pp	19 q
DASHDoorDash, Inc. Class A	0.82%	716,388	$78M	new	+0.82 pp	new
VVISA Inc.	0.78%	282,714	$74M	trimmed−4%	−0.07 pp	19 q
BF.BBrown-Forman Corporation Class B	0.41%	891,786	$39M	trimmed−1%	−0.07 pp	19 q
WFCWells Fargo & Co.	0.30%	478,642	$28M	trimmed−29%	−0.10 pp	19 q
BUDFFAnheuser Busch Inbev Ord	0.27%	441,625	$26M	trimmed−7%	−0.03 pp	19 q
XOMExxon Mobil Corp	0.22%	180,530	$21M	added0%	+0.01 pp	19 q
MKLMarkel Group Inc.	0.16%	9,619	$15M	trimmed−2%	+0.01 pp	19 q
MOAltria Group, Inc.	0.14%	286,290	$13M	trimmed−9%	0.00 pp	19 q
CRCrane Company	0.10%	64,906	$9M	trimmed−3%	+0.01 pp	5 q
VMCVulcan Materials Company(Holding Company)	0.09%	33,622	$8M	trimmed−13%	−0.02 pp	19 q
DVDCFDavide Campari Milano N V	0.07%	677,127	$6M	added+6%	0.00 pp	19 q
PGProcter & Gamble Company	0.06%	32,006	$5M	trimmed−1%	+0.01 pp	19 q
UNPUnion Pacific Corp.	0.06%	24,294	$5M	added+4%	0.00 pp	19 q
COSTCostco Wholesale Corp	0.05%	5,477	$5M	held	—	19 q
GOOGLAlphabet Inc. Class A	0.04%	20,356	$4M	trimmed−7%	+0.01 pp	19 q
AXPAmerican Express Company	0.04%	16,075	$4M	trimmed−11%	0.00 pp	19 q
DOVDover Corporation	0.04%	23,426	$4M	trimmed−5%	0.00 pp	19 q
NSRGFNestle S.a Reg Ord	0.04%	40,136	$4M	held	—	19 q
MKCMcCormick & Company, Incorporated Non-VTG CS	0.03%	43,320	$3M	trimmed−0%	0.00 pp	19 q
LRLCFL'oreal Co Eur Ord	0.03%	5,841	$3M	trimmed−13%	0.00 pp	19 q
CABJFCarlsburg As B Ord	0.03%	24,390	$3M	trimmed−1%	0.00 pp	17 q
HINKFHeineken N V Reg	0.03%	25,441	$2M	held	—	19 q
ABBVAbbvie Inc.	0.02%	12,510	$2M	held	—	19 q
AAPLApple Inc.	0.02%	6,799	$1M	trimmed−15%	+0.01 pp	19 q
FULTFulton Financial Corp	0.02%	114,305	$2M	trimmed−2%	0.00 pp	19 q
HRLHormel Foods Corporation	0.02%	57,691	$2M	trimmed−5%	0.00 pp	19 q
MSFTMicrosoft Corp	0.02%	5,205	$2M	trimmed−3%	0.00 pp	19 q
PEPPepsiCo, Inc.	0.02%	12,366	$2M	trimmed−1%	0.00 pp	19 q
SWZTotal Return Securities Fund	0.02%	279,368	$2M	added+2%	0.00 pp	16 q
COCXFLindt & Spruengli Ord	0.02%	19	$2M	held	—	19 q
ABTAbbott Laboratories	0.01%	11,510	$1M	trimmed−1%	0.00 pp	19 q
CVXChevron Corporation	0.01%	4,651	$727,560	added0%	0.00 pp	19 q
KOCoca-Cola Company	0.01%	14,580	$928,017	trimmed−6%	0.00 pp	19 q
CFRUYCompagnie Fnce Rch UN/	0.01%	66,140	$1M	added0%	0.00 pp	19 q
DOWDow Inc.	0.01%	18,097	$960,061	added+1%	0.00 pp	19 q
DDDuPont de Nemours, Inc.	0.01%	15,555	$1M	added0%	0.00 pp	19 q
FMXFomento Economico Mexicano, S.a.b. De C.v.	0.01%	4,975	$535,559	trimmed−21%	0.00 pp	19 q
HKHHYHeineken Holding NV S/	0.01%	20,306	$801,423	added+14%	0.00 pp	16 q
LAMRLamar Advertising Co	0.01%	5,975	$714,192	trimmed−9%	0.00 pp	19 q
ORCLOracle Corp	0.01%	3,475	$490,670	held	—	17 q
unresolvedOutfront Media Inc	0.01%	52,944	$757,099	trimmed−16%	0.00 pp	19 q
PNCPNC Financial Services Group	0.01%	7,023	$1M	trimmed−4%	0.00 pp	19 q
PRNDYPernod Ricard S A SP/	0.01%	23,057	$626,187	added+11%	0.00 pp	12 q
WMTWalmart Inc.	0.01%	10,365	$701,814	held	—	19 q
ASHTYAshtead Group Plc-unspon ADR	0.00%	1,253	$334,649	held	—	8 q
BPBP p.l.c.	0.00%	6,542	$236,165	added+1%	0.00 pp	7 q
CSLCarlisle Companies, Inc.	0.00%	500	$202,605	new	0.00 pp	new
CTVACorteva, Inc.	0.00%	6,052	$326,444	added0%	0.00 pp	19 q
DVCMYDavide Cmpri Mil UNSP/	0.00%	13,650	$129,091	held	—	15 q
DISThe Walt Disney Company	0.00%	4,086	$405,670	held	—	19 q
HEINYHeineken N V S/	0.00%	5,255	$254,288	added+4%	0.00 pp	19 q
MCDMcDonald's Corporation	0.00%	1,197	$305,043	trimmed−38%	−0.01 pp	19 q
MRKMerck & Co., Inc.	0.00%	3,446	$426,592	trimmed−2%	0.00 pp	19 q
MDLZMondelez International, Inc. Class A	0.00%	4,400	$287,936	held	—	9 q
TFCTruist Financial Corporation	0.00%	11,470	$445,620	added+1%	0.00 pp	19 q
UNMUnum Group	0.00%	4,050	$206,996	held	—	2 q
DGEAFDiageo PLC Ord	0.00%	8,452	$265,982	held	—	19 q
RBGPFReckitt Benckiser Grp PLC	0.00%	4,630	$250,616	held	—	19 q
unresolvedCir SPA	0.00%	251,250	$160,220	held	—	9 q
LTGIFLt Group Inc	0.00%	1,775,000	$295,283	held	—	19 q
PHJMFPt Hanjaya Mandala Samprn	0.00%	5,000,000	$216,794	held	—	19 q
CABOCable One, Inc.	—	−11,681	—	exited	−0.05 pp	—
unresolvedUnilever Spn.Adr 1:1	—	−15,167	—	exited	−0.01 pp	—
LVMHFLvmh-moet Hnsy L Vutn	—	−560	—	exited	−0.01 pp	—
BURCABurnham Hldgs Inc A	—	−10,000	—	exited	0.00 pp	—
DANOYDanone S/	—	−10,057	—	exited	0.00 pp	—
LVMUYLvmh-moet H/L/V UNSP/	—	−1,121	—	exited	0.00 pp	—

Source

Form: 13F-HR
Reading: 23 defects · 2 unresolved
Accession: 0000860643-24-000004
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 045055100 not on the Official 13(f) List for 2024-06-30
A security outside the official 13F list — CUSIP 204319107 not on the Official 13(f) List for 2024-06-30
A security outside the official 13F list — CUSIP 23857X103 not on the Official 13(f) List for 2024-06-30
A security outside the official 13F list — CUSIP 423008101 not on the Official 13(f) List for 2024-06-30
A security outside the official 13F list — CUSIP 423012301 not on the Official 13(f) List for 2024-06-30
A security outside the official 13F list — CUSIP 641069406 not on the Official 13(f) List for 2024-06-30
A security outside the official 13F list — CUSIP 714264306 not on the Official 13(f) List for 2024-06-30
A security outside the official 13F list — CUSIP B639CJ108 not on the Official 13(f) List for 2024-06-30
A security outside the official 13F list — CUSIP F58149133 not on the Official 13(f) List for 2024-06-30
A security outside the official 13F list — CUSIP F72027109 not on the Official 13(f) List for 2024-06-30
A security outside the official 13F list — CUSIP G05320109 not on the Official 13(f) List for 2024-06-30
A security outside the official 13F list — CUSIP G42089113 not on the Official 13(f) List for 2024-06-30
A security outside the official 13F list — CUSIP G74079107 not on the Official 13(f) List for 2024-06-30
A security outside the official 13F list — CUSIP H25662182 not on the Official 13(f) List for 2024-06-30
A security outside the official 13F list — CUSIP H49983176 not on the Official 13(f) List for 2024-06-30
A security outside the official 13F list — CUSIP H57312649 not on the Official 13(f) List for 2024-06-30
A security outside the official 13F list — CUSIP K36628137 not on the Official 13(f) List for 2024-06-30
A security outside the official 13F list — CUSIP N24565108 not on the Official 13(f) List for 2024-06-30
A security outside the official 13F list — CUSIP N39338194 not on the Official 13(f) List for 2024-06-30
A security outside the official 13F list — CUSIP N39427211 not on the Official 13(f) List for 2024-06-30
A security outside the official 13F list — CUSIP T2R765103 not on the Official 13(f) List for 2024-06-30
A security outside the official 13F list — CUSIP Y5342M100 not on the Official 13(f) List for 2024-06-30
A security outside the official 13F list — CUSIP Y7121Z146 not on the Official 13(f) List for 2024-06-30

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