Gardner Russo & Quinn

Q3 2024 13F · by Timothy Quinn, portfolio manager

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

Picture69.6% US stock

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

US stock listed on a US exchange 69.6%
Foreign stock not listed in the US 30.4%
Notes debt, at principal 0.0%
Puts at notional value 0.0%
Calls at notional value 0.0%

Moves64 since the prior filing

−0.2 pp in · +0.2 pp out

New 2 0.00 pp
Added 12 −0.18 pp
Trimmed 48 +0.21 pp
Exited 2 −0.02 pp

The book

Concentrated · behaves like 13 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Low turnover · 1.1% a year, more than 30 years per position

Low
Moderate
High

Top 5 positions50% of US stock

BRK.A Berkshire Hathaway Inc. trimmed+0.84 pp trimmed+0.8414.5%
GOOG Alphabet Inc. Class C trimmed−1.74 pp trimmed−1.7410.3%
MA Mastercard Incorporated trimmed+0.62 pp trimmed+0.6210.2%
CFRHF Cie Financiere Richmn New trimmed−0.36 pp trimmed−0.367.3%
NSRGY Nestle S.a S/ trimmed−0.67 pp trimmed−0.677.2%

Positions77 in this filing · 2 exited


BRK.ABerkshire Hathaway Inc.	14.51%	2,045	$1.4B	trimmed−3%	+0.84 pp	20 q
GOOGAlphabet Inc. Class C	10.29%	5,993,946	$1.0B	trimmed−3%	−1.74 pp	20 q
MAMastercard Incorporated	10.20%	2,011,308	$993M	trimmed−2%	+0.62 pp	20 q
CFRHFCie Financiere Richmn New	7.34%	4,509,025	$715M	trimmed−3%	−0.36 pp	20 q
NSRGYNestle S.a S/	7.19%	6,956,322	$700M	trimmed−4%	−0.67 pp	20 q
PMPhilip Morris International Inc.	6.71%	5,386,500	$654M	trimmed−1%	+0.86 pp	20 q
BRK.BBERKSHIRE HATHAWAY Class B	6.35%	1,342,904	$618M	trimmed−3%	+0.38 pp	20 q
HKHHFHeineken Holding NV Ord	6.34%	8,162,463	$618M	added+2%	−0.32 pp	20 q
NFLXNetFlix Inc	5.33%	731,838	$519M	trimmed−6%	−0.25 pp	10 q
PDRDFPernod Ricard Ord	5.05%	3,250,416	$492M	trimmed−2%	+0.31 pp	20 q
MLMMartin Marietta Materials	4.14%	750,072	$404M	trimmed−2%	−0.23 pp	20 q
AHTAshtead Group PLC	3.94%	4,945,913	$384M	trimmed−2%	+0.37 pp	18 q
JPMJPMorgan Chase & Co.	3.12%	1,440,707	$304M	trimmed−3%	−0.07 pp	20 q
UBERUber Technologies, Inc.	2.93%	3,797,379	$285M	added+4%	+0.13 pp	4 q
CMCSAComcast Corp	1.27%	2,969,927	$124M	trimmed−3%	0.00 pp	20 q
BF.ABrown-Forman Corporation Class A	1.05%	2,126,766	$102M	trimmed−2%	+0.04 pp	20 q
DASHDoorDash, Inc. Class A	1.03%	705,267	$101M	trimmed−2%	+0.21 pp	2 q
VVISA Inc.	0.75%	265,461	$73M	trimmed−6%	−0.03 pp	20 q
BF.BBrown-Forman Corporation Class B	0.44%	877,885	$43M	trimmed−2%	+0.03 pp	20 q
BUDFFAnheuser Busch Inbev Ord	0.27%	398,625	$26M	trimmed−10%	0.00 pp	20 q
XOMExxon Mobil Corp	0.23%	188,233	$22M	added+4%	+0.01 pp	20 q
WFCWells Fargo & Co.	0.23%	402,320	$23M	trimmed−16%	−0.07 pp	20 q
MOAltria Group, Inc.	0.15%	289,098	$15M	added+1%	+0.01 pp	20 q
MKLMarkel Group Inc.	0.15%	9,016	$14M	trimmed−6%	−0.01 pp	20 q
CRCrane Company	0.10%	62,356	$10M	trimmed−4%	0.00 pp	6 q
PGProcter & Gamble Company	0.06%	31,277	$5M	trimmed−2%	0.00 pp	20 q
UNPUnion Pacific Corp.	0.06%	24,420	$6M	added+1%	0.00 pp	20 q
VMCVulcan Materials Company(Holding Company)	0.06%	23,481	$6M	trimmed−30%	−0.03 pp	20 q
DVDCFDavide Campari Milano N V	0.06%	703,377	$6M	added+4%	−0.01 pp	20 q
COSTCostco Wholesale Corp	0.05%	5,422	$5M	trimmed−1%	0.00 pp	20 q
DOVDover Corporation	0.05%	23,101	$4M	trimmed−1%	+0.01 pp	20 q
AXPAmerican Express Company	0.04%	15,341	$4M	trimmed−5%	0.00 pp	20 q
MKCMcCormick & Company, Incorporated Non-VTG CS	0.04%	42,820	$4M	trimmed−1%	+0.01 pp	20 q
NSRGFNestle S.a Reg Ord	0.04%	40,081	$4M	trimmed−0%	0.00 pp	20 q
ABBVAbbvie Inc.	0.03%	12,510	$2M	held	—	20 q
GOOGLAlphabet Inc. Class A	0.03%	20,436	$3M	added0%	−0.01 pp	20 q
SWZTotal Return Securities Fund	0.03%	283,350	$3M	added+1%	+0.01 pp	17 q
LRLCFL'oreal Co Eur Ord	0.03%	5,769	$3M	trimmed−1%	0.00 pp	20 q
CABJFCarlsburg As B Ord	0.03%	23,450	$3M	trimmed−4%	0.00 pp	18 q
AAPLApple Inc.	0.02%	6,274	$1M	trimmed−8%	0.00 pp	20 q
FULTFulton Financial Corp	0.02%	81,228	$1M	trimmed−29%	0.00 pp	20 q
HRLHormel Foods Corporation	0.02%	53,091	$2M	trimmed−8%	0.00 pp	20 q
MSFTMicrosoft Corp	0.02%	5,005	$2M	trimmed−4%	0.00 pp	20 q
PEPPepsiCo, Inc.	0.02%	12,242	$2M	trimmed−1%	0.00 pp	20 q
COCXFLindt & Spruengli Ord	0.02%	17	$2M	trimmed−11%	0.00 pp	20 q
HINKFHeineken N V Reg	0.02%	25,441	$2M	held	—	20 q
ABTAbbott Laboratories	0.01%	11,510	$1M	held	—	20 q
CVXChevron Corporation	0.01%	4,449	$655,190	trimmed−4%	0.00 pp	20 q
KOCoca-Cola Company	0.01%	14,530	$1M	trimmed−0%	0.00 pp	20 q
CFRUYCompagnie Fnce Rch UN/	0.01%	66,340	$1M	added0%	0.00 pp	20 q
HKHHYHeineken Holding NV S/	0.01%	21,255	$804,162	added+5%	0.00 pp	17 q
LAMRLamar Advertising Co	0.01%	5,974	$798,126	trimmed−0%	0.00 pp	20 q
ORCLOracle Corp	0.01%	3,475	$592,140	held	—	18 q
unresolvedOutfront Media Inc	0.01%	45,007	$827,229	trimmed−15%	0.00 pp	20 q
PNCPNC Financial Services Group	0.01%	5,350	$988,948	trimmed−24%	0.00 pp	20 q
PRNDYPernod Ricard S A SP/	0.01%	23,057	$697,871	held	—	13 q
WMTWalmart Inc.	0.01%	10,365	$836,974	held	—	20 q
ASHTYAshtead Group Plc-unspon ADR	0.00%	1,253	$388,983	held	—	9 q
BPBP p.l.c.	0.00%	6,602	$207,243	added+1%	0.00 pp	8 q
CSLCarlisle Companies, Inc.	0.00%	500	$224,875	held	—	2 q
CTVACorteva, Inc.	0.00%	6,070	$356,857	added0%	0.00 pp	20 q
DHRDanaher Corporation	0.00%	819	$227,698	new	0.00 pp	new
DVCMYDavide Cmpri Mil UNSP/	0.00%	13,650	$115,779	held	—	16 q
DISThe Walt Disney Company	0.00%	3,885	$373,711	trimmed−5%	0.00 pp	20 q
FMXFomento Economico Mexicano, S.a.b. De C.v.	0.00%	3,641	$359,403	trimmed−27%	−0.01 pp	20 q
HEINYHeineken N V S/	0.00%	5,255	$233,537	held	—	20 q
MCDMcDonald's Corporation	0.00%	705	$214,680	trimmed−41%	0.00 pp	20 q
MRKMerck & Co., Inc.	0.00%	3,087	$350,548	trimmed−10%	0.00 pp	20 q
MDLZMondelez International, Inc. Class A	0.00%	4,400	$324,148	held	—	10 q
TFCTruist Financial Corporation	0.00%	9,546	$408,300	trimmed−17%	0.00 pp	20 q
UNMUnum Group	0.00%	3,800	$225,872	trimmed−6%	0.00 pp	3 q
DGEAFDiageo PLC Ord	0.00%	8,452	$295,104	held	—	20 q
RBGPFReckitt Benckiser Grp PLC	0.00%	4,230	$259,695	trimmed−9%	0.00 pp	20 q
TTTrane Technologies plc	0.00%	540	$209,914	new	0.00 pp	new
unresolvedCir SPA	0.00%	251,250	$160,674	held	—	10 q
LTGIFLt Group Inc	0.00%	1,775,000	$317,386	held	—	20 q
PHJMFPt Hanjaya Mandala Samprn	0.00%	5,000,000	$250,991	held	—	20 q
DOWDow Inc.	—	−18,097	—	exited	−0.01 pp	—
DDDuPont de Nemours, Inc.	—	−15,555	—	exited	−0.01 pp	—