Gardner Russo & Quinn

Q4 2024 13F · by Timothy Quinn, portfolio manager

As of: Dec 31, 2024
Filed: Feb 12, 2025
US stock: $8.8B · prev $9.7B
Positions: 68 · prev 77
Options notional: $0
Documents: 1· no amendments

Picture74.0% US stock

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

US stock listed on a US exchange 74.0%
Foreign stock not listed in the US 26.0%
Notes debt, at principal 0.0%
Puts at notional value 0.0%
Calls at notional value 0.0%

Moves72 since the prior filing

−0.7 pp in · +0.7 pp out

New 3 +0.02 pp
Added 8 −0.72 pp
Trimmed 49 +0.70 pp
Exited 12 −0.02 pp

The book

Concentrated · behaves like 13 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Low turnover · 13% a year, about 7.7 years per position

Low
Moderate
High

Top 5 positions52% of US stock

BRK.A Berkshire Hathaway Inc. trimmed−0.12 pp trimmed−0.1214.4%
GOOG Alphabet Inc. Class C trimmed+1.84 pp trimmed+1.8412.1%
MA Mastercard Incorporated trimmed+1.02 pp trimmed+1.0211.2%
CFRHF Cie Financiere Richmn New trimmed−0.08 pp trimmed−0.087.3%
PM Philip Morris International Inc. trimmed+0.35 pp trimmed+0.357.1%

Positions68 in this filing · 12 exited


BRK.ABerkshire Hathaway Inc.	14.39%	1,869	$1.3B	trimmed−9%	−0.12 pp	21 q
GOOGAlphabet Inc. Class C	12.13%	5,635,935	$1.1B	trimmed−6%	+1.84 pp	21 q
MAMastercard Incorporated	11.22%	1,884,664	$992M	trimmed−6%	+1.02 pp	21 q
CFRHFCie Financiere Richmn New	7.26%	4,221,542	$642M	trimmed−6%	−0.08 pp	21 q
PMPhilip Morris International Inc.	7.06%	5,190,200	$625M	trimmed−4%	+0.35 pp	21 q
BRK.BBERKSHIRE HATHAWAY Class B	6.59%	1,286,921	$583M	trimmed−4%	+0.24 pp	21 q
NFLXNetFlix Inc	6.38%	632,773	$564M	trimmed−14%	+1.05 pp	11 q
NSRGYNestle S.a S/	5.84%	6,327,409	$517M	trimmed−9%	−1.35 pp	21 q
HKHHFHeineken Holding NV Ord	5.32%	7,860,162	$471M	trimmed−4%	−1.02 pp	21 q
MLMMartin Marietta Materials	4.13%	707,010	$365M	trimmed−6%	−0.01 pp	21 q
PDRDFPernod Ricard Ord	3.88%	3,038,334	$343M	trimmed−7%	−1.17 pp	21 q
JPMJPMorgan Chase & Co.	3.42%	1,261,709	$302M	trimmed−12%	+0.30 pp	21 q
AHTAshtead Group PLC	3.32%	4,717,666	$293M	added×9.5	−0.62 pp	19 q
UBERUber Technologies, Inc.	2.83%	4,150,867	$250M	added+9%	−0.10 pp	5 q
DASHDoorDash, Inc. Class A	1.27%	670,131	$112M	trimmed−5%	+0.24 pp	3 q
CMCSAComcast Corp	1.18%	2,784,048	$104M	trimmed−6%	−0.09 pp	21 q
BF.ABrown-Forman Corporation Class A	0.86%	2,014,920	$76M	trimmed−5%	−0.19 pp	21 q
VVISA Inc.	0.73%	204,696	$65M	trimmed−23%	−0.02 pp	21 q
BF.BBrown-Forman Corporation Class B	0.36%	840,396	$32M	trimmed−4%	−0.08 pp	21 q
XOMExxon Mobil Corp	0.23%	188,953	$20M	added0%	0.00 pp	21 q
BUDFFAnheuser Busch Inbev Ord	0.21%	378,075	$19M	trimmed−5%	−0.06 pp	21 q
MKLMarkel Group Inc.	0.17%	8,621	$15M	trimmed−4%	+0.02 pp	21 q
MOAltria Group, Inc.	0.16%	269,826	$14M	trimmed−7%	+0.01 pp	21 q
WFCWells Fargo & Co.	0.15%	193,556	$14M	trimmed−52%	−0.08 pp	21 q
CRCrane Company	0.10%	60,730	$9M	trimmed−3%	0.00 pp	7 q
COSTCostco Wholesale Corp	0.06%	5,397	$5M	trimmed−0%	+0.01 pp	21 q
UNPUnion Pacific Corp.	0.06%	24,536	$6M	added0%	0.00 pp	21 q
VMCVulcan Materials Company(Holding Company)	0.06%	21,176	$5M	trimmed−10%	0.00 pp	21 q
AXPAmerican Express Company	0.05%	14,816	$4M	trimmed−3%	+0.01 pp	21 q
DOVDover Corporation	0.05%	22,451	$4M	trimmed−3%	0.00 pp	21 q
PGProcter & Gamble Company	0.05%	23,754	$4M	trimmed−24%	−0.01 pp	21 q
GOOGLAlphabet Inc. Class A	0.04%	20,466	$4M	added0%	+0.01 pp	21 q
MKCMcCormick & Company, Incorporated Non-VTG CS	0.04%	42,770	$3M	trimmed−0%	0.00 pp	21 q
DVDCFDavide Campari Milano N V	0.04%	579,531	$4M	trimmed−18%	−0.02 pp	21 q
ABBVAbbvie Inc.	0.02%	12,410	$2M	trimmed−1%	−0.01 pp	21 q
AAPLApple Inc.	0.02%	5,804	$1M	trimmed−7%	0.00 pp	21 q
FULTFulton Financial Corp	0.02%	74,700	$1M	trimmed−8%	0.00 pp	21 q
HRLHormel Foods Corporation	0.02%	50,345	$2M	trimmed−5%	0.00 pp	21 q
MSFTMicrosoft Corp	0.02%	4,955	$2M	trimmed−1%	0.00 pp	21 q
PEPPepsiCo, Inc.	0.02%	11,528	$2M	trimmed−6%	0.00 pp	21 q
SWZTotal Return Securities Fund	0.02%	288,801	$2M	added+2%	−0.01 pp	18 q
LRLCFL'oreal Co Eur Ord	0.02%	5,711	$2M	trimmed−1%	−0.01 pp	21 q
COCXFLindt & Spruengli Ord	0.02%	16	$2M	trimmed−6%	0.00 pp	21 q
CABJFCarlsburg As B Ord	0.02%	18,138	$2M	trimmed−23%	−0.01 pp	19 q
ABTAbbott Laboratories	0.01%	11,510	$1M	held	—	21 q
CVXChevron Corporation	0.01%	4,465	$646,654	added0%	0.00 pp	21 q
KOCoca-Cola Company	0.01%	14,105	$878,177	trimmed−3%	0.00 pp	21 q
FBLAFB Bancorp, Inc.	0.01%	70,000	$834,400	new	+0.01 pp	new
LAMRLamar Advertising Co	0.01%	5,974	$727,275	held	—	21 q
ORCLOracle Corp	0.01%	3,475	$579,074	held	—	19 q
OUTOUTFRONT Media Inc.	0.01%	44,814	$794,992	new	+0.01 pp	new
PNCPNC Financial Services Group	0.01%	4,950	$954,608	trimmed−7%	0.00 pp	21 q
WMTWalmart Inc.	0.01%	10,305	$931,057	trimmed−1%	0.00 pp	21 q
NSRGFNestle S.a Reg Ord	0.01%	10,460	$864,270	trimmed−74%	−0.03 pp	21 q
HINKFHeineken N V Reg	0.01%	15,131	$1M	trimmed−41%	−0.01 pp	21 q
CFRUYCompagnie Fnce Rch UN/	0.00%	12,140	$184,730	trimmed−82%	−0.01 pp	21 q
DISThe Walt Disney Company	0.00%	3,571	$397,646	trimmed−8%	0.00 pp	21 q
FMXFomento Economico Mexicano, S.a.b. De C.v.	0.00%	3,466	$296,308	trimmed−5%	0.00 pp	21 q
HKHHYHeineken Holding NV S/	0.00%	7,266	$217,629	trimmed−66%	−0.01 pp	18 q
MCDMcDonald's Corporation	0.00%	705	$204,372	held	—	21 q
MRKMerck & Co., Inc.	0.00%	2,926	$291,104	trimmed−5%	0.00 pp	21 q
MDLZMondelez International, Inc. Class A	0.00%	4,400	$262,812	held	—	11 q
TFCTruist Financial Corporation	0.00%	9,617	$417,200	added+1%	0.00 pp	21 q
UNMUnum Group	0.00%	3,800	$277,514	held	—	4 q
DGEAFDiageo PLC Ord	0.00%	8,252	$262,246	trimmed−2%	0.00 pp	21 q
CFDZFCofide SPA	0.00%	251,250	$155,841	new	0.00 pp	new
LTGIFLt Group Inc	0.00%	1,775,000	$322,197	held	—	21 q
PHJMFPt Hanjaya Mandala Samprn	0.00%	5,000,000	$197,266	held	—	21 q
unresolvedOutfront Media Inc	—	−45,007	—	exited	−0.01 pp	—
PRNDYPernod Ricard S A SP/	—	−23,057	—	exited	−0.01 pp	—
ASHTYAshtead Group Plc-unspon ADR	—	−1,253	—	exited	0.00 pp	—
BPBP p.l.c.	—	−6,602	—	exited	0.00 pp	—
CSLCarlisle Companies, Inc.	—	−500	—	exited	0.00 pp	—
CTVACorteva, Inc.	—	−6,070	—	exited	0.00 pp	—
DHRDanaher Corporation	—	−819	—	exited	0.00 pp	—
DVCMYDavide Cmpri Mil UNSP/	—	−13,650	—	exited	0.00 pp	—
HEINYHeineken N V S/	—	−5,255	—	exited	0.00 pp	—
RBGPFReckitt Benckiser Grp PLC	—	−4,230	—	exited	0.00 pp	—
TTTrane Technologies plc	—	−540	—	exited	0.00 pp	—
unresolvedCir SPA	—	−251,250	—	exited	0.00 pp	—

Source

Form: 13F-HR
Reading: 19 defects · 0 unresolved
Accession: 0000860643-25-000001
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 204319107 not on the Official 13(f) List for 2024-12-31
A security outside the official 13F list — CUSIP 423008101 not on the Official 13(f) List for 2024-12-31
A security outside the official 13F list — CUSIP 641069406 not on the Official 13(f) List for 2024-12-31
A security outside the official 13F list — CUSIP 69007J304 not on the Official 13(f) List for 2024-12-31
A security outside the official 13F list — CUSIP B639CJ108 not on the Official 13(f) List for 2024-12-31
A security outside the official 13F list — CUSIP F58149133 not on the Official 13(f) List for 2024-12-31
A security outside the official 13F list — CUSIP F72027109 not on the Official 13(f) List for 2024-12-31
A security outside the official 13F list — CUSIP G05320109 not on the Official 13(f) List for 2024-12-31
A security outside the official 13F list — CUSIP G42089113 not on the Official 13(f) List for 2024-12-31
A security outside the official 13F list — CUSIP H25662182 not on the Official 13(f) List for 2024-12-31
A security outside the official 13F list — CUSIP H49983176 not on the Official 13(f) List for 2024-12-31
A security outside the official 13F list — CUSIP H57312649 not on the Official 13(f) List for 2024-12-31
A security outside the official 13F list — CUSIP K36628137 not on the Official 13(f) List for 2024-12-31
A security outside the official 13F list — CUSIP N24565108 not on the Official 13(f) List for 2024-12-31
A security outside the official 13F list — CUSIP N39338194 not on the Official 13(f) List for 2024-12-31
A security outside the official 13F list — CUSIP N39427211 not on the Official 13(f) List for 2024-12-31
A security outside the official 13F list — CUSIP T19404101 not on the Official 13(f) List for 2024-12-31
A security outside the official 13F list — CUSIP Y5342M100 not on the Official 13(f) List for 2024-12-31
A security outside the official 13F list — CUSIP Y7121Z146 not on the Official 13(f) List for 2024-12-31

Search