Gardner Russo & Quinn

Q1 2025 13F · by Timothy Quinn, portfolio manager

As of: Mar 31, 2025
Filed: May 8, 2025
US stock: $8.9B · prev $8.8B
Positions: 86 · prev 68
Options notional: $0
Documents: 1· no amendments

Picture72.1% US stock

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

US stock listed on a US exchange 72.1%
Foreign stock not listed in the US 27.9%
Notes debt, at principal 0.0%
Puts at notional value 0.0%
Calls at notional value 0.0%

Moves75 since the prior filing

+2.4 pp in · −2.4 pp out

New 20 +0.22 pp
Added 10 +2.15 pp
Trimmed 43 −2.40 pp
Exited 2 0.00 pp

The book

Concentrated · behaves like 13 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Low turnover · 5.9% a year, about 17.0 years per position

Low
Moderate
High

Top 5 positions51% of US stock

BRK.A Berkshire Hathaway Inc. trimmed+0.44 pp trimmed+0.4414.8%
MA Mastercard Incorporated trimmed−0.67 pp trimmed−0.6710.6%
GOOG Alphabet Inc. Class C trimmed−3.19 pp trimmed−3.198.9%
PM Philip Morris International Inc. trimmed+1.87 pp trimmed+1.878.9%
CFRHF Cie Financiere Richmn New trimmed+0.08 pp trimmed+0.087.3%

Positions86 in this filing · 2 exited


BRK.ABerkshire Hathaway Inc.	14.83%	1,657	$1.3B	trimmed−11%	+0.44 pp	22 q
MAMastercard Incorporated	10.55%	1,716,374	$941M	trimmed−9%	−0.67 pp	22 q
GOOGAlphabet Inc. Class C	8.94%	5,106,605	$798M	trimmed−9%	−3.19 pp	22 q
PMPhilip Morris International Inc.	8.93%	5,016,631	$796M	trimmed−3%	+1.87 pp	22 q
CFRHFCie Financiere Richmn New	7.34%	3,788,649	$655M	trimmed−10%	+0.08 pp	22 q
BRK.BBERKSHIRE HATHAWAY Class B	7.05%	1,180,608	$629M	trimmed−8%	+0.46 pp	22 q
NSRGYNestle S.a S/	6.97%	6,143,739	$622M	trimmed−3%	+1.13 pp	22 q
HKHHFHeineken Holding NV Ord	6.59%	8,139,838	$588M	added+4%	+1.27 pp	22 q
NFLXNetFlix Inc	5.84%	558,412	$521M	trimmed−12%	−0.54 pp	12 q
MLMMartin Marietta Materials	3.83%	714,252	$342M	added+1%	−0.30 pp	22 q
UBERUber Technologies, Inc.	3.62%	4,431,675	$323M	added+7%	+0.79 pp	6 q
AHTAshtead Group PLC	3.31%	5,514,309	$295M	added+17%	−0.01 pp	20 q
PDRDFPernod Ricard Ord	3.19%	2,882,247	$284M	trimmed−5%	−0.69 pp	22 q
JPMJPMorgan Chase & Co.	2.87%	1,043,354	$256M	trimmed−17%	−0.55 pp	22 q
DASHDoorDash, Inc. Class A	1.63%	793,665	$145M	added+18%	+0.36 pp	4 q
CMCSAComcast Corp	1.08%	2,616,811	$97M	trimmed−6%	−0.10 pp	22 q
BF.ABrown-Forman Corporation Class A	0.70%	1,870,922	$63M	trimmed−7%	−0.16 pp	22 q
VVISA Inc.	0.51%	130,701	$46M	trimmed−36%	−0.22 pp	22 q
BF.BBrown-Forman Corporation Class B	0.31%	820,796	$28M	trimmed−2%	−0.05 pp	22 q
XOMExxon Mobil Corp	0.25%	189,469	$23M	added0%	+0.02 pp	22 q
BUDFFAnheuser Busch Inbev Ord	0.23%	338,650	$21M	trimmed−10%	+0.02 pp	22 q
MOAltria Group, Inc.	0.17%	246,648	$15M	trimmed−9%	+0.01 pp	22 q
MKLMarkel Group Inc.	0.17%	8,276	$15M	trimmed−4%	0.00 pp	22 q
CRCrane Company	0.10%	60,305	$9M	trimmed−1%	0.00 pp	8 q
UNPUnion Pacific Corp.	0.07%	24,588	$6M	added0%	+0.01 pp	22 q
COSTCostco Wholesale Corp	0.05%	4,637	$4M	trimmed−14%	−0.01 pp	22 q
VMCVulcan Materials Company(Holding Company)	0.05%	18,737	$4M	trimmed−12%	−0.01 pp	22 q
WFCWells Fargo & Co.	0.05%	62,901	$5M	trimmed−68%	−0.10 pp	22 q
AXPAmerican Express Company	0.04%	13,658	$4M	trimmed−8%	−0.01 pp	22 q
DOVDover Corporation	0.04%	21,951	$4M	trimmed−2%	−0.01 pp	22 q
MKCMcCormick & Company, Incorporated Non-VTG CS	0.04%	42,626	$4M	trimmed−0%	0.00 pp	22 q
ABBVAbbvie Inc.	0.03%	12,410	$3M	held	—	22 q
GOOGLAlphabet Inc. Class A	0.03%	15,611	$2M	trimmed−24%	−0.01 pp	22 q
SWZTotal Return Securities Fund	0.03%	293,403	$3M	added+2%	+0.01 pp	19 q
ABTAbbott Laboratories	0.02%	11,510	$2M	held	—	22 q
HRLHormel Foods Corporation	0.02%	46,081	$1M	trimmed−8%	0.00 pp	22 q
HHyatt Hotels Corporation	0.02%	11,675	$1M	new	+0.02 pp	new
MSFTMicrosoft Corp	0.02%	4,620	$2M	trimmed−7%	0.00 pp	22 q
PEPPepsiCo, Inc.	0.02%	10,979	$2M	trimmed−5%	0.00 pp	22 q
PGProcter & Gamble Company	0.02%	11,000	$2M	trimmed−54%	−0.03 pp	22 q
LRLCFL'oreal Co Eur Ord	0.02%	4,086	$2M	trimmed−28%	0.00 pp	22 q
COCXFLindt & Spruengli Ord	0.02%	16	$2M	held	—	22 q
WILLFDemant As	0.02%	40,250	$1M	new	+0.02 pp	new
DVDCFDavide Campari Milano N V	0.02%	235,151	$1M	trimmed−59%	−0.02 pp	22 q
KNCRFKonecranes PLC Ord	0.02%	23,650	$2M	new	+0.02 pp	new
AAPLApple Inc.	0.01%	5,249	$1M	trimmed−10%	−0.01 pp	22 q
CVXChevron Corporation	0.01%	4,217	$705,390	trimmed−6%	0.00 pp	22 q
KOCoca-Cola Company	0.01%	13,640	$976,897	trimmed−3%	0.00 pp	22 q
FBLAFB Bancorp, Inc.	0.01%	70,000	$788,200	held	—	2 q
FULTFulton Financial Corp	0.01%	69,700	$1M	trimmed−7%	−0.01 pp	22 q
GNRCGenerac Holdings Inc	0.01%	8,250	$1M	new	+0.01 pp	new
HRIHerc Holdings Inc.	0.01%	9,450	$1M	new	+0.01 pp	new
JBTMJBT Marel Corporation	0.01%	7,250	$885,950	new	+0.01 pp	new
LAMRLamar Advertising Co	0.01%	5,974	$679,722	held	—	22 q
LEVILevi Strauss & Co. Class A	0.01%	67,725	$1M	new	+0.01 pp	new
ORCLOracle Corp	0.01%	3,475	$485,840	held	—	20 q
PNCPNC Financial Services Group	0.01%	4,950	$870,062	held	—	22 q
RLRalph Lauren Corporation	0.01%	4,100	$905,034	new	+0.01 pp	new
WMTWalmart Inc.	0.01%	10,240	$898,970	trimmed−1%	0.00 pp	22 q
WRBYWarby Parker Inc.	0.01%	51,650	$941,580	new	+0.01 pp	new
YETIYETI Holdings, Inc.	0.01%	32,500	$1M	new	+0.01 pp	new
LTSSFLotus Bakeries NV Ord	0.01%	130	$1M	new	+0.01 pp	new
FLMNFFielmann Group AG	0.01%	22,300	$1M	new	+0.01 pp	new
RTLLFRational AG Lndsberg	0.01%	975	$805,694	new	+0.01 pp	new
FLUIFFluidra SA	0.01%	50,500	$1M	new	+0.01 pp	new
PUIGFPuig Brands SA Cl B	0.01%	68,000	$1M	new	+0.01 pp	new
SSPPFSsp Group PLC Ord New	0.01%	548,000	$1M	new	+0.01 pp	new
NSRGFNestle S.a Reg Ord	0.01%	11,285	$1M	added+8%	0.00 pp	22 q
CABJFCarlsburg As B Ord	0.01%	10,307	$1M	trimmed−43%	−0.01 pp	20 q
HINKFHeineken N V Reg	0.01%	15,131	$1M	held	—	22 q
DELHFDe Longhi SPA	0.01%	35,250	$1M	new	+0.01 pp	new
ECTXFElectrolux Profssinal B	0.01%	175,500	$1M	new	+0.01 pp	new
HMRZFHENNES&MAURITZ B Free Shs	0.01%	88,000	$1M	new	+0.01 pp	new
BPBP p.l.c.	0.00%	6,300	$212,881	new	0.00 pp	new
DISThe Walt Disney Company	0.00%	2,943	$290,488	trimmed−18%	0.00 pp	22 q
FMXFomento Economico Mexicano, S.a.b. De C.v.	0.00%	3,398	$331,577	trimmed−2%	0.00 pp	22 q
HKHHYHeineken Holding NV S/	0.00%	6,260	$226,192	trimmed−14%	0.00 pp	19 q
MCDMcDonald's Corporation	0.00%	705	$220,221	held	—	22 q
MRKMerck & Co., Inc.	0.00%	2,763	$248,013	trimmed−6%	0.00 pp	22 q
OUTOUTFRONT Media Inc.	0.00%	17,706	$285,775	trimmed−60%	−0.01 pp	2 q
TFCTruist Financial Corporation	0.00%	9,692	$398,826	added+1%	0.00 pp	22 q
UNMUnum Group	0.00%	3,800	$309,548	held	—	5 q
DGEAFDiageo PLC Ord	0.00%	8,077	$210,019	trimmed−2%	0.00 pp	22 q
CFDZFCofide SPA	0.00%	251,250	$148,999	held	—	2 q
LTGIFLt Group Inc	0.00%	1,775,000	$377,798	held	—	22 q
PHJMFPt Hanjaya Mandala Samprn	0.00%	5,000,000	$166,063	held	—	22 q
CFRUYCompagnie Fnce Rch UN/	—	−12,140	—	exited	0.00 pp	—
MDLZMondelez International, Inc. Class A	—	−4,400	—	exited	0.00 pp	—