Gardner Russo & Quinn

Q2 2025 13F · by Timothy Quinn, portfolio manager

As of: Jun 30, 2025
Filed: Aug 13, 2025
US stock: $9.4B · prev $8.9B
Positions: 85 · prev 86
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%

Moves67 since the prior filing

+2.8 pp in · −2.8 pp out

New 2 +0.02 pp
Added 13 +2.82 pp
Trimmed 49 −2.81 pp
Exited 3 0.00 pp

The book

Concentrated · behaves like 13 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Low turnover · 5.5% a year, about 18.1 years per position

Low
Moderate
High

Top 5 positions49% of US stock

BRK.A Berkshire Hathaway Inc. trimmed−2.25 pp trimmed−2.2512.6%
MA Mastercard Incorporated trimmed−0.50 pp trimmed−0.5010.1%
GOOG Alphabet Inc. Class C trimmed+0.66 pp trimmed+0.669.6%
PM Philip Morris International Inc. trimmed+0.50 pp trimmed+0.509.4%
NFLX NetFlix Inc trimmed+1.88 pp trimmed+1.887.7%

Positions85 in this filing · 3 exited


BRK.ABerkshire Hathaway Inc.	12.58%	1,624	$1.2B	trimmed−2%	−2.25 pp	23 q
MAMastercard Incorporated	10.05%	1,683,051	$946M	trimmed−2%	−0.50 pp	23 q
GOOGAlphabet Inc. Class C	9.60%	5,090,317	$903M	trimmed−0%	+0.66 pp	23 q
PMPhilip Morris International Inc.	9.43%	4,873,326	$888M	trimmed−3%	+0.50 pp	23 q
NFLXNetFlix Inc	7.72%	542,334	$726M	trimmed−3%	+1.88 pp	13 q
CFRHFCie Financiere Richmn New	7.44%	3,728,315	$700M	trimmed−2%	+0.10 pp	23 q
HKHHFHeineken Holding NV Ord	6.65%	8,430,646	$626M	added+4%	+0.06 pp	23 q
NSRGYNestle S.a S/	6.35%	6,014,833	$597M	trimmed−2%	−0.62 pp	23 q
BRK.BBERKSHIRE HATHAWAY Class B	5.96%	1,154,566	$561M	trimmed−2%	−1.09 pp	23 q
UBERUber Technologies, Inc.	4.86%	4,896,722	$457M	added+10%	+1.24 pp	7 q
MLMMartin Marietta Materials	4.16%	712,779	$391M	trimmed−0%	+0.33 pp	23 q
AHTAshtead Group PLC	3.95%	5,810,686	$372M	added+5%	+0.64 pp	21 q
PDRDFPernod Ricard Ord	2.98%	2,824,214	$280M	trimmed−2%	−0.21 pp	23 q
DASHDoorDash, Inc. Class A	2.53%	966,760	$238M	added+22%	+0.90 pp	5 q
JPMJPMorgan Chase & Co.	1.77%	573,700	$166M	trimmed−45%	−1.10 pp	23 q
CMCSAComcast Corp	0.97%	2,557,966	$91M	trimmed−2%	−0.11 pp	23 q
BF.ABrown-Forman Corporation Class A	0.53%	1,827,148	$50M	trimmed−2%	−0.17 pp	23 q
VVISA Inc.	0.48%	126,944	$45M	trimmed−3%	−0.03 pp	23 q
BF.BBrown-Forman Corporation Class B	0.22%	778,521	$21M	trimmed−5%	−0.09 pp	23 q
XOMExxon Mobil Corp	0.22%	190,301	$21M	added0%	−0.03 pp	23 q
BUDFFAnheuser Busch Inbev Ord	0.22%	296,300	$20M	trimmed−13%	−0.01 pp	23 q
MKLMarkel Group Inc.	0.17%	8,143	$16M	trimmed−2%	0.00 pp	23 q
MOAltria Group, Inc.	0.12%	191,440	$11M	trimmed−22%	−0.05 pp	23 q
CRCrane Company	0.12%	59,355	$11M	trimmed−2%	+0.02 pp	9 q
UNPUnion Pacific Corp.	0.06%	24,715	$6M	added+1%	−0.01 pp	23 q
AXPAmerican Express Company	0.05%	13,634	$4M	trimmed−0%	+0.01 pp	23 q
COSTCostco Wholesale Corp	0.05%	4,633	$5M	trimmed−0%	0.00 pp	23 q
DOVDover Corporation	0.04%	21,551	$4M	trimmed−2%	0.00 pp	23 q
GOOGLAlphabet Inc. Class A	0.03%	15,729	$3M	added+1%	0.00 pp	23 q
MKCMcCormick & Company, Incorporated Non-VTG CS	0.03%	41,976	$3M	trimmed−2%	−0.01 pp	23 q
SWZTotal Return Securities Fund	0.03%	434,237	$3M	added+48%	0.00 pp	20 q
VMCVulcan Materials Company(Holding Company)	0.03%	10,162	$3M	trimmed−46%	−0.02 pp	23 q
COCXFLindt & Spruengli Ord	0.03%	15	$2M	trimmed−6%	+0.01 pp	23 q
ABTAbbott Laboratories	0.02%	11,510	$2M	held	—	23 q
ABBVAbbvie Inc.	0.02%	12,410	$2M	held	—	23 q
MSFTMicrosoft Corp	0.02%	4,240	$2M	trimmed−8%	0.00 pp	23 q
PEPPepsiCo, Inc.	0.02%	10,960	$1M	trimmed−0%	0.00 pp	23 q
PGProcter & Gamble Company	0.02%	10,920	$2M	trimmed−1%	0.00 pp	23 q
WFCWells Fargo & Co.	0.02%	22,848	$2M	trimmed−64%	−0.03 pp	23 q
FLMNFFielmann Group AG	0.02%	23,000	$2M	added+3%	+0.01 pp	2 q
LRLCFL'oreal Co Eur Ord	0.02%	4,050	$2M	trimmed−1%	0.00 pp	23 q
WILLFDemant As	0.02%	41,000	$2M	added+2%	0.00 pp	2 q
CABJFCarlsburg As B Ord	0.02%	11,967	$2M	added+16%	+0.01 pp	21 q
DVDCFDavide Campari Milano N V	0.02%	234,393	$2M	trimmed−0%	0.00 pp	23 q
KNCRFKonecranes PLC Ord	0.02%	23,650	$2M	held	—	2 q
AAPLApple Inc.	0.01%	5,149	$1M	trimmed−2%	0.00 pp	23 q
KOCoca-Cola Company	0.01%	13,640	$965,030	held	—	23 q
FBLAFB Bancorp, Inc.	0.01%	55,000	$618,750	trimmed−21%	0.00 pp	3 q
FULTFulton Financial Corp	0.01%	68,200	$1M	trimmed−2%	0.00 pp	23 q
GNRCGenerac Holdings Inc	0.01%	5,650	$809,137	trimmed−32%	0.00 pp	2 q
HRIHerc Holdings Inc.	0.01%	8,450	$1M	trimmed−11%	0.00 pp	2 q
HRLHormel Foods Corporation	0.01%	35,581	$1M	trimmed−23%	−0.01 pp	23 q
HHyatt Hotels Corporation	0.01%	8,675	$1M	trimmed−26%	−0.01 pp	2 q
JBTMJBT Marel Corporation	0.01%	7,250	$871,885	held	—	2 q
LAMRLamar Advertising Co	0.01%	5,974	$725,005	held	—	23 q
LEVILevi Strauss & Co. Class A	0.01%	47,725	$882,435	trimmed−30%	0.00 pp	2 q
ORCLOracle Corp	0.01%	3,475	$759,739	held	—	21 q
PNCPNC Financial Services Group	0.01%	3,950	$736,359	trimmed−20%	0.00 pp	23 q
RLRalph Lauren Corporation	0.01%	4,100	$1M	held	—	2 q
WMTWalmart Inc.	0.01%	10,165	$993,934	trimmed−1%	0.00 pp	23 q
WRBYWarby Parker Inc.	0.01%	58,000	$1M	added+12%	0.00 pp	2 q
YETIYETI Holdings, Inc.	0.01%	24,000	$756,480	trimmed−26%	0.00 pp	2 q
LTSSFLotus Bakeries NV Ord	0.01%	115	$1M	trimmed−12%	0.00 pp	2 q
RTLLFRational AG Lndsberg	0.01%	975	$814,887	held	—	2 q
ZLDSFZalando SE Ord	0.01%	26,000	$853,037	new	+0.01 pp	new
FLUIFFluidra SA	0.01%	53,000	$1M	added+5%	0.00 pp	2 q
PUIGFPuig Brands SA Cl B	0.01%	68,000	$1M	held	—	2 q
DROOFDeliveroo PLC	0.01%	390,000	$940,074	new	+0.01 pp	new
SSPPFSsp Group PLC Ord New	0.01%	548,000	$1M	held	—	2 q
NSRGFNestle S.a Reg Ord	0.01%	11,285	$1M	held	—	23 q
HINKFHeineken N V Reg	0.01%	15,131	$1M	held	—	23 q
DELHFDe Longhi SPA	0.01%	35,250	$1M	held	—	2 q
ECTXFElectrolux Profssinal B	0.01%	175,500	$1M	held	—	2 q
HMRZFHENNES&MAURITZ B Free Shs	0.01%	64,000	$892,470	trimmed−27%	0.00 pp	2 q
CVXChevron Corporation	0.00%	2,670	$382,317	trimmed−37%	−0.01 pp	23 q
DISThe Walt Disney Company	0.00%	2,818	$349,478	trimmed−4%	0.00 pp	23 q
FMXFomento Economico Mexicano, S.a.b. De C.v.	0.00%	3,368	$346,837	trimmed−1%	0.00 pp	23 q
MCDMcDonald's Corporation	0.00%	705	$205,980	held	—	23 q
OUTOUTFRONT Media Inc.	0.00%	15,690	$256,061	trimmed−11%	0.00 pp	3 q
TFCTruist Financial Corporation	0.00%	9,280	$398,967	trimmed−4%	0.00 pp	23 q
UNMUnum Group	0.00%	3,800	$306,888	held	—	6 q
DGEAFDiageo PLC Ord	0.00%	8,077	$202,329	held	—	23 q
CFDZFCofide SPA	0.00%	251,250	$172,534	held	—	3 q
LTGIFLt Group Inc	0.00%	1,775,000	$405,228	held	—	23 q
PHJMFPt Hanjaya Mandala Samprn	0.00%	5,000,000	$184,786	held	—	23 q
BPBP p.l.c.	—	−6,300	—	exited	0.00 pp	—
HKHHYHeineken Holding NV S/	—	−6,260	—	exited	0.00 pp	—
MRKMerck & Co., Inc.	—	−2,763	—	exited	0.00 pp	—

Source

Form: 13F-HR
Reading: 29 defects · 0 unresolved
Accession: 0000860643-25-000004
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 641069406 not on the Official 13(f) List for 2025-06-30
A security outside the official 13F list — CUSIP B5783H102 not on the Official 13(f) List for 2025-06-30
A security outside the official 13F list — CUSIP B639CJ108 not on the Official 13(f) List for 2025-06-30
A security outside the official 13F list — CUSIP D2617N114 not on the Official 13(f) List for 2025-06-30
A security outside the official 13F list — CUSIP D6349P107 not on the Official 13(f) List for 2025-06-30
A security outside the official 13F list — CUSIP D98423102 not on the Official 13(f) List for 2025-06-30
A security outside the official 13F list — CUSIP E52619108 not on the Official 13(f) List for 2025-06-30
A security outside the official 13F list — CUSIP E8S64T107 not on the Official 13(f) List for 2025-06-30
A security outside the official 13F list — CUSIP F58149133 not on the Official 13(f) List for 2025-06-30
A security outside the official 13F list — CUSIP F72027109 not on the Official 13(f) List for 2025-06-30
A security outside the official 13F list — CUSIP G05320109 not on the Official 13(f) List for 2025-06-30
A security outside the official 13F list — CUSIP G27035107 not on the Official 13(f) List for 2025-06-30
A security outside the official 13F list — CUSIP G42089113 not on the Official 13(f) List for 2025-06-30
A security outside the official 13F list — CUSIP G8402N125 not on the Official 13(f) List for 2025-06-30
A security outside the official 13F list — CUSIP H25662182 not on the Official 13(f) List for 2025-06-30
A security outside the official 13F list — CUSIP H49983176 not on the Official 13(f) List for 2025-06-30
A security outside the official 13F list — CUSIP H57312649 not on the Official 13(f) List for 2025-06-30
A security outside the official 13F list — CUSIP K3008M105 not on the Official 13(f) List for 2025-06-30
A security outside the official 13F list — CUSIP K36628137 not on the Official 13(f) List for 2025-06-30
A security outside the official 13F list — CUSIP N24565108 not on the Official 13(f) List for 2025-06-30
A security outside the official 13F list — CUSIP N39338194 not on the Official 13(f) List for 2025-06-30
A security outside the official 13F list — CUSIP N39427211 not on the Official 13(f) List for 2025-06-30
A security outside the official 13F list — CUSIP T19404101 not on the Official 13(f) List for 2025-06-30
A security outside the official 13F list — CUSIP T3508H102 not on the Official 13(f) List for 2025-06-30
A security outside the official 13F list — CUSIP W2457W116 not on the Official 13(f) List for 2025-06-30
A security outside the official 13F list — CUSIP W41422101 not on the Official 13(f) List for 2025-06-30
A security outside the official 13F list — CUSIP X4550J108 not on the Official 13(f) List for 2025-06-30
A security outside the official 13F list — CUSIP Y5342M100 not on the Official 13(f) List for 2025-06-30
A security outside the official 13F list — CUSIP Y7121Z146 not on the Official 13(f) List for 2025-06-30

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