Gardner Russo & Quinn

Q3 2025 13F · by Timothy Quinn, portfolio manager

As of: Sep 30, 2025
Filed: Nov 12, 2025
US stock: $9.3B · prev $9.4B
Positions: 85 · prev 85
Options notional: $0
Documents: 1· no amendments

Picture72.8% US stock

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

US stock listed on a US exchange 72.8%
Foreign stock not listed in the US 27.2%
Notes debt, at principal 0.0%
Puts at notional value 0.0%
Calls at notional value 0.0%

Moves56 since the prior filing

+0.5 pp in · −0.5 pp out

New 2 +0.01 pp
Added 11 +0.51 pp
Trimmed 41 −0.49 pp
Exited 2 −0.01 pp

The book

Concentrated · behaves like 13 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Low turnover · 2.8% a year, more than 30 years per position

Low
Moderate
High

Top 5 positions50% of US stock

BRK.A Berkshire Hathaway Inc. trimmed−0.12 pp trimmed−0.1212.5%
GOOG Alphabet Inc. Class C trimmed+2.54 pp trimmed+2.5412.1%
MA Mastercard Incorporated trimmed−0.17 pp trimmed−0.179.9%
PM Philip Morris International Inc. trimmed−1.32 pp trimmed−1.328.1%
CFRHF Cie Financiere Richmn New trimmed−0.08 pp trimmed−0.087.4%

Positions85 in this filing · 2 exited


BRK.ABerkshire Hathaway Inc.	12.46%	1,541	$1.2B	trimmed−5%	−0.12 pp	24 q
GOOGAlphabet Inc. Class C	12.14%	4,649,923	$1.1B	trimmed−9%	+2.54 pp	24 q
MAMastercard Incorporated	9.88%	1,620,272	$922M	trimmed−4%	−0.17 pp	24 q
PMPhilip Morris International Inc.	8.11%	4,662,201	$756M	trimmed−4%	−1.32 pp	24 q
CFRHFCie Financiere Richmn New	7.36%	3,603,992	$687M	trimmed−3%	−0.08 pp	24 q
HKHHFHeineken Holding NV Ord	6.83%	9,285,906	$637M	added+10%	+0.18 pp	24 q
NFLXNetFlix Inc	6.61%	514,425	$617M	trimmed−5%	−1.11 pp	14 q
BRK.BBERKSHIRE HATHAWAY Class B	6.26%	1,161,394	$584M	added+1%	+0.30 pp	24 q
NSRGYNestle S.a S/	5.69%	5,778,660	$530M	trimmed−4%	−0.66 pp	24 q
UBERUber Technologies, Inc.	4.95%	4,710,841	$462M	trimmed−4%	+0.09 pp	8 q
MLMMartin Marietta Materials	4.65%	687,537	$433M	trimmed−4%	+0.49 pp	24 q
AHTAshtead Group PLC	4.00%	5,577,080	$373M	trimmed−4%	+0.05 pp	22 q
PDRDFPernod Ricard Ord	2.84%	2,700,641	$265M	trimmed−4%	−0.14 pp	24 q
DASHDoorDash, Inc. Class A	2.70%	926,363	$252M	trimmed−4%	+0.17 pp	6 q
JPMJPMorgan Chase & Co.	1.84%	545,030	$172M	trimmed−5%	+0.07 pp	24 q
CMCSAComcast Corp	0.82%	2,445,711	$77M	trimmed−4%	−0.15 pp	24 q
BF.ABrown-Forman Corporation Class A	0.50%	1,718,072	$46M	trimmed−6%	−0.03 pp	24 q
VVISA Inc.	0.45%	122,264	$42M	trimmed−4%	−0.03 pp	24 q
XOMExxon Mobil Corp	0.23%	191,742	$22M	added+1%	+0.01 pp	24 q
BF.BBrown-Forman Corporation Class B	0.22%	765,768	$21M	trimmed−2%	0.00 pp	24 q
BUDFFAnheuser Busch Inbev Ord	0.18%	282,215	$17M	trimmed−5%	−0.04 pp	24 q
MKLMarkel Group Inc.	0.16%	7,653	$15M	trimmed−6%	−0.01 pp	24 q
MOAltria Group, Inc.	0.12%	165,693	$11M	trimmed−13%	0.00 pp	24 q
CRCrane Company	0.11%	56,476	$10M	trimmed−5%	−0.01 pp	10 q
UNPUnion Pacific Corp.	0.06%	24,843	$6M	added+1%	0.00 pp	24 q
AXPAmerican Express Company	0.05%	13,632	$5M	trimmed−0%	0.00 pp	24 q
COSTCostco Wholesale Corp	0.05%	4,624	$4M	trimmed−0%	0.00 pp	24 q
GOOGLAlphabet Inc. Class A	0.04%	15,486	$4M	trimmed−2%	+0.01 pp	24 q
ABBVAbbvie Inc.	0.03%	12,410	$3M	held	—	24 q
DOVDover Corporation	0.03%	19,551	$3M	trimmed−9%	−0.01 pp	24 q
MKCMcCormick & Company, Incorporated Non-VTG CS	0.03%	41,591	$3M	trimmed−1%	0.00 pp	24 q
SWZTotal Return Securities Fund	0.03%	434,237	$3M	held	—	21 q
VMCVulcan Materials Company(Holding Company)	0.03%	9,897	$3M	trimmed−3%	0.00 pp	24 q
ABTAbbott Laboratories	0.02%	11,510	$2M	held	—	24 q
MSFTMicrosoft Corp	0.02%	3,505	$2M	trimmed−17%	0.00 pp	24 q
PEPPepsiCo, Inc.	0.02%	10,960	$2M	held	—	24 q
PGProcter & Gamble Company	0.02%	10,920	$2M	held	—	24 q
WRBYWarby Parker Inc.	0.02%	61,000	$2M	added+5%	+0.01 pp	3 q
FLMNFFielmann Group AG	0.02%	25,000	$2M	added+9%	0.00 pp	3 q
FLUIFFluidra SA	0.02%	53,000	$1M	held	—	3 q
LRLCFL'oreal Co Eur Ord	0.02%	4,050	$2M	held	—	24 q
SSPPFSsp Group PLC Ord New	0.02%	660,000	$2M	added+20%	+0.01 pp	3 q
COCXFLindt & Spruengli Ord	0.02%	15	$2M	held	—	24 q
WILLFDemant As	0.02%	41,000	$1M	held	—	3 q
CABJFCarlsburg As B Ord	0.02%	12,055	$1M	added+1%	0.00 pp	22 q
KNCRFKonecranes PLC Ord	0.02%	18,450	$2M	trimmed−22%	0.00 pp	3 q
AAPLApple Inc.	0.01%	4,699	$1M	trimmed−9%	0.00 pp	24 q
KOCoca-Cola Company	0.01%	13,640	$904,605	held	—	24 q
FBLAFB Bancorp, Inc.	0.01%	50,000	$601,000	trimmed−9%	0.00 pp	4 q
FULTFulton Financial Corp	0.01%	64,600	$1M	trimmed−5%	0.00 pp	24 q
HRIHerc Holdings Inc.	0.01%	6,450	$752,457	trimmed−24%	0.00 pp	3 q
HRLHormel Foods Corporation	0.01%	19,835	$490,718	trimmed−44%	0.00 pp	24 q
HHyatt Hotels Corporation	0.01%	8,675	$1M	held	—	3 q
JBTMJBT Marel Corporation	0.01%	7,250	$1M	held	—	3 q
LAMRLamar Advertising Co	0.01%	5,974	$731,337	held	—	24 q
LEVILevi Strauss & Co. Class A	0.01%	47,725	$1M	held	—	3 q
ORCLOracle Corp	0.01%	3,475	$977,309	held	—	22 q
PNCPNC Financial Services Group	0.01%	3,750	$753,488	trimmed−5%	0.00 pp	24 q
WMTWalmart Inc.	0.01%	10,165	$1M	held	—	24 q
WFCWells Fargo & Co.	0.01%	10,149	$850,662	trimmed−56%	−0.01 pp	24 q
YETIYETI Holdings, Inc.	0.01%	24,000	$796,320	held	—	3 q
LTSSFLotus Bakeries NV Ord	0.01%	115	$1M	held	—	3 q
RTLLFRational AG Lndsberg	0.01%	975	$743,511	held	—	3 q
ZLDSFZalando SE Ord	0.01%	28,000	$855,729	added+8%	0.00 pp	2 q
PUIGFPuig Brands SA Cl B	0.01%	68,000	$1M	held	—	3 q
DROOFDeliveroo PLC	0.01%	390,000	$943,492	held	—	2 q
NSRGFNestle S.a Reg Ord	0.01%	11,170	$1M	trimmed−1%	0.00 pp	24 q
DVDCFDavide Campari Milano N V	0.01%	210,353	$1M	trimmed−10%	−0.01 pp	24 q
HINKFHeineken N V Reg	0.01%	15,131	$1M	held	—	24 q
DELHFDe Longhi SPA	0.01%	35,250	$1M	held	—	3 q
ECTXFElectrolux Profssinal B	0.01%	200,000	$1M	added+14%	0.00 pp	3 q
HMRZFHENNES&MAURITZ B Free Shs	0.01%	64,000	$1M	held	—	3 q
KMROFKalmar Oyj B	0.01%	20,000	$792,420	new	+0.01 pp	new
CATCaterpillar Inc.	0.00%	700	$334,005	new	0.00 pp	new
CVXChevron Corporation	0.00%	2,670	$414,624	held	—	24 q
DISThe Walt Disney Company	0.00%	2,510	$287,360	trimmed−11%	0.00 pp	24 q
FMXFomento Economico Mexicano, S.a.b. De C.v.	0.00%	3,218	$317,391	trimmed−4%	0.00 pp	24 q
GNRCGenerac Holdings Inc	0.00%	2,250	$376,650	trimmed−60%	−0.01 pp	3 q
MCDMcDonald's Corporation	0.00%	705	$214,242	held	—	24 q
OUTOUTFRONT Media Inc.	0.00%	15,690	$287,441	held	—	4 q
TFCTruist Financial Corporation	0.00%	9,355	$427,727	added+1%	0.00 pp	24 q
UNMUnum Group	0.00%	3,800	$295,564	held	—	7 q
CFDZFCofide SPA	0.00%	251,250	$192,778	held	—	4 q
LTGIFLt Group Inc	0.00%	1,775,000	$464,794	held	—	24 q
PHJMFPt Hanjaya Mandala Samprn	0.00%	5,000,000	$244,525	held	—	24 q
RLRalph Lauren Corporation	—	−4,100	—	exited	−0.01 pp	—
DGEAFDiageo PLC Ord	—	−8,077	—	exited	0.00 pp	—