Gardner Russo & Quinn

Q4 2025 13F · by Timothy Quinn, portfolio manager

As of: Dec 31, 2025
Filed: Feb 12, 2026
US stock: $9.3B · prev $9.3B
Positions: 87 · prev 85
Options notional: $0
Documents: 1· no amendments

Picture71.1% US stock

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

US stock listed on a US exchange 71.1%
Foreign stock not listed in the US 28.9%
Notes debt, at principal 0.0%
Puts at notional value 0.0%
Calls at notional value 0.0%

Moves56 since the prior filing

−0.0 pp in · −0.1 pp out

New 5 +0.04 pp
Added 16 −0.05 pp
Trimmed 32 −0.04 pp
Exited 3 −0.01 pp

The book

Concentrated · behaves like 13 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Low turnover · 4.8% a year, about 21.0 years per position

Low
Moderate
High

Top 5 positions52% of US stock

GOOG Alphabet Inc. Class C trimmed+1.18 pp trimmed+1.1813.3%
BRK.A Berkshire Hathaway Inc. trimmed−0.34 pp trimmed−0.3412.1%
MA Mastercard Incorporated trimmed−0.11 pp trimmed−0.119.8%
CFRHF Cie Financiere Richmn New trimmed+0.85 pp trimmed+0.858.2%
PM Philip Morris International Inc. added+0.02 pp added+0.028.1%

Positions87 in this filing · 3 exited


GOOGAlphabet Inc. Class C	13.32%	3,931,197	$1.2B	trimmed−15%	+1.18 pp	25 q
BRK.ABerkshire Hathaway Inc.	12.12%	1,488	$1.1B	trimmed−3%	−0.34 pp	25 q
MAMastercard Incorporated	9.77%	1,585,999	$905M	trimmed−2%	−0.11 pp	25 q
CFRHFCie Financiere Richmn New	8.21%	3,502,105	$761M	trimmed−3%	+0.85 pp	25 q
PMPhilip Morris International Inc.	8.13%	4,697,508	$753M	added+1%	+0.02 pp	25 q
HKHHFHeineken Holding NV Ord	7.28%	9,200,276	$674M	trimmed−1%	+0.45 pp	25 q
BRK.BBERKSHIRE HATHAWAY Class B	6.11%	1,125,395	$566M	trimmed−3%	−0.15 pp	25 q
NSRGYNestle S.a S/	5.99%	5,617,162	$555M	trimmed−3%	+0.30 pp	25 q
NFLXNetFlix Inc	5.07%	5,004,765	$469M	trimmed−3%	−1.54 pp	15 q
MLMMartin Marietta Materials	4.88%	726,612	$452M	added+6%	+0.23 pp	25 q
UBERUber Technologies, Inc.	4.54%	5,145,060	$420M	added+9%	−0.41 pp	9 q
AHTAshtead Group PLC	4.51%	6,111,758	$418M	added+10%	+0.51 pp	23 q
PDRDFPernod Ricard Ord	2.37%	2,553,880	$219M	trimmed−5%	−0.47 pp	25 q
DASHDoorDash, Inc. Class A	2.27%	930,467	$211M	added0%	−0.43 pp	7 q
JPMJPMorgan Chase & Co.	1.84%	528,817	$170M	trimmed−3%	0.00 pp	25 q
CMCSAComcast Corp	0.74%	2,300,197	$69M	trimmed−6%	−0.08 pp	25 q
BF.ABrown-Forman Corporation Class A	0.47%	1,668,094	$44M	trimmed−3%	−0.03 pp	25 q
VVISA Inc.	0.41%	108,818	$38M	trimmed−11%	−0.04 pp	25 q
XOMExxon Mobil Corp	0.25%	193,033	$23M	added+1%	+0.02 pp	25 q
BF.BBrown-Forman Corporation Class B	0.20%	708,179	$18M	trimmed−8%	−0.02 pp	25 q
BUDFFAnheuser Busch Inbev Ord	0.18%	265,525	$17M	trimmed−6%	0.00 pp	25 q
MKLMarkel Group Inc.	0.15%	6,279	$13M	trimmed−18%	−0.01 pp	25 q
CRCrane Company	0.11%	54,401	$10M	trimmed−4%	0.00 pp	11 q
MOAltria Group, Inc.	0.10%	164,772	$10M	trimmed−1%	−0.02 pp	25 q
UNPUnion Pacific Corp.	0.06%	24,984	$6M	added+1%	0.00 pp	25 q
GOOGLAlphabet Inc. Class A	0.05%	14,916	$5M	trimmed−4%	+0.01 pp	25 q
AXPAmerican Express Company	0.05%	12,160	$4M	trimmed−11%	0.00 pp	25 q
COSTCostco Wholesale Corp	0.04%	4,624	$4M	held	—	25 q
DOVDover Corporation	0.04%	19,526	$4M	trimmed−0%	+0.01 pp	25 q
ABBVAbbvie Inc.	0.03%	12,410	$3M	held	—	25 q
MKCMcCormick & Company, Incorporated Non-VTG CS	0.03%	40,666	$3M	trimmed−2%	0.00 pp	25 q
DGEAFDiageo PLC Ord	0.03%	129,805	$3M	new	+0.03 pp	new
CABJFCarlsburg As B Ord	0.03%	23,091	$3M	added+92%	+0.01 pp	23 q
ABTAbbott Laboratories	0.02%	11,510	$1M	held	—	25 q
HHyatt Hotels Corporation	0.02%	8,675	$1M	held	—	4 q
MSFTMicrosoft Corp	0.02%	3,705	$2M	added+6%	0.00 pp	25 q
PEPPepsiCo, Inc.	0.02%	9,794	$1M	trimmed−11%	0.00 pp	25 q
PGProcter & Gamble Company	0.02%	11,951	$2M	added+9%	0.00 pp	25 q
VMCVulcan Materials Company(Holding Company)	0.02%	7,912	$2M	trimmed−20%	−0.01 pp	25 q
WRBYWarby Parker Inc.	0.02%	65,000	$1M	added+7%	0.00 pp	4 q
FLUIFFluidra SA	0.02%	59,000	$2M	added+11%	0.00 pp	4 q
LRLCFL'oreal Co Eur Ord	0.02%	3,705	$2M	trimmed−9%	0.00 pp	25 q
SSPPFSsp Group PLC Ord New	0.02%	660,000	$2M	held	—	4 q
COCXFLindt & Spruengli Ord	0.02%	15	$2M	held	—	25 q
DVDCFDavide Campari Milano N V	0.02%	242,103	$2M	added+15%	+0.01 pp	25 q
DELHFDe Longhi SPA	0.02%	35,250	$2M	held	—	4 q
ECTXFElectrolux Profssinal B	0.02%	200,000	$1M	held	—	4 q
KNCRFKonecranes PLC Ord	0.02%	18,450	$2M	held	—	4 q
AAPLApple Inc.	0.01%	4,674	$1M	trimmed−1%	0.00 pp	25 q
KOCoca-Cola Company	0.01%	13,640	$953,572	held	—	25 q
FBLAFB Bancorp, Inc.	0.01%	50,000	$642,500	held	—	5 q
FULTFulton Financial Corp	0.01%	54,100	$1M	trimmed−16%	0.00 pp	25 q
HRIHerc Holdings Inc.	0.01%	6,450	$957,051	held	—	4 q
HRLHormel Foods Corporation	0.01%	19,835	$470,090	held	—	25 q
JBTMJBT Marel Corporation	0.01%	7,250	$1M	held	—	4 q
LAMRLamar Advertising Co	0.01%	5,974	$756,189	held	—	25 q
LEVILevi Strauss & Co. Class A	0.01%	47,725	$989,817	held	—	4 q
ORCLOracle Corp	0.01%	3,475	$677,312	held	—	23 q
PNCPNC Financial Services Group	0.01%	3,750	$782,738	held	—	25 q
SWZTotal Return Securities Fund	0.01%	146,284	$909,884	trimmed−66%	−0.02 pp	22 q
WMTWalmart Inc.	0.01%	10,165	$1M	held	—	25 q
WFCWells Fargo & Co.	0.01%	7,964	$742,287	trimmed−22%	0.00 pp	25 q
YETIYETI Holdings, Inc.	0.01%	24,000	$1M	held	—	4 q
LTSSFLotus Bakeries NV Ord	0.01%	115	$1M	held	—	4 q
FLMNFFielmann Group AG	0.01%	25,700	$1M	added+3%	−0.01 pp	4 q
RTLLFRational AG Lndsberg	0.01%	975	$757,476	held	—	4 q
ZLDSFZalando SE Ord	0.01%	28,000	$833,296	held	—	3 q
PUIGFPuig Brands SA Cl B	0.01%	68,000	$1M	held	—	4 q
NSRGFNestle S.a Reg Ord	0.01%	11,130	$1M	trimmed−0%	0.00 pp	25 q
AKBLFAlk-abello As B Shs New	0.01%	35,000	$1M	new	+0.01 pp	new
WILLFDemant As	0.01%	41,000	$1M	held	—	4 q
HINKFHeineken N V Reg	0.01%	15,131	$1M	held	—	25 q
HMRZFHENNES&MAURITZ B Free Shs	0.01%	64,000	$1M	held	—	4 q
KMROFKalmar Oyj B	0.01%	24,000	$1M	added+20%	0.00 pp	2 q
AMZNAmazon.Com Inc	0.00%	1,040	$240,053	new	0.00 pp	new
CATCaterpillar Inc.	0.00%	550	$315,079	trimmed−21%	0.00 pp	2 q
CVXChevron Corporation	0.00%	2,670	$406,935	held	—	25 q
DISThe Walt Disney Company	0.00%	2,510	$285,528	held	—	25 q
GNRCGenerac Holdings Inc	0.00%	2,250	$306,833	held	—	4 q
IBMInternational Business Machines Corporation	0.00%	750	$222,158	new	0.00 pp	new
JNJJohnson & Johnson	0.00%	976	$201,983	new	0.00 pp	new
MCDMcDonald's Corporation	0.00%	905	$276,595	added+28%	0.00 pp	25 q
OUTOUTFRONT Media Inc.	0.00%	15,677	$377,816	trimmed−0%	0.00 pp	5 q
UNMUnum Group	0.00%	3,800	$294,500	held	—	8 q
CFDZFCofide SPA	0.00%	251,250	$207,442	held	—	5 q
LTGIFLt Group Inc	0.00%	1,775,000	$445,919	held	—	25 q
PHJMFPt Hanjaya Mandala Samprn	0.00%	5,000,000	$217,392	held	—	25 q
DROOFDeliveroo PLC	—	−390,000	—	exited	−0.01 pp	—
FMXFomento Economico Mexicano, S.a.b. De C.v.	—	−3,218	—	exited	0.00 pp	—
TFCTruist Financial Corporation	—	−9,355	—	exited	0.00 pp	—

Source

Form: 13F-HR
Reading: 30 defects · 0 unresolved
Accession: 0000860643-26-000001
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 641069406 not on the Official 13(f) List for 2025-12-31
A security outside the official 13F list — CUSIP B5783H102 not on the Official 13(f) List for 2025-12-31
A security outside the official 13F list — CUSIP B639CJ108 not on the Official 13(f) List for 2025-12-31
A security outside the official 13F list — CUSIP D2617N114 not on the Official 13(f) List for 2025-12-31
A security outside the official 13F list — CUSIP D6349P107 not on the Official 13(f) List for 2025-12-31
A security outside the official 13F list — CUSIP D98423102 not on the Official 13(f) List for 2025-12-31
A security outside the official 13F list — CUSIP E52619108 not on the Official 13(f) List for 2025-12-31
A security outside the official 13F list — CUSIP E8S64T107 not on the Official 13(f) List for 2025-12-31
A security outside the official 13F list — CUSIP F58149133 not on the Official 13(f) List for 2025-12-31
A security outside the official 13F list — CUSIP F72027109 not on the Official 13(f) List for 2025-12-31
A security outside the official 13F list — CUSIP G05320109 not on the Official 13(f) List for 2025-12-31
A security outside the official 13F list — CUSIP G42089113 not on the Official 13(f) List for 2025-12-31
A security outside the official 13F list — CUSIP G8402N125 not on the Official 13(f) List for 2025-12-31
A security outside the official 13F list — CUSIP H25662182 not on the Official 13(f) List for 2025-12-31
A security outside the official 13F list — CUSIP H49983176 not on the Official 13(f) List for 2025-12-31
A security outside the official 13F list — CUSIP H57312649 not on the Official 13(f) List for 2025-12-31
A security outside the official 13F list — CUSIP K03294137 not on the Official 13(f) List for 2025-12-31
A security outside the official 13F list — CUSIP K3008M105 not on the Official 13(f) List for 2025-12-31
A security outside the official 13F list — CUSIP K36628137 not on the Official 13(f) List for 2025-12-31
A security outside the official 13F list — CUSIP N24565108 not on the Official 13(f) List for 2025-12-31
A security outside the official 13F list — CUSIP N39338194 not on the Official 13(f) List for 2025-12-31
A security outside the official 13F list — CUSIP N39427211 not on the Official 13(f) List for 2025-12-31
A security outside the official 13F list — CUSIP T19404101 not on the Official 13(f) List for 2025-12-31
A security outside the official 13F list — CUSIP T3508H102 not on the Official 13(f) List for 2025-12-31
A security outside the official 13F list — CUSIP W2457W116 not on the Official 13(f) List for 2025-12-31
A security outside the official 13F list — CUSIP W41422101 not on the Official 13(f) List for 2025-12-31
A security outside the official 13F list — CUSIP X4550J108 not on the Official 13(f) List for 2025-12-31
A security outside the official 13F list — CUSIP X4S8SE108 not on the Official 13(f) List for 2025-12-31
A security outside the official 13F list — CUSIP Y5342M100 not on the Official 13(f) List for 2025-12-31
A security outside the official 13F list — CUSIP Y7121Z146 not on the Official 13(f) List for 2025-12-31

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