Gardner Russo & Quinn

Q1 2026 13F · by Timothy Quinn, portfolio manager

As of: Mar 31, 2026
Filed: May 13, 2026
US stock: $8.5B · prev $9.3B
Positions: 86 · prev 87
Options notional: $0
Documents: 1· no amendments

Picture73.8% US stock

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

US stock listed on a US exchange 73.8%
Foreign stock not listed in the US 26.3%
Notes debt, at principal 0.0%
Puts at notional value 0.0%
Calls at notional value 0.0%

Moves69 since the prior filing

+8.1 pp in · −8.1 pp out

New 4 +7.27 pp
Added 20 +0.82 pp
Trimmed 40 −3.51 pp
Exited 5 −4.57 pp

The book

Concentrated · behaves like 13 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Moderate turnover · 33% a year, about 3.1 years per position

Low
Moderate
High

Top 5 positions49% of US stock

BRK.A Berkshire Hathaway Inc. trimmed+0.22 pp trimmed+0.2212.3%
GOOG Alphabet Inc. Class C trimmed−2.01 pp trimmed−2.0111.3%
MA Mastercard Incorporated trimmed−0.62 pp trimmed−0.629.2%
PM Philip Morris International Inc. trimmed+0.83 pp trimmed+0.839.0%
HKHHF Heineken Holding NV Ord trimmed+0.29 pp trimmed+0.297.6%

Positions86 in this filing · 5 exited


BRK.ABerkshire Hathaway Inc.	12.34%	1,460	$1.0B	trimmed−2%	+0.22 pp	26 q
GOOGAlphabet Inc. Class C	11.31%	3,350,337	$961M	trimmed−15%	−2.01 pp	26 q
MAMastercard Incorporated	9.15%	1,555,141	$777M	trimmed−2%	−0.62 pp	26 q
PMPhilip Morris International Inc.	8.96%	4,605,069	$761M	trimmed−2%	+0.83 pp	26 q
HKHHFHeineken Holding NV Ord	7.57%	9,101,528	$643M	trimmed−1%	+0.29 pp	26 q
CFRHFCie Financiere Richmn New	7.00%	3,447,287	$594M	trimmed−2%	−1.21 pp	26 q
NSRGYNestle S.a S/	6.39%	5,481,714	$543M	trimmed−2%	+0.40 pp	26 q
NFLXNetFlix Inc	6.35%	5,610,666	$539M	added+12%	+1.28 pp	16 q
BRK.BBERKSHIRE HATHAWAY Class B	6.26%	1,110,429	$532M	trimmed−1%	+0.15 pp	26 q
MLMMartin Marietta Materials	4.96%	715,411	$421M	trimmed−2%	+0.08 pp	26 q
SUNBSunbelt Rentals Holdings, Inc.	4.63%	6,049,133	$394M	new	+4.63 pp	new
UBERUber Technologies, Inc.	4.38%	5,173,404	$372M	added+1%	−0.16 pp	10 q
ERFSFEurofins Scientific SA	2.63%	3,096,404	$224M	new	+2.63 pp	new
PDRDFPernod Ricard Ord	2.16%	2,479,656	$183M	trimmed−3%	−0.21 pp	26 q
DASHDoorDash, Inc. Class A	1.77%	1,001,195	$150M	added+8%	−0.50 pp	8 q
CMCSAComcast Corp	0.76%	2,253,106	$65M	trimmed−2%	+0.02 pp	26 q
BF.ABrown-Forman Corporation Class A	0.52%	1,647,878	$44M	trimmed−1%	+0.05 pp	26 q
JPMJPMorgan Chase & Co.	0.52%	148,798	$44M	trimmed−72%	−1.32 pp	26 q
XOMExxon Mobil Corp	0.39%	193,950	$33M	added0%	+0.14 pp	26 q
VVISA Inc.	0.33%	93,812	$28M	trimmed−14%	−0.08 pp	26 q
BF.BBrown-Forman Corporation Class B	0.21%	659,694	$17M	trimmed−7%	+0.01 pp	26 q
BUDFFAnheuser Busch Inbev Ord	0.15%	184,010	$13M	trimmed−31%	−0.03 pp	26 q
MOAltria Group, Inc.	0.13%	164,461	$11M	trimmed−0%	+0.03 pp	26 q
MKLMarkel Group Inc.	0.11%	4,954	$9M	trimmed−21%	−0.04 pp	26 q
CRCrane Company	0.09%	46,626	$8M	trimmed−14%	−0.02 pp	12 q
UNPUnion Pacific Corp.	0.08%	27,638	$7M	added+11%	+0.02 pp	26 q
COSTCostco Wholesale Corp	0.05%	4,624	$5M	held	—	26 q
DOVDover Corporation	0.05%	19,126	$4M	trimmed−2%	+0.01 pp	26 q
GOOGLAlphabet Inc. Class A	0.04%	11,610	$3M	trimmed−22%	−0.01 pp	26 q
ABBVAbbvie Inc.	0.03%	12,410	$3M	held	—	26 q
COCXFLindt & Spruengli Ord	0.03%	15	$2M	held	—	26 q
AXPAmerican Express Company	0.02%	6,485	$2M	trimmed−47%	−0.03 pp	26 q
LEVILevi Strauss & Co. Class A	0.02%	82,725	$2M	added+73%	+0.01 pp	5 q
MKCMcCormick & Company, Incorporated Non-VTG CS	0.02%	38,581	$2M	trimmed−5%	−0.01 pp	26 q
MSFTMicrosoft Corp	0.02%	3,544	$1M	trimmed−4%	0.00 pp	26 q
PEPPepsiCo, Inc.	0.02%	9,205	$1M	trimmed−6%	0.00 pp	26 q
PGProcter & Gamble Company	0.02%	9,229	$1M	trimmed−23%	0.00 pp	26 q
VMCVulcan Materials Company(Holding Company)	0.02%	7,263	$2M	trimmed−8%	0.00 pp	26 q
WRBYWarby Parker Inc.	0.02%	80,000	$2M	added+23%	0.00 pp	5 q
LTSSFLotus Bakeries NV Ord	0.02%	115	$1M	held	—	5 q
FLMNFFielmann Group AG	0.02%	33,000	$2M	added+28%	+0.01 pp	5 q
RTLLFRational AG Lndsberg	0.02%	2,200	$2M	added×2.3	+0.01 pp	5 q
FLUIFFluidra SA	0.02%	70,000	$2M	added+19%	0.00 pp	5 q
PUIGFPuig Brands SA Cl B	0.02%	68,000	$1M	held	—	5 q
LRLCFL'oreal Co Eur Ord	0.02%	3,705	$1M	held	—	26 q
SSPPFSsp Group PLC Ord New	0.02%	700,000	$2M	added+6%	0.00 pp	5 q
AKBLFAlk-abello As B Shs New	0.02%	50,000	$2M	added+43%	+0.01 pp	2 q
DVDCFDavide Campari Milano N V	0.02%	202,013	$1M	trimmed−17%	0.00 pp	26 q
DELHFDe Longhi SPA	0.02%	39,000	$1M	added+11%	0.00 pp	5 q
KNCRFKonecranes PLC Ord	0.02%	52,500	$2M	trimmed−5%	0.00 pp	5 q
KMROFKalmar Oyj B	0.02%	27,000	$1M	added+13%	+0.01 pp	3 q
ABTAbbott Laboratories	0.01%	11,510	$1M	held	—	26 q
AAPLApple Inc.	0.01%	4,751	$1M	added+2%	0.00 pp	26 q
CVXChevron Corporation	0.01%	2,470	$511,043	trimmed−7%	+0.01 pp	26 q
KOCoca-Cola Company	0.01%	13,025	$990,551	trimmed−5%	0.00 pp	26 q
FBLAFB Bancorp, Inc.	0.01%	50,000	$687,000	held	—	6 q
FULTFulton Financial Corp	0.01%	48,950	$995,643	trimmed−10%	0.00 pp	26 q
GNRCGenerac Holdings Inc	0.01%	2,250	$439,493	held	—	5 q
HRIHerc Holdings Inc.	0.01%	6,450	$642,098	held	—	5 q
HRLHormel Foods Corporation	0.01%	19,000	$430,350	trimmed−4%	0.00 pp	26 q
JBTMJBT Marel Corporation	0.01%	7,250	$927,058	held	—	5 q
LAMRLamar Advertising Co	0.01%	5,368	$679,911	trimmed−10%	0.00 pp	26 q
ORCLOracle Corp	0.01%	3,600	$529,596	added+4%	0.00 pp	24 q
SWZTotal Return Securities Fund	0.01%	97,667	$579,163	trimmed−33%	0.00 pp	23 q
WMTWalmart Inc.	0.01%	9,740	$1M	trimmed−4%	0.00 pp	26 q
WFCWells Fargo & Co.	0.01%	7,450	$593,115	trimmed−6%	0.00 pp	26 q
YETIYETI Holdings, Inc.	0.01%	24,000	$878,160	held	—	5 q
unresolvedSunbelt Rentals Holdings ORD	0.01%	18,178	$1M	new	+0.01 pp	new
ZLDSFZalando SE Ord	0.01%	28,000	$662,976	held	—	4 q
NSRGFNestle S.a Reg Ord	0.01%	11,130	$1M	held	—	26 q
WILLFDemant As	0.01%	41,000	$1M	held	—	5 q
CABJFCarlsburg As B Ord	0.01%	9,872	$1M	trimmed−57%	−0.02 pp	24 q
HINKFHeineken N V Reg	0.01%	15,131	$1M	held	—	26 q
ECTXFElectrolux Profssinal B	0.01%	230,000	$1M	added+15%	−0.01 pp	5 q
HMRZFHENNES&MAURITZ B Free Shs	0.01%	64,000	$1M	held	—	5 q
LTGIFLt Group Inc	0.01%	1,775,000	$428,337	held	—	26 q
AMZNAmazon.Com Inc	0.00%	1,040	$216,601	held	—	2 q
CATCaterpillar Inc.	0.00%	450	$318,807	trimmed−18%	0.00 pp	3 q
DISThe Walt Disney Company	0.00%	2,517	$242,592	added0%	0.00 pp	26 q
JNJJohnson & Johnson	0.00%	1,304	$318,750	added+34%	0.00 pp	2 q
MCDMcDonald's Corporation	0.00%	947	$294,318	added+5%	0.00 pp	26 q
MRKMerck & Co., Inc.	0.00%	2,141	$257,536	new	0.00 pp	new
OUTOUTFRONT Media Inc.	0.00%	13,588	$360,082	trimmed−13%	0.00 pp	6 q
UNMUnum Group	0.00%	3,800	$277,514	held	—	9 q
CFDZFCofide SPA	0.00%	251,250	$195,985	held	—	6 q
PHJMFPt Hanjaya Mandala Samprn	0.00%	5,000,000	$213,305	held	—	26 q
AHTAshtead Group PLC	—	−6,111,758	—	exited	−4.51 pp	—
DGEAFDiageo PLC Ord	—	−129,805	—	exited	−0.03 pp	—
HHyatt Hotels Corporation	—	−8,675	—	exited	−0.02 pp	—
PNCPNC Financial Services Group	—	−3,750	—	exited	−0.01 pp	—
IBMInternational Business Machines Corporation	—	−750	—	exited	0.00 pp	—