Gardner Russo & Quinn

Tom RussoLANCASTER, PAfiles as GARDNER RUSSO & QUINN LLC

$8.9bn in 85 US stocks at the end of 30 June 2026. The top 10 are 80.0% of the money. It changed about 5.0% of the portfolio this quarter.

Value

$8.9bn

Stocks

Top 10 share

80.0%

Turnover

5.0%

What changed this quarter

New

Bought for the first time this quarter.

ExxonMobil HoldingsXOM
0.3% of the fund

Added

Bought more of a stock they already held.

Eurofins ScientificERFSF
3.6% of the fund
+32%
DoorDashDASH
2.5% of the fund
+18%
ALK Abello A/SAKBLF
<0.1% of the fund
+6%
De'LonghiDELHF
<0.1% of the fund
+9%
Carlsberg B A/SCABJF
<0.1% of the fund
+3%

Cut

Sold some of their stake.

AlphabetGOOG
12.1% of the fund
-9%
MastercardMA
8.8% of the fund
-2%
CIE Financi-RegCFRHF
8.7% of the fund
-3%
Heineken Holding NV - A ORDHKHHF
7.6% of the fund
-2%
Nestle SA ADRNSRGY
6.1% of the fund
-3%
Berkshire HathawayBRK-B
6.1% of the fund
-3%
Sunbelt Rentals HoldingsSUNB
4.9% of the fund
-3%
Pernod RicardPDRDF
1.9% of the fund
-5%
ComcastCMCSA
0.6% of the fund
-3%
Brown FormanBF-A
0.5% of the fund
-3%
VisaV
0.3% of the fund
-7%
Brown FormanBF-B
0.2% of the fund
-3%
Anheuser-Busch Inbev NVBUDFF
0.2% of the fund
-7%
Altria GroupMO
0.1% of the fund
-10%
CraneCR
0.1% of the fund
-6%
Markel GroupMKL
<0.1% of the fund
-14%
JPMorgan ChaseJPM
<0.1% of the fund
-83%
Union PacificUNP
<0.1% of the fund
-7%
AlphabetGOOGL
<0.1% of the fund
-4%
Costco WholesaleCOST
<0.1% of the fund
-26%
American ExpressAXP
<0.1% of the fund
-21%
AppleAAPL
<0.1% of the fund
-3%
Davide Campari-Milano NVDVDCF
<0.1% of the fund
-3%
Fulton FinancialFULT
<0.1% of the fund
-10%
Coca-ColaKO
<0.1% of the fund
-5%

Sold out

Sold their entire stake.

ExxonMobil HoldingsXOM
-100%
Generac HoldingsGNRC
-100%

Holdings

AlphabetGOOG
Share
12.1%
Value
$1.1bn
Shares
3,048,077
-9%
Berkshire Hathaway INC DELBRK-A
Share
12.0%
Value
$1.1bn
Shares
1,432
Held
Philip Morris InternationalPM
Share
9.2%
Value
$820m
Shares
4,530,846
Held
MastercardMA
Share
8.8%
Value
$782m
Shares
1,522,395
-2%
CIE Financi-RegCFRHF
Share
8.7%
Value
$774m
Shares
3,345,346
-3%
Heineken Holding NV - A ORDHKHHF
Share
7.6%
Value
$680m
Shares
8,905,683
-2%
Nestle SA ADRNSRGY
Share
6.1%
Value
$546m
Shares
5,314,898
-3%
Berkshire HathawayBRK-B
Share
6.1%
Value
$540m
Shares
1,079,364
-3%
Sunbelt Rentals HoldingsSUNB
Share
4.9%
Value
$441m
Shares
5,897,825
-3%
NetflixNFLX
Share
4.6%
Value
$408m
Shares
5,710,088
Held
Martin Marietta MaterialsMLM
Share
4.6%
Value
$407m
Shares
705,367
Held
Uber TechnologiesUBER
Share
4.1%
Value
$367m
Shares
5,084,015
Held
Eurofins ScientificERFSF
Share
3.6%
Value
$321m
Shares
4,094,034
+32%
DoorDashDASH
Share
2.5%
Value
$219m
Shares
1,186,104
+18%
Pernod RicardPDRDF
Share
1.9%
Value
$172m
Shares
2,351,360
-5%
ComcastCMCSA
Share
0.6%
Value
$54m
Shares
2,193,660
-3%
Brown FormanBF-A
Share
0.5%
Value
$44m
Shares
1,597,815
-3%
VisaV
Share
0.3%
Value
$30m
Shares
87,256
-7%
ExxonMobil HoldingsXOM
Share
0.3%
Value
$25m
Shares
181,200
New
Brown FormanBF-B
Share
0.2%
Value
$17m
Shares
639,282
-3%
Anheuser-Busch Inbev NVBUDFF
Share
0.2%
Value
$14m
Shares
171,294
-7%
Altria GroupMO
Share
0.1%
Value
$11m
Shares
148,603
-10%
CraneCR
Share
0.1%
Value
$10m
Shares
43,937
-6%
Markel GroupMKL
Share
<0.1%
Value
$8m
Shares
4,265
-14%
JPMorgan ChaseJPM
Share
<0.1%
Value
$8m
Shares
24,719
-83%
Union PacificUNP
Share
<0.1%
Value
$7m
Shares
25,841
-7%
DoverDOV
Share
<0.1%
Value
$4m
Shares
18,851
Held
AlphabetGOOGL
Share
<0.1%
Value
$4m
Shares
11,114
-4%
Costco WholesaleCOST
Share
<0.1%
Value
$3m
Shares
3,399
-26%
AbbVieABBV
Share
<0.1%
Value
$3m
Shares
12,410
Held
Warby ParkerWRBY
Share
<0.1%
Value
$2m
Shares
80,000
Held
Vulcan MaterialsVMC
Share
<0.1%
Value
$2m
Shares
7,263
Held
Levi StraussLEVI
Share
<0.1%
Value
$2m
Shares
83,725
Held
ALK Abello A/SAKBLF
Share
<0.1%
Value
$2m
Shares
53,000
+6%
McCormickMKC
Share
<0.1%
Value
$2m
Shares
37,981
Held
De'LonghiDELHF
Share
<0.1%
Value
$2m
Shares
42,700
+9%
Lindt & Spruengli AG - RegCOCXF
Share
<0.1%
Value
$2m
Shares
15
Held
SSP GroupSSPPF
Share
<0.1%
Value
$2m
Shares
700,000
Held
American ExpressAXP
Share
<0.1%
Value
$2m
Shares
5,125
-21%
Demant A/S SHSWILLF
Share
<0.1%
Value
$2m
Shares
41,000
Held
L Oreal OrdfLRLCF
Share
<0.1%
Value
$2m
Shares
3,705
Held
FielmannFLMNF
Share
<0.1%
Value
$2m
Shares
33,000
Held
KonecranesKNCRF
Share
<0.1%
Value
$2m
Shares
52,500
Held
Rational AGRTLLF
Share
<0.1%
Value
$2m
Shares
2,200
Held
FluidraFLUIF
Share
<0.1%
Value
$2m
Shares
70,000
Held
Lotus BakeriesLTSSF
Share
<0.1%
Value
$2m
Shares
115
Held
MicrosoftMSFT
Share
<0.1%
Value
$1m
Shares
3,584
Held
AppleAAPL
Share
<0.1%
Value
$1m
Shares
4,601
-3%
Carlsberg B A/SCABJF
Share
<0.1%
Value
$1m
Shares
10,135
+3%
Sunbelt Rentals Holdings ORD
Share
<0.1%
Value
$1m
Shares
18,178
Held
Heineken NVHINKF
Share
<0.1%
Value
$1m
Shares
15,131
Held
Puig BrandsPUIGF
Share
<0.1%
Value
$1m
Shares
68,000
Held
PepsiCoPEP
Share
<0.1%
Value
$1m
Shares
9,115
Held
Davide Campari-Milano NVDVDCF
Share
<0.1%
Value
$1m
Shares
195,048
-3%
Kalmar Oyj BKMROF
Share
<0.1%
Value
$1m
Shares
27,500
Held
YETI HoldingsYETI
Share
<0.1%
Value
$1m
Shares
24,000
Held
Nestle SANSRGF
Share
<0.1%
Value
$1m
Shares
11,130
Held
H&MHMRZF
Share
<0.1%
Value
$1m
Shares
64,000
Held
Fulton FinancialFULT
Share
<0.1%
Value
$1m
Shares
44,250
-10%
JBT MarelJBTM
Share
<0.1%
Value
$1m
Shares
7,250
Held
Abbott LaboratoriesABT
Share
<0.1%
Value
$1m
Shares
11,510
Held
Electrolux ProfessionalECTXF
Share
<0.1%
Value
$1m
Shares
230,000
Held
Coca-ColaKO
Share
<0.1%
Value
$1m
Shares
12,350
-5%
Procter & GamblePG
Share
<0.1%
Value
$961,079
Shares
6,554
-29%
WalmartWMT
Share
<0.1%
Value
$958,746
Shares
8,465
-13%
Herc HoldingsHRI
Share
<0.1%
Value
$924,543
Shares
6,450
Held
Lamar AdvertisingLAMR
Share
<0.1%
Value
$837,301
Shares
5,368
Held
Zalando SEZLDSF
Share
<0.1%
Value
$812,155
Shares
28,000
Held
FB BancorpFBLA
Share
<0.1%
Value
$753,000
Shares
50,000
Held
Wells Fargo & CompanyWFC
Share
<0.1%
Value
$615,762
Shares
7,451
Held
Total Return Securities FundSWZ
Share
<0.1%
Value
$580,140
Shares
97,667
Held
Hormel FoodsHRL
Share
<0.1%
Value
$459,170
Shares
18,500
-3%
OUTFRONT MediaOUT
Share
<0.1%
Value
$445,143
Shares
13,588
Held
LT GroupLTGIF
Share
<0.1%
Value
$431,530
Shares
1,775,000
Held
ChevronCVX
Share
<0.1%
Value
$409,427
Shares
2,470
Held
OracleORCL
Share
<0.1%
Value
$397,883
Shares
2,715
-25%
Unum GroupUNM
Share
<0.1%
Value
$311,559
Shares
3,485
-8%
Johnson & JohnsonJNJ
Share
<0.1%
Value
$282,415
Shares
1,112
-15%
CaterpillarCAT
Share
<0.1%
Value
$282,199
Shares
265
-41%
McDonald'sMCD
Share
<0.1%
Value
$255,984
Shares
947
Held
Walt DisneyDIS
Share
<0.1%
Value
$239,858
Shares
2,492
Held
Amazon.comAMZN
Share
<0.1%
Value
$223,086
Shares
936
-10%
MerckMRK
Share
<0.1%
Value
$211,006
Shares
1,642
-23%
Cofide SPA
Share
<0.1%
Value
$199,642
Shares
251,250
Held
Hanjaya Mandala SampoernaPHJMF
Share
<0.1%
Value
$187,360
Shares
5,000,000
Held

Company	Share of fund	Value	Shares	Change
AlphabetGOOG	12.1%	$1.1bn	3,048,077	-9%
Berkshire Hathaway INC DELBRK-A	12.0%	$1.1bn	1,432	Held
Philip Morris InternationalPM	9.2%	$820m	4,530,846	Held
MastercardMA	8.8%	$782m	1,522,395	-2%
CIE Financi-RegCFRHF	8.7%	$774m	3,345,346	-3%
Heineken Holding NV - A ORDHKHHF	7.6%	$680m	8,905,683	-2%
Nestle SA ADRNSRGY	6.1%	$546m	5,314,898	-3%
Berkshire HathawayBRK-B	6.1%	$540m	1,079,364	-3%
Sunbelt Rentals HoldingsSUNB	4.9%	$441m	5,897,825	-3%
NetflixNFLX	4.6%	$408m	5,710,088	Held
Martin Marietta MaterialsMLM	4.6%	$407m	705,367	Held
Uber TechnologiesUBER	4.1%	$367m	5,084,015	Held
Eurofins ScientificERFSF	3.6%	$321m	4,094,034	+32%
DoorDashDASH	2.5%	$219m	1,186,104	+18%
Pernod RicardPDRDF	1.9%	$172m	2,351,360	-5%
ComcastCMCSA	0.6%	$54m	2,193,660	-3%
Brown FormanBF-A	0.5%	$44m	1,597,815	-3%
VisaV	0.3%	$30m	87,256	-7%
ExxonMobil HoldingsXOM	0.3%	$25m	181,200	New
Brown FormanBF-B	0.2%	$17m	639,282	-3%
Anheuser-Busch Inbev NVBUDFF	0.2%	$14m	171,294	-7%
Altria GroupMO	0.1%	$11m	148,603	-10%
CraneCR	0.1%	$10m	43,937	-6%
Markel GroupMKL	<0.1%	$8m	4,265	-14%
JPMorgan ChaseJPM	<0.1%	$8m	24,719	-83%
Union PacificUNP	<0.1%	$7m	25,841	-7%
DoverDOV	<0.1%	$4m	18,851	Held
AlphabetGOOGL	<0.1%	$4m	11,114	-4%
Costco WholesaleCOST	<0.1%	$3m	3,399	-26%
AbbVieABBV	<0.1%	$3m	12,410	Held
Warby ParkerWRBY	<0.1%	$2m	80,000	Held
Vulcan MaterialsVMC	<0.1%	$2m	7,263	Held
Levi StraussLEVI	<0.1%	$2m	83,725	Held
ALK Abello A/SAKBLF	<0.1%	$2m	53,000	+6%
McCormickMKC	<0.1%	$2m	37,981	Held
De'LonghiDELHF	<0.1%	$2m	42,700	+9%
Lindt & Spruengli AG - RegCOCXF	<0.1%	$2m	15	Held
SSP GroupSSPPF	<0.1%	$2m	700,000	Held
American ExpressAXP	<0.1%	$2m	5,125	-21%
Demant A/S SHSWILLF	<0.1%	$2m	41,000	Held
L Oreal OrdfLRLCF	<0.1%	$2m	3,705	Held
FielmannFLMNF	<0.1%	$2m	33,000	Held
KonecranesKNCRF	<0.1%	$2m	52,500	Held
Rational AGRTLLF	<0.1%	$2m	2,200	Held
FluidraFLUIF	<0.1%	$2m	70,000	Held
Lotus BakeriesLTSSF	<0.1%	$2m	115	Held
MicrosoftMSFT	<0.1%	$1m	3,584	Held
AppleAAPL	<0.1%	$1m	4,601	-3%
Carlsberg B A/SCABJF	<0.1%	$1m	10,135	+3%
Sunbelt Rentals Holdings ORD	<0.1%	$1m	18,178	Held
Heineken NVHINKF	<0.1%	$1m	15,131	Held
Puig BrandsPUIGF	<0.1%	$1m	68,000	Held
PepsiCoPEP	<0.1%	$1m	9,115	Held
Davide Campari-Milano NVDVDCF	<0.1%	$1m	195,048	-3%
Kalmar Oyj BKMROF	<0.1%	$1m	27,500	Held
YETI HoldingsYETI	<0.1%	$1m	24,000	Held
Nestle SANSRGF	<0.1%	$1m	11,130	Held
H&MHMRZF	<0.1%	$1m	64,000	Held
Fulton FinancialFULT	<0.1%	$1m	44,250	-10%
JBT MarelJBTM	<0.1%	$1m	7,250	Held
Abbott LaboratoriesABT	<0.1%	$1m	11,510	Held
Electrolux ProfessionalECTXF	<0.1%	$1m	230,000	Held
Coca-ColaKO	<0.1%	$1m	12,350	-5%
Procter & GamblePG	<0.1%	$961,079	6,554	-29%
WalmartWMT	<0.1%	$958,746	8,465	-13%
Herc HoldingsHRI	<0.1%	$924,543	6,450	Held
Lamar AdvertisingLAMR	<0.1%	$837,301	5,368	Held
Zalando SEZLDSF	<0.1%	$812,155	28,000	Held
FB BancorpFBLA	<0.1%	$753,000	50,000	Held
Wells Fargo & CompanyWFC	<0.1%	$615,762	7,451	Held
Total Return Securities FundSWZ	<0.1%	$580,140	97,667	Held
Hormel FoodsHRL	<0.1%	$459,170	18,500	-3%
OUTFRONT MediaOUT	<0.1%	$445,143	13,588	Held
LT GroupLTGIF	<0.1%	$431,530	1,775,000	Held
ChevronCVX	<0.1%	$409,427	2,470	Held
OracleORCL	<0.1%	$397,883	2,715	-25%
Unum GroupUNM	<0.1%	$311,559	3,485	-8%
Johnson & JohnsonJNJ	<0.1%	$282,415	1,112	-15%
CaterpillarCAT	<0.1%	$282,199	265	-41%
McDonald'sMCD	<0.1%	$255,984	947	Held
Walt DisneyDIS	<0.1%	$239,858	2,492	Held
Amazon.comAMZN	<0.1%	$223,086	936	-10%
MerckMRK	<0.1%	$211,006	1,642	-23%
Cofide SPA	<0.1%	$199,642	251,250	Held
Hanjaya Mandala SampoernaPHJMF	<0.1%	$187,360	5,000,000	Held

Over time and by industry

Value over time

Jun '25

Dec '25

Jun '26

Value is down 5.1% since 30 June 2025.

Where the money is

Media & telecom17.3%

Financial services15.4%

Everyday goods10.1%

Technology5.0%

Materials4.6%

Industrials4.4%

Retail & consumer2.5%

Energy0.3%

Health care0.1%

Real estate0.0%

Other40.4%

From the fund's 13F filings. They list US stocks and options only, 45 days after each quarter, and leave out cash, bonds, shorts and foreign shares.