Tom Russo – Gardner Russo & Quinn LLC

Period:: Q1 2026
Portfolio date:: Mar 31, 2026
No. of stocks:: 83
Portfolio value:: $8,496,284,000
Filed:: May 13, 2026
Style:: Global Value

Stock	Issuer	% of Portfolio	Recent Activity	Shares	Price	Value ▼
BRK.A hist	Berkshire Hathaway Inc Cl A	12.34	Reduce 2.00%	1,460	$718139.73	$1.05B
GOOG hist	Alphabet Inc Cl C	11.31	Reduce 15.00%	3,350,337	$286.86	$961.08M
MA hist	Mastercard Inc Cl A	9.15	Reduce 2.00%	1,555,141	$499.66	$777.04M
PM hist	Philip Morris International In	8.96	Reduce 2.00%	4,605,069	$165.34	$761.40M
HKHHY hist	Heineken Holding NV	7.59	Reduce 1.00%	9,116,659	$70.70	$644.52M
CFRUY hist	Compagnie Financiere Richemont	7.00	Reduce 2.00%	3,447,287	$172.42	$594.39M
NSRGY hist	Nestle SA Sponsored ADR	6.41	Reduce 2.00%	5,492,844	$99.10	$544.32M
NFLX hist	Netflix Inc	6.35	Add 12.00%	5,610,666	$96.15	$539.47M
BRK.B hist	Berkshire Hathaway Inc Cl B	6.26	Reduce 1.00%	1,110,429	$479.20	$532.12M
MLM hist	Martin Marietta Materials	4.96	Reduce 2.00%	715,411	$588.68	$421.15M
SUNB hist	Sunbelt Rentals Holdings Inc	4.65	Buy	6,067,311	$65.08	$394.88M
UBER hist	Uber Technologies Inc	4.38	Add 1.00%	5,173,404	$71.93	$372.12M
ERFSF hist	Eurofins Scientific	2.63	Buy	3,096,404	$72.20	$223.55M
PDRDY hist	Pernod Ricard	2.16	Reduce 3.00%	2,479,656	$73.99	$183.48M
DASH hist	Doordash Inc Cl A	1.77	Add 8.00%	1,001,195	$150.15	$150.33M
CMCSA hist	Comcast Corp New Cl A	0.76	Reduce 2.00%	2,253,106	$28.71	$64.69M
BF.A hist	Brown-Forman Corp Cl A	0.52	Reduce 1.00%	1,647,878	$26.79	$44.15M
JPM hist	J.P. Morgan Chase	0.52	Reduce 72.00%	148,798	$294.16	$43.77M
XOM hist	Exxon Mobil Corp	0.39	—	193,950	$169.66	$32.91M
V hist	Visa Inc Cl A	0.33	Reduce 14.00%	93,812	$302.24	$28.35M
BF.B hist	Brown-Forman Corp Cl B	0.21	Reduce 7.00%	659,694	$26.44	$17.44M
BUD hist	Anheuser-Busch InBev SA	0.15	Reduce 31.00%	184,010	$68.81	$12.66M
MO hist	Altria Group Inc	0.13	—	164,461	$65.99	$10.85M
MKL hist	Markel Corp	0.11	Reduce 21.00%	4,954	$1914.01	$9.48M
CR hist	Crane Company	0.09	Reduce 14.00%	46,626	$171.00	$7.97M
UNP hist	Union Pac Corp	0.08	Add 11.00%	27,638	$242.64	$6.71M
COST hist	Costco Whsl Corp	0.05	—	4,624	$996.32	$4.61M
DOV hist	Dover Corp	0.05	Reduce 2.00%	19,126	$208.46	$3.99M
GOOGL hist	Alphabet Inc Cl A	0.04	Reduce 22.00%	11,610	$287.60	$3.34M
ABBV hist	AbbVie Inc	0.03	—	12,410	$217.49	$2.70M
LDSVF hist	Lindt & Spruengli AG - Reg	0.03	—	15	$142133.33	$2.13M
VMC hist	Vulcan Materials	0.02	Reduce 8.00%	7,263	$272.34	$1.98M
AXP hist	American Express	0.02	Reduce 47.00%	6,485	$302.54	$1.96M
MKC hist	McCormick Inc	0.02	Reduce 5.00%	38,581	$50.44	$1.95M
KNCRF hist	Konecranes	0.02	Add 185.00%	52,500	$32.19	$1.69M
WRBY hist	Warby Parker Inc Cl A	0.02	Add 23.00%	80,000	$21.07	$1.69M
FLMNF hist	Fielmann	0.02	Add 28.00%	33,000	$50.18	$1.66M
SSP hist	SSP Group	0.02	Add 6.00%	700,000	$2.31	$1.61M
FLUIF hist	Fluidra	0.02	Add 19.00%	70,000	$22.79	$1.59M
RTLLF hist	Rational AG	0.02	Add 126.00%	2,200	$716.82	$1.58M
AKBLF hist	ALK Abello A/S	0.02	Add 43.00%	50,000	$31.18	$1.56M
LEVI hist	Levi Strauss & Co Cl A	0.02	Add 73.00%	82,725	$18.50	$1.53M
LRLCY hist	Loreal SA	0.02	—	3,705	$402.43	$1.49M
PEP hist	Pepsico Inc	0.02	Reduce 6.00%	9,205	$155.24	$1.43M
DVDCF hist	Davide Campari-Milano NV	0.02	Reduce 17.00%	202,013	$7.06	$1.43M
KMROF hist	Kalmar Oyj B	0.02	Add 13.00%	27,000	$49.96	$1.35M
DELHF hist	De'Longhi	0.02	Add 11.00%	39,000	$34.54	$1.35M
PG hist	Procter & Gamble	0.02	Reduce 23.00%	9,229	$144.44	$1.33M
PUGBY hist	Puig Brands	0.02	—	68,000	$19.46	$1.32M
MSFT hist	Microsoft Corp	0.02	Reduce 4.00%	3,544	$370.20	$1.31M
LTSSF hist	Lotus Bakeries	0.02	—	115	$11226.09	$1.29M
WILLF hist	Demant A/S	0.01	—	41,000	$29.90	$1.23M
CABJF hist	Carlsberg B A/S	0.01	Reduce 57.00%	9,872	$123.89	$1.22M
ECTXF hist	Electrolux Professional	0.01	Add 15.00%	230,000	$5.29	$1.22M
WMT hist	Wal Mart Stores Inc	0.01	Reduce 4.00%	9,740	$124.23	$1.21M
AAPL hist	Apple Inc	0.01	Add 2.00%	4,751	$253.84	$1.21M
ABT hist	Abbott Labs	0.01	—	11,510	$102.69	$1.18M
HMEXF hist	H&M	0.01	—	64,000	$18.39	$1.18M
FULT hist	Fulton Finl Corp	0.01	Reduce 10.00%	48,950	$20.35	$996K
KO hist	Coca-Cola	0.01	Reduce 5.00%	13,025	$76.08	$991K
JBTM hist	JBT Marel Corp	0.01	—	7,250	$127.86	$927K
YETI hist	Yeti Holdings Inc	0.01	—	24,000	$36.58	$878K
FBLA hist	FB Bancorp Inc	0.01	—	50,000	$13.74	$687K
LAMR hist	Lamar Advertising Co-A	0.01	Reduce 10.00%	5,368	$126.68	$680K
ZLDSF hist	Zalando SE	0.01	—	28,000	$23.68	$663K
HRI hist	Herc Holdings Inc	0.01	—	6,450	$99.53	$642K
WFC hist	Wells Fargo	0.01	Reduce 6.00%	7,450	$79.60	$593K
SWZ hist	Total Return Securities Fund	0.01	Reduce 33.00%	97,667	$5.93	$579K
ORCL hist	Oracle Corp	0.01	Add 4.00%	3,600	$147.22	$530K
CVX hist	Chevron Corp	0.01	Reduce 7.00%	2,470	$206.88	$511K
GNRC hist	Generac Holdings Inc	0.01	—	2,250	$195.11	$439K
HRL hist	Hormel Foods Corp	0.01	Reduce 4.00%	19,000	$22.63	$430K
—	LT Group Inc	0.01	—	1,775,000	$0.24	$428K
OUT hist	Outfront Media Inc	0.00	Reduce 13.00%	13,588	$26.49	$360K
CAT hist	Caterpillar Inc	0.00	Reduce 18.00%	450	$708.89	$319K
JNJ hist	Johnson & Johnson	0.00	Add 34.00%	1,304	$244.63	$319K
MCD hist	McDonalds Corp	0.00	Add 5.00%	947	$310.45	$294K
UNM hist	Unum Group	0.00	—	3,800	$73.16	$278K
MRK hist	Merck Inc	0.00	Buy	2,141	$120.50	$258K
DIS hist	Disney Walt Productions	0.00	—	2,517	$96.54	$243K
AMZN hist	Amazon.com Inc	0.00	—	1,040	$208.65	$217K
PHJMF hist	Hanjaya Mandala Sampoerna	0.00	—	5,000,000	$0.04	$213K
—	Cofide SPA	0.00	—	251,250	$0.78	$196K
ASHTF hist	Ashtead Group PLC	0.00	Sell	0	—	$0
DEO hist	Diageo PLC	0.00	Sell	0	—	$0
H hist	Hyatt Hotels Corp Cl A	0.00	Sell	0	—	$0
PNC hist	PNC Bank Corp	0.00	Sell	0	—	$0
IBM hist	I B M	0.00	Sell	0	—	$0

Stock

Issuer

% of Portfolio

Recent Activity

Price

Value ▼

BRK.A hist

Berkshire Hathaway Inc Cl A

12.34

Reduce 2.00%

1,460

$718139.73

$1.05B

GOOG hist

Alphabet Inc Cl C

11.31

Reduce 15.00%

3,350,337

$286.86

$961.08M

MA hist

Mastercard Inc Cl A

9.15

Reduce 2.00%

1,555,141

$499.66

$777.04M

PM hist

Philip Morris International In

8.96

Reduce 2.00%

4,605,069

$165.34

$761.40M

HKHHY hist

Heineken Holding NV

7.59

Reduce 1.00%

9,116,659

$70.70

$644.52M

CFRUY hist

Compagnie Financiere Richemont

7.00

Reduce 2.00%

3,447,287

$172.42

$594.39M

NSRGY hist

Nestle SA Sponsored ADR

6.41

Reduce 2.00%

5,492,844

$99.10

$544.32M

NFLX hist

Netflix Inc

6.35

Add 12.00%

5,610,666

$96.15

$539.47M

BRK.B hist

Berkshire Hathaway Inc Cl B

6.26

Reduce 1.00%

1,110,429

$479.20

$532.12M

MLM hist

Martin Marietta Materials

4.96

Reduce 2.00%

715,411

$588.68

$421.15M

SUNB hist

Sunbelt Rentals Holdings Inc

4.65

Buy

6,067,311

$65.08

$394.88M

UBER hist

Uber Technologies Inc

4.38

Add 1.00%

5,173,404

$71.93

$372.12M

ERFSF hist

Eurofins Scientific

2.63

Buy

3,096,404

$72.20

$223.55M

PDRDY hist

Pernod Ricard

2.16

Reduce 3.00%

2,479,656

$73.99

$183.48M

DASH hist

Doordash Inc Cl A

1.77

Add 8.00%

1,001,195

$150.15

$150.33M

CMCSA hist

Comcast Corp New Cl A

0.76

Reduce 2.00%

2,253,106

$28.71

$64.69M

BF.A hist

Brown-Forman Corp Cl A

0.52

Reduce 1.00%

1,647,878

$26.79

$44.15M

JPM hist

J.P. Morgan Chase

0.52

Reduce 72.00%

148,798

$294.16

$43.77M

XOM hist

Exxon Mobil Corp

0.39

—

193,950

$169.66

$32.91M

V hist

Visa Inc Cl A

0.33

Reduce 14.00%

93,812

$302.24

$28.35M

BF.B hist

Brown-Forman Corp Cl B

0.21

Reduce 7.00%

659,694

$26.44

$17.44M

BUD hist

Anheuser-Busch InBev SA

0.15

Reduce 31.00%

184,010

$68.81

$12.66M

MO hist

Altria Group Inc

0.13

—

164,461

$65.99

$10.85M

MKL hist

Markel Corp

0.11

Reduce 21.00%

4,954

$1914.01

$9.48M

CR hist

Crane Company

0.09

Reduce 14.00%

46,626

$171.00

$7.97M

UNP hist

Union Pac Corp

0.08

Add 11.00%

27,638

$242.64

$6.71M

COST hist

Costco Whsl Corp

0.05

—

4,624

$996.32

$4.61M

DOV hist

Dover Corp

0.05

Reduce 2.00%

19,126

$208.46

$3.99M

GOOGL hist

Alphabet Inc Cl A

0.04

Reduce 22.00%

11,610

$287.60

$3.34M

ABBV hist

AbbVie Inc

0.03

—

12,410

$217.49

$2.70M

LDSVF hist

Lindt & Spruengli AG - Reg

0.03

—

$142133.33

$2.13M

VMC hist

Vulcan Materials

0.02

Reduce 8.00%

7,263

$272.34

$1.98M

AXP hist

American Express

0.02

Reduce 47.00%

6,485

$302.54

$1.96M

MKC hist

McCormick Inc

0.02

Reduce 5.00%

38,581

$50.44

$1.95M

KNCRF hist

Konecranes

0.02

Add 185.00%

52,500

$32.19

$1.69M

WRBY hist

Warby Parker Inc Cl A

0.02

Add 23.00%

80,000

$21.07

$1.69M

FLMNF hist

Fielmann

0.02

Add 28.00%

33,000

$50.18

$1.66M

SSP hist

SSP Group

0.02

Add 6.00%

700,000

$2.31

$1.61M

FLUIF hist

Fluidra

0.02

Add 19.00%

70,000

$22.79

$1.59M

RTLLF hist

Rational AG

0.02

Add 126.00%

2,200

$716.82

$1.58M

AKBLF hist

ALK Abello A/S

0.02

Add 43.00%

50,000

$31.18

$1.56M

LEVI hist

Levi Strauss & Co Cl A

0.02

Add 73.00%

82,725

$18.50

$1.53M

LRLCY hist

Loreal SA

0.02

—

3,705

$402.43

$1.49M

PEP hist

Pepsico Inc

0.02

Reduce 6.00%

9,205

$155.24

$1.43M

DVDCF hist

Davide Campari-Milano NV

0.02

Reduce 17.00%

202,013

$7.06

$1.43M

KMROF hist

Kalmar Oyj B

0.02

Add 13.00%

27,000

$49.96

$1.35M

DELHF hist

De'Longhi

0.02

Add 11.00%

39,000

$34.54

$1.35M

PG hist

Procter & Gamble

0.02

Reduce 23.00%

9,229

$144.44

$1.33M

PUGBY hist

Puig Brands

0.02

—

68,000

$19.46

$1.32M

MSFT hist

Microsoft Corp

0.02

Reduce 4.00%

3,544

$370.20

$1.31M

LTSSF hist

Lotus Bakeries

0.02

—

115

$11226.09

$1.29M

WILLF hist

Demant A/S

0.01

—

41,000

$29.90

$1.23M

CABJF hist

Carlsberg B A/S

0.01

Reduce 57.00%

9,872

$123.89

$1.22M

ECTXF hist

Electrolux Professional

0.01

Add 15.00%

230,000

$5.29

$1.22M

WMT hist

Wal Mart Stores Inc

0.01

Reduce 4.00%

9,740

$124.23

$1.21M

AAPL hist

Apple Inc

0.01

Add 2.00%

4,751

$253.84

$1.21M

ABT hist

Abbott Labs

0.01

—

11,510

$102.69

$1.18M

HMEXF hist

H&M

0.01

—

64,000

$18.39

$1.18M

FULT hist

Fulton Finl Corp

0.01

Reduce 10.00%

48,950

$20.35

$996K

KO hist

Coca-Cola

0.01

Reduce 5.00%

13,025

$76.08

$991K

JBTM hist

JBT Marel Corp

0.01

—

7,250

$127.86

$927K

YETI hist

Yeti Holdings Inc

0.01

—

24,000

$36.58

$878K

FBLA hist

FB Bancorp Inc

0.01

—

50,000

$13.74

$687K

LAMR hist

Lamar Advertising Co-A

0.01

Reduce 10.00%

5,368

$126.68

$680K

ZLDSF hist

Zalando SE

0.01

—

28,000

$23.68

$663K

HRI hist

Herc Holdings Inc

0.01

—

6,450

$99.53

$642K

WFC hist

Wells Fargo

0.01

Reduce 6.00%

7,450

$79.60

$593K

SWZ hist

Total Return Securities Fund

0.01

Reduce 33.00%

97,667

$5.93

$579K

ORCL hist

Oracle Corp

0.01

Add 4.00%

3,600

$147.22

$530K

CVX hist

Chevron Corp

0.01

Reduce 7.00%

2,470

$206.88

$511K

GNRC hist

Generac Holdings Inc

0.01

—

2,250

$195.11

$439K

HRL hist

Hormel Foods Corp

0.01

Reduce 4.00%

19,000

$22.63

$430K

—

LT Group Inc

0.01

—

1,775,000

$0.24

$428K

OUT hist

Outfront Media Inc

0.00

Reduce 13.00%

13,588

$26.49

$360K

CAT hist

Caterpillar Inc

0.00

Reduce 18.00%

450

$708.89

$319K

JNJ hist

Johnson & Johnson

0.00

Add 34.00%

1,304

$244.63

$319K

MCD hist

McDonalds Corp

0.00

Add 5.00%

947

$310.45

$294K

UNM hist

Unum Group

0.00

—

3,800

$73.16

$278K

MRK hist

Merck Inc

0.00

Buy

2,141

$120.50

$258K

DIS hist

Disney Walt Productions

0.00

—

2,517

$96.54

$243K

AMZN hist

Amazon.com Inc

0.00

—

1,040

$208.65

$217K

PHJMF hist

Hanjaya Mandala Sampoerna

0.00

—

5,000,000

$0.04

$213K

—

Cofide SPA

0.00

—

251,250

$0.78

$196K

ASHTF hist

Ashtead Group PLC

0.00

Sell

—

DEO hist

Diageo PLC

0.00

Sell

—

H hist

Hyatt Hotels Corp Cl A

0.00

Sell

—

PNC hist

PNC Bank Corp

0.00

Sell

—

IBM hist

I B M

0.00

Sell

—