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Tom Russo

Gardner Russo & Quinn LLC

Period:  Q3, 2025
Filed Date:  Nov 12, 2025
Reported Date:  Sep 30, 2025
No. of Stocks:  85
Portfolio Value:  9.33B
SEC Reference
Holding
Activity
StockActivityShare Change% Change to protfolio
Q3 2025

GOOGL - Alphabet inc

Reduced 1.54%154861.545

GOOG - Alphabet inc

Reduced 8.65%46499238.652

MO - Altria group inc

Reduced 13.45%16569313.449

AXP - American express co

Reduced 0.01%136320.015

AAPL - Apple inc

Reduced 8.74%46998.740

BRK-A - Berkshire hathaway inc-cl a

Reduced 5.11%15415.111

BRK-B - Berkshire hathaway inc-cl b

Add 0.59%11613940.247

BF-A - Brown-forman corp-class a

Reduced 5.97%17180725.970

BF-B - Brown-forman corp-class b

Reduced 1.64%7657681.638

CAT - Caterpillar inc

Buy7000.004

CMCSA - Comcast corp

Reduced 4.39%24457114.388

COST - Costco wholesale corp

Reduced 0.19%46240.194

CR - Crane co

Reduced 4.85%564764.850

DIS - Walt disney co

Reduced 10.93%251010.930

DASH - Doordash, inc.

Reduced 4.18%9263634.179

DOV - Dover corp

Reduced 9.28%195519.280

XOM - Exxon mobil corp

Add 0.76%1917420.012
Fb bancorp inc
Reduced 9.09%500009.091

FMX - Fomento economico mexicano sab de cv

Reduced 4.45%32184.454

FULT - Fulton financial corp

Reduced 5.28%646005.279

GNRC - Generac holdings inc

Reduced 60.18%225060.177
Herc holdings inc
Reduced 23.67%645023.669

HRL - Hormel foods corp /de/

Reduced 44.25%1983544.254

JPM - Jpmorgan chase & co

Reduced 5.00%5450304.997

MKL - Markel group inc.

Reduced 6.02%76536.017

MLM - Martin marietta materials inc

Reduced 3.54%6875373.541

MA - Mastercard inc

Reduced 3.73%16202723.730

MKC - Mccormick & company inc

Reduced 0.92%415910.917

MSFT - Microsoft corp

Reduced 17.33%350517.335

NSRGY - Nestle sa-spons adr

Reduced 3.93%57786603.927

NFLX - Netflix inc

Reduced 5.15%5144255.146

PM - Philip morris international inc

Reduced 4.33%46622014.332

PNC - Pnc financial services group inc

Reduced 5.06%37505.063

TFC - Truist financial corp

Add 0.81%93550.000

UBER - Uber technologies inc

Reduced 3.80%47108413.796

UNP - Union pacific corp

Add 0.52%248430.002

V - Visa inc

Reduced 3.69%1222643.687

VMC - Vulcan materials co

Reduced 2.61%98972.608
Warby parker inc cl a
Add 5.17%610000.004

WFC - Wells fargo & co

Reduced 55.58%1014955.580

BUDFF - Anheuser-busch inbev sa

Reduced 4.75%2822154.754
Ashtead group plc
Reduced 4.02%55770804.020
Carlsberg b a/s
Add 0.74%12055-0.003

CFRHF - Compagnie financiere richemont sa

Reduced 3.33%36039923.335
Davide campari-milano nv
Reduced 10.26%21035310.256
Electrolux professional
Add 13.96%2000000.001
Fielmann
Add 8.70%25000-0.000
Heineken holding nv
Add 10.14%92859060.115
Kalmar oyj b
Buy200000.008
Konecranes
Reduced 21.99%1845021.987
Nestle sa-reg
Reduced 1.02%111701.019

PDRDF - Pernod ricard sa

Reduced 4.38%27006414.375
Ssp group
Add 20.44%6600000.002
Zalando se
Add 7.69%280000.000

RL - Ralph lauren corp

Sold 100%41000.012

DGEAF - Diageo plc

Sold 100%80770.002
Q2 2025

GOOGL - Alphabet inc

Add 0.76%157290.004

GOOG - Alphabet inc

Reduced 0.32%50903170.319

MO - Altria group inc

Reduced 22.38%19144022.383

AXP - American express co

Reduced 0.18%136340.176

AAPL - Apple inc

Reduced 1.91%51491.905

BRK-A - Berkshire hathaway inc-cl a

Reduced 1.99%16241.992

BRK-B - Berkshire hathaway inc-cl b

Reduced 2.21%11545662.206

BF-A - Brown-forman corp-class a

Reduced 2.34%18271482.340

BF-B - Brown-forman corp-class b

Reduced 5.15%7785215.150

CVX - Chevron corp

Reduced 36.68%267036.685

CMCSA - Comcast corp

Reduced 2.25%25579662.249

COST - Costco wholesale corp

Reduced 0.09%46330.086

CR - Crane co

Reduced 1.58%593551.575

DIS - Walt disney co

Reduced 4.25%28184.247

DASH - Doordash, inc.

Add 21.81%9667600.991

DOV - Dover corp

Reduced 1.82%215511.822

XOM - Exxon mobil corp

Add 0.44%190301-0.021
Fb bancorp inc
Reduced 21.43%5500021.429

FMX - Fomento economico mexicano sab de cv

Reduced 0.88%33680.883

FULT - Fulton financial corp

Reduced 2.15%682002.152

GNRC - Generac holdings inc

Reduced 31.52%565031.515
Herc holdings inc
Reduced 10.58%845010.582

HRL - Hormel foods corp /de/

Reduced 22.79%3558122.786

H - Hyatt hotels corp

Reduced 25.70%867525.696

JPM - Jpmorgan chase & co

Reduced 45.01%57370045.014
Levi strauss & co cl a
Reduced 29.53%4772529.531

MKL - Markel group inc.

Reduced 1.61%81431.607

MLM - Martin marietta materials inc

Reduced 0.21%7127790.206

MA - Mastercard inc

Reduced 1.94%16830511.941

MKC - Mccormick & company inc

Reduced 1.52%419761.525

MSFT - Microsoft corp

Reduced 8.23%42408.225

NSRGY - Nestle sa-spons adr

Reduced 2.10%60148332.098

NFLX - Netflix inc

Reduced 2.88%5423342.879
Outfront media inc
Reduced 11.39%1569011.386

PEP - Pepsico inc

Reduced 0.17%109600.173

PM - Philip morris international inc

Reduced 2.86%48733262.857

PNC - Pnc financial services group inc

Reduced 20.20%395020.202

PG - Procter & gamble co

Reduced 0.73%109200.727

TFC - Truist financial corp

Reduced 4.25%92804.251

UBER - Uber technologies inc

Add 10.49%48967221.424

UNP - Union pacific corp

Add 0.52%24715-0.001

V - Visa inc

Reduced 2.87%1269442.874

VMC - Vulcan materials co

Reduced 45.77%1016245.765

WMT - Walmart inc

Reduced 0.73%101650.732
Warby parker inc cl a
Add 12.29%580000.004

WFC - Wells fargo & co

Reduced 63.68%2284863.676
Yeti holdings inc
Reduced 26.15%2400026.154

BUDFF - Anheuser-busch inbev sa

Reduced 12.51%29630012.506
Ashtead group plc
Add 5.37%58106860.815
Carlsberg b a/s
Add 16.11%119670.004

CFRHF - Compagnie financiere richemont sa

Reduced 1.59%37283151.592
Davide campari-milano nv
Reduced 0.32%2343930.322
Deliveroo plc
Buy3900000.010
Demant a/s
Add 1.86%410000.004
Fielmann
Add 3.14%230000.006
Fluidra
Add 4.95%530000.001
H&m
Reduced 27.27%6400027.273
Heineken holding nv
Add 3.57%84306460.401
Lindt & spruengli ag - reg
Reduced 6.25%156.250
Loreal sa
Reduced 0.88%40500.881
Lotus bakeries
Reduced 11.54%11511.538

PDRDF - Pernod ricard sa

Reduced 2.01%28242142.013
Zalando se
Buy260000.009

SWZ - Swiss helvetia fund inc

Add 48.00%4342370.001

BP - Bp plc

Sold 100%63000.002
Heineken holding nv adr
Sold 100%62600.003

MRK - Merck & co inc

Sold 100%27630.003
Q1 2025

GOOGL - Alphabet inc

Reduced 23.72%1561123.722

GOOG - Alphabet inc

Reduced 9.39%51066059.392

MO - Altria group inc

Reduced 8.59%2466488.590

AXP - American express co

Reduced 7.82%136587.816

AAPL - Apple inc

Reduced 9.56%52499.562

BRK-A - Berkshire hathaway inc-cl a

Reduced 11.34%165711.343

BRK-B - Berkshire hathaway inc-cl b

Reduced 8.26%11806088.261

BP - Bp plc

Buy63000.002

BF-A - Brown-forman corp-class a

Reduced 7.15%18709227.147

BF-B - Brown-forman corp-class b

Reduced 2.33%8207962.332

CVX - Chevron corp

Reduced 5.55%42175.554

KO - Coca-cola co

Reduced 3.30%136403.297

CMCSA - Comcast corp

Reduced 6.01%26168116.007

COST - Costco wholesale corp

Reduced 14.08%463714.082

CR - Crane co

Reduced 0.70%603050.700

DIS - Walt disney co

Reduced 17.59%294317.586

DASH - Doordash, inc.

Add 18.43%7936650.366

DOV - Dover corp

Reduced 2.23%219512.227

XOM - Exxon mobil corp

Add 0.27%1894690.025

FMX - Fomento economico mexicano sab de cv

Reduced 1.96%33981.962

FULT - Fulton financial corp

Reduced 6.69%697006.693

GNRC - Generac holdings inc

Buy82500.012
Heineken holding nv adr
Reduced 13.85%626013.845
Herc holdings inc
Buy94500.014

HRL - Hormel foods corp /de/

Reduced 8.47%460818.470

H - Hyatt hotels corp

Buy116750.016

JPM - Jpmorgan chase & co

Reduced 17.31%104335417.306

JBT - John bean technologies corp

Buy72500.010
Levi strauss & co cl a
Buy677250.012

MKL - Markel group inc.

Reduced 4.00%82764.002

MLM - Martin marietta materials inc

Add 1.02%714252-0.265

MA - Mastercard inc

Reduced 8.93%17163748.929

MKC - Mccormick & company inc

Reduced 0.34%426260.337

MRK - Merck & co inc

Reduced 5.57%27635.571

MSFT - Microsoft corp

Reduced 6.76%46206.761

NSRGY - Nestle sa-spons adr

Reduced 2.90%61437392.903

NFLX - Netflix inc

Reduced 11.75%55841211.752
Outfront media inc
Reduced 60.49%1770660.490

PEP - Pepsico inc

Reduced 4.76%109794.762

PM - Philip morris international inc

Reduced 3.34%50166313.344

PG - Procter & gamble co

Reduced 53.69%1100053.692

RL - Ralph lauren corp

Buy41000.010

TFC - Truist financial corp

Add 0.78%9692-0.000

UBER - Uber technologies inc

Add 6.77%44316750.813

UNP - Union pacific corp

Add 0.21%245880.002

V - Visa inc

Reduced 36.15%13070136.149

VMC - Vulcan materials co

Reduced 11.52%1873711.518

WMT - Walmart inc

Reduced 0.63%102400.631
Warby parker inc cl a
Buy516500.011

WFC - Wells fargo & co

Reduced 67.50%6290167.502
Yeti holdings inc
Buy325000.012

BUDFF - Anheuser-busch inbev sa

Reduced 10.43%33865010.428
Ashtead group plc
Add 16.89%55143090.020
Carlsberg b a/s
Reduced 43.17%1030743.175

CFRHF - Compagnie financiere richemont sa

Reduced 10.25%378864910.254
Davide campari-milano nv
Reduced 59.42%23515159.424
De'longhi
Buy352500.013
Demant a/s
Buy402500.015

DGEAF - Diageo plc

Reduced 2.12%80772.121
Electrolux professional
Buy1755000.012
Fielmann
Buy223000.011
Fluidra
Buy505000.013
H&m
Buy880000.013
Heineken holding nv
Add 3.56%81398381.316
Konecranes
Buy236500.017
Loreal sa
Reduced 28.45%408628.454
Lotus bakeries
Buy1300.013
Nestle sa-reg
Add 7.89%112850.003

PDRDF - Pernod ricard sa

Reduced 5.14%28822475.137
Puig brands
Buy680000.013
Rational ag
Buy9750.009
Ssp group
Buy5480000.012

SWZ - Swiss helvetia fund inc

Add 1.59%2934030.006

CFRUY - Compagnie financiere richemont sa

Sold 100%121400.002

MDLZ - Mondelez international inc

Sold 100%44000.003
Q4 2024

ABBV - Abbvie inc

Reduced 0.80%124100.799

GOOGL - Alphabet inc

Add 0.15%204660.005

GOOG - Alphabet inc

Reduced 5.97%56359355.973

MO - Altria group inc

Reduced 6.67%2698266.666

AXP - American express co

Reduced 3.42%148163.422

AAPL - Apple inc

Reduced 7.49%58047.491

BRK-A - Berkshire hathaway inc-cl a

Reduced 8.61%18698.606

BRK-B - Berkshire hathaway inc-cl b

Reduced 4.17%12869214.169

BF-A - Brown-forman corp-class a

Reduced 5.26%20149205.259

BF-B - Brown-forman corp-class b

Reduced 4.27%8403964.270

CVX - Chevron corp

Add 0.36%4465-0.000

KO - Coca-cola co

Reduced 2.92%141052.925

CMCSA - Comcast corp

Reduced 6.26%27840486.259

CFRUY - Compagnie financiere richemont sa

Reduced 81.70%1214081.700

COST - Costco wholesale corp

Reduced 0.46%53970.461

CR - Crane co

Reduced 2.61%607302.608

DIS - Walt disney co

Reduced 8.08%35718.082

DASH - Doordash, inc.

Reduced 4.98%6701314.982

DOV - Dover corp

Reduced 2.81%224512.814

XOM - Exxon mobil corp

Add 0.38%188953-0.020
Fb bancorp inc
Buy700000.009

FMX - Fomento economico mexicano sab de cv

Reduced 4.81%34664.806

FULT - Fulton financial corp

Reduced 8.04%747008.037
Heineken holding nv adr
Reduced 65.82%726665.815

HRL - Hormel foods corp /de/

Reduced 5.17%503455.172

JPM - Jpmorgan chase & co

Reduced 12.42%126170912.424

MKL - Markel group inc.

Reduced 4.38%86214.381

MLM - Martin marietta materials inc

Reduced 5.74%7070105.741

MA - Mastercard inc

Reduced 6.30%18846646.297

MKC - Mccormick & company inc

Reduced 0.12%427700.117

MRK - Merck & co inc

Reduced 5.22%29265.215

MSFT - Microsoft corp

Reduced 1.00%49550.999

NSRGY - Nestle sa-spons adr

Reduced 9.04%63274099.041

NFLX - Netflix inc

Reduced 13.54%63277313.536
Outfront media inc
Buy448140.009

PEP - Pepsico inc

Reduced 5.83%115285.832

PM - Philip morris international inc

Reduced 3.64%51902003.644

PNC - Pnc financial services group inc

Reduced 7.48%49507.477

PG - Procter & gamble co

Reduced 24.05%2375424.053

TFC - Truist financial corp

Add 0.74%96170.000

UBER - Uber technologies inc

Add 9.31%4150867-0.396

UNP - Union pacific corp

Add 0.48%24536-0.005

V - Visa inc

Reduced 22.89%20469622.890

VMC - Vulcan materials co

Reduced 9.82%211769.816

WMT - Walmart inc

Reduced 0.58%103050.579

WFC - Wells fargo & co

Reduced 51.89%19355651.890

BUDFF - Anheuser-busch inbev sa

Reduced 5.16%3780755.155
Ashtead group plc
Reduced 4.61%47176664.615
Carlsberg b a/s
Reduced 22.65%1813822.652
Cofide spa
Buy2512500.002

CFRHF - Compagnie financiere richemont sa

Reduced 6.38%42215426.376
Davide campari-milano nv
Reduced 17.61%57953117.607

DGEAF - Diageo plc

Reduced 2.37%82522.366
Heineken holding nv
Reduced 3.70%78601623.704
Heineken nv
Reduced 40.53%1513140.525
Lindt & spruengli ag - reg
Reduced 5.88%165.882
Loreal sa
Reduced 1.01%57111.005
Nestle sa-reg
Reduced 73.90%1046073.903

PDRDF - Pernod ricard sa

Reduced 6.52%30383346.525

SWZ - Swiss helvetia fund inc

Add 1.92%288801-0.004
Ashtead group plc adr
Sold 100%12530.004

BP - Bp plc

Sold 100%66020.002

CSL - Carlisle companies inc

Sold 100%5000.002

CTVA - Corteva, inc.

Sold 100%60700.004

DHR - Danaher corp

Sold 100%8190.002
Davide campari-milano adr
Sold 100%136500.001

HEINY - Heineken nv-spn adr

Sold 100%52550.002

OUT - Outfront media inc

Sold 100%450070.008

PRNDY - Pernod ricard sa

Sold 100%230570.007

TT - Trane technologies plc

Sold 100%5400.002
Cir spa
Sold 100%2512500.002
Reckitt benckiser group plc
Sold 100%42300.003
Q3 2024

GOOGL - Alphabet inc

Add 0.39%20436-0.003

GOOG - Alphabet inc

Reduced 3.48%59939463.477

MO - Altria group inc

Add 0.98%2890980.018

AXP - American express co

Reduced 4.57%153414.566

AAPL - Apple inc

Reduced 7.72%62747.722

BRK-A - Berkshire hathaway inc-cl a

Reduced 3.26%20453.264

BRK-B - Berkshire hathaway inc-cl b

Reduced 3.41%13429043.410

BP - Bp plc

Add 0.92%6602-0.000

BF-A - Brown-forman corp-class a

Reduced 2.02%21267662.023

BF-B - Brown-forman corp-class b

Reduced 1.56%8778851.559

CVX - Chevron corp

Reduced 4.34%44494.343

KO - Coca-cola co

Reduced 0.34%145300.343

CMCSA - Comcast corp

Reduced 3.10%29699273.096

CFRUY - Compagnie financiere richemont sa

Add 0.30%663400.000

CTVA - Corteva, inc.

Add 0.30%60700.000

COST - Costco wholesale corp

Reduced 1.00%54221.004

CR - Crane co

Reduced 3.93%623563.929

DHR - Danaher corp

Buy8190.002

DIS - Walt disney co

Reduced 4.92%38854.919

DASH - Doordash, inc.

Reduced 1.55%7052671.552

DOV - Dover corp

Reduced 1.39%231011.387

XOM - Exxon mobil corp

Add 4.27%1882330.013

FMX - Fomento economico mexicano sab de cv

Reduced 26.81%364126.814

FULT - Fulton financial corp

Reduced 28.94%8122828.937
Heineken holding nv adr
Add 4.67%212550.000

HRL - Hormel foods corp /de/

Reduced 7.97%530917.974

JPM - Jpmorgan chase & co

Reduced 3.49%14407073.492

LAMR - Lamar advertising co/new

Reduced 0.02%59740.017

MKL - Markel group inc.

Reduced 6.27%90166.269

MLM - Martin marietta materials inc

Reduced 1.83%7500721.831

MA - Mastercard inc

Reduced 2.19%20113082.190

MKC - Mccormick & company inc

Reduced 1.15%428201.154

MCD - Mcdonald's corp

Reduced 41.10%70541.103

MRK - Merck & co inc

Reduced 10.42%308710.418

MSFT - Microsoft corp

Reduced 3.84%50053.842

NSRGY - Nestle sa-spons adr

Reduced 4.19%69563224.191

NFLX - Netflix inc

Reduced 6.42%7318386.422

OUT - Outfront media inc

Reduced 14.99%4500714.991

PEP - Pepsico inc

Reduced 1.00%122421.003

PM - Philip morris international inc

Reduced 1.46%53865001.461

PNC - Pnc financial services group inc

Reduced 23.82%535023.822

PG - Procter & gamble co

Reduced 2.28%312772.278

TT - Trane technologies plc

Buy5400.002

TFC - Truist financial corp

Reduced 16.77%954616.774

UBER - Uber technologies inc

Add 4.19%37973790.211

UNP - Union pacific corp

Add 0.52%244200.005

UNM - Unum group

Reduced 6.17%38006.173

V - Visa inc

Reduced 6.10%2654616.103

VMC - Vulcan materials co

Reduced 30.16%2348130.162

WFC - Wells fargo & co

Reduced 15.95%40232015.946

BUDFF - Anheuser-busch inbev sa

Reduced 9.74%3986259.737
Ashtead group plc
Reduced 2.22%49459132.219
Carlsberg b a/s
Reduced 3.85%234503.854

CFRHF - Compagnie financiere richemont sa

Reduced 3.44%45090253.439
Davide campari-milano nv
Add 3.88%703377-0.004
Heineken holding nv
Add 2.26%8162463-0.128
Lindt & spruengli ag - reg
Reduced 10.53%1710.526
Loreal sa
Reduced 1.23%57691.233
Nestle sa-reg
Reduced 0.14%400810.137

PDRDF - Pernod ricard sa

Reduced 1.66%32504161.660
Reckitt benckiser group plc
Reduced 8.64%42308.639

SWZ - Swiss helvetia fund inc

Add 1.43%2833500.003

DOW - Dow inc

Sold 100%180970.010

DD - Dupont de nemours, inc.

Sold 100%155550.013
Q2 2024

ABT - Abbott laboratories

Reduced 0.86%115100.861

GOOGL - Alphabet inc

Reduced 7.18%203567.177

GOOG - Alphabet inc

Reduced 12.05%620985612.053

MO - Altria group inc

Reduced 8.84%2862908.840

AXP - American express co

Reduced 11.16%1607511.163

AAPL - Apple inc

Reduced 14.74%679914.735

BRK-A - Berkshire hathaway inc-cl a

Reduced 0.84%21140.844

BRK-B - Berkshire hathaway inc-cl b

Reduced 5.07%13903105.068

BP - Bp plc

Add 0.77%6542-0.000

BF-A - Brown-forman corp-class a

Reduced 1.27%21706831.274

BF-B - Brown-forman corp-class b

Reduced 1.45%8917861.453

CSL - Carlisle companies inc

Buy5000.002

CVX - Chevron corp

Add 0.32%4651-0.000

KO - Coca-cola co

Reduced 6.42%145806.418

CMCSA - Comcast corp

Reduced 0.95%30648220.951

CFRUY - Compagnie financiere richemont sa

Add 0.44%661400.000

CTVA - Corteva, inc.

Add 0.31%6052-0.000

CR - Crane co

Reduced 3.10%649063.098

DASH - Doordash, inc.

Buy7163880.823

DOV - Dover corp

Reduced 5.15%234265.146

DOW - Dow inc

Add 1.25%18097-0.001

DD - Dupont de nemours, inc.

Add 0.47%155550.001

XOM - Exxon mobil corp

Add 0.22%180530-0.002

FMX - Fomento economico mexicano sab de cv

Reduced 21.34%497521.344

FULT - Fulton financial corp

Reduced 1.72%1143051.720
Heineken holding nv adr
Add 13.76%203060.001

HEINY - Heineken nv-spn adr

Add 3.85%52550.000

HRL - Hormel foods corp /de/

Reduced 5.13%576915.134

JPM - Jpmorgan chase & co

Reduced 12.72%149283512.725

LAMR - Lamar advertising co/new

Reduced 9.13%59759.125

MKL - Markel group inc.

Reduced 1.84%96191.837

MLM - Martin marietta materials inc

Reduced 2.97%7640592.974

MA - Mastercard inc

Reduced 2.09%20563502.092

MKC - Mccormick & company inc

Reduced 0.29%433200.288

MCD - Mcdonald's corp

Reduced 38.04%119738.043

MRK - Merck & co inc

Reduced 1.91%34461.907

MSFT - Microsoft corp

Reduced 2.93%52052.928

NSRGY - Nestle sa-spons adr

Add 0.12%7260624-0.278

NFLX - Netflix inc

Reduced 10.53%78206210.527

OUT - Outfront media inc

Reduced 16.46%5294416.464

PEP - Pepsico inc

Reduced 0.62%123660.619

PRNDY - Pernod ricard sa

Add 11.20%23057-0.000

PM - Philip morris international inc

Reduced 1.53%54663581.528

PNC - Pnc financial services group inc

Reduced 3.70%70233.702

PG - Procter & gamble co

Reduced 0.99%320060.987

TFC - Truist financial corp

Add 0.78%114700.000

UBER - Uber technologies inc

Add 10.44%36447120.114

UNP - Union pacific corp

Add 3.94%24294-0.003

V - Visa inc

Reduced 4.37%2827144.369

VMC - Vulcan materials co

Reduced 12.99%3362212.993

WFC - Wells fargo & co

Reduced 29.09%47864229.087

BUDFF - Anheuser-busch inbev sa

Reduced 6.51%4416256.513
Ashtead group plc
Reduced 1.34%50581621.336
Carlsberg b a/s
Reduced 0.57%243900.571

CFRHF - Compagnie financiere richemont sa

Add 0.71%46696340.222
Davide campari-milano nv
Add 5.53%677127-0.001
Heineken holding nv
Add 2.01%7982338-0.021
Loreal sa
Reduced 13.29%584113.287

PDRDF - Pernod ricard sa

Add 9.32%3305294-0.431

SWZ - Swiss helvetia fund inc

Add 1.61%2793680.001
Burnham hldgs inc cl a
Sold 100%100000.001

CABO - Cable one inc

Sold 100%116810.051

DANOY - Danone-spons adr

Sold 100%100570.001

LVMUY - Lvmh moet hennessy louis vuitton se

Sold 100%11210.002

UL - Unilever plc

Sold 100%151670.008

LVMHF - Lvmh moet hennessy louis vuitton se

Sold 100%5600.005
Q1 2024

GOOGL - Alphabet inc

Reduced 2.66%219302.663

GOOG - Alphabet inc

Reduced 8.55%70609228.554

MO - Altria group inc

Add 0.96%3140520.012

AXP - American express co

Reduced 11.88%1809511.882

AAPL - Apple inc

Reduced 14.02%797414.018

BRK-A - Berkshire hathaway inc-cl a

Reduced 11.79%213211.791

BRK-B - Berkshire hathaway inc-cl b

Reduced 6.72%14645316.717

BP - Bp plc

Reduced 0.92%64920.916

BF-A - Brown-forman corp-class a

Reduced 3.11%21986943.112

BF-B - Brown-forman corp-class b

Reduced 3.47%9049323.472

CABO - Cable one inc

Reduced 27.07%1168127.071

CVX - Chevron corp

Reduced 2.15%46362.153

KO - Coca-cola co

Reduced 14.61%1558014.607

CMCSA - Comcast corp

Reduced 6.12%30942446.115

CTVA - Corteva, inc.

Reduced 30.93%603330.925

COST - Costco wholesale corp

Reduced 1.32%54771.315

CR - Crane co

Reduced 1.90%669811.904

DANOY - Danone-spons adr

Reduced 6.72%100576.724

DIS - Walt disney co

Reduced 2.04%40862.038

DOV - Dover corp

Reduced 11.47%2469711.471

DOW - Dow inc

Reduced 14.67%1787414.674

DD - Dupont de nemours, inc.

Reduced 14.93%1548214.929

XOM - Exxon mobil corp

Add 0.52%1801340.031

FMX - Fomento economico mexicano sab de cv

Reduced 21.96%632521.962

FULT - Fulton financial corp

Reduced 0.43%1163050.428

HEINY - Heineken nv-spn adr

Add 1.50%5060-0.000

HRL - Hormel foods corp /de/

Reduced 19.53%6081319.530

JPM - Jpmorgan chase & co

Reduced 15.46%171049415.463

LVMUY - Lvmh moet hennessy louis vuitton se

Buy11210.002

MKL - Markel group inc.

Reduced 1.85%97991.853

MLM - Martin marietta materials inc

Reduced 16.28%78748016.276

MA - Mastercard inc

Reduced 8.77%21002988.773

MKC - Mccormick & company inc

Reduced 1.53%434451.530

MRK - Merck & co inc

Reduced 7.70%35137.698

MSFT - Microsoft corp

Add 2.76%53620.003

NSRGY - Nestle sa-spons adr

Reduced 5.42%72519765.418

NFLX - Netflix inc

Reduced 22.30%87407522.302

ORCL - Oracle corp

Reduced 0.63%34750.629

OUT - Outfront media inc

Reduced 26.25%6337926.251

PEP - Pepsico inc

Reduced 4.64%124434.637

PRNDY - Pernod ricard sa

Add 6.64%20735-0.000

PM - Philip morris international inc

Reduced 8.67%55511978.667

PNC - Pnc financial services group inc

Reduced 4.89%72934.890

PG - Procter & gamble co

Reduced 11.85%3232511.849

TFC - Truist financial corp

Add 0.83%113810.000

UBER - Uber technologies inc

Add 7.10%33002280.660

UL - Unilever plc

Reduced 69.59%1516769.589

UNP - Union pacific corp

Add 2.13%233740.001

UNM - Unum group

Buy40500.002

V - Visa inc

Reduced 8.44%2956298.443

VMC - Vulcan materials co

Reduced 20.62%3864320.622

WMT - Walmart inc

Add 200.00%103650.001

WFC - Wells fargo & co

Reduced 5.23%6749695.231

BUDFF - Anheuser-busch inbev sa

Reduced 7.68%4723937.679
Ashtead group plc
Reduced 2.81%51266602.813
Carlsberg b a/s
Add 0.02%245300.003

CFRHF - Compagnie financiere richemont sa

Reduced 7.03%46364897.033
Davide campari-milano nv
Reduced 16.82%64164616.823

DGEAF - Diageo plc

Reduced 38.94%845238.935
Heineken holding nv
Reduced 0.25%78247130.246
Loreal sa
Reduced 1.46%67361.463
Nestle sa-reg
Add 0.67%40136-0.004

PDRDF - Pernod ricard sa

Add 7.51%3023620-0.068
Reckitt benckiser group plc
Reduced 9.75%46309.747

SWZ - Swiss helvetia fund inc

Add 1.64%274948-0.000

DHR - Danaher corp

Sold 100%10830.003

GHC - Graham holdings co

Sold 100%11610.008

PXD - Pioneer natural resources co

Sold 100%24000.005
Q4 2023

ABBV - Abbvie inc

Reduced 0.58%125100.580

GOOGL - Alphabet inc

Add 0.90%225300.002

GOOG - Alphabet inc

Reduced 4.60%77213974.603

MO - Altria group inc

Reduced 5.82%3110705.822

AXP - American express co

Reduced 27.12%2053527.119

AAPL - Apple inc

Add 13.72%92740.004

BRK-A - Berkshire hathaway inc-cl a

Reduced 2.62%24172.619

BRK-B - Berkshire hathaway inc-cl b

Reduced 2.98%15699862.976

BP - Bp plc

Reduced 3.36%65523.363

BF-A - Brown-forman corp-class a

Reduced 3.67%22693153.671

BF-B - Brown-forman corp-class b

Reduced 2.39%9374832.391

CABO - Cable one inc

Reduced 35.07%1601735.075

CVX - Chevron corp

Add 0.08%4738-0.001

KO - Coca-cola co

Reduced 8.81%182458.811

CMCSA - Comcast corp

Reduced 6.58%32957916.584

CFRUY - Compagnie financiere richemont sa

Add 5.61%658470.001

CTVA - Corteva, inc.

Add 0.36%8734-0.000

COST - Costco wholesale corp

Add 7.91%55500.008

CR - Crane co

Reduced 2.71%682812.707

DANOY - Danone-spons adr

Reduced 26.94%1078226.936

DIS - Walt disney co

Reduced 4.55%41714.554

DOV - Dover corp

Reduced 2.00%278972.002

DOW - Dow inc

Add 1.36%209480.001

DD - Dupont de nemours, inc.

Add 0.51%181990.001

XOM - Exxon mobil corp

Add 0.57%179199-0.031

FMX - Fomento economico mexicano sab de cv

Reduced 31.43%810531.430

FULT - Fulton financial corp

Reduced 2.59%1168052.585
Heineken holding nv adr
Add 11.56%178500.002

HEINY - Heineken nv-spn adr

Add 8.96%49850.001

HRL - Hormel foods corp /de/

Reduced 34.92%7557234.925

JPM - Jpmorgan chase & co

Reduced 3.58%20233693.577

MKL - Markel group inc.

Reduced 0.05%99840.050

MLM - Martin marietta materials inc

Reduced 1.90%9405681.898

MA - Mastercard inc

Reduced 3.39%23022893.386

MKC - Mccormick & company inc

Reduced 1.85%441201.846

MRK - Merck & co inc

Reduced 0.94%38060.937

MSFT - Microsoft corp

Add 144.75%52180.013

MDLZ - Mondelez international inc

Reduced 0.25%44000.249

NSRGY - Nestle sa-spons adr

Reduced 2.44%76673862.445

NFLX - Netflix inc

Reduced 3.14%11249623.144

ORCL - Oracle corp

Reduced 3.34%34973.344

OUT - Outfront media inc

Reduced 8.25%859398.252

PEP - Pepsico inc

Reduced 7.12%130487.118

PRNDY - Pernod ricard sa

Add 10.83%194440.001

PM - Philip morris international inc

Reduced 2.60%60779752.601

PNC - Pnc financial services group inc

Reduced 31.95%766831.949

PG - Procter & gamble co

Reduced 0.04%366700.038

TFC - Truist financial corp

Add 0.89%112870.001

UBER - Uber technologies inc

Buy30813631.933

UL - Unilever plc

Reduced 49.77%4987349.767

UNP - Union pacific corp

Add 5.16%228870.012

V - Visa inc

Reduced 2.55%3228912.550

VMC - Vulcan materials co

Reduced 8.33%486828.325

WFC - Wells fargo & co

Reduced 1.95%7122291.947

BUDFF - Anheuser-busch inbev sa

Reduced 5.47%5116885.468
Ashtead group plc
Reduced 1.25%52750651.250
Carlsberg b a/s
Reduced 15.94%2452615.938

CFRHF - Compagnie financiere richemont sa

Reduced 1.21%49872651.205
Davide campari-milano nv
Reduced 4.22%7714184.220
Heineken holding nv
Reduced 0.82%78440130.823
Loreal sa
Reduced 18.97%683618.966

LVMHF - Lvmh moet hennessy louis vuitton se

Add 25.84%5600.001

PDRDF - Pernod ricard sa

Reduced 0.41%28124370.406
Reckitt benckiser group plc
Reduced 5.96%51305.958

SWZ - Swiss helvetia fund inc

Add 1.60%2705040.002
Jc decaux sa act
Sold 100%105000.002
Q3 2023

ABBV - Abbvie inc

Reduced 0.06%125830.064

GOOGL - Alphabet inc

Add 4.20%223300.004

GOOG - Alphabet inc

Reduced 1.55%80939221.547

MO - Altria group inc

Add 0.89%330299-0.010

AXP - American express co

Reduced 16.89%2817616.887

AAPL - Apple inc

Add 7.81%8155-0.001

BRK-A - Berkshire hathaway inc-cl a

Reduced 1.90%24821.897

BRK-B - Berkshire hathaway inc-cl b

Reduced 0.46%16181500.455

BP - Bp plc

Reduced 0.35%67800.353

BF-A - Brown-forman corp-class a

Reduced 1.86%23558041.855

BF-B - Brown-forman corp-class b

Reduced 0.68%9604480.680
Burnham hldgs inc cl a
Buy100000.001

CABO - Cable one inc

Reduced 71.46%2467071.459

CVX - Chevron corp

Add 0.28%47340.001

KO - Coca-cola co

Reduced 0.75%200080.749

CMCSA - Comcast corp

Reduced 2.39%35280692.392

CFRUY - Compagnie financiere richemont sa

Add 1.34%62347-0.003

CTVA - Corteva, inc.

Add 0.30%8703-0.001

COST - Costco wholesale corp

Reduced 1.63%51431.626

CR - Crane co

Reduced 0.21%701810.213

DANOY - Danone-spons adr

Reduced 10.90%1475710.898

DIS - Walt disney co

Reduced 1.47%43701.466

DOV - Dover corp

Reduced 0.44%284670.437

DOW - Dow inc

Add 1.29%20666-0.000

DD - Dupont de nemours, inc.

Add 0.45%181070.001

XOM - Exxon mobil corp

Reduced 0.13%1781800.128

FMX - Fomento economico mexicano sab de cv

Reduced 10.59%1182010.590

FULT - Fulton financial corp

Add 20.02%1199050.003

GHC - Graham holdings co

Reduced 0.68%11610.684

HEINY - Heineken nv-spn adr

Add 0.24%4575-0.000

HRL - Hormel foods corp /de/

Reduced 2.86%1161302.861

JPM - Jpmorgan chase & co

Reduced 0.69%20984250.686

LAMR - Lamar advertising co/new

Reduced 5.53%65755.532

MKL - Markel group inc.

Add 0.71%99890.011

MLM - Martin marietta materials inc

Reduced 1.52%9587631.516

MA - Mastercard inc

Reduced 1.42%23829691.419

MKC - Mccormick & company inc

Reduced 0.11%449500.111

MCD - Mcdonald's corp

Reduced 2.72%19322.719

MRK - Merck & co inc

Reduced 2.98%38422.980

MSFT - Microsoft corp

Reduced 4.52%21324.523

NSRGY - Nestle sa-spons adr

Reduced 1.99%78595321.990

NFLX - Netflix inc

Reduced 1.21%11614751.214

ORCL - Oracle corp

Add 0.36%3618-0.001

OUT - Outfront media inc

Reduced 4.35%936694.345

PEP - Pepsico inc

Reduced 0.11%140480.107

PRNDY - Pernod ricard sa

Add 0.08%17544-0.002

PM - Philip morris international inc

Reduced 1.17%62403031.173

PG - Procter & gamble co

Reduced 0.11%366840.106

TFC - Truist financial corp

Add 0.95%11187-0.000

UL - Unilever plc

Reduced 96.44%9928496.443

UNP - Union pacific corp

Add 0.31%21763-0.000

V - Visa inc

Reduced 0.80%3313410.804

VMC - Vulcan materials co

Reduced 0.94%531030.942

WFC - Wells fargo & co

Reduced 0.77%7263730.767

BUDFF - Anheuser-busch inbev sa

Reduced 2.46%5412832.460
Ashtead group plc
Reduced 0.45%53418220.445
Carlsberg b a/s
Reduced 0.24%291760.239

CFRHF - Compagnie financiere richemont sa

Reduced 1.93%50481001.932
Davide campari-milano nv
Reduced 0.47%8054030.466
Heineken holding nv
Reduced 1.07%79091061.066

PDRDF - Pernod ricard sa

Reduced 1.35%28238901.346

SWZ - Swiss helvetia fund inc

Add 1.61%266253-0.001

LVMUY - Lvmh moet hennessy louis vuitton se

Sold 100%11240.002

UNLYF - Unilever plc

Sold 100%440000.023