Great investors · Tom Russo · Q1 2025
What Tom Russo bought and sold in Q1 2025
Gardner Russo & Quinn 13F portfolio as of Mar 31, 2025: 86 positions worth $8.9 bn. Largest: BRK/A, MA, GOOG, PM. Filed with the SEC on May 13, 2025.
The 13F is filed by Gardner Russo & Quinn, not by Tom Russo personally: these are the whole firm's positions. A “position” is a distinct security in the filing (by CUSIP); share classes of the same company are shown added together.
Buys in Q1 2025
No purchase of 0.5 points of the portfolio or more this quarter.
Sells in Q1 2025
- ReducedBerkshire HathawayBRK/A−2.5 pp
- ReducedMastercardMA−1.0 pp
- ReducedAlphabetGOOG−0.9 pp
- ReducedCIE Financi-regCFRHF−0.8 pp
- ReducedNetflixNFLX−0.8 pp
- ReducedJPMorgan ChaseJPM−0.6 pp
7 companies with material moves, out of 63 positions with a change. Only moves of 0.5 points of the portfolio or more are listed, measured as “traded weight” (what was bought or sold, excluding price effects). Smaller changes exist and are not listed: a position may have gone up or down without appearing above.
The full 13F, line by line
Gardner Russo & Quinn's Q1 2025 13F lists 86 lines of US-listed securities worth $8.9 bn; the largest is BRK/A at 14.8% of the portfolio. It was accepted by the SEC on May 13, 2025 at 2:51 PM ET.
Against the previous quarter, it opened 20 positions (KNCRF, H, WILLF and HRI and 16 more), closed 2 (MDLZ and CFRUY), added to 7 (Tkms Ag& Co Kgaa Ordf, DASH, UBER and HKHHF and 3 more) and trimmed 40 (BRK/A, MA, GOOG and CFRHF and 36 more). 19 lines show the same number of shares.
| # | Company | Shares | Value | Weight | Change in shares |
|---|---|---|---|---|---|
| 1 | Berkshire Hathaway BRK/A | 1,657 | $1.3 bn | 14.8% | −11% |
| 2 | Mastercard MA | 1.7 M | $941M | 10.5% | −8.9% |
| 3 | Alphabet GOOG | 5.1 M | $798M | 8.94% | −9.4% |
| 4 | Philip Morris International PM | 5.0 M | $796M | 8.93% | −3.3% |
| 5 | CIE Financi-reg CFRHF | 3.8 M | $655M | 7.34% | −10% |
| 6 | Berkshire Hathaway BRK/B | 1.2 M | $629M | 7.05% | −8.3% |
| 7 | Nestle NSRGY | 6.1 M | $622M | 6.97% | −2.9% |
| 8 | Heineken Holding NV - A HKHHF | 8.1 M | $588M | 6.59% | +3.6% |
| 9 | Netflix NFLX | 558,412 | $521M | 5.84% | −12% |
| 10 | Martin Marietta Materials MLM | 714,252 | $342M | 3.83% | +1% |
| 11 | UBER Technologies UBER | 4.4 M | $323M | 3.62% | +6.8% |
| 12 | Tkms Ag& Co Kgaa Ordf | 5.5 M | $295M | 3.31% | +17% |
| 13 | Pernod Ricard PDRDF | 2.9 M | $284M | 3.19% | −5.1% |
| 14 | JPMorgan Chase JPM | 1.0 M | $256M | 2.87% | −17% |
| 15 | DoorDash DASH | 793,665 | $145M | 1.63% | +18% |
| 16 | Comcast CMCSA | 2.6 M | $96.6M | 1.08% | −6% |
| 17 | Brown Forman BF/A | 1.9 M | $62.6M | 0.70% | −7.1% |
| 18 | Visa V | 130,701 | $45.8M | 0.51% | −36% |
| 19 | Brown Forman BF/B | 820,796 | $27.9M | 0.31% | −2.3% |
| 20 | Exxon Mobil XOM | 189,469 | $22.5M | 0.25% | no change |
| 21 | Anheuser-Busch InBev BUDFF | 338,650 | $20.8M | 0.23% | −10% |
| 22 | Markel Group MKL | 8,276 | $15.5M | 0.17% | −4% |
| 23 | Altria Group MO | 246,648 | $14.8M | 0.17% | −8.6% |
| 24 | Crane CR | 60,305 | $9.2M | 0.10% | no change |
| 25 | Union Pacific UNP | 24,588 | $5.8M | 0.07% | no change |
| 26 | Wells Fargo WFC | 62,901 | $4.5M | 0.05% | −68% |
| 27 | Costco Wholesale COST | 4,637 | $4.4M | 0.05% | −14% |
| 28 | Vulcan Materials VMC | 18,737 | $4.4M | 0.05% | −12% |
| 29 | Dover DOV | 21,951 | $3.9M | 0.04% | −2.2% |
| 30 | American Express AXP | 13,658 | $3.7M | 0.04% | −7.8% |
| 31 | McCORMICK MKC | 42,626 | $3.5M | 0.04% | no change |
| 32 | Total Return Securities Fund SWZ | 293,403 | $2.7M | 0.03% | +1.6% |
| 33 | AbbVie ABBV | 12,410 | $2.6M | 0.03% | no change |
| 34 | Alphabet GOOGL | 15,611 | $2.4M | 0.03% | −24% |
| 35 | Lindt & Spruengli AG - Reg COCXF | 16 | $2.1M | 0.02% | no change |
| 36 | Procter & Gamble PG | 11,000 | $1.9M | 0.02% | −54% |
| 37 | Microsoft MSFT | 4,620 | $1.7M | 0.02% | −6.8% |
| 38 | Pepsico PEP | 10,979 | $1.6M | 0.02% | −4.8% |
| 39 | Abbott Laboratories ABT | 11,510 | $1.5M | 0.02% | no change |
| 40 | L Oreal Ordf LRLCF | 4,086 | $1.5M | 0.02% | −28% |
| 41 | Konecranes KNCRF | 23,650 | $1.5M | 0.02% | new |
| 42 | Hyatt Hotels H | 11,675 | $1.4M | 0.02% | new |
| 43 | Hormel Foods HRL | 46,081 | $1.4M | 0.02% | −8.5% |
| 44 | Davide Campari-Milano DVDCF | 235,151 | $1.4M | 0.02% | −59% |
| 45 | Demant A/s WILLF | 40,250 | $1.3M | 0.02% | new |
| 46 | Carlsberg B A/S CABJF | 10,307 | $1.3M | 0.01% | −43% |
| 47 | Herc Holdings HRI | 9,450 | $1.3M | 0.01% | new |
| 48 | Fulton Financial FULT | 69,700 | $1.3M | 0.01% | −6.7% |
| 49 | Heineken HINKF | 15,131 | $1.2M | 0.01% | no change |
| 50 | Fluidra FLUIF | 50,500 | $1.2M | 0.01% | new |
| 51 | Apple AAPL | 5,249 | $1.2M | 0.01% | −9.6% |
| 52 | De'Longhi DELHF | 35,250 | $1.2M | 0.01% | new |
| 53 | Puig Brands PUIGF | 68,000 | $1.2M | 0.01% | new |
| 54 | H&m HMRZF | 88,000 | $1.2M | 0.01% | new |
| 55 | Lotus Bakeries LTSSF | 130 | $1.2M | 0.01% | new |
| 56 | Nestle NSRGF | 11,285 | $1.1M | 0.01% | +7.9% |
| 57 | Electrolux Professional ECTXF | 175,500 | $1.1M | 0.01% | new |
| 58 | YETI Holdings YETI | 32,500 | $1.1M | 0.01% | new |
| 59 | SSP Group SSPPF | 548,000 | $1.1M | 0.01% | new |
| 60 | LEVI Strauss LEVI | 67,725 | $1.1M | 0.01% | new |
| 61 | Generac Holdings GNRC | 8,250 | $1.0M | 0.01% | new |
| 62 | Fielmann FLMNF | 22,300 | $1.0M | 0.01% | new |
| 63 | Coca-Cola KO | 13,640 | $977K | 0.01% | −3.3% |
| 64 | Warby Parker WRBY | 51,650 | $942K | 0.01% | new |
| 65 | Ralph Lauren RL | 4,100 | $905K | 0.01% | new |
| 66 | Walmart WMT | 10,240 | $899K | 0.01% | no change |
| 67 | JBT Marel JBTM | 7,250 | $886K | 0.01% | new |
| 68 | PNC Financial Services Group PNC | 4,950 | $870K | 0.01% | no change |
| 69 | Rational RTLLF | 975 | $806K | 0.01% | new |
| 70 | FB Bancorp FBLA | 70,000 | $788K | 0.01% | no change |
| 71 | Chevron CVX | 4,217 | $705K | 0.01% | −5.6% |
| 72 | Lamar Advertising LAMR | 5,974 | $680K | 0.01% | no change |
| 73 | Oracle ORCL | 3,475 | $486K | 0.01% | no change |
| 74 | Truist Financial TFC | 9,692 | $399K | 0.00% | no change |
| 75 | LT Group LTGIF | 1.8 M | $378K | 0.00% | no change |
| 76 | Fomento Economico Mexicano S FMX | 3,398 | $332K | 0.00% | −2% |
| 77 | Unum Group UNM | 3,800 | $310K | 0.00% | no change |
| 78 | Walt Disney DIS | 2,943 | $290K | 0.00% | −18% |
| 79 | OUTFRONT Media OUT | 17,706 | $286K | 0.00% | −60% |
| 80 | Merck MRK | 2,763 | $248K | 0.00% | −5.6% |
| 81 | Heineken Holding N V F HKHHY | 6,260 | $226K | 0.00% | −14% |
| 82 | McDONALD’S MCD | 705 | $220K | 0.00% | no change |
| 83 | BP BP | 6,300 | $213K | 0.00% | new |
| 84 | Diageo DGEAF | 8,077 | $210K | 0.00% | −2.1% |
| 85 | Hanjaya Mandala Sampoerna PHJMF | 5.0 M | $166K | 0.00% | no change |
| 86 | Cofide SPA CFDZF | 251,250 | $149K | 0.00% | no change |
Positions it closed (2)
- Mondelez International MDLZwas 0.00% · 4,400 shares
- Compagnie Financiere Richemont CFRUYwas 0.00% · 12,140 shares
One row per line of the filing (by CUSIP): share classes of the same company are listed separately here. “Change in shares” compares the count with the previous quarter, split-adjusted; the value is the one reported in the 13F at quarter end, not today's price.
Original documents: Gardner Russo & Quinn's 13F filings on EDGAR (SEC) ↗
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Source: 13F filings with the SEC. A 13F shows the portfolio at quarter-end and is filed up to 45 days later: these are not real-time positions. Not investment advice.