Great investors · Tom Russo · Q2 2025
What Tom Russo bought and sold in Q2 2025
Gardner Russo & Quinn 13F portfolio as of Jun 30, 2025: 85 positions worth $9.4 bn. Largest: BRK/A, MA, GOOG, PM. Filed with the SEC on Aug 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 Q2 2025
No purchase of 0.5 points of the portfolio or more this quarter.
Sells in Q2 2025
- ReducedJPMorgan ChaseJPM−1.4 pp
1 company with a material move, out of 53 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 Q2 2025 13F lists 85 lines of US-listed securities worth $9.4 bn; the largest is BRK/A at 12.6% of the portfolio. It was accepted by the SEC on Aug 13, 2025 at 11:38 AM ET.
Against the previous quarter, it opened 2 positions (DROOF and ZLDSF), closed 3 (MRK, HKHHY and BP), added to 10 (DASH, UBER, HKHHF and Tkms Ag& Co Kgaa Ordf and 6 more) and trimmed 39 (JPM, PM, BRK/A and NFLX and 35 more). 34 lines show the same number of shares.
| # | Company | Shares | Value | Weight | Change in shares |
|---|---|---|---|---|---|
| 1 | Berkshire Hathaway BRK/A | 1,624 | $1.2 bn | 12.6% | −2% |
| 2 | Mastercard MA | 1.7 M | $946M | 10.1% | −1.9% |
| 3 | Alphabet GOOG | 5.1 M | $903M | 9.60% | no change |
| 4 | Philip Morris International PM | 4.9 M | $888M | 9.43% | −2.9% |
| 5 | Netflix NFLX | 542,334 | $726M | 7.72% | −2.9% |
| 6 | CIE Financi-reg CFRHF | 3.7 M | $700M | 7.44% | −1.6% |
| 7 | Heineken Holding NV - A HKHHF | 8.4 M | $626M | 6.65% | +3.6% |
| 8 | Nestle NSRGY | 6.0 M | $597M | 6.35% | −2.1% |
| 9 | Berkshire Hathaway BRK/B | 1.2 M | $561M | 5.96% | −2.2% |
| 10 | UBER Technologies UBER | 4.9 M | $457M | 4.86% | +10% |
| 11 | Martin Marietta Materials MLM | 712,779 | $391M | 4.16% | no change |
| 12 | Tkms Ag& Co Kgaa Ordf | 5.8 M | $372M | 3.95% | +5.4% |
| 13 | Pernod Ricard PDRDF | 2.8 M | $280M | 2.98% | −2% |
| 14 | DoorDash DASH | 966,760 | $238M | 2.53% | +22% |
| 15 | JPMorgan Chase JPM | 573,700 | $166M | 1.77% | −45% |
| 16 | Comcast CMCSA | 2.6 M | $91.3M | 0.97% | −2.2% |
| 17 | Brown Forman BF/A | 1.8 M | $50.2M | 0.53% | −2.3% |
| 18 | Visa V | 126,944 | $45.1M | 0.48% | −2.9% |
| 19 | Brown Forman BF/B | 778,521 | $21.0M | 0.22% | −5.2% |
| 20 | Exxon Mobil XOM | 190,301 | $20.5M | 0.22% | no change |
| 21 | Anheuser-Busch InBev BUDFF | 296,300 | $20.3M | 0.22% | −13% |
| 22 | Markel Group MKL | 8,143 | $16.3M | 0.17% | −1.6% |
| 23 | Crane CR | 59,355 | $11.3M | 0.12% | −1.6% |
| 24 | Altria Group MO | 191,440 | $11.2M | 0.12% | −22% |
| 25 | Union Pacific UNP | 24,715 | $5.7M | 0.06% | no change |
| 26 | Costco Wholesale COST | 4,633 | $4.6M | 0.05% | no change |
| 27 | American Express AXP | 13,634 | $4.3M | 0.05% | no change |
| 28 | Dover DOV | 21,551 | $3.9M | 0.04% | −1.8% |
| 29 | McCORMICK MKC | 41,976 | $3.2M | 0.03% | −1.5% |
| 30 | Alphabet GOOGL | 15,729 | $2.8M | 0.03% | no change |
| 31 | Total Return Securities Fund SWZ | 434,237 | $2.8M | 0.03% | +48% |
| 32 | Vulcan Materials VMC | 10,162 | $2.7M | 0.03% | −46% |
| 33 | Lindt & Spruengli AG - Reg COCXF | 15 | $2.5M | 0.03% | −6.3% |
| 34 | AbbVie ABBV | 12,410 | $2.3M | 0.02% | no change |
| 35 | Microsoft MSFT | 4,240 | $2.1M | 0.02% | −8.2% |
| 36 | Konecranes KNCRF | 23,650 | $1.9M | 0.02% | no change |
| 37 | Wells Fargo WFC | 22,848 | $1.8M | 0.02% | −64% |
| 38 | Procter & Gamble PG | 10,920 | $1.7M | 0.02% | no change |
| 39 | L Oreal Ordf LRLCF | 4,050 | $1.7M | 0.02% | no change |
| 40 | Demant A/s WILLF | 41,000 | $1.7M | 0.02% | +1.9% |
| 41 | Carlsberg B A/S CABJF | 11,967 | $1.7M | 0.02% | +16% |
| 42 | Davide Campari-Milano DVDCF | 234,393 | $1.6M | 0.02% | no change |
| 43 | Abbott Laboratories ABT | 11,510 | $1.6M | 0.02% | no change |
| 44 | Fielmann FLMNF | 23,000 | $1.5M | 0.02% | +3.1% |
| 45 | Pepsico PEP | 10,960 | $1.4M | 0.02% | no change |
| 46 | Puig Brands PUIGF | 68,000 | $1.3M | 0.01% | no change |
| 47 | Fluidra FLUIF | 53,000 | $1.3M | 0.01% | +5% |
| 48 | Heineken HINKF | 15,131 | $1.3M | 0.01% | no change |
| 49 | SSP Group SSPPF | 548,000 | $1.3M | 0.01% | no change |
| 50 | Warby Parker WRBY | 58,000 | $1.3M | 0.01% | +12% |
| 51 | Electrolux Professional ECTXF | 175,500 | $1.2M | 0.01% | no change |
| 52 | Fulton Financial FULT | 68,200 | $1.2M | 0.01% | −2.2% |
| 53 | Hyatt Hotels H | 8,675 | $1.2M | 0.01% | −26% |
| 54 | De'Longhi DELHF | 35,250 | $1.2M | 0.01% | no change |
| 55 | Ralph Lauren RL | 4,100 | $1.1M | 0.01% | no change |
| 56 | Nestle NSRGF | 11,285 | $1.1M | 0.01% | no change |
| 57 | Herc Holdings HRI | 8,450 | $1.1M | 0.01% | −11% |
| 58 | Lotus Bakeries LTSSF | 115 | $1.1M | 0.01% | −12% |
| 59 | Hormel Foods HRL | 35,581 | $1.1M | 0.01% | −23% |
| 60 | Apple AAPL | 5,149 | $1.1M | 0.01% | −1.9% |
| 61 | Walmart WMT | 10,165 | $994K | 0.01% | no change |
| 62 | Coca-Cola KO | 13,640 | $965K | 0.01% | no change |
| 63 | Deliveroo DROOF | 390,000 | $940K | 0.01% | new |
| 64 | H&m HMRZF | 64,000 | $892K | 0.01% | −27% |
| 65 | LEVI Strauss LEVI | 47,725 | $882K | 0.01% | −30% |
| 66 | JBT Marel JBTM | 7,250 | $872K | 0.01% | no change |
| 67 | Zalando ZLDSF | 26,000 | $853K | 0.01% | new |
| 68 | Rational RTLLF | 975 | $815K | 0.01% | no change |
| 69 | Generac Holdings GNRC | 5,650 | $809K | 0.01% | −32% |
| 70 | Oracle ORCL | 3,475 | $760K | 0.01% | no change |
| 71 | YETI Holdings YETI | 24,000 | $756K | 0.01% | −26% |
| 72 | PNC Financial Services Group PNC | 3,950 | $736K | 0.01% | −20% |
| 73 | Lamar Advertising LAMR | 5,974 | $725K | 0.01% | no change |
| 74 | FB Bancorp FBLA | 55,000 | $619K | 0.01% | −21% |
| 75 | LT Group LTGIF | 1.8 M | $405K | 0.00% | no change |
| 76 | Truist Financial TFC | 9,280 | $399K | 0.00% | −4.3% |
| 77 | Chevron CVX | 2,670 | $382K | 0.00% | −37% |
| 78 | Walt Disney DIS | 2,818 | $349K | 0.00% | −4.2% |
| 79 | Fomento Economico Mexicano S FMX | 3,368 | $347K | 0.00% | no change |
| 80 | Unum Group UNM | 3,800 | $307K | 0.00% | no change |
| 81 | OUTFRONT Media OUT | 15,690 | $256K | 0.00% | −11% |
| 82 | McDONALD’S MCD | 705 | $206K | 0.00% | no change |
| 83 | Diageo DGEAF | 8,077 | $202K | 0.00% | no change |
| 84 | Hanjaya Mandala Sampoerna PHJMF | 5.0 M | $185K | 0.00% | no change |
| 85 | Cofide SPA CFDZF | 251,250 | $173K | 0.00% | no change |
Positions it closed (3)
- Merck MRKwas 0.00% · 2,763 shares
- Heineken Holding HKHHYwas 0.00% · 6,260 shares
- BP BPwas 0.00% · 6,300 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.