Great investors · Tom Russo · Q3 2025
What Tom Russo bought and sold in Q3 2025
Gardner Russo & Quinn 13F portfolio as of Sep 30, 2025: 85 positions worth $9.3 bn. Largest: BRK/A, GOOG, MA, PM. Filed with the SEC on Nov 12, 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 Q3 2025
- IncreasedHeineken Holding NV - AHKHHF+0.6 pp
Sells in Q3 2025
- ReducedAlphabetGOOG−1.1 pp
- ReducedBerkshire HathawayBRK/A−0.7 pp
3 companies with material moves, out of 47 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 Q3 2025 13F lists 85 lines of US-listed securities worth $9.3 bn; the largest is BRK/A at 12.5% of the portfolio. It was accepted by the SEC on Nov 12, 2025 at 11:15 AM ET.
Against the previous quarter, it opened 2 positions (KMROF and CAT), closed 2 (RL and DGEAF), added to 6 (HKHHF, SSPPF, ECTXF and FLMNF and 2 more) and trimmed 38 (GOOG, BRK/A, MA and PM and 34 more). 39 lines show the same number of shares.
| # | Company | Shares | Value | Weight | Change in shares |
|---|---|---|---|---|---|
| 1 | Berkshire Hathaway BRK/A | 1,541 | $1.2 bn | 12.5% | −5.1% |
| 2 | Alphabet GOOG | 4.6 M | $1.1 bn | 12.1% | −8.7% |
| 3 | Mastercard MA | 1.6 M | $922M | 9.88% | −3.7% |
| 4 | Philip Morris International PM | 4.7 M | $756M | 8.11% | −4.3% |
| 5 | CIE Financi-reg CFRHF | 3.6 M | $687M | 7.36% | −3.3% |
| 6 | Heineken Holding NV - A HKHHF | 9.3 M | $637M | 6.83% | +10% |
| 7 | Netflix NFLX | 514,425 | $617M | 6.61% | −5.1% |
| 8 | Berkshire Hathaway BRK/B | 1.2 M | $584M | 6.26% | no change |
| 9 | Nestle NSRGY | 5.8 M | $530M | 5.69% | −3.9% |
| 10 | UBER Technologies UBER | 4.7 M | $462M | 4.95% | −3.8% |
| 11 | Martin Marietta Materials MLM | 687,537 | $433M | 4.65% | −3.5% |
| 12 | Tkms Ag& Co Kgaa Ordf | 5.6 M | $373M | 4.00% | −4% |
| 13 | Pernod Ricard PDRDF | 2.7 M | $265M | 2.84% | −4.4% |
| 14 | DoorDash DASH | 926,363 | $252M | 2.70% | −4.2% |
| 15 | JPMorgan Chase JPM | 545,030 | $172M | 1.84% | −5% |
| 16 | Comcast CMCSA | 2.4 M | $76.8M | 0.82% | −4.4% |
| 17 | Brown Forman BF/A | 1.7 M | $46.2M | 0.50% | −6% |
| 18 | Visa V | 122,264 | $41.7M | 0.45% | −3.7% |
| 19 | Exxon Mobil XOM | 191,742 | $21.6M | 0.23% | no change |
| 20 | Brown Forman BF/B | 765,768 | $20.7M | 0.22% | −1.6% |
| 21 | Anheuser-Busch InBev BUDFF | 282,215 | $16.8M | 0.18% | −4.8% |
| 22 | Markel Group MKL | 7,653 | $14.6M | 0.16% | −6% |
| 23 | Altria Group MO | 165,693 | $10.9M | 0.12% | −13% |
| 24 | Crane CR | 56,476 | $10.4M | 0.11% | −4.9% |
| 25 | Union Pacific UNP | 24,843 | $5.9M | 0.06% | no change |
| 26 | American Express AXP | 13,632 | $4.5M | 0.05% | no change |
| 27 | Costco Wholesale COST | 4,624 | $4.3M | 0.05% | no change |
| 28 | Alphabet GOOGL | 15,486 | $3.8M | 0.04% | −1.5% |
| 29 | Dover DOV | 19,551 | $3.3M | 0.03% | −9.3% |
| 30 | Vulcan Materials VMC | 9,897 | $3.0M | 0.03% | −2.6% |
| 31 | AbbVie ABBV | 12,410 | $2.9M | 0.03% | no change |
| 32 | McCORMICK MKC | 41,591 | $2.8M | 0.03% | no change |
| 33 | Total Return Securities Fund SWZ | 434,237 | $2.6M | 0.03% | no change |
| 34 | Lindt & Spruengli AG - Reg COCXF | 15 | $2.3M | 0.02% | no change |
| 35 | Microsoft MSFT | 3,505 | $1.8M | 0.02% | −17% |
| 36 | L Oreal Ordf LRLCF | 4,050 | $1.8M | 0.02% | no change |
| 37 | Warby Parker WRBY | 61,000 | $1.7M | 0.02% | +5.2% |
| 38 | Procter & Gamble PG | 10,920 | $1.7M | 0.02% | no change |
| 39 | Abbott Laboratories ABT | 11,510 | $1.5M | 0.02% | no change |
| 40 | Pepsico PEP | 10,960 | $1.5M | 0.02% | no change |
| 41 | SSP Group SSPPF | 660,000 | $1.5M | 0.02% | +20% |
| 42 | Konecranes KNCRF | 18,450 | $1.5M | 0.02% | −22% |
| 43 | Fielmann FLMNF | 25,000 | $1.5M | 0.02% | +8.7% |
| 44 | Fluidra FLUIF | 53,000 | $1.4M | 0.02% | no change |
| 45 | Demant A/s WILLF | 41,000 | $1.4M | 0.02% | no change |
| 46 | Carlsberg B A/S CABJF | 12,055 | $1.4M | 0.02% | no change |
| 47 | Davide Campari-Milano DVDCF | 210,353 | $1.3M | 0.01% | −10% |
| 48 | Electrolux Professional ECTXF | 200,000 | $1.3M | 0.01% | +14% |
| 49 | De'Longhi DELHF | 35,250 | $1.3M | 0.01% | no change |
| 50 | Hyatt Hotels H | 8,675 | $1.2M | 0.01% | no change |
| 51 | Fulton Financial FULT | 64,600 | $1.2M | 0.01% | −5.3% |
| 52 | Apple AAPL | 4,699 | $1.2M | 0.01% | −8.7% |
| 53 | H&m HMRZF | 64,000 | $1.2M | 0.01% | no change |
| 54 | Heineken HINKF | 15,131 | $1.2M | 0.01% | no change |
| 55 | LEVI Strauss LEVI | 47,725 | $1.1M | 0.01% | no change |
| 56 | Puig Brands PUIGF | 68,000 | $1.1M | 0.01% | no change |
| 57 | Lotus Bakeries LTSSF | 115 | $1.1M | 0.01% | no change |
| 58 | Walmart WMT | 10,165 | $1.0M | 0.01% | no change |
| 59 | Nestle NSRGF | 11,170 | $1.0M | 0.01% | −1% |
| 60 | JBT Marel JBTM | 7,250 | $1.0M | 0.01% | no change |
| 61 | Oracle ORCL | 3,475 | $977K | 0.01% | no change |
| 62 | Deliveroo DROOF | 390,000 | $943K | 0.01% | no change |
| 63 | Coca-Cola KO | 13,640 | $905K | 0.01% | no change |
| 64 | Zalando ZLDSF | 28,000 | $856K | 0.01% | +7.7% |
| 65 | Wells Fargo WFC | 10,149 | $851K | 0.01% | −56% |
| 66 | YETI Holdings YETI | 24,000 | $796K | 0.01% | no change |
| 67 | Kalmar Oyj B KMROF | 20,000 | $792K | 0.01% | new |
| 68 | PNC Financial Services Group PNC | 3,750 | $753K | 0.01% | −5.1% |
| 69 | Herc Holdings HRI | 6,450 | $752K | 0.01% | −24% |
| 70 | Rational RTLLF | 975 | $744K | 0.01% | no change |
| 71 | Lamar Advertising LAMR | 5,974 | $731K | 0.01% | no change |
| 72 | FB Bancorp FBLA | 50,000 | $601K | 0.01% | −9.1% |
| 73 | Hormel Foods HRL | 19,835 | $491K | 0.01% | −44% |
| 74 | LT Group LTGIF | 1.8 M | $465K | 0.01% | no change |
| 75 | Truist Financial TFC | 9,355 | $428K | 0.00% | no change |
| 76 | Chevron CVX | 2,670 | $415K | 0.00% | no change |
| 77 | Generac Holdings GNRC | 2,250 | $377K | 0.00% | −60% |
| 78 | Caterpillar CAT | 700 | $334K | 0.00% | new |
| 79 | Fomento Economico Mexicano S FMX | 3,218 | $317K | 0.00% | −4.5% |
| 80 | Unum Group UNM | 3,800 | $296K | 0.00% | no change |
| 81 | OUTFRONT Media OUT | 15,690 | $287K | 0.00% | no change |
| 82 | Walt Disney DIS | 2,510 | $287K | 0.00% | −11% |
| 83 | Hanjaya Mandala Sampoerna PHJMF | 5.0 M | $245K | 0.00% | no change |
| 84 | McDONALD’S MCD | 705 | $214K | 0.00% | no change |
| 85 | Cofide SPA CFDZF | 251,250 | $193K | 0.00% | no change |
Positions it closed (2)
- Ralph Lauren RLwas 0.01% · 4,100 shares
- Diageo DGEAFwas 0.00% · 8,077 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.