Gardner Russo & Quinn 13F, Q3 2025
Thomas Russo · quarter ending 30 September 2025 · filed 12 November 2025 · SEC CIK 860643
Common stock only: shares the fund reported owning at the quarter end, valued as filed.
Largest positions, Q3 2025
The 25 largest of 85 positions. Weights are against the whole filed book. Changes are in shares held, against the Q2 2025 filing.
| Company | Ticker | Value | % of book | vs Q2 2025 |
|---|---|---|---|---|
| Berkshire Hathaway Inc Cl A | BRK/A | $1.16B | 12.5% | -5% shares |
| Alphabet Inc Cl C | GOOG | $1.13B | 12.1% | -9% shares |
| Mastercard Inc Cl A | MA | $921.63M | 9.9% | -4% shares |
| Philip Morris International In | PM | $756.21M | 8.1% | -4% shares |
| Compagnie Financiere Richemont | $686.69M | 7.4% | -3% shares | |
| Heineken Holding NV | $636.65M | 6.8% | +10% shares | |
| Netflix Inc | NFLX | $616.75M | 6.6% | -5% shares |
| Berkshire Hathaway Inc Cl B | BRK/B | $583.88M | 6.3% | unchanged |
| Nestle SA Sponsored ADR | NSRGY | $530.31M | 5.7% | -4% shares |
| Uber Technologies Inc | UBER | $461.52M | 5.0% | -4% shares |
| Martin Marietta Materials | MLM | $433.34M | 4.7% | -4% shares |
| Ashtead Group PLC | $372.78M | 4.0% | -4% shares | |
| Pernod Ricard | $265.09M | 2.8% | -4% shares | |
| Doordash Inc Cl A | DASH | $251.96M | 2.7% | -4% shares |
| J.P. Morgan Chase | JPM | $171.92M | 1.8% | -5% shares |
| Comcast Corp New Cl A | CMCSA | $76.84M | 0.8% | -4% shares |
| Brown-Forman Corp Cl A | BF/A | $46.23M | 0.5% | -6% shares |
| Visa Inc Cl A | V | $41.74M | 0.5% | -4% shares |
| Exxon Mobil Corp | XOM | $21.62M | 0.2% | unchanged |
| Brown-Forman Corp Cl B | BF/B | $20.74M | 0.2% | unchanged |
| Anheuser-Busch InBev SA | $16.85M | 0.2% | -5% shares | |
| Markel Corp | MKL | $14.63M | 0.2% | -6% shares |
| Altria Group Inc | MO | $10.95M | 0.1% | -13% shares |
| Crane Company | CR | $10.40M | 0.1% | -5% shares |
| Union Pac Corp | UNP | $5.87M | 0.1% | unchanged |
What changed since Q2 2025
Against the Q2 2025 filing, Gardner Russo & Quinn opened 2 new positions, added to 6, trimmed 35, left 42 unchanged and exited 2. Every position is compared, matched on its CUSIP; a change of 2% or less in shares counts as unchanged.
Other quarters
Source: SEC Form 13F-HR, accession 0000860643-25-000007, filed by GARDNER RUSSO & QUINN LLC. Values are as filed and cover US-listed positions only; a 13F does not show short positions or holdings outside the US. A 13F may be filed up to 45 days after the quarter ends, so the fund may have traded since. Educational information, not financial advice.