Thomas Russo

Gardner Russo & Quinn

2026Q1 · filed May 13, 202686 positions · $8.50Btop-5 49%

2026Q1 brief

Thomas Russo's $8.5B portfolio executed its most structurally significant swap in years: exiting Ashtead Group (previously 4.5%) entirely and replacing it with SUNB (Sunbelt Rentals, 4.6% of the book, ~$393M)—effectively rotating from the London-listed parent into its U.S. operating subsidiary, capturing the same equipment-rental thesis in a more liquid wrapper. The other major new position, Eurofins Scientific (2.6%), extends Russo's long-standing affinity for European quality-testing and specialty-science businesses with pricing power and recurring revenue. On the trim side, JPM was slashed -71.9% to just 0.5%, a near-exit that, combined with cuts to AXP (-46.7%) and the full exit from PNC, signals a decisive retreat from financials. The portfolio's hyper-concentrated top 5—BRK/A, GOOG, MA, PM, and Heineken Holding at a combined 49.3%—remains unchanged in composition, underscoring Russo's conviction in durable global consumer franchises. Watch whether Eurofins is scaled toward the 4–5% range alongside SUNB, which would mark a meaningful European quality-compounder reload.

AI-generated. Not investment advice.

Holdings (86) · click any column to sort

#↑	Ticker	Issuer	% Port.	This Q	History	Value
1	BRK/A	Berkshire Hathaway Inc-cl A	12.3%		40q held	$1.05B
2	GOOG	Alphabet Inc-cl C	11.3%		40q held	$961M
3	MA	Mastercard Inc - A	9.1%		40q held	$777M
4	PM	Philip Morris International	9.0%		40q held	$761M
5	N39338194	Heineken Holding NV	7.6%		40q held	$643M
6	H25662182	Compagnie Financiere Richemont	7.0%		40q held	$594M
7	NSRGY	Nestle Sa-spons Adr	6.4%		40q held	$543M
8	NFLX	Netflix Inc	6.3%		16q held	$539M
9	BRK/B	Berkshire Hathaway Inc-cl B	6.3%		40q held	$532M
10	MLM	Martin Marietta Materials	5.0%		40q held	$421M
11	SUNB	Sunbelt Rentals Holdings Inc	4.6%	New	— 1q held	$394M
12	UBER	Uber Technologies Inc	4.4%		10q held	$372M
13	L31839134	Eurofins Scientific	2.6%	New	— 1q held	$224M
14	F72027109	Pernod Ricard	2.2%		40q held	$183M
15	DASH	Doordash Inc - A	1.8%		8q held	$150M
16	CMCSA	Comcast Corp-class A	0.8%		40q held	$65M
17	BF/A	Brown-forman Corp-class A	0.5%		40q held	$44M
18	JPM	Jpmorgan Chase & CO	0.5%	-72%	34q held	$44M
19	XOM	Exxon Mobil Corp	0.4%		40q held	$33M
20	V	Visa Inc-class A Shares	0.3%		40q held	$28M
21	BF/B	Brown-forman Corp-class B	0.2%		40q held	$17M
22	B639CJ108	Anheuser-busch Inbev SA	0.1%	-31%	39q held	$13M
23	MO	Altria Group Inc	0.1%		40q held	$11M
24	MKL	Markel Group Inc	0.1%	-21%	40q held	$9M
25	CR	Crane CO	0.1%		12q held	$8M
26	UNP	Union Pacific Corp	0.1%		40q held	$7M
27	COST	Costco Wholesale Corp	0.1%		40q held	$5M
28	DOV	Dover Corp	<0.1%		40q held	$4M
29	GOOGL	Alphabet Inc-cl A	<0.1%	-22%	40q held	$3M
30	ABBV	Abbvie Inc	<0.1%		40q held	$3M
31	H49983176	Lindt & Spruengli AG - Reg	<0.1%		40q held	$2M
32	VMC	Vulcan Materials CO	<0.1%		39q held	$2M
33	AXP	American Express CO	<0.1%	-47%	40q held	$2M
34	MKC	Mccormick & Co-non Vtg Shrs	<0.1%		40q held	$2M
35	X4550J108	Konecranes	<0.1%	+185%	5q held	$2M
36	WRBY	Warby Parker Inc-class A	<0.1%	+23%	5q held	$2M
37	D2617N114	Fielmann	<0.1%	+28%	5q held	$2M
38	G8402N125	Ssp Group	<0.1%		5q held	$2M
39	E52619108	Fluidra	<0.1%		5q held	$2M
40	D6349P107	Rational AG	<0.1%	+126%	5q held	$2M
41	K03294137	Alk Abello A/s	<0.1%	+43%	2q held	$2M
42	LEVI	Levi Strauss & Co- Class A	<0.1%	+73%	5q held	$2M
43	F58149133	Loreal SA	<0.1%		40q held	$1M
44	PEP	Pepsico Inc	<0.1%		40q held	$1M
45	N24565108	Davide Campari-milano NV	<0.1%		24q held	$1M
46	X4S8SE108	Kalmar Oyj B	<0.1%		3q held	$1M
47	T3508H102	De'longhi	<0.1%		5q held	$1M
48	PG	Procter & Gamble Co/the	<0.1%	-23%	40q held	$1M
49	E8S64T107	Puig Brands	<0.1%		5q held	$1M
50	MSFT	Microsoft Corp	<0.1%		40q held	$1M
51	B5783H102	Lotus Bakeries	<0.1%		5q held	$1M
52	K3008M105	Demant A/s	<0.1%		5q held	$1M
53	K36628137	Carlsberg B A/s	<0.1%	-57%	24q held	$1M
54	W2457W116	Electrolux Professional	<0.1%		5q held	$1M
55	WMT	Walmart Inc	<0.1%		40q held	$1M
56	AAPL	Apple Inc	<0.1%		34q held	$1M
57	ABT	Abbott Laboratories	<0.1%		40q held	$1M
58	W41422101	H&m	<0.1%		5q held	$1M
59	N39427211	Heineken NV	<0.1%		40q held	$1M
60	CREST6610	Sunbelt Rentals Holdings Ord	<0.1%	New	— 1q held	$1M
61	H57312649	Nestle Sa-reg	<0.1%		40q held	$1M
62	FULT	Fulton Financial Corp	<0.1%		40q held	$996K
63	KO	Coca-cola Co/the	<0.1%		40q held	$991K
64	JBTM	Jbt Marel Corp	<0.1%		5q held	$927K
65	YETI	Yeti Holdings Inc	<0.1%		5q held	$878K
66	FBLA	FB Bancorp Inc	<0.1%		6q held	$687K
67	LAMR	Lamar Advertising Co-a	<0.1%		40q held	$680K
68	D98423102	Zalando SE	<0.1%		4q held	$663K
69	HRI	Herc Holdings Inc	<0.1%		5q held	$642K
70	WFC	Wells Fargo & CO	<0.1%		40q held	$593K
71	SWZ	Total Return Securities Fund	<0.1%	-33%	23q held	$579K
72	ORCL	Oracle Corp	<0.1%		33q held	$530K
73	CVX	Chevron Corp	<0.1%		40q held	$511K
74	GNRC	Generac Holdings Inc	<0.1%		5q held	$439K
75	HRL	Hormel Foods Corp	<0.1%		40q held	$430K
76	Y5342M100	LT Group Inc	<0.1%		40q held	$428K
77	OUT	Outfront Media Inc	<0.1%		6q held	$360K
78	CAT	Caterpillar Inc	<0.1%		4q held	$319K
79	JNJ	Johnson & Johnson	<0.1%	+34%	6q held	$319K
80	MCD	Mcdonald's Corp	<0.1%		40q held	$294K
81	UNM	Unum Group	<0.1%		14q held	$278K
82	MRK	Merck & Co. Inc.	<0.1%	New	28q held	$258K
83	DIS	Walt Disney Co/the	<0.1%		40q held	$243K
84	AMZN	Amazon.com Inc	<0.1%		3q held	$217K
85	Y7121Z146	Hanjaya Mandala Sampoerna	<0.1%		40q held	$213K
86	T19404101	Cofide Spa	<0.1%		15q held	$196K

Sort↑

1BRK/A
12.3%
$1.05B
Berkshire Hathaway Inc-cl A
this Q hold·40q
2GOOG
11.3%
$961M
Alphabet Inc-cl C
this Q hold·40q
3MA
9.1%
$777M
Mastercard Inc - A
this Q hold·40q
4PM
9.0%
$761M
Philip Morris International
this Q hold·40q
5N39338194
7.6%
$643M
Heineken Holding NV
this Q hold·40q
6H25662182
7.0%
$594M
Compagnie Financiere Richemont
this Q hold·40q
7NSRGY
6.4%
$543M
Nestle Sa-spons Adr
this Q hold·40q
8NFLX
6.3%
$539M
Netflix Inc
this Q hold·16q
9BRK/B
6.3%
$532M
Berkshire Hathaway Inc-cl B
this Q hold·40q
10MLM
5.0%
$421M
Martin Marietta Materials
this Q hold·40q
11SUNB
4.6%
$394M
Sunbelt Rentals Holdings Inc
this Q New·—1q
12UBER
4.4%
$372M
Uber Technologies Inc
this Q hold·10q
13L31839134
2.6%
$224M
Eurofins Scientific
this Q New·—1q
14F72027109
2.2%
$183M
Pernod Ricard
this Q hold·40q
15DASH
1.8%
$150M
Doordash Inc - A
this Q hold·8q
16CMCSA
0.8%
$65M
Comcast Corp-class A
this Q hold·40q
17BF/A
0.5%
$44M
Brown-forman Corp-class A
this Q hold·40q
18JPM
0.5%
$44M
Jpmorgan Chase & CO
this Q -72%·34q
19XOM
0.4%
$33M
Exxon Mobil Corp
this Q hold·40q
20V
0.3%
$28M
Visa Inc-class A Shares
this Q hold·40q
21BF/B
0.2%
$17M
Brown-forman Corp-class B
this Q hold·40q
22B639CJ108
0.1%
$13M
Anheuser-busch Inbev SA
this Q -31%·39q
23MO
0.1%
$11M
Altria Group Inc
this Q hold·40q
24MKL
0.1%
$9M
Markel Group Inc
this Q -21%·40q
25CR
0.1%
$8M
Crane CO
this Q hold·12q
26UNP
0.1%
$7M
Union Pacific Corp
this Q hold·40q
27COST
0.1%
$5M
Costco Wholesale Corp
this Q hold·40q
28DOV
<0.1%
$4M
Dover Corp
this Q hold·40q
29GOOGL
<0.1%
$3M
Alphabet Inc-cl A
this Q -22%·40q
30ABBV
<0.1%
$3M
Abbvie Inc
this Q hold·40q
31H49983176
<0.1%
$2M
Lindt & Spruengli AG - Reg
this Q hold·40q
32VMC
<0.1%
$2M
Vulcan Materials CO
this Q hold·39q
33AXP
<0.1%
$2M
American Express CO
this Q -47%·40q
34MKC
<0.1%
$2M
Mccormick & Co-non Vtg Shrs
this Q hold·40q
35X4550J108
<0.1%
$2M
Konecranes
this Q +185%·5q
36WRBY
<0.1%
$2M
Warby Parker Inc-class A
this Q +23%·5q
37D2617N114
<0.1%
$2M
Fielmann
this Q +28%·5q
38G8402N125
<0.1%
$2M
Ssp Group
this Q hold·5q
39E52619108
<0.1%
$2M
Fluidra
this Q hold·5q
40D6349P107
<0.1%
$2M
Rational AG
this Q +126%·5q
41K03294137
<0.1%
$2M
Alk Abello A/s
this Q +43%·2q
42LEVI
<0.1%
$2M
Levi Strauss & Co- Class A
this Q +73%·5q
43F58149133
<0.1%
$1M
Loreal SA
this Q hold·40q
44PEP
<0.1%
$1M
Pepsico Inc
this Q hold·40q
45N24565108
<0.1%
$1M
Davide Campari-milano NV
this Q hold·24q
46X4S8SE108
<0.1%
$1M
Kalmar Oyj B
this Q hold·3q
47T3508H102
<0.1%
$1M
De'longhi
this Q hold·5q
48PG
<0.1%
$1M
Procter & Gamble Co/the
this Q -23%·40q
49E8S64T107
<0.1%
$1M
Puig Brands
this Q hold·5q
50MSFT
<0.1%
$1M
Microsoft Corp
this Q hold·40q
51B5783H102
<0.1%
$1M
Lotus Bakeries
this Q hold·5q
52K3008M105
<0.1%
$1M
Demant A/s
this Q hold·5q
53K36628137
<0.1%
$1M
Carlsberg B A/s
this Q -57%·24q
54W2457W116
<0.1%
$1M
Electrolux Professional
this Q hold·5q
55WMT
<0.1%
$1M
Walmart Inc
this Q hold·40q
56AAPL
<0.1%
$1M
Apple Inc
this Q hold·34q
57ABT
<0.1%
$1M
Abbott Laboratories
this Q hold·40q
58W41422101
<0.1%
$1M
H&m
this Q hold·5q
59N39427211
<0.1%
$1M
Heineken NV
this Q hold·40q
60CREST6610
<0.1%
$1M
Sunbelt Rentals Holdings Ord
this Q New·—1q
61H57312649
<0.1%
$1M
Nestle Sa-reg
this Q hold·40q
62FULT
<0.1%
$996K
Fulton Financial Corp
this Q hold·40q
63KO
<0.1%
$991K
Coca-cola Co/the
this Q hold·40q
64JBTM
<0.1%
$927K
Jbt Marel Corp
this Q hold·5q
65YETI
<0.1%
$878K
Yeti Holdings Inc
this Q hold·5q
66FBLA
<0.1%
$687K
FB Bancorp Inc
this Q hold·6q
67LAMR
<0.1%
$680K
Lamar Advertising Co-a
this Q hold·40q
68D98423102
<0.1%
$663K
Zalando SE
this Q hold·4q
69HRI
<0.1%
$642K
Herc Holdings Inc
this Q hold·5q
70WFC
<0.1%
$593K
Wells Fargo & CO
this Q hold·40q
71SWZ
<0.1%
$579K
Total Return Securities Fund
this Q -33%·23q
72ORCL
<0.1%
$530K
Oracle Corp
this Q hold·33q
73CVX
<0.1%
$511K
Chevron Corp
this Q hold·40q
74GNRC
<0.1%
$439K
Generac Holdings Inc
this Q hold·5q
75HRL
<0.1%
$430K
Hormel Foods Corp
this Q hold·40q
76Y5342M100
<0.1%
$428K
LT Group Inc
this Q hold·40q
77OUT
<0.1%
$360K
Outfront Media Inc
this Q hold·6q
78CAT
<0.1%
$319K
Caterpillar Inc
this Q hold·4q
79JNJ
<0.1%
$319K
Johnson & Johnson
this Q +34%·6q
80MCD
<0.1%
$294K
Mcdonald's Corp
this Q hold·40q
81UNM
<0.1%
$278K
Unum Group
this Q hold·14q
82MRK
<0.1%
$258K
Merck & Co. Inc.
this Q New·28q
83DIS
<0.1%
$243K
Walt Disney Co/the
this Q hold·40q
84AMZN
<0.1%
$217K
Amazon.com Inc
this Q hold·3q
85Y7121Z146
<0.1%
$213K
Hanjaya Mandala Sampoerna
this Q hold·40q
86T19404101
<0.1%
$196K
Cofide Spa
this Q hold·15q

All activity (2026Q1)

Ticker	Issuer	Move	% Port.	Δ Shares	Value
SUNB	Sunbelt Rentals Holdings Inc	NEW	4.6%	+100%	$394M
G05320109	Ashtead Group Plc	EXIT	4.5%	-100%	$0
L31839134	Eurofins Scientific	NEW	2.6%	+100%	$224M
JPM	Jpmorgan Chase & CO	TRIM	0.5%	-72%	$44M
B639CJ108	Anheuser-busch Inbev SA	TRIM	0.1%	-31%	$13M
MKL	Markel Group Inc	TRIM	0.1%	-21%	$9M
GOOGL	Alphabet Inc-cl A	TRIM	<0.1%	-22%	$3M
AXP	American Express CO	TRIM	<0.1%	-47%	$2M
K36628137	Carlsberg B A/s	TRIM	<0.1%	-57%	$1M
G42089113	Diageo Plc	EXIT	<0.1%	-100%	$0
X4550J108	Konecranes	ADD	<0.1%	+185%	$2M
WRBY	Warby Parker Inc-class A	ADD	<0.1%	+23%	$2M
D2617N114	Fielmann	ADD	<0.1%	+28%	$2M
D6349P107	Rational AG	ADD	<0.1%	+126%	$2M
K03294137	Alk Abello A/s	ADD	<0.1%	+43%	$2M
LEVI	Levi Strauss & Co- Class A	ADD	<0.1%	+73%	$2M
PG	Procter & Gamble Co/the	TRIM	<0.1%	-23%	$1M
H	Hyatt Hotels Corp - CL A	EXIT	<0.1%	-100%	$0
CREST6610	Sunbelt Rentals Holdings Ord	NEW	<0.1%	+100%	$1M
SWZ	Total Return Securities Fund	TRIM	<0.1%	-33%	$579K
PNC	Pnc Financial Services Group	EXIT	<0.1%	-100%	$0
JNJ	Johnson & Johnson	ADD	<0.1%	+34%	$319K
MRK	Merck & Co. Inc.	NEW	<0.1%	+100%	$258K
IBM	Intl Business Machines Corp	EXIT	<0.1%	-100%	$0

NEWSUNB
4.6%
Sunbelt Rentals Holdings Inc
Δ +100%·$394M
EXITG05320109
4.5%
Ashtead Group Plc
Δ -100%·$0
NEWL31839134
2.6%
Eurofins Scientific
Δ +100%·$224M
TRIMJPM
0.5%
Jpmorgan Chase & CO
Δ -72%·$44M
TRIMB639CJ108
0.1%
Anheuser-busch Inbev SA
Δ -31%·$13M
TRIMMKL
0.1%
Markel Group Inc
Δ -21%·$9M
TRIMGOOGL
<0.1%
Alphabet Inc-cl A
Δ -22%·$3M
TRIMAXP
<0.1%
American Express CO
Δ -47%·$2M
TRIMK36628137
<0.1%
Carlsberg B A/s
Δ -57%·$1M
EXITG42089113
<0.1%
Diageo Plc
Δ -100%·$0
ADDX4550J108
<0.1%
Konecranes
Δ +185%·$2M
ADDWRBY
<0.1%
Warby Parker Inc-class A
Δ +23%·$2M
ADDD2617N114
<0.1%
Fielmann
Δ +28%·$2M
ADDD6349P107
<0.1%
Rational AG
Δ +126%·$2M
ADDK03294137
<0.1%
Alk Abello A/s
Δ +43%·$2M
ADDLEVI
<0.1%
Levi Strauss & Co- Class A
Δ +73%·$2M
TRIMPG
<0.1%
Procter & Gamble Co/the
Δ -23%·$1M
EXITH
<0.1%
Hyatt Hotels Corp - CL A
Δ -100%·$0
NEWCREST6610
<0.1%
Sunbelt Rentals Holdings Ord
Δ +100%·$1M
TRIMSWZ
<0.1%
Total Return Securities Fund
Δ -33%·$579K
EXITPNC
<0.1%
Pnc Financial Services Group
Δ -100%·$0
ADDJNJ
<0.1%
Johnson & Johnson
Δ +34%·$319K
NEWMRK
<0.1%
Merck & Co. Inc.
Δ +100%·$258K
EXITIBM
<0.1%
Intl Business Machines Corp
Δ -100%·$0

Long US equity 13F-HR filings only — no shorts, no derivatives. SEC filings at EDGAR (CIK 0000860643). Not investment advice.