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Gardner Russo & Quinn · SEC Form 13F for Sep 30, 2026 · filed Nov 12, 2026

Thomas Russo

$8.4 billion in 85 stocks

Berkshire Hathaway (Class A) is 12% of it, and five stocks make up 52%. Against Q2 2026: opened 2, trimmed 2, sold out of 2.

Copying these filings against the S&P 500
A copy of these filings 9.0%S&P 500 fund (SPY) 13.7%

Return per year, May 14, 2014 – Nov 11, 2026, dividends included. Calculated Nov 12, 2026; later filings are not in it. A simulation, not the fund’s return, and the gap changes a lot with the dates.

Rough estimate. For 29% of this copy we have no daily prices, mostly because the companies no longer trade. Those holdings are priced once a quarter from the filings, without dividends.

How this is calculated

We compare two imaginary portfolios over the same dates. One buys an S&P 500 fund (SPY) and keeps it. The other copies this investor: on the first trading day after each 13F filing becomes public, it sells what it holds and buys what the filing lists, in the same proportions, at that day’s closing price. It leaves out options, holds no cash and does not trade between filings.

We use daily prices from Yahoo Finance, dividends included, and check each against the price in the filings before using it. Some holdings have no daily prices, mostly companies that were later bought or delisted, and bonds. For those we use the price from each quarterly filing, which leaves out dividends. For this investor that is 29% of the copy.

Filings come out up to 45 days after the quarter ends, so the copy is always acting on old news. A holding first revealed in a corrected filing counts from the day the correction was filed. Shorts, cash, non-US listings, fees, costs and taxes are left out. The start date is simply where our data begins. This is not a prediction.

Calculation and data limits
ShareXLinkedIn

What changed in Q3 2026

Change in shares since Q2 2026. Changes under 20% are in grey.

The portfolio in one line

Each block is a holding, as wide as its share of the portfolio.

opened or added 20% or more trimmed 20% or more otherwise

85 matching positions

Investor stock list
CompanyWeightThis quarterReported value8 quarters
Berkshire Hathaway (Class A)BRK/A
Position details
Quote on Yahoo Finance ↗

1,392 reported shares · $747005.00 per unit · $1,039,830,960 reported value

8 recorded quarters of position-weight history; not proof of continuous ownership.

12.35%Reduce -2.79%$1.04B
Alphabet (Class C)GOOG
Position details
Quote on Yahoo Finance ↗

2,914,946 reported shares · $340.74 per unit · $993,238,700 reported value

8 recorded quarters of position-weight history; not proof of continuous ownership.

11.80%Reduce -4.37%$993M
Philip Morris InternationalPM
Position details
Quote on Yahoo Finance ↗

4,385,825 reported shares · $190.82 per unit · $836,903,112 reported value

8 recorded quarters of position-weight history; not proof of continuous ownership.

9.94%Reduce -3.20%$837M
MastercardMA
Position details
Quote on Yahoo Finance ↗

1,462,078 reported shares · $551.47 per unit · $806,292,068 reported value

8 recorded quarters of position-weight history; not proof of continuous ownership.

9.58%Reduce -3.96%$806M
Compagnie Financiere Richemont
Position details

3,211,597 reported shares · $214.50 per unit · $688,899,961 reported value

8 recorded quarters of position-weight history; not proof of continuous ownership.

8.18%Reduce -4.00%$689M
Heineken Holding NV
Position details

8,555,210 reported shares · $74.23 per unit · $635,034,395 reported value

8 recorded quarters of position-weight history; not proof of continuous ownership.

7.54%Reduce -3.94%$635M
Berkshire Hathaway (Class B)BRK/B
Position details
Quote on Yahoo Finance ↗

1,035,281 reported shares · $497.95 per unit · $515,518,174 reported value

8 recorded quarters of position-weight history; not proof of continuous ownership.

6.13%Reduce -4.08%$516M
Nestle SA ADRNSRGY
Position details
Quote on Yahoo Finance ↗

5,106,583 reported shares · $90.78 per unit · $463,575,596 reported value

8 recorded quarters of position-weight history; not proof of continuous ownership.

5.51%Reduce -3.92%$464M
Sunbelt Rentals Holdings IncSUNB
Position details
Quote on Yahoo Finance ↗

5,627,172 reported shares · $73.21 per unit · $411,965,262 reported value

3 recorded quarters of position-weight history; not proof of continuous ownership.

4.89%Reduce -4.59%$412M
NetflixNFLX
Position details
Quote on Yahoo Finance ↗

5,572,066 reported shares · $69.58 per unit · $387,704,352 reported value

8 recorded quarters of position-weight history; not proof of continuous ownership.

4.61%Reduce -2.42%$388M
UberUBER
Position details
Quote on Yahoo Finance ↗

4,920,135 reported shares · $68.51 per unit · $337,078,449 reported value

8 recorded quarters of position-weight history; not proof of continuous ownership.

4.00%Reduce -3.22%$337M
Eurofins Scientific
Position details

3,948,382 reported shares · $85.19 per unit · $336,357,727 reported value

3 recorded quarters of position-weight history; not proof of continuous ownership.

4.00%Reduce -3.56%$336M
Martin Marietta MaterialsMLM
Position details
Quote on Yahoo Finance ↗

683,751 reported shares · $479.81 per unit · $328,070,593 reported value

8 recorded quarters of position-weight history; not proof of continuous ownership.

3.90%Reduce -3.06%$328M
Doordash Inc (Class A)DASH
Position details
Quote on Yahoo Finance ↗

1,142,331 reported shares · $183.55 per unit · $209,674,855 reported value

8 recorded quarters of position-weight history; not proof of continuous ownership.

2.49%Reduce -3.69%$210M
Pernod Ricard
Position details

2,227,858 reported shares · $68.90 per unit · $153,500,889 reported value

8 recorded quarters of position-weight history; not proof of continuous ownership.

1.82%Reduce -5.25%$154M
ComcastCMCSA
Position details
Quote on Yahoo Finance ↗

2,075,364 reported shares · $21.76 per unit · $45,159,926 reported value

8 recorded quarters of position-weight history; not proof of continuous ownership.

0.54%Reduce -5.39%$45M
Brown-Forman Corp (Class A)BF/A
Position details
Quote on Yahoo Finance ↗

1,527,757 reported shares · $26.83 per unit · $40,989,726 reported value

8 recorded quarters of position-weight history; not proof of continuous ownership.

0.49%Reduce -4.38%$41M
VisaV
Position details
Quote on Yahoo Finance ↗

81,461 reported shares · $359.33 per unit · $29,271,381 reported value

8 recorded quarters of position-weight history; not proof of continuous ownership.

0.35%Reduce -6.64%$29M
Exxon MobilXOM
Position details
Quote on Yahoo Finance ↗

150,689 reported shares · $162.75 per unit · $24,524,618 reported value

8 recorded quarters of position-weight history; not proof of continuous ownership.

0.29%Reduce -16.84%$25M
Brown-Forman Corp (Class B)BF/B
Position details
Quote on Yahoo Finance ↗

591,626 reported shares · $26.20 per unit · $15,500,591 reported value

8 recorded quarters of position-weight history; not proof of continuous ownership.

0.18%Reduce -7.45%$16M
Anheuser-Busch Inbev SA
Position details

164,502 reported shares · $74.19 per unit · $12,205,016 reported value

8 recorded quarters of position-weight history; not proof of continuous ownership.

0.14%Reduce -3.97%$12M
Altria Group IncMO
Position details
Quote on Yahoo Finance ↗

149,004 reported shares · $67.34 per unit · $10,033,947 reported value

8 recorded quarters of position-weight history; not proof of continuous ownership.

0.12%Add +0.27%$10M
Crane CoCR
Position details
Quote on Yahoo Finance ↗

41,922 reported shares · $204.02 per unit · $8,552,926 reported value

8 recorded quarters of position-weight history; not proof of continuous ownership.

0.10%Reduce -4.59%$9M
Markel Group IncMKL
Position details
Quote on Yahoo Finance ↗

4,195 reported shares · $1712.45 per unit · $7,183,728 reported value

8 recorded quarters of position-weight history; not proof of continuous ownership.

0.09%Reduce -1.64%$7M
Union Pacific CorpUNP
Position details
Quote on Yahoo Finance ↗

25,326 reported shares · $272.13 per unit · $6,892,003 reported value

8 recorded quarters of position-weight history; not proof of continuous ownership.

0.08%Reduce -1.99%$7M
Alphabet (Class A)GOOGL
Position details
Quote on Yahoo Finance ↗

11,014 reported shares · $344.08 per unit · $3,789,697 reported value

8 recorded quarters of position-weight history; not proof of continuous ownership.

0.04%Reduce -0.90%$4M
Dover CorpDOV
Position details
Quote on Yahoo Finance ↗

18,851 reported shares · $187.05 per unit · $3,526,080 reported value

8 recorded quarters of position-weight history; not proof of continuous ownership.

0.04%No change$4M
AbbVieABBV
Position details
Quote on Yahoo Finance ↗

12,410 reported shares · $261.59 per unit · $3,246,332 reported value

8 recorded quarters of position-weight history; not proof of continuous ownership.

0.04%No change$3M
CostcoCOST
Position details
Quote on Yahoo Finance ↗

3,420 reported shares · $910.39 per unit · $3,113,531 reported value

8 recorded quarters of position-weight history; not proof of continuous ownership.

0.04%Add +0.62%$3M
JPMorgan ChaseJPM
Position details
Quote on Yahoo Finance ↗

8,610 reported shares · $330.83 per unit · $2,848,446 reported value

Previous recorded weight: 0.09%

8 recorded quarters of position-weight history; not proof of continuous ownership.

0.03%Reduce -65.17%$3M
Warby Parker Inc (Class A)WRBY
Position details
Quote on Yahoo Finance ↗

80,000 reported shares · $27.78 per unit · $2,222,400 reported value

7 recorded quarters of position-weight history; not proof of continuous ownership.

0.03%No change$2M
De'longhi
Position details

46,500 reported shares · $45.80 per unit · $2,129,582 reported value

7 recorded quarters of position-weight history; not proof of continuous ownership.

0.03%Add +8.90%$2M
Demant A/S
Position details

41,000 reported shares · $47.10 per unit · $1,931,185 reported value

7 recorded quarters of position-weight history; not proof of continuous ownership.

0.02%No change$2M
Levi Strauss & Co (Class A)LEVI
Position details
Quote on Yahoo Finance ↗

96,000 reported shares · $19.70 per unit · $1,891,200 reported value

7 recorded quarters of position-weight history; not proof of continuous ownership.

0.02%Add +14.66%$2M
Konecranes
Position details

52,500 reported shares · $35.03 per unit · $1,839,055 reported value

7 recorded quarters of position-weight history; not proof of continuous ownership.

0.02%No change$2M
Ssp Group
Position details

700,000 reported shares · $2.54 per unit · $1,777,068 reported value

7 recorded quarters of position-weight history; not proof of continuous ownership.

0.02%No change$2M
Alk Abello A/S
Position details

60,000 reported shares · $30.15 per unit · $1,808,720 reported value

4 recorded quarters of position-weight history; not proof of continuous ownership.

0.02%Add +13.21%$2M
McCormick & Co-Non Vtg ShrsMKC
Position details
Quote on Yahoo Finance ↗

36,948 reported shares · $46.40 per unit · $1,714,387 reported value

8 recorded quarters of position-weight history; not proof of continuous ownership.

0.02%Reduce -2.72%$2M
MicrosoftMSFT
Position details
Quote on Yahoo Finance ↗

3,269 reported shares · $512.90 per unit · $1,676,670 reported value

8 recorded quarters of position-weight history; not proof of continuous ownership.

0.02%Reduce -8.79%$2M
AppleAAPL
Position details
Quote on Yahoo Finance ↗

4,726 reported shares · $333.02 per unit · $1,573,853 reported value

8 recorded quarters of position-weight history; not proof of continuous ownership.

0.02%Add +2.72%$2M
Lotus Bakeries
Position details

115 reported shares · $13902.80 per unit · $1,598,822 reported value

7 recorded quarters of position-weight history; not proof of continuous ownership.

0.02%No change$2M
American ExpressAXP
Position details
Quote on Yahoo Finance ↗

4,861 reported shares · $304.10 per unit · $1,478,230 reported value

8 recorded quarters of position-weight history; not proof of continuous ownership.

0.02%Reduce -5.15%$1M
Loreal SA
Position details

3,593 reported shares · $431.00 per unit · $1,548,577 reported value

8 recorded quarters of position-weight history; not proof of continuous ownership.

0.02%Reduce -3.02%$2M
Fielmann
Position details

33,000 reported shares · $43.79 per unit · $1,444,972 reported value

7 recorded quarters of position-weight history; not proof of continuous ownership.

0.02%No change$1M
Rational AG
Position details

2,200 reported shares · $646.30 per unit · $1,421,857 reported value

7 recorded quarters of position-weight history; not proof of continuous ownership.

0.02%No change$1M
Fluidra
Position details

70,000 reported shares · $20.08 per unit · $1,405,728 reported value

7 recorded quarters of position-weight history; not proof of continuous ownership.

0.02%No change$1M
Puig Brands
Position details

68,000 reported shares · $20.55 per unit · $1,397,232 reported value

7 recorded quarters of position-weight history; not proof of continuous ownership.

0.02%No change$1M
Lindt & Spruengli AG - Reg
Position details

15 reported shares · $98089.73 per unit · $1,471,346 reported value

8 recorded quarters of position-weight history; not proof of continuous ownership.

0.02%No change$1M
Vulcan Materials CoVMC
Position details
Quote on Yahoo Finance ↗

5,398 reported shares · $244.63 per unit · $1,320,513 reported value

Previous recorded weight: 0.02%

8 recorded quarters of position-weight history; not proof of continuous ownership.

0.02%Reduce -25.68%$1M
Sunbelt Rentals Holdings
Position details

18,178 reported shares · $74.15 per unit · $1,347,973 reported value

3 recorded quarters of position-weight history; not proof of continuous ownership.

0.02%No change$1M
Davide Campari-Milano NV
Position details

195,048 reported shares · $6.96 per unit · $1,357,629 reported value

8 recorded quarters of position-weight history; not proof of continuous ownership.

0.02%No change$1M
Carlsberg B A/S
Position details

9,682 reported shares · $129.42 per unit · $1,253,087 reported value

8 recorded quarters of position-weight history; not proof of continuous ownership.

0.01%Reduce -4.47%$1M
Abbott LaboratoriesABT
Position details
Quote on Yahoo Finance ↗

11,510 reported shares · $98.83 per unit · $1,137,533 reported value

8 recorded quarters of position-weight history; not proof of continuous ownership.

0.01%No change$1M
PepsiCoPEP
Position details
Quote on Yahoo Finance ↗

9,113 reported shares · $126.71 per unit · $1,154,743 reported value

8 recorded quarters of position-weight history; not proof of continuous ownership.

0.01%Reduce -0.02%$1M
Heineken NV
Position details

15,131 reported shares · $79.31 per unit · $1,199,965 reported value

8 recorded quarters of position-weight history; not proof of continuous ownership.

0.01%No change$1M
Kalmar Oyj B
Position details

27,500 reported shares · $42.59 per unit · $1,171,345 reported value

5 recorded quarters of position-weight history; not proof of continuous ownership.

0.01%No change$1M
Coca-ColaKO
Position details
Quote on Yahoo Finance ↗

12,350 reported shares · $86.08 per unit · $1,063,088 reported value

8 recorded quarters of position-weight history; not proof of continuous ownership.

0.01%No change$1M
Yeti Holdings IncYETI
Position details
Quote on Yahoo Finance ↗

24,000 reported shares · $41.02 per unit · $984,480 reported value

7 recorded quarters of position-weight history; not proof of continuous ownership.

0.01%No change$984K
Nestle Sa-Reg
Position details

11,130 reported shares · $91.05 per unit · $1,013,357 reported value

8 recorded quarters of position-weight history; not proof of continuous ownership.

0.01%No change$1M
Electrolux Professional
Position details

230,000 reported shares · $4.55 per unit · $1,046,439 reported value

7 recorded quarters of position-weight history; not proof of continuous ownership.

0.01%No change$1M
H&m
Position details

64,000 reported shares · $16.01 per unit · $1,024,913 reported value

7 recorded quarters of position-weight history; not proof of continuous ownership.

0.01%No change$1M
Fulton Financial CorpFULT
Position details
Quote on Yahoo Finance ↗

40,850 reported shares · $22.56 per unit · $921,576 reported value

8 recorded quarters of position-weight history; not proof of continuous ownership.

0.01%Reduce -7.68%$922K
Procter & GamblePG
Position details
Quote on Yahoo Finance ↗

6,391 reported shares · $145.28 per unit · $928,484 reported value

8 recorded quarters of position-weight history; not proof of continuous ownership.

0.01%Reduce -2.49%$928K
Fb Bancorp IncFBLA
Position details
Quote on Yahoo Finance ↗

50,000 reported shares · $16.48 per unit · $824,000 reported value

8 recorded quarters of position-weight history; not proof of continuous ownership.

0.01%No change$824K
Herc Holdings IncHRI
Position details
Quote on Yahoo Finance ↗

6,450 reported shares · $124.80 per unit · $804,960 reported value

7 recorded quarters of position-weight history; not proof of continuous ownership.

0.01%No change$805K
WalmartWMT
Position details
Quote on Yahoo Finance ↗

8,240 reported shares · $103.92 per unit · $856,301 reported value

8 recorded quarters of position-weight history; not proof of continuous ownership.

0.01%Reduce -2.66%$856K
Lamar Advertising Co (Class A)LAMR
Position details
Quote on Yahoo Finance ↗

5,368 reported shares · $144.11 per unit · $773,582 reported value

8 recorded quarters of position-weight history; not proof of continuous ownership.

<0.01%No change$774K
Zalando SE
Position details

28,000 reported shares · $25.78 per unit · $721,946 reported value

6 recorded quarters of position-weight history; not proof of continuous ownership.

<0.01%No change$722K
Total Return Securities FundSWZ
Position details
Quote on Yahoo Finance ↗

97,667 reported shares · $5.70 per unit · $556,700 reported value

8 recorded quarters of position-weight history; not proof of continuous ownership.

<0.01%No change$557K
Wells FargoWFC
Position details
Quote on Yahoo Finance ↗

7,452 reported shares · $80.05 per unit · $596,534 reported value

8 recorded quarters of position-weight history; not proof of continuous ownership.

<0.01%Add +0.01%$597K
ChevronCVX
Position details
Quote on Yahoo Finance ↗

2,470 reported shares · $204.21 per unit · $504,399 reported value

8 recorded quarters of position-weight history; not proof of continuous ownership.

<0.01%No change$504K
Lt Group Inc
Position details

1,775,000 reported shares · $0.24 per unit · $432,381 reported value

8 recorded quarters of position-weight history; not proof of continuous ownership.

<0.01%No change$432K
Hormel Foods CorpHRL
Position details
Quote on Yahoo Finance ↗

17,500 reported shares · $19.94 per unit · $348,950 reported value

8 recorded quarters of position-weight history; not proof of continuous ownership.

<0.01%Reduce -5.41%$349K
OracleORCL
Position details
Quote on Yahoo Finance ↗

2,715 reported shares · $137.30 per unit · $372,770 reported value

8 recorded quarters of position-weight history; not proof of continuous ownership.

<0.01%No change$373K
Unum GroupUNM
Position details
Quote on Yahoo Finance ↗

3,485 reported shares · $87.73 per unit · $305,739 reported value

8 recorded quarters of position-weight history; not proof of continuous ownership.

<0.01%No change$306K
Diageo PLC
Position details

14,242 reported shares · $21.57 per unit · $307,257 reported value

Previous recorded weight: 0.00%

5 recorded quarters of position-weight history; not proof of continuous ownership.

<0.01%New position$307K
AmazonAMZN
Position details
Quote on Yahoo Finance ↗

936 reported shares · $249.15 per unit · $233,204 reported value

4 recorded quarters of position-weight history; not proof of continuous ownership.

<0.01%No change$233K
CaterpillarCAT
Position details
Quote on Yahoo Finance ↗

265 reported shares · $810.79 per unit · $214,859 reported value

5 recorded quarters of position-weight history; not proof of continuous ownership.

<0.01%No change$215K
Walt DisneyDIS
Position details
Quote on Yahoo Finance ↗

2,501 reported shares · $104.89 per unit · $262,325 reported value

8 recorded quarters of position-weight history; not proof of continuous ownership.

<0.01%Add +0.36%$262K
Johnson & JohnsonJNJ
Position details
Quote on Yahoo Finance ↗

1,112 reported shares · $264.74 per unit · $294,391 reported value

4 recorded quarters of position-weight history; not proof of continuous ownership.

<0.01%No change$294K
McDonald’sMCD
Position details
Quote on Yahoo Finance ↗

947 reported shares · $230.94 per unit · $218,700 reported value

8 recorded quarters of position-weight history; not proof of continuous ownership.

<0.01%No change$219K
MerckMRK
Position details
Quote on Yahoo Finance ↗

1,643 reported shares · $145.32 per unit · $238,762 reported value

5 recorded quarters of position-weight history; not proof of continuous ownership.

<0.01%Add +0.06%$239K
Cofide Spa
Position details

251,250 reported shares · $0.89 per unit · $222,598 reported value

8 recorded quarters of position-weight history; not proof of continuous ownership.

<0.01%No change$223K
NvidiaNVDA
Position details
Quote on Yahoo Finance ↗

900 reported shares · $228.38 per unit · $205,542 reported value

Previous recorded weight: 0.00%

—

1 recorded quarters of position-weight history; not proof of continuous ownership.

<0.01%New position$206K
Hanjaya Mandala Sampoerna
Position details

5,000,000 reported shares · $0.03 per unit · $174,825 reported value

8 recorded quarters of position-weight history; not proof of continuous ownership.

<0.01%No change$175K
How to read this table
  • Weight is a holding’s share of the reported portfolio, not of everything the manager runs.
  • Price per unit is the reported value divided by the reported shares at quarter end.
  • Some filings state dollar values in thousands. Those are shown here in dollars.
  • Share changes compare two filings. They can reflect splits or corrections as well as trades.
  • Every change is listed here. Across the site, an investor counts as adding or reducing only when the change is 20% or more, or a position is opened or closed.
  • “N/A” means the two filings could not be compared, not that nothing changed.
  • Filings do not show trade dates or reasons.

Source: SEC Form 13F for Sep 30, 2026, filed Nov 12, 2026 · Form 13F 0000860643-26-000006 ↗SEC filing index ↗ · A filing lists long US-listed positions at quarter end. It is not a live portfolio and gives no reasons for a change.

About Thomas Russo

Thomas Russo manages investments at Gardner Russo & Quinn and the Semper Vic partnerships. In an interview with Ivey Business School, he discusses his approach to long-term ownership. Firm background ↗

In its portfolio for the quarter ended Mar 31, 2014, Gardner Russo & Quinn’s largest reported positions included Nestle SA ADR, Berkshire Hathaway Inc (Class A), Philip Morris International Inc. Historical filing ↗

In the filing dated Aug 13, 2026, Gardner Russo & Quinn reported as GARDNER RUSSO & QUINN LLC with an office in LANCASTER. Vicki Supnik, Account Administrator, signed the filing. SEC cover page ↗

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