13F filing recap · Q3 2025

What did Gardner Russo & Quinn buy in Q3 2025?

Reported stock-position changes between this filing and the previous one.

Stock value

$9.33B

Positions

Estimated turnover

5.1%

Turnover is a proxy: verified trade-origin share changes valued at period-end and divided by average reported stock value. SEC holdings reports do not disclose execution dates or prices. Corporate actions and unreconciled activity are excluded.

Quarter in review

Gardner Russo & Quinn opened new positions in Kalmar Oyj and Caterpillar, and exited Ralph Lauren Corporation and Diageo Plc entirely. The firm trimmed a broad swath of existing holdings, including Berkshire Hathaway, Alphabet, Mastercard, Philip Morris International, and Netflix, while adding to Heineken Holding. Notable reductions also hit Altria Group, Microsoft, Wells Fargo, Hormel Foods, and Generac Holdings.

New positions

KALMARKalmar Oyj$792.4Kreported value+20.0K shares CATCaterpillar Inc$334.0Kreported value+700 shares

Increased positions

HKHHYHeineken Holding N V$636.65Mreported value+855.3K shares+10.1%BRK.BBerkshire Hathaway Inc$583.88Mreported value+6.8K shares+0.6%XOMExxon Mobil Corp.$21.62Mreported value+1.4K shares+0.8%UNPUnion Pacific Corp$5.87Mreported value+128 shares

Reduced positions

BRK.ABerkshire Hathaway Inc$1.16Breported value-83 shares-5.1%GOOGAlphabet Inc.$1.13Breported value-440.4K shares-8.7%MAMastercard Inc$921.63Mreported value-62.8K shares-3.7%PMPhilip Morris International Inc.$756.21Mreported value-211.1K shares

Exited positions

RLRalph Lauren Corporation$1.12Mprior reported value-4.1K shares-100.0%DGEDiageo Plc$202.3Kprior reported value-8.1K shares-100.0%