Gardner Russo & Quinn

In Q2 2026, Gardner Russo & Quinn held 82 US-listed stocks worth $8.9bn. Its biggest move was adding to Netflix (2% more shares, now 4.6%), followed by cutting Compagnie Financiere Richemont (3% fewer shares, now 8.7%). It started 1 new position and sold out of 2. Its largest holding is Berkshire Hathaway at 18%.

Source: SEC Form 13F for Q2 2026, filed 13 Aug 2026. How we use them

Latest 13F

Q2 2026

Filed 13 Aug 2026

Q3 2026 13F due

26 days

Expected Thu 12 Nov

What changed in Q2 2026

New positions

Exxon Mobil0.3% of the portfolio

Added to

Eurofins Scientific+32% shares, now 3.6%
Doordash+19% shares, now 2.5%
Levi Strauss & Co+1.2% shares, now 0.0%
ALK Abello+6.0% shares, now 0.0%
De'Longhi+9.5% shares, now 0.0%

Trimmed

Berkshire Hathaway-2.8% shares, now 18.1%
JPMorgan Chase-83% shares, now 0.1%
Martin Marietta Materials Ord-1.4% shares, now 4.6%
Mastercard-2.1% shares, now 8.8%
Nestle SA Reg B-3.0% shares, now 6.1%

Sold out

Exxon Mobilwas 0.4%
Generac Holdingswas under 0.1%

Against Q1 2026, by number of shares and adjusted for splits. Up to five of each, largest first; the full list is below.

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US holdings from the 13F

Q2 2026, filed 13 Aug 2026 (filing): 1 new, 10 added to, 39 trimmed, 2 sold out. Select a row to see it over time. How this works

Changes compare share counts with Q1 2026, adjusted for stock splits. Share classes of the same company are combined. Values are at quarter-end prices.

13F holdings with change from the previous quarter

Berkshire HathawayBRK.B	$1.6bn	1,080,796	18.1%$1.6bn	Trimmed -2.8%	18.6%
AlphabetGOOG	$1.1bn	3,059,191	12.1%$1.1bn	Trimmed -9.0%	11.3%
Philip Morris InternationalPM	$820m	4,530,846	9.2%$820m	Trimmed -1.6%	9.0%
MastercardMA	$782m	1,522,395	8.8%$782m	Trimmed -2.1%	9.2%
Compagnie Financiere RichemontCFRHF	$774m	3,345,346	8.7%$774m	Trimmed -3.0%	7.0%
Heineken HoldingHKHHF	$680m	8,905,683	7.6%$680m	Trimmed -2.2%	7.6%
Nestle SA Reg BNSRGY	$546m	5,314,898	6.1%$546m	Trimmed -3.0%	6.4%
Sunbelt Rentals HoldingsSUNB	$441m	5,897,825	4.9%$441m	Trimmed -2.5%	4.6%
NetflixNFLX	$408m	5,710,088	4.6%$408m	Added +1.8%	6.3%
Martin Marietta Materials OrdMLM	$407m	705,367	4.6%$407m	Trimmed -1.4%	5.0%
Uber TechnologiesUBER	$367m	5,084,015	4.1%$367m	Trimmed -1.7%	4.4%
Eurofins ScientificERFSF	$321m	4,094,034	3.6%$321m	Added +32%	2.6%
DoordashDASH	$219m	1,186,104	2.5%$219m	Added +19%	1.8%
Pernod RicardPDRDF	$172m	2,351,360	1.9%$172m	Trimmed -5.2%	2.2%
Brown FormanBF.B	$60.8m	2,237,097	0.7%$60.8m	Trimmed -3.1%	0.7%
ComcastCMCSA	$53.9m	2,193,660	0.6%$53.9m	Trimmed -2.6%	0.8%
VisaV	$29.9m	87,256	0.3%$29.9m	Trimmed -7.0%	0.3%
Exxon MobilXOM	$24.8m	181,200	0.3%$24.8m	New	–
Anheuser-Busch InBevBUDFF	$14.2m	171,294	0.2%$14.2m	Trimmed -6.9%	0.1%
Altria GroupMO	$10.7m	148,603	0.1%$10.7m	Trimmed -9.6%	0.1%
Crane CompanyCR	$9.8m	43,937	0.1%$9.8m	Trimmed -5.8%	0.1%
Markel GroupMKL	$8.3m	4,265	0.1%$8.3m	Trimmed -14%	0.1%
JPMorgan ChaseJPM	$8.1m	24,719	0.1%$8.1m	Trimmed -83%	0.5%
Union PacificUNP	$7.0m	25,841	0.1%$7.0m	Trimmed -6.5%	0.1%
DoverDOV	$4.2m	18,851	0.1%$4.2m	Trimmed -1.4%	0.1%
Costco WholesaleCOST	$3.2m	3,399	0.0%$3.2m	Trimmed -26%	0.1%
AbbvieABBV	$3.1m	12,410	0.0%$3.1m	Unchanged	0.0%
Warby ParkerWRBY	$2.4m	80,000	0.0%$2.4m	Unchanged	0.0%
Vulcan Materials OrdVMC	$2.1m	7,263	0.0%$2.1m	Unchanged	0.0%
Levi Strauss & CoLEVI	$2.1m	83,725	0.0%$2.1m	Added +1.2%	0.0%
ALK AbelloAKBLF	$2.0m	53,000	0.0%$2.0m	Added +6.0%	0.0%
Mccormick & CoMKC	$1.9m	37,981	0.0%$1.9m	Trimmed -1.6%	0.0%
De'LonghiDELHF	$1.8m	42,700	0.0%$1.8m	Added +9.5%	0.0%
Lindt & Spruengli AG - RegCOCXF	$1.8m	15	0.0%$1.8m	Unchanged	0.0%
SSP GroupSSPPF	$1.7m	700,000	0.0%$1.7m	Unchanged	0.0%
American ExpressAXP	$1.7m	5,125	0.0%$1.7m	Trimmed -21%	0.0%
DemantWILLF	$1.7m	41,000	0.0%$1.7m	Unchanged	0.0%
LorealLRLCF	$1.6m	3,705	0.0%$1.6m	Unchanged	0.0%
FielmannFLMNF	$1.6m	33,000	0.0%$1.6m	Unchanged	0.0%
KonecranesKNCRF	$1.6m	52,500	0.0%$1.6m	Unchanged	0.0%
RationalRTLLF	$1.6m	2,200	0.0%$1.6m	Unchanged	0.0%
FluidraFLUIF	$1.6m	70,000	0.0%$1.6m	Unchanged	0.0%
Lotus BakeriesLTSSF	$1.5m	115	0.0%$1.5m	Unchanged	0.0%
MicrosoftMSFT	$1.3m	3,584	0.0%$1.3m	Added +1.1%	0.0%
AppleAAPL	$1.3m	4,601	0.0%$1.3m	Trimmed -3.2%	0.0%
Carlsberg BCABJF	$1.3m	10,135	0.0%$1.3m	Added +2.7%	0.0%
Sunbelt Rentals Holdings ORD	$1.3m	18,178	0.0%$1.3m	Unchanged	0.0%
HeinekenHINKF	$1.3m	15,131	0.0%$1.3m	Unchanged	0.0%
Puig BrandsPUIGF	$1.3m	68,000	0.0%$1.3m	Unchanged	0.0%
PepsicoPEP	$1.2m	9,115	0.0%$1.2m	Trimmed -1.0%	0.0%
Davide Campari-MilanoDVDCF	$1.2m	195,048	0.0%$1.2m	Trimmed -3.4%	0.0%
Kalmar Oyj BKMROF	$1.2m	27,500	0.0%$1.2m	Added +1.9%	0.0%
Yeti HoldingsYETI	$1.2m	24,000	0.0%$1.2m	Unchanged	0.0%
Nestle SA-REGNSRGF	$1.1m	11,130	0.0%$1.1m	Unchanged	0.0%
H&MHMRZF	$1.1m	64,000	0.0%$1.1m	Unchanged	0.0%
Fulton FinancialFULT	$1.1m	44,250	0.0%$1.1m	Trimmed -9.6%	0.0%
JBT MarelJBTM	$1.1m	7,250	0.0%$1.1m	Unchanged	0.0%
Abbott LaboratoriesABT	$1.0m	11,510	0.0%$1.0m	Unchanged	0.0%
Electrolux ProfessionalECTXF	$1.0m	230,000	0.0%$1.0m	Unchanged	0.0%
Coca-ColaKO	$1.0m	12,350	0.0%$1.0m	Trimmed -5.2%	0.0%
Procter & GamblePG	$961k	6,554	0.0%$961k	Trimmed -29%	0.0%
WalmartWMT	$959k	8,465	0.0%$959k	Trimmed -13%	0.0%
Herc HoldingsHRI	$925k	6,450	0.0%$925k	Unchanged	0.0%
Lamar AdvertisingLAMR	$837k	5,368	0.0%$837k	Unchanged	0.0%
ZalandoZLDSF	$812k	28,000	0.0%$812k	Unchanged	0.0%
FB BancorpFBLA	$753k	50,000	0.0%$753k	Unchanged	0.0%
Wells Fargo & CompanyWFC	$616k	7,451	0.0%$616k	Added 0.0%	0.0%
Total Return Securities FundSWZ	$580k	97,667	0.0%$580k	Unchanged	0.0%
Hormel FoodsHRL	$459k	18,500	0.0%$459k	Trimmed -2.6%	0.0%
Outfront MediaOUT	$445k	13,588	0.0%$445k	Unchanged	0.0%
LT GroupLTGIF	$432k	1,775,000	0.0%$432k	Unchanged	0.0%
ChevronCVX	$409k	2,470	0.0%$409k	Unchanged	0.0%
OracleORCL	$398k	2,715	0.0%$398k	Trimmed -25%	0.0%
Unum GroupUNM	$312k	3,485	0.0%$312k	Trimmed -8.3%	0.0%
Johnson & JohnsonJNJ	$282k	1,112	0.0%$282k	Trimmed -15%	0.0%
CaterpillarCAT	$282k	265	0.0%$282k	Trimmed -41%	0.0%
McDonald’sMCD	$256k	947	0.0%$256k	Unchanged	0.0%
Walt DisneyDIS	$240k	2,492	0.0%$240k	Trimmed -1.0%	0.0%
Amazon.comAMZN	$223k	936	0.0%$223k	Trimmed -10%	0.0%
Merck & Co.MRK	$211k	1,642	0.0%$211k	Trimmed -23%	0.0%
CofideCFDZF	$200k	251,250	0.0%$200k	Unchanged	0.0%
Hanjaya Mandala SampoernaPHJMF	$187k	5,000,000	0.0%$187k	Unchanged	0.0%
Exxon MobilEXMOC	–	–	–	Sold out	0.4%
Generac HoldingsGNRC	–	–	–	Sold out	0.0%

Download the Q2 2026 holdings: CSV · JSON · Markdown

How the portfolio has changed

Each bar is one 13F. Select a bar or press play to see that quarter’s 12 largest positions. How this works

Bars are split by share of the US portfolio: the six biggest holdings over the period in colour, everything else in grey. The last eight quarters are shown in full, earlier years at year end.

2013

2015

2017

2019

2021

2023

Q4 ’24

Q2 ’25

Q4 ’25

Q2 ’26

BRK.BMANSRGYPMCFRHFGOOGEverything else

2013: Berkshire Hathaway 11.7%, Mastercard 8.2%, Nestle SA Reg B 10.5%, Philip Morris International 8.6%, Compagnie Financiere Richemont 6.8%, Alphabet 0.0%; 2014: Berkshire Hathaway 13.8%, Mastercard 7.8%, Nestle SA Reg B 10.3%, Philip Morris International 7.3%, Compagnie Financiere Richemont 6.5%, Alphabet 0.0%; 2015: Berkshire Hathaway 11.5%, Mastercard 8.1%, Nestle SA Reg B 10.1%, Philip Morris International 7.9%, Compagnie Financiere Richemont 6.3%, Alphabet 0.0%; 2016: Berkshire Hathaway 13.7%, Mastercard 8.4%, Nestle SA Reg B 9.7%, Philip Morris International 8.0%, Compagnie Financiere Richemont 6.7%, Alphabet 0.0%; 2017: Berkshire Hathaway 13.0%, Mastercard 9.5%, Nestle SA Reg B 9.4%, Philip Morris International 7.4%, Compagnie Financiere Richemont 7.2%, Alphabet 0.0%; 2018: Berkshire Hathaway 15.4%, Mastercard 12.7%, Nestle SA Reg B 10.0%, Philip Morris International 5.6%, Compagnie Financiere Richemont 6.1%, Alphabet 0.0%; 2019: Berkshire Hathaway 13.9%, Mastercard 14.6%, Nestle SA Reg B 10.6%, Philip Morris International 5.8%, Compagnie Financiere Richemont 6.1%, Alphabet 3.2%; 2020: Berkshire Hathaway 15.1%, Mastercard 14.0%, Nestle SA Reg B 11.1%, Philip Morris International 6.3%, Compagnie Financiere Richemont 5.8%, Alphabet 6.9%; 2021: Berkshire Hathaway 16.8%, Mastercard 9.8%, Nestle SA Reg B 11.6%, Philip Morris International 6.1%, Compagnie Financiere Richemont 8.2%, Alphabet 9.4%; 2022: Berkshire Hathaway 19.1%, Mastercard 9.6%, Nestle SA Reg B 10.5%, Philip Morris International 7.2%, Compagnie Financiere Richemont 8.1%, Alphabet 7.8%; 2023: Berkshire Hathaway 19.1%, Mastercard 10.0%, Nestle SA Reg B 9.0%, Philip Morris International 5.8%, Compagnie Financiere Richemont 7.0%, Alphabet 11.1%; Q3 ’24: Berkshire Hathaway 20.9%, Mastercard 10.2%, Nestle SA Reg B 7.2%, Philip Morris International 6.7%, Compagnie Financiere Richemont 7.3%, Alphabet 10.3%; Q4 ’24: Berkshire Hathaway 21.0%, Mastercard 11.2%, Nestle SA Reg B 5.8%, Philip Morris International 7.1%, Compagnie Financiere Richemont 7.3%, Alphabet 12.2%; Q1 ’25: Berkshire Hathaway 21.9%, Mastercard 10.6%, Nestle SA Reg B 7.0%, Philip Morris International 8.9%, Compagnie Financiere Richemont 7.3%, Alphabet 9.0%; Q2 ’25: Berkshire Hathaway 18.5%, Mastercard 10.1%, Nestle SA Reg B 6.3%, Philip Morris International 9.4%, Compagnie Financiere Richemont 7.4%, Alphabet 9.6%; Q3 ’25: Berkshire Hathaway 18.7%, Mastercard 9.9%, Nestle SA Reg B 5.7%, Philip Morris International 8.1%, Compagnie Financiere Richemont 7.4%, Alphabet 12.2%; Q4 ’25: Berkshire Hathaway 18.2%, Mastercard 9.8%, Nestle SA Reg B 6.0%, Philip Morris International 8.1%, Compagnie Financiere Richemont 8.2%, Alphabet 13.4%; Q1 ’26: Berkshire Hathaway 18.6%, Mastercard 9.2%, Nestle SA Reg B 6.4%, Philip Morris International 9.0%, Compagnie Financiere Richemont 7.0%, Alphabet 11.3%; Q2 ’26: Berkshire Hathaway 18.1%, Mastercard 8.8%, Nestle SA Reg B 6.1%, Philip Morris International 9.2%, Compagnie Financiere Richemont 8.7%, Alphabet 12.1%

Q2 2026

Q4 2013Q2 2026

Look-through earnings

Gardner Russo & Quinn’s share of the profits of the US companies it holds. How this works

For each holding, the fraction of the company it owns times the company’s net income. Look-through earnings explained.

Look-through earnings, Q2 2026

$208m

Last 12 months, holdings with SEC financials

Price paid for those earnings

20.6×

Value of those holdings ÷ their earnings

Earnings per share growth

+33.5%

Same holdings, against a year earlier

Portfolio covered

48%

Of the 13F value

$196m2017

$211m2018

$201m2019

$154m2020

$168m2021

$141m2022

$205m2023

$219m2024

$218m2025

$122m2026*

Q1 Q2 Q3 Q4 · each quarter is that quarter’s profits times the stake reported at its end. *2026 so far: 2 quarters. Click a quarter to see its holdings.

Holdings behind

Look-through earnings by holding, Q2 2026

AlphabetGOOG	0.02%	$244bn	$60.7m	$27.9m	+109.4%
Philip Morris InternationalPM	0.3%	$11bn	$31.6m	$8.2m	+31.9%
MastercardMA	0.2%	$16bn	$28.0m	$7.6m	+23.2%
Uber TechnologiesUBER	0.3%	$9.6bn	$23.8m	$5.9m	-21.3%
NetflixNFLX	0.1%	$14bn	$18.3m	$4.6m	+35.9%
Martin Marietta Materials OrdMLM	1.2%	$2.5bn	$28.8m	$2.9m	+123.9%
ComcastCMCSA	0.06%	$11bn	$6.9m	$2.2m	-48.9%
Brown FormanBF.B	0.5%	$721m	$3.5m	$857k	-12.1%
DoordashDASH	0.3%	$841m	$2.3m	$540k	+7.4%
Markel GroupMKL	0.03%	$2.3bn	$774k	$396k	+3.4%
Altria GroupMO	0.01%	$8.0bn	$709k	$204k	-8.5%
JPMorgan ChaseJPM	0.00%	$65bn	$597k	$194k	+19.2%
Union PacificUNP	0.00%	$7.3bn	$319k	$87k	+5.8%
Crane CompanyCR	0.07%	$336m	$252k	$72k	-4.8%
DoverDOV	0.01%	$1.1bn	$158k	$43k	-49.6%
AbbvieABBV	0.00%	$6.3bn	$44k	$25k	+67.7%
Fulton FinancialFULT	0.02%	$397m	$91k	$23k	+16.6%
American ExpressAXP	0.00%	$11bn	$86k	$23k	+16.1%
Yeti HoldingsYETI	0.03%	$179m	$57k	$23k	+11.1%
Mccormick & CoMKC	0.01%	$1.6bn	$228k	$21k	+108.8%
PepsicoPEP	0.00%	$10bn	$70k	$20k	+38.8%
Levi Strauss & CoLEVI	0.02%	$639m	$137k	$19k	+61.6%
Vulcan Materials OrdVMC	0.01%	$1.1bn	$62k	$18k	+19.7%
MicrosoftMSFT	0.00%	$134bn	$64k	$17k	+31.6%
Coca-ColaKO	0.00%	$14bn	$41k	$13k	+17.6%
AppleAAPL	0.00%	$129bn	$40k	$9k	+31.9%
Procter & GamblePG	0.00%	$16bn	$44k	$8k	+1.8%
Abbott LaboratoriesABT	0.00%	$5.4bn	$36k	$6k	-61.0%
JBT MarelJBTM	0.01%	$193m	$27k	$4k	–
Warby ParkerWRBY	0.06%	$7.7m	$5k	$3k	–

Net income is as reported (GAAP), so it includes one-off items and, for some companies, gains or losses on investments they hold. Companies that report under IFRS (most non-US companies) or whose shares we can’t match reliably are left out; “portfolio covered” shows how much is included. Look-through earnings explained. Growth compares earnings per share over the last 12 months with the 12 months a year earlier, for holdings profitable in both.

US holdings by sector

Insurance18.2%
Communication and media17.3%
Consumer staples10.2%
Industrials9.3%
Financials9.3%
Materials4.6%
Consumer discretionary2.5%
Energy0.3%
Health care0.1%
Technology0.0%
Not classified28.3%

Sectors are grouped from each company’s SEC industry code, as a share of the Q2 2026 13F.

US portfolio value by quarter

$9.2bnQ3 ’23

$9.8bnQ4 ’23

$9.7bnQ1 ’24

$9.5bnQ2 ’24

$9.7bnQ3 ’24

$8.8bnQ4 ’24

$8.9bnQ1 ’25

$9.4bnQ2 ’25

$9.3bnQ3 ’25

$9.3bnQ4 ’25

$8.5bnQ1 ’26

$8.9bnQ2 ’26

From each quarter’s 13F. Changes reflect both trading and share-price moves.