Quality value
Tom Russo
Q2 2026 13F: 85 holdings worth about $8.9B; that quarter 1 new, 9 added, 42 trimmed, 2 sold out.
13F lists only long positions in US-listed stocks (and some ETFs and convertibles); short positions, cash, bonds, shares listed outside the US and private companies are not shown, so this is not the giant’s whole portfolio.
Why This Giant Is Included
- Rule numbers (Q2 2026): 85 holdings, top 10 = 80%, stocks $8.9B, options 0%; all four rules met
- Source for the value approach: Part 2A of Form ADV: Firm Brochure - Gardner Russo & Quinn LLC (March 31, 2026) (Gardner Russo & Quinn LLC (SEC Investment Adviser Public Disclosure, CRD 106114), 2026-03-31, p. 10): “We describe most of our portfolio companies as great businesses that sell for reasonable prices.” (checked 2026-10-11)
13F value
$8.9B
previous $8.5B (+5.1%)
Holdings
85
1 new / 2 sold out
Net deploymentest.
−2.2%
est. net buying ÷ last quarter’s portfolio
Top-10 concentration
80%
overlap with the composite 15%
Turnoverest.
1.6%
held 47 quarters on average
I
Trades in Q2 2026
Sorted by position shift: how many percentage points of the portfolio the trade moved.
How to Read This
Share changes are split-adjusted. Est. trade price = (start + end price) ÷ 2; 13F does not show the actual trade date or price.
II
All Holdings (82 Companies)
Share classes of one company are combined; click a heading to re-sort.
How to Read This
Est. average cost: shares bought each quarter × (start + end price) ÷ 2, weighted; trims do not change the cost. Positions held before Q1 1999 (or the giant’s earliest electronic filing) start from that quarter’s price and are marked ‘start point’. vs cost = quarter-end price ÷ est. average cost − 1, excluding dividends.
| Company | Weight (prev.) | Value | This quarter | Quarter-end price | vs cost |
|---|---|---|---|---|---|
| BRK.BBerkshire Hathaway Inc | 18.1%18.6% | $1.6B | Trimmed −2% | $500.39 | +556% |
| GOOGLAlphabet Inc | 12.1%11.4% | $1.1B | Trimmed −9% | $357.37 | +428% |
| PMPhilip Morris International Inc | 9.2%9.0% | $819.7M | Trimmed −2% | $180.91 | +187% |
| MAMastercard Inc | 8.8%9.1% | $781.9M | Trimmed −2% | $513.60 | +1652% |
| CFRHFCompagnie Financière Richemont | 8.7%7.0% | $773.7M | Trimmed −3% | $231.27 | +156% |
| HKHHFHeineken Holding NV | 7.6%7.6% | $679.6M | Trimmed −2% | $76.32 | +32% |
| NSRGYNestlé | 6.1%6.4% | $545.8M | Trimmed −3% | $102.69 | +66% |
| SUNBSunbelt Rentals Holdings, Inc | 4.9%4.6% | $441.2M | Trimmed −3% | $74.81 | +15% |
| NFLXNetflix Inc | 4.6%6.3% | $407.7M | Added +2% | $71.40 | +108% |
| MLMMartin Marietta Materials | 4.6%5.0% | $406.8M | Trimmed −1% | $576.70 | +374% |
| UBERUber Technologies, Inc | 4.1%4.4% | $366.9M | Trimmed −2% | $72.16 | +13% |
| ERFSFEurofins Scientific | 3.6%2.6% | $320.9M | Added +32% | $78.38 | +7% |
| DASHDoorDash, Inc | 2.5%1.8% | $218.9M | Added +18% | $184.53 | +28% |
| PDRDFPernod Ricard SA | 1.9%2.2% | $171.7M | Trimmed −5% | $73.01 | −35% |
| BF.ABrown-Forman Corp | 0.7%0.7% | $60.8M | Trimmed −3% | $27.36 | −6% |
| CMCSAComcast Corp | 0.6%0.8% | $53.9M | Trimmed −3% | $24.55 | −21% |
| VVisa Inc | 0.3%0.3% | $29.9M | Trimmed −7% | $343.09 | +599% |
| XOMExxonMobil Holdings Corp | 0.3%— | $24.8M | New | $136.72 | 0% |
| BUDFFAnheuser-Busch InBev SA | 0.2%0.1% | $14.2M | Trimmed −7% | $83.07 | −26% |
| MOAltria Group Inc | 0.1%0.1% | $10.7M | Trimmed −10% | $71.95 | +69% |
| CRCrane Co | 0.1%0.1% | $9.8M | Trimmed −6% | $223.07 | +150% |
| MKLMarkel Group Inc | 0.1%0.1% | $8.3M | Trimmed −14% | $1,953 | +252% |
| JPMJPMorgan Chase & Co | 0.1%0.5% | $8.1M | Trimmed −83% | $327.33 | +179% |
| UNPUnion Pacific Corp | 0.1%0.1% | $7.0M | Trimmed −7% | $272.00 | +55% |
| DOVDover Corp | 0.0%0.0% | $4.2M | Trimmed −1% | $224.28 | +351% |
| COSTCostco Wholesale Corp | 0.0%0.1% | $3.2M | Trimmed −26% | $935.47 | +423% |
| ABBVAbbVie Inc | 0.0%0.0% | $3.1M | Held | $251.64 | +469% |
| WRBYWarby Parker Inc | 0.0%0.0% | $2.4M | Held | $30.34 | +41% |
| VMCVulcan Materials CO | 0.0%0.0% | $2.1M | Held | $295.01 | +137% |
| LEVILevi Strauss & Co | 0.0%0.0% | $2.1M | Added +1% | $24.83 | +39% |
| AKBLFAlk-Abello A/s | 0.0%0.0% | $2.0M | Added +6% | $37.35 | +6% |
| MKCMcCormick & Co Inc | 0.0%0.0% | $1.9M | Trimmed −2% | $50.42 | +189% |
| DELHFDe’Longhi SPA | 0.0%0.0% | $1.8M | Added +9% | $42.46 | +25% |
| COCXFChocoladefabriken Lindt | 0.0%0.0% | $1.8M | Held | $119,011 | +232% |
| SSPPFSSP Group PLC | 0.0%0.0% | $1.7M | Held | $2.49 | +23% |
| AXPAmerican Express Co | 0.0%0.0% | $1.7M | Trimmed −21% | $338.25 | +476% |
| WILLFDemant A/s | 0.0%0.0% | $1.7M | Held | $41.02 | +22% |
| LRLCFL’Oréal | 0.0%0.0% | $1.6M | Held | $438.63 | +61% |
| FLMNFFielmann Group AG | 0.0%0.0% | $1.6M | Held | $48.93 | +2% |
| KNCRFKonecranes Oyj | 0.0%0.0% | $1.6M | Held | $30.73 | −52% |
| RTLLFRational AG | 0.0%0.0% | $1.6M | Held | $732.28 | −6% |
| FLUIFFluidra SA | 0.0%0.0% | $1.6M | Held | $22.64 | −6% |
| —Lotus Bakeries | 0.0%0.0% | $1.5M | Held | $13,285 | +50% |
| MSFTMicrosoft Corp | 0.0%0.0% | $1.3M | Added +1% | $373.02 | +42% |
| AAPLApple Inc | 0.0%0.0% | $1.3M | Trimmed −3% | $289.36 | +192% |
| CABJFCarlsberg As | 0.0%0.0% | $1.3M | Added +3% | $131.05 | −5% |
| —Sunbelt Rentals Holdings Ord | 0.0%0.0% | $1.3M | Held | $72.95 | +16% |
| HINKFHeineken NV | 0.0%0.0% | $1.3M | Held | $84.15 | +50% |
| PUIGFPuig Brands SA | 0.0%0.0% | $1.3M | Held | $18.44 | +8% |
| PEPPepsiCo Inc | 0.0%0.0% | $1.2M | Trimmed −1% | $135.40 | +155% |
| DVDCFDavide Campari-Milano NV | 0.0%0.0% | $1.2M | Trimmed −3% | $6.23 | −26% |
| KMROFKalmar | 0.0%0.0% | $1.2M | Added +2% | $43.93 | +6% |
| YETIYeti Holdings Inc | 0.0%0.0% | $1.2M | Held | $49.56 | +38% |
| NSRGFNestlé | 0.0%0.0% | $1.1M | Held | $102.99 | +56% |
| HMRZFHennes & Mauritz AB | 0.0%0.0% | $1.1M | Held | $17.22 | +31% |
| FULTFulton Financial Corp | 0.0%0.0% | $1.1M | Trimmed −10% | $24.19 | +65% |
| JBTMJBT Marel Corp | 0.0%0.0% | $1.1M | Held | $145.00 | +16% |
| ABTAbbott Laboratories | 0.0%0.0% | $1.0M | Held | $90.74 | +81% |
| ECTXFElectrolux Professional AB | 0.0%0.0% | $1.0M | Held | $4.38 | −30% |
| KOCoca-Cola Co | 0.0%0.0% | $1.0M | Trimmed −5% | $81.27 | +154% |
| PGProcter & Gamble Co | 0.0%0.0% | $961K | Trimmed −29% | $146.64 | +87% |
| WMTWalmart Inc | 0.0%0.0% | $959K | Trimmed −13% | $113.26 | +488% |
| HRIHerc Holdings Inc | 0.0%0.0% | $925K | Held | $143.34 | −11% |
| LAMRLamar Advertising Co | 0.0%0.0% | $837K | Held | $155.98 | +411% |
| ZLDSFZalando SE | 0.0%0.0% | $812K | Held | $29.01 | −11% |
| FBLAFB Bancorp, Inc. | 0.0%0.0% | $753K | Held | $15.06 | +26% |
| WFCWells Fargo & Co | 0.0%0.0% | $616K | Held | $82.64 | +146% |
| SWZTotal Return Securities Fund | 0.0%0.0% | $580K | Held | $5.94 | −26% |
| HRLHormel Foods Corp | 0.0%0.0% | $459K | Trimmed −3% | $24.82 | −38% |
| OUTOutfront Media Inc | 0.0%0.0% | $445K | Held | $32.76 | +85% |
| LTGIFLT Group | 0.0%0.0% | $432K | Held | $0.24 | −18% |
| CVXChevron Corp | 0.0%0.0% | $409K | Held | $165.76 | +114% |
| ORCLOracle Corp | 0.0%0.0% | $398K | Trimmed −25% | $146.55 | +162% |
| UNMUnum Group | 0.0%0.0% | $312K | Trimmed −8% | $89.40 | +67% |
| JNJJohnson & Johnson | 0.0%0.0% | $282K | Trimmed −15% | $253.97 | +25% |
| CATCaterpillar Inc | 0.0%0.0% | $282K | Trimmed −41% | $1,065 | +146% |
| MCDMcDonald’s Corp | 0.0%0.0% | $256K | Held | $270.31 | +155% |
| DISWalt Disney Co | 0.0%0.0% | $240K | Trimmed −1% | $96.25 | +98% |
| AMZNAmazon.com Inc | 0.0%0.0% | $223K | Trimmed −10% | $238.34 | +6% |
| MRKMerck & Co., Inc | 0.0%0.0% | $211K | Trimmed −23% | $128.50 | +14% |
| CFDZFCofide SPA | 0.0%0.0% | $200K | Held | $0.79 | +28% |
| PHJMFHM Sampoerna TBK PT | 0.0%0.0% | $187K | Held | $0.04 | −63% |
III
Portfolio Map: Size Is Weight, Colour Is Gain or Loss against Cost
How to Read This
Each block is a company (up to 60); area = portfolio weight. The darker the colour, the further the quarter-end price is above (or below) the estimated cost: light 5–25%, medium 25–100%, darkest over 100%; grey is within 5%.
above costbelow costwithin 5%
IV
Over Time
From Q1 1999, 110 quarters (this giant’s electronic 13F filings).
13F Value
Holdings
Top-10 Concentration
Turnover (Est.)
Sector Mix
Information technologyFinancialsCommunication & mediaConsumer discretionaryIndustrialsHealth careEnergyOther (incl. unclassified)
V
Quarter by Quarter, with the Original Filings
* = not counted in that quarter’s totals. Links open the original SEC filing; 13F-HR/A is an amendment.
Show 110 Quarters
| Quarter | Holdings | 13F value | SEC |
|---|---|---|---|
| Q2 2026 | 85 | $8.9B | 13F-HR |
| Q1 2026 | 86 | $8.5B | 13F-HR |
| Q4 2025 | 87 | $9.3B | 13F-HR |
| Q3 2025 | 85 | $9.3B | 13F-HR |
| Q2 2025 | 85 | $9.4B | 13F-HR |
| Q1 2025 | 86 | $8.9B | 13F-HR |
| Q4 2024 | 68 | $8.8B | 13F-HR |
| Q3 2024 | 77 | $9.7B | 13F-HR |
| Q2 2024 | 77 | $9.5B | 13F-HR |
| Q1 2024 | 81 | $9.7B | 13F-HR |
| Q4 2023 | 82 | $9.8B | 13F-HR |
| Q3 2023 | 82 | $9.2B | 13F-HR |
| Q2 2023 | 83 | $10.1B | 13F-HR |
| Q1 2023 | 84 | $9.6B | 13F-HR |
| Q4 2022 | 83 | $9.1B | 13F-HR |
| Q3 2022 | 83 | $8.3B | 13F-HR |
| Q2 2022 | 85 | $8.9B | 13F-HR |
| Q1 2022 | 84 | $10.4B | 13F-HR |
| Q4 2021 | 88 | $11.2B | 13F-HR |
| Q3 2021 | 86 | $10.8B | 13F-HR |
| Q2 2021 | 87 | $11.8B | 13F-HR |
| Q1 2021 | 89 | $11.0B | 13F-HR |
| Q4 2020 | 91 | $11.0B | 13F-HR |
| Q3 2020 | 85 | $10.3B | 13F-HR |
| Q2 2020 | 85 | $9.8B | 13F-HR |
| Q1 2020 | 83 | $9.9B | 13F-HR |
| Q4 2019 | 92 | $13.0B | 13F-HR |
| Q3 2019 | 93 | $12.8B | 13F-HR |
| Q2 2019 | 95 | $13.2B | 13F-HR |
| Q1 2019 | 92 | $12.9B | 13F-HR |
| Q4 2018 | 87 | $12.0B | 13F-HR |
| Q3 2018 | 94 | $13.8B | 13F-HR |
| Q2 2018 | 97 | $13.7B | 13F-HR |
| Q1 2018 | 99 | $14.3B | 13F-HR |
| Q4 2017 | 195 | $14.5B | 13F-HR |
| Q3 2017 | 101 | $14.1B | 13F-HR |
| Q2 2017 | 101 | $13.5B | 13F-HR |
| Q1 2017 | 101 | $12.9B | 13F-HR |
| Q4 2016 | 97 | $11.8B | 13F-HR |
| Q3 2016 | 100 | $12.0B | 13F-HR |
| Q2 2016 | 105 | $11.9B | 13F-HR |
| Q1 2016 | 107 | $11.8B | 13F-HR |
| Q4 2015 | 105 | $11.7B | 13F-HR |
| Q3 2015 | 104 | $11.1B | 13F-HR |
| Q2 2015 | 109 | $11.4B | 13F-HR |
| Q1 2015 | 110 | $11.1B | 13F-HR |
| Q4 2014 | 110 | $11.0B | 13F-HR |
| Q3 2014 | 111 | $10.6B | 13F-HR |
| Q2 2014 | 113 | $10.8B | 13F-HR |
| Q1 2014 | 112 | $10.3B | 13F-HR |
| Q4 2013 | 110 | $10.1B | 13F-HR |
| Q3 2013 | 113 | $9.4B | 13F-HR |
| Q2 2013 | 115 | $8.6B | 13F-HR |
| Q1 2013 * | 258 | $8.5B | 13F-HR |
| Q4 2012 * | 230 | $7.3B | 13F-HR |
| Q3 2012 * | 246 | $6.9B | 13F-HR |
| Q2 2012 * | 270 | $6.4B | 13F-HR |
| Q1 2012 * | 250 | $6.2B | 13F-HR |
| Q4 2011 * | 256 | $5.4B | 13F-HR |
| Q3 2011 | 253 | $4.8B | 13F-HR |
| Q2 2011 | 116 | $5.3B | 13F-HR |
| Q1 2011 | 117 | $5.0B | 13F-HR |
| Q4 2010 | 80 | $2.6B | 13F-HR |
| Q3 2010 | 84 | $2.4B | 13F-HR |
| Q2 2010 | 85 | $2.1B | 13F-HR |
| Q1 2010 | 90 | $2.3B | 13F-HR |
| Q4 2009 | 86 | $1.9B | 13F-HR |
| Q3 2009 | 89 | $1.9B | 13F-HR |
| Q2 2009 | 88 | $1.7B | 13F-HR |
| Q1 2009 | 90 | $1.5B | 13F-HR |
| Q4 2008 | 99 | $1.8B | 13F-HR |
| Q3 2008 | 115 | $2.8B | 13F-HR |
| Q2 2008 * | 401 | $4.5B | 13F-HR 13F-HR/A |
| Q1 2008 * | 419 | $4.8B | 13F-HR |
| Q4 2007 * | 419 | $5.1B | 13F-HR |
| Q3 2007 * | 440 | $5.2B | 13F-HR |
| Q2 2007 * | 418 | $5.1B | 13F-HR 13F-HR/A |
| Q1 2007 * | 420 | $4.8B | 13F-HR |
| Q4 2006 * | 422 | $4.7B | 13F-HR |
| Q3 2006 * | 419 | $4.1B | 13F-HR |
| Q2 2006 * | 413 | $3.8B | 13F-HR |
| Q1 2006 * | 414 | $3.7B | 13F-HR 13F-HR/A 13F-HR/A |
| Q4 2005 * | 421 | $3.5B | 13F-HR |
| Q3 2005 * | 534 | $3.5B | 13F-HR |
| Q2 2005 * | 443 | $3.3B | 13F-HR 13F-HR/A |
| Q1 2005 * | 434 | $3.2B | 13F-HR |
| Q4 2004 * | 440 | $3.1B | 13F-HR |
| Q3 2004 * | 417 | $2.7B | 13F-HR |
| Q2 2004 * | 416 | $2.7B | 13F-HR |
| Q1 2004 * | 436 | $2.6B | 13F-HR |
| Q4 2003 * | 405 | $2.5B | 13F-HR |
| Q3 2003 * | 415 | $2.1B | 13F-HR |
| Q2 2003 * | 416 | $1.9B | 13F-HR |
| Q1 2003 * | 378 | $1.6B | 13F-HR |
| Q4 2002 * | 393 | $1.6B | 13F-HR |
| Q3 2002 * | 396 | $1.5B | 13F-HR |
| Q2 2002 * | 388 | $1.6B | 13F-HR |
| Q1 2002 * | 365 | $1.6B | 13F-HR |
| Q4 2001 * | 352 | $1.6B | 13F-HR |
| Q3 2001 * | 336 | $1.4B | 13F-HR |
| Q2 2001 * | 351 | $1.5B | 13F-HR |
| Q1 2001 * | 341 | $1.3B | 13F-HR |
| Q4 2000 * | 363 | $1.4B | 13F-HR |
| Q3 2000 * | 348 | $1.3B | 13F-HR |
| Q2 2000 * | 352 | $1.3B | 13F-HR 13F-HR/A |
| Q1 2000 * | 363 | $1.3B | 13F-HR |
| Q4 1999 * | 375 | $1.4B | 13F-HR |
| Q3 1999 * | 411 | $1.4B | 13F-HR |
| Q2 1999 * | 402 | $1.5B | 13F-HR |
| Q1 1999 * | 425 | $1.5B | 13F-HR 13F-HR/A |
VI
Large Positions Sold Out
Positions that once made up 2% or more of the portfolio and were later sold out (latest 40): holding period and what became of the company, without profit or loss.
How to Read This
Sold out means the holding no longer appears on the 13F: it may have been sold, or the company was acquired or delisted. Company status is checked only for companies the giants together once held $100M or more of, from the company’s own SEC filings (for example 8-K item 1.03 = bankruptcy filing); a dash means not checked.
| Company | Held | Peak weight | Company since |
|---|---|---|---|
| ASHTFAshtead Group PLC | Q2 2020 – Q1 2026 | 5% | No SEC record found |
| DGEAFDiageo PLC | Q1 2011 – Q3 2025 | 3% | Still filing with the SEC |
| —Unilever PLC | Q4 2020 – Q2 2024 | 6% | Still filing with the SEC |
| JCDXFJcdecaux SE | Q1 2011 – Q4 2023 | 2% | No SEC record found |
| BABAAlibaba Group Holding Ltd | Q1 2021 – Q3 2022 | 3% | — |
| —Unilever N V -NY Shares | Q3 2000 – Q4 2020 | 7% | Acquired or delisted Dec 10, 2020 |
| SWGAFSwatch Group Ag-Br | Q1 2011 – Q2 2020 | 4% | No SEC record found |
| BTAFFBritish American Tobacco p.l.c | Q1 2011 – Q3 2018 | 4% | Still filing with the SEC |
| BUDAnheuser-Busch InBev SA | Q2 2010 – Q1 2018 | 7% | — |
| SNIScripps Networks Inter | Q3 2008 – Q1 2018 | 6% | Acquired or delisted Oct 6, 2026 |
| SBWRFSouth African Breweries | Q1 2011 – Q4 2016 | 6% | No SEC record found |
| CMCSAComcast Corp | Q4 2002 – Q4 2015 | 9% | Still filing with the SEC |
| GHCGraham Holdings Co | Q1 1999 – Q3 2015 | 6% | — |
| HASHasbro Inc | Q1 1999 – Q4 2013 | 4% | Still filing with the SEC |
| —Cie Financ Richemont A-Sw Com | Q1 2011 – Q3 2013 | 8% | No SEC record found |
| —Mondelez International, Inc | Q2 2001 – Q4 2010 | 2% | Still filing with the SEC |
| —Berkshire Hathaway Inc | Q1 1999 – Q4 2009 | 5% | Still filing with the SEC |
| MNIQQMcClatchy Co | Q1 1999 – Q4 2009 | 3% | Bankruptcy filing while held or within 2 years of the sale Feb 13, 2020 |
| —Ust LLC | Q1 1999 – Q1 2009 | 6% | Acquired or delisted Apr 20, 2009 |
| —American International Group, Inc | Q1 1999 – Q1 2009 | 5% | Still filing with the SEC |
| HRBH&R Block Inc | Q1 2001 – Q4 2008 | 4% | — |
| MATVMativ Holdings, Inc | Q1 1999 – Q4 2008 | 2% | — |
| NSRGYNestlé | Q1 1999 – Q3 2008 | 11% | — |
| TGRAFTelegraaf Media Groep Nv-Cva | Q1 1999 – Q3 2008 | 9% | — |
| HKHHFHeineken Holding NV | Q1 2000 – Q3 2008 | 7% | — |
| MSMorgan Stanley | Q1 1999 – Q3 2008 | 6% | Still filing with the SEC |
| —Scripps E W Co CL A Com | Q1 1999 – Q3 2008 | 5% | — |
| —Citigroup Inc | Q1 1999 – Q3 2008 | 5% | Still filing with the SEC |
| —Cie Financ Richemont A-Sw Com | Q4 2006 – Q3 2008 | 4% | — |
| DGEAFDiageo PLC | Q1 1999 – Q3 2008 | 3% | Still filing with the SEC |
| CDSCFCadbury PLC | Q1 2002 – Q3 2008 | 3% | — |
| PDRDFPernod Ricard SA | Q1 1999 – Q3 2008 | 3% | — |