Value managerLancaster13F filer since 1999

Gardner Russo & Quinn

Managed by Tom Russo, partner

13F portfolio value$8.9BQ2 2026 · up 5% vs Q1

Positions851 new · 2 sold out

Top 10 weight80%of portfolio value

Turnover3%vs Q1

Largest holdingGOOG12.1% of portfolio

Last filingAug 13for Q2 2026

What changed in Q2 2026

Automated summary of the 13F · filed Aug 13, 2026

Added to NFLX (+2% shares) and Eurofins Scientific (+32% shares); new positions in XOM.

Biggest cut: GOOG (−9% of shares). Sold out of Exxon Mobil and GNRC.

Since the quarter ended, the top 10 holdings on Markets are up about 12.1% on average, led by MA and BRK.B.

Holdings · Q2 2026

1GOOGAlphabet12.1%$1.08B3.0MTrimmed −9%——

2BRK.ABerkshire Hathaway12.0%$1.07B1KTrimmed −2%——

3PMPhilip Morris International IN9.2%$820M4.5MTrimmed −2%——

4MAMastercard8.8%$782M1.5MTrimmed −2%+28.5%—

5Compagnie Financiere RichemontCompagnie Financiere Richemont8.7%$774M3.3MTrimmed −3%——

6HeinekenHeineken7.6%$680M8.9MTrimmed −2%——

7NSRGYNestle6.1%$546M5.3MTrimmed −3%——

8BRK.BBerkshire Hathaway6.1%$540M1.1MTrimmed −3%+17.5%—

9SUNBSunbelt Rentals4.9%$441M5.9MTrimmed −3%——

10NFLXNetflix4.6%$408M5.7MAdded +2%−9.6%—

Sector allocation

Financials15%−1.0 ptCommunication5%−1.8 ptIndustrials4%−0.3 ptEnergy0%+0.3 ptConsumer staples0%0.0 ptOther76%+2.8 pt

Change shown in percentage points vs Q1. Holdings outside Markets’ coverage count as Other.

Reported portfolio value

$9.7B

$8.8B

$8.9B

$9.4B

$9.3B

$8.5B

$8.9B

Q3 24Q4 24Q1 25Q2 25Q3 25Q4 25Q1 26Q2 26

13F market value at each quarter end, US long positions only.

Not investment advice. From SEC Form 13F filings (SEC EDGAR 13F). Following an investor alerts you when their next filing lands; it does not copy trades.