GARDNER RUSSO & GARDNER

Hedge Fund • Value

GARDNER RUSSO & GARDNER is a Value-focused Hedge Fund based in Lancaster, PA led by Thomas Adrian Russo, reporting $9.0B in AUM as of Q3 2025 with 40% Financial Services concentration, 94% concentrated in top 10 holdings, and 16% allocation to BRK.A.

ChairmanThomas Adrian Russo

Portfolio Value: $7.3B
Positions: 57
Top Holding: BRK.A at 15.87%
Last Reported: Q3 2025

Address223 East Chestnut Street, Lancaster, PA, 17602, United States

Top Holdings

Largest long holdings in GARDNER RUSSO & GARDNER's portfolio (93.5% of total portfolio)

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GthenH

Holding	Sector	Position	Weight	Traded	Ownership	Owned Since
1 Berkshire Hathaway BRK.A	Insurance - Diversified Financial Services	$1.2B	15.87%	-$62.6M Sold	0.11% 1.5K shares	Q4 2019 Held for 6 years
2 Alphabet Inc. GOOG	Internet Content & Information Communication Services	$1.1B	15.46%	-$107.3M Sold	0.04% 4.6M shares	Q2 2014 Held for 11y 6m
3 Mastercard MA	Financial - Credit Services Financial Services	$921.6M	12.58%	-$35.7M Sold	0.18% 1.6M shares	≤ Q2 2013 Held for 12y 6m+
4 Philip Morris International PM	Tobacco Consumer Defensive	$756.2M	10.33%	-$34.2M Sold	0.30% 4.7M shares	≤ Q2 2013 Held for 12y 6m+
5 Netflix NFLX	Entertainment Communication Services	$616.8M	8.42%	-$33.5M Sold	0.12% 514.4K shares	Q2 2022 Held for 3y 6m
6 Berkshire Hathaway BRK.B	Insurance - Diversified Financial Services	$583.9M	7.97%	+$3.4M Bought	0.05% 1.2M shares	Q4 2019 Held for 6 years
7 NSRGY Nestle NSRGY	Unknown Unknown	$530.3M	7.24%	-$21.7M Sold	— 5.8M shares	Q4 2022 Held for 3 years
8 Uber Technologies UBER	Software - Application Technology	$461.5M	6.30%	-$18.2M Sold	0.23% 4.7M shares	Q4 2023 Held for 2 years
9 Martin Marietta Materials MLM	Construction Materials Basic Materials	$433.3M	5.92%	-$15.9M Sold	1.14% 687.5K shares	≤ Q2 2013 Held for 12y 6m+
10 DoorDash DASH	Internet Content & Information Communication Services	$252.0M	3.44%	-$11.0M Sold	0.22% 926.4K shares	Q2 2024 Held for 1y 6m

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GthenH

Changes

Portfolio activity, position movements, and quarter-over-quarter changes in GARDNER RUSSO & GARDNER's latest filing

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GthenC

Market Value

$7.3B

Prior: $7.4B

Q/Q Change

-0.813%

-$60.0M

Net Flows % of MV

-4.94%

Turnover Ratio

2.52%

New Purchases

0 stocks

Added To

5 stocks

+$3.7M

Sold Out Of

1 stocks

$1.1M

Reduced Holdings

34 stocks

-$364.1M

Increased Positions

Position	Shares Δ	Change
1 Warby Parker WRBY	+5.17%	58.0K → 61.0K +$82.7K
2 Truist Financial TFC	+0.81%	9.3K → 9.4K +$3.4K
3 Exxon Mobil XOM	+0.76%	190.3K → 191.7K +$162.5K
4 Berkshire Hathaway BRK.B	+0.59%	1.2M → 1.2M +$3.4M
5 Union Pacific UNP	+0.52%	24.7K → 24.8K +$30.3K

Decreased Positions

Position	Shares Δ	Change
1 Ralph Lauren RL	Sold	4.1K → 0 −$1.1M
2 Generac Holdings GNRC	-60.18%	5.7K → 2.3K −$569.2K
3 Wells Fargo & Company WFC	-55.58%	22.8K → 10.1K −$1.1M
4 Hormel Foods HRL	-44.25%	35.6K → 19.8K −$389.6K
5 Herc Holdings HRI	-23.67%	8.5K → 6.5K −$233.3K