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Institutional Investment Manager
GARDNER RUSSO & QUINN LLC
GARDNER RUSSO & QUINN LLC (CIK: 0000860643) incorporated in Delaware, located at 223 East Chestnut Street, Lancaster, PA. Institutional holdings reported to the SEC.

Institutional Holdings (2016Q4)
Portfolio Summary: 97 holdings with a total value of $11,817,855,000.
#
Name
Shares
Value ($)
%
Options
Notes
1 BERKSHIRE HATHAWAY INC DEL 4,912 1,199,122,000 10.15%
2 NESTLE SA SPONSORED ADR REPSTG 15,929,649 1,142,793,000 9.67%
3 MASTERCARD INCORPORATED 9,603,214 991,532,000 8.39%
4 PHILIP MORRIS INTL INC 10,363,811 948,185,000 8.02%
5 WELLS FARGO & CO NEW 14,639,845 806,802,000 6.83%
6 Compagnie Financiere Richemont 11,910,471 790,438,000 6.69%
7 HEINEKEN HLDG NV ORDF 10,857,060 757,401,000 6.41%
8 Anheuser-Busch InBev SA 6,758,600 716,784,000 6.07%
9 Pernod Ricard 6,228,340 676,314,000 5.72%
10 UNILEVER N V 15,248,821 626,117,000 5.30%
11 BERKSHIRE HATHAWAY INC DEL 2,562,032 417,560,000 3.53%
12 MARTIN MARIETTA MATLS INC 1,814,339 401,931,000 3.40%
13 ALTRIA GROUP INC 5,496,944 371,703,000 3.15%
14 The Swatch Group AG-BR 1,016,384 316,711,000 2.68%
15 British American Tobacco PLC 5,142,295 293,654,000 2.48%
16 COMCAST CORP NEW 3,620,913 250,024,000 2.12%
17 Diageo PLC 9,286,040 242,108,000 2.05%
18 BROWN FORMAN CORP 4,640,083 214,604,000 1.82%
19 JC Decaux SA ACT 6,946,556 204,640,000 1.73%
20 SCRIPPS NETWORKS INTERACT IN 1,165,551 83,185,000 0.70%
21 BROWN FORMAN CORP CL B 1,263,411 56,752,000 0.48%
22 DIAGEO P L C 479,721 49,862,000 0.42%
23 VISA INC CL A COMMON STOCK 540,034 42,133,000 0.36%
24 ANHEUSER BUSCH INBEV SA/NV 171,291 18,061,000 0.15%
25 Exxon Mobil Corp 159,985 14,440,000 0.12%
26 AMERICAN EXPRESS CO 158,633 11,752,000 0.10%
27 MARKEL CORP 11,762 10,639,000 0.09%
28 CRANE COMPANY 135,473 9,770,000 0.08%
29 FOMENTO ECONOMICO MEXICANO S 127,430 9,711,000 0.08%
30 Swedish Match AB 299,338 9,549,000 0.08%
31 DANONE SPONSORED ADR 683,075 8,675,000 0.07%
32 COCA COLA CO 182,737 7,576,000 0.06%
33 MILLER HERMAN INC 211,866 7,246,000 0.06%
34 JPMORGAN CHASE & CO 160,750 7,116,000 0.06%
35 Outfront Media Inc 261,547 6,505,000 0.06%
36 HORMEL FOODS CORP 162,249 5,648,000 0.05%
37 PROCTER AND GAMBLE CO 65,495 5,507,000 0.05%
38 M&T Bank Corp Wts Exp 12/23/1 65,000 5,168,000 0.04%
39 WELLS FARGO & CO NEW 223,000 4,757,000 0.04%
40 DOVER CORP 58,976 4,419,000 0.04%
41 PEPSICO INC 36,867 3,857,000 0.03%
42 Heineken NV 49,788 3,742,000 0.03%
43 CHEVRON CORP NEW 29,197 3,436,000 0.03%
44 BIC 24,025 3,273,000 0.03%
45 MCCORMICK & CO INC 34,355 3,206,000 0.03%
46 MICROSOFT CORP 50,550 3,141,000 0.03%
47 ROYAL DUTCH SHELL PLC 56,200 3,056,000 0.03%
48 Nestle SA Nom 41,310 2,969,000 0.03%
49 DU PONT E I DE NEMOURS & CO 37,503 2,753,000 0.02%
50 PNC FINL SVCS GROUP INC 23,200 2,713,000 0.02%
Page 1 of 2

Portfolio data is normalized using SEC Form 13F filings, including the Original 13F-HR (0000860643-17-000001, filed 2017.02.13).

From 2023-01-03 onward, the SEC requires values to be reported in nearest dollars. Earlier filings reported values in thousands; therefore, positions shown as $0 in older filings may represent actual values between $0–$999.