Thomas Russo Gardner Russo & Quinn
Thomas Russo is a partner at Gardner Russo & Quinn and one of the best-known global value investors focused on consumer franchises. He is closely associated with long-term ownership of branded businesses that can reinvest abroad, often summarized as capacity to suffer and capacity to reinvest. Russo’s talks and holdings are staples in global quality-value circles.
Top Buys
| Rank | Stock | Value |
|---|---|---|
| 1 |
JPMorgan Chase
JPM
|
+$465M |
| 2 |
Alphabet (Google) Class C
GOOG
|
+$110M |
| 3 |
Visa
V
|
+$3.41M |
| 4 |
Vulcan Materials
VMC
|
+$1.86M |
| 5 |
Outfront Media
OUT
|
+$761K |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
Wells Fargo
WFC
|
+$474M |
| 2 |
Mastercard
MA
|
+$120M |
| 3 |
Altria Group
MO
|
+$82M |
| 4 |
Philip Morris
PM
|
+$26.7M |
| 5 |
Berkshire Hathaway Class A
BRK.A
|
+$23.3M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Financials | 33.9% |
| 2 | Consumer Staples | 15.94% |
| 3 | Communication Services | 6.6% |
| 4 | Materials | 3.25% |
| 5 | Industrials | 0.08% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
26
MillerKnoll
MLKN
$1.57B
| $3.64M | 0.04% |
163,981
-2,500
| -2% | -$86.4K |
|
27
Coca-Cola
KO
$392B
| $3.52M | 0.04% |
79,607
-20,647
| -21% | -$1.12M |
|
28
Dover
DOV
$27.2B
| $3.45M | 0.03% |
41,065
-1,000
| -2% | -$106K |
|
29
PepsiCo
PEP
$196B
| $2.82M | 0.03% |
23,474
-594
| -2% | -$80.3K |
|
|
30
Alphabet (Google) Class A
GOOGL
$4.22T
| $2.03M | 0.02% |
34,960
-1,400
| -4% | -$94.9K |
|
31
PNC Financial Services
PNC
$97B
| $1.63M | 0.02% |
16,988
| – | – |
|
|
EVF
32
Eaton Vance Senior Income Trust
EVF
$89.9M
| $1.45M | 0.01% |
315,110
+14,795
| +5% | +$87.8K |
|
33
Costco
COST
$420B
| $1.43M | 0.01% |
5,029
-136
| -3% | -$41.3K |
|
34
Fulton Financial
FULT
$4.51B
| $1.35M | 0.01% |
117,274
| – | – |
|
35
Bank of America
BAC
$431B
| $1.04M | 0.01% |
48,975
| – | – |
|
|
RDS.A
36
DELISTED
Royal Dutch Shell PLC ADS Class A
RDS.A
| $1.03M | 0.01% |
29,466
-500
| -2% | -$23.4K |
|
37
AbbVie
ABBV
$468B
| $953K | 0.01% |
12,510
-300
| -2% | -$25.6K |
|
38
Abbott
ABT
$202B
| $932K | 0.01% |
11,810
-300
| -2% | -$25K |
|
39
Chevron
CVX
$403B
| $569K | 0.01% |
7,848
-800
| -9% | -$79.1K |
|
40
Microsoft
MSFT
$3.59T
| $567K | 0.01% |
3,595
-100
| -3% | -$16.4K |
|
41
DuPont de Nemours
DD
$18.7B
| $557K | 0.01% |
13,012
+956
| +8% | +$58.5K |
|
42
Walmart Inc
WMT
$825B
| $537K | 0.01% |
14,190
-375
| -3% | -$14.4K |
|
43
Apple
AAPL
$4.51T
| $517K | 0.01% |
8,140
+160
| +2% | +$11.8K |
|
44
M&T Bank
MTB
$34.7B
| $456K | ﹤0.01% |
4,411
+46
| +1% | +$6.77K |
|
45
Dow Inc
DOW
$23.4B
| $454K | ﹤0.01% |
15,530
+342
| +2% | +$14.5K |
|
46
Lamar Advertising Co
LAMR
$15.3B
| $417K | ﹤0.01% |
8,125
| – | – |
|
47
Walt Disney
DIS
$186B
| $416K | ﹤0.01% |
4,303
| – | – |
|
48
McDonald's
MCD
$192B
| $388K | ﹤0.01% |
2,345
-625
| -21% | -$123K |
|
49
Corteva
CTVA
$54.6B
| $336K | ﹤0.01% |
14,312
+1,324
| +10% | +$36.4K |
|
50
Truist Financial
TFC
$61.6B
| $319K | ﹤0.01% |
10,341
+48
| +0.5% | +$2.27K |
|
Similar funds
Thomas Russo's Q1 2020 Portfolio in Review
As of Q1 2020, Thomas Russo held 94 positions worth $9.89B, down 24% from $13B the previous quarter. Its ten largest holdings account for 77% of the portfolio.
Thomas Russo withdrew a net $362M in Q1 2020, closing 10 positions and reducing 48 holdings. Its most notable exit was Pioneer Natural Resource Co., an estimated $394K position sold in full.
By sector, the portfolio is most concentrated in Financials at 34% of assets, down from 35% a quarter earlier, followed by Consumer Staples and Communication Services.
Against the trend, Thomas Russo added an estimated $465M to JPMorgan Chase.
- Thomas Russo added most to JPMorgan Chase in Q1 2020, an estimated $465M increase.
- Thomas Russo's biggest Q1 2020 reduction was Wells Fargo, cutting an estimated $474M.
- Thomas Russo fully exited Pioneer Natural Resource Co. in Q1 2020, selling an estimated $394K.
- Thomas Russo's ten largest holdings make up 77% of its $9.89B portfolio in Q1 2020.
- Thomas Russo opened 1 new position and closed 10 in Q1 2020.
- Thomas Russo's portfolio value fell 24% quarter-over-quarter to $9.89B.
Based on Gardner Russo & Quinn's 13F filing for Q1 2020, filed 13 May 2020.