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 |
Uber
UBER
|
+$161M |
| 2 |
Microsoft
MSFT
|
+$1.1M |
| 3 |
Union Pacific
UNP
|
+$247K |
| 4 |
Costco
COST
|
+$241K |
| 5 |
Apple
AAPL
|
+$207K |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
Alphabet (Google) Class C
GOOG
|
+$50.5M |
| 2 |
Berkshire Hathaway Class A
BRK.A
|
+$34.7M |
| 3 |
Mastercard
MA
|
+$32.4M |
| 4 |
Berkshire Hathaway Class B
BRK.B
|
+$16.9M |
| 5 |
Netflix
NFLX
|
+$15.9M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Financials | 34.02% |
| 2 | Communication Services | 18.27% |
| 3 | Consumer Staples | 8.1% |
| 4 | Materials | 4.92% |
| 5 | Technology | 1.98% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
|
1
Berkshire Hathaway Class A
BRK.A
$1.06T
| $1.31B | 13.37% |
2,417
-65
| -3% | -$34.7M |
|
|
2
Alphabet (Google) Class C
GOOG
$4.18T
| $1.09B | 11.09% |
7,721,397
-372,525
| -5% | -$50.5M |
|
|
3
Mastercard
MA
$509B
| $982M | 10.01% |
2,302,289
-80,680
| -3% | -$32.4M |
|
4
Philip Morris
PM
$293B
| $572M | 5.83% |
6,077,975
-162,328
| -3% | -$15M |
|
|
5
Berkshire Hathaway Class B
BRK.B
$1.06T
| $560M | 5.71% |
1,569,986
-48,164
| -3% | -$16.9M |
|
|
6
Netflix
NFLX
$331B
| $548M | 5.58% |
11,249,620
-365,130
| -3% | -$15.9M |
|
7
Martin Marietta Materials
MLM
$32.1B
| $469M | 4.78% |
940,568
-18,195
| -2% | -$8.2M |
|
8
JPMorgan Chase
JPM
$935B
| $344M | 3.51% |
2,023,369
-75,056
| -4% | -$11.4M |
|
|
9
Uber
UBER
$161B
| $190M | 1.93% |
+3,081,363
| New | +$161M |
|
10
Comcast
CMCSA
$95.3B
| $145M | 1.47% |
3,295,791
-232,278
| -7% | -$9.96M |
|
11
Brown-Forman Class A
BF.A
$13.3B
| $135M | 1.38% |
2,269,315
-86,489
| -4% | -$5.09M |
|
12
Visa
V
$693B
| $84.1M | 0.86% |
322,891
-8,450
| -3% | -$2.08M |
|
|
13
Brown-Forman Class B
BF.B
$13.1B
| $53.5M | 0.55% |
937,483
-22,965
| -2% | -$1.32M |
|
14
Wells Fargo
WFC
$254B
| $35.1M | 0.36% |
712,229
-14,144
| -2% | -$610K |
|
15
ExxonMobil
XOM
$679B
| $17.9M | 0.18% |
179,199
+1,019
| +0.6% | +$107K |
|
16
Markel Group
MKL
$22.2B
| $14.2M | 0.14% |
9,984
-5
| -0.1% | -$7.09K |
|
17
Altria Group
MO
$110B
| $12.5M | 0.13% |
311,070
-19,229
| -6% | -$795K |
|
18
Vulcan Materials
VMC
$35.8B
| $11.1M | 0.11% |
48,682
-4,421
| -8% | -$936K |
|
19
Cable One
CABO
$129M
| $8.91M | 0.09% |
16,017
-8,653
| -35% | -$4.94M |
|
20
Crane Co
CR
$12B
| $8.07M | 0.08% |
68,281
-1,900
| -3% | -$191K |
|
|
21
Union Pacific
UNP
$183B
| $5.62M | 0.06% |
22,887
+1,124
| +5% | +$247K |
|
22
Procter & Gamble
PG
$336B
| $5.37M | 0.05% |
36,670
-14
| -0% | -$2.07K |
|
23
Dover
DOV
$27.2B
| $4.29M | 0.04% |
27,897
-570
| -2% | -$79.9K |
|
24
American Express
AXP
$227B
| $3.85M | 0.04% |
20,535
-7,641
| -27% | -$1.23M |
|
|
25
Costco
COST
$420B
| $3.66M | 0.04% |
5,550
+407
| +8% | +$241K |
|
Similar funds
Thomas Russo's Q4 2023 Portfolio in Review
As of Q4 2023, Thomas Russo held 83 positions worth $9.81B, up 7% from $9.17B the previous quarter. Its ten largest holdings account for 79% of the portfolio.
Trading was light in Q4 2023: portfolio turnover was 2.4%. Thomas Russo opened 1 new position and exited 1, leaving the 83-position portfolio largely intact.
By sector, the portfolio is most concentrated in Financials at 34% of assets, down from 36% a quarter earlier, followed by Communication Services and Consumer Staples.
- Thomas Russo's largest Q4 2023 buy was Uber: 3,081,363 shares worth $190M.
- Thomas Russo added most to Microsoft in Q4 2023, an estimated $1.1M increase.
- Thomas Russo's biggest Q4 2023 reduction was Alphabet (Google) Class C, cutting an estimated $50.5M.
- Thomas Russo's ten largest holdings make up 79% of its $9.81B portfolio in Q4 2023.
- Thomas Russo opened 1 new position and closed 1 in Q4 2023.
- Thomas Russo's portfolio value rose 7% quarter-over-quarter to $9.81B.
Based on Gardner Russo & Quinn's 13F filing for Q4 2023, filed 13 Feb 2024.