13F
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GARDNER RUSSO & QUINN LLC

13F equity value
$8.5B
Positions
86
Top 10 concentration
80.3%
Quarters / total new picks
22 / 56
13F equity value over time
$0M$7B$15B2017201820192020202120222023202420252026

"13F equity value" = market value of this filer's US-listed long equity positions only. It excludes cash, bonds, non-US and short positions, so it understates a fund's true assets under management — often by a lot.

Not significant Verdict

13F holdings are disclosed ~45 days after quarter-end, and they never reveal when within the quarter a fund actually bought. So any 13F-based summary is structurally late and blurred — this applies to every fund, including this one.

We backtested copying it anyway. Buying this fund's new positions the day each filing went public, over 22 quarters, returned +1.9% per quarter — versus +2.6% per quarter from simply owning every 13F stock. It beat that baseline in only 36.4% of quarters (excess t = -0.85, not statistically significant). Its filings tell you what it bought — not what you should buy.

Avg 2Q excess
-3.2%
t-stat
-0.85
Quarterly win rate
36%
Annualized excess
-5.4%
$1 → follow vs universe
$1.21 vs $1.60
Cumulative return: $1 invested in new picks vs universe
1.00 20180331: universe 1.04120180930: universe 1.08920181231: universe 1.07720190331: universe 1.05820190630: universe 1.13820191231: universe 0.91820200630: universe 1.01420200930: universe 1.24420201231: universe 1.30020210331: universe 1.31220210630: universe 1.41720211231: universe 1.20620220630: universe 1.11720221231: universe 1.03720230331: universe 1.09320231231: universe 1.14220240331: universe 1.16820240630: universe 1.27420240930: universe 1.26320250331: universe 1.37720250930: universe 1.54820251231: universe 1.602 20180331: follow 1.07420180930: follow 1.12220181231: follow 1.10120190331: follow 0.98020190630: follow 1.01020191231: follow 0.81020200630: follow 0.87520200930: follow 0.97820201231: follow 1.22820210331: follow 1.06320210630: follow 1.04420211231: follow 0.89220220630: follow 0.98020221231: follow 0.87020230331: follow 0.77620231231: follow 0.65020240331: follow 0.62220240630: follow 0.76720240930: follow 0.70120250331: follow 0.83920250930: follow 1.15820251231: follow 1.209 0.57 1.15 1.73 20182019202020212022202320242025 Follow Universe

Quarterly compounding, invested quarters only · entry 47 days after quarter-end (when 13F data becomes public)

Listed as facts. See the verdict above before treating this as signal.

Top 20 holdings of 86 · 2026 Q1

Ticker Value Weight QoQ
BRK/A $1.0B
12.3%
HOLD
GOOG $961M
11.3%
TRIM
MA $777M
9.2%
HOLD
PM $761M
9.0%
HOLD
NSRGY $543M
6.4%
TRIM
NFLX $539M
6.3%
ADD
BRK/B $532M
6.3%
HOLD
MLM $421M
5.0%
HOLD
SUNB $394M
4.6%
NEW
UBER $372M
4.4%
HOLD
DASH $150M
1.8%
ADD
CMCSA $65M
0.8%
TRIM
BF/A $44M
0.5%
HOLD
JPM $44M
0.5%
TRIM
XOM $33M
0.4%
HOLD
V $28M
0.3%
TRIM
BF/B $17M
0.2%
TRIM
MO $11M
0.1%
HOLD
MKL $9M
0.1%
TRIM
CR $8M
0.1%
TRIM

QoQ vs previous quarter's share count · NEW = new position · ADD/TRIM = ±2% shares · HOLD = unchanged.

Listed as facts. See the verdict above before treating this as signal.

New positions in 2026 Q1

MRK

Method & Limitations

Method: a "new position" = held this quarter, absent last quarter (options excluded; stocks with <50 prior holders excluded to filter spin-off artifacts). Entry 47 days after quarter-end — the first day the public could act on the filing. Benchmark = equal-weighted universe of all 13F-held stocks. Limitations: quarterly snapshots can't see intra-quarter trades; survivorship bias — funds that shut down are absent, which flatters the sample. Statistics, not advice.