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Livermore
Livermore
ZHEN

Gardner Russo & Quinn

Superinvestor

Gardner Russo & Quinn LLC

SEC CIK
0000860643
Manager
Tom Russo
Style
Quality, Value
Latest filing
Aug 13, 2026

The latest 13F from Gardner Russo & Quinn covers Q2 2026 (filed Aug 13, 2026): 85 long positions worth $8.93B. The top 10 holdings make up 80.0% of the portfolio, and the largest is Alphabet Inc. (GOOG) at 12.1%. Livermore has 22 filings on Form 13F from this institution, going back to Q1 2021.

What changed in Q2 2026

Share counts compared with Q1 2026: how many positions were new, added to, reduced or sold out, and the biggest buys and sells. Dollar amounts are estimated at the quarter-end prices implied by the filing.

Full comparison
New
1
Est. +$24.8M
Added
10
Est. +$119.8M
Reduced
42
Est. −$316.2M
Sold out
2
Est. −$33.3M

Top 5 holdings

Share of this quarter's portfolio value

  1. GOOGAlphabet Inc.
    12.1%$1.08BHistory
  2. BRK.ABerkshire Hathaway Inc
    12.0%$1.07BHistory
  3. PMPhilip Morris International Inc.
    9.2%$819.7MHistory
  4. MAMastercard Inc
    8.8%$781.9MHistory
  5. Cie Financiere Richemont SAH25662182
    8.7%$773.7M

Share of portfolio

Top 5 holdings and the other 80 positions, by share of portfolio value

  1. GOOG12.1%
  2. BRK.A12.0%
  3. PM9.2%
  4. MA8.8%
  5. Cie Financiere Richemont SA8.7%
  6. Other 80 positions49.3%

Biggest buys

New and added positions, by estimated amount bought

  1. Eurofins Scientific SE ActL31839134
    +$78.2MAdded
  2. DASHDoorDash, Inc.
    +$34.1MAddedHistory
  3. XOMExxonMobil Holdings Corp
    +$24.8MNewHistory
  4. NFLXNetflix Inc
    +$7.10MAddedHistory
  5. De'LonghiT3508H102
    +$157.1KAdded

Largest weight increases

New and added positions, by percentage points of the portfolio gained

  1. Eurofins Scientific SE ActL31839134
    +0.96 pp2.6% → 3.6%
  2. DASHDoorDash, Inc.
    +0.68 pp1.8% → 2.5%History
  3. XOMExxonMobil Holdings Corp
    +0.28 pp0.0% → 0.3%History
  4. LEVILevi Strauss & Co
    +0.01 pp<0.1% → <0.1%History
  5. De'LonghiT3508H102
    0.00 pp<0.1% → <0.1%

Biggest sells

Reduced and sold-out positions, by estimated amount sold

  1. GOOGAlphabet Inc.
    −$106.8MReducedHistory
  2. JPMJPMorgan Chase & Co
    −$40.6MReducedHistory
  3. XOMExxonMobil Holdings Corp
    −$32.9MSold outHistory
  4. Cie Financiere Richemont SAH25662182
    −$23.6MReduced
  5. BRK.ABerkshire Hathaway Inc
    −$21.0MReducedHistory

Largest weight decreases

Reduced and sold-out positions, by percentage points of the portfolio lost

  1. JPMJPMorgan Chase & Co
    −0.42 pp0.5% → 0.1%History
  2. MLMMartin Marietta Materials Inc
    −0.40 pp5.0% → 4.6%History
  3. XOMExxonMobil Holdings Corp
    −0.39 pp0.4% → 0.0%History
  4. MAMastercard Inc
    −0.39 pp9.1% → 8.8%History
  5. BRK.ABerkshire Hathaway Inc
    −0.33 pp12.3% → 12.0%History

Metrics

13F metrics for Q2 2026, computed only from the numbers in the filings. Definitions below.

Portfolio value
$8.93B
+$429.6M (+5.1%) vs. prior quarter
Positions
85
−1 vs. prior quarter
Top 10 concentration
80.0%
Top 10 as share of value
Turnover
1.7%
Q2 2026, one quarter
Average holding period
19.2 quarters
Weighted by value

How these are calculated

  • Portfolio value: the market value of all long positions in the 13F, as reported at quarter end, excluding options.
  • Top 10 concentration: the combined value of the 10 largest positions as a share of portfolio value.
  • Turnover: the smaller of this quarter's estimated purchases and estimated sales, divided by the average of this and last quarter's portfolio value. Estimates multiply the change in shares by the quarter-end price implied by the filing (market value divided by shares); new positions use this quarter's value and sold-out positions last quarter's. Only positions reported in shares count, and it is not calculated when the previous quarter was not filed.
  • Average holding period: how many consecutive quarters each current position has been held (including this one; a quarter without the position or without a filing starts the count over), weighted by this quarter's value. Counting starts with the first 13F in Livermore (Q1 2021), so positions held before then are understated.

13F filings by quarter

22 quarters, going back to Q1 2021. Bars show each quarter's 13F portfolio value; quarters without a filing are left blank.

Peak $11.8B (Q2 2021)

Q1 2021: $11.0BQ2 2021: $11.8BQ3 2021: $10.8BQ4 2021: $11.2BQ1 2022: $10.4BQ2 2022: $8.94BQ3 2022: $8.27BQ4 2022: $9.06BQ1 2023: $9.64BQ2 2023: $10.1BQ3 2023: $9.17BQ4 2023: $9.81BQ1 2024: $9.75BQ2 2024: $9.47BQ3 2024: $9.74BQ4 2024: $8.85BQ1 2025: $8.92BQ2 2025: $9.41BQ3 2025: $9.33BQ4 2025: $9.26BQ1 2026: $8.50BQ2 2026: $8.93B
Q1 2021Q2 2026
13F filings of Gardner Russo & Quinn by quarter
QuarterFiledPositionsValueTop 3 holdingsChangesFiling
Q2 2026Aug 13, 202685$8.93BGOOGBRK.APMvs. Q1 2026SEC
Q1 2026May 13, 202686$8.50BBRK.AGOOGMAvs. Q4 2025SEC
Q4 2025Feb 12, 202687$9.26BGOOGBRK.AMAvs. Q3 2025SEC
Q3 2025Nov 12, 202585$9.33BBRK.AGOOGMAvs. Q2 2025SEC
Q2 2025Aug 13, 202585$9.41BBRK.AMAGOOGvs. Q1 2025SEC
Q1 2025May 13, 202586$8.92BBRK.AMAGOOGvs. Q4 2024SEC
Q4 2024Feb 12, 202568$8.85BBRK.AGOOGMAvs. Q3 2024SEC
Q3 2024Nov 13, 202477$9.74BBRK.AGOOGMAvs. Q2 2024SEC
Q2 2024Aug 13, 202477$9.47BBRK.AGOOGMAvs. Q1 2024SEC
Q1 2024May 14, 202481$9.75BBRK.AGOOGMAvs. Q4 2023SEC
Q4 2023Feb 13, 202482$9.81BBRK.AGOOGMAvs. Q3 2023SEC
Q3 2023Nov 14, 202382$9.17BBRK.AGOOGMAvs. Q2 2023SEC
Q2 2023Aug 11, 202383$10.1BBRK.AGOOGNestle SA ADRvs. Q1 2023SEC
Q1 2023May 11, 202384$9.64BBRK.ANestle SA ADRMAvs. Q4 2022SEC
Q4 2022Feb 13, 202383$9.06BBRK.ANestle SA ADRMAvs. Q3 2022SEC
Q3 2022Nov 10, 202283$8.27BBRK.ANestle SA ADRMAvs. Q2 2022SEC
Q2 2022Aug 4, 202285$8.94BBRK.ANestle SA ADRMAvs. Q1 2022SEC
Q1 2022May 12, 202284$10.4BBRK.ANestle SA ADRMAvs. Q4 2021SEC
Q4 2021Feb 10, 202288$11.2BBRK.ANestle SA ADRMAvs. Q3 2021SEC
Q3 2021Nov 15, 202187$10.8BBRK.ANestle SA ADRMAvs. Q2 2021SEC
Q2 2021Aug 12, 202188$11.8BBRK.AMANestle SA ADRvs. Q1 2021SEC
Q1 2021May 12, 202190$11.0BMABRK.ANestle SA ADR–SEC