Gardner Russo & Gardner Buys Davide Campari-Milano NV, Union Pacific Corp, Exxon Mobil Corp, Sells The Swatch Group AG, JC Decaux SA, Anheuser-Busch InBev SA/NV

• New Purchases: CABJF, DHR, ORCL, PXD, GHC, ASHTF, CABO,
• Added Positions: GOOG, DVDCF, UNP, WFC, XOM, DIS, CTVA, DOW, PDRDY, CFRUY, LRLCF, ABI, MO, PG, MRK, MTB, HEINY, DD, COST, CVX,
• Reduced Positions: MA, JCDXF, NSRGY, BUDFF, PDRDF, BRK.A, CFRHF, HKHHF, PM, JPM, BRK.B, DGEAF, MLM, CMCSA, UN, BF.A, BF.B, V, FMX, RDS.A, AXP, VMC, SWMAF, KO, DANOY, DEO, OUT, MSFT, RBGPF, DOV, LVMHF, GOOGL, MLHR, EVF, MKL, MKC, WMT,
• Sold Out: SWGAF, ORLY, SWGAY, PRGAF, COTY,

For the details of Tom Russo's stock buys and sells, go to https://www.gurufocus.com/guru/tom+russo/current-portfolio/portfolio

1. Mastercard Inc (MA) - 5,407,070 shares, 16.24% of the total portfolio. Shares reduced by 9.54%
2. Nestle SA (NSRGY) - 11,532,546 shares, 12.94% of the total portfolio. Shares reduced by 6.67%
3. Berkshire Hathaway Inc (BRK.A) - 3,613 shares, 9.81% of the total portfolio. Shares reduced by 4.34%
4. Pernod Ricard SA (PDRDF) - 4,428,919 shares, 7.08% of the total portfolio. Shares reduced by 6.93%
5. Heineken Holding NV (HKHHF) - 8,486,756 shares, 7.05% of the total portfolio. Shares reduced by 4.02%

Gardner Russo & Gardner initiated holding in Carlsberg A/S. The purchase prices were between $104.75 and $143.5, with an estimated average price of $123.12. The stock is now traded at around $141.71. The impact to a portfolio due to this purchase was 0.01%. The holding were 5,859 shares as of .

Gardner Russo & Gardner initiated holding in Danaher Corp. The purchase prices were between $128.7 and $176.83, with an estimated average price of $161.23. The stock is now traded at around $206.01. The impact to a portfolio due to this purchase was less than 0.01%. The holding were 1,333 shares as of .

Gardner Russo & Gardner initiated holding in Pioneer Natural Resources Co. The purchase prices were between $67.77 and $116.78, with an estimated average price of $87.74. The stock is now traded at around $110.06. The impact to a portfolio due to this purchase was less than 0.01%. The holding were 2,500 shares as of .

Gardner Russo & Gardner initiated holding in Ashtead Group PLC. The purchase prices were between $19.73 and $35.75, with an estimated average price of $27.69. The stock is now traded at around $35.70. The impact to a portfolio due to this purchase was less than 0.01%. The holding were 8,750 shares as of .

Gardner Russo & Gardner initiated holding in Cable One Inc. The purchase prices were between $1536.38 and $1960, with an estimated average price of $1786.93. The stock is now traded at around $1912.00. The impact to a portfolio due to this purchase was less than 0.01%. The holding were 168 shares as of .

Gardner Russo & Gardner initiated holding in Oracle Corp. The purchase prices were between $48.33 and $55.27, with an estimated average price of $52.9. The stock is now traded at around $54.40. The impact to a portfolio due to this purchase was less than 0.01%. The holding were 4,000 shares as of .

Gardner Russo & Gardner added to a holding in Davide Campari-Milano NV by 152.47%. The purchase prices were between $6.6 and $8.85, with an estimated average price of $7.73. The stock is now traded at around $10.15. The impact to a portfolio due to this purchase was 0.04%. The holding were 870,050 shares as of .

Gardner Russo & Gardner added to a holding in Union Pacific Corp by 994.59%. The purchase prices were between $136.49 and $184.83, with an estimated average price of $159.87. The stock is now traded at around $193.34. The impact to a portfolio due to this purchase was 0.03%. The holding were 16,802 shares as of .

Gardner Russo & Gardner added to a holding in Exxon Mobil Corp by 22.44%. The purchase prices were between $37.53 and $54.74, with an estimated average price of $44.72. The stock is now traded at around $43.12. The impact to a portfolio due to this purchase was 0.01%. The holding were 178,864 shares as of .

Gardner Russo & Gardner added to a holding in Heineken NV by 21.54%. The purchase prices were between $38.42 and $49.25, with an estimated average price of $43.35. The stock is now traded at around $46.10. The impact to a portfolio due to this purchase was less than 0.01%. The holding were 36,647 shares as of .

Gardner Russo & Gardner added to a holding in Merck & Co Inc by 42.71%. The purchase prices were between $73.8 and $83.98, with an estimated average price of $78.88. The stock is now traded at around $84.34. The impact to a portfolio due to this purchase was less than 0.01%. The holding were 3,926 shares as of .

Gardner Russo & Gardner sold out a holding in The Swatch Group AG. The sale prices were between $175.45 and $215.05, with an estimated average price of $195.81.

Gardner Russo & Gardner sold out a holding in The Swatch Group AG. The sale prices were between $8.88 and $10.68, with an estimated average price of $9.83.

Gardner Russo & Gardner sold out a holding in Coty Inc. The sale prices were between $3.25 and $6.29, with an estimated average price of $4.86.

Gardner Russo & Gardner sold out a holding in O'Reilly Automotive Inc. The sale prices were between $287.25 and $430.91, with an estimated average price of $390.12.

Gardner Russo & Gardner sold out a holding in Pargesa Holding SA. The sale prices were between $60.91 and $83.45, with an estimated average price of $71.44.