Investor: Thomas Russo
Number of Assets: 87
Reporting Period: Q4 - 2025
Holdings at Report: $9,263,410,798
Return Since Report: -$685,795,406
Return Since Report: -7.40%
Company | Position | Activity | Shares | Port. % | Rep. Price | Curr. Price | Rep. Value | Curr. Value | Return Value | Return % |
|---|---|---|---|---|---|---|---|---|---|---|
| Abbott Laboratories (ABT) | Equity | 0% | 11,510 | 0.02% | $125.29 | $102.64 | $1,442,088 | $1,181,386 | -$260,702 | -18.08% |
| Abbvie Inc. (ABBV) | Equity | 0% | 12,410 | 0.03% | $228.49 | $217.43 | $2,835,561 | $2,698,306 | -$137,255 | -4.84% |
| Alphabet Inc. (GOOGL) | Equity | -3.68% | 14,916 | 0.05% | $313.00 | $287.22 | $4,668,708 | $4,284,174 | -$384,534 | -8.24% |
| Alphabet Inc. (GOOG) | Equity | -15.46% | 3,931,197 | 13.32% | $313.80 | $286.39 | $1,233,609,619 | $1,125,855,509 | -$107,754,110 | -8.73% |
| Altria Group Inc. (MO) | Equity | -0.56% | 164,772 | 0.10% | $57.66 | $65.91 | $9,500,738 | $10,860,123 | +$1,359,385 | +14.31% |
| Amazon.com Inc. (AMZN) | Equity | +100% | 1,040 | 0.00% | $230.82 | $208.30 | $240,053 | $216,632 | -$23,421 | -9.76% |
| American Express Company (AXP) | Equity | -10.80% | 12,160 | 0.05% | $369.95 | $302.24 | $4,498,592 | $3,675,238 | -$823,354 | -18.30% |
| Apple Inc. (AAPL) | Equity | -0.53% | 4,674 | 0.01% | $271.86 | $253.42 | $1,270,674 | $1,184,485 | -$86,189 | -6.78% |
| Berkshire Hathaway Inc. (BRK-A) | Equity | -3.44% | 1,488 | 12.12% | $754,800.00 | $718,994.50 | $1,123,142,400 | $1,069,863,816 | -$53,278,584 | -4.74% |
| Berkshire Hathaway Inc. (BRK-B) | Equity | -3.10% | 1,125,395 | 6.11% | $502.65 | $479.11 | $565,679,797 | $539,187,998 | -$26,491,799 | -4.68% |
| Brown-Forman Corp. (BF-A) | Equity | -2.91% | 1,668,094 | 0.47% | $26.31 | $26.72 | $43,887,565 | $44,571,472 | +$683,907 | +1.56% |
| Brown-Forman Corp. (BF-B) | Equity | -7.52% | 708,179 | 0.20% | $26.06 | $26.44 | $18,455,144 | $18,720,712 | +$265,568 | +1.44% |
| Caterpillar Inc. (CAT) | Equity | -21.43% | 550 | 0.00% | $572.87 | $708.36 | $315,079 | $389,598 | +$74,519 | +23.65% |
| Chevron Corp. (CVX) | Equity | 0% | 2,670 | 0.00% | $152.41 | $206.88 | $406,935 | $552,370 | +$145,435 | +35.74% |
| The Coca-Cola Company (KO) | Equity | 0% | 13,640 | 0.01% | $69.91 | $76.17 | $953,572 | $1,038,891 | +$85,319 | +8.95% |
| Comcast Corp. (CMCSA) | Equity | -5.95% | 2,300,197 | 0.74% | $29.89 | $28.69 | $68,752,881 | $65,981,151 | -$2,771,730 | -4.03% |
| Costco Wholesale Corp. (COST) | Equity | 0% | 4,624 | 0.04% | $862.30 | $994.71 | $3,987,295 | $4,599,539 | +$612,244 | +15.35% |
| Crane Company (CR) | Equity | -3.67% | 54,401 | 0.11% | $184.43 | $170.80 | $10,033,176 | $9,291,691 | -$741,485 | -7.39% |
| The Walt Disney Company (DIS) | Equity | 0% | 2,510 | 0.00% | $113.76 | $96.32 | $285,528 | $241,763 | -$43,765 | -15.33% |
| Doordash Inc. (DASH) | Equity | +0.44% | 930,467 | 2.27% | $226.48 | $150.82 | $210,732,166 | $140,333,033 | -$70,399,133 | -33.41% |
| Dover Corp. (DOV) | Equity | -0.13% | 19,526 | 0.04% | $195.24 | $208.81 | $3,812,256 | $4,077,224 | +$264,968 | +6.95% |
| Exxon Mobil Corp. (XOM) | Equity | +0.67% | 193,033 | 0.25% | $120.34 | $169.19 | $23,229,624 | $32,658,288 | +$9,428,664 | +40.59% |
| FB Bancorp. Inc. (FBLA) | Equity | 0% | 50,000 | 0.01% | $12.85 | $13.74 | $642,500 | $687,000 | +$44,500 | +6.93% |
| Fulton Financial Corp. (FULT) | Equity | -16.25% | 54,100 | 0.01% | $19.33 | $20.33 | $1,045,753 | $1,099,853 | +$54,100 | +5.17% |
| Generac Holdings Inc. (GNRC) | Equity | 0% | 2,250 | 0.00% | $136.37 | $195.38 | $306,833 | $439,605 | +$132,772 | +43.27% |
| Herc Holdings Inc. (HRI) | Equity | 0% | 6,450 | 0.01% | $148.38 | $99.54 | $957,051 | $642,033 | -$315,018 | -32.92% |
| Hormel Foods Corp. (HRL) | Equity | 0% | 19,835 | 0.01% | $23.70 | $22.66 | $470,090 | $449,362 | -$20,728 | -4.41% |
| Hyatt Hotels Corp. (H) | Equity | 0% | 8,675 | 0.02% | $160.32 | $143.79 | $1,390,776 | $1,247,378 | -$143,398 | -10.31% |
| International Business Machines Corp. (IBM) | Equity | +100% | 750 | 0.00% | $296.21 | $241.70 | $222,158 | $181,275 | -$40,883 | -18.40% |
| JP Morgan Chase & Co. (JPM) | Equity | -2.97% | 528,817 | 1.84% | $322.22 | $294.43 | $170,395,414 | $155,699,589 | -$14,695,825 | -8.62% |
| John Bean Technologies Corp. (JBT) | Equity | 0% | 7,250 | 0.01% | $150.67 | $0.00 | $1,092,358 | $0 | -$1,092,358 | -100% |
| Johnson & Johnson (JNJ) | Equity | +100% | 976 | 0.00% | $206.95 | $244.18 | $201,983 | $238,320 | +$36,337 | +17.99% |
| Lamar Advertising Company (LAMR) | Equity | 0% | 5,974 | 0.01% | $126.58 | $126.75 | $756,189 | $757,205 | +$1,016 | +0.13% |
| Levi Strauss & Co. (LEVI) | Equity | 0% | 47,725 | 0.01% | $20.74 | $18.53 | $989,817 | $884,344 | -$105,473 | -10.66% |
| Markel Group Inc. (MKL) | Equity | -17.95% | 6,279 | 0.15% | $2,149.65 | $1,912.83 | $13,497,652 | $12,010,660 | -$1,486,992 | -11.02% |
| Martin Marietta Materials Inc. (MLM) | Equity | +5.68% | 726,612 | 4.88% | $622.66 | $591.65 | $452,432,234 | $429,899,990 | -$22,532,244 | -4.98% |
| Mastercard Inc. (MA) | Equity | -2.12% | 1,585,999 | 9.77% | $570.88 | $499.72 | $905,414,977 | $792,555,420 | -$112,859,557 | -12.46% |
| Mccormick & Company Inc. (MKC) | Equity | -2.22% | 40,666 | 0.03% | $68.11 | $50.61 | $2,769,761 | $2,058,106 | -$711,655 | -25.69% |
| Mcdonald'S Corp. (MCD) | Equity | +28.37% | 905 | 0.00% | $305.63 | $310.69 | $276,595 | $281,170 | +$4,575 | +1.65% |
| Microsoft Corp. (MSFT) | Equity | +5.71% | 3,705 | 0.02% | $483.62 | $370.17 | $1,791,812 | $1,371,480 | -$420,332 | -23.46% |
| Nestlé S.A. (NSRGY) | Equity | -2.79% | 5,617,162 | 5.99% | $98.78 | $98.80 | $554,863,285 | $554,975,606 | +$112,321 | +0.02% |
| Netflix Inc. (NFLX) | Equity | +872.89% | 5,004,765 | 5.07% | $93.76 | $96.12 | $469,246,766 | $481,058,012 | +$11,811,246 | +2.52% |
| Oracle Corp. (ORCL) | Equity | 0% | 3,475 | 0.01% | $194.91 | $146.96 | $677,312 | $510,669 | -$166,643 | -24.60% |
| Outfront Media Inc. (OUT) | Equity | -0.08% | 15,677 | 0.00% | $24.10 | $26.49 | $377,816 | $415,205 | +$37,389 | +9.90% |
| Pepsico Inc. (PEP) | Equity | -10.64% | 9,794 | 0.02% | $143.52 | $155.09 | $1,405,630 | $1,518,902 | +$113,272 | +8.06% |
| Philip Morris International Inc. (PM) | Equity | +0.76% | 4,697,508 | 8.13% | $160.40 | $165.49 | $753,480,359 | $777,390,599 | +$23,910,240 | +3.17% |
| The Pnc Financial Services Group Inc. (PNC) | Equity | 0% | 3,750 | 0.01% | $208.73 | $207.79 | $782,738 | $779,213 | -$3,525 | -0.45% |
| The Procter & Gamble Company (PG) | Equity | +9.44% | 11,951 | 0.02% | $143.31 | $144.42 | $1,712,698 | $1,725,963 | +$13,265 | +0.77% |
| Uber Technologies Inc. (UBER) | Equity | +9.22% | 5,145,060 | 4.54% | $81.71 | $71.89 | $420,402,853 | $369,878,363 | -$50,524,490 | -12.02% |
| Union Pacific Corp. (UNP) | Equity | +0.57% | 24,984 | 0.06% | $231.32 | $242.22 | $5,779,216 | $6,051,500 | +$272,284 | +4.71% |
| Unum Group (UNM) | Equity | 0% | 3,800 | 0.00% | $77.50 | $73.11 | $294,500 | $277,818 | -$16,682 | -5.66% |
| Visa Inc. (V) | Equity | -11.00% | 108,818 | 0.41% | $350.71 | $301.42 | $38,163,561 | $32,799,377 | -$5,364,184 | -14.06% |
| Vulcan Materials Company (VMC) | Equity | -20.06% | 7,912 | 0.02% | $285.22 | $272.74 | $2,256,661 | $2,157,919 | -$98,742 | -4.38% |
| Walmart Inc. (WMT) | Equity | 0% | 10,165 | 0.01% | $111.41 | $124.22 | $1,132,483 | $1,262,696 | +$130,213 | +11.50% |
| Warby Parker Inc. (WRBY) | Equity | +6.56% | 65,000 | 0.02% | $21.79 | $21.17 | $1,416,350 | $1,376,050 | -$40,300 | -2.85% |
| Wells Fargo & Company (WFC) | Equity | -21.53% | 7,964 | 0.01% | $93.21 | $79.53 | $742,287 | $633,337 | -$108,950 | -14.68% |
| Yeti Holdings Inc. (YETI) | Equity | 0% | 24,000 | 0.01% | $44.17 | $36.63 | $1,060,080 | $879,120 | -$180,960 | -17.07% |
| ALK Abello AS | Equity | +100% | 35,000 | 0.01% | $35.95 | N/A | $1,258,098 | N/A | N/A | N/A |
| Anheuser Busch Inbev NV (BUD) | Equity | -5.91% | 265,525 | 0.18% | $64.48 | $69.39 | $17,120,336 | $18,424,780 | +$1,304,444 | +7.62% |
| Ashtead Group PLC (ASHTF) | Equity | +9.59% | 6,111,758 | 4.51% | $68.41 | $70.01 | $418,100,738 | $427,884,178 | +$9,783,440 | +2.34% |
| Carlsberg A/S (CABJF) | Equity | +91.55% | 23,091 | 0.03% | $131.33 | $117.23 | $3,032,518 | $2,706,958 | -$325,560 | -10.74% |
| Cofide Spa | Equity | 0% | 251,250 | 0.00% | $0.83 | $0.00 | $207,442 | $0 | -$207,442 | -100% |
| Compagnie Financière Richemont Sa (CFRHF) | Equity | -2.83% | 3,502,105 | 8.21% | $217.17 | $166.42 | $760,539,180 | $582,820,314 | -$177,718,866 | -23.37% |
| Davide Campari-Milano NV | Equity | +15.09% | 242,103 | 0.02% | $6.50 | $0.00 | $1,574,663 | $0 | -$1,574,663 | -100% |
| De'longhi | Equity | 0% | 35,250 | 0.02% | $42.87 | $0.00 | $1,511,077 | $0 | -$1,511,077 | -100% |
| Demant AS | Equity | 0% | 41,000 | 0.01% | $33.84 | $0.00 | $1,387,383 | $0 | -$1,387,383 | -100% |
| Diageo PLC (DGEAF) | Equity | +100% | 129,805 | 0.03% | $21.57 | $18.72 | $2,799,618 | $2,429,950 | -$369,668 | -13.20% |
| Electrolux Professional | Equity | 0% | 200,000 | 0.02% | $7.07 | $0.00 | $1,414,501 | $0 | -$1,414,501 | -100% |
| Fielmann | Equity | +2.80% | 25,700 | 0.01% | $51.15 | $0.00 | $1,314,486 | $0 | -$1,314,486 | -100% |
| Fluidra | Equity | +11.32% | 59,000 | 0.02% | $27.20 | $0.00 | $1,604,815 | $0 | -$1,604,815 | -100% |
| H&M | Equity | 0% | 64,000 | 0.01% | $20.17 | $0.00 | $1,290,580 | $0 | -$1,290,580 | -100% |
| PT Hanjaya Mandala Sampoerna Tbk (PHJMF) | Equity | 0% | 5,000,000 | 0.00% | $0.04 | $0.05 | $217,392 | $250,000 | +$32,608 | +15.00% |
| Heineken Holding N.V. (HKHHF) | Equity | -0.92% | 9,200,276 | 7.28% | $73.29 | $68.41 | $674,248,483 | $629,390,881 | -$44,857,602 | -6.65% |
| Heineken N.V. (HINKF) | Equity | 0% | 15,131 | 0.01% | $81.91 | $73.30 | $1,239,322 | $1,109,102 | -$130,220 | -10.51% |
| Kalmar Oyj B | Equity | +20.00% | 24,000 | 0.01% | $47.61 | N/A | $1,142,693 | N/A | N/A | N/A |
| Konecranes | Equity | 0% | 18,450 | 0.02% | $110.28 | $0.00 | $2,034,682 | $0 | -$2,034,682 | -100% |
| Chocoladefabriken Lindt & Sprüngli Ag (COCXF) | Equity | 0% | 15 | 0.02% | $146,923.33 | $142,302.63 | $2,203,850 | $2,134,539 | -$69,311 | -3.14% |
| L'Oréal S.A. (LRLCF) | Equity | -8.52% | 3,705 | 0.02% | $430.55 | $397.00 | $1,595,200 | $1,470,885 | -$124,315 | -7.79% |
| Lotus Bakeries | Equity | 0% | 115 | 0.01% | $9,219.43 | $0.00 | $1,060,235 | $0 | -$1,060,235 | -100% |
| LT Group Inc. | Equity | 0% | 1,775,000 | 0.00% | $0.25 | $0.00 | $445,919 | $0 | -$445,919 | -100% |
| Nestlé S.A. (NSRGF) | Equity | -0.36% | 11,130 | 0.01% | $99.39 | $98.66 | $1,106,186 | $1,098,086 | -$8,100 | -0.73% |
| Pernod Ricard Sa (PDRDF) | Equity | -5.43% | 2,553,880 | 2.37% | $85.85 | $73.73 | $219,256,459 | $188,297,572 | -$30,958,887 | -14.12% |
| Puig Brands (PUGBY) | Equity | 0% | 68,000 | 0.01% | $17.46 | $9.87 | $1,187,557 | $671,160 | -$516,397 | -43.48% |
| Rational Ag | Equity | 0% | 975 | 0.01% | $776.90 | $0.00 | $757,476 | $0 | -$757,476 | -100% |
| SSP Group | Equity | 0% | 660,000 | 0.02% | $2.77 | $0.00 | $1,828,730 | $0 | -$1,828,730 | -100% |
| Zalando SE | Equity | 0% | 28,000 | 0.01% | $29.76 | $0.00 | $833,296 | $0 | -$833,296 | -100% |
| The Swiss Helvetia Fund Inc. (SWZ) | Equity | -66.31% | 146,284 | 0.01% | $6.22 | $5.95 | $909,884 | $869,658 | -$40,226 | -4.42% |