Tom Russo's Trades and Holdings in Q2 2026

Breaking down the stocks Tom Russo (Gardner Russo & Quinn) bought, sold, and held in Q2 2026, including their holdings at the end of the quarter. All data sourced from Gardner Russo & Quinn's 13F filed on August 13, 2026.

Who are Tom Russo and Gardner Russo & Quinn?

Tom Russo is the founder and managing member of Gardner Russo & Quinn LLC (commonly referred to as GRQ). The firm is known for its concentrated portfolio, typically consisting of around 85 positions with the top 10 holdings comprising approximately 80% of assets, reflecting a focus on a core group of long-held, high-conviction investments with low annual turnover (averaging around 5.5%). His investment strategy is a global value investing approach inspired by Warren Buffett's principles, emphasizing companies with the "capacity to reinvest" and "capacity to suffer" — meaning they can endure short-term earnings pressures to compound intrinsic value at high rates over decades through strategic reinvestments. Russo focuses on underfollowed or undervalued global brands, often family-controlled, that expand into large addressable markets, with strong qualitative factors like pricing power, indispensable products, high returns on invested capital, reinvestment opportunities in emerging economies, and low agency costs.

Q2 '26 13F filed with SEC

Holdings in Q2 2026

Current Investment Strategy

Tom Russo's Gardner Russo & Quinn continues to anchor its concentrated, low-turnover portfolio in family-controlled global consumer and branded-goods franchises, with a pronounced tilt toward the optical and hearing-care niche through stakes in **Warby Parker**, **Fielmann**, and **Demant A/S**, alongside long-held European consumer staples like **Lindt & Spruengli** and **L'Oreal**—firms Russo prizes for their emphasis on return on invested capital and price discipline over multi-decade holding periods. Rounding out the top ten with industrial compounders **Vulcan Materials**, **Konecranes**, and **Rational AG**, plus healthcare stalwart **AbbVie** and UK-listed **SSP Group**, the firm made no new purchases in the quarter while exiting **Generac**, reinforcing its characteristically patient approach of owning exceptional global businesses for decades rather than chasing breadth.

New Investments

Gardner Russo & Quinn did not open any new positions during Q2 2026.

Added, Trimmed, and Exited

Added

Gardner Russo & Quinn increased three existing positions this quarter. The largest addition was to Eurofins Scientific, where shares grew nearly 32% (997,630 shares added), pushing the position's value up over 43% to $320.9 million—making it one of the fund's most emphatic reinvestment moves. The firm also added meaningfully to Doordash Inc Cl A (up 18.5% in shares, value rising 45.6%) and modestly increased its stake in Netflix (up 1.8% in shares), even as Netflix's value declined 24.4% due to price weakness.
What it means: These adds reflect classic Russo conviction-buying into strength and weakness alike. The aggressive build in Eurofins Scientific and Doordash Inc Cl A suggests the manager sees continued compounding potential in both a diagnostics/testing leader and a fast-growing logistics platform, while adding to Netflix during a share price decline is a textbook "buy the dip" move consistent with the firm's long-term, low-turnover philosophy—doubling down on quality names when the market temporarily discounts them.

Trimmed

The bulk of portfolio activity this quarter came from trims, with the most dramatic being an 83.4% reduction in J.P. Morgan Chase (down to just 24,719 shares from 148,798, cutting value from $43.8 million to $8.1 million). Other notable trims included Alphabet Inc Cl C (-9%), Heineken Holding (-2.1%), Sunbelt Rentals Holdings Inc (-2.5%), Pernod Ricard (-5.2%), Compagnie Financiere Richemont (-3%), and smaller reductions across Nestle Sa Sponsored Adr, Uber, Philip Morris International Inc, Comcast Corp New Cl A, Brown-Forman Corp (both Cl A and Cl B), Mastercard Inc Cl A, Berkshire Hathaway Inc Cl B, Altria Group, ExxonMobil, and Anheuser-Busch Inbev Sa.
What it means: The sweeping, broad-based trimming—touching nearly 18 different holdings—looks more like routine portfolio rebalancing or funding for the new buys rather than a fundamental shift in conviction, since most cuts were in the single-digit percentage range. The standout exception is the near-total unwind of J.P. Morgan Chase, which suggests the firm is deliberately reducing its financial sector exposure or reallocating capital toward higher-conviction consumer and staples names like Eurofins Scientific and Doordash Inc Cl A, while largely maintaining its core global consumer-brand thesis across names like Heineken, Nestle, and Richemont.

Exited

The firm fully liquidated its position in Generac Holdings Inc, selling 2,250 shares worth approximately $439,493.
What it means: This was a small position relative to the portfolio's $8.9 billion total, so the exit likely reflects a minor conviction change or reallocation rather than a major strategic shift—consistent with the firm's stated preference for a concentrated, low-turnover approach where marginal holdings are periodically pruned in favor of core, high-conviction global brands.

Disclaimer: All posts are for informational purposes only. They are NOT a recommendation to buy or sell the securities discussed. Please do your own research and due diligence before investing your money.