Gardner Russo & Quinn LLC 13F holdings and portfolio analysis
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Baseline
Analysis messagesPre-generated Q&A about this fund. Use as reference context for your own analysis.
Directly following the baseline exposes an investor to a very top-heavy portfolio with benchmark lag risk. The strategy top 5 are 68.40% and top 10 are 96.38%, led by Mastercard at 19.68%, Philip Morris at 16.38%, Berkshire Hathaway at 12.30%, Netflix at 10.20%, and Martin Marietta at 9.84%. Sector weights are concentrated in Financials at 36.99%, Industrials at 18.66%, and Consumer Staples at 17.26%. The backtest also flags 13F implementation lag and episodic turnover, including one turnover reading near 100% in the risk notes, so an investor is taking both concentration risk and stale-disclosure risk.
The best recent periods to study are the sharp wins in late 2024 and the reversals in 2025. In 2024-09-30, the baseline returned 8.27% versus SPY at 2.76% for +5.51 excess, and in 2024-12-31 it returned 3.87% versus SPY at -3.63% for +7.50 excess. But that edge reversed in 2025-03-31 with 1.20% versus SPY 9.22% (-8.01 excess) and again in 2025-06-30 with -3.26% versus SPY 4.20% (-7.46 excess). Those swings explain why the portfolio still ends up with negative alpha despite decent long-run return and sub-market beta.
The next check should be concentration, turnover, and whether the live holdings likely still resemble the filing. Concentration is extreme, with top 5 at 68.40% and top 10 at 96.38%. Turnover was 10.56 in 2025-03-31 and 13.23 in 2025-06-30, after lower readings like 6.54 in 2024-12-31, so implementation drag is not constant. The risk notes also warn that live holdings may differ materially because the strategy is based on delayed filings. Before using the baseline, a user should verify whether they accept that top-heavy structure and the lag between manager action and public disclosure.