In the second quarter of 2026, Thomas Russo of Gardner Russo & Quinn continued to adhere to his long-standing investment philosophy of concentrating capital in a select group of global brands with the capacity to reinvest for long-term growth. The firm's portfolio value increased to $8.93 billion, with top holdings remaining largely consistent, including major positions in Alphabet (GOOG), Berkshire Hathaway (BRK/A), and Philip Morris (PM).
The most significant change in the portfolio was a drastic reduction in the firm's stake in JPMorgan Chase (JPM), cutting the number of shares by over 83%. This move represents a high-signal change, reducing the position to a near-exit level. While the firm has not publicly commented on the specific reasons for this reduction, it aligns with Russo's strategy of focusing on companies with durable competitive advantages and predictable long-term growth, a profile that may have changed for the banking giant in his view.
Conversely, Gardner Russo & Quinn made medium-signal additions to existing positions in Eurofins Scientific and DoorDash (DASH). The firm increased its share count in Eurofins by over 32% and in DoorDash by more than 18%. These moves are consistent with Russo's strategy of adding to high-conviction names. One analysis described the additions as "classic Russo conviction-buying into strength and weakness alike," suggesting a strong belief in the long-term compounding potential of both the diagnostics and logistics companies.