In a significant portfolio shift, Thomas Russo's firm, Gardner Russo & Quinn, drastically reduced its holdings in JPMorgan Chase (JPM) by 83.39%. According to the firm's latest 13F filing, its stake was cut from 148,800 shares down to just 24,720, decreasing the position's value from $43.77 million to $8.09 million. Following the sale, JPMorgan Chase now constitutes only 0.09% of the investment manager's reported portfolio.
This disclosure, filed on August 13, 2026, reflects trading activity that occurred during the second quarter, between April 1 and June 30, 2026. The reduction came during a quarter where JPMorgan Chase reported strong financial results, beating earnings estimates. No specific commentary from Russo regarding the motive for this substantial reduction has been publicly noted.