GARDNER RUSSO & QUINN LLC

The firm's business is discretionary investment advisory with a single investment focus termed global value. Investment decisions are made with little input from Wall Street, using primary analysis and strategy. The advisory service is discretionary portfolio management on an individual, account-by-account basis, comprised of common stocks purchased and held for long-term appreciation. The firm focuses on stocks that are purchased and held for purpose of long-term appreciation. The Portfolio Managers for the firm are supported by a staff of forty-six professionals in research analysis, trading, technology and operations, client service and account administration, compliance, and general support.

The firm's investment strategy is discretionary portfolio management on an individual, account-by-account basis, focusing on common stocks that can be broadly termed global value. They focus on stocks purchased and held for long-term appreciation, not for income production. Investment decisions are made with little input from Wall Street, using primary, fundamental research directed towards a limited number of global industries. They analyze financial reports, attend meetings, engage with management, and assess free cash flow, franchise sustainability, earnings, pricing power, and management quality. The firm employs a buy-and-hold strategy, aiming to hold positions for many years to minimize taxes and transaction costs. They take meaningful positions, with the largest holdings having high single to low-to-mid double-digit weightings in the portfolio. They concentrate funds in the best investment ideas uncovered by their research efforts, with long-standing investments in consumer products, media, and financial sectors.

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