Gardner Russo & Garner, the fund managed by famous value investor, Tom Russo, bought shares of American International Group, Inc. (NYSE:AIG), Heineken N.V. (AMS:HEIA) (PINK:HINKY), and CIT Group Inc. (NYSE:CIT), based on its latest 13F filing with the Securities and Exchange Commission (SEC).
During the December quarter, the value fund purchased 6,000 shares of American International Group, Inc. (NYSE:AIG), 4,053 shares of CIT Group Inc. (NYSE:CIT) and 39,771 shares of Heineken N.V. (AMS:HEIA) (PINK:HINKY). The market values of the equities were $211,800, $156,608 and $1,335,112 respectively.
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The fund also acquired 300,000 shares of LONRHO AFRICA PLC OR (PINK:LNAFF) with $42,000 market value, and 3,144 shares of Spectrum Brands Holdings, Inc. (NYSE:SPB) worth $141,260.
Gardner Russo & Gardner’s top three holdings were Nestle SA (ETR:NESR), Philip Morris International Inc. (NYSE:PM) and Berkshire Hathaway Inc. (NYSE:BRK.A) (NYSE:BRK.B), During the quarter, the hedge fund boosted its stake Nestle and acquired additional 226,854 shares. Its total stake in the company is 10.68 percent or more than 11.8 million shares. It also increased its stake in Philip Morris by 249,938 shares during the period bringing its total holdings in the cigarette company to more than 7.9 million shares or 9.21 percent. Garner Russo & Gardner owns 8.51 percent stake or more than 2 million shares of Berkshire Hathaway.
The fund reduced its holdings across 66 stocks including JPMorgan Chase & Co. (NYSE:JPM) by 15,000 shares, Leucadia National Corp. (NYSE:LUK) by 12,700 shares, Mattel, Inc. (NASDAQ:MAT) by 6,000 among others, during the period.
Gardner Russo & Gardner sold out 22 of his positions including, KeyCorp (NYSE:KEY), Baidu.com, Inc. (NASDAQ:BIDU), P.H. Glatfelter Company (NYSE:GLT), and Baytex Energy Corp (NYSE:BTE) (TSE:BTE).
The hedge fund’s current market value is $7,260,780,659.