Tom Russo's Top Q3 2026 Move: Alphabet Inc at a -0.53% Portfolio Impact GuruFocus News Thu, November 12, 2026 at 4:01 PM EST 5 min read BRK-B +0.33% GOOGN +1.34% NVDA -4.20% DEO -0.29% Explore stocks on Coinbase Trading disclosure Trading disclosure The above button links to Coinbase. Yahoo Finance is not a broker-dealer or investment adviser and does not offer securities or cryptocurrencies for sale or facilitate trading. Coinbase pays us for certain activity generated through this link. Prices displayed are informational.
Tom Russo (Trades, Portfolio) recently submitted his 13F filing for the third quarter of 2026, offering value investors a window into the moves made across his concentrated, quality-focused portfolio. Thomas A. Russo joined Gardner Investments as a partner in 1989 and became Managing Member of the firm in 2014. He oversees more than $8 billion across the Semper Vic partnerships and parallel separate accounts. His approach stresses two pointsvalue and pricefavoring companies with strong free cash flow, sturdy balance sheets and a history of high returns on assets.
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At the end of the third quarter of 2026, Tom Russo (Trades, Portfolio)'s portfolio included 84 stocks. The top holdings were 12.36% in Berkshire Hathaway Inc(NYSE:BRK.A), 11.8% in Alphabet Inc(NASDAQ:GOOG), 9.94% in Philip Morris International Inc(NYSE:PM), 9.58% in Mastercard Inc(NYSE:MA) and 8.19% in Compagnie Financiere Richemont SA(CFRHF). This level of concentration is consistent with his long-standing preference for a limited number of high-quality franchises held for extended periods.
The holdings are mainly concentrated in 10 of all the 11 industries: Financial Services, Consumer Defensive, Communication Services, Consumer Cyclical, Industrials, Healthcare, Technology, Basic Materials, Energy, Real Estate.
Tom Russo (Trades, Portfolio) added total of 2 stocks, among them:
The most significant addtion was NVIDIA Corp(NASDAQ:NVDA), with 900 shares, accounting for a total value of $205,540.
The second largest addtion to the portfolio was Diageo PLC(LSE:DGE), consisting of 14,242 shares, representing approximately a total value of 307,260.
Tom Russo (Trades, Portfolio) also increased stakes in total of 9 stocks, among them:
The most notable increasement was Altria Group Inc(NYSE:MO), with an addtional 401 shares, bring the total to 149,004 shares. This adjustment represents a significant 0.27% increasement in share count, a 0% impact on current portfolio, a total value of $10,033,950.
The second largest increasement was Apple Inc(NASDAQ:AAPL), with an addtional 125 shares, bring the total to 4,726. This adjustment represents a significant 2.72% increasement in share count, a total value of $1,573,850.
Tom Russo (Trades, Portfolio) completely exited 2 of the holding in the third quarter of 2026, as detailed below:
JBT Marel Corp(NYSE:JBTM): Tom Russo (Trades, Portfolio) sold all 7,250 shares, resulting in -0.01% impact on the portfolio.
Outfront Media Inc(NYSE:OUT): Tom Russo (Trades, Portfolio) liquidated all 13,588 shares, causing a -0% impact on the portfolio.
Tom Russo (Trades, Portfolio) also reduced position in 37 stocks. The most significant changes include:
Reduced Alphabet Inc(NASDAQ:GOOG) by 133,131 shares, resulting in a -4.37% decrease in shares and a -0.53% impact on the protfolio. The stock traded at an average price of $344.72 during the quarter and has returned -13.48% over the past 3 months and -5.48% year-to-date.
Reduced Mastercard Inc(NYSE:MA) by 60,317 shares, resulting in a -3.96% reduction in shares and a -0.35% impact on the protfolio. The stock traded at an average price of $562.24 during the quarter and has returned 17.25% over the past 3 months and 15.52% year-to-date.
The Alphabet reduction is the quarter's most consequential move, trimming a position that still ranks second in the portfolio at 11.8%. The stock's -13.48% three-month return and -5.48% year-to-date performance suggest the sale occurred after a period of weakness rather than strength. Mastercard, by contrast, was reduced after gains of 17.25% over three months and 15.52% year-to-date, a pattern consistent with disciplined position sizing rather than a change in view on the business.
The new positions are modest in dollar terms. NVIDIA and Diageo together represent small initial stakes, which is typical of how Russo has historically built positions gradually over time. The exits from JBT Marel and Outfront Media had negligible portfolio impact, indicating housekeeping rather than a strategic shift. Investors following the filing should note that the 37 reductions far outnumber the 11 additions and increases combined, a sign of consolidation across the portfolio.
Thomas A. Russo is a partner at Gardner Investments, which he joined in 1989, and has served as Managing Member since 2014. He is Managing Member of Gardner Russo & Quinn LLC and of Semper Vic Partners GP, LP, which oversees two "global value," long-only equity investment partnerships; he founded the first in 1983. His investment philosophy emphasizes return on invested capital, principally through equity investments. His stock selection stresses value and price, seeking companies that generate large amounts of "free" cash flow, maintain strong balance sheets and have a history of producing high rates of return on their assets.
Alphabet remains the second-largest holding despite the -0.53% portfolio impact from the reduction.
Mastercard was trimmed after strong gains, while Alphabet was trimmed after declinesboth consistent with position discipline.
New buys in NVIDIA and Diageo are small, suggesting gradual position building.
Two full exits had minimal portfolio impact, reflecting routine portfolio maintenance.
To review Tom Russo (Trades, Portfolio)'s complete 13F filing history and track his portfolio changes each quarter, visit GuruFocus.com.
