Historical Stock Holdings

Thomas Russo - Gardner Russo & Quinn

PeriodPortfolio ValueTop 20 holdings history (left to right)
2024   Q3$9.74 B BRK.A
Berkshire Hathaway CL A
14.51% of portfolio
 		GOOG
Alphabet Inc. CL C
10.29% of portfolio
 		MA
Mastercard Inc.
10.20% of portfolio
 		CFRHF
Compagnie Financiere Richemont SA
7.34% of portfolio
 		NSRGY
Nestle
7.19% of portfolio
 		PM
Philip Morris Intl.
6.71% of portfolio
 		BRK.B
Berkshire Hathaway CL B
6.35% of portfolio
 		HKHHF
Heineken Holding NV
6.34% of portfolio
 		NFLX
Netflix Inc.
5.33% of portfolio
 		PDRDF
Pernod Ricard
5.05% of portfolio
 		MLM
Martin Marietta
4.14% of portfolio
 		ASHTF
Ashtead Group plc
3.94% of portfolio
 		JPM
JPMorgan Chase & Co.
3.12% of portfolio
 		UBER
Uber Technologies Inc.
2.93% of portfolio
 		CMCSA
Comcast Corp.
1.27% of portfolio
 		BF.A
Brown-Forman Corp. CL A
1.05% of portfolio
 		DASH
DoorDash Inc.
1.03% of portfolio
 		V
Visa Inc.
0.75% of portfolio
 		BF.B
Brown-Forman Corp.
0.44% of portfolio
 		BUDFF
Anheuser Busch Inbev SA NV
0.27% of portfolio
2024   Q2$9.47 B BRK.A
Berkshire Hathaway CL A
13.67% of portfolio
 		GOOG
Alphabet Inc. CL C
12.03% of portfolio
 		MA
Mastercard Inc.
9.58% of portfolio
 		NSRGY
Nestle
7.86% of portfolio
 		CFRHF
Compagnie Financiere Richemont SA
7.70% of portfolio
 		HKHHF
Heineken Holding NV
6.66% of portfolio
 		BRK.B
Berkshire Hathaway CL B
5.97% of portfolio
 		PM
Philip Morris Intl.
5.85% of portfolio
 		NFLX
Netflix Inc.
5.58% of portfolio
 		PDRDF
Pernod Ricard
4.74% of portfolio
 		MLM
Martin Marietta
4.37% of portfolio
 		ASHTF
Ashtead Group plc
3.57% of portfolio
 		JPM
JPMorgan Chase & Co.
3.19% of portfolio
 		UBER
Uber Technologies Inc.
2.80% of portfolio
 		CMCSA
Comcast Corp.
1.27% of portfolio
 		BF.A
Brown-Forman Corp. CL A
1.01% of portfolio
 		DASH
DoorDash Inc.
0.82% of portfolio
 		V
Visa Inc.
0.78% of portfolio
 		BF.B
Brown-Forman Corp.
0.41% of portfolio
 		WFC
Wells Fargo
0.30% of portfolio
2024   Q1$9.75 B BRK.A
Berkshire Hathaway CL A
13.88% of portfolio
 		GOOG
Alphabet Inc. CL C
11.03% of portfolio
 		MA
Mastercard Inc.
10.38% of portfolio
 		NSRGY
Nestle
7.90% of portfolio
 		CFRHF
Compagnie Financiere Richemont SA
7.26% of portfolio
 		HKHHF
Heineken Holding NV
6.49% of portfolio
 		BRK.B
Berkshire Hathaway CL B
6.32% of portfolio
 		NFLX
Netflix Inc.
5.45% of portfolio
 		PM
Philip Morris Intl.
5.22% of portfolio
 		PDRDF
Pernod Ricard
5.02% of portfolio
 		MLM
Martin Marietta
4.96% of portfolio
 		ASHTF
Ashtead Group plc
3.75% of portfolio
 		JPM
JPMorgan Chase & Co.
3.51% of portfolio
 		UBER
Uber Technologies Inc.
2.61% of portfolio
 		CMCSA
Comcast Corp.
1.38% of portfolio
 		BF.A
Brown-Forman Corp. CL A
1.19% of portfolio
 		V
Visa Inc.
0.85% of portfolio
 		BF.B
Brown-Forman Corp.
0.48% of portfolio
 		WFC
Wells Fargo
0.40% of portfolio
 		BUDFF
Anheuser Busch Inbev SA NV
0.30% of portfolio
2023   Q4$9.81 B BRK.A
Berkshire Hathaway CL A
13.37% of portfolio
 		GOOG
Alphabet Inc. CL C
11.09% of portfolio
 		MA
Mastercard Inc.
10.01% of portfolio
 		NSRGY
Nestle
9.03% of portfolio
 		CFRHF
Compagnie Financiere Richemont SA
6.99% of portfolio
 		HKHHF
Heineken Holding NV
6.76% of portfolio
 		PM
Philip Morris Intl.
5.83% of portfolio
 		BRK.B
Berkshire Hathaway CL B
5.71% of portfolio
 		NFLX
Netflix Inc.
5.58% of portfolio
 		PDRDF
Pernod Ricard
5.06% of portfolio
 		MLM
Martin Marietta
4.78% of portfolio
 		ASHTF
Ashtead Group plc
3.74% of portfolio
 		JPM
JPMorgan Chase & Co.
3.51% of portfolio
 		UBER
Uber Technologies Inc.
1.93% of portfolio
 		CMCSA
Comcast Corp.
1.47% of portfolio
 		BF.A
Brown-Forman Corp. CL A
1.38% of portfolio
 		V
Visa Inc.
0.86% of portfolio
 		BF.B
Brown-Forman Corp.
0.55% of portfolio
 		WFC
Wells Fargo
0.36% of portfolio
 		BUDFF
Anheuser Busch Inbev SA NV
0.34% of portfolio
2023   Q3$9.17 B BRK.A
Berkshire Hathaway CL A
14.38% of portfolio
 		GOOG
Alphabet Inc. CL C
11.64% of portfolio
 		MA
Mastercard Inc.
10.29% of portfolio
 		NSRGY
Nestle
9.70% of portfolio
 		CFRHF
Compagnie Financiere Richemont SA
6.74% of portfolio
 		HKHHF
Heineken Holding NV
6.52% of portfolio
 		PM
Philip Morris Intl.
6.30% of portfolio
 		BRK.B
Berkshire Hathaway CL B
6.18% of portfolio
 		PDRDF
Pernod Ricard
5.15% of portfolio
 		NFLX
Netflix Inc.
4.78% of portfolio
 		MLM
Martin Marietta
4.29% of portfolio
 		ASHTF
Ashtead Group plc
3.56% of portfolio
 		JPM
JPMorgan Chase & Co.
3.32% of portfolio
 		CMCSA
Comcast Corp.
1.71% of portfolio
 		BF.A
Brown-Forman Corp. CL A
1.49% of portfolio
 		V
Visa Inc.
0.83% of portfolio
 		BF.B
Brown-Forman Corp.
0.60% of portfolio
 		BUDFF
Anheuser Busch Inbev SA NV
0.33% of portfolio
 		WFC
Wells Fargo
0.32% of portfolio
 		XOM
Exxon Mobil Corp.
0.23% of portfolio
2023   Q2$10.1 B BRK.A
Berkshire Hathaway CL A
12.94% of portfolio
 		GOOG
Alphabet Inc. CL C
9.82% of portfolio
 		NSRGY
Nestle
9.53% of portfolio
 		MA
Mastercard Inc.
9.39% of portfolio
 		CFRHF
Compagnie Financiere Richemont SA
8.62% of portfolio
 		HKHHF
Heineken Holding NV
6.86% of portfolio
 		PDRDF
Pernod Ricard
6.24% of portfolio
 		PM
Philip Morris Intl.
6.09% of portfolio
 		BRK.B
Berkshire Hathaway CL B
5.48% of portfolio
 		NFLX
Netflix Inc.
5.12% of portfolio
 		MLM
Martin Marietta
4.44% of portfolio
 		ASHTF
Ashtead Group plc
3.67% of portfolio
 		JPM
JPMorgan Chase & Co.
3.04% of portfolio
 		BF.A
Brown-Forman Corp. CL A
1.61% of portfolio
 		CMCSA
Comcast Corp.
1.48% of portfolio
 		UL
Unilever PLC
1.44% of portfolio
 		V
Visa Inc.
0.78% of portfolio
 		BF.B
Brown-Forman Corp.
0.64% of portfolio
 		CABO
Cable ONE Inc.
0.56% of portfolio
 		WFC
Wells Fargo
0.31% of portfolio
2023   Q1$9.64 B BRK.A
Berkshire Hathaway CL A
12.46% of portfolio
 		NSRGY
Nestle
10.34% of portfolio
 		MA
Mastercard Inc.
9.33% of portfolio
 		CFRHF
Compagnie Financiere Richemont SA
9.15% of portfolio
 		GOOG
Alphabet Inc. CL C
9.09% of portfolio
 		HKHHF
Heineken Holding NV
7.81% of portfolio
 		PDRDF
Pernod Ricard
6.88% of portfolio
 		PM
Philip Morris Intl.
6.49% of portfolio
 		BRK.B
Berkshire Hathaway CL B
5.26% of portfolio
 		NFLX
Netflix Inc.
3.82% of portfolio
 		MLM
Martin Marietta
3.69% of portfolio
 		ASHTF
Ashtead Group plc
3.29% of portfolio
 		JPM
JPMorgan Chase & Co.
2.46% of portfolio
 		UL
Unilever PLC
2.29% of portfolio
 		BF.A
Brown-Forman Corp. CL A
1.66% of portfolio
 		CMCSA
Comcast Corp.
1.48% of portfolio
 		V
Visa Inc.
0.80% of portfolio
 		BF.B
Brown-Forman Corp.
0.66% of portfolio
 		CABO
Cable ONE Inc.
0.66% of portfolio
 		BUDFF
Anheuser Busch Inbev SA NV
0.41% of portfolio
2022   Q4$9.06 B BRK.A
Berkshire Hathaway CL A
13.45% of portfolio
 		NSRGY
Nestle
10.52% of portfolio
 		MA
Mastercard Inc.
9.59% of portfolio
 		CFRHF
Compagnie Financiere Richemont SA
8.05% of portfolio
 		GOOG
Alphabet Inc. CL C
7.77% of portfolio
 		PM
Philip Morris Intl.
7.21% of portfolio
 		HKHHF
Heineken Holding NV
7.00% of portfolio
 		PDRDF
Pernod Ricard
6.36% of portfolio
 		BRK.B
Berkshire Hathaway CL B
5.66% of portfolio
 		MLM
Martin Marietta
3.77% of portfolio
 		NFLX
Netflix Inc.
3.48% of portfolio
 		ASHTF
Ashtead Group plc
3.25% of portfolio
 		UL
Unilever PLC
3.04% of portfolio
 		JPM
JPMorgan Chase & Co.
2.73% of portfolio
 		BF.A
Brown-Forman Corp. CL A
1.80% of portfolio
 		CMCSA
Comcast Corp.
1.47% of portfolio
 		V
Visa Inc.
0.80% of portfolio
 		BF.B
Brown-Forman Corp.
0.72% of portfolio
 		CABO
Cable ONE Inc.
0.70% of portfolio
 		BUDFF
Anheuser Busch Inbev SA NV
0.41% of portfolio
2022   Q3$8.27 B BRK.A
Berkshire Hathaway CL A
13.33% of portfolio
 		NSRGY
Nestle
11.36% of portfolio
 		MA
Mastercard Inc.
9.16% of portfolio
 		GOOG
Alphabet Inc. CL C
8.96% of portfolio
 		PM
Philip Morris Intl.
6.88% of portfolio
 		HKHHF
Heineken Holding NV
6.86% of portfolio
 		CFRHF
Compagnie Financiere Richemont SA
6.77% of portfolio
 		PDRDF
Pernod Ricard
6.73% of portfolio
 		BRK.B
Berkshire Hathaway CL B
5.55% of portfolio
 		MLM
Martin Marietta
4.16% of portfolio
 		UL
Unilever PLC
3.40% of portfolio
 		ASHTF
Ashtead Group plc
2.92% of portfolio
 		NFLX
Netflix Inc.
2.68% of portfolio
 		JPM
JPMorgan Chase & Co.
2.44% of portfolio
 		BF.A
Brown-Forman Corp. CL A
2.14% of portfolio
 		CMCSA
Comcast Corp.
1.41% of portfolio
 		CABO
Cable ONE Inc.
0.99% of portfolio
 		BF.B
Brown-Forman Corp.
0.83% of portfolio
 		V
Visa Inc.
0.78% of portfolio
 		WFC
Wells Fargo
0.38% of portfolio
2022   Q2$8.94 B BRK.A
Berkshire Hathaway CL A
12.59% of portfolio
 		NSRGY
Nestle
11.47% of portfolio
 		MA
Mastercard Inc.
9.55% of portfolio
 		GOOG
Alphabet Inc. CL C
9.10% of portfolio
 		PM
Philip Morris Intl.
7.66% of portfolio
 		CFRHF
Compagnie Financiere Richemont SA
6.99% of portfolio
 		HKHHF
Heineken Holding NV
6.68% of portfolio
 		PDRDF
Pernod Ricard
6.20% of portfolio
 		BRK.B
Berkshire Hathaway CL B
5.34% of portfolio
 		MLM
Martin Marietta
3.61% of portfolio
 		UL
Unilever PLC
3.59% of portfolio
 		JPM
JPMorgan Chase & Co.
2.46% of portfolio
 		CMCSA
Comcast Corp.
2.07% of portfolio
 		BF.A
Brown-Forman Corp. CL A
2.02% of portfolio
 		BABA
Alibaba Group Holdings
2.01% of portfolio
 		ASHTF
Ashtead Group plc
1.97% of portfolio
 		CABO
Cable ONE Inc.
1.35% of portfolio
 		NFLX
Netflix Inc.
1.02% of portfolio
 		BF.B
Brown-Forman Corp.
0.82% of portfolio
 		V
Visa Inc.
0.81% of portfolio
2022   Q1$10.4 B BRK.A
Berkshire Hathaway CL A
14.24% of portfolio
 		NSRGY
Nestle
11.16% of portfolio
 		MA
Mastercard Inc.
9.62% of portfolio
 		GOOG
Alphabet Inc. CL C
9.42% of portfolio
 		CFRHF
Compagnie Financiere Richemont SA
7.33% of portfolio
 		PDRDF
Pernod Ricard
6.41% of portfolio
 		PM
Philip Morris Intl.
6.33% of portfolio
 		HKHHF
Heineken Holding NV
6.26% of portfolio
 		BRK.B
Berkshire Hathaway CL B
6.06% of portfolio
 		MLM
Martin Marietta
4.05% of portfolio
 		UL
Unilever PLC
3.45% of portfolio
 		JPM
JPMorgan Chase & Co.
2.80% of portfolio
 		CMCSA
Comcast Corp.
2.20% of portfolio
 		ASHTF
Ashtead Group plc
1.82% of portfolio
 		BABA
Alibaba Group Holdings
1.65% of portfolio
 		BF.A
Brown-Forman Corp. CL A
1.63% of portfolio
 		CABO
Cable ONE Inc.
1.30% of portfolio
 		V
Visa Inc.
0.81% of portfolio
 		BF.B
Brown-Forman Corp.
0.69% of portfolio
 		BUDFF
Anheuser Busch Inbev SA NV
0.47% of portfolio
2021   Q4$11.2 B BRK.A
Berkshire Hathaway CL A
11.96% of portfolio
 		NSRGY
Nestle
11.64% of portfolio
 		MA
Mastercard Inc.
9.80% of portfolio
 		GOOG
Alphabet Inc. CL C
9.37% of portfolio
 		CFRHF
Compagnie Financiere Richemont SA
8.19% of portfolio
 		PDRDF
Pernod Ricard
6.72% of portfolio
 		HKHHF
Heineken Holding NV
6.37% of portfolio
 		PM
Philip Morris Intl.
6.14% of portfolio
 		BRK.B
Berkshire Hathaway CL B
4.87% of portfolio
 		MLM
Martin Marietta
4.59% of portfolio
 		UL
Unilever PLC
4.10% of portfolio
 		JPM
JPMorgan Chase & Co.
3.31% of portfolio
 		CMCSA
Comcast Corp.
2.26% of portfolio
 		ASHTF
Ashtead Group plc
1.76% of portfolio
 		BF.A
Brown-Forman Corp. CL A
1.69% of portfolio
 		BABA
Alibaba Group Holdings
1.66% of portfolio
 		CABO
Cable ONE Inc.
1.43% of portfolio
 		V
Visa Inc.
0.74% of portfolio
 		BF.B
Brown-Forman Corp.
0.71% of portfolio
 		WFC
Wells Fargo
0.45% of portfolio
2021   Q3$10.8 B BRK.A
Berkshire Hathaway CL A
11.54% of portfolio
 		NSRGY
Nestle
10.59% of portfolio
 		MA
Mastercard Inc.
10.11% of portfolio
 		GOOG
Alphabet Inc. CL C
9.43% of portfolio
 		PDRDF
Pernod Ricard
6.72% of portfolio
 		PM
Philip Morris Intl.
6.56% of portfolio
 		CFRHF
Compagnie Financiere Richemont SA
6.02% of portfolio
 		HKHHF
Heineken Holding NV
5.90% of portfolio
 		BRK.B
Berkshire Hathaway CL B
4.78% of portfolio
 		UL
Unilever PLC
4.73% of portfolio
 		JPM
JPMorgan Chase & Co.
3.80% of portfolio
 		MLM
Martin Marietta
3.76% of portfolio
 		BUD
Anheuser-Busch InBev
2.71% of portfolio
 		CMCSA
Comcast Corp.
2.68% of portfolio
 		BABA
Alibaba Group Holdings
2.18% of portfolio
 		ASHTF
Ashtead Group plc
1.74% of portfolio
 		BF.A
Brown-Forman Corp. CL A
1.66% of portfolio
 		CABO
Cable ONE Inc.
1.47% of portfolio
 		V
Visa Inc.
0.83% of portfolio
 		BF.B
Brown-Forman Corp.
0.70% of portfolio
2021   Q2$11.8 B BRK.A
Berkshire Hathaway CL A
11.12% of portfolio
 		MA
Mastercard Inc.
10.51% of portfolio
 		NSRGY
Nestle
10.35% of portfolio
 		GOOG
Alphabet Inc. CL C
8.44% of portfolio
 		PM
Philip Morris Intl.
6.62% of portfolio
 		CFRHF
Compagnie Financiere Richemont SA
6.59% of portfolio
 		PDRDF
Pernod Ricard
6.36% of portfolio
 		HKHHF
Heineken Holding NV
6.31% of portfolio
 		UL
Unilever PLC
4.83% of portfolio
 		BRK.B
Berkshire Hathaway CL B
4.53% of portfolio
 		MLM
Martin Marietta
3.67% of portfolio
 		JPM
JPMorgan Chase & Co.
3.66% of portfolio
 		BUD
Anheuser-Busch InBev
3.24% of portfolio
 		BABA
Alibaba Group Holdings
2.80% of portfolio
 		CMCSA
Comcast Corp.
2.58% of portfolio
 		BF.A
Brown-Forman Corp. CL A
1.73% of portfolio
 		ASHTF
Ashtead Group plc
1.59% of portfolio
 		CABO
Cable ONE Inc.
1.45% of portfolio
 		V
Visa Inc.
0.80% of portfolio
 		BF.B
Brown-Forman Corp.
0.76% of portfolio
2021   Q1$11 B MA
Mastercard Inc.
11.61% of portfolio
 		BRK.A
Berkshire Hathaway CL A
11.45% of portfolio
 		NSRGY
Nestle
10.24% of portfolio
 		GOOG
Alphabet Inc. CL C
7.90% of portfolio
 		PM
Philip Morris Intl.
6.56% of portfolio
 		HKHHF
Heineken Holding NV
6.21% of portfolio
 		PDRDF
Pernod Ricard
6.00% of portfolio
 		CFRHF
Compagnie Financiere Richemont SA
5.86% of portfolio
 		UL
Unilever PLC
5.14% of portfolio
 		BRK.B
Berkshire Hathaway CL B
4.63% of portfolio
 		JPM
JPMorgan Chase & Co.
4.28% of portfolio
 		MLM
Martin Marietta
3.89% of portfolio
 		BUD
Anheuser-Busch InBev
3.21% of portfolio
 		CMCSA
Comcast Corp.
2.73% of portfolio
 		BABA
Alibaba Group Holdings
2.32% of portfolio
 		BF.A
Brown-Forman Corp. CL A
1.73% of portfolio
 		ASHTF
Ashtead Group plc
1.38% of portfolio
 		CABO
Cable ONE Inc.
1.30% of portfolio
 		V
Visa Inc.
0.80% of portfolio
 		BF.B
Brown-Forman Corp.
0.75% of portfolio
2020   Q4$11 B MA
Mastercard Inc.
14.02% of portfolio
 		NSRGY
Nestle
11.18% of portfolio
 		BRK.A
Berkshire Hathaway CL A
10.79% of portfolio
 		GOOG
Alphabet Inc. CL C
6.87% of portfolio
 		HKHHF
Heineken Holding NV
6.78% of portfolio
 		PDRDF
Pernod Ricard
6.76% of portfolio
 		PM
Philip Morris Intl.
6.31% of portfolio
 		UL
Unilever PLC
6.11% of portfolio
 		CFRHF
Compagnie Financiere Richemont SA
5.77% of portfolio
 		BRK.B
Berkshire Hathaway CL B
4.30% of portfolio
 		JPM
JPMorgan Chase & Co.
4.14% of portfolio
 		BUD
Anheuser-Busch InBev
3.77% of portfolio
 		MLM
Martin Marietta
3.60% of portfolio
 		CMCSA
Comcast Corp.
2.72% of portfolio
 		BF.A
Brown-Forman Corp. CL A
2.05% of portfolio
 		BF.B
Brown-Forman Corp.
0.91% of portfolio
 		V
Visa Inc.
0.89% of portfolio
 		CABO
Cable ONE Inc.
0.71% of portfolio
 		WFC
Wells Fargo
0.40% of portfolio
 		ASHTF
Ashtead Group plc
0.23% of portfolio
2020   Q3$10.3 B MA
Mastercard Inc.
16.07% of portfolio
 		NSRGY
Nestle
12.89% of portfolio
 		BRK.A
Berkshire Hathaway CL A
11.08% of portfolio
 		UNLYF
Unilever Ord Shares
6.88% of portfolio
 		PDRDF
Pernod Ricard
6.61% of portfolio
 		HKHHF
Heineken Holding NV
6.29% of portfolio
 		GOOG
Alphabet Inc. CL C
6.21% of portfolio
 		PM
Philip Morris Intl.
6.01% of portfolio
 		CFRHF
Compagnie Financiere Richemont SA
4.83% of portfolio
 		BRK.B
Berkshire Hathaway CL B
4.38% of portfolio
 		JPM
JPMorgan Chase & Co.
3.53% of portfolio
 		MLM
Martin Marietta
3.43% of portfolio
 		BUD
Anheuser-Busch InBev
3.24% of portfolio
 		CMCSA
Comcast Corp.
2.23% of portfolio
 		BF.A
Brown-Forman Corp. CL A
2.21% of portfolio
 		BF.B
Brown-Forman Corp.
0.97% of portfolio
 		V
Visa Inc.
0.92% of portfolio
 		WFC
Wells Fargo
0.36% of portfolio
 		DEO
Diageo ADR
0.27% of portfolio
 		MO
Altria Group Inc.
0.14% of portfolio
2020   Q2$9.84 B MA
Mastercard Inc.
16.24% of portfolio
 		NSRGY
Nestle
12.99% of portfolio
 		BRK.A
Berkshire Hathaway CL A
9.81% of portfolio
 		PDRDF
Pernod Ricard
7.08% of portfolio
 		HKHHF
Heineken Holding NV
7.07% of portfolio
 		UNLYF
Unilever Ord Shares
6.56% of portfolio
 		GOOG
Alphabet Inc. CL C
6.04% of portfolio
 		PM
Philip Morris Intl.
5.87% of portfolio
 		CFRHF
Compagnie Financiere Richemont SA
5.05% of portfolio
 		BRK.B
Berkshire Hathaway CL B
3.70% of portfolio
 		JPM
JPMorgan Chase & Co.
3.46% of portfolio
 		MLM
Martin Marietta
3.28% of portfolio
 		BUD
Anheuser-Busch InBev
3.02% of portfolio
 		CMCSA
Comcast Corp.
2.05% of portfolio
 		BF.A
Brown-Forman Corp. CL A
2.02% of portfolio
 		DEO
Diageo ADR
1.92% of portfolio
 		V
Visa Inc.
0.95% of portfolio
 		BF.B
Brown-Forman Corp.
0.93% of portfolio
 		WFC
Wells Fargo
0.42% of portfolio
 		MO
Altria Group Inc.
0.15% of portfolio
2020   Q1$9.89 B MA
Mastercard Inc.
14.60% of portfolio
 		NSRGY
Nestle
12.91% of portfolio
 		BRK.A
Berkshire Hathaway CL A
10.39% of portfolio
 		HKHHF
Heineken Holding NV
6.86% of portfolio
 		PDRDF
Pernod Ricard
6.83% of portfolio
 		PM
Philip Morris Intl.
6.30% of portfolio
 		UNLYF
Unilever Ord Shares
6.10% of portfolio
 		GOOG
Alphabet Inc. CL C
4.63% of portfolio
 		CFRHF
Compagnie Financiere Richemont SA
4.63% of portfolio
 		BRK.B
Berkshire Hathaway CL B
3.93% of portfolio
 		BUD
Anheuser-Busch InBev
3.56% of portfolio
 		JPM
JPMorgan Chase & Co.
3.49% of portfolio
 		MLM
Martin Marietta
3.16% of portfolio
 		UHR-D
Swatch Group AG-D
2.06% of portfolio
 		DEO
Diageo ADR
2.01% of portfolio
 		CMCSA
Comcast Corp.
1.95% of portfolio
 		BF.A
Brown-Forman Corp. CL A
1.91% of portfolio
 		JCDXF
JC Decaux SA ACT
1.12% of portfolio
 		BF.B
Brown-Forman Corp.
0.92% of portfolio
 		V
Visa Inc.
0.84% of portfolio
2019   Q4$13 B MA
Mastercard Inc.
14.61% of portfolio
 		NSRGY
Nestle
10.63% of portfolio
 		BRK.A
Berkshire Hathaway CL A
10.03% of portfolio
 		HKHHF
Heineken Holding NV
6.70% of portfolio
 		PDRDF
Pernod Ricard
6.65% of portfolio
 		CFRHF
Compagnie Financiere Richemont SA
6.12% of portfolio
 		PM
Philip Morris Intl.
5.79% of portfolio
 		UNLYF
Unilever Ord Shares
5.47% of portfolio
 		WFC
Wells Fargo
5.22% of portfolio
 		BUD
Anheuser-Busch InBev
4.77% of portfolio
 		BRK.B
Berkshire Hathaway CL B
3.83% of portfolio
 		MLM
Martin Marietta
3.62% of portfolio
 		GOOG
Alphabet Inc. CL C
3.21% of portfolio
 		UHR-D
Swatch Group AG-D
2.24% of portfolio
 		DEO
Diageo ADR
2.07% of portfolio
 		CMCSA
Comcast Corp.
1.99% of portfolio
 		BF.A
Brown-Forman Corp. CL A
1.80% of portfolio
 		JCDXF
JC Decaux SA ACT
1.50% of portfolio
 		BF.B
Brown-Forman Corp.
0.89% of portfolio
 		MO
Altria Group Inc.
0.85% of portfolio
2019   Q3$12.8 B MA
Mastercard Inc.
14.11% of portfolio
 		NSRGY
Nestle
11.04% of portfolio
 		BRK.A
Berkshire Hathaway CL A
9.53% of portfolio
 		HKHHF
Heineken Holding NV
7.10% of portfolio
 		PDRDF
Pernod Ricard
6.85% of portfolio
 		CFRHF
Compagnie Financiere Richemont SA
5.95% of portfolio
 		UNLYF
Unilever Ord Shares
5.93% of portfolio
 		BUD
Anheuser-Busch InBev
5.78% of portfolio
 		PM
Philip Morris Intl.
5.37% of portfolio
 		WFC
Wells Fargo
5.02% of portfolio
 		MLM
Martin Marietta
3.71% of portfolio
 		BRK.B
Berkshire Hathaway CL B
3.66% of portfolio
 		GOOG
Alphabet Inc. CL C
2.42% of portfolio
 		UHR-D
Swatch Group AG-D
2.25% of portfolio
 		DEO
Diageo ADR
2.08% of portfolio
 		CMCSA
Comcast Corp.
2.07% of portfolio
 		BF.A
Brown-Forman Corp. CL A
1.81% of portfolio
 		JCDXF
JC Decaux SA ACT
1.38% of portfolio
 		MO
Altria Group Inc.
1.05% of portfolio
 		BF.B
Brown-Forman Corp.
0.88% of portfolio
2019   Q2$13.2 B MA
Mastercard Inc.
13.91% of portfolio
 		NSRGY
Nestle
10.55% of portfolio
 		BRK.A
Berkshire Hathaway CL A
9.69% of portfolio
 		HKHHF
Heineken Holding NV
7.50% of portfolio
 		PDRDF
Pernod Ricard
7.11% of portfolio
 		CFRHF
Compagnie Financiere Richemont SA
6.90% of portfolio
 		UNLYF
Unilever Ord Shares
5.96% of portfolio
 		PM
Philip Morris Intl.
5.56% of portfolio
 		BUD
Anheuser-Busch InBev
5.37% of portfolio
 		WFC
Wells Fargo
4.55% of portfolio
 		BRK.B
Berkshire Hathaway CL B
3.78% of portfolio
 		MLM
Martin Marietta
3.14% of portfolio
 		UHR-D
Swatch Group AG-D
2.44% of portfolio
 		DEO
Diageo ADR
2.19% of portfolio
 		CMCSA
Comcast Corp.
1.95% of portfolio
 		MO
Altria Group Inc.
1.80% of portfolio
 		BF.A
Brown-Forman Corp. CL A
1.65% of portfolio
 		GOOG
Alphabet Inc. CL C
1.61% of portfolio
 		JCDXF
JC Decaux SA ACT
1.55% of portfolio
 		BF.B
Brown-Forman Corp.
0.80% of portfolio
2019   Q1$12.9 B MA
Mastercard Inc.
13.60% of portfolio
 		NSRGY
Nestle
10.28% of portfolio
 		BRK.A
Berkshire Hathaway CL A
9.59% of portfolio
 		HKHHF
Heineken Holding NV
7.54% of portfolio
 		PDRDF
Pernod Ricard
7.33% of portfolio
 		PM
Philip Morris Intl.
6.61% of portfolio
 		CFRHF
Compagnie Financiere Richemont SA
6.17% of portfolio
 		UNLYF
Unilever Ord Shares
6.04% of portfolio
 		BUD
Anheuser-Busch InBev
5.29% of portfolio
 		WFC
Wells Fargo
4.75% of portfolio
 		BRK.B
Berkshire Hathaway CL B
3.77% of portfolio
 		MLM
Martin Marietta
2.90% of portfolio
 		UHR-D
Swatch Group AG-D
2.59% of portfolio
 		DEO
Diageo ADR
2.42% of portfolio
 		MO
Altria Group Inc.
2.28% of portfolio
 		CMCSA
Comcast Corp.
1.95% of portfolio
 		JCDXF
JC Decaux SA ACT
1.63% of portfolio
 		BF.A
Brown-Forman Corp. CL A
1.61% of portfolio
 		GOOG
Alphabet Inc. CL C
0.85% of portfolio
 		BF.B
Brown-Forman Corp.
0.82% of portfolio
2018   Q4$12 B MA
Mastercard Inc.
12.65% of portfolio
 		BRK.A
Berkshire Hathaway CL A
11.22% of portfolio
 		NSRGY
Nestle
10.04% of portfolio
 		PDRDF
Pernod Ricard
7.67% of portfolio
 		HKHHF
Heineken Holding NV
7.23% of portfolio
 		UNLYF
Unilever Ord Shares
6.41% of portfolio
 		CFRHF
Compagnie Financiere Richemont SA
6.09% of portfolio
 		PM
Philip Morris Intl.
5.56% of portfolio
 		WFC
Wells Fargo
5.10% of portfolio
 		BUD
Anheuser-Busch InBev
4.30% of portfolio
 		BRK.B
Berkshire Hathaway CL B
4.21% of portfolio
 		UHR-D
Swatch Group AG-D
2.88% of portfolio
 		MLM
Martin Marietta
2.78% of portfolio
 		DEO
Diageo ADR
2.67% of portfolio
 		MO
Altria Group Inc.
2.19% of portfolio
 		CMCSA
Comcast Corp.
1.92% of portfolio
 		JCDXF
JC Decaux SA ACT
1.68% of portfolio
 		BF.A
Brown-Forman Corp. CL A
1.66% of portfolio
 		BF.B
Brown-Forman Corp.
0.96% of portfolio
 		GOOG
Alphabet Inc. CL C
0.80% of portfolio
2018   Q3$13.8 B MA
Mastercard Inc.
13.44% of portfolio
 		BRK.A
Berkshire Hathaway CL A
10.54% of portfolio
 		NSRGY
Nestle
9.29% of portfolio
 		HKHHF
Heineken Holding NV
6.95% of portfolio
 		PDRDF
Pernod Ricard
6.94% of portfolio
 		CFRHF
Compagnie Financiere Richemont SA
6.90% of portfolio
 		PM
Philip Morris Intl.
6.07% of portfolio
 		UNLYF
Unilever Ord Shares
5.93% of portfolio
 		BUD
Anheuser-Busch InBev
5.13% of portfolio
 		WFC
Wells Fargo
5.08% of portfolio
 		BRK.B
Berkshire Hathaway CL B
3.95% of portfolio
 		UHR-D
Swatch Group AG-D
3.47% of portfolio
 		MLM
Martin Marietta
2.61% of portfolio
 		DEO
Diageo ADR
2.43% of portfolio
 		MO
Altria Group Inc.
2.38% of portfolio
 		JCDXF
JC Decaux SA ACT
2.02% of portfolio
 		CMCSA
Comcast Corp.
1.79% of portfolio
 		BF.A
Brown-Forman Corp. CL A
1.58% of portfolio
 		BF.B
Brown-Forman Corp.
0.92% of portfolio
 		V
Visa Inc.
0.67% of portfolio
2018   Q2$13.7 B MA
Mastercard Inc.
12.42% of portfolio
 		BRK.A
Berkshire Hathaway CL A
9.51% of portfolio
 		NSRGY
Nestle
8.89% of portfolio
 		HKHHF
Heineken Holding NV
7.40% of portfolio
 		CFRHF
Compagnie Financiere Richemont SA
7.11% of portfolio
 		PDRDF
Pernod Ricard
7.02% of portfolio
 		PM
Philip Morris Intl.
6.13% of portfolio
 		UNLYF
Unilever Ord Shares
6.09% of portfolio
 		BUD
Anheuser-Busch InBev
5.97% of portfolio
 		WFC
Wells Fargo
4.97% of portfolio
 		UHR-D
Swatch Group AG-D
3.99% of portfolio
 		BRK.B
Berkshire Hathaway CL B
3.44% of portfolio
 		MLM
Martin Marietta
3.25% of portfolio
 		DEO
Diageo ADR
2.52% of portfolio
 		MO
Altria Group Inc.
2.30% of portfolio
 		JCDXF
JC Decaux SA ACT
1.88% of portfolio
 		CMCSA
Comcast Corp.
1.70% of portfolio
 		BF.A
Brown-Forman Corp. CL A
1.54% of portfolio
 		BF.B
Brown-Forman Corp.
0.95% of portfolio
 		V
Visa Inc.
0.60% of portfolio
2018   Q1$14.3 B MA
Mastercard Inc.
10.93% of portfolio
 		BRK.A
Berkshire Hathaway CL A
9.74% of portfolio
 		NSRGY
Nestle
8.77% of portfolio
 		HKHHF
Heineken Holding NV
7.70% of portfolio
 		CFRHF
Compagnie Financiere Richemont SA
7.27% of portfolio
 		PM
Philip Morris Intl.
7.20% of portfolio
 		PDRDF
Pernod Ricard
6.98% of portfolio
 		UNLYF
Unilever Ord Shares
6.02% of portfolio
 		BUD
Anheuser-Busch InBev
5.88% of portfolio
 		WFC
Wells Fargo
4.52% of portfolio
 		BRK.B
Berkshire Hathaway CL B
3.55% of portfolio
 		UHR-D
Swatch Group AG-D
3.55% of portfolio
 		MLM
Martin Marietta
2.92% of portfolio
 		MO
Altria Group Inc.
2.45% of portfolio
 		DEO
Diageo ADR
2.37% of portfolio
 		BTI
British American Tobacco plc
2.14% of portfolio
 		JCDXF
JC Decaux SA ACT
1.88% of portfolio
 		CMCSA
Comcast Corp.
1.70% of portfolio
 		BF.A
Brown-Forman Corp. CL A
1.61% of portfolio
 		BF.B
Brown-Forman Corp.
1.07% of portfolio
2017   Q4$14.5 B BRK.A
Berkshire Hathaway CL A
9.59% of portfolio
 		MA
Mastercard Inc.
9.53% of portfolio
 		NSRGY
Nestle
9.43% of portfolio
 		PM
Philip Morris Intl.
7.38% of portfolio
 		HKHHF
Heineken Holding NV
7.36% of portfolio
 		CFRHF
Compagnie Financiere Richemont SA
7.23% of portfolio
 		PDRDF
Pernod Ricard
6.65% of portfolio
 		UNLYF
Unilever Ord Shares
5.75% of portfolio
 		BUD
Anheuser-Busch InBev
5.55% of portfolio
 		WFC
Wells Fargo
5.21% of portfolio
 		BRK.B
Berkshire Hathaway CL B
3.41% of portfolio
 		UHR-D
Swatch Group AG-D
3.23% of portfolio
 		MLM
Martin Marietta
3.06% of portfolio
 		MO
Altria Group Inc.
2.75% of portfolio
 		DEO
Diageo ADR
2.69% of portfolio
 		BTI
British American Tobacco plc
2.44% of portfolio
 		JCDXF
JC Decaux SA ACT
2.15% of portfolio
 		BF.A
Brown-Forman Corp. CL A
2.00% of portfolio
 		CMCSA
Comcast Corp.
1.96% of portfolio
 		BF.B
Brown-Forman Corp.
0.70% of portfolio
2017   Q3$14.1 B NSRGY
Nestle
9.59% of portfolio
 		MA
Mastercard Inc.
9.49% of portfolio
 		BRK.A
Berkshire Hathaway CL A
9.36% of portfolio
 		PM
Philip Morris Intl.
8.00% of portfolio
 		CFRHF
Compagnie Financiere Richemont SA
7.68% of portfolio
 		HKHHF
Heineken Holding NV
7.31% of portfolio
 		UNLYF
Unilever Ord Shares
6.29% of portfolio
 		PDRDF
Pernod Ricard
6.14% of portfolio
 		BUD
Anheuser-Busch InBev
6.03% of portfolio
 		WFC
Wells Fargo
4.96% of portfolio
 		BRK.B
Berkshire Hathaway CL B
3.27% of portfolio
 		UHR-D
Swatch Group AG-D
3.17% of portfolio
 		MLM
Martin Marietta
2.97% of portfolio
 		DEO
Diageo ADR
2.56% of portfolio
 		MO
Altria Group Inc.
2.55% of portfolio
 		BTI
British American Tobacco plc
2.35% of portfolio
 		JCDXF
JC Decaux SA ACT
2.06% of portfolio
 		CMCSA
Comcast Corp.
1.95% of portfolio
 		BF.A
Brown-Forman Corp. CL A
1.75% of portfolio
 		BF.B
Brown-Forman Corp.
0.59% of portfolio
2017   Q2$13.5 B NSRGY
Nestle
10.38% of portfolio
 		BRK.A
Berkshire Hathaway CL A
9.09% of portfolio
 		PM
Philip Morris Intl.
8.83% of portfolio
 		MA
Mastercard Inc.
8.57% of portfolio
 		HKHHF
Heineken Holding NV
7.47% of portfolio
 		CFRHF
Compagnie Financiere Richemont SA
7.21% of portfolio
 		PDRDF
Pernod Ricard
6.19% of portfolio
 		UNLYF
Unilever Ord Shares
6.17% of portfolio
 		BUD
Anheuser-Busch InBev
5.77% of portfolio
 		WFC
Wells Fargo
5.17% of portfolio
 		BRK.B
Berkshire Hathaway CL B
3.14% of portfolio
 		MO
Altria Group Inc.
2.94% of portfolio
 		MLM
Martin Marietta
2.90% of portfolio
 		UHR-D
Swatch Group AG-D
2.85% of portfolio
 		BTI
British American Tobacco plc
2.55% of portfolio
 		DEO
Diageo ADR
2.41% of portfolio
 		CMCSA
Comcast Corp.
2.03% of portfolio
 		JCDXF
JC Decaux SA ACT
1.74% of portfolio
 		BF.A
Brown-Forman Corp. CL A
1.64% of portfolio
 		SNI
Scripps Networks Interactive Inc.
0.58% of portfolio
2017   Q1$12.9 B NSRGY
Nestle
9.54% of portfolio
 		BRK.A
Berkshire Hathaway CL A
9.44% of portfolio
 		PM
Philip Morris Intl.
9.01% of portfolio
 		MA
Mastercard Inc.
8.29% of portfolio
 		CFRHF
Compagnie Financiere Richemont SA
7.30% of portfolio
 		HKHHF
Heineken Holding NV
6.88% of portfolio
 		BUD
Anheuser-Busch InBev
5.98% of portfolio
 		WFC
Wells Fargo
5.88% of portfolio
 		UNLYF
Unilever Ord Shares
5.88% of portfolio
 		PDRDF
Pernod Ricard
5.79% of portfolio
 		BRK.B
Berkshire Hathaway CL B
3.22% of portfolio
 		MLM
Martin Marietta
3.01% of portfolio
 		MO
Altria Group Inc.
2.97% of portfolio
 		UHR-D
Swatch Group AG-D
2.90% of portfolio
 		BTI
British American Tobacco plc
2.63% of portfolio
 		DEO
Diageo ADR
2.49% of portfolio
 		CMCSA
Comcast Corp.
2.08% of portfolio
 		JCDXF
JC Decaux SA ACT
1.96% of portfolio
 		BF.A
Brown-Forman Corp. CL A
1.66% of portfolio
 		SNI
Scripps Networks Interactive Inc.
0.70% of portfolio
2016   Q4$11.8 B BRK.A
Berkshire Hathaway CL A
10.15% of portfolio
 		NSRGY
Nestle
9.70% of portfolio
 		MA
Mastercard Inc.
8.39% of portfolio
 		PM
Philip Morris Intl.
8.02% of portfolio
 		WFC
Wells Fargo
6.83% of portfolio
 		CFRHF
Compagnie Financiere Richemont SA
6.69% of portfolio
 		HKHHF
Heineken Holding NV
6.41% of portfolio
 		BUD
Anheuser-Busch InBev
6.22% of portfolio
 		PDRDF
Pernod Ricard
5.72% of portfolio
 		UNLYF
Unilever Ord Shares
5.31% of portfolio
 		BRK.B
Berkshire Hathaway CL B
3.53% of portfolio
 		MLM
Martin Marietta
3.40% of portfolio
 		MO
Altria Group Inc.
3.15% of portfolio
 		UHR-D
Swatch Group AG-D
2.68% of portfolio
 		BTI
British American Tobacco plc
2.49% of portfolio
 		DEO
Diageo ADR
2.47% of portfolio
 		CMCSA
Comcast Corp.
2.12% of portfolio
 		BF.A
Brown-Forman Corp. CL A
1.82% of portfolio
 		JCDXF
JC Decaux SA ACT
1.73% of portfolio
 		SNI
Scripps Networks Interactive Inc.
0.70% of portfolio
2016   Q3$12 B NSRGY
Nestle
10.42% of portfolio
 		BRK.A
Berkshire Hathaway CL A
8.97% of portfolio
 		PM
Philip Morris Intl.
8.34% of portfolio
 		MA
Mastercard Inc.
8.28% of portfolio
 		BUD
Anheuser-Busch InBev
7.29% of portfolio
 		HKHHF
Heineken Holding NV
7.21% of portfolio
 		PDRDF
Pernod Ricard
6.20% of portfolio
 		CFRHF
Compagnie Financiere Richemont SA
6.06% of portfolio
 		WFC
Wells Fargo
5.82% of portfolio
 		UNLYF
Unilever Ord Shares
5.51% of portfolio
 		BRK.B
Berkshire Hathaway CL B
3.12% of portfolio
 		MO
Altria Group Inc.
3.10% of portfolio
 		MLM
Martin Marietta
3.08% of portfolio
 		BTI
British American Tobacco plc
2.70% of portfolio
 		DEO
Diageo ADR
2.70% of portfolio
 		UHR-D
Swatch Group AG-D
2.31% of portfolio
 		CMCSA
Comcast Corp.
2.09% of portfolio
 		BF.A
Brown-Forman Corp. CL A
1.96% of portfolio
 		JCDXF
JC Decaux SA ACT
1.69% of portfolio
 		SNI
Scripps Networks Interactive Inc.
0.62% of portfolio
2016   Q2$11.9 B NSRGY
Nestle
10.26% of portfolio
 		BRK.A
Berkshire Hathaway CL A
9.08% of portfolio
 		PM
Philip Morris Intl.
8.94% of portfolio
 		HKHHF
Heineken Holding NV
7.36% of portfolio
 		BUD
Anheuser-Busch InBev
7.22% of portfolio
 		MA
Mastercard Inc.
7.18% of portfolio
 		WFC
Wells Fargo
6.02% of portfolio
 		PDRDF
Pernod Ricard
5.87% of portfolio
 		CFRHF
Compagnie Financiere Richemont SA
5.69% of portfolio
 		UNLYF
Unilever Ord Shares
5.64% of portfolio
 		MO
Altria Group Inc.
3.42% of portfolio
 		MLM
Martin Marietta
3.35% of portfolio
 		BRK.B
Berkshire Hathaway CL B
3.13% of portfolio
 		BTI
British American Tobacco plc
2.76% of portfolio
 		DEO
Diageo ADR
2.63% of portfolio
 		UHR-D
Swatch Group AG-D
2.35% of portfolio
 		BF.A
Brown-Forman Corp. CL A
2.18% of portfolio
 		CMCSA
Comcast Corp.
2.08% of portfolio
 		JCDXF
JC Decaux SA ACT
1.71% of portfolio
 		SNI
Scripps Networks Interactive Inc.
0.62% of portfolio
2016   Q1$11.8 B NSRGY
Nestle
10.06% of portfolio
 		BRK.A
Berkshire Hathaway CL A
9.04% of portfolio
 		PM
Philip Morris Intl.
8.71% of portfolio
 		MA
Mastercard Inc.
7.77% of portfolio
 		HKHHF
Heineken Holding NV
7.15% of portfolio
 		BUD
Anheuser-Busch InBev
6.87% of portfolio
 		CFRHF
Compagnie Financiere Richemont SA
6.38% of portfolio
 		WFC
Wells Fargo
6.00% of portfolio
 		PDRDF
Pernod Ricard
5.58% of portfolio
 		UNLYF
Unilever Ord Shares
5.42% of portfolio
 		MO
Altria Group Inc.
3.15% of portfolio
 		BRK.B
Berkshire Hathaway CL B
3.11% of portfolio
 		MLM
Martin Marietta
2.84% of portfolio
 		DEO
Diageo ADR
2.56% of portfolio
 		UHR-D
Swatch Group AG-D
2.54% of portfolio
 		BTI
British American Tobacco plc
2.54% of portfolio
 		BF.A
Brown-Forman Corp. CL A
2.20% of portfolio
 		JCDXF
JC Decaux SA ACT
2.06% of portfolio
 		CMCSA
Comcast Corp.
1.98% of portfolio
 		SBMRY
SABMiller Plc
0.94% of portfolio
2015   Q4$11.7 B NSRGY
Nestle
10.14% of portfolio
 		BRK.A
Berkshire Hathaway CL A
8.55% of portfolio
 		MA
Mastercard Inc.
8.07% of portfolio
 		PM
Philip Morris Intl.
7.94% of portfolio
 		HKHHF
Heineken Holding NV
7.17% of portfolio
 		BUD
Anheuser-Busch InBev
6.92% of portfolio
 		WFC
Wells Fargo
6.84% of portfolio
 		CFRHF
Compagnie Financiere Richemont SA
6.32% of portfolio
 		PDRDF
Pernod Ricard
5.63% of portfolio
 		UNLYF
Unilever Ord Shares
5.32% of portfolio
 		MO
Altria Group Inc.
3.01% of portfolio
 		BRK.B
Berkshire Hathaway CL B
2.91% of portfolio
 		DEO
Diageo ADR
2.62% of portfolio
 		SBMRY
SABMiller Plc
2.50% of portfolio
 		MLM
Martin Marietta
2.45% of portfolio
 		BTI
British American Tobacco plc
2.42% of portfolio
 		BF.A
Brown-Forman Corp. CL A
2.35% of portfolio
 		UHR-D
Swatch Group AG-D
2.22% of portfolio
 		CMCSA
Comcast Corp.
1.89% of portfolio
 		JCDXF
JC Decaux SA ACT
1.63% of portfolio
2015   Q3$11.1 B NSRGY
Nestle
10.71% of portfolio
 		BRK.A
Berkshire Hathaway CL A
8.88% of portfolio
 		MA
Mastercard Inc.
8.08% of portfolio
 		PM
Philip Morris Intl.
7.51% of portfolio
 		HKHHF
Heineken Holding NV
6.96% of portfolio
 		WFC
Wells Fargo
6.76% of portfolio
 		CFRHF
Compagnie Financiere Richemont SA
6.20% of portfolio
 		SBMRY
SABMiller Plc
6.17% of portfolio
 		UNLYF
Unilever Ord Shares
5.15% of portfolio
 		PDRDF
Pernod Ricard
5.14% of portfolio
 		BUD
Anheuser-Busch InBev
4.98% of portfolio
 		MO
Altria Group Inc.
3.16% of portfolio
 		BRK.B
Berkshire Hathaway CL B
2.96% of portfolio
 		MLM
Martin Marietta
2.84% of portfolio
 		DEO
Diageo ADR
2.71% of portfolio
 		BF.A
Brown-Forman Corp. CL A
2.51% of portfolio
 		BTI
British American Tobacco plc
2.48% of portfolio
 		CMCSK-OLD
Comcast Corp. CL A Spl
2.10% of portfolio
 		JCDXF
JC Decaux SA ACT
1.26% of portfolio
 		SNI
Scripps Networks Interactive Inc.
0.55% of portfolio
2015   Q2$11.4 B NSRGY
Nestle
10.08% of portfolio
 		BRK.A
Berkshire Hathaway CL A
9.18% of portfolio
 		MA
Mastercard Inc.
8.24% of portfolio
 		PM
Philip Morris Intl.
7.35% of portfolio
 		WFC
Wells Fargo
7.25% of portfolio
 		HKHHF
Heineken Holding NV
6.72% of portfolio
 		CFRHF
Compagnie Financiere Richemont SA
5.99% of portfolio
 		PDRDF
Pernod Ricard
5.65% of portfolio
 		BUD
Anheuser-Busch InBev
5.54% of portfolio
 		SBMRY
SABMiller Plc
5.54% of portfolio
 		UNLYF
Unilever Ord Shares
5.28% of portfolio
 		BRK.B
Berkshire Hathaway CL B
2.96% of portfolio
 		DEO
Diageo ADR
2.83% of portfolio
 		MO
Altria Group Inc.
2.79% of portfolio
 		BF.A
Brown-Forman Corp. CL A
2.66% of portfolio
 		MLM
Martin Marietta
2.61% of portfolio
 		BTI
British American Tobacco plc
2.36% of portfolio
 		CMCSK-OLD
Comcast Corp. CL A Spl
2.19% of portfolio
 		JCDXF
JC Decaux SA ACT
1.05% of portfolio
 		SNI
Scripps Networks Interactive Inc.
0.73% of portfolio
2015   Q1$11.1 B NSRGY
Nestle
10.65% of portfolio
 		BRK.A
Berkshire Hathaway CL A
9.91% of portfolio
 		MA
Mastercard Inc.
7.79% of portfolio
 		WFC
Wells Fargo
7.18% of portfolio
 		PM
Philip Morris Intl.
6.84% of portfolio
 		HKHHF
Heineken Holding NV
6.72% of portfolio
 		CFRHF
Compagnie Financiere Richemont SA
5.90% of portfolio
 		PDRDF
Pernod Ricard
5.82% of portfolio
 		BUD
Anheuser-Busch InBev
5.71% of portfolio
 		SBMRY
SABMiller Plc
5.62% of portfolio
 		UNLYF
Unilever Ord Shares
5.34% of portfolio
 		BRK.B
Berkshire Hathaway CL B
3.21% of portfolio
 		MO
Altria Group Inc.
2.95% of portfolio
 		DEO
Diageo ADR
2.72% of portfolio
 		MLM
Martin Marietta
2.61% of portfolio
 		BTI
British American Tobacco plc
2.33% of portfolio
 		BF.A
Brown-Forman Corp. CL A
2.29% of portfolio
 		CMCSK-OLD
Comcast Corp. CL A Spl
2.25% of portfolio
 		SNI
Scripps Networks Interactive Inc.
0.79% of portfolio
 		JCDXF
JC Decaux SA ACT
0.71% of portfolio
2014   Q4$11 B BRK.A
Berkshire Hathaway CL A
10.42% of portfolio
 		NSRGY
Nestle
10.33% of portfolio
 		MA
Mastercard Inc.
7.84% of portfolio
 		PM
Philip Morris Intl.
7.33% of portfolio
 		WFC
Wells Fargo
7.30% of portfolio
 		CFRHF
Compagnie Financiere Richemont SA
6.48% of portfolio
 		HKHHF
Heineken Holding NV
6.15% of portfolio
 		SBMRY
SABMiller Plc
5.59% of portfolio
 		PDRDF
Pernod Ricard
5.39% of portfolio
 		BUD
Anheuser-Busch InBev
5.29% of portfolio
 		UNLYF
Unilever Ord Shares
5.00% of portfolio
 		BRK.B
Berkshire Hathaway CL B
3.35% of portfolio
 		MO
Altria Group Inc.
3.12% of portfolio
 		DEO
Diageo ADR
2.72% of portfolio
 		BTI
British American Tobacco plc
2.45% of portfolio
 		CMCSK-OLD
Comcast Corp. CL A Spl
2.44% of portfolio
 		BF.A
Brown-Forman Corp. CL A
2.25% of portfolio
 		MLM
Martin Marietta
2.06% of portfolio
 		SNI
Scripps Networks Interactive Inc.
0.86% of portfolio
 		GHC
Graham Holdings Co.
0.47% of portfolio
2014   Q3$10.6 B NSRGY
Nestle
10.41% of portfolio
 		BRK.A
Berkshire Hathaway CL A
9.91% of portfolio
 		PM
Philip Morris Intl.
8.06% of portfolio
 		WFC
Wells Fargo
7.15% of portfolio
 		MA
Mastercard Inc.
6.93% of portfolio
 		HKHHF
Heineken Holding NV
6.56% of portfolio
 		SBMRY
SABMiller Plc
6.07% of portfolio
 		CFRHF
Compagnie Financiere Richemont SA
5.60% of portfolio
 		PDRDF
Pernod Ricard
5.54% of portfolio
 		BUD
Anheuser-Busch InBev
5.34% of portfolio
 		UNLYF
Unilever Ord Shares
4.98% of portfolio
 		BRK.B
Berkshire Hathaway CL B
3.20% of portfolio
 		MO
Altria Group Inc.
3.08% of portfolio
 		DEO
Diageo ADR
2.82% of portfolio
 		BTI
British American Tobacco plc
2.58% of portfolio
 		MLM
Martin Marietta
2.40% of portfolio
 		BF.A
Brown-Forman Corp. CL A
2.38% of portfolio
 		CMCSK-OLD
Comcast Corp. CL A Spl
2.38% of portfolio
 		SNI
Scripps Networks Interactive Inc.
0.94% of portfolio
 		JCDXF
JC Decaux SA ACT
0.44% of portfolio
2014   Q2$10.8 B NSRGY
Nestle
10.55% of portfolio
 		BRK.A
Berkshire Hathaway CL A
8.91% of portfolio
 		PM
Philip Morris Intl.
7.97% of portfolio
 		WFC
Wells Fargo
7.12% of portfolio
 		CFRHF
Compagnie Financiere Richemont SA
6.82% of portfolio
 		MA
Mastercard Inc.
6.72% of portfolio
 		HKHHF
Heineken Holding NV
6.30% of portfolio
 		SBMRY
SABMiller Plc
6.17% of portfolio
 		PDRDF
Pernod Ricard
5.50% of portfolio
 		BUD
Anheuser-Busch InBev
5.37% of portfolio
 		UNLYF
Unilever Ord Shares
5.24% of portfolio
 		DEO
Diageo ADR
3.00% of portfolio
 		BRK.B
Berkshire Hathaway CL B
2.85% of portfolio
 		MO
Altria Group Inc.
2.77% of portfolio
 		BTI
British American Tobacco plc
2.64% of portfolio
 		BF.A
Brown-Forman Corp. CL A
2.43% of portfolio
 		MLM
Martin Marietta
2.41% of portfolio
 		CMCSK-OLD
Comcast Corp. CL A Spl
2.33% of portfolio
 		SNI
Scripps Networks Interactive Inc.
0.96% of portfolio
 		JCDXF
JC Decaux SA ACT
0.50% of portfolio
2014   Q1$10.3 B NSRGY
Nestle
10.65% of portfolio
 		BRK.A
Berkshire Hathaway CL A
9.26% of portfolio
 		PM
Philip Morris Intl.
8.07% of portfolio
 		MA
Mastercard Inc.
7.10% of portfolio
 		WFC
Wells Fargo
7.07% of portfolio
 		HKHHF
Heineken Holding NV
6.50% of portfolio
 		CFRHF
Compagnie Financiere Richemont SA
6.49% of portfolio
 		SBMRY
SABMiller Plc
5.57% of portfolio
 		PDRDF
Pernod Ricard
5.54% of portfolio
 		BUD
Anheuser-Busch InBev
5.13% of portfolio
 		UNLYF
Unilever Ord Shares
5.05% of portfolio
 		DEO
Diageo ADR
3.00% of portfolio
 		BRK.B
Berkshire Hathaway CL B
2.91% of portfolio
 		BTI
British American Tobacco plc
2.61% of portfolio
 		MO
Altria Group Inc.
2.59% of portfolio
 		BF.A
Brown-Forman Corp. CL A
2.47% of portfolio
 		MLM
Martin Marietta
2.47% of portfolio
 		CMCSK-OLD
Comcast Corp. CL A Spl
2.25% of portfolio
 		SNI
Scripps Networks Interactive Inc.
1.01% of portfolio
 		JCDXF
JC Decaux SA ACT
0.62% of portfolio
2013   Q4$10.1 B NSRGY
Nestle
10.58% of portfolio
 		BRK.A
Berkshire Hathaway CL A
8.94% of portfolio
 		PM
Philip Morris Intl.
8.60% of portfolio
 		MA
Mastercard Inc.
8.19% of portfolio
 		CFRHF
Compagnie Financiere Richemont SA
6.85% of portfolio
 		WFC
Wells Fargo
6.53% of portfolio
 		HKHHF
Heineken Holding NV
6.38% of portfolio
 		SBMRY
SABMiller Plc
5.62% of portfolio
 		PDRDF
Pernod Ricard
5.34% of portfolio
 		BUD
Anheuser-Busch InBev
5.22% of portfolio
 		UNLYF
Unilever Ord Shares
4.71% of portfolio
 		DEO
Diageo ADR
3.19% of portfolio
 		BRK.B
Berkshire Hathaway CL B
2.72% of portfolio
 		MO
Altria Group Inc.
2.69% of portfolio
 		BTI
British American Tobacco plc
2.53% of portfolio
 		CMCSK-OLD
Comcast Corp. CL A Spl
2.35% of portfolio
 		BF.A
Brown-Forman Corp. CL A
2.09% of portfolio
 		MLM
Martin Marietta
1.91% of portfolio
 		SNI
Scripps Networks Interactive Inc.
1.20% of portfolio
 		JCDXF
JC Decaux SA ACT
0.60% of portfolio
2013   Q3$9.42 B NSRGY
Nestle
10.49% of portfolio
 		BRK.A
Berkshire Hathaway CL A
8.96% of portfolio
 		PM
Philip Morris Intl.
8.84% of portfolio
 		CFRHF
Compagnie Financiere Richemont SA
7.24% of portfolio
 		MA
Mastercard Inc.
7.16% of portfolio
 		HKHHF
Heineken Holding NV
6.70% of portfolio
 		WFC
Wells Fargo
6.10% of portfolio
 		PDRDF
Pernod Ricard
5.84% of portfolio
 		SBMRY
SABMiller Plc
5.77% of portfolio
 		BUD
Anheuser-Busch InBev
5.11% of portfolio
 		UNLYF
Unilever Ord Shares
4.28% of portfolio
 		DEO
Diageo ADR
3.23% of portfolio
 		MO
Altria Group Inc.
2.81% of portfolio
 		BTI
British American Tobacco plc
2.80% of portfolio
 		BRK.B
Berkshire Hathaway CL B
2.73% of portfolio
 		CMCSK-OLD
Comcast Corp. CL A Spl
2.19% of portfolio
 		BF.A
Brown-Forman Corp. CL A
1.98% of portfolio
 		MLM
Martin Marietta
1.86% of portfolio
 		SNI
Scripps Networks Interactive Inc.
1.16% of portfolio
 		JCDXF
JC Decaux SA ACT
0.58% of portfolio
2013   Q2$8.57 B NSRGY
Nestle
10.11% of portfolio
 		BRK.A
Berkshire Hathaway CL A
9.62% of portfolio
 		PM
Philip Morris Intl.
9.29% of portfolio
 		CFRHF
Compagnie Financiere Richemont SA
7.00% of portfolio
 		MA
Mastercard Inc.
6.57% of portfolio
 		WFC
Wells Fargo
6.52% of portfolio
 		HKHHF
Heineken Holding NV
6.36% of portfolio
 		SBMRY
SABMiller Plc
5.64% of portfolio
 		PDRDF
Pernod Ricard
5.36% of portfolio
 		BUD
Anheuser-Busch InBev
4.83% of portfolio
 		UNLYF
Unilever Ord Shares
4.63% of portfolio
 		MO
Altria Group Inc.
3.08% of portfolio
 		DEO
Diageo ADR
3.04% of portfolio
 		BRK.B
Berkshire Hathaway CL B
2.92% of portfolio
 		BTI
British American Tobacco plc
2.82% of portfolio
 		BF.A
Brown-Forman Corp. CL A
2.23% of portfolio
 		CMCSK-OLD
Comcast Corp. CL A Spl
2.17% of portfolio
 		MLM
Martin Marietta
2.00% of portfolio
 		SNI
Scripps Networks Interactive Inc.
1.09% of portfolio
 		GHC
Graham Holdings Co.
0.49% of portfolio
2013   Q1$8.54 B NSRGY
Nestle
10.81% of portfolio
 		PM
Philip Morris Intl.
9.58% of portfolio
 		BRK.A
Berkshire Hathaway CL A
8.84% of portfolio
 		HKHHF
Heineken Holding NV
7.18% of portfolio
 		CFRHF
Compagnie Financiere Richemont SA
6.75% of portfolio
 		SBMRY
SABMiller Plc
6.09% of portfolio
 		MA
Mastercard Inc.
5.98% of portfolio
 		PDRDF
Pernod Ricard
5.77% of portfolio
 		WFC
Wells Fargo
5.49% of portfolio
 		BUD
Anheuser-Busch InBev
5.04% of portfolio
 		UNLYF
Unilever Ord Shares
4.30% of portfolio
 		DEO
Diageo ADR
3.27% of portfolio
 		MO
Altria Group Inc.
2.96% of portfolio
 		BTI
British American Tobacco plc
2.91% of portfolio
 		BRK.B
Berkshire Hathaway CL B
2.67% of portfolio
 		BF.A
Brown-Forman Corp. CL A
2.42% of portfolio
 		CMCSK-OLD
Comcast Corp. CL A Spl
2.13% of portfolio
 		MLM
Martin Marietta
2.04% of portfolio
 		SNI
Scripps Networks Interactive Inc.
1.06% of portfolio
 		GHC
Graham Holdings Co.
0.57% of portfolio
2012   Q4$7.27 B NSRGY
Nestle
10.68% of portfolio
 		PM
Philip Morris Intl.
9.20% of portfolio
 		BRK.A
Berkshire Hathaway CL A
8.51% of portfolio
 		CFRHF
Compagnie Financiere Richemont SA
7.51% of portfolio
 		HKHHF
Heineken Holding NV
6.93% of portfolio
 		MA
Mastercard Inc.
6.02% of portfolio
 		SBMRY
SABMiller Plc
5.91% of portfolio
 		PDRDF
Pernod Ricard
5.89% of portfolio
 		WFC
Wells Fargo
5.48% of portfolio
 		BUD
Anheuser-Busch InBev
4.80% of portfolio
 		UNLYF
Unilever Ord Shares
4.36% of portfolio
 		DEO
Diageo ADR
3.41% of portfolio
 		BTI
British American Tobacco plc
3.08% of portfolio
 		MO
Altria Group Inc.
3.02% of portfolio
 		BRK.B
Berkshire Hathaway CL B
2.57% of portfolio
 		BF.A
Brown-Forman Corp. CL A
2.35% of portfolio
 		CMCSK-OLD
Comcast Corp. CL A Spl
2.24% of portfolio
 		MLM
Martin Marietta
2.16% of portfolio
 		SNI
Scripps Networks Interactive Inc.
1.12% of portfolio
 		GHC
Graham Holdings Co.
0.58% of portfolio
2012   Q3$6.85 B NSRGY
Nestle
10.77% of portfolio
 		PM
Philip Morris Intl.
10.17% of portfolio
 		BRK.A
Berkshire Hathaway CL A
8.72% of portfolio
 		HKHHF
Heineken Holding NV
6.50% of portfolio
 		CFRHF
Compagnie Financiere Richemont SA
6.15% of portfolio
 		PDRDF
Pernod Ricard
5.97% of portfolio
 		SBMRY
SABMiller Plc
5.82% of portfolio
 		MA
Mastercard Inc.
5.76% of portfolio
 		WFC
Wells Fargo
5.40% of portfolio
 		BUD
Anheuser-Busch InBev
4.82% of portfolio
 		UNLYF
Unilever Ord Shares
4.17% of portfolio
 		DEO
Diageo ADR
3.47% of portfolio
 		MO
Altria Group Inc.
3.35% of portfolio
 		BTI
British American Tobacco plc
3.18% of portfolio
 		BRK.B
Berkshire Hathaway CL B
2.59% of portfolio
 		BF.A
Brown-Forman Corp. CL A
2.51% of portfolio
 		CMCSK-OLD
Comcast Corp. CL A Spl
2.32% of portfolio
 		MLM
Martin Marietta
2.00% of portfolio
 		SNI
Scripps Networks Interactive Inc.
1.28% of portfolio
 		GHC
Graham Holdings Co.
0.63% of portfolio
2012   Q2$6.41 B PM
Philip Morris Intl.
11.09% of portfolio
 		NSRGY
Nestle
10.27% of portfolio
 		BRK.A
Berkshire Hathaway CL A
8.53% of portfolio
 		HKHHF
Heineken Holding NV
6.17% of portfolio
 		PDRDF
Pernod Ricard
5.93% of portfolio
 		CFRHF
Compagnie Financiere Richemont SA
5.68% of portfolio
 		SBMRY
SABMiller Plc
5.61% of portfolio
 		MA
Mastercard Inc.
5.57% of portfolio
 		WFC
Wells Fargo
5.24% of portfolio
 		BUD
Anheuser-Busch InBev
4.60% of portfolio
 		UNLYF
Unilever Ord Shares
4.02% of portfolio
 		MO
Altria Group Inc.
3.97% of portfolio
 		BTI
British American Tobacco plc
3.53% of portfolio
 		DEO
Diageo ADR
3.39% of portfolio
 		BF.A
Brown-Forman Corp. CL A
2.72% of portfolio
 		BRK.B
Berkshire Hathaway CL B
2.45% of portfolio
 		CMCSK-OLD
Comcast Corp. CL A Spl
2.29% of portfolio
 		MLM
Martin Marietta
2.01% of portfolio
 		SNI
Scripps Networks Interactive Inc.
1.29% of portfolio
 		GHC
Graham Holdings Co.
0.71% of portfolio
2012   Q1$6.18 B PM
Philip Morris Intl.
11.52% of portfolio
 		NSRGY
Nestle
10.74% of portfolio
 		BRK.A
Berkshire Hathaway CL A
8.22% of portfolio
 		CFRHF
Compagnie Financiere Richemont SA
6.34% of portfolio
 		HKHHF
Heineken Holding NV
6.09% of portfolio
 		PDRDF
Pernod Ricard
5.64% of portfolio
 		SBMRY
SABMiller Plc
5.61% of portfolio
 		MA
Mastercard Inc.
5.52% of portfolio
 		WFC
Wells Fargo
5.31% of portfolio
 		BUD
Anheuser-Busch InBev
4.16% of portfolio
 		UNLYF
Unilever Ord Shares
3.94% of portfolio
 		MO
Altria Group Inc.
3.61% of portfolio
 		BTI
British American Tobacco plc
3.53% of portfolio
 		DEO
Diageo ADR
3.23% of portfolio
 		BF.A
Brown-Forman Corp. CL A
2.37% of portfolio
 		BRK.B
Berkshire Hathaway CL B
2.26% of portfolio
 		CMCSK-OLD
Comcast Corp. CL A Spl
2.26% of portfolio
 		MLM
Martin Marietta
2.20% of portfolio
 		SNI
Scripps Networks Interactive Inc.
1.18% of portfolio
 		GHC
Graham Holdings Co.
0.76% of portfolio
2011   Q4$5.42 B PM
Philip Morris Intl.
11.93% of portfolio
 		NSRGY
Nestle
10.85% of portfolio
 		BRK.A
Berkshire Hathaway CL A
8.35% of portfolio
 		CFRHF
Compagnie Financiere Richemont SA
6.03% of portfolio
 		HKHHF
Heineken Holding NV
5.87% of portfolio
 		PDRDF
Pernod Ricard
5.54% of portfolio
 		SBMRY
SABMiller Plc
5.53% of portfolio
 		MA
Mastercard Inc.
5.31% of portfolio
 		WFC
Wells Fargo
4.68% of portfolio
 		UNLYF
Unilever Ord Shares
4.29% of portfolio
 		MO
Altria Group Inc.
3.93% of portfolio
 		BTI
British American Tobacco plc
3.73% of portfolio
 		BUD
Anheuser-Busch InBev
3.67% of portfolio
 		DEO
Diageo ADR
3.33% of portfolio
 		BF.A
Brown-Forman Corp. CL A
2.58% of portfolio
 		BRK.B
Berkshire Hathaway CL B
2.33% of portfolio
 		MLM
Martin Marietta
2.20% of portfolio
 		CMCSK-OLD
Comcast Corp. CL A Spl
2.14% of portfolio
 		SNI
Scripps Networks Interactive Inc.
1.24% of portfolio
 		GHC
Graham Holdings Co.
0.87% of portfolio
2011   Q3$4.75 B NSRGY
Nestle
11.58% of portfolio
 		PM
Philip Morris Intl.
10.78% of portfolio
 		BRK.A
Berkshire Hathaway CL A
8.62% of portfolio
 		HKHHF
Heineken Holding NV
5.95% of portfolio
 		CFRHF
Compagnie Financiere Richemont SA
5.89% of portfolio
 		SBMRY
SABMiller Plc
5.72% of portfolio
 		MA
Mastercard Inc.
5.04% of portfolio
 		PDRDF
Pernod Ricard
5.00% of portfolio
 		UNLYF
Unilever Ord Shares
4.40% of portfolio
 		WFC
Wells Fargo
4.40% of portfolio
 		MO
Altria Group Inc.
4.01% of portfolio
 		BTI
British American Tobacco plc
3.74% of portfolio
 		BUD
Anheuser-Busch InBev
3.41% of portfolio
 		DEO
Diageo ADR
3.34% of portfolio
 		CMCSK-OLD
Comcast Corp. CL A Spl
3.01% of portfolio
 		BF.A
Brown-Forman Corp. CL A
2.47% of portfolio
 		BRK.B
Berkshire Hathaway CL B
2.28% of portfolio
 		MLM
Martin Marietta
2.09% of portfolio
 		SNI
Scripps Networks Interactive Inc.
1.27% of portfolio
 		GHC
Graham Holdings Co.
0.86% of portfolio
2011   Q2$5.29 B NSRGY
Nestle
11.66% of portfolio
 		PM
Philip Morris Intl.
10.25% of portfolio
 		BRK.A
Berkshire Hathaway CL A
8.15% of portfolio
 		CFRHF
Compagnie Financiere Richemont SA
7.35% of portfolio
 		HKHHF
Heineken Holding NV
6.78% of portfolio
 		SBMRY
SABMiller Plc
5.56% of portfolio
 		PDRDF
Pernod Ricard
5.27% of portfolio
 		WFC
Wells Fargo
4.28% of portfolio
 		MA
Mastercard Inc.
4.24% of portfolio
 		UNLYF
Unilever Ord Shares
4.03% of portfolio
 		MO
Altria Group Inc.
3.53% of portfolio
 		BTI
British American Tobacco plc
3.40% of portfolio
 		DEO
Diageo ADR
3.20% of portfolio
 		CMCSK-OLD
Comcast Corp. CL A Spl
3.16% of portfolio
 		BUD
Anheuser-Busch InBev
3.14% of portfolio
 		MLM
Martin Marietta
2.34% of portfolio
 		BF.A
Brown-Forman Corp. CL A
2.31% of portfolio
 		BRK.B
Berkshire Hathaway CL B
2.18% of portfolio
 		SNI
Scripps Networks Interactive Inc.
1.50% of portfolio
 		GHC
Graham Holdings Co.
0.99% of portfolio
2011   Q1$4.99 B NSRGY
Nestle
11.27% of portfolio
 		PM
Philip Morris Intl.
10.52% of portfolio
 		BRK.A
Berkshire Hathaway CL A
8.94% of portfolio
 		CFRHF
Compagnie Financiere Richemont SA
6.85% of portfolio
 		HKHHF
Heineken Holding NV
6.63% of portfolio
 		SBMRY
SABMiller Plc
5.52% of portfolio
 		PDRDF
Pernod Ricard
5.04% of portfolio
 		WFC
Wells Fargo
4.36% of portfolio
 		UNLYF
Unilever Ord Shares
3.89% of portfolio
 		MO
Altria Group Inc.
3.62% of portfolio
 		MA
Mastercard Inc.
3.48% of portfolio
 		CMCSK-OLD
Comcast Corp. CL A Spl
3.31% of portfolio
 		BTI
British American Tobacco plc
3.25% of portfolio
 		DEO
Diageo ADR
3.12% of portfolio
 		BUD
Anheuser-Busch InBev
2.96% of portfolio
 		MLM
Martin Marietta
2.76% of portfolio
 		BRK.B
Berkshire Hathaway CL B
2.43% of portfolio
 		BF.A
Brown-Forman Corp. CL A
2.23% of portfolio
 		SNI
Scripps Networks Interactive Inc.
1.74% of portfolio
 		GHC
Graham Holdings Co.
1.15% of portfolio
2010   Q4$2.63 B PM
Philip Morris Intl.
17.32% of portfolio
 		BRK.A
Berkshire Hathaway CL A
15.91% of portfolio
 		WFC
Wells Fargo
7.80% of portfolio
 		UNLYF
Unilever Ord Shares
7.07% of portfolio
 		MO
Altria Group Inc.
6.32% of portfolio
 		CMCSK-OLD
Comcast Corp. CL A Spl
5.82% of portfolio
 		MLM
Martin Marietta
5.28% of portfolio
 		MA
Mastercard Inc.
5.10% of portfolio
 		BUD
Anheuser-Busch InBev
4.76% of portfolio
 		BRK.B
Berkshire Hathaway CL B
4.28% of portfolio
 		BF.A
Brown-Forman Corp. CL A
4.15% of portfolio
 		SNI
Scripps Networks Interactive Inc.
3.29% of portfolio
 		GHC
Graham Holdings Co.
2.26% of portfolio
 		HAS
Hasbro Inc.
1.69% of portfolio
 		DEO
Diageo ADR
1.33% of portfolio
 		ABT
Abbott Labs
0.79% of portfolio
 		MLKN
MillerKnoll Inc.
0.57% of portfolio
 		XOM
Exxon Mobil Corp.
0.54% of portfolio
 		PG
Procter & Gamble
0.48% of portfolio
 		MKL
Markel Group Inc.
0.42% of portfolio
2010   Q3$2.38 B BRK.A
Berkshire Hathaway CL A
17.75% of portfolio
 		PM
Philip Morris Intl.
17.71% of portfolio
 		UNLYF
Unilever Ord Shares
6.68% of portfolio
 		MO
Altria Group Inc.
6.63% of portfolio
 		WFC
Wells Fargo
6.54% of portfolio
 		CMCSK-OLD
Comcast Corp. CL A Spl
5.44% of portfolio
 		MA
Mastercard Inc.
4.77% of portfolio
 		BRK.B
Berkshire Hathaway CL B
4.74% of portfolio
 		MLM
Martin Marietta
4.70% of portfolio
 		BF.A
Brown-Forman Corp. CL A
3.93% of portfolio
 		SNI
Scripps Networks Interactive Inc.
3.64% of portfolio
 		BUD
Anheuser-Busch InBev
3.55% of portfolio
 		GHC
Graham Holdings Co.
2.26% of portfolio
 		HAS
Hasbro Inc.
1.80% of portfolio
 		DEO
Diageo ADR
1.38% of portfolio
 		ABT
Abbott Labs
0.94% of portfolio
 		MLKN
MillerKnoll Inc.
0.56% of portfolio
 		PG
Procter & Gamble
0.52% of portfolio
 		HRL
Hormel Foods Corp.
0.52% of portfolio
 		XOM
Exxon Mobil Corp.
0.51% of portfolio
2010   Q2$2.12 B BRK.A
Berkshire Hathaway CL A
18.99% of portfolio
 		PM
Philip Morris Intl.
16.02% of portfolio
 		CMCSK-OLD
Comcast Corp. CL A Spl
6.59% of portfolio
 		WFC
Wells Fargo
6.57% of portfolio
 		UNLYF
Unilever Ord Shares
6.51% of portfolio
 		MO
Altria Group Inc.
6.12% of portfolio
 		MLM
Martin Marietta
6.02% of portfolio
 		BRK.B
Berkshire Hathaway CL B
5.08% of portfolio
 		SNI
Scripps Networks Interactive Inc.
4.13% of portfolio
 		BF.A
Brown-Forman Corp. CL A
4.11% of portfolio
 		GHC
Graham Holdings Co.
3.10% of portfolio
 		MA
Mastercard Inc.
3.04% of portfolio
 		HAS
Hasbro Inc.
1.98% of portfolio
 		DEO
Diageo ADR
1.42% of portfolio
 		BUD
Anheuser-Busch InBev
1.41% of portfolio
 		ABT
Abbott Labs
0.95% of portfolio
 		MLKN
MillerKnoll Inc.
0.65% of portfolio
 		PG
Procter & Gamble
0.63% of portfolio
 		MKL
Markel Group Inc.
0.60% of portfolio
 		HRL
Hormel Foods Corp.
0.55% of portfolio
2010   Q1$2.26 B BRK.A
Berkshire Hathaway CL A
18.04% of portfolio
 		PM
Philip Morris Intl.
16.43% of portfolio
 		WFC
Wells Fargo
8.18% of portfolio
 		CMCSK-OLD
Comcast Corp. CL A Spl
7.72% of portfolio
 		MO
Altria Group Inc.
6.31% of portfolio
 		MLM
Martin Marietta
6.25% of portfolio
 		UNLYF
Unilever Ord Shares
6.08% of portfolio
 		SNI
Scripps Networks Interactive Inc.
4.95% of portfolio
 		BRK.B
Berkshire Hathaway CL B
4.85% of portfolio
 		BF.A
Brown-Forman Corp. CL A
4.17% of portfolio
 		GHC
Graham Holdings Co.
3.65% of portfolio
 		HAS
Hasbro Inc.
1.76% of portfolio
 		DEO
Diageo ADR
1.43% of portfolio
 		MA
Mastercard Inc.
1.14% of portfolio
 		ABT
Abbott Labs
1.00% of portfolio
 		PG
Procter & Gamble
0.73% of portfolio
 		MKL
Markel Group Inc.
0.63% of portfolio
 		MLKN
MillerKnoll Inc.
0.60% of portfolio
 		HRL
Hormel Foods Corp.
0.59% of portfolio
 		XOM
Exxon Mobil Corp.
0.58% of portfolio
2009   Q4$1.97 B BRK.A
Berkshire Hathaway CL A
16.61% of portfolio
 		PM
Philip Morris Intl.
15.58% of portfolio
 		CMCSK-OLD
Comcast Corp. CL A Spl
7.91% of portfolio
 		MLM
Martin Marietta
7.65% of portfolio
 		WFC
Wells Fargo
7.49% of portfolio
 		MO
Altria Group Inc.
6.54% of portfolio
 		UNLYF
Unilever Ord Shares
6.08% of portfolio
 		SNI
Scripps Networks Interactive Inc.
5.33% of portfolio
 		BRK.B
Berkshire Hathaway CL B
4.34% of portfolio
 		BF.A
Brown-Forman Corp. CL A
4.19% of portfolio
 		GHC
Graham Holdings Co.
4.12% of portfolio
 		HAS
Hasbro Inc.
1.70% of portfolio
 		DEO
Diageo ADR
1.68% of portfolio
 		MA
Mastercard Inc.
1.14% of portfolio
 		ABT
Abbott Labs
0.99% of portfolio
 		PG
Procter & Gamble
0.83% of portfolio
 		MKL
Markel Group Inc.
0.69% of portfolio
 		XOM
Exxon Mobil Corp.
0.66% of portfolio
 		HRL
Hormel Foods Corp.
0.64% of portfolio
 		MLKN
MillerKnoll Inc.
0.62% of portfolio
2009   Q3$1.93 B BRK.A
Berkshire Hathaway CL A
16.54% of portfolio
 		PM
Philip Morris Intl.
15.51% of portfolio
 		WFC
Wells Fargo
9.01% of portfolio
 		CMCSK-OLD
Comcast Corp. CL A Spl
8.22% of portfolio
 		MLM
Martin Marietta
8.07% of portfolio
 		MO
Altria Group Inc.
5.90% of portfolio
 		UNLYF
Unilever Ord Shares
5.10% of portfolio
 		SNI
Scripps Networks Interactive Inc.
4.87% of portfolio
 		GHC
Graham Holdings Co.
4.54% of portfolio
 		BRK.B
Berkshire Hathaway CL B
4.46% of portfolio
 		BF.A
Brown-Forman Corp. CL A
3.85% of portfolio
 		HAS
Hasbro Inc.
1.51% of portfolio
 		DEO
Diageo ADR
1.46% of portfolio
 		ABT
Abbott Labs
1.45% of portfolio
 		MA
Mastercard Inc.
0.85% of portfolio
 		PG
Procter & Gamble
0.81% of portfolio
 		MKL
Markel Group Inc.
0.72% of portfolio
 		MLKN
MillerKnoll Inc.
0.70% of portfolio
 		HRL
Hormel Foods Corp.
0.61% of portfolio
 		XOM
Exxon Mobil Corp.
0.59% of portfolio
2009   Q2$1.72 B BRK.A
Berkshire Hathaway CL A
17.38% of portfolio
 		PM
Philip Morris Intl.
16.09% of portfolio
 		WFC
Wells Fargo
8.92% of portfolio
 		CMCSK-OLD
Comcast Corp. CL A Spl
8.28% of portfolio
 		MLM
Martin Marietta
7.97% of portfolio
 		MO
Altria Group Inc.
6.70% of portfolio
 		UNLYF
Unilever Ord Shares
4.89% of portfolio
 		SNI
Scripps Networks Interactive Inc.
4.18% of portfolio
 		BRK.B
Berkshire Hathaway CL B
4.08% of portfolio
 		BF.A
Brown-Forman Corp. CL A
3.94% of portfolio
 		GHC
Graham Holdings Co.
3.57% of portfolio
 		HAS
Hasbro Inc.
1.51% of portfolio
 		DEO
Diageo ADR
1.50% of portfolio
 		ABT
Abbott Labs
1.26% of portfolio
 		MKL
Markel Group Inc.
0.84% of portfolio
 		XOM
Exxon Mobil Corp.
0.79% of portfolio
 		PG
Procter & Gamble
0.76% of portfolio
 		MA
Mastercard Inc.
0.74% of portfolio
 		HRL
Hormel Foods Corp.
0.73% of portfolio
 		MLKN
MillerKnoll Inc.
0.73% of portfolio
2009   Q1$1.49 B BRK.A
Berkshire Hathaway CL A
19.14% of portfolio
 		PM
Philip Morris Intl.
14.36% of portfolio
 		MLM
Martin Marietta
9.21% of portfolio
 		CMCSK-OLD
Comcast Corp. CL A Spl
8.60% of portfolio
 		MO
Altria Group Inc.
7.43% of portfolio
 		WFC
Wells Fargo
6.03% of portfolio
 		BRK.B
Berkshire Hathaway CL B
4.52% of portfolio
 		UNLYF
Unilever Ord Shares
4.30% of portfolio
 		GHC
Graham Holdings Co.
4.22% of portfolio
 		SNI
Scripps Networks Interactive Inc.
4.04% of portfolio
 		BF.A
Brown-Forman Corp. CL A
3.95% of portfolio
 		HAS
Hasbro Inc.
1.88% of portfolio
 		DEO
Diageo ADR
1.36% of portfolio
 		XOM
Exxon Mobil Corp.
1.15% of portfolio
 		MKL
Markel Group Inc.
1.10% of portfolio
 		ABT
Abbott Labs
0.91% of portfolio
 		HRL
Hormel Foods Corp.
0.79% of portfolio
 		MA
Mastercard Inc.
0.60% of portfolio
 		MLKN
MillerKnoll Inc.
0.59% of portfolio
 		BF.B
Brown-Forman Corp.
0.52% of portfolio
2008   Q4$1.84 B BRK.A
Berkshire Hathaway CL A
17.26% of portfolio
 		PM
Philip Morris Intl.
14.24% of portfolio
 		MLM
Martin Marietta
9.48% of portfolio
 		WFC
Wells Fargo
9.41% of portfolio
 		CMCSK-OLD
Comcast Corp. CL A Spl
8.72% of portfolio
 		MO
Altria Group Inc.
5.78% of portfolio
 		UNLYF
Unilever Ord Shares
4.46% of portfolio
 		BRK.B
Berkshire Hathaway CL B
4.12% of portfolio
 		BF.A
Brown-Forman Corp. CL A
4.09% of portfolio
 		GHC
Graham Holdings Co.
3.96% of portfolio
 		SNI
Scripps Networks Interactive Inc.
3.36% of portfolio
 		HAS
Hasbro Inc.
1.85% of portfolio
 		BF.B
Brown-Forman Corp.
1.67% of portfolio
 		DEO
Diageo ADR
1.42% of portfolio
 		XOM
Exxon Mobil Corp.
1.09% of portfolio
 		ABT
Abbott Labs
1.07% of portfolio
 		MKL
Markel Group Inc.
0.99% of portfolio
 		HRL
Hormel Foods Corp.
0.65% of portfolio
 		MLKN
MillerKnoll Inc.
0.61% of portfolio
 		MA
Mastercard Inc.
0.41% of portfolio