SEC 13F Intelligence

Managers / Q3 2019 · view latest →

HUTNER CAPITAL MANAGEMENT INC

CIK 0000944733 · 3546 MAIN STREET BOX 379, MANCHESTER, VT, 05254 · 8023668157

Reported Value
$141M
Q3 2019
Positions
42
Filings on Record
30
2019–present window
Filed
Nov 12, 2019
original filing

Summary

Hutner Capital Management Inc reported $141M in U.S.-listed holdings across 42 positions for Q3 2019.

Its largest position, BRK/A, represents 12.1% of the portfolio.

The book was largely unchanged from Q2 2019.

Portfolio Metrics

Turnover
+2.5%
vs prior filed quarter
Top-10 Concentration
+60.0%
share of reported value
Largest Position
+12.1%
Berkshire Hathaway

Methodology: turnover is min(value bought, value sold) ÷ average reported value across the two quarters — value-based, so market moves inflate it slightly versus a share-based measure. Concentration and largest position are shares of the filing’s total reported value, options excluded. New/exited counts compare against the prior filed quarter. All figures derive solely from the fund’s 13F filings.

Reported Value by Quarter

13F Reported Value
Q4 ’18: $128MQ4 ’18Q1 ’19: $137MQ2 ’19: $141MQ3 ’19: $141MQ4 ’19: $145MQ4 ’19Q1 ’20: $109MQ2 ’20: $118MQ3 ’20: $135MQ4 ’20: $144MQ4 ’20Q1 ’21: $152MQ2 ’21: $156MQ3 ’21: $153MQ4 ’21: $171MQ4 ’21Q1 ’22: $175MQ2 ’22: $152MQ3 ’22: $143MQ4 ’22: $161MQ4 ’22Q1 ’23: $164MQ2 ’23: $171MQ3 ’23: $163MQ4 ’23: $170MQ4 ’23Q1 ’24: $184MQ2 ’24: $182MQ3 ’24: $201MQ4 ’24: $207MQ4 ’24Q1 ’25: $234MQ2 ’25: $220MQ3 ’25: $236MQ4 ’25: $240MQ4 ’25Q1 ’26: $243Mfilingsflow.com

Portfolio Composition

By security type
Common Stock: 85.4%ADR: 5.9%Other: 3.7%MLP: 2.6%REIT: 2.4%
  • Common Stock · 85.4% · $121M
  • ADR · 5.9% · $8M
  • Other · 3.7% · $5M
  • MLP · 2.6% · $4M
  • REIT · 2.4% · $3M

Quarter-over-Quarter Changes full breakdown →

vs Q2 2019 (amended baseline)

IssuerMoveShare ΔShares nowValue ΔValue now
JPMJ.P. Morgan Chase & CoADDED+7754.6K+$113,000$538,000
Novartis ADRADDED+2.2K15.4K+$129,000$1M
UNPUnion Pacific CorpADDED+6457.4K+$57,000$1M
UPSUnited Parcel Svc Inc Cl BTRIMMED−60910.4K+$108,000$1M
BMTABritish American TobaccoTRIMMED−59511.0K+$2,000$407,000
MCDMcDonald's CorpHELD−2.0K46.9K−$77,000$10M
KHCKraft Heinz CoHELD+2.1K58.8K−$117,000$2M
NSCNorfolk Southern CorpHELD−63020.2K−$523,000$4M

Value changes conflate price moves with buying and selling — share changes are the real signal. Share counts are not split-adjusted.

Holdings — Q3 2019

41 positions
Export to Excel
#IssuerClass% PortfolioValue ↓Shares
1BRK/ABerkshire Hathaway Inc Cl ACOM17.49%$25M36.4K
2MCDMcDonald's Corphistory →COM7.12%$10M46.9K
3PEPPepsico Inchistory →COM6.28%$9M64.7K
4PGProcter & Gamble Cohistory →COM6.27%$9M71.2K
5KOCoca-Cola Companyhistory →COM6.24%$9M162.1K
6JNJJohnson & Johnsonhistory →COM4.90%$7M53.5K
7COSTCostco Whsl Corphistory →COM4.50%$6M22.1K
84I1Philip Morris International Inhistory →COM3.87%$5M72.1K
9DGEDDiageo PLC Sponsored ADR Newhistory →ADR3.33%$5M28.8K
10MOAltria Group Inchistory →COM2.83%$4M97.7K
11ABTAbbott Labshistory →COM2.79%$4M47.2K
12Restaurant Brands InternationaCOM2.62%$4M52.1K
13NSCNorfolk Southern Corphistory →COM2.57%$4M20.2K
14AXPAmerican Express Companyhistory →COM2.56%$4M30.6K
15WFCWells Fargo & Cohistory →COM2.55%$4M71.3K
16WMTWal Mart Stores Inchistory →COM2.36%$3M28.1K
17BUDAnheuser-Busch Inbev SA/NVhistory →ADR2.25%$3M33.5K
18GPCGenuine Parts Cohistory →COM1.99%$3M28.3K
19EPDEnterprise Prods Partners LPhistory →COM1.94%$3M96.1K
20ORealty Income Corphistory →COM1.75%$2M32.3K
21ENBEnbridge Inchistory →COM1.75%$2M70.5K
22VRSKVerisk Analyticshistory →COM1.70%$2M15.2K
23ABBVAbbVie Inchistory →COM1.34%$2M25.1K
24KHCKraft Heinz Cohistory →COM1.16%$2M58.8K
25Novartis ADRADR0.95%$1M15.4K
26UPSUnited Parcel Svc Inc Cl BCOM0.88%$1M10.4K
27UNPUnion Pacific CorpCOM0.84%$1M7.4K
28FNVFranco-Nevada CorpCOM0.75%$1M11.6K
29WEPMagellan Midstream Partners LPCOM0.66%$937,00014.1K
30S76Store CapitalCOM0.60%$847,00022.6K
31MDLZMondelez International IncCOM0.48%$676,00012.2K
32KMIKinder Morgan IncCOM0.47%$660,00032.0K
33JPMJ.P. Morgan Chase & CoCOM0.38%$538,0004.6K
34HSYHershey Food CorpCOM0.32%$454,0002.9K
35BMTABritish American TobaccoADR0.29%$407,00011.0K
36WECWEC Energy Group IncCOM0.26%$364,0003.8K
37EXPDExpeditors InternationalCOM0.24%$340,0004.6K
38BAXBaxter InternationalCOM0.19%$267,0003.1K
39AAPLApple Computer IncCOM0.18%$258,0001.1K
40Unilever PLCADR0.18%$249,0004.1K
41DUTMoodys CorpCOM0.16%$222,0001.1K

Filing History

QuarterReported ValuePositionsFiledTypeLinks
Q1 2026$243M44May 15, 202613F-HRchanges · EDGAR ↗
Q4 2025$240M44Feb 17, 202613F-HRchanges · EDGAR ↗
Q3 2025$236M44Nov 13, 202513F-HRchanges · EDGAR ↗
Q2 2025$220M44Aug 13, 202513F-HRchanges · EDGAR ↗
Q1 2025$234M48May 13, 202513F-HRchanges · EDGAR ↗
Q4 2024$207M45Feb 14, 202513F-HRchanges · EDGAR ↗
Q3 2024$201M45Nov 13, 202413F-HRchanges · EDGAR ↗
Q2 2024$182M44Aug 13, 202413F-HRchanges · EDGAR ↗
Q1 2024$184M43May 10, 202413F-HRchanges · EDGAR ↗
Q4 2023$170M44Feb 14, 202413F-HRchanges · EDGAR ↗
Q3 2023$163M45Nov 14, 202313F-HRchanges · EDGAR ↗
Q2 2023$171M44Aug 14, 202313F-HRchanges · EDGAR ↗
Q1 2023$164M44May 15, 202313F-HRchanges · EDGAR ↗
Q4 2022$161M44Feb 14, 202313F-HRchanges · EDGAR ↗
Q3 2022$143M44Nov 14, 202213F-HRchanges · EDGAR ↗
Q2 2022$152M43Aug 11, 202213F-HRchanges · EDGAR ↗
Q1 2022$175M45May 13, 202213F-HRchanges · EDGAR ↗
Q4 2021$171M46Feb 11, 202213F-HRchanges · EDGAR ↗
Q3 2021$153M45Nov 12, 202113F-HRchanges · EDGAR ↗
Q2 2021$156M46Aug 13, 202113F-HRchanges · EDGAR ↗
Q1 2021$152M46May 18, 202113F-HRchanges · EDGAR ↗
Q4 2020$144M43Feb 16, 202113F-HRchanges · EDGAR ↗
Q3 2020$135M44Nov 13, 202013F-HRchanges · EDGAR ↗
Q2 2020$118M39Aug 14, 202013F-HRchanges · EDGAR ↗
Q1 2020$109M41May 13, 202013F-HRchanges · EDGAR ↗
Q4 2019$145M43Jan 30, 202013F-HRchanges · EDGAR ↗
Q3 2019$141M42Nov 12, 201913F-HRchanges · EDGAR ↗
Q2 2019$141M42Aug 7, 201913F-HRchanges · EDGAR ↗
Q1 2019$137M41May 10, 201913F-HRchanges · EDGAR ↗
Q4 2018$128M41Feb 12, 201913F-HRchanges · EDGAR ↗

13F filings are due up to 45 days after quarter end, so holdings shown here lag the fund’s current book. Source: original SEC filing on EDGAR ↗.