SEC 13F Intelligence

Managers / Q4 2019 · view latest →

HUTNER CAPITAL MANAGEMENT INC

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

Reported Value
$145M
Q4 2019
Positions
43
Filings on Record
30
2019–present window
Filed
Jan 30, 2020
original filing

Summary

Hutner Capital Management Inc reported $145M in U.S.-listed holdings across 43 positions for Q4 2019.

Its largest position, BRK/A, represents 12.9% of the portfolio.

Compared with Q3 2019, the fund opened 2 new positions and exited 1.

Portfolio Metrics

Turnover
+4.9%
vs prior filed quarter
Top-10 Concentration
+59.9%
share of reported value
Largest Position
+12.9%
Berkshire Hathaway
New / Exited
2 / 1
positions this quarter

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: 89.0%ADR: 5.2%MLP: 2.4%REIT: 2.2%Other: 1.2%
  • Common Stock · 89.0% · $129M
  • ADR · 5.2% · $7M
  • MLP · 2.4% · $4M
  • REIT · 2.2% · $3M
  • Other · 1.2% · $2M

Quarter-over-Quarter Changes full breakdown →

vs Q3 2019 (amended baseline)

IssuerMoveShare ΔShares nowValue ΔValue now
QSRRestaurant Brands InternationaNEW+53.2K53.2K+$3M$3M
DISDisney Walt Company Holding CoNEW+2.2K2.2K+$314,000$314,000
Restaurant Brands InternationaSOLD OUT−52.1K0−$4M$0
UNPUnion Pacific CorpADDED+1.6K9.0K+$427,000$2M
BUDAnheuser-Busch Inbev SA/NVTRIMMED−5.6K27.9K−$897,000$2M
BAXBaxter InternationalTRIMMED−3452.7K−$40,000$227,000
NSCNorfolk Southern CorpTRIMMED−1.9K18.3K−$72,000$4M
Novartis ADRADDED+1.1K16.5K+$221,000$2M

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

Holdings — Q4 2019

42 positions
Export to Excel
#IssuerClass% PortfolioValue ↓Shares
1BRK/ABerkshire Hathaway Inc Cl ACOM18.45%$27M35.8K
2MCDMcDonald's Corphistory →COM6.19%$9M45.4K
3KOCoca-Cola Companyhistory →COM6.09%$9M159.8K
4PGProcter & Gamble Cohistory →COM5.95%$9M69.1K
5PEPPepsico Inchistory →COM5.91%$9M62.8K
6JNJJohnson & Johnsonhistory →COM5.31%$8M52.9K
7COSTCostco Whsl Corphistory →COM4.41%$6M21.8K
84I1Philip Morris International Inhistory →COM4.25%$6M72.4K
9MOAltria Group Inchistory →COM3.35%$5M97.4K
10DGEDDiageo PLC Sponsored ADR Newhistory →ADR3.25%$5M28.0K
11ABTAbbott Labshistory →COM2.75%$4M45.9K
12WFCWells Fargo & Cohistory →COM2.63%$4M70.8K
13AXPAmerican Express Companyhistory →COM2.59%$4M30.2K
14NSCNorfolk Southern Corphistory →COM2.45%$4M18.3K
15QSRRestaurant Brands Internationahistory →COM2.34%$3M53.2K
16WMTWal Mart Stores Inchistory →COM2.24%$3M27.4K
17GPCGenuine Parts Cohistory →COM2.02%$3M27.6K
18ENBEnbridge Inchistory →COM2.00%$3M72.9K
19EPDEnterprise Prods Partners LPhistory →COM1.83%$3M94.1K
20ORealty Income Corphistory →COM1.61%$2M31.8K
21BUDAnheuser-Busch Inbev SA/NVhistory →ADR1.58%$2M27.9K
22VRSKVerisk Analyticshistory →COM1.54%$2M15.0K
23ABBVAbbVie Inchistory →COM1.52%$2M24.8K
24KHCKraft Heinz Cohistory →COM1.32%$2M59.6K
25UNPUnion Pacific Corphistory →COM1.12%$2M9.0K
26Novartis ADRADR1.07%$2M16.5K
27UPSUnited Parcel Svc Inc Cl BCOM0.84%$1M10.4K
28FNVFranco-Nevada CorpCOM0.81%$1M11.4K
29WEPMagellan Midstream Partners LPCOM0.61%$889,00014.1K
30S76Store CapitalCOM0.58%$835,00022.4K
31KMIKinder Morgan IncCOM0.45%$659,00031.1K
32MDLZMondelez International IncCOM0.44%$645,00011.7K
33JPMJ.P. Morgan Chase & CoCOM0.43%$623,0004.5K
34BMTABritish American TobaccoADR0.32%$468,00011.0K
35HSYHershey Food CorpCOM0.29%$425,0002.9K
36EXPDExpeditors InternationalCOM0.25%$362,0004.6K
37WECWEC Energy Group IncCOM0.24%$353,0003.8K
38AAPLApple Computer IncCOM0.23%$338,0001.1K
39DISDisney Walt Company Holding CoCOM0.22%$314,0002.2K
40DUTMoodys CorpCOM0.18%$258,0001.1K
41Unilever PLCADR0.17%$252,0004.4K
42BAXBaxter InternationalCOM0.16%$227,0002.7K

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 ↗.