SEC 13F Intelligence

Managers / Q1 2020 · view latest →

HUTNER CAPITAL MANAGEMENT INC

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

Reported Value
$109M
Q1 2020
Positions
41
Filings on Record
30
2019–present window
Filed
May 13, 2020
original filing

Summary

Hutner Capital Management Inc reported $109M in U.S.-listed holdings across 41 positions for Q1 2020.

Its largest position, BRK/A, represents 13.7% of the portfolio.

Compared with Q4 2019, the fund opened 1 new position and exited 3.

Portfolio Metrics

Turnover
+0.9%
vs prior filed quarter
Top-10 Concentration
+63.2%
share of reported value
Largest Position
+13.7%
Berkshire Hathaway
New / Exited
1 / 3
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: 91.1%ADR: 5.4%MLP: 1.7%REIT: 1.4%Other: 0.3%
  • Common Stock · 91.1% · $100M
  • ADR · 5.4% · $6M
  • MLP · 1.7% · $2M
  • REIT · 1.4% · $2M
  • Other · 0.3% · $334,000

Quarter-over-Quarter Changes full breakdown →

vs Q4 2019 (amended baseline)

IssuerMoveShare ΔShares nowValue ΔValue now
NVSNNovartis International AG ADRNEW+12.6K12.6K+$1M$1M
Novartis ADRSOLD OUT−16.5K0−$2M$0
S76Store CapitalSOLD OUT−22.4K0−$835,000$0
BAXBaxter InternationalSOLD OUT−2.7K0−$227,000$0
Unilever PLCADDED+2.2K6.6K+$82,000$334,000
MDLZMondelez International IncTRIMMED−3.9K7.8K−$256,000$389,000
JPMJPMorgan Chase & CoTRIMMED−1.2K3.3K−$327,000$296,000
WMTWalmart IncTRIMMED−4.1K23.3K−$607,000$3M

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

Holdings — Q1 2020

40 positions
Export to Excel
#IssuerClass% PortfolioValue ↓Shares
1BRK/ABerkshire Hathaway Inc Cl ACOM19.42%$21M34.5K
2PGProcter & Gamble Cohistory →COM6.33%$7M63.0K
3PEPPepsiCo Inchistory →COM6.13%$7M55.9K
4MCDMcDonald's Corphistory →COM6.01%$7M39.8K
5JNJJohnson & Johnsonhistory →COM5.83%$6M48.7K
6KOCoca-Cola Companyhistory →COM5.76%$6M142.4K
7COSTCostco Whsl Corphistory →COM5.38%$6M20.7K
84I1Philip Morris International Inhistory →COM4.84%$5M72.6K
9MOAltria Group Inchistory →COM3.48%$4M98.5K
10ABTAbbott Labshistory →COM3.24%$4M45.0K
11DGEDDiageo PLC Sponsored ADRhistory →ADR3.18%$3M27.4K
12WMTWalmart Inchistory →COM2.41%$3M23.3K
13NSCNorfolk Southern Corphistory →COM2.25%$2M16.9K
14AXPAmerican Express Companyhistory →COM2.09%$2M26.8K
15QSRRestaurant Brands Internationahistory →COM1.98%$2M54.2K
16ENBEnbridge Inchistory →COM1.90%$2M71.5K
17VRSKVerisk Analyticshistory →COM1.82%$2M14.3K
18WFCWells Fargo & Cohistory →COM1.79%$2M68.2K
19ABBVAbbVie Inchistory →COM1.73%$2M24.8K
20GPCGenuine Parts Cohistory →COM1.65%$2M26.9K
21ORealty Income Corphistory →COM1.43%$2M31.4K
22KHCKraft Heinz Cohistory →COM1.34%$1M59.4K
23EPDEnterprise Prods Partners LPhistory →COM1.23%$1M94.2K
24UNPUnion Pacific Corphistory →COM1.22%$1M9.4K
25FNVFranco-Nevada Corphistory →COM1.09%$1M12.0K
26BUDAnheuser-Busch InBev SA/NVADR0.96%$1M23.9K
27NVSNNovartis International AG ADRADR0.95%$1M12.6K
28UPSUnited Parcel Svc Inc Cl BCOM0.78%$856,0009.2K
29WEPMagellan Midstream Partners LPCOM0.47%$516,00014.1K
30HSYHershey CompanyCOM0.38%$416,0003.1K
31KMIKinder Morgan IncCOM0.38%$412,00029.6K
32MDLZMondelez International IncCOM0.36%$389,0007.8K
33BMTABritish American TobaccoADR0.34%$377,00011.0K
34WECWEC Energy Group IncCOM0.31%$337,0003.8K
35Unilever PLCADR0.31%$334,0006.6K
36EXPDExpeditors InternationalCOM0.28%$311,0004.7K
37JPMJPMorgan Chase & CoCOM0.27%$296,0003.3K
38AAPLApple IncCOM0.27%$292,0001.1K
39DUTMoody's CorpCOM0.21%$229,0001.1K
40DISWalt Disney CompanyCOM0.19%$213,0002.2K

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 ↗.