SEC 13F Intelligence

Managers / Q2 2020 · view latest →

HUTNER CAPITAL MANAGEMENT INC

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

Reported Value
$118M
Q2 2020
Positions
39
Filings on Record
30
2019–present window
Filed
Aug 14, 2020
original filing

Summary

Hutner Capital Management Inc reported $118M in U.S.-listed holdings across 39 positions for Q2 2020.

Its largest position, BRK/A, represents 12.4% of the portfolio.

Compared with Q1 2020, the fund opened 0 new positions and exited 2.

Portfolio Metrics

Turnover
+2.1%
vs prior filed quarter
Top-10 Concentration
+60.5%
share of reported value
Largest Position
+12.4%
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: 91.3%ADR: 4.7%MLP: 2.0%REIT: 1.5%Other: 0.5%
  • Common Stock · 91.3% · $108M
  • ADR · 4.7% · $6M
  • MLP · 2.0% · $2M
  • REIT · 1.5% · $2M
  • Other · 0.5% · $610,000

Quarter-over-Quarter Changes full breakdown →

vs Q1 2020 (amended baseline)

IssuerMoveShare ΔShares nowValue ΔValue now
HSYHershey CompanyADDED+3.6K6.7K+$451,000$867,000
BUDAnheuser-Busch InBev SA/NVSOLD OUT−23.9K0−$1M$0
JPMJPMorgan Chase & CoSOLD OUT−3.3K0−$296,000$0
Unilever PLCADDED+4.5K11.1K+$276,000$610,000
ABBVAbbVie IncADDED+9.3K34.0K+$1M$3M
NVSNNovartis International AG ADRADDED+2.0K14.6K+$233,000$1M
NSCNorfolk Southern CorpTRIMMED−2.4K14.5K+$86,000$3M
UPSUnited Parcel Svc Inc Cl BADDED+93910.1K+$267,000$1M

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

Holdings — Q2 2020

38 positions
Export to Excel
#IssuerClass% PortfolioValue ↓Shares
1BRK/ABerkshire Hathaway Inc Cl ACOM17.55%$21M34.0K
2PGProcter & Gamble Cohistory →COM6.39%$8M63.2K
3PEPPepsiCo Inchistory →COM6.27%$7M56.1K
4MCDMcDonald's Corphistory →COM5.95%$7M38.2K
5JNJJohnson & Johnsonhistory →COM5.78%$7M48.6K
6KOCoca-Cola Companyhistory →COM5.42%$6M143.6K
7COSTCostco Whsl Corphistory →COM5.30%$6M20.7K
84I1Philip Morris International Inhistory →COM4.36%$5M73.6K
9ABTAbbott Labshistory →COM3.47%$4M44.9K
10MOAltria Group Inchistory →COM3.29%$4M99.3K
11DGEDDiageo PLC Sponsored ADRhistory →ADR3.22%$4M28.4K
12ABBVAbbVie Inchistory →COM2.83%$3M34.0K
13QSRRestaurant Brands Internationahistory →COM2.67%$3M57.9K
14WMTWalmart Inchistory →COM2.44%$3M24.1K
15NSCNorfolk Southern Corphistory →COM2.16%$3M14.5K
16VRSKVerisk Analyticshistory →COM1.98%$2M13.8K
17GPCGenuine Parts Cohistory →COM1.98%$2M26.9K
18ENBEnbridge Inchistory →COM1.95%$2M75.8K
19AXPAmerican Express Companyhistory →COM1.95%$2M24.2K
20KHCKraft Heinz Cohistory →COM1.68%$2M62.1K
21ORealty Income Corphistory →COM1.52%$2M30.2K
22EPDEnterprise Prods Partners LPhistory →COM1.46%$2M94.7K
23FNVFranco-Nevada Corphistory →COM1.42%$2M12.0K
24UNPUnion Pacific Corphistory →COM1.41%$2M9.8K
25WFCWells Fargo & Cohistory →COM1.34%$2M62.1K
26NVSNNovartis International AG ADRhistory →ADR1.08%$1M14.6K
27UPSUnited Parcel Svc Inc Cl BCOM0.95%$1M10.1K
28HSYHershey CompanyCOM0.73%$867,0006.7K
29WEPMagellan Midstream Partners LPCOM0.52%$615,00014.2K
30Unilever PLCADR0.52%$610,00011.1K
31BMTABritish American TobaccoADR0.36%$428,00011.0K
32AAPLApple IncCOM0.36%$420,0001.1K
33KMIKinder Morgan IncCOM0.35%$412,00027.2K
34MDLZMondelez International IncCOM0.31%$366,0007.1K
35EXPDExpeditors InternationalCOM0.30%$355,0004.7K
36WECWEC Energy Group IncCOM0.28%$335,0003.8K
37DUTMoody's CorpCOM0.25%$298,0001.1K
38DISWalt Disney CompanyCOM0.21%$246,0002.2K

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 ↗.