SEC 13F Intelligence

Managers / Q3 2020 · view latest →

HUTNER CAPITAL MANAGEMENT INC

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

Reported Value
$135M
Q3 2020
Positions
44
Filings on Record
30
2019–present window
Filed
Nov 13, 2020
original filing

Summary

Hutner Capital Management Inc reported $135M in U.S.-listed holdings across 44 positions for Q3 2020.

Its largest position, BRK/A, represents 13.1% of the portfolio.

Compared with Q2 2020, the fund opened 5 new positions and exited 0.

Portfolio Metrics

Turnover
+1.2%
vs prior filed quarter
Top-10 Concentration
+61.0%
share of reported value
Largest Position
+13.1%
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: 91.6%ADR: 4.3%REIT: 1.6%MLP: 1.6%Other: 0.9%
  • Common Stock · 91.6% · $123M
  • ADR · 4.3% · $6M
  • REIT · 1.6% · $2M
  • MLP · 1.6% · $2M
  • Other · 0.9% · $1M

Quarter-over-Quarter Changes full breakdown →

vs Q2 2020 (amended baseline)

IssuerMoveShare ΔShares nowValue ΔValue now
YUMYum Brands IncNEW+5.4K5.4K+$497,000$497,000
SHWSherwin-Williams Co.NEW+654654+$456,000$456,000
JPMJPMorgan Chase & CoNEW+4.3K4.3K+$410,000$410,000
AMTAmerican Tower Systems Corp ClNEW+1.0K1.0K+$249,000$249,000
GOOGAlphabet Inc Class CNEW+160160+$235,000$235,000
AAPLApple IncADDED+3.5K4.6K+$113,000$533,000
Unilever PLCADDED+9.5K20.6K+$663,000$1M
WFCWells Fargo & CoTRIMMED−44.9K17.2K−$1M$405,000

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

Holdings — Q3 2020

43 positions
Export to Excel
#IssuerClass% PortfolioValue ↓Shares
1BRK/ABerkshire Hathaway Inc Cl ACOM18.45%$25M34.0K
2PGProcter & Gamble Cohistory →COM6.45%$9M62.4K
3MCDMcDonald's Corphistory →COM6.17%$8M37.8K
4PEPPepsiCo Inchistory →COM5.79%$8M56.2K
5JNJJohnson & Johnsonhistory →COM5.48%$7M49.6K
6COSTCostco Whsl Corphistory →COM5.45%$7M20.7K
7KOCoca-Cola Companyhistory →COM5.38%$7M146.7K
84I1Philip Morris International Inhistory →COM4.24%$6M76.1K
9ABTAbbott Labshistory →COM3.59%$5M44.4K
10DGEDDiageo PLC Sponsored ADRhistory →ADR2.98%$4M29.1K
11MOAltria Group Inchistory →COM2.92%$4M101.6K
12QSRRestaurant Brands Internationahistory →COM2.66%$4M62.2K
13WMTWalmart Inchistory →COM2.53%$3M24.3K
14ABBVAbbVie Inchistory →COM2.49%$3M38.3K
15NSCNorfolk Southern Corphistory →COM2.26%$3M14.2K
16GPCGenuine Parts Cohistory →COM1.95%$3M27.5K
17VRSKVerisk Analyticshistory →COM1.90%$3M13.8K
18ENBEnbridge Inchistory →COM1.84%$2M84.6K
19AXPAmerican Express Companyhistory →COM1.77%$2M23.7K
20KHCKraft Heinz Cohistory →COM1.57%$2M70.4K
21UNPUnion Pacific Corphistory →COM1.50%$2M10.2K
22UPSUnited Parcel Svc Inc Cl Bhistory →COM1.45%$2M11.7K
23ORealty Income Corphistory →COM1.37%$2M30.4K
24FNVFranco-Nevada Corphistory →COM1.33%$2M12.8K
25EPDEnterprise Prods Partners LPhistory →COM1.12%$2M95.7K
26NVSNNovartis International AG ADRhistory →ADR1.08%$1M16.6K
27Unilever PLCADR0.95%$1M20.6K
28HSYHershey CompanyCOM0.91%$1M8.5K
29WEPMagellan Midstream Partners LPCOM0.43%$580,00017.0K
30EXPDExpeditors InternationalCOM0.40%$536,0005.9K
31AAPLApple IncCOM0.40%$533,0004.6K
32YUMYum Brands IncCOM0.37%$497,0005.4K
33SHWSherwin-Williams Co.COM0.34%$456,000654
34MDLZMondelez International IncCOM0.31%$411,0007.1K
35JPMJPMorgan Chase & CoCOM0.30%$410,0004.3K
36WFCWells Fargo & CoCOM0.30%$405,00017.2K
37BMTABritish American TobaccoADR0.30%$398,00011.0K
38WECWEC Energy Group IncCOM0.28%$371,0003.8K
39DUTMoody's CorpCOM0.23%$314,0001.1K
40KMIKinder Morgan IncCOM0.23%$303,00024.6K
41DISWalt Disney CompanyCOM0.20%$274,0002.2K
42AMTAmerican Tower Systems Corp ClCOM0.19%$249,0001.0K
43GOOGAlphabet Inc Class CCOM0.17%$235,000160

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 ↗.