SEC 13F Intelligence

Managers / Q4 2020 · view latest →

HUTNER CAPITAL MANAGEMENT INC

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

Reported Value
$144M
Q4 2020
Positions
43
Filings on Record
30
2019–present window
Filed
Feb 16, 2021
original filing

Summary

Hutner Capital Management Inc reported $144M in U.S.-listed holdings across 43 positions for Q4 2020.

Its largest position, BRK/A, represents 13.3% of the portfolio.

Compared with Q3 2020, the fund opened 0 new positions and exited 1.

Portfolio Metrics

Turnover
+0.8%
vs prior filed quarter
Top-10 Concentration
+60.2%
share of reported value
Largest Position
+13.3%
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: 91.1%ADR: 4.6%MLP: 1.8%REIT: 1.6%Other: 0.9%
  • Common Stock · 91.1% · $131M
  • ADR · 4.6% · $7M
  • MLP · 1.8% · $3M
  • REIT · 1.6% · $2M
  • Other · 0.9% · $1M

Quarter-over-Quarter Changes full breakdown →

vs Q3 2020 (amended baseline)

IssuerMoveShare ΔShares nowValue ΔValue now
DISWalt Disney CompanySOLD OUT−2.2K0−$274,000$0
AMTAmerican Tower Systems Corp ClADDED+9732.0K+$201,000$450,000
GOOGAlphabet Inc Class CADDED+59219+$149,000$384,000
KHCKraft Heinz CoTRIMMED−15.5K54.9K−$207,000$2M
EXPDExpeditors InternationalADDED+1.2K7.1K+$144,000$680,000
KMIKinder Morgan IncTRIMMED−4.8K19.8K−$33,000$270,000
FNVFranco-Nevada CorpADDED+1.5K14.3K+$0$2M
BMTABritish American TobaccoTRIMMED−71510.3K−$12,000$386,000

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

Holdings — Q4 2020

42 positions
Export to Excel
#IssuerClass% PortfolioValue ↓Shares
1BRK/ABerkshire Hathaway Inc Cl ACOM18.77%$27M33.8K
2PGProcter & Gamble Cohistory →COM5.86%$8M60.5K
3PEPPepsiCo Inchistory →COM5.75%$8M55.7K
4MCDMcDonald's Corphistory →COM5.58%$8M37.4K
5KOCoca-Cola Companyhistory →COM5.57%$8M146.0K
6JNJJohnson & Johnsonhistory →COM5.51%$8M50.3K
7COSTCostco Whsl Corphistory →COM5.39%$8M20.6K
84I1Philip Morris International Inhistory →COM4.39%$6M76.1K
9ABTAbbott Labshistory →COM3.38%$5M44.4K
10DGEDDiageo PLC Sponsored ADRhistory →ADR3.21%$5M29.0K
11MOAltria Group Inchistory →COM2.89%$4M101.3K
12ABBVAbbVie Inchistory →COM2.87%$4M38.4K
13QSRRestaurant Brands Internationahistory →COM2.64%$4M62.1K
14WMTWalmart Inchistory →COM2.44%$4M24.3K
15NSCNorfolk Southern Corphistory →COM2.31%$3M14.0K
16AXPAmerican Express Companyhistory →COM1.99%$3M23.7K
17VRSKVerisk Analyticshistory →COM1.98%$3M13.7K
18ENBEnbridge Inchistory →COM1.96%$3M88.2K
19GPCGenuine Parts Cohistory →COM1.92%$3M27.4K
20UNPUnion Pacific Corphistory →COM1.48%$2M10.2K
21UPSUnited Parcel Svc Inc Cl Bhistory →COM1.37%$2M11.7K
22KHCKraft Heinz Cohistory →COM1.32%$2M54.9K
23ORealty Income Corphistory →COM1.31%$2M30.3K
24EPDEnterprise Prods Partners LPhistory →COM1.30%$2M95.3K
25FNVFranco-Nevada Corphistory →COM1.24%$2M14.3K
26NVSNNovartis International AG ADRhistory →ADR1.08%$2M16.5K
27HSYHershey CompanyCOM0.90%$1M8.5K
28Unilever PLCADR0.88%$1M21.0K
29WEPMagellan Midstream Partners LPCOM0.51%$737,00017.4K
30EXPDExpeditors InternationalCOM0.47%$680,0007.1K
31AAPLApple IncCOM0.42%$610,0004.6K
32YUMYum Brands IncCOM0.41%$596,0005.5K
33JPMJPMorgan Chase & CoCOM0.38%$541,0004.3K
34WFCWells Fargo & CoCOM0.36%$520,00017.2K
35SHWSherwin-Williams Co.COM0.33%$481,000654
36AMTAmerican Tower Systems Corp ClCOM0.31%$450,0002.0K
37MDLZMondelez International IncCOM0.29%$418,0007.1K
38BMTABritish American TobaccoADR0.27%$386,00010.3K
39GOOGAlphabet Inc Class CCOM0.27%$384,000219
40WECWEC Energy Group IncCOM0.25%$352,0003.8K
41DUTMoody's CorpCOM0.22%$315,0001.1K
42KMIKinder Morgan IncCOM0.19%$270,00019.8K

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 ↗.