SEC 13F Intelligence

Managers / Q3 2021 · view latest →

HUTNER CAPITAL MANAGEMENT INC

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

Reported Value
$153M
Q3 2021
Positions
45
Filings on Record
30
2019–present window
Filed
Nov 12, 2021
original filing

Summary

Hutner Capital Management Inc reported $153M in U.S.-listed holdings across 45 positions for Q3 2021.

Its largest position, BRK/A, represents 14.8% of the portfolio.

Compared with Q2 2021, the fund opened 0 new positions and exited 1.

Portfolio Metrics

Turnover
+1.9%
vs prior filed quarter
Top-10 Concentration
+59.3%
share of reported value
Largest Position
+14.8%
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: 92.1%ADR: 3.9%REIT: 1.8%MLP: 1.7%Other: 0.5%
  • Common Stock · 92.1% · $141M
  • ADR · 3.9% · $6M
  • REIT · 1.8% · $3M
  • MLP · 1.7% · $3M
  • Other · 0.5% · $793,000

Quarter-over-Quarter Changes full breakdown →

vs Q2 2021 (amended baseline)

IssuerMoveShare ΔShares nowValue ΔValue now
ADIAnalog Devices IncADDED+1.6K3.1K+$267,000$512,000
BMTABritish American TobaccoSOLD OUT−5.3K0−$208,000$0
NVSNNovartis International AG ADRTRIMMED−4.2K7.1K−$454,000$580,000
FNVFranco-Nevada CorpADDED+4.8K20.6K+$381,000$3M
QSRRestaurant Brands InternationaTRIMMED−13.9K41.3K−$1M$3M
ORLYO'Reilly Automotive IncADDED+1531.0K+$133,000$631,000
KHCKraft Heinz CoTRIMMED−8.6K41.5K−$514,000$2M
JPMJPMorgan Chase & CoTRIMMED−5233.4K−$53,000$563,000

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

Holdings — Q3 2021

44 positions
Export to Excel
#IssuerClass% PortfolioValue ↓Shares
1BRK/ABerkshire Hathaway Inc Cl ACOM20.42%$31M31.5K
2COSTCostco Whsl Corphistory →COM6.02%$9M20.5K
3PEPPepsiCo Inchistory →COM5.26%$8M53.4K
4PGProcter & Gamble Cohistory →COM5.11%$8M55.8K
5MCDMcDonald's Corphistory →COM4.98%$8M31.6K
6JNJJohnson & Johnsonhistory →COM4.77%$7M45.1K
7KOCoca-Cola Companyhistory →COM4.65%$7M135.6K
84I1Philip Morris International Inhistory →COM4.61%$7M74.4K
9DGEDDiageo PLC Sponsored ADRhistory →ADR3.49%$5M27.7K
10ABTAbbott Labshistory →COM3.24%$5M42.0K
11MOAltria Group Inchistory →COM2.99%$5M100.3K
12ABBVAbbVie Inchistory →COM2.84%$4M40.3K
13AXPAmerican Express Companyhistory →COM2.58%$4M23.5K
14ENBEnbridge Inchistory →COM2.41%$4M92.5K
15WMTWalmart Inchistory →COM2.17%$3M23.7K
16GPCGenuine Parts Cohistory →COM2.01%$3M25.4K
17NSCNorfolk Southern Corphistory →COM1.99%$3M12.7K
18VRSKVerisk Analyticshistory →COM1.79%$3M13.6K
19FNVFranco-Nevada Corphistory →COM1.75%$3M20.6K
20QSRRestaurant Brands Internationahistory →COM1.65%$3M41.3K
21BACVerizon Communications Inchistory →COM1.26%$2M35.8K
22UPSUnited Parcel Svc Inc Cl Bhistory →COM1.26%$2M10.6K
23EPDEnterprise Prods Partners LPhistory →COM1.24%$2M87.2K
24UNPUnion Pacific Corphistory →COM1.22%$2M9.5K
25ORealty Income Corphistory →COM1.18%$2M27.8K
26KHCKraft Heinz CoCOM1.00%$2M41.5K
27HSYHershey CompanyCOM0.93%$1M8.4K
28AAPLApple IncCOM0.66%$1M7.2K
29AMTAmerican Tower Systems Corp ClCOM0.64%$975,0003.7K
30EXPDExpeditors InternationalCOM0.63%$969,0008.1K
31GOOGAlphabet Inc Class CCOM0.58%$888,000333
32Unilever PLCADR0.52%$793,00014.6K
33WFCWells Fargo & CoCOM0.51%$777,00016.7K
34WEPMagellan Midstream Partners LPCOM0.48%$740,00016.2K
35YUMYum Brands IncCOM0.43%$663,0005.4K
36ORLYO'Reilly Automotive IncCOM0.41%$631,0001.0K
37NVSNNovartis International AG ADRADR0.38%$580,0007.1K
38JPMJPMorgan Chase & CoCOM0.37%$563,0003.4K
39SHWSherwin-Williams Co.COM0.35%$540,0001.9K
40ADIAnalog Devices IncCOM0.34%$512,0003.1K
41MDLZMondelez International IncCOM0.26%$402,0006.9K
42DUTMoody's CorpCOM0.24%$368,0001.0K
43WECWEC Energy Group IncCOM0.22%$336,0003.8K
44KMIKinder Morgan IncCOM0.13%$199,00011.9K

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 ↗.