SEC 13F Intelligence

Managers / Q4 2021 · view latest →

HUTNER CAPITAL MANAGEMENT INC

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

Reported Value
$171M
Q4 2021
Positions
46
Filings on Record
30
2019–present window
Filed
Feb 11, 2022
original filing

Summary

Hutner Capital Management Inc reported $171M in U.S.-listed holdings across 46 positions for Q4 2021.

Its largest position, BRK/A, represents 14.5% of the portfolio.

Compared with Q3 2021, the fund opened 1 new position and exited 0.

Portfolio Metrics

Turnover
+0.6%
vs prior filed quarter
Top-10 Concentration
+59.0%
share of reported value
Largest Position
+14.5%
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: 92.2%ADR: 3.9%REIT: 2.0%MLP: 1.6%Other: 0.4%
  • Common Stock · 92.2% · $158M
  • ADR · 3.9% · $7M
  • REIT · 2.0% · $3M
  • MLP · 1.6% · $3M
  • Other · 0.4% · $734,000

Quarter-over-Quarter Changes full breakdown →

vs Q3 2021 (amended baseline)

IssuerMoveShare ΔShares nowValue ΔValue now
UNHUnitedHealth Group IncNEW+400400+$201,000$201,000
ADIAnalog Devices IncADDED+3.5K6.6K+$645,000$1M
ORLYO'Reilly Automotive IncADDED+2991.3K+$309,000$940,000
AMTAmerican Tower Systems Corp ClADDED+8734.5K+$355,000$1M
FNVFranco-Nevada CorpADDED+4.5K25.2K+$797,000$3M
AAPLApple IncADDED+1.1K8.2K+$450,000$1M
KHCKraft Heinz CoTRIMMED−6.2K35.3K−$261,000$1M
QSRRestaurant Brands InternationaTRIMMED−5.7K35.6K−$366,000$2M

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

Holdings — Q4 2021

45 positions
Export to Excel
#IssuerClass% PortfolioValue ↓Shares
1BRK/ABerkshire Hathaway Inc Cl ACOM19.93%$34M31.3K
2COSTCostco Whsl Corphistory →COM6.70%$11M20.2K
3PEPPepsiCo Inchistory →COM5.39%$9M53.1K
4PGProcter & Gamble Cohistory →COM5.28%$9M55.3K
5MCDMcDonald's Corphistory →COM4.92%$8M31.4K
6KOCoca-Cola Companyhistory →COM4.72%$8M136.4K
7JNJJohnson & Johnsonhistory →COM4.47%$8M44.8K
84I1Philip Morris International Inhistory →COM4.10%$7M73.9K
9DGEDDiageo PLC Sponsored ADRhistory →ADR3.53%$6M27.4K
10ABTAbbott Labshistory →COM3.45%$6M41.9K
11ABBVAbbVie Inchistory →COM3.15%$5M39.9K
12MOAltria Group Inchistory →COM2.80%$5M101.0K
13AXPAmerican Express Companyhistory →COM2.24%$4M23.5K
14NSCNorfolk Southern Corphistory →COM2.19%$4M12.6K
15ENBEnbridge Inchistory →COM2.18%$4M95.3K
16GPCGenuine Parts Cohistory →COM2.08%$4M25.4K
17WMTWalmart Inchistory →COM2.04%$4M24.2K
18FNVFranco-Nevada Corphistory →COM2.03%$3M25.2K
19VRSKVerisk Analyticshistory →COM1.82%$3M13.6K
20UNPUnion Pacific Corphistory →COM1.39%$2M9.5K
21UPSUnited Parcel Svc Inc Cl Bhistory →COM1.31%$2M10.5K
22QSRRestaurant Brands Internationahistory →COM1.26%$2M35.6K
23ORealty Income Corphistory →COM1.18%$2M28.2K
24EPDEnterprise Prods Partners LPhistory →COM1.15%$2M89.7K
25BACVerizon Communications Inchistory →COM1.10%$2M36.3K
26HSYHershey CompanyCOM0.95%$2M8.4K
27AAPLApple IncCOM0.85%$1M8.2K
28AMTAmerican Tower Systems Corp ClCOM0.78%$1M4.5K
29KHCKraft Heinz CoCOM0.74%$1M35.3K
30EXPDExpeditors InternationalCOM0.69%$1M8.8K
31ADIAnalog Devices IncCOM0.68%$1M6.6K
32GOOGAlphabet Inc Class CCOM0.56%$964,000333
33ORLYO'Reilly Automotive IncCOM0.55%$940,0001.3K
34YUMYum Brands IncCOM0.48%$820,0005.9K
35WFCWells Fargo & CoCOM0.47%$803,00016.7K
36WEPMagellan Midstream Partners LPCOM0.44%$754,00016.2K
37Unilever PLCADR0.43%$734,00013.7K
38SHWSherwin-Williams Co.COM0.40%$680,0001.9K
39NVSNNovartis International AG ADRADR0.33%$572,0006.5K
40JPMJPMorgan Chase & CoCOM0.32%$545,0003.4K
41MDLZMondelez International IncCOM0.27%$457,0006.9K
42DUTMoody's CorpCOM0.23%$402,0001.0K
43WECWEC Energy Group IncCOM0.22%$370,0003.8K
44UNHUnitedHealth Group IncCOM0.12%$201,000400
45KMIKinder Morgan IncCOM0.11%$189,00011.9K

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 ↗.