SEC 13F Intelligence

Managers / Q1 2022 · view latest →

HUTNER CAPITAL MANAGEMENT INC

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

Reported Value
$175M
Q1 2022
Positions
45
Filings on Record
30
2019–present window
Filed
May 13, 2022
original filing

Summary

Hutner Capital Management Inc reported $175M in U.S.-listed holdings across 45 positions for Q1 2022.

Its largest position, BRK/A, represents 16.6% of the portfolio.

Compared with Q4 2021, the fund opened 0 new positions and exited 1.

Portfolio Metrics

Turnover
+4.0%
vs prior filed quarter
Top-10 Concentration
+60.2%
share of reported value
Largest Position
+16.6%
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: 93.0%ADR: 3.4%REIT: 1.8%MLP: 1.8%
  • Common Stock · 93.0% · $163M
  • ADR · 3.4% · $6M
  • REIT · 1.8% · $3M
  • MLP · 1.8% · $3M

Quarter-over-Quarter Changes full breakdown →

vs Q4 2021 (amended baseline)

IssuerMoveShare ΔShares nowValue ΔValue now
Unilever PLCSOLD OUT−13.7K0−$734,000$0
JPMJPMorgan Chase & CoTRIMMED−5422.9K−$150,000$395,000
MDLZMondelez International IncTRIMMED−7906.1K−$74,000$383,000
KHCKraft Heinz CoTRIMMED−3.3K31.9K−$8,000$1M
QSRRestaurant Brands InternationaTRIMMED−2.8K32.8K−$245,000$2M
ADIAnalog Devices IncADDED+3907.0K−$5,000$1M
NVSNNovartis International AG ADRTRIMMED−3846.2K−$31,000$541,000
FNVFranco-Nevada CorpHELD+1.2K26.3K+$722,000$4M

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

Holdings — Q1 2022

44 positions
Export to Excel
#IssuerClass% PortfolioValue ↓Shares
1BRK/ABerkshire Hathaway Inc Cl ACOM22.76%$40M30.6K
2COSTCostco Whsl Corphistory →COM6.39%$11M19.4K
3PEPPepsiCo Inchistory →COM4.95%$9M51.8K
4KOCoca-Cola Companyhistory →COM4.81%$8M136.1K
5PGProcter & Gamble Cohistory →COM4.73%$8M54.2K
6JNJJohnson & Johnsonhistory →COM4.53%$8M44.8K
7MCDMcDonald's Corphistory →COM4.41%$8M31.2K
84I1Philip Morris International Inhistory →COM3.96%$7M73.9K
9ABBVAbbVie Inchistory →COM3.68%$6M39.7K
10DGEDDiageo PLC Sponsored ADRhistory →ADR3.06%$5M26.4K
11MOAltria Group Inchistory →COM3.01%$5M100.9K
12ABTAbbott Labshistory →COM2.82%$5M41.8K
13ENBEnbridge Inchistory →COM2.55%$4M97.0K
14AXPAmerican Express Companyhistory →COM2.50%$4M23.4K
15FNVFranco-Nevada Corphistory →COM2.40%$4M26.3K
16WMTWalmart Inchistory →COM2.07%$4M24.3K
17NSCNorfolk Southern Corphistory →COM2.00%$4M12.3K
18GPCGenuine Parts Cohistory →COM1.81%$3M25.2K
19VRSKVerisk Analyticshistory →COM1.67%$3M13.6K
20UNPUnion Pacific Corphistory →COM1.47%$3M9.4K
21EPDEnterprise Prods Partners LPhistory →COM1.33%$2M90.4K
22UPSUnited Parcel Svc Inc Cl Bhistory →COM1.28%$2M10.4K
23ORealty Income Corphistory →COM1.15%$2M29.1K
24QSRRestaurant Brands Internationahistory →COM1.09%$2M32.8K
25BACVerizon Communications Inchistory →COM1.09%$2M37.4K
26HSYHershey Companyhistory →COM1.04%$2M8.4K
27AAPLApple IncCOM0.85%$1M8.5K
28KHCKraft Heinz CoCOM0.72%$1M31.9K
29AMTAmerican Tower Systems Corp ClCOM0.66%$1M4.6K
30ADIAnalog Devices IncCOM0.66%$1M7.0K
31GOOGAlphabet Inc Class CCOM0.53%$930,000333
32ORLYO'Reilly Automotive IncCOM0.52%$912,0001.3K
33EXPDExpeditors InternationalCOM0.52%$907,0008.8K
34WFCWells Fargo & CoCOM0.46%$811,00016.7K
35WEPMagellan Midstream Partners LPCOM0.45%$797,00016.2K
36YUMYum Brands IncCOM0.40%$700,0005.9K
37NVSNNovartis International AG ADRADR0.31%$541,0006.2K
38SHWSherwin-Williams Co.COM0.28%$483,0001.9K
39JPMJPMorgan Chase & CoCOM0.23%$395,0002.9K
40MDLZMondelez International IncCOM0.22%$383,0006.1K
41WECWEC Energy Group IncCOM0.22%$380,0003.8K
42DUTMoody's CorpCOM0.20%$342,0001.0K
43KMIKinder Morgan IncCOM0.12%$215,00011.3K
44UNHUnitedHealth Group IncCOM0.12%$204,000400

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 ↗.