SEC 13F Intelligence

Managers / Q3 2022 · view latest →

HUTNER CAPITAL MANAGEMENT INC

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

Reported Value
$143M
Q3 2022
Positions
44
Filings on Record
30
2019–present window
Filed
Nov 14, 2022
original filing

Summary

Hutner Capital Management Inc reported $143M in U.S.-listed holdings across 44 positions for Q3 2022.

Its largest position, BRK/A, represents 15.3% of the portfolio.

Compared with Q2 2022, the fund opened 1 new position and exited 0.

Portfolio Metrics

Turnover
+1.0%
vs prior filed quarter
Top-10 Concentration
+60.9%
share of reported value
Largest Position
+15.3%
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: 92.8%ADR: 3.2%MLP: 2.0%REIT: 2.0%
  • Common Stock · 92.8% · $133M
  • ADR · 3.2% · $5M
  • MLP · 2.0% · $3M
  • REIT · 2.0% · $3M

Quarter-over-Quarter Changes full breakdown →

vs Q2 2022 (amended baseline)

IssuerMoveShare ΔShares nowValue ΔValue now
ATVIEURActivision Blizzard IncNEW+6.6K6.6K+$488,000$488,000
GOOGAlphabet Inc Class CADDED+8.4K8.8K+$129,000$842,000
NVSNNovartis International AG ADRTRIMMED−1.9K2.8K−$183,000$210,000
BACVerizon Communications IncTRIMMED−8.7K13.3K−$614,000$505,000
UPSUnited Parcel Svc Inc Cl BTRIMMED−1.5K8.9K−$468,000$1M
AMTAmerican Tower Systems Corp ClADDED+5595.2K−$69,000$1M
EXPDExpeditors InternationalTRIMMED−7038.1K−$143,000$714,000
UNHUnitedHealth Group IncADDED+32432+$13,000$218,000

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

Holdings — Q3 2022

43 positions
Export to Excel
#IssuerClass% PortfolioValue ↓Shares
1BRK/ABerkshire Hathaway Inc Cl ACOM21.33%$31M32.1K
2COSTCostco Whsl Corphistory →COM5.70%$8M17.2K
3PEPPepsiCo Inchistory →COM5.58%$8M48.9K
4KOCoca-Cola Companyhistory →COM5.37%$8M137.1K
5JNJJohnson & Johnsonhistory →COM5.13%$7M44.9K
6MCDMcDonald's Corphistory →COM5.05%$7M31.3K
7PGProcter & Gamble Cohistory →COM4.74%$7M53.7K
84I1Philip Morris International Inhistory →COM4.28%$6M73.7K
9ABBVAbbVie Inchistory →COM3.73%$5M39.7K
10DGEDDiageo PLC Sponsored ADRhistory →ADR3.06%$4M25.8K
11ABTAbbott Labshistory →COM2.92%$4M43.2K
12MOAltria Group Inchistory →COM2.92%$4M103.3K
13ENBEnbridge Inchistory →COM2.79%$4M106.9K
14GPCGenuine Parts Cohistory →COM2.45%$4M23.5K
15FNVFranco-Nevada Corphistory →COM2.30%$3M27.6K
16AXPAmerican Express Companyhistory →COM2.21%$3M23.4K
17WMTWalmart Inchistory →COM2.18%$3M24.1K
18NSCNorfolk Southern Corphistory →COM1.66%$2M11.3K
19VRSKVerisk Analyticshistory →COM1.61%$2M13.5K
20EPDEnterprise Prods Partners LPhistory →COM1.51%$2M90.8K
21HSYHershey Companyhistory →COM1.28%$2M8.3K
22UNPUnion Pacific Corphistory →COM1.26%$2M9.3K
23ORealty Income Corphistory →COM1.20%$2M29.4K
24UPSUnited Parcel Svc Inc Cl Bhistory →COM1.01%$1M8.9K
25AAPLApple IncCOM0.87%$1M9.0K
26QSRRestaurant Brands InternationaCOM0.78%$1M21.0K
27AMTAmerican Tower Systems Corp ClCOM0.77%$1M5.2K
28ORLYO'Reilly Automotive IncCOM0.69%$983,0001.4K
29ADIAnalog Devices IncCOM0.67%$965,0006.9K
30KHCKraft Heinz CoCOM0.66%$941,00028.2K
31GOOGAlphabet Inc Class CCOM0.59%$842,0008.8K
32WEPMagellan Midstream Partners LPCOM0.53%$753,00015.9K
33EXPDExpeditors InternationalCOM0.50%$714,0008.1K
34WFCWells Fargo & CoCOM0.46%$661,00016.4K
35YUMYum Brands IncCOM0.37%$525,0004.9K
36BACVerizon Communications IncCOM0.35%$505,00013.3K
37ATVIEURActivision Blizzard IncCOM0.34%$488,0006.6K
38SHWSherwin-Williams Co.COM0.28%$395,0001.9K
39WECWEC Energy Group IncCOM0.24%$340,0003.8K
40DUTMoody's CorpCOM0.17%$244,0001.0K
41MDLZMondelez International IncCOM0.16%$228,0004.2K
42UNHUnitedHealth Group IncCOM0.15%$218,000432
43NVSNNovartis International AG ADRADR0.15%$210,0002.8K

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 ↗.