SEC 13F Intelligence

Managers / Q4 2022 · view latest →

HUTNER CAPITAL MANAGEMENT INC

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

Reported Value
$161M
Q4 2022
Positions
44
Filings on Record
30
2019–present window
Filed
Feb 14, 2023
original filing

Summary

Hutner Capital Management Inc reported $161M in U.S.-listed holdings across 44 positions for Q4 2022.

Its largest position, BRK/A, represents 15.7% of the portfolio.

The book was largely unchanged from Q3 2022.

Portfolio Metrics

Turnover
+0.7%
vs prior filed quarter
Top-10 Concentration
+61.4%
share of reported value
Largest Position
+15.7%
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: 93.3%ADR: 2.9%REIT: 2.0%MLP: 1.9%
  • Common Stock · 93.3% · $151M
  • ADR · 2.9% · $5M
  • REIT · 2.0% · $3M
  • MLP · 1.9% · $3M

Quarter-over-Quarter Changes full breakdown →

vs Q3 2022 (amended baseline)

IssuerMoveShare ΔShares nowValue ΔValue now
AAPLApple IncADDED+4.8K13.8K+$550,335$2M
BACVerizon Communications IncTRIMMED−6.0K7.3K−$216,667$288,333
GOOGAlphabet Inc Class CTRIMMED−2.7K6.0K−$308,467$533,533
ADIAnalog Devices IncADDED+1.6K8.6K+$438,097$1M
NVSNNovartis International AG ADRTRIMMED−3682.4K+$7,551$217,551
ORealty Income CorpADDED+2.7K32.1K+$327,562$2M
ATVIEURActivision Blizzard IncADDED+6007.2K+$60,864$548,864
WEPMagellan Midstream Partners LPADDED+1.1K17.0K+$98,110$851,110

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

Holdings — Q4 2022

43 positions
Export to Excel
#IssuerClass% PortfolioValue ↓Shares
1BRK/ABerkshire Hathaway Inc Cl ACOM21.91%$35M32.6K
2KOCoca-Cola Companyhistory →COM5.47%$9M138.9K
3PEPPepsiCo Inchistory →COM5.40%$9M48.3K
4PGProcter & Gamble Cohistory →COM5.10%$8M54.3K
5MCDMcDonald's Corphistory →COM5.07%$8M31.1K
6JNJJohnson & Johnsonhistory →COM4.96%$8M45.3K
7COSTCostco Whsl Corphistory →COM4.73%$8M16.7K
84I1Philip Morris International Inhistory →COM4.71%$8M75.1K
9ABBVAbbVie Inchistory →COM4.02%$6M40.2K
10ABTAbbott Labshistory →COM3.05%$5M44.8K
11MOAltria Group Inchistory →COM3.02%$5M106.6K
12DGEDDiageo PLC Sponsored ADRhistory →ADR2.73%$4M24.8K
13ENBEnbridge Inchistory →COM2.70%$4M111.7K
14GPCGenuine Parts Cohistory →COM2.51%$4M23.3K
15FNVFranco-Nevada Corphistory →COM2.39%$4M28.3K
16AXPAmerican Express Companyhistory →COM2.14%$3M23.4K
17WMTWalmart Inchistory →COM2.09%$3M23.8K
18NSCNorfolk Southern Corphistory →COM1.71%$3M11.2K
19VRSKVerisk Analyticshistory →COM1.46%$2M13.4K
20EPDEnterprise Prods Partners LPhistory →COM1.36%$2M90.8K
21ORealty Income Corphistory →COM1.26%$2M32.1K
22UNPUnion Pacific Corphistory →COM1.22%$2M9.5K
23HSYHershey Companyhistory →COM1.19%$2M8.3K
24AAPLApple Inchistory →COM1.11%$2M13.8K
25UPSUnited Parcel Svc Inc Cl BCOM0.97%$2M9.0K
26QSRRestaurant Brands InternationaCOM0.87%$1M21.8K
27ADIAnalog Devices IncCOM0.87%$1M8.6K
28ORLYO'Reilly Automotive IncCOM0.73%$1M1.4K
29AMTAmerican Tower Systems Corp ClCOM0.72%$1M5.5K
30KHCKraft Heinz CoCOM0.69%$1M27.5K
31WEPMagellan Midstream Partners LPCOM0.53%$851,11017.0K
32EXPDExpeditors InternationalCOM0.51%$822,0887.9K
33WFCWells Fargo & CoCOM0.42%$678,58416.4K
34YUMYum Brands IncCOM0.39%$632,6824.9K
35ATVIEURActivision Blizzard IncCOM0.34%$548,8647.2K
36GOOGAlphabet Inc Class CCOM0.33%$533,5336.0K
37SHWSherwin-Williams Co.COM0.28%$457,5881.9K
38WECWEC Energy Group IncCOM0.22%$356,9443.8K
39BACVerizon Communications IncCOM0.18%$288,3337.3K
40MDLZMondelez International IncCOM0.17%$277,5974.2K
41DUTMoody's CorpCOM0.17%$275,834990
42UNHUnitedHealth Group IncCOM0.14%$229,038432
43NVSNNovartis International AG ADRADR0.13%$217,5512.4K

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 ↗.