SEC 13F Intelligence

Managers / Q1 2023 · view latest →

HUTNER CAPITAL MANAGEMENT INC

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

Reported Value
$164M
Q1 2023
Positions
44
Filings on Record
30
2019–present window
Filed
May 15, 2023
original filing

Summary

Hutner Capital Management Inc reported $164M in U.S.-listed holdings across 44 positions for Q1 2023.

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

The book was largely unchanged from Q4 2022.

Portfolio Metrics

Turnover
+2.4%
vs prior filed quarter
Top-10 Concentration
+59.9%
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: 93.1%ADR: 2.9%MLP: 2.0%REIT: 2.0%
  • Common Stock · 93.1% · $153M
  • ADR · 2.9% · $5M
  • MLP · 2.0% · $3M
  • REIT · 2.0% · $3M

Quarter-over-Quarter Changes full breakdown →

vs Q4 2022 (amended baseline)

IssuerMoveShare ΔShares nowValue ΔValue now
UNPUnion Pacific CorpADDED+4.1K13.6K+$760,677$3M
ADIAnalog Devices IncADDED+2.8K11.4K+$836,885$2M
NSCNorfolk Southern CorpTRIMMED−3.6K7.6K−$1M$2M
AAPLApple IncADDED+3.0K16.8K+$978,790$3M
QSRRestaurant Brands InternationaADDED+3.5K25.2K+$286,209$2M
ORLYO'Reilly Automotive IncADDED+1521.5K+$136,189$1M
FNVFranco-Nevada CorpADDED+2.4K30.7K+$615,268$4M
BACVerizon Communications IncTRIMMED−4736.8K−$22,140$266,193

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

Holdings — Q1 2023

43 positions
Export to Excel
#IssuerClass% PortfolioValue ↓Shares
1BRK/ABerkshire Hathaway Inc Cl ACOM21.41%$35M32.6K
2PEPPepsiCo Inchistory →COM5.39%$9M48.6K
3MCDMcDonald's Corphistory →COM5.29%$9M31.1K
4KOCoca-Cola Companyhistory →COM5.23%$9M138.7K
5COSTCostco Whsl Corphistory →COM5.05%$8M16.7K
6PGProcter & Gamble Cohistory →COM4.93%$8M54.5K
74I1Philip Morris International Inhistory →COM4.42%$7M74.8K
8JNJJohnson & Johnsonhistory →COM4.29%$7M45.5K
9ABBVAbbVie Inchistory →COM3.91%$6M40.3K
10MOAltria Group Inchistory →COM2.88%$5M106.2K
11DGEDDiageo PLC Sponsored ADRhistory →ADR2.79%$5M25.3K
12ABTAbbott Labshistory →COM2.76%$5M44.8K
13FNVFranco-Nevada Corphistory →COM2.72%$4M30.7K
14ENBEnbridge Inchistory →COM2.60%$4M111.8K
15GPCGenuine Parts Cohistory →COM2.43%$4M23.9K
16AXPAmerican Express Companyhistory →COM2.35%$4M23.4K
17WMTWalmart Inchistory →COM2.14%$4M23.8K
18AAPLApple Inchistory →COM1.69%$3M16.8K
19UNPUnion Pacific Corphistory →COM1.66%$3M13.6K
20VRSKVerisk Analyticshistory →COM1.56%$3M13.4K
21EPDEnterprise Prods Partners LPhistory →COM1.44%$2M91.1K
22ADIAnalog Devices Inchistory →COM1.36%$2M11.4K
23ORealty Income Corphistory →COM1.29%$2M33.6K
24HSYHershey Companyhistory →COM1.29%$2M8.3K
25UPSUnited Parcel Svc Inc Cl Bhistory →COM1.06%$2M9.0K
26QSRRestaurant Brands Internationahistory →COM1.03%$2M25.2K
27NSCNorfolk Southern CorpCOM0.98%$2M7.6K
28ORLYO'Reilly Automotive IncCOM0.80%$1M1.5K
29AMTAmerican Tower Systems Corp ClCOM0.68%$1M5.5K
30KHCKraft Heinz CoCOM0.65%$1M27.4K
31WEPMagellan Midstream Partners LPCOM0.56%$919,76117.0K
32EXPDExpeditors InternationalCOM0.53%$871,1357.9K
33YUMYum Brands IncCOM0.40%$659,0145.0K
34GOOGAlphabet Inc Class CCOM0.38%$625,3526.0K
35ATVIEURActivision Blizzard IncCOM0.37%$613,6807.2K
36WFCWells Fargo & CoCOM0.37%$612,46316.4K
37SHWSherwin-Williams Co.COM0.28%$455,0502.0K
38WECWEC Energy Group IncCOM0.22%$360,8663.8K
39DUTMoody's CorpCOM0.18%$302,960990
40MDLZMondelez International IncCOM0.18%$290,3844.2K
41BACVerizon Communications IncCOM0.16%$266,1936.8K
42NVSNNovartis International AG ADRADR0.13%$209,7182.3K
43UNHUnitedHealth Group IncCOM0.12%$204,159432

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 ↗.