SEC 13F Intelligence

Managers / Q2 2023 · view latest →

HUTNER CAPITAL MANAGEMENT INC

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

Reported Value
$171M
Q2 2023
Positions
44
Filings on Record
30
2019–present window
Filed
Aug 14, 2023
original filing

Summary

Hutner Capital Management Inc reported $171M in U.S.-listed holdings across 44 positions for Q2 2023.

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

The book was largely unchanged from Q1 2023.

Portfolio Metrics

Turnover
+1.5%
vs prior filed quarter
Top-10 Concentration
+59.8%
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: 93.5%ADR: 2.7%MLP: 2.0%REIT: 1.8%
  • Common Stock · 93.5% · $160M
  • ADR · 2.7% · $5M
  • MLP · 2.0% · $3M
  • REIT · 1.8% · $3M

Quarter-over-Quarter Changes full breakdown →

vs Q1 2023 (amended baseline)

IssuerMoveShare ΔShares nowValue ΔValue now
ATVIEURActivision Blizzard IncTRIMMED−2.9K4.3K−$253,719$359,961
GOOGAlphabet Inc Class CADDED+1.7K7.7K+$307,245$932,597
QSRRestaurant Brands InternationaADDED+3.5K28.7K+$529,390$2M
ADIAnalog Devices IncADDED+1.4K12.8K+$249,462$2M
FNVFranco-Nevada CorpADDED+2.8K33.5K+$301,035$5M
BRK/BBerkshire Hathaway Inc Cl BADDED+2.5K35.0K+$2M$12M
WECWEC Energy Group IncADDED+2444.1K−$3,406$357,460
ORLYO'Reilly Automotive IncHELD+671.6K+$228,179$2M

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

Holdings — Q2 2023

43 positions
Export to Excel
#IssuerClass% PortfolioValue ↓Shares
1BRK/ABerkshire Hathaway Inc Cl ACOM22.72%$39M35.1K
2MCDMcDonald's Corphistory →COM5.39%$9M30.9K
3PEPPepsiCo Inchistory →COM5.22%$9M48.2K
4COSTCostco Whsl Corphistory →COM5.20%$9M16.5K
5KOCoca-Cola Companyhistory →COM4.81%$8M136.6K
6PGProcter & Gamble Cohistory →COM4.74%$8M53.4K
7JNJJohnson & Johnsonhistory →COM4.39%$8M45.4K
84I1Philip Morris International Inhistory →COM4.18%$7M73.3K
9ABBVAbbVie Inchistory →COM3.17%$5M40.3K
10FNVFranco-Nevada Corphistory →COM2.79%$5M33.5K
11ABTAbbott Labshistory →COM2.79%$5M43.8K
12MOAltria Group Inchistory →COM2.75%$5M103.9K
13DGEDDiageo PLC Sponsored ADRhistory →ADR2.58%$4M25.4K
14ENBEnbridge Inchistory →COM2.43%$4M111.8K
15AXPAmerican Express Companyhistory →COM2.38%$4M23.4K
16GPCGenuine Parts Cohistory →COM2.36%$4M23.8K
17WMTWalmart Inchistory →COM2.12%$4M23.1K
18AAPLApple Inchistory →COM1.91%$3M16.8K
19VRSKVerisk Analyticshistory →COM1.77%$3M13.4K
20UNPUnion Pacific Corphistory →COM1.64%$3M13.7K
21ADIAnalog Devices Inchistory →COM1.46%$2M12.8K
22EPDEnterprise Prods Partners LPhistory →COM1.40%$2M91.1K
23QSRRestaurant Brands Internationahistory →COM1.30%$2M28.7K
24HSYHershey Companyhistory →COM1.21%$2M8.3K
25ORealty Income Corphistory →COM1.17%$2M33.6K
26NSCNorfolk Southern Corphistory →COM1.01%$2M7.6K
27UPSUnited Parcel Svc Inc Cl BCOM0.94%$2M9.0K
28ORLYO'Reilly Automotive IncCOM0.90%$2M1.6K
29WEPMagellan Midstream Partners LPCOM0.63%$1M17.4K
30AMTAmerican Tower Systems Corp ClCOM0.62%$1M5.5K
31KHCKraft Heinz CoCOM0.56%$966,35727.2K
32EXPDExpeditors InternationalCOM0.56%$958,2767.9K
33GOOGAlphabet Inc Class CCOM0.55%$932,5977.7K
34WFCWells Fargo & CoCOM0.41%$699,31316.4K
35YUMYum Brands IncCOM0.40%$689,2475.0K
36SHWSherwin-Williams Co.COM0.32%$547,5972.1K
37ATVIEURActivision Blizzard IncCOM0.21%$359,9614.3K
38WECWEC Energy Group IncCOM0.21%$357,4604.1K
39DUTMoody's CorpCOM0.20%$342,156984
40MDLZMondelez International IncCOM0.18%$303,7954.2K
41BACVerizon Communications IncCOM0.15%$248,4946.7K
42NVSNNovartis International AG ADRADR0.13%$230,0292.3K
43UNHUnitedHealth Group IncCOM0.12%$207,636432

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 ↗.