SEC 13F Intelligence

Managers / Q4 2023 · view latest →

HUTNER CAPITAL MANAGEMENT INC

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

Reported Value
$170M
Q4 2023
Positions
44
Filings on Record
30
2019–present window
Filed
Feb 14, 2024
original filing

Summary

Hutner Capital Management Inc reported $170M in U.S.-listed holdings across 44 positions for Q4 2023.

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

Compared with Q3 2023, the fund opened 0 new positions and exited 1.

Portfolio Metrics

Turnover
+1.7%
vs prior filed quarter
Top-10 Concentration
+60.7%
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: 94.4%ADR: 2.3%REIT: 1.9%MLP: 1.4%
  • Common Stock · 94.4% · $160M
  • ADR · 2.3% · $4M
  • REIT · 1.9% · $3M
  • MLP · 1.4% · $2M

Quarter-over-Quarter Changes full breakdown →

vs Q3 2023 (amended baseline)

IssuerMoveShare ΔShares nowValue ΔValue now
ATVIEURActivision Blizzard IncSOLD OUT−2.5K0−$238,756$0
GOOGAlphabet Inc Class CADDED+5.7K17.2K+$909,321$2M
OKEOneok, IncADDED+4.5K16.1K+$392,722$1M
UPSUnited Parcel Svc Inc Cl BTRIMMED−3.3K5.6K−$504,197$882,855
KHCKraft Heinz CoTRIMMED−6.9K17.7K−$171,814$655,066
QSRRestaurant Brands InternationaTRIMMED−5.6K23.2K−$103,695$2M
WECWEC Energy Group IncADDED+7365.4K+$78,931$456,791
ORealty Income CorpADDED+3.4K36.9K+$444,939$2M

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

Holdings — Q4 2023

43 positions
Export to Excel
#IssuerClass% PortfolioValue ↓Shares
1BRK/ABerkshire Hathaway Inc Cl ACOM23.60%$40M33.2K
2COSTCostco Whsl Corphistory →COM6.33%$11M16.3K
3MCDMcDonald's Corphistory →COM5.31%$9M30.4K
4PEPPepsiCo Inchistory →COM4.77%$8M47.6K
5KOCoca-Cola Companyhistory →COM4.62%$8M133.0K
6PGProcter & Gamble Cohistory →COM4.37%$7M50.6K
7JNJJohnson & Johnsonhistory →COM4.11%$7M44.5K
84I1Philip Morris International Inhistory →COM3.97%$7M71.7K
9ABBVAbbVie Inchistory →COM3.57%$6M39.1K
10ABTAbbott Labshistory →COM2.80%$5M43.2K
11AXPAmerican Express Companyhistory →COM2.50%$4M22.6K
12MOAltria Group Inchistory →COM2.43%$4M102.0K
13ENBEnbridge Inchistory →COM2.37%$4M111.8K
14FNVFranco-Nevada Corphistory →COM2.21%$4M33.9K
15DGEDDiageo PLC Sponsored ADRhistory →ADR2.13%$4M24.8K
16WMTWalmart Inchistory →COM2.09%$4M22.5K
17UNPUnion Pacific Corphistory →COM1.95%$3M13.5K
18GPCGenuine Parts Cohistory →COM1.94%$3M23.8K
19AAPLApple Inchistory →COM1.91%$3M16.8K
20VRSKVerisk Analyticshistory →COM1.89%$3M13.4K
21ADIAnalog Devices Inchistory →COM1.51%$3M12.9K
22GOOGAlphabet Inc Class Chistory →COM1.43%$2M17.2K
23EPDEnterprise Prods Partners LPhistory →COM1.41%$2M90.8K
24ORealty Income Corphistory →COM1.25%$2M36.9K
25QSRRestaurant Brands Internationahistory →COM1.07%$2M23.2K
26NSCNorfolk Southern Corphistory →COM1.06%$2M7.6K
27ORLYO'Reilly Automotive IncCOM0.98%$2M1.8K
28HSYHershey CompanyCOM0.93%$2M8.5K
29AMTAmerican Tower Systems Corp ClCOM0.67%$1M5.3K
30OKEOneok, IncCOM0.67%$1M16.1K
31EXPDExpeditors InternationalCOM0.59%$1M7.9K
32UPSUnited Parcel Svc Inc Cl BCOM0.52%$882,8555.6K
33WFCWells Fargo & CoCOM0.44%$744,52415.1K
34KHCKraft Heinz CoCOM0.39%$655,06617.7K
35CHVChevron CorpCOM0.38%$652,5754.4K
36YUMYum Brands IncCOM0.38%$644,6104.9K
37SHWSherwin-Williams Co.COM0.38%$643,2972.1K
38WECWEC Energy Group IncCOM0.27%$456,7915.4K
39DUTMoody's CorpCOM0.22%$378,453969
40MDLZMondelez International IncCOM0.17%$283,9263.9K
41BACVerizon Communications IncCOM0.15%$252,0986.7K
42UNHUnitedHealth Group IncCOM0.13%$227,435432
43NVSNNovartis International AG ADRADR0.12%$205,9332.0K

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 ↗.