SEC 13F Intelligence

Managers / Q1 2025 · view latest →

HUTNER CAPITAL MANAGEMENT INC

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

Reported Value
$234M
Q1 2025
Positions
48
Filings on Record
30
2019–present window
Filed
May 13, 2025
original filing

Summary

Hutner Capital Management Inc reported $234M in U.S.-listed holdings across 48 positions for Q1 2025.

Its largest position, BRK/A, represents 17.4% of the portfolio.

Compared with Q4 2024, the fund opened 3 new positions and exited 0.

Portfolio Metrics

Turnover
+1.4%
vs prior filed quarter
Top-10 Concentration
+61.4%
share of reported value
Largest Position
+17.4%
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: 94.7%MLP: 1.8%REIT: 1.3%Other: 1.2%ADR: 1.1%
  • Common Stock · 94.7% · $222M
  • MLP · 1.8% · $4M
  • REIT · 1.3% · $3M
  • Other · 1.2% · $3M
  • ADR · 1.1% · $2M

Quarter-over-Quarter Changes full breakdown →

vs Q4 2024 (amended baseline)

IssuerMoveShare ΔShares nowValue ΔValue now
PGRProgressive CorpNEW+3.5K3.5K+$986,933$986,933
VVisa IncNEW+2.6K2.6K+$926,762$926,762
Zoetis Inc Cl ANEW+2.1K2.1K+$348,212$348,212
AMTAmerican Tower Systems Corp ClTRIMMED−8011.5K−$94,006$336,506
Chubb LimitedADDED+1.5K7.9K+$614,953$2M
EPDEnterprise Prods Partners LPADDED+20.7K123.4K+$992,589$4M
FNVFranco-Nevada CorpADDED+8.0K47.8K+$3M$8M
GOOGAlphabet Inc Class CADDED+5.5K41.6K−$370,458$7M

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

Holdings — Q1 2025

47 positions
Export to Excel
#IssuerClass% PortfolioValue ↓Shares
1BRK/ABerkshire Hathaway Inc Cl ACOM26.01%$61M38.0K
2COSTCostco Whsl Corphistory →COM6.27%$15M15.5K
34I1Philip Morris International Inhistory →COM5.32%$12M78.5K
4KOCoca-Cola Companyhistory →COM4.61%$11M150.7K
5MCDMcDonald's Corphistory →COM4.58%$11M34.4K
6PGProcter & Gamble Cohistory →COM3.92%$9M53.9K
7ABBVAbbVie Inchistory →COM3.85%$9M43.1K
8PEPPepsiCo Inchistory →COM3.49%$8M54.5K
9JNJJohnson & Johnsonhistory →COM3.38%$8M47.7K
10FNVFranco-Nevada Corphistory →COM3.22%$8M47.8K
11GOOGAlphabet Inc Class Chistory →COM2.78%$7M41.6K
12MOAltria Group Inchistory →COM2.73%$6M106.7K
13ENBEnbridge Inchistory →COM2.63%$6M139.2K
14AXPAmerican Express Companyhistory →COM2.56%$6M22.3K
15WMTWalmart Inchistory →COM2.37%$6M63.3K
16ABTAbbott Labshistory →COM2.34%$5M41.2K
17EPDEnterprise Prods Partners LPhistory →COM1.80%$4M123.4K
18VRSKVerisk Analyticshistory →COM1.68%$4M13.2K
19AAPLApple Inchistory →COM1.66%$4M17.5K
20UNPUnion Pacific Corphistory →COM1.34%$3M13.3K
21ORLYO'Reilly Automotive Inchistory →COM1.26%$3M2.1K
22GPCGenuine Parts Cohistory →COM1.15%$3M22.6K
23ORealty Income Corphistory →COM1.11%$3M44.7K
24ADIAnalog Devices Inchistory →COM1.08%$3M12.5K
25Chubb LimitedCOM1.02%$2M7.9K
26OKEOneok, IncCOM0.86%$2M20.4K
27DGEDDiageo PLC Sponsored ADRADR0.79%$2M17.7K
28NSCNorfolk Southern CorpCOM0.75%$2M7.5K
29QSRRestaurant Brands InternationaCOM0.62%$1M21.7K
30HSYHershey CompanyCOM0.59%$1M8.1K
31WFCWells Fargo & CoCOM0.46%$1M15.1K
32PGRProgressive CorpCOM0.42%$986,9333.5K
33VVisa IncCOM0.40%$926,7622.6K
34EXPDExpeditors InternationalCOM0.37%$878,5257.3K
35SHWSherwin-Williams Co.COM0.36%$847,2042.4K
36YUMYum Brands IncCOM0.34%$803,8785.1K
37NVSNNovartis International AG ADRADR0.27%$642,5405.8K
38WECWEC Energy Group IncCOM0.25%$591,4345.4K
39UPSUnited Parcel Svc Inc Cl BCOM0.21%$500,6354.6K
40DUTMoody's CorpCOM0.19%$440,077945
41KHCKraft Heinz CoCOM0.18%$420,67513.8K
42CHVChevron CorpCOM0.18%$416,2182.5K
43Zoetis Inc Cl ACOM0.15%$348,2122.1K
44AMTAmerican Tower Systems Corp ClCOM0.14%$336,5061.5K
45MDLZMondelez International IncCOM0.11%$247,4493.6K
46BACVerizon Communications IncCOM0.10%$243,5885.4K
47UNHUnitedHealth Group IncCOM0.09%$209,500400

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 ↗.