SEC 13F Intelligence

Managers / Q2 2025 · view latest →

HUTNER CAPITAL MANAGEMENT INC

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

Reported Value
$220M
Q2 2025
Positions
44
Filings on Record
30
2019–present window
Filed
Aug 13, 2025
original filing

Summary

Hutner Capital Management Inc reported $220M in U.S.-listed holdings across 44 positions for Q2 2025.

The portfolio is heavily concentrated: BRK/A alone accounts for 23.0% of reported value.

Compared with Q1 2025, the fund opened 0 new positions and exited 4.

Portfolio Metrics

Turnover
+2.4%
vs prior filed quarter
Top-10 Concentration
+62.2%
share of reported value
Largest Position
+23.0%
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, with multiple share classes and repeated sub-manager rows for the same issuer combined into one position — the same rule the holdings table uses by default. 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: 94.2%MLP: 1.9%Other: 1.4%REIT: 1.3%ADR: 1.1%
  • Common Stock · 94.2% · $207M
  • MLP · 1.9% · $4M
  • Other · 1.4% · $3M
  • REIT · 1.3% · $3M
  • ADR · 1.1% · $2M

Quarter-over-Quarter Changes full breakdown →

vs Q1 2025 (amended baseline)

IssuerMoveShare ΔShares nowValue ΔValue now
ORLYO'Reilly Automotive IncADDED+26.5K28.6K−$372,309$3M
KHCKraft Heinz CoSOLD OUT−13.8K0−$420,675$0
CHVChevron CorpSOLD OUT−2.5K0−$416,218$0
BACVerizon Communications IncSOLD OUT−5.4K0−$243,588$0
UNHUnitedHealth Group IncSOLD OUT−4000−$209,500$0
VVisa IncADDED+1.7K4.3K+$611,871$2M
PGRProgressive CorpADDED+1.9K5.4K+$441,918$1M
QSRRestaurant Brands InternationaTRIMMED−5.7K16.0K−$385,812$1M

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

Holdings — Q2 2025

43 positions
Export to Excel
#IssuerClass% PortfolioValue ↓Shares
1BRK/ABerkshire Hathaway Inc Cl ACOM23.05%$51M41.3K
2COSTCostco Whsl Corphistory →COM6.41%$14M14.2K
34I1Philip Morris International Inhistory →COM6.10%$13M73.6K
4KOCoca-Cola Companyhistory →COM4.92%$11M153.0K
5MCDMcDonald's Corphistory →COM4.57%$10M34.4K
6PGProcter & Gamble Cohistory →COM3.86%$8M53.2K
7ABBVAbbVie Inchistory →COM3.54%$8M42.0K
8FNVFranco-Nevada Corphistory →COM3.35%$7M45.0K
9PEPPepsiCo Inchistory →COM3.30%$7M55.0K
10GOOGAlphabet Inc Class Chistory →COM3.13%$7M38.8K
11ENBEnbridge Inchistory →COM3.04%$7M147.6K
12AXPAmerican Express Companyhistory →COM3.00%$7M20.7K
13JNJJohnson & Johnsonhistory →COM2.96%$7M42.6K
14MOAltria Group Inchistory →COM2.96%$7M110.9K
15WMTWalmart Inchistory →COM2.66%$6M59.9K
16ABTAbbott Labshistory →COM2.57%$6M41.5K
17EPDEnterprise Prods Partners LPhistory →COM1.93%$4M136.5K
18AAPLApple Inchistory →COM1.88%$4M20.1K
19VRSKVerisk Analyticshistory →COM1.59%$3M11.2K
20Chubb LimitedCOM1.29%$3M9.8K
21UNPUnion Pacific Corphistory →COM1.25%$3M11.9K
22GPCGenuine Parts Cohistory →COM1.25%$3M22.6K
23ORealty Income Corphistory →COM1.18%$3M45.1K
24ORLYO'Reilly Automotive Inchistory →COM1.17%$3M28.6K
25ADIAnalog Devices Inchistory →COM1.14%$3M10.5K
26NSCNorfolk Southern CorpCOM0.86%$2M7.3K
27DGEDDiageo PLC Sponsored ADRADR0.77%$2M16.8K
28OKEOneok, IncCOM0.74%$2M20.0K
29VVisa IncCOM0.70%$2M4.3K
30PGRProgressive CorpCOM0.65%$1M5.4K
31HSYHershey CompanyCOM0.57%$1M7.6K
32WFCWells Fargo & CoCOM0.55%$1M15.1K
33QSRRestaurant Brands InternationaCOM0.48%$1M16.0K
34YUMYum Brands IncCOM0.43%$937,0836.3K
35SHWSherwin-Williams Co.COM0.42%$932,1792.7K
36EXPDExpeditors InternationalCOM0.34%$745,6446.5K
37NVSNNovartis International AG ADRADR0.32%$700,2545.8K
38WECWEC Energy Group IncCOM0.26%$565,4935.4K
39DUTMoody's CorpCOM0.22%$474,003945
40UPSUnited Parcel Svc Inc Cl BCOM0.20%$444,4154.4K
41AMTAmerican Tower Systems Corp ClCOM0.15%$339,8421.5K
42Zoetis Inc Cl ACOM0.14%$308,2922.0K
43MDLZMondelez International IncCOM0.10%$229,1613.4K

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 ↗.