SEC 13F Intelligence

Managers / Q3 2025 · view latest →

HUTNER CAPITAL MANAGEMENT INC

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

Reported Value
$236M
Q3 2025
Positions
44
Filings on Record
30
2019–present window
Filed
Nov 13, 2025
original filing

Summary

Hutner Capital Management Inc reported $236M in U.S.-listed holdings across 44 positions for Q3 2025.

Its largest position, BRK/A, represents 13.1% of the portfolio.

The book was largely unchanged from Q2 2025.

Portfolio Metrics

Turnover
+2.0%
vs prior filed quarter
Top-10 Concentration
+57.8%
share of reported value
Largest Position
+13.1%
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%MLP: 1.8%Other: 1.4%REIT: 1.4%ADR: 1.0%
  • Common Stock · 94.4% · $223M
  • MLP · 1.8% · $4M
  • Other · 1.4% · $3M
  • REIT · 1.4% · $3M
  • ADR · 1.0% · $2M

Quarter-over-Quarter Changes full breakdown →

vs Q2 2025 (amended baseline)

IssuerMoveShare ΔShares nowValue ΔValue now
Zoetis Inc Cl AADDED+7522.7K+$91,033$399,325
YUMYum Brands IncADDED+1.4K7.7K+$233,835$1M
OKEOneok, IncTRIMMED−3.9K16.0K−$460,344$1M
VVisa IncADDED+6865.0K+$174,985$2M
SHWSherwin-Williams Co.ADDED+3963.1K+$145,014$1M
PEPPepsiCo IncADDED+7.5K62.5K+$2M$9M
HSYHershey CompanyADDED+9238.5K+$332,795$2M
NVSNNovartis International AG ADRADDED+6466.4K+$124,681$824,935

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

Holdings — Q3 2025

43 positions
Export to Excel
#IssuerClass% PortfolioValue ↓Shares
1BRK/ABerkshire Hathaway Inc Cl ACOM22.06%$52M42.2K
2COSTCostco Whsl Corphistory →COM5.56%$13M14.2K
34I1Philip Morris International Inhistory →COM5.08%$12M74.1K
4MCDMcDonald's Corphistory →COM4.45%$11M34.6K
5FNVFranco-Nevada Corphistory →COM4.41%$10M46.8K
6KOCoca-Cola Companyhistory →COM4.35%$10M155.2K
7ABBVAbbVie Inchistory →COM4.13%$10M42.1K
8GOOGAlphabet Inc Class Chistory →COM4.09%$10M39.7K
9PEPPepsiCo Inchistory →COM3.71%$9M62.5K
10PGProcter & Gamble Cohistory →COM3.51%$8M53.9K
11JNJJohnson & Johnsonhistory →COM3.46%$8M44.2K
12ENBEnbridge Inchistory →COM3.30%$8M154.7K
13MOAltria Group Inchistory →COM3.19%$8M114.2K
14AXPAmerican Express Companyhistory →COM2.90%$7M20.7K
15WMTWalmart Inchistory →COM2.61%$6M59.8K
16ABTAbbott Labshistory →COM2.45%$6M43.2K
17AAPLApple Inchistory →COM2.38%$6M22.1K
18EPDEnterprise Prods Partners LPhistory →COM1.82%$4M137.8K
19GPCGenuine Parts Cohistory →COM1.46%$3M24.9K
20ORLYO'Reilly Automotive Inchistory →COM1.30%$3M28.6K
21Chubb LimitedCOM1.25%$3M10.5K
22ORealty Income Corphistory →COM1.24%$3M48.2K
23UNPUnion Pacific Corphistory →COM1.23%$3M12.3K
24VRSKVerisk Analyticshistory →COM1.19%$3M11.2K
25ADIAnalog Devices Inchistory →COM1.17%$3M11.3K
26NSCNorfolk Southern CorpCOM0.95%$2M7.5K
27VVisa IncCOM0.72%$2M5.0K
28DGEDDiageo PLC Sponsored ADRADR0.68%$2M16.8K
29HSYHershey CompanyCOM0.67%$2M8.5K
30PGRProgressive CorpCOM0.58%$1M5.5K
31WFCWells Fargo & CoCOM0.54%$1M15.1K
32OKEOneok, IncCOM0.50%$1M16.0K
33YUMYum Brands IncCOM0.50%$1M7.7K
34SHWSherwin-Williams Co.COM0.46%$1M3.1K
35QSRRestaurant Brands InternationaCOM0.43%$1M15.8K
36NVSNNovartis International AG ADRADR0.35%$824,9356.4K
37EXPDExpeditors InternationalCOM0.34%$798,8496.5K
38WECWEC Energy Group IncCOM0.26%$621,8805.4K
39DUTMoody's CorpCOM0.19%$450,274945
40Zoetis Inc Cl ACOM0.17%$399,3252.7K
41UPSUnited Parcel Svc Inc Cl BCOM0.16%$366,5504.4K
42AMTAmerican Tower Systems Corp ClCOM0.12%$290,3581.5K
43MDLZMondelez International IncCOM0.09%$212,2733.4K

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 ↗.