SEC 13F Intelligence

Managers / Q4 2025 · view latest →

HUTNER CAPITAL MANAGEMENT INC

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

Reported Value
$240M
Q4 2025
Positions
44
Filings on Record
30
2019–present window
Filed
Feb 17, 2026
original filing

Summary

Hutner Capital Management Inc reported $240M in U.S.-listed holdings across 44 positions for Q4 2025.

Its largest position, BRK/A, represents 12.9% of the portfolio.

Compared with Q3 2025, the fund opened 1 new position and exited 1.

Portfolio Metrics

Turnover
+2.8%
vs prior filed quarter
Top-10 Concentration
+57.8%
share of reported value
Largest Position
+12.9%
Berkshire Hathaway
New / Exited
1 / 1
positions this quarter

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: 94.2%MLP: 1.8%Other: 1.6%REIT: 1.3%ADR: 1.0%
  • Common Stock · 94.2% · $226M
  • MLP · 1.8% · $4M
  • Other · 1.6% · $4M
  • REIT · 1.3% · $3M
  • ADR · 1.0% · $2M

Quarter-over-Quarter Changes full breakdown →

vs Q3 2025 (amended baseline)

IssuerMoveShare ΔShares nowValue ΔValue now
GOOGLAlphabet Inc Class ANEW+794794+$248,663$248,663
MDLZMondelez International IncSOLD OUT−3.4K0−$212,273$0
OKEOneok, IncTRIMMED−9.1K7.0K−$659,243$511,707
VVisa IncADDED+1.9K6.9K+$714,186$2M
YUMYum Brands IncADDED+2.1K9.8K+$311,755$1M
SHWSherwin-Williams Co.ADDED+4943.6K+$90,896$1M
QSRRestaurant Brands InternationaADDED+2.0K17.8K+$201,140$1M
PGRProgressive CorpADDED+4996.0K+$6,927$1M

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

Holdings — Q4 2025

42 positions
Export to Excel
#IssuerClass% PortfolioValue ↓Shares
1BRK/ABerkshire Hathaway Inc Cl ACOM21.71%$52M42.0K
2GOOGAlphabet Inc Class CCOM5.30%$13M40.4K
3COSTCostco Whsl Corphistory →COM5.07%$12M14.1K
44I1Philip Morris International Inhistory →COM4.93%$12M73.6K
5KOCoca-Cola Companyhistory →COM4.49%$11M154.0K
6MCDMcDonald's Corphistory →COM4.46%$11M35.0K
7FNVFranco-Nevada Corphistory →COM4.09%$10M47.2K
8ABBVAbbVie Inchistory →COM3.99%$10M41.9K
9PEPPepsiCo Inchistory →COM3.91%$9M65.2K
10JNJJohnson & Johnsonhistory →COM3.91%$9M45.2K
11PGProcter & Gamble Cohistory →COM3.22%$8M53.8K
12ENBEnbridge Inchistory →COM3.19%$8M159.8K
13AXPAmerican Express Companyhistory →COM3.15%$8M20.4K
14MOAltria Group Inchistory →COM2.73%$7M113.5K
15WMTWalmart Inchistory →COM2.71%$6M58.2K
16AAPLApple Inchistory →COM2.51%$6M22.1K
17ABTAbbott Labshistory →COM2.30%$6M44.0K
18EPDEnterprise Prods Partners LPhistory →COM1.83%$4M137.1K
19Chubb LimitedCOM1.47%$4M11.3K
20ADIAnalog Devices Inchistory →COM1.33%$3M11.7K
21GPCGenuine Parts Cohistory →COM1.28%$3M25.0K
22ORealty Income Corphistory →COM1.21%$3M51.5K
23UNPUnion Pacific Corphistory →COM1.19%$3M12.3K
24ORLYO'Reilly Automotive Inchistory →COM1.12%$3M29.4K
25VRSKVerisk Analyticshistory →COM1.05%$3M11.2K
26VVisa Inchistory →COM1.01%$2M6.9K
27NSCNorfolk Southern CorpCOM0.90%$2M7.5K
28HSYHershey CompanyCOM0.71%$2M9.3K
29YUMYum Brands IncCOM0.62%$1M9.8K
30DGEDDiageo PLC Sponsored ADRADR0.60%$1M16.6K
31WFCWells Fargo & CoCOM0.59%$1M15.1K
32PGRProgressive CorpCOM0.57%$1M6.0K
33QSRRestaurant Brands InternationaCOM0.51%$1M17.8K
34SHWSherwin-Williams Co.COM0.49%$1M3.6K
35EXPDExpeditors InternationalCOM0.40%$967,3606.5K
36NVSNNovartis International AG ADRADR0.39%$941,8936.8K
37WECWEC Energy Group IncCOM0.24%$564,8445.4K
38OKEOneok, IncCOM0.21%$511,7077.0K
39DUTMoody's CorpCOM0.20%$482,753945
40UPSUnited Parcel Svc Inc Cl BCOM0.18%$430,5334.3K
41Zoetis Inc Cl ACOM0.14%$343,3792.7K
42AMTAmerican Tower Systems Corp ClCOM0.11%$257,7281.5K

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 ↗.