HC
Hutner Capital Management Inc 13F Holdings (Q2 2026) — Stock Portfolio & Buys
Hutner Capital Management IncCIK: 0000944733
Momentum followerDiversified strategyQuality / disciplined sizing
Total reported value
$252.1M
Reporting period: 2026-06-30 · Number of holdings: 43
HUTNER CAPITAL MANAGEMENT INC disclosed 43 holdings in its latest 13F filing for the period ending 2026-06-30, with total reported value of $252.1M and a quarterly turnover rate of 9.5%.
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Personality snowflake
- Concentration
- 19.22
- Portfolio Stability
- 9.51
- Momentum
- 100
- Sector conviction
- 55.03
- Diversification
- 86
- Sizing Uniformity
- 89.55
Hutner Capital Management Inc's disclosed holdings carry a Herfindahl concentration index of 0.048 — mathematically equivalent to about 21 equally-sized positions, well below its 43 actual disclosed holdings. That gap points to a strategy built around a small core of high-conviction bets rather than broad diversification.
Position sizes are fairly uniform across the portfolio (a coefficient of variation of 1.04), suggesting a disciplined, rules-based approach to how much capital goes into each idea.
Recent activity leans toward adding more aggressively to already-large existing positions than to newly initiated ones (a 2.3 percentage-point tilt) — a pattern consistent with a momentum-following approach.
Source and citation information
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Recent moves
View source Form 13F filing on SEC.govAdd GOOG
+2.9% $3.1M
Trim FNV
+2.6% -$1.6M
Trim MCD
+0.4% -$1.4M
Trim PEP
+2.5% -$1.1M
Trim COST
+0.7% -$766.9K
Trim BRK-B
-6.4% -$444.6K
Holdings Map
New buyAddUnchangedTrim
Top 10 holdings by weight
Full holdings list this quarter
| # | Ticker | Issuer | Asset Subclass | Weight | Weight Change | Shares Change | 4Q Trend |
|---|---|---|---|---|---|---|---|
| 1 | BRK-A | Berkshire Hathaway Inc-cl A | Stock-Other | 12.18% | +0.08% | — | |
| 2 | BRK-B | Berkshire Hathaway Inc-cl B | Stock-Other | 7.80% | -0.46% | -6.35% | |
| 3 | GOOG | Alphabet Inc-cl C | Stock-Comm Services | 5.75% | +1.05% | +2.94% | |
| 4 | COST | Costco Wholesale CORP | Stock-Consumer Staples | 5.26% | -0.51% | +0.70% | |
| 5 | PM | Philip Morris International | Stock-Consumer Staples | 5.15% | +0.25% | -0.35% | |
| 6 | KO | Coca-cola Co/the | Stock-Consumer Staples | 4.96% | +0.16% | +0.24% | |
| 7 | JNJ | Johnson & Johnson | Stock-Healthcare | 4.54% | +0.01% | +0.08% | |
| 8 | FNV | Franco-nevada CORP | Stock-Materials | 4.00% | -0.79% | +2.58% | |
| 9 | ABBV | Abbvie Inc | Stock-Healthcare | 3.99% | +0.42% | +0.02% | |
| 10 | MCD | Mcdonald's CORP | Stock-Consumer Disc | 3.78% | -0.70% | +0.37% | |
| 11 | PEP | Pepsico Inc | Stock-Consumer Staples | 3.66% | -0.58% | +2.48% | |
| 12 | ENB | Enbridge Inc | Stock-Energy | 3.48% | -0.09% | +0.64% | |
| 13 | MO | Altria Group Inc | Stock-Consumer Staples | 3.23% | +0.16% | -0.26% | |
| 14 | PG | Procter & Gamble Co/the | Stock-Consumer Staples | 3.09% | -0.08% | -0.70% | |
| 15 | AXP | American Express Co | Stock-Financials | 2.80% | +0.24% | +1.16% | |
| 16 | WMT | Walmart Inc | Stock-Consumer Staples | 2.59% | -0.37% | -0.50% | |
| 17 | AAPL | Apple Inc | Stock-Tech | 2.56% | +0.26% | +0.99% | |
| 18 | EPD | Enterprise Products Partners | Stock-Energy | 2.02% | -0.11% | +1.22% | |
| 19 | ADI | Analog Devices Inc | Stock-Tech | 1.85% | +0.32% | — | |
| 20 | CB | Chubb Limited | Stock-Financials | 1.83% | +0.24% | +14.38% | |
| 21 | ABT | Abbott Laboratories | Stock-Healthcare | 1.58% | -0.28% | -0.51% | |
| 22 | UNP | Union Pacific CORP | Stock-Industrials | 1.41% | +0.16% | +4.30% | |
| 23 | O | Realty Income CORP | Stock-Real Estate | 1.33% | — | +2.48% | |
| 24 | VRSK | Verisk Analytics Inc | Stock-Industrials | 1.26% | +0.34% | +50.03% | |
| 25 | V | Visa Inc-class A Shares | Stock-Financials | 1.15% | +0.22% | +12.69% | |
| 26 | GPC | Genuine Parts Co | Stock-Consumer Disc | 1.11% | +0.08% | +0.00% | |
| 27 | ORLY | O'reilly Automotive Inc | Stock-Consumer Disc | 1.08% | -0.04% | +0.71% | |
| 28 | NSC | Norfolk Southern CORP | Stock-Industrials | 0.93% | +0.05% | — | |
| 29 | YUM | Yum! Brands Inc | Stock-Consumer Disc | 0.68% | +0.02% | +3.64% | |
| 30 | QSR | Restaurant Brands Intern | Stock-Consumer Disc | 0.68% | +0.13% | +30.93% | |
| 31 | HSY | Hershey Co/the | Stock-Consumer Staples | 0.65% | -0.14% | +0.98% | |
| 32 | PGR | Progressive CORP | Stock-Financials | 0.53% | +0.04% | +0.83% | |
| 33 | SHW | Sherwin-williams Co/the | Stock-Materials | 0.51% | +0.02% | — | |
| 34 | WFC | Wells Fargo & Co | Stock-Financials | 0.49% | — | -0.23% | |
| 35 | NVS | Novartis Ag-sponsored Adr | Stock-Healthcare | 0.43% | — | +0.83% | |
| 36 | EXPD | Expeditors Intl Wash Inc | Stock-Industrials | 0.42% | +0.04% | — | |
| 37 | DEO | Diageo Plc-sponsored Adr | Stock-Consumer Staples | 0.29% | — | -2.65% | |
| 38 | WEC | Wec Energy Group Inc | Stock-Utilities | 0.25% | — | — | |
| 39 | OKE | Oneok Inc | Stock-Energy | 0.24% | -0.02% | — | |
| 40 | MCO | Moody's CORP | Stock-Financials | 0.17% | — | — | |
| 41 | GOOGL | Alphabet Inc-cl A | Stock-Comm Services | 0.11% | +0.02% | +0.13% | |
| 42 | UPS | United Parcel Service-cl B | Stock-Industrials | 0.10% | — | -1.35% | |
| 43 | GLW | Corning Inc | Stock-Tech | 0.08% | +0.08% | NEW |
Portfolio Performance
Performance for Q3 2026
+5.3%
Performance Last 4 Quarters
+15.2%
Based on 80% of reported portfolio value with available pricing
- Stdev
- +11.2%
- Beta
- +0.44
- Alpha
- +6.4%
- Max Drawdown
- -6.2%
- Annualized Perf
- +15.5%
- Batting Avg vs S&P
- +38.9%
- Sortino
- +2.55
- Stutzer
- +0.39
- Treynor
- +0.35
- Sterling
- +1.08
- Calmar
- +2.48
- Information Ratio
- -0.41
- Tracking Error
- +12.1%
- Stdev Down
- +5.9%
- Winning Months %
- +63.9%
- Losing Months %
- +36.1%
- Best 12 Months
- +27.6%
- Worst 12 Months
- +11%
- Efficiency Ratio
- +0.51
- Sharpe
- +1.35
- Stdev Sectors
- +9.2%
- Skewness
- -0.37
- Kurtosis
- -0.74
- Upside Potential
- +4.26
Reported value over time
Sector allocation
Sector allocation over time
Quarterly history
| Period | Holdings | Total value | Stability | Top holdings | |
|---|---|---|---|---|---|
| 2026 Q2 | 43 | $252.1M | 10 | ||
| 2026 Q1 | 44 | $243.4M | 10 | ||
| 2025 Q4 | 44 | $239.6M | 7 | ||
| 2025 Q3 | 44 | $236.4M | 17 | ||
| 2025 Q2 | 44 | $219.8M | 0 | ||
| 2025 Q1 | 48 | $234.3M | 100 | ||
| 2024 Q4 | 45 | $207.1M | 0 | ||
| 2024 Q3 | 45 | $200.9M | 0 | ||
| 2024 Q2 | 44 | $182.4M | 0 | ||
| 2024 Q1 | 43 | $184.4M | 0 | ||
| 2023 Q4 | 44 | $169.7M | 0 | ||
| 2023 Q3 | 45 | $163.1M | 0 | ||
| 2023 Q2 | 44 | $171.1M | 0 | ||
| 2023 Q1 | 44 | $164.3M | 0 | ||
| 2022 Q4 | 44 | $161.4M | 0 | ||
| 2022 Q3 | 44 | $143.0M | 0 | ||
| 2022 Q2 | 43 | $152.4M | 0 | ||
| 2022 Q1 | 45 | $175.3M | 0 | ||
| 2021 Q4 | 46 | $171.3M | 0 | ||
| 2021 Q3 | 45 | $152.8M | 0 | ||
| 2021 Q2 | 46 | $156.2M | 99 | ||
| 2021 Q1 | 46 | $152.5M | 10 | ||
| 2020 Q4 | 43 | $143.6M | 8 | ||
| 2020 Q3 | 44 | $134.6M | 15 | ||
| 2020 Q2 | 39 | $118.3M | 12 | ||
| 2020 Q1 | 41 | $109.5M | 30 | ||
| 2019 Q4 | 43 | $145.1M | 12 | ||
| 2019 Q3 | 42 | $141.3M | 5 | ||
| 2019 Q2 | 42 | $140.6M | 15 | ||
| 2019 Q1 | 41 | $136.6M | 10 | ||
| 2018 Q4 | 41 | $128.1M | 14 | ||
| 2018 Q3 | 45 | $137.8M | 12 | ||
| 2018 Q2 | 44 | $128.0M | 8 | ||
| 2018 Q1 | 42 | $128.3M | 9 | ||
| 2017 Q4 | 42 | $140.3M | 8 | ||
| 2017 Q3 | 43 | $132.1M | 6 | ||
| 2017 Q2 | 42 | $129.7M | 8 | ||
| 2017 Q1 | 43 | $126.8M | 7 | ||
| 2016 Q4 | 43 | $120.6M | 8 | ||
| 2016 Q3 | 42 | $117.8M | 0 |
Holding changes this quarter
Hutner Capital Management Inc's most significant position changes for 2026-06-30: Sold out: Zoetis Inc (ZTS); Sold out: American Tower CORP (AMT); New buy: Corning Inc (GLW); Add: Alphabet Inc-cl C (GOOG) — shares +2.94%; Add: Franco-nevada CORP (FNV) — shares +2.58%.
| # | Ticker | Issuer | Weight Change | Shares Change | Action |
|---|---|---|---|---|---|
| 1 | GOOG | Alphabet Inc-cl C | +1.1% | +2.94% | Add |
| 2 | ABBV | Abbvie Inc | +0.4% | +0.02% | Add |
| 3 | VRSK | Verisk Analytics Inc | +0.3% | +50.03% | Add |
| 4 | ADI | Analog Devices Inc | +0.3% | — | Unchanged |
| 5 | AAPL | Apple Inc | +0.3% | +0.99% | Add |
| 6 | PM | Philip Morris International | +0.3% | -0.35% | Trim |
| 7 | AXP | American Express Co | +0.2% | +1.16% | Add |
| 8 | CB | Chubb Limited | +0.2% | +14.38% | Add |
| 9 | V | Visa Inc-class A Shares | +0.2% | +12.69% | Add |
| 10 | KO | Coca-cola Co/the | +0.2% | +0.24% | Add |
| 11 | MO | Altria Group Inc | +0.2% | -0.26% | Trim |
| 12 | UNP | Union Pacific CORP | +0.2% | +4.30% | Add |
| 13 | QSR | Restaurant Brands Intern | +0.1% | +30.93% | Add |
| 14 | BRK-A | Berkshire Hathaway Inc-cl A | +0.1% | — | Unchanged |
| 15 | GPC | Genuine Parts Co | +0.1% | +0.00% | Add |
| 16 | GLW | Corning Inc | +0.1% | NEW | New buy |
| 17 | NSC | Norfolk Southern CORP | +0.1% | — | Unchanged |
| 18 | PGR | Progressive CORP | 0% | +0.83% | Add |
| 19 | EXPD | Expeditors Intl Wash Inc | 0% | — | Unchanged |
| 20 | YUM | Yum! Brands Inc | 0% | +3.64% | Add |
| 21 | SHW | Sherwin-williams Co/the | 0% | — | Unchanged |
| 22 | GOOGL | Alphabet Inc-cl A | 0% | +0.13% | Add |
| 23 | JNJ | Johnson & Johnson | 0% | +0.08% | Add |
| 24 | O | Realty Income CORP | — | +2.48% | Add |
| 25 | WFC | Wells Fargo & Co | — | -0.23% | Trim |
| 26 | NVS | Novartis Ag-sponsored Adr | — | +0.83% | Add |
| 27 | DEO | Diageo Plc-sponsored Adr | — | -2.65% | Trim |
| 28 | UPS | United Parcel Service-cl B | — | -1.35% | Trim |
| 29 | MCO | Moody's CORP | — | — | Unchanged |
| 30 | WEC | Wec Energy Group Inc | — | — | Unchanged |
| 31 | OKE | Oneok Inc | 0% | — | Unchanged |
| 32 | ORLY | O'reilly Automotive Inc | 0% | +0.71% | Add |
| 33 | PG | Procter & Gamble Co/the | -0.1% | -0.70% | Trim |
| 34 | AMT | American Tower CORP | -0.1% | EXIT | Sold out |
| 35 | ENB | Enbridge Inc | -0.1% | +0.64% | Add |
| 36 | EPD | Enterprise Products Partners | -0.1% | +1.22% | Add |
| 37 | ZTS | Zoetis Inc | -0.1% | EXIT | Sold out |
| 38 | HSY | Hershey Co/the | -0.1% | +0.98% | Add |
| 39 | ABT | Abbott Laboratories | -0.3% | -0.51% | Trim |
| 40 | WMT | Walmart Inc | -0.4% | -0.50% | Trim |
| 41 | BRK-B | Berkshire Hathaway Inc-cl B | -0.5% | -6.35% | Trim |
| 42 | COST | Costco Wholesale CORP | -0.5% | +0.70% | Add |
| 43 | PEP | Pepsico Inc | -0.6% | +2.48% | Add |
| 44 | MCD | Mcdonald's CORP | -0.7% | +0.37% | Add |
| 45 | FNV | Franco-nevada CORP | -0.8% | +2.58% | Add |
Filing History
FAQ
What is Hutner Capital Management Inc and what type of investor is it?
Hutner Capital Management Inc is an investment manager that files SEC Form 13F quarterly, disclosing its U.S. public equity holdings to regulators. As of the most recent reporting period (2026-06-30), the firm manages a tracked equity portfolio valued at approximately $252.1M, spread across 43 disclosed positions.
What are Hutner Capital Management Inc's largest equity positions?
Based on the latest 13F filing, Hutner Capital Management Inc's top holdings by market value are:
1. Berkshire Hathaway Inc-cl A (BRK-A) — $30.7M (12.2%)
2. Berkshire Hathaway Inc-cl B (BRK-B) — $19.7M (7.8%)
3. Alphabet Inc-cl C (GOOG) — $14.5M (5.8%)
4. Costco Wholesale CORP (COST) — $13.3M (5.3%)
5. Philip Morris International (PM) — $13.0M (5.2%)
What changes did Hutner Capital Management Inc make in its most recent portfolio filing?
In the latest reported quarter, Hutner Capital Management Inc made 37 notable position adjustments: 1 new positions were initiated, 25 existing holdings were added to, 9 positions were partially reduced, and 2 were completely exited. The largest of these moves: Sold out: Zoetis Inc (ZTS); Sold out: American Tower CORP (AMT); New buy: Corning Inc (GLW); Add: Alphabet Inc-cl C (GOOG) — shares +2.94%; Add: Franco-nevada CORP (FNV) — shares +2.58%
What sectors does Hutner Capital Management Inc focus on?
Hutner Capital Management Inc is concentrated in the following sectors based on its current disclosed equity portfolio:
• Consumer Staples: 36.1%
• Health Care: 13.2%
• Consumer Discretionary: 9.2%
• Financials: 8.7%
• Communication Services: 7.3%
• Energy: 7.2%
Investment Profile
Hutner Capital Management Inc returned an annualized 15.5% over the trailing 36 months — outperforming the S&P 500 by 6.4 points — based on a reconstructed track record of its disclosed 13F positions, with a beta of 0.44 (less volatile than the market) and a 39% quarterly batting average against the index.
Its portfolio is broadly diversified and long-term-holding, with 36.1% of the portfolio concentrated in Consumer Staples.
It has added to its JNJ position over the past two quarters (+$2.1M, now $11.5M), while trimming ABT over the same stretch (-$1.5M, still holding $4.0M).
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Developer Access
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