Hutner Capital Management INC 13F Portfolio & Position Changes

CIK: 0000944733

Momentum followerDiversified strategyQuality / disciplined sizing

Total reported value

$243.4M

Reporting period: 2026-03-31 · Number of holdings: 44

HUTNER CAPITAL MANAGEMENT INC disclosed 44 holdings in its latest 13F filing for the period ending 2026-03-31, with total reported value of $243.4M and a quarterly turnover rate of 9.5%.

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Personality snowflake

Concentration: 19.51
Portfolio Stability: 9.51
Momentum/Contrarian: 100
Sector conviction: 54.25
Diversification: 88
Sizing Uniformity: 89.17

Hutner Capital Management INC's disclosed holdings carry a Herfindahl concentration index of 0.049 — mathematically equivalent to about 21 equally-sized positions, well below its 44 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 1.08), 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 2.2 percentage-point tilt) — a pattern consistent with a momentum-following approach.

Recent moves

Trim BRK-A
0.0%　-$1.5M
Add COST
-0.1%　$1.9M
Add FNV
-0.0%　$1.9M
Add JNJ
-0.3%　$1.7M
Trim AXP
+0.9%　-$1.3M
Trim BRK-B
+0.1%　-$962.4K

Holdings Map

New buyAddUnchangedTrim

Top 10 holdings by weight

Full holdings list this quarter

#	Ticker	Issuer	Asset Subclass	Weight	Weight Change	Shares Change
1	BRK-A	Berkshire Hathaway Inc-cl A	Stock-Other	12.10%	-0.82%	—
2	BRK-B	Berkshire Hathaway Inc-cl B	Stock-Other	8.26%	-0.53%	+0.10%
3	COST	Costco Wholesale CORP	Stock-Consumer Staples	5.77%	+0.70%	-0.06%
4	PM	Philip Morris International	Stock-Consumer Staples	4.90%	-0.03%	-2.07%
5	KO	Coca-cola Co/the	Stock-Consumer Staples	4.80%	+0.31%	-0.20%
6	FNV	Franco-nevada CORP	Stock-Materials	4.79%	+0.70%	-0.01%
7	GOOG	Alphabet Inc-cl C	Stock-Comm Services	4.70%	-0.49%	+0.55%
8	JNJ	Johnson & Johnson	Stock-Healthcare	4.53%	+0.62%	-0.34%
9	MCD	Mcdonald's CORP	Stock-Consumer Disc	4.48%	+0.02%	+0.43%
10	PEP	Pepsico INC	Stock-Consumer Staples	4.24%	+0.33%	+1.96%
11	ABBV	Abbvie INC	Stock-Healthcare	3.57%	-0.42%	-4.46%
12	ENB	Enbridge INC	Stock-Energy	3.57%	+0.38%	+0.54%
13	PG	Procter & Gamble Co/the	Stock-Consumer Staples	3.17%	-0.05%	-0.63%
14	MO	Altria Group INC	Stock-Consumer Staples	3.07%	+0.34%	-0.18%
15	WMT	Walmart INC	Stock-Consumer Staples	2.96%	+0.25%	-0.29%
16	AXP	American Express Co	Stock-Financials	2.56%	-0.59%	+0.92%
17	AAPL	Apple INC	Stock-Tech	2.30%	-0.21%	-0.06%
18	EPD	Enterprise Products Partners	Stock-Energy	2.13%	+0.30%	—
19	ABT	Abbott Laboratories	Stock-Healthcare	1.86%	-0.44%	+0.06%
20	✓	Chubb Limited	Stock-Other	1.59%	+0.12%	+4.97%
21	ADI	Analog Devices INC	Stock-Tech	1.53%	+0.20%	-0.09%
22	O	Realty Income CORP	Stock-Real Estate	1.33%	+0.12%	+2.74%
23	UNP	Union Pacific CORP	Stock-Industrials	1.25%	+0.06%	+1.95%
24	ORLY	O'reilly Automotive INC	Stock-Consumer Disc	1.12%	—	+0.23%
25	GPC	Genuine Parts Co	Stock-Consumer Disc	1.03%	-0.25%	-5.49%
26	V	Visa Inc-class A Shares	Stock-Financials	0.93%	-0.08%	+8.67%
27	VRSK	Verisk Analytics INC	Stock-Industrials	0.92%	-0.13%	+4.98%
28	NSC	Norfolk Southern CORP	Stock-Industrials	0.88%	-0.02%	—
29	HSY	Hershey Co/the	Stock-Consumer Staples	0.79%	+0.08%	+0.03%
30	YUM	Yum! Brands INC	Stock-Consumer Disc	0.66%	+0.04%	+5.26%
31	QSR	Restaurant Brands Intern	Stock-Consumer Disc	0.55%	+0.04%	+1.17%
32	PGR	Progressive CORP	Stock-Financials	0.49%	-0.08%	+0.07%
33	SHW	Sherwin-williams Co/the	Stock-Materials	0.49%	—	+3.50%
34	WFC	Wells Fargo & Co	Stock-Financials	0.49%	-0.10%	-0.66%
35	NVS	Novartis Ag-sponsored Adr	Stock-Healthcare	0.43%	+0.04%	+0.03%
36	EXPD	Expeditors Intl Wash INC	Stock-Industrials	0.38%	-0.02%	-0.11%
37	DEO	Diageo Plc-sponsored Adr	Stock-Consumer Staples	0.29%	-0.31%	-43.13%
38	OKE	Oneok INC	Stock-Energy	0.26%	+0.05%	—
39	WEC	Wec Energy Group INC	Stock-Utilities	0.25%	+0.01%	-0.37%
40	MCO	Moody's CORP	Stock-Financials	0.17%	-0.03%	—
41	✓	Zoetis Inc.	Stock-Other	0.13%	-0.01%	—
42	UPS	United Parcel Service-cl B	Stock-Industrials	0.10%	-0.08%	-43.69%
43	GOOGL	Alphabet Inc-cl A	Stock-Comm Services	0.09%	-0.01%	—
44	AMT	American Tower CORP	Stock-Real Estate	0.09%	-0.02%	-15.74%

Portfolio Performance

Performance for Q3 2026

-0.2%

Performance Last 4 Quarters

+19.5%

Based on 60% of reported portfolio value with available pricing

Stdev: +11.3%
Beta: +0.49
Alpha: +3.9%
Max Drawdown: -6.5%
Annualized Perf: +13%
Batting Avg vs S&P: +44.4%
Sortino: +2.09
Stutzer: +0.33
Treynor: +0.26
Sterling: +0.85
Calmar: +2.01
Information Ratio: -0.49
Tracking Error: +11.4%
Stdev Down: +6.2%
Winning Months %: +61.1%
Losing Months %: +38.9%
Best 12 Months: +27.2%
Worst 12 Months: +8.7%
Efficiency Ratio: +0.42
Sharpe: +1.15
Stdev Sectors: +9%
Skewness: -0.31
Kurtosis: -0.85
Upside Potential: +3.91

Reported value over time

Sector allocation

Sector allocation over time

Quarterly history

Period	Holdings	Total value	Stability	Top holdings
2026-03-31	44	$243.4M	10	1BRK-A 2BRK-B 3COST Top holdings2026-03-31 1.BRK-A 2.BRK-B 3.COST 4.PM 5.KO 6.FNV 7.GOOG 8.JNJ 9.MCD 10.PEP
2025-12-31	44	$239.6M	7	1BRK-A 2BRK-B 3GOOG Top holdings2025-12-31 1.BRK-A 2.BRK-B 3.GOOG 4.COST 5.PM 6.KO 7.MCD 8.FNV 9.ABBV 10.PEP
2025-09-30	44	$236.4M	17	1BRK-A 2BRK-B 3COST Top holdings2025-09-30 1.BRK-A 2.BRK-B 3.COST 4.PM 5.MCD 6.FNV 7.KO 8.ABBV 9.GOOG 10.PEP
2025-06-30	44	$219.8M	0	1BRK-A 2BRK-B 3COST Top holdings2025-06-30 1.BRK-A 2.BRK-B 3.COST 4.PM 5.KO 6.MCD 7.PG 8.ABBV 9.FNV 10.PEP
2025-03-31	48	$234.3M	100	1BRK-A 2BRK-B 3COST Top holdings2025-03-31 1.BRK-A 2.BRK-B 3.COST 4.PM 5.KO 6.MCD 7.PG 8.ABBV 9.PEP 10.JNJ
2024-12-31	45	$207.1M	0	1BRK-A 2BRK-B 3COST Top holdings2024-12-31 1.BRK-A 2.BRK-B 3.COST 4.MCD 5.PM 6.KO 7.PG 8.PEP 9.ABBV 10.GOOG
2024-09-30	45	$200.9M	0	1BRK-A 2BRK-B 3COST Top holdings2024-09-30 1.BRK-A 2.BRK-B 3.COST 4.KO 5.MCD 6.PM 7.PG 8.PEP 9.ABBV 10.JNJ
2024-06-30	44	$182.4M	0	1BRK-A 2COST 3BRK-B Top holdings2024-06-30 1.BRK-A 2.COST 3.BRK-B 4.KO 5.PG 6.PEP 7.MCD 8.PM 9.ABBV 10.JNJ
2024-03-31	43	$184.4M	0	1BRK-A 2BRK-B 3COST Top holdings2024-03-31 1.BRK-A 2.BRK-B 3.COST 4.MCD 5.PEP 6.PG 7.KO 8.ABBV 9.JNJ 10.PM
2023-12-31	44	$169.7M	0	1BRK-A 2BRK-B 3COST Top holdings2023-12-31 1.BRK-A 2.BRK-B 3.COST 4.MCD 5.PEP 6.KO 7.PG 8.JNJ 9.PM 10.ABBV
2023-09-30	45	$163.1M	0	1BRK-A 2BRK-B 3COST Top holdings2023-09-30 1.BRK-A 2.BRK-B 3.COST 4.PEP 5.MCD 6.PG 7.KO 8.JNJ 9.PM 10.ABBV
2023-06-30	44	$171.1M	0	1BRK-A 2BRK-B 3MCD Top holdings2023-06-30 1.BRK-A 2.BRK-B 3.MCD 4.PEP 5.COST 6.KO 7.PG 8.JNJ 9.PM 10.ABBV
2023-03-31	44	$164.3M	0	1BRK-A 2BRK-B 3PEP Top holdings2023-03-31 1.BRK-A 2.BRK-B 3.PEP 4.MCD 5.KO 6.COST 7.PG 8.PM 9.JNJ 10.ABBV
2022-12-31	44	$161.4M	0	1BRK-A 2BRK-B 3KO Top holdings2022-12-31 1.BRK-A 2.BRK-B 3.KO 4.PEP 5.PG 6.MCD 7.JNJ 8.COST 9.PM 10.ABBV
2022-09-30	44	$143.0M	0	1BRK-A 2BRK-B 3COST Top holdings2022-09-30 1.BRK-A 2.BRK-B 3.COST 4.PEP 5.KO 6.JNJ 7.MCD 8.PG 9.PM 10.ABBV
2022-06-30	43	$152.4M	0	1BRK-A 2COST 3KO Top holdings2022-06-30 1.BRK-A 2.COST 3.KO 4.PEP 5.BRK-B 6.JNJ 7.PG 8.MCD 9.PM 10.ABBV
2022-03-31	45	$175.3M	0	1BRK-A 2COST 3BRK-B Top holdings2022-03-31 1.BRK-A 2.COST 3.BRK-B 4.PEP 5.KO 6.PG 7.JNJ 8.MCD 9.PM 10.ABBV
2021-12-31	46	$171.3M	0	1BRK-A 2COST 3BRK-B Top holdings2021-12-31 1.BRK-A 2.COST 3.BRK-B 4.PEP 5.PG 6.MCD 7.KO 8.JNJ 9.PM 10.DEO
2021-09-30	45	$152.8M	0	1BRK-A 2COST 3BRK-B Top holdings2021-09-30 1.BRK-A 2.COST 3.BRK-B 4.PEP 5.PG 6.MCD 7.JNJ 8.KO 9.PM 10.DEO
2021-06-30	46	$156.2M	99	1BRK-A 2BRK-B 3COST Top holdings2021-06-30 1.BRK-A 2.BRK-B 3.COST 4.PEP 5.JNJ 6.PG 7.KO 8.MCD 9.PM 10.DEO
2021-03-31	46	$152.5M	10	1BRK-A 2BRK-B 3JNJ Top holdings2021-03-31 1.BRK-A 2.BRK-B 3.JNJ 4.PG 5.PEP 6.MCD 7.KO 8.COST 9.PM 10.ABT
2020-12-31	43	$143.6M	8	1BRK-A 2PG 3PEP Top holdings2020-12-31 1.BRK-A 2.PG 3.PEP 4.MCD 5.KO 6.JNJ 7.BRK-B 8.COST 9.PM 10.ABT
2020-09-30	44	$134.6M	15	1BRK-A 2PG 3MCD Top holdings2020-09-30 1.BRK-A 2.PG 3.MCD 4.PEP 5.JNJ 6.COST 7.KO 8.BRK-B 9.PM 10.ABT
2020-06-30	39	$118.3M	12	1BRK-A 2PG 3PEP Top holdings2020-06-30 1.BRK-A 2.PG 3.PEP 4.MCD 5.JNJ 6.KO 7.COST 8.BRK-B 9.PM 10.ABT
2020-03-31	41	$109.5M	30	1BRK-A 2PG 3PEP Top holdings2020-03-31 1.BRK-A 2.PG 3.PEP 4.MCD 5.JNJ 6.BRK-B 7.KO 8.COST 9.PM 10.MO
2019-12-31	43	$145.1M	12	1BRK-A 2MCD 3KO Top holdings2019-12-31 1.BRK-A 2.MCD 3.KO 4.PG 5.PEP 6.BRK-B 7.JNJ 8.COST 9.PM 10.MO
2019-09-30	42	$141.3M	5	1BRK-A 2MCD 3PEP Top holdings2019-09-30 1.BRK-A 2.MCD 3.PEP 4.PG 5.KO 6.BRK-B 7.JNJ 8.COST 9.PM 10.DEO
2019-06-30	42	$140.6M	15	1BRK-A 2MCD 3PEP Top holdings2019-06-30 1.BRK-A 2.MCD 3.PEP 4.KO 5.BRK-B 6.PG 7.JNJ 8.COST 9.PM 10.DEO
2019-03-31	41	$136.6M	10	1BRK-A 2MCD 3PEP Top holdings2019-03-31 1.BRK-A 2.MCD 3.PEP 4.KO 5.JNJ 6.BRK-B 7.PG 8.PM 9.MO 10.COST
2018-12-31	41	$128.1M	14	1BRK-A 2MCD 3KO Top holdings2018-12-31 1.BRK-A 2.MCD 3.KO 4.BRK-B 5.PEP 6.JNJ 7.PG 8.MO 9.PM 10.COST
2018-09-30	45	$137.8M	12	1BRK-A 2MCD 3JNJ Top holdings2018-09-30 1.BRK-A 2.MCD 3.JNJ 4.BRK-B 5.KO 6.PEP 7.PG 8.MO 9.PM 10.COST
2018-06-30	44	$128.0M	8	1BRK-A 2MCD 3KO Top holdings2018-06-30 1.BRK-A 2.MCD 3.KO 4.PEP 5.JNJ 6.BRK-B 7.PG 8.MO 9.PM 10.WFC
2018-03-31	42	$128.3M	9	1BRK-A 2MCD 3JNJ Top holdings2018-03-31 1.BRK-A 2.MCD 3.JNJ 4.BRK-B 5.KO 6.PEP 7.PG 8.PM 9.MO 10.WFC
2017-12-31	42	$140.3M	8	1BRK-A 2MCD 3KO Top holdings2017-12-31 1.BRK-A 2.MCD 3.KO 4.JNJ 5.BRK-B 6.PEP 7.PG 8.MO 9.PM 10.WFC
2017-09-30	43	$132.1M	6	1BRK-A 2KO 3MCD Top holdings2017-09-30 1.BRK-A 2.KO 3.MCD 4.JNJ 5.BRK-B 6.PEP 7.PG 8.PM 9.MO 10.WFC
2017-06-30	42	$129.7M	8	1BRK-A 2KO 3JNJ Top holdings2017-06-30 1.BRK-A 2.KO 3.JNJ 4.MCD 5.PEP 6.PM 7.BRK-B 8.MO 9.PG 10.WFC
2017-03-31	43	$126.8M	7	1BRK-A 2KO 3JNJ Top holdings2017-03-31 1.BRK-A 2.KO 3.JNJ 4.PEP 5.MCD 6.BRK-B 7.PG 8.PM 9.MO 10.WFC
2016-12-31	43	$120.6M	8	1BRK-A 2KO 3JNJ Top holdings2016-12-31 1.BRK-A 2.KO 3.JNJ 4.PEP 5.BRK-B 6.MCD 7.PG 8.MO 9.PM 10.WFC
2016-09-30	42	$117.8M	0	1BRK-A 2KO 3JNJ Top holdings2016-09-30 1.BRK-A 2.KO 3.JNJ 4.PEP 5.PG 6.BRK-B 7.MCD 8.MO 9.PM 10.03524a

Holding changes this quarter

Hutner Capital Management INC's most significant position changes for 2026-03-31: Trim: Costco Wholesale CORP (COST) — shares -0.06%; Trim: Franco-nevada CORP (FNV) — shares -0.01%; Trim: Johnson & Johnson (JNJ) — shares -0.34%; Add: American Express Co (AXP) — shares +0.92%; Add: Berkshire Hathaway Inc-cl B (BRK-B) — shares +0.10%.

Position changes disclosed by Hutner Capital Management INC for the quarter ending 2026-03-31, including ticker, issuer, weight change, shares change, and action
#	Ticker	Issuer	Weight Change	Shares Change	Action
1	COST	Costco Wholesale CORP	+0.7%	-0.06%	Trim
2	FNV	Franco-nevada CORP	+0.7%	-0.01%	Trim
3	JNJ	Johnson & Johnson	+0.6%	-0.34%	Trim
4	ENB	Enbridge INC	+0.4%	+0.54%	Add
5	MO	Altria Group INC	+0.3%	-0.18%	Trim
6	PEP	Pepsico INC	+0.3%	+1.96%	Add
7	KO	Coca-cola Co/the	+0.3%	-0.20%	Trim
8	EPD	Enterprise Products Partners	+0.3%	—	Unchanged
9	WMT	Walmart INC	+0.3%	-0.29%	Trim
10	ADI	Analog Devices INC	+0.2%	-0.09%	Trim
11	✓	Chubb Limited	+0.1%	+4.97%	Add
12	O	Realty Income CORP	+0.1%	+2.74%	Add
13	HSY	Hershey Co/the	+0.1%	+0.03%	Add
14	UNP	Union Pacific CORP	+0.1%	+1.95%	Add
15	OKE	Oneok INC	+0.1%	—	Unchanged
16	YUM	Yum! Brands INC	0%	+5.26%	Add
17	QSR	Restaurant Brands Intern	0%	+1.17%	Add
18	NVS	Novartis Ag-sponsored Adr	0%	+0.03%	Add
19	MCD	Mcdonald's CORP	0%	+0.43%	Add
20	WEC	Wec Energy Group INC	0%	-0.37%	Trim
21	ORLY	O'reilly Automotive INC	—	+0.23%	Add
22	SHW	Sherwin-williams Co/the	—	+3.50%	Add
23	✓	Zoetis Inc.	0%	—	Unchanged
24	GOOGL	Alphabet Inc-cl A	0%	—	Unchanged
25	AMT	American Tower CORP	0%	-15.74%	Trim
26	EXPD	Expeditors Intl Wash INC	0%	-0.11%	Trim
27	NSC	Norfolk Southern CORP	0%	—	Unchanged
28	PM	Philip Morris International	0%	-2.07%	Trim
29	MCO	Moody's CORP	0%	—	Unchanged
30	PG	Procter & Gamble Co/the	-0.1%	-0.63%	Trim
31	UPS	United Parcel Service-cl B	-0.1%	-43.69%	Trim
32	PGR	Progressive CORP	-0.1%	+0.07%	Add
33	V	Visa Inc-class A Shares	-0.1%	+8.67%	Add
34	WFC	Wells Fargo & Co	-0.1%	-0.66%	Trim
35	VRSK	Verisk Analytics INC	-0.1%	+4.98%	Add
36	AAPL	Apple INC	-0.2%	-0.06%	Trim
37	GPC	Genuine Parts Co	-0.3%	-5.49%	Trim
38	DEO	Diageo Plc-sponsored Adr	-0.3%	-43.13%	Trim
39	ABBV	Abbvie INC	-0.4%	-4.46%	Trim
40	ABT	Abbott Laboratories	-0.4%	+0.06%	Add
41	GOOG	Alphabet Inc-cl C	-0.5%	+0.55%	Add
42	BRK-B	Berkshire Hathaway Inc-cl B	-0.5%	+0.10%	Add
43	AXP	American Express Co	-0.6%	+0.92%	Add
44	BRK-A	Berkshire Hathaway Inc-cl A	-0.8%	—	Unchanged

Filing History

Period	Filed	Type	EDGAR
2026-03-31	2026-05-15	13F-HR	View on EDGAR
2025-12-31	2026-02-17	13F-HR	View on EDGAR
2025-09-30	2025-11-13	13F-HR	View on EDGAR
2025-06-30	2025-08-13	13F-HR	View on EDGAR
2025-03-31	2025-05-13	13F-HR	View on EDGAR
2024-12-31	2025-02-14	13F-HR	View on EDGAR
2024-09-30	2024-11-13	13F-HR	View on EDGAR
2024-06-30	2024-08-13	13F-HR	View on EDGAR
2024-03-31	2024-05-10	13F-HR	View on EDGAR
2023-12-31	2024-02-14	13F-HR	View on EDGAR
2023-09-30	2023-11-14	13F-HR	View on EDGAR
2023-06-30	2023-08-14	13F-HR	View on EDGAR
2023-03-31	2023-05-15	13F-HR	View on EDGAR
2022-12-31	2023-02-14	13F-HR	View on EDGAR
2022-09-30	2022-11-14	13F-HR	View on EDGAR
2022-06-30	2022-08-11	13F-HR	View on EDGAR
2022-03-31	2022-05-13	13F-HR	View on EDGAR
2021-12-31	2022-02-11	13F-HR	View on EDGAR
2021-09-30	2021-11-12	13F-HR	View on EDGAR
2021-06-30	2021-08-13	13F-HR	View on EDGAR
2021-03-31	2021-05-18	13F-HR	View on EDGAR
2020-12-31	2021-02-16	13F-HR	View on EDGAR
2020-09-30	2020-11-13	13F-HR	View on EDGAR
2020-06-30	2020-08-14	13F-HR	View on EDGAR
2020-03-31	2020-05-13	13F-HR	View on EDGAR
2019-12-31	2020-01-30	13F-HR	View on EDGAR
2019-09-30	2019-11-12	13F-HR	View on EDGAR
2019-06-30	2019-08-07	13F-HR	View on EDGAR
2019-03-31	2019-05-10	13F-HR	View on EDGAR
2018-12-31	2019-02-12	13F-HR	View on EDGAR
2018-09-30	2018-11-02	13F-HR	View on EDGAR
2018-06-30	2018-07-06	13F-HR	View on EDGAR
2018-03-31	2018-04-06	13F-HR	View on EDGAR
2017-12-31	2018-02-01	13F-HR	View on EDGAR
2017-09-30	2017-10-30	13F-HR	View on EDGAR
2017-06-30	2017-08-11	13F-HR	View on EDGAR
2017-03-31	2017-05-10	13F-HR	View on EDGAR
2016-12-31	2017-02-15	13F-HR	View on EDGAR
2016-09-30	2016-11-15	13F-HR	View on EDGAR

FAQ

What is Hutner Capital Management INC and what type of investor is it?

Hutner Capital Management INC is a investment manager that files SEC Form 13F quarterly, disclosing its U.S. public equity holdings to regulators. As of the most recent reporting period (2026-03-31), the firm manages a tracked equity portfolio valued at approximately $243.4M, spread across 44 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) — $29.4M (12.1%) 2. Berkshire Hathaway Inc-cl B (BRK-B) — $20.1M (8.3%) 3. Costco Wholesale CORP (COST) — $14.0M (5.8%) 4. Philip Morris International (PM) — $11.9M (4.9%) 5. Coca-cola Co/the (KO) — $11.7M (4.8%)

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: 0 new positions were initiated, 19 existing holdings were added to, 18 positions were partially reduced, and 0 were completely exited. The largest of these moves: Trim: Costco Wholesale CORP (COST) — shares -0.06%; Trim: Franco-nevada CORP (FNV) — shares -0.01%; Trim: Johnson & Johnson (JNJ) — shares -0.34%; Add: American Express Co (AXP) — shares +0.92%; Add: Berkshire Hathaway Inc-cl B (BRK-B) — shares +0.10%

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: 34.1% • Financials: 16.5% • Health Care: 12.0% • Consumer Discretionary: 8.9% • Energy: 6.8% • Materials: 6.0%

Peer Institutions

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Concentration10.8

Portfolio Stability12.8

Sector conviction40.1

AUM within 0.0% of this institution

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Total reported value

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Graham Holdings Co

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Hutner Capital Management INC 13F Portfolio & Position Changes

CIK: 0000944733

Momentum followerDiversified strategyQuality / disciplined sizing

Total reported value

$243.4M

Reporting period: 2026-03-31 · Number of holdings: 44

HUTNER CAPITAL MANAGEMENT INC disclosed 44 holdings in its latest 13F filing for the period ending 2026-03-31, with total reported value of $243.4M and a quarterly turnover rate of 9.5%.

Browse other institutions with $100M to $1B AUM Browse other institutions starting with "H"

Personality snowflake

Concentration: 19.51
Portfolio Stability: 9.51
Momentum/Contrarian: 100
Sector conviction: 54.25
Diversification: 88
Sizing Uniformity: 89.17

Position sizes are fairly uniform across the portfolio (a coefficient of variation of 1.08), suggesting a disciplined, rules-based approach to how much capital goes into each idea.

Recent moves

Trim BRK-A
0.0%　-$1.5M
Add COST
-0.1%　$1.9M
Add FNV
-0.0%　$1.9M
Add JNJ
-0.3%　$1.7M
Trim AXP
+0.9%　-$1.3M
Trim BRK-B
+0.1%　-$962.4K

Holdings Map

New buyAddUnchangedTrim

Top 10 holdings by weight

Full holdings list this quarter

#	Ticker	Issuer	Asset Subclass	Weight	Weight Change	Shares Change
1	BRK-A	Berkshire Hathaway Inc-cl A	Stock-Other	12.10%	-0.82%	—
2	BRK-B	Berkshire Hathaway Inc-cl B	Stock-Other	8.26%	-0.53%	+0.10%
3	COST	Costco Wholesale CORP	Stock-Consumer Staples	5.77%	+0.70%	-0.06%
4	PM	Philip Morris International	Stock-Consumer Staples	4.90%	-0.03%	-2.07%
5	KO	Coca-cola Co/the	Stock-Consumer Staples	4.80%	+0.31%	-0.20%
6	FNV	Franco-nevada CORP	Stock-Materials	4.79%	+0.70%	-0.01%
7	GOOG	Alphabet Inc-cl C	Stock-Comm Services	4.70%	-0.49%	+0.55%
8	JNJ	Johnson & Johnson	Stock-Healthcare	4.53%	+0.62%	-0.34%
9	MCD	Mcdonald's CORP	Stock-Consumer Disc	4.48%	+0.02%	+0.43%
10	PEP	Pepsico INC	Stock-Consumer Staples	4.24%	+0.33%	+1.96%
11	ABBV	Abbvie INC	Stock-Healthcare	3.57%	-0.42%	-4.46%
12	ENB	Enbridge INC	Stock-Energy	3.57%	+0.38%	+0.54%
13	PG	Procter & Gamble Co/the	Stock-Consumer Staples	3.17%	-0.05%	-0.63%
14	MO	Altria Group INC	Stock-Consumer Staples	3.07%	+0.34%	-0.18%
15	WMT	Walmart INC	Stock-Consumer Staples	2.96%	+0.25%	-0.29%
16	AXP	American Express Co	Stock-Financials	2.56%	-0.59%	+0.92%
17	AAPL	Apple INC	Stock-Tech	2.30%	-0.21%	-0.06%
18	EPD	Enterprise Products Partners	Stock-Energy	2.13%	+0.30%	—
19	ABT	Abbott Laboratories	Stock-Healthcare	1.86%	-0.44%	+0.06%
20	✓	Chubb Limited	Stock-Other	1.59%	+0.12%	+4.97%
21	ADI	Analog Devices INC	Stock-Tech	1.53%	+0.20%	-0.09%
22	O	Realty Income CORP	Stock-Real Estate	1.33%	+0.12%	+2.74%
23	UNP	Union Pacific CORP	Stock-Industrials	1.25%	+0.06%	+1.95%
24	ORLY	O'reilly Automotive INC	Stock-Consumer Disc	1.12%	—	+0.23%
25	GPC	Genuine Parts Co	Stock-Consumer Disc	1.03%	-0.25%	-5.49%
26	V	Visa Inc-class A Shares	Stock-Financials	0.93%	-0.08%	+8.67%
27	VRSK	Verisk Analytics INC	Stock-Industrials	0.92%	-0.13%	+4.98%
28	NSC	Norfolk Southern CORP	Stock-Industrials	0.88%	-0.02%	—
29	HSY	Hershey Co/the	Stock-Consumer Staples	0.79%	+0.08%	+0.03%
30	YUM	Yum! Brands INC	Stock-Consumer Disc	0.66%	+0.04%	+5.26%
31	QSR	Restaurant Brands Intern	Stock-Consumer Disc	0.55%	+0.04%	+1.17%
32	PGR	Progressive CORP	Stock-Financials	0.49%	-0.08%	+0.07%
33	SHW	Sherwin-williams Co/the	Stock-Materials	0.49%	—	+3.50%
34	WFC	Wells Fargo & Co	Stock-Financials	0.49%	-0.10%	-0.66%
35	NVS	Novartis Ag-sponsored Adr	Stock-Healthcare	0.43%	+0.04%	+0.03%
36	EXPD	Expeditors Intl Wash INC	Stock-Industrials	0.38%	-0.02%	-0.11%
37	DEO	Diageo Plc-sponsored Adr	Stock-Consumer Staples	0.29%	-0.31%	-43.13%
38	OKE	Oneok INC	Stock-Energy	0.26%	+0.05%	—
39	WEC	Wec Energy Group INC	Stock-Utilities	0.25%	+0.01%	-0.37%
40	MCO	Moody's CORP	Stock-Financials	0.17%	-0.03%	—
41	✓	Zoetis Inc.	Stock-Other	0.13%	-0.01%	—
42	UPS	United Parcel Service-cl B	Stock-Industrials	0.10%	-0.08%	-43.69%
43	GOOGL	Alphabet Inc-cl A	Stock-Comm Services	0.09%	-0.01%	—
44	AMT	American Tower CORP	Stock-Real Estate	0.09%	-0.02%	-15.74%

Portfolio Performance

Performance for Q3 2026

-0.2%

Performance Last 4 Quarters

+19.5%

Based on 60% of reported portfolio value with available pricing

Stdev: +11.3%
Beta: +0.49
Alpha: +3.9%
Max Drawdown: -6.5%
Annualized Perf: +13%
Batting Avg vs S&P: +44.4%
Sortino: +2.09
Stutzer: +0.33
Treynor: +0.26
Sterling: +0.85
Calmar: +2.01
Information Ratio: -0.49
Tracking Error: +11.4%
Stdev Down: +6.2%
Winning Months %: +61.1%
Losing Months %: +38.9%
Best 12 Months: +27.2%
Worst 12 Months: +8.7%
Efficiency Ratio: +0.42
Sharpe: +1.15
Stdev Sectors: +9%
Skewness: -0.31
Kurtosis: -0.85
Upside Potential: +3.91

Reported value over time

Sector allocation

Sector allocation over time

Quarterly history

Period	Holdings	Total value	Stability	Top holdings
2026-03-31	44	$243.4M	10	1BRK-A 2BRK-B 3COST Top holdings2026-03-31 1.BRK-A 2.BRK-B 3.COST 4.PM 5.KO 6.FNV 7.GOOG 8.JNJ 9.MCD 10.PEP
2025-12-31	44	$239.6M	7	1BRK-A 2BRK-B 3GOOG Top holdings2025-12-31 1.BRK-A 2.BRK-B 3.GOOG 4.COST 5.PM 6.KO 7.MCD 8.FNV 9.ABBV 10.PEP
2025-09-30	44	$236.4M	17	1BRK-A 2BRK-B 3COST Top holdings2025-09-30 1.BRK-A 2.BRK-B 3.COST 4.PM 5.MCD 6.FNV 7.KO 8.ABBV 9.GOOG 10.PEP
2025-06-30	44	$219.8M	0	1BRK-A 2BRK-B 3COST Top holdings2025-06-30 1.BRK-A 2.BRK-B 3.COST 4.PM 5.KO 6.MCD 7.PG 8.ABBV 9.FNV 10.PEP
2025-03-31	48	$234.3M	100	1BRK-A 2BRK-B 3COST Top holdings2025-03-31 1.BRK-A 2.BRK-B 3.COST 4.PM 5.KO 6.MCD 7.PG 8.ABBV 9.PEP 10.JNJ
2024-12-31	45	$207.1M	0	1BRK-A 2BRK-B 3COST Top holdings2024-12-31 1.BRK-A 2.BRK-B 3.COST 4.MCD 5.PM 6.KO 7.PG 8.PEP 9.ABBV 10.GOOG
2024-09-30	45	$200.9M	0	1BRK-A 2BRK-B 3COST Top holdings2024-09-30 1.BRK-A 2.BRK-B 3.COST 4.KO 5.MCD 6.PM 7.PG 8.PEP 9.ABBV 10.JNJ
2024-06-30	44	$182.4M	0	1BRK-A 2COST 3BRK-B Top holdings2024-06-30 1.BRK-A 2.COST 3.BRK-B 4.KO 5.PG 6.PEP 7.MCD 8.PM 9.ABBV 10.JNJ
2024-03-31	43	$184.4M	0	1BRK-A 2BRK-B 3COST Top holdings2024-03-31 1.BRK-A 2.BRK-B 3.COST 4.MCD 5.PEP 6.PG 7.KO 8.ABBV 9.JNJ 10.PM
2023-12-31	44	$169.7M	0	1BRK-A 2BRK-B 3COST Top holdings2023-12-31 1.BRK-A 2.BRK-B 3.COST 4.MCD 5.PEP 6.KO 7.PG 8.JNJ 9.PM 10.ABBV
2023-09-30	45	$163.1M	0	1BRK-A 2BRK-B 3COST Top holdings2023-09-30 1.BRK-A 2.BRK-B 3.COST 4.PEP 5.MCD 6.PG 7.KO 8.JNJ 9.PM 10.ABBV
2023-06-30	44	$171.1M	0	1BRK-A 2BRK-B 3MCD Top holdings2023-06-30 1.BRK-A 2.BRK-B 3.MCD 4.PEP 5.COST 6.KO 7.PG 8.JNJ 9.PM 10.ABBV
2023-03-31	44	$164.3M	0	1BRK-A 2BRK-B 3PEP Top holdings2023-03-31 1.BRK-A 2.BRK-B 3.PEP 4.MCD 5.KO 6.COST 7.PG 8.PM 9.JNJ 10.ABBV
2022-12-31	44	$161.4M	0	1BRK-A 2BRK-B 3KO Top holdings2022-12-31 1.BRK-A 2.BRK-B 3.KO 4.PEP 5.PG 6.MCD 7.JNJ 8.COST 9.PM 10.ABBV
2022-09-30	44	$143.0M	0	1BRK-A 2BRK-B 3COST Top holdings2022-09-30 1.BRK-A 2.BRK-B 3.COST 4.PEP 5.KO 6.JNJ 7.MCD 8.PG 9.PM 10.ABBV
2022-06-30	43	$152.4M	0	1BRK-A 2COST 3KO Top holdings2022-06-30 1.BRK-A 2.COST 3.KO 4.PEP 5.BRK-B 6.JNJ 7.PG 8.MCD 9.PM 10.ABBV
2022-03-31	45	$175.3M	0	1BRK-A 2COST 3BRK-B Top holdings2022-03-31 1.BRK-A 2.COST 3.BRK-B 4.PEP 5.KO 6.PG 7.JNJ 8.MCD 9.PM 10.ABBV
2021-12-31	46	$171.3M	0	1BRK-A 2COST 3BRK-B Top holdings2021-12-31 1.BRK-A 2.COST 3.BRK-B 4.PEP 5.PG 6.MCD 7.KO 8.JNJ 9.PM 10.DEO
2021-09-30	45	$152.8M	0	1BRK-A 2COST 3BRK-B Top holdings2021-09-30 1.BRK-A 2.COST 3.BRK-B 4.PEP 5.PG 6.MCD 7.JNJ 8.KO 9.PM 10.DEO
2021-06-30	46	$156.2M	99	1BRK-A 2BRK-B 3COST Top holdings2021-06-30 1.BRK-A 2.BRK-B 3.COST 4.PEP 5.JNJ 6.PG 7.KO 8.MCD 9.PM 10.DEO
2021-03-31	46	$152.5M	10	1BRK-A 2BRK-B 3JNJ Top holdings2021-03-31 1.BRK-A 2.BRK-B 3.JNJ 4.PG 5.PEP 6.MCD 7.KO 8.COST 9.PM 10.ABT
2020-12-31	43	$143.6M	8	1BRK-A 2PG 3PEP Top holdings2020-12-31 1.BRK-A 2.PG 3.PEP 4.MCD 5.KO 6.JNJ 7.BRK-B 8.COST 9.PM 10.ABT
2020-09-30	44	$134.6M	15	1BRK-A 2PG 3MCD Top holdings2020-09-30 1.BRK-A 2.PG 3.MCD 4.PEP 5.JNJ 6.COST 7.KO 8.BRK-B 9.PM 10.ABT
2020-06-30	39	$118.3M	12	1BRK-A 2PG 3PEP Top holdings2020-06-30 1.BRK-A 2.PG 3.PEP 4.MCD 5.JNJ 6.KO 7.COST 8.BRK-B 9.PM 10.ABT
2020-03-31	41	$109.5M	30	1BRK-A 2PG 3PEP Top holdings2020-03-31 1.BRK-A 2.PG 3.PEP 4.MCD 5.JNJ 6.BRK-B 7.KO 8.COST 9.PM 10.MO
2019-12-31	43	$145.1M	12	1BRK-A 2MCD 3KO Top holdings2019-12-31 1.BRK-A 2.MCD 3.KO 4.PG 5.PEP 6.BRK-B 7.JNJ 8.COST 9.PM 10.MO
2019-09-30	42	$141.3M	5	1BRK-A 2MCD 3PEP Top holdings2019-09-30 1.BRK-A 2.MCD 3.PEP 4.PG 5.KO 6.BRK-B 7.JNJ 8.COST 9.PM 10.DEO
2019-06-30	42	$140.6M	15	1BRK-A 2MCD 3PEP Top holdings2019-06-30 1.BRK-A 2.MCD 3.PEP 4.KO 5.BRK-B 6.PG 7.JNJ 8.COST 9.PM 10.DEO
2019-03-31	41	$136.6M	10	1BRK-A 2MCD 3PEP Top holdings2019-03-31 1.BRK-A 2.MCD 3.PEP 4.KO 5.JNJ 6.BRK-B 7.PG 8.PM 9.MO 10.COST
2018-12-31	41	$128.1M	14	1BRK-A 2MCD 3KO Top holdings2018-12-31 1.BRK-A 2.MCD 3.KO 4.BRK-B 5.PEP 6.JNJ 7.PG 8.MO 9.PM 10.COST
2018-09-30	45	$137.8M	12	1BRK-A 2MCD 3JNJ Top holdings2018-09-30 1.BRK-A 2.MCD 3.JNJ 4.BRK-B 5.KO 6.PEP 7.PG 8.MO 9.PM 10.COST
2018-06-30	44	$128.0M	8	1BRK-A 2MCD 3KO Top holdings2018-06-30 1.BRK-A 2.MCD 3.KO 4.PEP 5.JNJ 6.BRK-B 7.PG 8.MO 9.PM 10.WFC
2018-03-31	42	$128.3M	9	1BRK-A 2MCD 3JNJ Top holdings2018-03-31 1.BRK-A 2.MCD 3.JNJ 4.BRK-B 5.KO 6.PEP 7.PG 8.PM 9.MO 10.WFC
2017-12-31	42	$140.3M	8	1BRK-A 2MCD 3KO Top holdings2017-12-31 1.BRK-A 2.MCD 3.KO 4.JNJ 5.BRK-B 6.PEP 7.PG 8.MO 9.PM 10.WFC
2017-09-30	43	$132.1M	6	1BRK-A 2KO 3MCD Top holdings2017-09-30 1.BRK-A 2.KO 3.MCD 4.JNJ 5.BRK-B 6.PEP 7.PG 8.PM 9.MO 10.WFC
2017-06-30	42	$129.7M	8	1BRK-A 2KO 3JNJ Top holdings2017-06-30 1.BRK-A 2.KO 3.JNJ 4.MCD 5.PEP 6.PM 7.BRK-B 8.MO 9.PG 10.WFC
2017-03-31	43	$126.8M	7	1BRK-A 2KO 3JNJ Top holdings2017-03-31 1.BRK-A 2.KO 3.JNJ 4.PEP 5.MCD 6.BRK-B 7.PG 8.PM 9.MO 10.WFC
2016-12-31	43	$120.6M	8	1BRK-A 2KO 3JNJ Top holdings2016-12-31 1.BRK-A 2.KO 3.JNJ 4.PEP 5.BRK-B 6.MCD 7.PG 8.MO 9.PM 10.WFC
2016-09-30	42	$117.8M	0	1BRK-A 2KO 3JNJ Top holdings2016-09-30 1.BRK-A 2.KO 3.JNJ 4.PEP 5.PG 6.BRK-B 7.MCD 8.MO 9.PM 10.03524a

Holding changes this quarter

Position changes disclosed by Hutner Capital Management INC for the quarter ending 2026-03-31, including ticker, issuer, weight change, shares change, and action
#	Ticker	Issuer	Weight Change	Shares Change	Action
1	COST	Costco Wholesale CORP	+0.7%	-0.06%	Trim
2	FNV	Franco-nevada CORP	+0.7%	-0.01%	Trim
3	JNJ	Johnson & Johnson	+0.6%	-0.34%	Trim
4	ENB	Enbridge INC	+0.4%	+0.54%	Add
5	MO	Altria Group INC	+0.3%	-0.18%	Trim
6	PEP	Pepsico INC	+0.3%	+1.96%	Add
7	KO	Coca-cola Co/the	+0.3%	-0.20%	Trim
8	EPD	Enterprise Products Partners	+0.3%	—	Unchanged
9	WMT	Walmart INC	+0.3%	-0.29%	Trim
10	ADI	Analog Devices INC	+0.2%	-0.09%	Trim
11	✓	Chubb Limited	+0.1%	+4.97%	Add
12	O	Realty Income CORP	+0.1%	+2.74%	Add
13	HSY	Hershey Co/the	+0.1%	+0.03%	Add
14	UNP	Union Pacific CORP	+0.1%	+1.95%	Add
15	OKE	Oneok INC	+0.1%	—	Unchanged
16	YUM	Yum! Brands INC	0%	+5.26%	Add
17	QSR	Restaurant Brands Intern	0%	+1.17%	Add
18	NVS	Novartis Ag-sponsored Adr	0%	+0.03%	Add
19	MCD	Mcdonald's CORP	0%	+0.43%	Add
20	WEC	Wec Energy Group INC	0%	-0.37%	Trim
21	ORLY	O'reilly Automotive INC	—	+0.23%	Add
22	SHW	Sherwin-williams Co/the	—	+3.50%	Add
23	✓	Zoetis Inc.	0%	—	Unchanged
24	GOOGL	Alphabet Inc-cl A	0%	—	Unchanged
25	AMT	American Tower CORP	0%	-15.74%	Trim
26	EXPD	Expeditors Intl Wash INC	0%	-0.11%	Trim
27	NSC	Norfolk Southern CORP	0%	—	Unchanged
28	PM	Philip Morris International	0%	-2.07%	Trim
29	MCO	Moody's CORP	0%	—	Unchanged
30	PG	Procter & Gamble Co/the	-0.1%	-0.63%	Trim
31	UPS	United Parcel Service-cl B	-0.1%	-43.69%	Trim
32	PGR	Progressive CORP	-0.1%	+0.07%	Add
33	V	Visa Inc-class A Shares	-0.1%	+8.67%	Add
34	WFC	Wells Fargo & Co	-0.1%	-0.66%	Trim
35	VRSK	Verisk Analytics INC	-0.1%	+4.98%	Add
36	AAPL	Apple INC	-0.2%	-0.06%	Trim
37	GPC	Genuine Parts Co	-0.3%	-5.49%	Trim
38	DEO	Diageo Plc-sponsored Adr	-0.3%	-43.13%	Trim
39	ABBV	Abbvie INC	-0.4%	-4.46%	Trim
40	ABT	Abbott Laboratories	-0.4%	+0.06%	Add
41	GOOG	Alphabet Inc-cl C	-0.5%	+0.55%	Add
42	BRK-B	Berkshire Hathaway Inc-cl B	-0.5%	+0.10%	Add
43	AXP	American Express Co	-0.6%	+0.92%	Add
44	BRK-A	Berkshire Hathaway Inc-cl A	-0.8%	—	Unchanged

Filing History

Period	Filed	Type	EDGAR
2026-03-31	2026-05-15	13F-HR	View on EDGAR
2025-12-31	2026-02-17	13F-HR	View on EDGAR
2025-09-30	2025-11-13	13F-HR	View on EDGAR
2025-06-30	2025-08-13	13F-HR	View on EDGAR
2025-03-31	2025-05-13	13F-HR	View on EDGAR
2024-12-31	2025-02-14	13F-HR	View on EDGAR
2024-09-30	2024-11-13	13F-HR	View on EDGAR
2024-06-30	2024-08-13	13F-HR	View on EDGAR
2024-03-31	2024-05-10	13F-HR	View on EDGAR
2023-12-31	2024-02-14	13F-HR	View on EDGAR
2023-09-30	2023-11-14	13F-HR	View on EDGAR
2023-06-30	2023-08-14	13F-HR	View on EDGAR
2023-03-31	2023-05-15	13F-HR	View on EDGAR
2022-12-31	2023-02-14	13F-HR	View on EDGAR
2022-09-30	2022-11-14	13F-HR	View on EDGAR
2022-06-30	2022-08-11	13F-HR	View on EDGAR
2022-03-31	2022-05-13	13F-HR	View on EDGAR
2021-12-31	2022-02-11	13F-HR	View on EDGAR
2021-09-30	2021-11-12	13F-HR	View on EDGAR
2021-06-30	2021-08-13	13F-HR	View on EDGAR
2021-03-31	2021-05-18	13F-HR	View on EDGAR
2020-12-31	2021-02-16	13F-HR	View on EDGAR
2020-09-30	2020-11-13	13F-HR	View on EDGAR
2020-06-30	2020-08-14	13F-HR	View on EDGAR
2020-03-31	2020-05-13	13F-HR	View on EDGAR
2019-12-31	2020-01-30	13F-HR	View on EDGAR
2019-09-30	2019-11-12	13F-HR	View on EDGAR
2019-06-30	2019-08-07	13F-HR	View on EDGAR
2019-03-31	2019-05-10	13F-HR	View on EDGAR
2018-12-31	2019-02-12	13F-HR	View on EDGAR
2018-09-30	2018-11-02	13F-HR	View on EDGAR
2018-06-30	2018-07-06	13F-HR	View on EDGAR
2018-03-31	2018-04-06	13F-HR	View on EDGAR
2017-12-31	2018-02-01	13F-HR	View on EDGAR
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2017-06-30	2017-08-11	13F-HR	View on EDGAR
2017-03-31	2017-05-10	13F-HR	View on EDGAR
2016-12-31	2017-02-15	13F-HR	View on EDGAR
2016-09-30	2016-11-15	13F-HR	View on EDGAR