CIK: 0001055963
Total reported value
$549.7M
Reporting period: 2026-03-31 · Number of holdings: 126
Tufton Capital Management disclosed 126 holdings in its latest 13F filing for the period ending 2026-03-31, with total reported value of $549.7M and a quarterly turnover rate of 66.3%.
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Tufton Capital Management's disclosed holdings carry a Herfindahl concentration index of 0.022 — mathematically equivalent to about 46 equally-sized positions, well below its 126 actual disclosed holdings. That gap points to a strategy built around a small core of high-conviction bets rather than broad diversification.
Position sizes vary widely across the portfolio (a coefficient of variation of 1.31), with a handful of outsized bets alongside many smaller positions.
No strong tilt toward either adding to existing winners or initiating outsized new positions was observed in the latest reported quarter.
Trim MSFT
-1.7% -$8.7M
Trim CPK
-63.3% -$7.4M
Add GLW
-12.0% $5.9M
Add CVX
-1.5% $3.4M
Add CAT
-3.0% $2.8M
Trim QCOM
-1.5% -$3.0M
| # | Ticker | Issuer | Asset Subclass | Weight | Weight Change | Shares Change | 4Q Trend |
|---|---|---|---|---|---|---|---|
| 1 | MSFT | Microsoft CORP | Stock-Tech | 4.81% | -1.33% | -1.70% | |
| 2 | GOOG | Alphabet Inc-cl C | Stock-Comm Services | 4.43% | +4.43% | NEW | |
| 3 | AAPL | Apple INC | Stock-Tech | 4.41% | -0.37% | -5.10% | |
| 4 | GLW | Corning INC | Stock-Tech | 4.00% | +1.19% | -11.98% | |
| 5 | JPM | Jpmorgan Chase & Co | Stock-Financials | 3.81% | -0.30% | -2.56% | |
| 6 | TJX | Tjx Companies INC | Stock-Consumer Disc | 3.47% | — | -3.70% | |
| 7 | CAT | Caterpillar INC | Stock-Industrials | 3.09% | +0.62% | -3.01% | |
| 8 | XOM | Exxon Mobil CORP | Stock-Energy | 2.62% | +2.62% | NEW | |
| 9 | AMZN | Amazon.com INC | Stock-Consumer Disc | 2.59% | -0.21% | -1.51% | |
| 10 | CVX | Chevron CORP | Stock-Energy | 2.47% | +0.69% | -1.53% | |
| 11 | RTX | Rtx CORP | Stock-Industrials | 2.45% | +2.45% | NEW | |
| 12 | JNJ | Johnson & Johnson | Stock-Healthcare | 2.41% | +0.42% | -1.41% | |
| 13 | MRK | Merck & Co. INC. | Stock-Healthcare | 2.17% | +2.17% | NEW | |
| 14 | ABBV | Abbvie INC | Stock-Healthcare | 2.14% | +2.14% | NEW | |
| 15 | LMT | Lockheed Martin CORP | Stock-Industrials | 2.02% | +0.44% | -1.96% | |
| 16 | BAC | Bank Of America CORP | Stock-Financials | 2.01% | -0.23% | -2.67% | |
| 17 | CB | Chubb Limited | Stock-Financials | 1.98% | +1.98% | NEW | |
| 18 | ADP | Automatic Data Processing | Stock-Tech | 1.85% | -0.43% | -0.90% | |
| 19 | NSC | Norfolk Southern CORP | Stock-Industrials | 1.74% | — | -1.25% | |
| 20 | WFC | Wells Fargo & Co | Stock-Financials | 1.70% | -0.25% | -1.58% | |
| 21 | EMR | Emerson Electric Co | Stock-Industrials | 1.70% | — | -1.73% | |
| 22 | PG | Procter & Gamble Co/the | Stock-Consumer Staples | 1.65% | — | -1.30% | |
| 23 | QCOM | Qualcomm INC | Stock-Tech | 1.58% | -0.46% | -1.49% | |
| 24 | TSM | Taiwan Semiconductor-sp Adr | Stock-Tech | 1.55% | — | -1.58% | |
| 25 | TGT | Target CORP | Stock-Consumer Disc | 1.42% | +1.42% | NEW | |
| 26 | DLR | Digital Realty Trust INC | Stock-Real Estate | 1.30% | — | -2.01% | |
| 27 | ABT | Abbott Laboratories | Stock-Healthcare | 1.23% | — | -0.93% | |
| 28 | PM | Philip Morris International | Stock-Consumer Staples | 1.19% | — | -2.21% | |
| 29 | NXPI | NXP Semiconductors N.V. | Stock-Tech | 1.18% | +1.18% | NEW | |
| 30 | IBM | Intl Business Machines CORP | Stock-Tech | 1.16% | — | -0.81% | |
| 31 | GOOGL | Alphabet Inc-cl A | Stock-Comm Services | 1.11% | — | -6.12% | |
| 32 | MDLZ | Mondelez International Inc-a | Stock-Consumer Staples | 1.08% | — | -2.49% | |
| 33 | MDT | Medtronic plc | Stock-Healthcare | 1.01% | — | -1.76% | |
| 34 | DUK | Duke Energy CORP | Stock-Utilities | 1.01% | +1.01% | NEW | |
| 35 | LLY | Eli Lilly & Co | Stock-Healthcare | 0.97% | — | -1.26% | |
| 36 | ZTS | Zoetis INC | Stock-Healthcare | 0.97% | +0.97% | NEW | |
| 37 | DHR | Danaher CORP | Stock-Healthcare | 0.96% | — | -0.43% | |
| 38 | CARR | Carrier Global CORP | Stock-Industrials | 0.92% | +0.92% | NEW | |
| 39 | IVV | Ishares Core S&p 500 ETF | ETF-Large Cap & Growth | 0.89% | — | +3.28% | |
| 40 | UPS | United Parcel Service-cl B | Stock-Industrials | 0.86% | — | -1.17% | |
| 41 | PEP | Pepsico INC | Stock-Consumer Staples | 0.83% | — | -2.15% | |
| 42 | KO | Coca-cola Co/the | Stock-Consumer Staples | 0.83% | — | -0.83% | |
| 43 | CPK | Chesapeake Utilities CORP | Stock-Other | 0.80% | -1.26% | -63.33% | |
| 44 | MMM | 3m Co | Stock-Industrials | 0.79% | +0.79% | NEW | |
| 45 | CCI | Crown Castle INC | Stock-Real Estate | 0.75% | +0.75% | NEW | |
| 46 | VZ | Verizon Communications INC | Stock-Comm Services | 0.75% | +0.75% | NEW | |
| 47 | DIS | Walt Disney Co/the | Stock-Comm Services | 0.72% | -0.43% | -29.40% | |
| 48 | DIA | Ss Spdr Dow Jones Indus Avg | ETF-Large Cap & Growth | 0.71% | — | -2.50% | |
| 49 | BMY | Bristol-myers Squibb Co | Stock-Healthcare | 0.71% | — | -0.71% | |
| 50 | NKE | Nike INC -cl B | Stock-Consumer Disc | 0.66% | — | -1.92% |
Performance for Q3 2026
+2.9%
Performance Last 4 Quarters
+24%
Based on 67% of reported portfolio value with available pricing
| Period | Holdings | Total value | Stability | Top holdings |
|---|---|---|---|---|
| 2026-03-31 | 126 | $549.7M | 66 | |
| 2025-12-31 | 122 | $572.1M | 11 | |
| 2025-09-30 | 118 | $561.0M | 16 | |
| 2025-06-30 | 118 | $525.9M | 0 | |
| 2025-03-31 | 120 | $519.2M | 100 | |
| 2024-12-31 | 120 | $528.7M | 0 | |
| 2024-09-30 | 121 | $533.4M | 0 | |
| 2024-06-30 | 119 | $514.2M | 0 | |
| 2024-03-31 | 118 | $509.2M | 0 | |
| 2023-12-31 | 123 | $476.7M | 0 | |
| 2023-09-30 | 120 | $448.2M | 0 | |
| 2023-06-30 | 120 | $463.5M | 0 | |
| 2023-03-31 | 119 | $462.4M | 0 | |
| 2022-12-31 | 115 | $454.5M | 0 | |
| 2022-09-30 | 112 | $414.3M | 0 | |
| 2022-06-30 | 113 | $535.3M | 0 | |
| 2022-03-31 | 126 | $618.7M | 0 | |
| 2021-12-31 | 132 | $651.3M | 0 | |
| 2021-09-30 | 125 | $590.8M | 0 | |
| 2021-06-30 | 127 | $608.9M | 100 | |
| 2021-03-31 | 129 | $585.3M | 11 | |
| 2020-12-31 | 123 | $542.3M | 17 | |
| 2020-09-30 | 118 | $484.0M | 13 | |
| 2020-06-30 | 113 | $454.1M | 20 | |
| 2020-03-31 | 108 | $390.1M | 28 | |
| 2019-12-31 | 120 | $508.1M | 11 | |
| 2019-09-30 | 120 | $473.9M | 56 | |
| 2019-06-30 | 125 | $472.9M | 18 | |
| 2019-03-31 | 123 | $469.5M | 17 | |
| 2018-12-31 | 119 | $407.6M | 18 | |
| 2018-09-30 | 124 | $470.1M | 13 | |
| 2018-06-30 | 122 | $466.3M | 16 | |
| 2018-03-31 | 126 | $506.8M | 8 | |
| 2017-12-31 | 129 | $519.1M | 11 | |
| 2017-09-30 | 133 | $499.9M | 15 | |
| 2017-06-30 | 127 | $492.8M | 10 | |
| 2017-03-31 | 125 | $507.5M | 8 | |
| 2016-12-31 | 110 | $492.9M | 14 | |
| 2016-09-30 | 108 | $496.0M | 8 | |
| 2016-06-30 | 106 | $493.9M | 29 | |
| 2016-03-31 | 100 | $401.7M | 16 | |
| 2015-12-31 | 104 | $406.4M | 82 | |
| 2015-09-30 | 106 | $455.1M | 14 | |
| 2015-06-30 | 114 | $495.0M | 13 | |
| 2015-03-31 | 124 | $545.6M | 11 | |
| 2014-12-31 | 126 | $547.3M | 12 | |
| 2014-09-30 | 124 | $532.4M | 18 | |
| 2014-06-30 | 123 | $493.5M | 11 | |
| 2014-03-31 | 122 | $478.4M | 13 | |
| 2013-12-31 | 120 | $466.9M | 11 | |
| 2013-09-30 | 119 | $424.3M | 11 | |
| 2013-06-30 | 118 | $416.4M | — |
Tufton Capital Management's most significant position changes for 2026-03-31: Sold out: Alphabet Inc.; New buy: Alphabet Inc-cl C (GOOG); New buy: Exxon Mobil CORP (XOM); New buy: Rtx CORP (RTX); Sold out: RTX Corporation.
| # | Ticker | Issuer | Weight Change | Shares Change | Action |
|---|---|---|---|---|---|
| 1 | GLW | Corning INC | +1.2% | -11.98% | Trim |
| 2 | CVX | Chevron CORP | +0.7% | -1.53% | Trim |
| 3 | CAT | Caterpillar INC | +0.6% | -3.01% | Trim |
| 4 | LMT | Lockheed Martin CORP | +0.4% | -1.96% | Trim |
| 5 | JNJ | Johnson & Johnson | +0.4% | -1.41% | Trim |
| 6 | AMZN | Amazon.com INC | -0.2% | -1.51% | Trim |
| 7 | BAC | Bank Of America CORP | -0.2% | -2.67% | Trim |
| 8 | WFC | Wells Fargo & Co | -0.3% | -1.58% | Trim |
| 9 | JPM | Jpmorgan Chase & Co | -0.3% | -2.56% | Trim |
| 10 | AAPL | Apple INC | -0.4% | -5.10% | Trim |
| 11 | ADP | Automatic Data Processing | -0.4% | -0.90% | Trim |
| 12 | DIS | Walt Disney Co/the | -0.4% | -29.40% | Trim |
| 13 | QCOM | Qualcomm INC | -0.5% | -1.49% | Trim |
| 14 | CPK | Chesapeake Utilities CORP | -1.3% | -63.33% | Trim |
| 15 | MSFT | Microsoft CORP | -1.3% | -1.70% | Trim |
| 16 | ✓ | Alphabet Inc. | — | EXIT | Sold out |
| 17 | GOOG | Alphabet Inc-cl C | — | NEW | New buy |
| 18 | XOM | Exxon Mobil CORP | — | NEW | New buy |
| 19 | RTX | Rtx CORP | — | NEW | New buy |
| 20 | ✓ | RTX Corporation | — | EXIT | Sold out |
| 21 | ✓ | AbbVie Inc. | — | EXIT | Sold out |
| 22 | MRK | Merck & Co. INC. | — | NEW | New buy |
| 23 | ABBV | Abbvie INC | — | NEW | New buy |
| 24 | CB | Chubb Limited | — | NEW | New buy |
| 25 | ✓ | Chubb Limited | — | EXIT | Sold out |
| 26 | ✓ | Merck & Co., Inc. | — | EXIT | Sold out |
| 27 | ✓ | Exxon Mobil Corporation | — | EXIT | Sold out |
| 28 | TGT | Target CORP | — | NEW | New buy |
| 29 | ✓ | NXP Semiconductors N.V. | — | EXIT | Sold out |
| 30 | NXPI | NXP Semiconductors N.V. | — | NEW | New buy |
| 31 | ✓ | Target Corporation | — | EXIT | Sold out |
| 32 | ✓ | Zoetis Inc. | — | EXIT | Sold out |
| 33 | DUK | Duke Energy CORP | — | NEW | New buy |
| 34 | ZTS | Zoetis INC | — | NEW | New buy |
| 35 | CARR | Carrier Global CORP | — | NEW | New buy |
| 36 | ✓ | Duke Energy Corporation | — | EXIT | Sold out |
| 37 | ✓ | 3m Co | — | EXIT | Sold out |
| 38 | ✓ | Carrier Global Corporation | — | EXIT | Sold out |
| 39 | ✓ | Crown Castle Inc. | — | EXIT | Sold out |
| 40 | MMM | 3m Co | — | NEW | New buy |
| 41 | CCI | Crown Castle INC | — | NEW | New buy |
| 42 | VZ | Verizon Communications INC | — | NEW | New buy |
| 43 | ✓ | Verizon Communications Inc. | — | EXIT | Sold out |
| 44 | ✓ | State Street SPDR S&P 500 ETF Trust | — | EXIT | Sold out |
| 45 | ✓ | Cisco Systems, Inc. | — | EXIT | Sold out |
| 46 | CSCO | Cisco Systems INC | — | NEW | New buy |
| 47 | SPY | Ss Spdr S&p 500 ETF Trust-us | — | NEW | New buy |
| 48 | COST | Costco Wholesale CORP | — | NEW | New buy |
| 49 | ✓ | Costco Wholesale Corporation | — | EXIT | Sold out |
| 50 | Q | Qnity Electronics INC | — | NEW | New buy |
| Period | Filed | Type | EDGAR |
|---|---|---|---|
| 2026-03-31 | 2026-05-12 | 13F-HR | View on EDGAR |
| 2025-12-31 | 2026-01-28 | 13F-HR | View on EDGAR |
| 2025-09-30 | 2025-10-31 | 13F-HR | View on EDGAR |
| 2025-06-30 | 2025-08-05 | 13F-HR | View on EDGAR |
| 2025-03-31 | 2025-05-06 | 13F-HR | View on EDGAR |
| 2024-12-31 | 2025-02-05 | 13F-HR | View on EDGAR |
| 2024-09-30 | 2024-11-08 | 13F-HR | View on EDGAR |
| 2024-06-30 | 2024-07-31 | 13F-HR | View on EDGAR |
| 2024-03-31 | 2024-05-07 | 13F-HR | View on EDGAR |
| 2023-12-31 | 2024-01-31 | 13F-HR | View on EDGAR |
| 2023-09-30 | 2023-10-30 | Amendment | View on EDGAR |
| 2023-09-30 | 2023-10-30 | 13F-HR | View on EDGAR |
| 2023-06-30 | 2023-07-28 | 13F-HR | View on EDGAR |
| 2023-03-31 | 2023-04-19 | 13F-HR | View on EDGAR |
| 2022-12-31 | 2023-01-26 | 13F-HR | View on EDGAR |
| 2022-09-30 | 2022-10-21 | 13F-HR | View on EDGAR |
| 2022-06-30 | 2022-07-20 | 13F-HR | View on EDGAR |
| 2022-03-31 | 2022-04-25 | 13F-HR | View on EDGAR |
| 2021-12-31 | 2022-01-28 | 13F-HR | View on EDGAR |
| 2021-09-30 | 2021-10-21 | 13F-HR | View on EDGAR |
| 2021-06-30 | 2021-07-29 | 13F-HR | View on EDGAR |
| 2021-03-31 | 2021-04-22 | 13F-HR | View on EDGAR |
| 2020-12-31 | 2021-02-01 | 13F-HR | View on EDGAR |
| 2020-09-30 | 2020-10-23 | 13F-HR | View on EDGAR |
| 2020-06-30 | 2020-07-27 | 13F-HR | View on EDGAR |
| 2020-03-31 | 2020-04-23 | 13F-HR | View on EDGAR |
| 2019-12-31 | 2020-01-24 | 13F-HR | View on EDGAR |
| 2019-09-30 | 2019-10-25 | 13F-HR | View on EDGAR |
| 2019-06-30 | 2019-07-26 | 13F-HR | View on EDGAR |
| 2019-03-31 | 2019-04-29 | 13F-HR | View on EDGAR |
| 2018-12-31 | 2019-01-28 | 13F-HR | View on EDGAR |
| 2018-09-30 | 2018-10-26 | 13F-HR | View on EDGAR |
| 2018-06-30 | 2018-08-06 | 13F-HR | View on EDGAR |
| 2018-03-31 | 2018-04-23 | 13F-HR | View on EDGAR |
| 2017-12-31 | 2018-01-26 | 13F-HR | View on EDGAR |
| 2017-09-30 | 2017-10-20 | 13F-HR | View on EDGAR |
| 2017-06-30 | 2017-07-28 | 13F-HR | View on EDGAR |
| 2017-03-31 | 2017-04-28 | 13F-HR | View on EDGAR |
| 2016-12-31 | 2017-01-31 | 13F-HR | View on EDGAR |
| 2016-09-30 | 2016-10-21 | 13F-HR | View on EDGAR |
| 2016-06-30 | 2016-07-26 | 13F-HR | View on EDGAR |
| 2016-03-31 | 2016-04-13 | 13F-HR | View on EDGAR |
| 2015-12-31 | 2016-01-19 | 13F-HR | View on EDGAR |
| 2015-09-30 | 2015-10-22 | 13F-HR | View on EDGAR |
| 2015-06-30 | 2015-07-23 | 13F-HR | View on EDGAR |
| 2015-03-31 | 2015-04-22 | 13F-HR | View on EDGAR |
| 2014-12-31 | 2015-02-02 | 13F-HR | View on EDGAR |
| 2014-09-30 | 2014-11-07 | 13F-HR | View on EDGAR |
| 2014-06-30 | 2014-07-16 | 13F-HR | View on EDGAR |
| 2014-03-31 | 2014-04-22 | 13F-HR | View on EDGAR |
| 2013-12-31 | 2014-01-30 | 13F-HR | View on EDGAR |
| 2013-09-30 | 2013-10-30 | 13F-HR | View on EDGAR |
| 2013-06-30 | 2013-07-18 | 13F-HR | View on EDGAR |
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