Tufton Capital Management — Q3 2025 13F Holdings

Name: Tufton Capital Management — 13F Holdings, Q3 2025
Creator: AlphaSMO
License: https://www.sec.gov/forms

CIK: 0001055963

Total reported value

$549.7M

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Full holdings list this quarter

#	Ticker	Issuer	Asset Subclass	Weight	Weight Change	Shares Change
1	MSFT	Microsoft CORP	Stock-Tech	6.79%	-1.33%	-0.63%
2	AAPL	Apple INC	Stock-Tech	4.54%	-0.37%	+4.33%
3	JPM	Jpmorgan Chase & Co	Stock-Financials	4.16%	-0.30%	-0.35%
4	✓	Alphabet Inc.	Stock-Other	3.86%	-4.83%	EXIT
5	TJX	Tjx Companies INC	Stock-Consumer Disc	3.24%	—	-0.13%
6	GLW	Corning INC	Stock-Tech	2.75%	+1.19%	-10.27%
7	ADP	Automatic Data Processing	Stock-Tech	2.69%	-0.43%	-0.17%
8	AMZN	Amazon.com INC	Stock-Consumer Disc	2.65%	-0.21%	+0.04%
9	✓	AbbVie Inc.	Stock-Other	2.29%	-2.20%	EXIT
10	BAC	Bank Of America CORP	Stock-Financials	2.15%	-0.23%	-0.77%
11	✓	RTX Corporation	Stock-Other	2.15%	-2.29%	EXIT
12	CAT	Caterpillar INC	Stock-Industrials	2.12%	+0.62%	-0.29%
13	QCOM	Qualcomm INC	Stock-Tech	2.03%	-0.46%	-0.42%
14	CVX	Chevron CORP	Stock-Energy	1.85%	+0.69%	+0.19%
15	JNJ	Johnson & Johnson	Stock-Healthcare	1.83%	+0.42%	+0.32%
16	NSC	Norfolk Southern CORP	Stock-Industrials	1.83%	—	-0.54%
17	WFC	Wells Fargo & Co	Stock-Financials	1.80%	-0.25%	-0.68%
18	✓	Exxon Mobil Corporation	Stock-Other	1.76%	-1.81%	EXIT
19	✓	Chubb Limited	Stock-Other	1.73%	-1.86%	EXIT
20	CPK	Chesapeake Utilities CORP	Stock-Other	1.71%	-1.26%	—
21	EMR	Emerson Electric Co	Stock-Industrials	1.71%	—	-0.29%
22	PG	Procter & Gamble Co/the	Stock-Consumer Staples	1.69%	—	-0.13%
23	LMT	Lockheed Martin CORP	Stock-Industrials	1.68%	+0.44%	-0.43%
24	ABT	Abbott Laboratories	Stock-Healthcare	1.59%	—	-0.77%
25	✓	Merck & Co., Inc.	Stock-Other	1.51%	-1.84%	EXIT
26	IBM	Intl Business Machines CORP	Stock-Tech	1.36%	—	+6.11%
27	TSM	Taiwan Semiconductor-sp Adr	Stock-Tech	1.35%	—	-0.56%
28	✓	NXP Semiconductors N.V.	Stock-Other	1.34%	-1.27%	EXIT
29	✓	Zoetis Inc.	Stock-Other	1.26%	-1.01%	EXIT
30	DIS	Walt Disney Co/the	Stock-Comm Services	1.25%	-0.43%	-0.96%
31	DLR	Digital Realty Trust INC	Stock-Real Estate	1.24%	—	+0.79%
32	MDLZ	Mondelez International Inc-a	Stock-Consumer Staples	1.21%	—	-0.47%
33	PM	Philip Morris International	Stock-Consumer Staples	1.19%	—	-0.16%
34	MDT	Medtronic plc	Stock-Healthcare	1.13%	—	-1.05%
35	✓	Target Corporation	Stock-Other	1.10%	-1.12%	EXIT
36	✓	Crown Castle Inc.	Stock-Other	1.07%	-0.84%	EXIT
37	NKE	Nike INC -cl B	Stock-Consumer Disc	1.04%	—	+3.83%
38	DHR	Danaher CORP	Stock-Healthcare	1.02%	—	+0.07%
39	GOOGL	Alphabet Inc-cl A	Stock-Comm Services	0.99%	—	-0.10%
40	✓	Carrier Global Corporation	Stock-Other	0.99%	-0.84%	EXIT
41	✓	Duke Energy Corporation	Stock-Other	0.94%	-0.87%	EXIT
42	IVV	Ishares Core S&p 500 ETF	ETF-Large Cap & Growth	0.86%	—	-1.82%
43	✓	3m Co	Stock-Other	0.85%	-0.85%	EXIT
44	UPS	United Parcel Service-cl B	Stock-Industrials	0.83%	—	-1.41%
45	LLY	Eli Lilly & Co	Stock-Healthcare	0.78%	—	+20.78%
46	PEP	Pepsico INC	Stock-Consumer Staples	0.76%	—	-8.11%
47	KO	Coca-cola Co/the	Stock-Consumer Staples	0.72%	—	-2.48%
48	DIA	Ss Spdr Dow Jones Indus Avg	ETF-Large Cap & Growth	0.72%	—	-3.15%
49	✓	Verizon Communications Inc.	Stock-Other	0.68%	-0.60%	EXIT
50	BRK-B	Berkshire Hathaway Inc-cl B	Stock-Other	0.66%	—	+0.34%

1–50 of 118

Holding changes this quarter

Position changes disclosed by Tufton Capital Management for the quarter ending Q3 2025, including ticker, issuer, weight change, shares change, and action
#	Ticker	Issuer	Weight Change	Shares Change	Action
1	MSFT	Microsoft CORP	+1.3%	-0.63%	Trim
2	GLW	Corning INC	+0.8%	-10.27%	Trim
3	✓	Alphabet Inc.	+0.7%	-0.23%	Trim
4	JPM	Jpmorgan Chase & Co	+0.5%	-0.35%	Trim
5	CAT	Caterpillar INC	+0.5%	-0.29%	Trim
6	TSM	Taiwan Semiconductor-sp Adr	+0.5%	-0.56%	Trim
7	GOOGL	Alphabet Inc-cl A	+0.3%	-0.10%	Trim
8	✓	RTX Corporation	+0.2%	+0.25%	Trim
9	NSC	Norfolk Southern CORP	+0.2%	-0.54%	Trim
10	AMZN	Amazon.com INC	+0.2%	+0.04%	Add
11	BAC	Bank Of America CORP	+0.2%	-0.77%	Trim
12	AAPL	Apple INC	+0.2%	+4.33%	Trim
13	TJX	Tjx Companies INC	+0.2%	-0.13%	Trim
14	NVDA	Nvidia CORP	+0.2%	-0.61%	Trim
15	EMR	Emerson Electric Co	+0.1%	-0.29%	Trim
16	DLR	Digital Realty Trust INC	+0.1%	+0.79%	Trim
17	✓	NXP Semiconductors N.V.	+0.1%	-1.02%	Trim
18	IVV	Ishares Core S&p 500 ETF	+0.1%	-1.82%	Trim
19	WFC	Wells Fargo & Co	+0.1%	-0.68%	Trim
20	INTC	Intel CORP	+0.1%	-6.14%	Trim
21	✓	State Street SPDR S&P 500 ETF Trust	+0.1%	+0.33%	Add
22	COF	Capital One Financial CORP	0%	-0.15%	Trim
23	DIS	Walt Disney Co/the	0%	-0.96%	Trim
24	NKE	Nike INC -cl B	0%	+3.83%	Add
25	IBM	Intl Business Machines CORP	0%	+6.11%	Trim
26	JNJ	Johnson & Johnson	—	+0.32%	Trim
27	✓	AbbVie Inc.	0%	+0.32%	Trim
28	LMT	Lockheed Martin CORP	0%	-0.43%	Trim
29	CPK	Chesapeake Utilities CORP	-0.1%	—	Unchanged
30	QCOM	Qualcomm INC	-0.1%	-0.42%	Trim
31	ELV	Elevance Health INC	-0.1%	—	Unchanged
32	CL	Colgate-palmolive Co	-0.1%	-1.56%	Trim
33	MKC	Mccormick & Co-non Vtg Shrs	-0.1%	-0.05%	Trim
34	✓	Verizon Communications Inc.	-0.2%	-1.14%	Trim
35	KO	Coca-cola Co/the	-0.2%	-2.48%	Trim
36	✓	Carrier Global Corporation	-0.2%	-0.08%	Trim
37	DOW	Dow INC	-0.2%	-29.89%	Trim
38	PEP	Pepsico INC	-0.2%	-8.11%	Trim
39	✓	Crown Castle Inc.	-0.2%	-0.41%	Trim
40	MDLZ	Mondelez International Inc-a	-0.3%	-0.47%	Trim
41	✓	Merck & Co., Inc.	-0.3%	-0.45%	Trim
42	✓	Exxon Mobil Corporation	-0.3%	+5.98%	Trim
43	✓	Zoetis Inc.	-0.3%	-1.18%	Trim
44	BMY	Bristol-myers Squibb Co	-0.3%	-2.42%	Trim
45	✓	Target Corporation	-0.3%	-1.15%	Trim
46	✓	Chubb Limited	-0.4%	-0.14%	Trim
47	CVX	Chevron CORP	-0.4%	+0.19%	Trim
48	PG	Procter & Gamble Co/the	-0.4%	-0.13%	Trim
49	UPS	United Parcel Service-cl B	-0.4%	-1.41%	Trim
50	ADP	Automatic Data Processing	-0.4%	-0.17%	Trim