Tufton Capital Management — Q4 2025 13F Holdings

Name: Tufton Capital Management — 13F Holdings, Q4 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	6.14%	-1.33%	-1.28%
2	✓	Alphabet Inc.	Stock-Other	4.83%	-4.83%	EXIT
3	AAPL	Apple INC	Stock-Tech	4.78%	-0.37%	+0.46%
4	JPM	Jpmorgan Chase & Co	Stock-Financials	4.11%	-0.30%	-1.29%
5	TJX	Tjx Companies INC	Stock-Consumer Disc	3.33%	—	-1.26%
6	GLW	Corning INC	Stock-Tech	2.81%	+1.19%	-2.25%
7	AMZN	Amazon.com INC	Stock-Consumer Disc	2.80%	-0.21%	+2.65%
8	CAT	Caterpillar INC	Stock-Industrials	2.47%	+0.62%	-0.86%
9	✓	RTX Corporation	Stock-Other	2.29%	-2.29%	EXIT
10	ADP	Automatic Data Processing	Stock-Tech	2.28%	-0.43%	-1.65%
11	BAC	Bank Of America CORP	Stock-Financials	2.24%	-0.23%	-0.59%
12	✓	AbbVie Inc.	Stock-Other	2.20%	-2.20%	EXIT
13	CPK	Chesapeake Utilities CORP	Stock-Other	2.06%	-1.26%	+32.71%
14	QCOM	Qualcomm INC	Stock-Tech	2.04%	-0.46%	-0.28%
15	JNJ	Johnson & Johnson	Stock-Healthcare	1.99%	+0.42%	-0.63%
16	WFC	Wells Fargo & Co	Stock-Financials	1.95%	-0.25%	-0.96%
17	✓	Chubb Limited	Stock-Other	1.86%	-1.86%	EXIT
18	✓	Merck & Co., Inc.	Stock-Other	1.84%	-1.84%	EXIT
19	✓	Exxon Mobil Corporation	Stock-Other	1.81%	-1.81%	EXIT
20	CVX	Chevron CORP	Stock-Energy	1.78%	+0.69%	+0.04%
21	NSC	Norfolk Southern CORP	Stock-Industrials	1.70%	—	-1.00%
22	EMR	Emerson Electric Co	Stock-Industrials	1.69%	—	-0.35%
23	PG	Procter & Gamble Co/the	Stock-Consumer Staples	1.60%	—	+3.22%
24	LMT	Lockheed Martin CORP	Stock-Industrials	1.58%	+0.44%	-0.93%
25	ABT	Abbott Laboratories	Stock-Healthcare	1.46%	—	-0.30%
26	IBM	Intl Business Machines CORP	Stock-Tech	1.37%	—	-2.54%
27	TSM	Taiwan Semiconductor-sp Adr	Stock-Tech	1.36%	—	-5.56%
28	✓	NXP Semiconductors N.V.	Stock-Other	1.27%	-1.27%	EXIT
29	GOOGL	Alphabet Inc-cl A	Stock-Comm Services	1.24%	—	-0.94%
30	DIS	Walt Disney Co/the	Stock-Comm Services	1.15%	-0.43%	-5.43%
31	PM	Philip Morris International	Stock-Consumer Staples	1.14%	—	-1.41%
32	✓	Target Corporation	Stock-Other	1.12%	-1.12%	EXIT
33	DHR	Danaher CORP	Stock-Healthcare	1.12%	—	-3.26%
34	LLY	Eli Lilly & Co	Stock-Healthcare	1.11%	—	+2.74%
35	MDT	Medtronic plc	Stock-Healthcare	1.10%	—	-2.19%
36	DLR	Digital Realty Trust INC	Stock-Real Estate	1.09%	—	+0.78%
37	✓	Zoetis Inc.	Stock-Other	1.01%	-1.01%	EXIT
38	MDLZ	Mondelez International Inc-a	Stock-Consumer Staples	0.99%	—	-3.12%
39	✓	Duke Energy Corporation	Stock-Other	0.87%	-0.87%	EXIT
40	IVV	Ishares Core S&p 500 ETF	ETF-Large Cap & Growth	0.87%	—	+0.32%
41	✓	3m Co	Stock-Other	0.85%	-0.85%	EXIT
42	UPS	United Parcel Service-cl B	Stock-Industrials	0.85%	—	-11.98%
43	✓	Carrier Global Corporation	Stock-Other	0.84%	-0.84%	EXIT
44	✓	Crown Castle Inc.	Stock-Other	0.84%	-0.84%	EXIT
45	NKE	Nike INC -cl B	Stock-Consumer Disc	0.78%	—	-15.97%
46	COF	Capital One Financial CORP	Stock-Financials	0.77%	—	+4.16%
47	PEP	Pepsico INC	Stock-Consumer Staples	0.76%	—	-0.49%
48	KO	Coca-cola Co/the	Stock-Consumer Staples	0.74%	—	-1.52%
49	DIA	Ss Spdr Dow Jones Indus Avg	ETF-Large Cap & Growth	0.73%	—	-0.64%
50	BRK-B	Berkshire Hathaway Inc-cl B	Stock-Other	0.64%	—	-1.35%

1–50 of 122

Holding changes this quarter

Position changes disclosed by Tufton Capital Management for the quarter ending Q4 2025, including ticker, issuer, weight change, shares change, and action
#	Ticker	Issuer	Weight Change	Shares Change	Action
1	✓	Alphabet Inc.	+1%	-0.84%	Trim
2	CAT	Caterpillar INC	+0.4%	-0.86%	Trim
3	CPK	Chesapeake Utilities CORP	+0.4%	+32.71%	Add
4	✓	Merck & Co., Inc.	+0.3%	-0.91%	Trim
5	LLY	Eli Lilly & Co	+0.3%	+2.74%	Add
6	GOOGL	Alphabet Inc-cl A	+0.3%	-0.94%	Trim
7	AAPL	Apple INC	+0.2%	+0.46%	Add
8	JNJ	Johnson & Johnson	+0.2%	-0.63%	Trim
9	AMZN	Amazon.com INC	+0.2%	+2.65%	Add
10	WFC	Wells Fargo & Co	+0.2%	-0.96%	Trim
11	✓	RTX Corporation	+0.1%	-0.83%	Trim
12	✓	Chubb Limited	+0.1%	-0.88%	Trim
13	COF	Capital One Financial CORP	+0.1%	+4.16%	Add
14	DHR	Danaher CORP	+0.1%	-3.26%	Trim
15	TJX	Tjx Companies INC	+0.1%	-1.26%	Trim
16	BAC	Bank Of America CORP	+0.1%	-0.59%	Trim
17	GLW	Corning INC	+0.1%	-2.25%	Trim
18	✓	Exxon Mobil Corporation	+0.1%	-1.40%	Trim
19	VEA	Vanguard Ftse Developed ETF	+0.1%	+37.58%	Add
20	✓	Target Corporation	0%	-4.12%	Trim
21	QCOM	Qualcomm INC	0%	-0.28%	Trim
22	DOW	Dow INC	-0.1%	-48.27%	Trim
23	✓	Costco Wholesale Corporation	-0.1%	-6.07%	Trim
24	✓	Pinterest INC Cl A	-0.1%	-25.40%	Trim
25	✓	Duke Energy Corporation	-0.1%	+0.01%	Add
26	✓	NXP Semiconductors N.V.	-0.1%	+1.10%	Add
27	✓	Verizon Communications Inc.	-0.1%	-3.97%	Trim
28	PG	Procter & Gamble Co/the	-0.1%	+3.22%	Add
29	DIS	Walt Disney Co/the	-0.1%	-5.43%	Trim
30	LMT	Lockheed Martin CORP	-0.1%	-0.93%	Trim
31	OXY	Occidental Petroleum CORP	-0.1%	-53.44%	Trim
32	ABT	Abbott Laboratories	-0.1%	-0.30%	Trim
33	NSC	Norfolk Southern CORP	-0.1%	-1.00%	Trim
34	✓	Carrier Global Corporation	-0.2%	-1.72%	Trim
35	DLR	Digital Realty Trust INC	-0.2%	+0.78%	Add
36	NVDA	Nvidia CORP	-0.2%	-36.70%	Trim
37	MDLZ	Mondelez International Inc-a	-0.2%	-3.12%	Trim
38	✓	Crown Castle Inc.	-0.2%	-13.72%	Trim
39	✓	Zoetis Inc.	-0.3%	-4.92%	Trim
40	NKE	Nike INC -cl B	-0.3%	-15.97%	Trim
41	✓	Dupont De Nemours INC	-0.3%	-19.57%	Trim
42	ADP	Automatic Data Processing	-0.4%	-1.65%	Trim
43	MSFT	Microsoft CORP	-0.7%	-1.28%	Trim
44	✓		—	NEW	New buy
45	TROW	T Rowe Price Group INC	—	EXIT	Sold out
46	NFLX	Netflix INC	—	EXIT	Sold out
47	✓	Netflix, Inc.	—	NEW	New buy
48	✓	T. Rowe Price Group, Inc.	—	NEW	New buy
49	✓	Select Sector Spdr Tr	—	NEW	New buy
50	XLK	Ss Technology Select Sector	—	EXIT	Sold out