HUTNER CAPITAL MANAGEMENT INC

CIK

944733

Location

MANCHESTER, VT

Portfolio Value

Small $202,537,064

Diversification

Diversified

Filing Date

Global Rank

#3,824 / 8,232 ▲ 315

Top Industry

Beverages - Non-Alcoholic 10.9%

3Y Alpha vs SPY

-7.9%

Period ended 2 months ago

Filed May 15, 2026 · 29d

25 quarters · since Mar 2020

Clone Performance

Jun 2023–Jun 2026 · vs SPY

Hypothetical growth of cloning every reported 13F position and rebalancing on each filing, indexed to the same start.

Cloned portfolio

+44.2%

SPY

+76.5%

Annualised alpha

-7.9%

Max drawdown

−11.1%

Estimate. 13F holdings are quarter-lagged and long-only, so the clone rebalances about 45 days after each period end — when the filing becomes public — and excludes options and short positions. Past performance does not predict future results.

Portfolio Concentration

42 positions · as of Mar 31, 2026 · Δ vs Dec 31, 2025

Top Position

9.9%

−0.8 pts

Top 5

34.3%

+0.4 pts

Top 10

58.8%

+1.6 pts

HHI

461

Diversified+5

Portfolio Trend

25 quarters · across all stocks

Sector Breakdown

As of Mar 31, 2026

Sector	% Portfolio	Value	Positions
Consumer Defensive	36.0%	$73,010,700	9
Financial Services	17.4%	$35,273,839	7
Healthcare	12.6%	$25,602,085	5
Consumer Cyclical	9.4%	$19,065,162	5
Energy	7.2%	$14,513,295	3
Basic Materials	6.4%	$12,863,155	2
Technology	4.6%	$9,333,499	2
Industrials	4.2%	$8,576,053	5
Real Estate	1.7%	$3,453,206	2
Utilities	0.3%	$617,748	1
Communication Services	0.1%	$228,322	1

Last Quarter's Activity

Export CSV

Mar 31, 2026 vs Dec 31, 2025

Added To

Positions the filer increased

18 positions

Ticker	Company	Δ Shares	Shares	Value
O	Realty Income Corp	+1,413	52,954	$3,239,725
PEP	Pepsico Inc	+1,278	66,492	$10,325,542
ENB	Enbridge Inc	+858	160,656	$8,697,915
V	Visa Inc.	+600	7,523	$2,273,751
CB	Chubb Ltd	+561	11,839	$3,858,685
VRSK	Verisk Analytics, Inc.	+558	11,758	$2,231,080
YUM	Yum Brands Inc	+516	10,317	$1,604,087
UNP	Union Pacific Corp	+239	12,515	$3,036,389
QSR	Restaurant Brands International Inc.	+209	17,997	$1,329,978
AXP	American Express Co	+187	20,596	$6,229,878
MCD	Mcdonalds Corp	+149	35,104	$10,909,972
SHW	Sherwin Williams Co	+126	3,731	$1,195,972
ORLY	O Reilly Automotive Inc	+69	29,464	$2,719,821
BRK-B	Berkshire Hathaway Inc	+43	41,962	$20,108,190
ABT	Abbott Laboratories	+26	44,022	$4,519,738
PGR	Progressive Corp/Oh/	+4	6,043	$1,197,964
HSY	Hershey Co	+3	9,287	$1,930,674
NVS	Novartis AG	+2	6,834	$1,043,893
No positions match the current search.

Trimmed

Positions the filer reduced

18 positions

Ticker	Company	Δ Shares	Shares	Value
DEO	Diageo PLC	−7,162	9,444	$703,105
UPS	United Parcel Service Inc	−1,896	2,444	$240,440
ABBV	AbbVie Inc.	−1,866	40,006	$8,700,904
PM	Philip Morris International Inc.	−1,520	72,083	$11,918,203
GPC	Genuine Parts Co	−1,375	23,653	$2,501,304
PG	PROCTER & GAMBLE Co	−340	53,474	$7,723,784
KO	Coca Cola Co	−305	153,656	$11,685,538
AMT	American Tower Corp /Ma/	−231	1,237	$213,481
MO	Altria Group, Inc.	−200	113,334	$7,478,910
WMT	Walmart Inc.	−169	58,016	$7,210,228
JNJ	Johnson & Johnson	−152	45,062	$11,014,955
WFC	Wells Fargo & Company/Mn	−100	14,987	$1,193,115
WEC	Wec Energy Group, Inc.	−20	5,336	$617,748
AAPL	Apple Inc.	−14	22,071	$5,601,399
ADI	Analog Devices Inc	−10	11,731	$3,732,100
COST	Costco Wholesale Corp /New	−9	14,085	$14,034,716
FNV	FRANCO NEVADA Corp	−7	47,226	$11,667,183
EXPD	Expeditors International Of Washington Inc	−7	6,485	$928,846
No positions match the current search.

New Positions

Positions the filer opened this quarter

No qualifying positions this quarter.

Sold Out

Positions the filer fully exited

No qualifying positions this quarter.

Portfolio Positions

Compact Export CSV View 13F filing

42 positions · $202,537,064 total · as of Mar 31, 2026

All sectors Basic Materials Communication Services Consumer Cyclical Consumer Defensive Energy Financial Services Healthcare Industrials Real Estate Technology Utilities

Ticker	Company	Type	Shares	Δ Shares	Value (USD)	% Δ Value	% of Portfolio
BRK-B	Berkshire Hathaway Inc Financial Services	Added	41,962	+43	$20,108,190	−4.6%	9.93%
COST	Costco Wholesale Corp /New Consumer Defensive	Reduced	14,085	-9	$14,034,716	+15.5%	6.93%
PM	Philip Morris International Inc. Consumer Defensive	Reduced	72,083	-1,520	$11,918,203	+1.0%	5.88%
KO	Coca Cola Co Consumer Defensive	Reduced	153,656	-305	$11,685,538	+8.6%	5.77%
FNV	FRANCO NEVADA Corp Basic Materials	Reduced	47,226	-7	$11,667,183	+19.2%	5.76%
JNJ	Johnson & Johnson Healthcare	Reduced	45,062	-152	$11,014,955	+17.7%	5.44%
MCD	Mcdonalds Corp Consumer Cyclical	Added	35,104	+149	$10,909,972	+2.1%	5.39%
PEP	Pepsico Inc Consumer Defensive	Added	66,492	+1,278	$10,325,542	+10.3%	5.10%
ABBV	AbbVie Inc. Healthcare	Reduced	40,006	-1,866	$8,700,904	−9.1%	4.30%
ENB	Enbridge Inc Energy	Added	160,656	+858	$8,697,915	+13.8%	4.29%
PG	PROCTER & GAMBLE Co Consumer Defensive	Reduced	53,474	-340	$7,723,784	+0.2%	3.81%
MO	Altria Group, Inc. Consumer Defensive	Reduced	113,334	-200	$7,478,910	+14.2%	3.69%
WMT	Walmart Inc. Consumer Defensive	Reduced	58,016	-169	$7,210,228	+11.2%	3.56%
AXP	American Express Co Financial Services	Added	20,596	+187	$6,229,878	−17.5%	3.08%
AAPL	Apple Inc. Technology	Reduced	22,071	-14	$5,601,399	−6.7%	2.77%
EPD	Enterprise Products Partners L.P. Energy	Held	137,053	0	$5,186,085	+18.0%	2.56%
ABT	Abbott Laboratories Healthcare	Added	44,022	+26	$4,519,738	−18.0%	2.23%
CB	Chubb Ltd Financial Services	Added	11,839	+561	$3,858,685	+9.6%	1.91%
ADI	Analog Devices Inc Technology	Reduced	11,731	-10	$3,732,100	+17.2%	1.84%
O	Realty Income Corp Real Estate	Added	52,954	+1,413	$3,239,725	+11.5%	1.60%
UNP	Union Pacific Corp Industrials	Added	12,515	+239	$3,036,389	+6.9%	1.50%
ORLY	O Reilly Automotive Inc Consumer Cyclical	Added	29,464	+69	$2,719,821	+1.4%	1.34%
GPC	Genuine Parts Co Consumer Cyclical	Reduced	23,653	-1,375	$2,501,304	−18.7%	1.23%
V	Visa Inc. Financial Services	Added	7,523	+600	$2,273,751	−6.4%	1.12%
VRSK	Verisk Analytics, Inc. Industrials	Added	11,758	+558	$2,231,080	−10.9%	1.10%
NSC	Norfolk Southern Corp Industrials	Held	7,454	0	$2,139,298	−0.6%	1.06%
HSY	Hershey Co Consumer Defensive	Added	9,287	+3	$1,930,674	+14.3%	0.95%
YUM	Yum Brands Inc Consumer Cyclical	Added	10,317	+516	$1,604,087	+8.2%	0.79%
QSR	Restaurant Brands International Inc. Consumer Cyclical	Added	17,997	+209	$1,329,978	+9.6%	0.66%
PGR	Progressive Corp/Oh/ Financial Services	Added	6,043	+4	$1,197,964	−12.9%	0.59%
SHW	Sherwin Williams Co Basic Materials	Added	3,731	+126	$1,195,972	+2.4%	0.59%
WFC	Wells Fargo & Company/Mn Financial Services	Reduced	14,987	-100	$1,193,115	−15.1%	0.59%
NVS	Novartis AG Healthcare	Added	6,834	+2	$1,043,893	+10.8%	0.52%
EXPD	Expeditors International Of Washington Inc Industrials	Reduced	6,485	-7	$928,846	−4.0%	0.46%
DEO	Diageo PLC Consumer Defensive	Reduced	9,444	-7,162	$703,105	−50.9%	0.35%
OKE	Oneok Inc /New/ Energy	Held	6,962	0	$629,295	+23.0%	0.31%
WEC	Wec Energy Group, Inc. Utilities	Reduced	5,336	-20	$617,748	+9.4%	0.31%
MCO	Moodys Corp /De/ Financial Services	Held	945	0	$412,256	−14.6%	0.20%
ZTS	Zoetis Inc. Healthcare	Held	2,729	0	$322,595	−6.0%	0.16%
UPS	United Parcel Service Inc Industrials	Reduced	2,444	-1,896	$240,440	−44.1%	0.12%
GOOGL	Alphabet Inc. Communication Services	Held	794	0	$228,322	−8.1%	0.11%
AMT	American Tower Corp /Ma/ Real Estate	Reduced	1,237	-231	$213,481	−17.2%	0.11%