HUTNER CAPITAL MANAGEMENT INC

Registered adviser

CIK

944733

Location

MANCHESTER, VT

Portfolio Value

Small $252,139,690

Diversification

Diversified

Filing Date

Global Rank

#5,767 / 8,827 ▼ 300

Top Industry

Insurance - Diversified 20.0%

Period ended 4 months ago

Filed Aug 14, 2026 · 3mo

26 quarters · since Mar 2020

Regulatory profile

From Form ADV, the SEC filer profile, 13D/13G type codes and N-CEN, never from the name.

Holder type

Registered adviser

Form ADV roster, Nov 1, 2026

Form ADV adviser

CRD 107896

Roster of Nov 1, 2026

Regulatory AUM

$271,166,293

Main clients

Individuals and high net worth (65% of AUM)

Private funds

3 funds · Hedge funds

Focus by fund count, roster of Nov 1, 2026

$80,459,771 gross assets

Private funds on Schedule D 7.B.(1)

As filed Mar 29, 2024; SEC's bulk Form ADV archive ends with 2024 filings.

$64,529,064 gross assets in 3 funds Hedge funds $64,529,064 (3)

Form ADV history

Monthly rosters from Dec 2019; each row is a run with the same figures, newest first.

Rosters	Regulatory AUM	Main clients
Apr 2026 to Nov 2026	$271,166,293	Individuals and high net worth (65%)
Apr 2025 to Mar 2026	$270,701,590	Individuals and high net worth (63%)
Apr 2024 to Mar 2025	$193,851,090	Individuals and high net worth (59%)
May 2023 to Mar 2024	$190,073,128	Individuals and high net worth (59%)
Apr 2023	$190,073,128	Individuals and high net worth (59%)
Apr 2022 to Mar 2023	$195,189,179	Individuals and high net worth (56%)

3 earlier changes not shown.

Stated strategy

Fundamental active Form ADV Part 2A, Mar 30, 2026 · original

In the firm's words

Fundamental active: Hutner Capital Management, Inc. relies on fundamental analysis of individual companies, primarily at the microeconomic level, with a focus on earnings and competitive advantage.

Portfolio style

Measured from the filed 13F common-share book for Jun 30, 2026, never from the firm's own description.

Style

Concentrated

The top 10 positions are 61.2% of the book (60%+)

Turnover

Low turnover

2.5% over the last four quarters (under 30%)

Horizon

Long horizon

Value-weighted holding period 24.9 quarters (12+), a floor since 85.8% of the book was already held when coverage starts

Closest benchmark: the Dow Jones Industrial Average as of 2026-07-31, active share 79.1%; sector active share 47.2% against the combined 13F book's sector weights.

Over time 26 measured quarters

How the bands are measured

Style bands measure the filed 13F common-share book each closed quarter, tested in this order. Unknown: under $10,000,000 of valued equity or 5 stocks. Index-like (100+ stocks): active share of 20% or less against the closest benchmark, which is the S&P 500, S&P MidCap 400, S&P SmallCap 600, Russell 1000, Russell 2000, Nasdaq-100 or Dow Jones Industrial Average (weighted by an index-tracking fund's reported holdings or the index's constituents nearest the quarter end, over the names resolved to companies, and only when those are 90%+ of its weight) or every 13F filer's combined book, or index series holding 80%+ of the registered fund assets it advises (N-CEN) and equal to 50%+ of its book. Systematic-like: 500+ stocks, 100%+ annual turnover and a top 10 weight of 25% or less. Concentrated: a top 10 weight of 60%+ or 12 or fewer effective positions. Diversified active: none of these. Turnover is the smaller of buys and sells over average equity value, summed over four quarters: low under 30%, high 100%+. Horizon is the value-weighted number of quarters each position has been held: short under 4, long 12+.

Clone Performance

Build a hypothetical price-return history from this filer's public 13F holdings.

View clone backtest

Portfolio Concentration

43 tracked positions · as of Jun 30, 2026 · Δ vs Mar 31, 2026

Top Position

20.0%

−0.4 pts

Top 5

41.2%

+0.6 pts

Top 10

61.2%

−1.0 pts

HHI

672

Diversified−17

Portfolio Trend

26 quarters · across all stocks

Sector Breakdown

As of Jun 30, 2026

Sector	% Portfolio	Value	Positions
Consumer Defensive	28.9%	$72,849,837	9
Financial Services	26.9%	$67,931,529	8
Healthcare	10.5%	$26,576,760	4
Consumer Cyclical	7.3%	$18,465,413	5
Communication Services	5.9%	$14,786,538	2
Energy	5.7%	$14,470,168	3
Basic Materials	4.5%	$11,382,324	2
Technology	4.5%	$11,313,090	3
Industrials	4.1%	$10,378,564	5
Real Estate	1.3%	$3,362,383	1
Utilities	0.2%	$623,084	1

Last Quarter's Activity

Export CSV

Jun 30, 2026 vs Mar 31, 2026

Added To

Positions the filer increased

25 positions

Ticker	Company	Δ Shares	Shares	Value
VRSK	Verisk Analytics, Inc.	+5,883	17,641	$3,167,088
QSR	Restaurant Brands International Inc.	+5,566	23,563	$1,708,553
CB	Chubb Ltd	+1,702	13,541	$4,613,960
EPD	Enterprise Products Partners L.P.	+1,676	138,729	$5,099,678
PEP	Pepsico Inc	+1,651	68,143	$9,226,562
O	Realty Income Corp	+1,313	54,267	$3,362,383
FNV	FRANCO NEVADA Corp	+1,218	48,444	$10,097,667
GOOG	Alphabet Inc.	+1,173	41,045	$14,502,429
ENB	Enbridge Inc	+1,034	161,690	$8,765,214
V	Visa Inc.	+955	8,478	$2,908,717
UNP	Union Pacific Corp	+538	13,053	$3,550,416
YUM	Yum Brands Inc	+376	10,693	$1,709,382
KO	Coca Cola Co	+372	154,028	$12,517,855
AXP	American Express Co	+239	20,835	$7,047,438
AAPL	Apple Inc.	+218	22,289	$6,449,545
ORLY	O Reilly Automotive Inc	+210	29,674	$2,732,678
MCD	Mcdonalds Corp	+130	35,234	$9,524,102
COST	Costco Wholesale Corp	+98	14,183	$13,267,771
HSY	Hershey Co	+91	9,378	$1,645,370
NVS	Novartis AG	+57	6,891	$1,079,957
PGR	Progressive Corp	+50	6,093	$1,331,015
JNJ	Johnson & Johnson	+37	45,099	$11,453,793
ABBV	AbbVie Inc.	+7	40,013	$10,068,871
GOOGL	Alphabet Inc.	+1	795	$284,109
GPC	Genuine Parts Co	+1	23,654	$2,790,698
No positions match the current search.

Trimmed

Positions the filer reduced

9 positions

Ticker	Company	Δ Shares	Shares	Value
BRK-B	Berkshire Hathaway Inc	−2,665	39,297	$19,663,825
PG	PROCTER & GAMBLE Co	−373	53,101	$7,786,730
MO	Altria Group, Inc.	−294	113,040	$8,133,228
WMT	Walmart Inc.	−292	57,724	$6,537,820
DEO	Diageo PLC	−250	9,194	$739,013
PM	Philip Morris International Inc.	−249	71,834	$12,995,488
ABT	Abbott Laboratories	−225	43,797	$3,974,139
WFC	Wells Fargo & Company	−34	14,953	$1,235,715
UPS	United Parcel Service Inc	−33	2,411	$259,182
No positions match the current search.

New Positions

Positions the filer opened this quarter

1 positions

Ticker	Company	Shares	Value	Open
GLW	Corning Inc	800	$204,344
No positions match the current search.

Sold Out

Positions the filer fully exited

2 positions

Ticker	Company	Shares	Value
ZTS	Zoetis Inc.	2,729	$322,595
AMT	American Tower Corp	1,237	$213,481
No positions match the current search.

Portfolio Positions

Compact Export CSV View 13F filing

43 tracked positions · $252,139,690 total · filing declares 43 positions · $252,139,573 · as of Jun 30, 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	Held (qtrs)	Est. cost/share	% of Portfolio
BRK-A	Berkshire Hathaway Inc Financial Services	Held	41	0	$30,702,850	+4.3%	26+	before history	12.18%
BRK-B	Berkshire Hathaway Inc Financial Services	Reduced	39,297	-2,665	$19,663,825	−2.2%	26+	before history	7.80%
GOOG	Alphabet Inc. Communication Services	Added	41,045	+1,173	$14,502,429	+26.8%	24	unpriced	5.75%
COST	Costco Wholesale Corp Consumer Defensive	Added	14,183	+98	$13,267,771	−5.5%	26+	before history	5.26%
PM	Philip Morris International Inc. Consumer Defensive	Reduced	71,834	-249	$12,995,488	+9.0%	26+	before history	5.15%
KO	Coca Cola Co Consumer Defensive	Added	154,028	+372	$12,517,855	+7.1%	26+	before history	4.96%
JNJ	Johnson & Johnson Healthcare	Added	45,099	+37	$11,453,793	+4.0%	26+	before history	4.54%
FNV	FRANCO NEVADA Corp Basic Materials	Added	48,444	+1,218	$10,097,667	−13.5%	26+	before history	4.00%
ABBV	AbbVie Inc. Healthcare	Added	40,013	+7	$10,068,871	+15.7%	26+	before history	3.99%
MCD	Mcdonalds Corp Consumer Cyclical	Added	35,234	+130	$9,524,102	−12.7%	26+	before history	3.78%
PEP	Pepsico Inc Consumer Defensive	Added	68,143	+1,651	$9,226,562	−10.6%	26+	before history	3.66%
ENB	Enbridge Inc Energy	Added	161,690	+1,034	$8,765,214	+0.8%	26+	before history	3.48%
MO	Altria Group, Inc. Consumer Defensive	Reduced	113,040	-294	$8,133,228	+8.7%	26+	before history	3.23%
PG	PROCTER & GAMBLE Co Consumer Defensive	Reduced	53,101	-373	$7,786,730	+0.8%	26+	before history	3.09%
AXP	American Express Co Financial Services	Added	20,835	+239	$7,047,438	+13.1%	26+	before history	2.80%
WMT	Walmart Inc. Consumer Defensive	Reduced	57,724	-292	$6,537,820	−9.3%	26+	before history	2.59%
AAPL	Apple Inc. Technology	Added	22,289	+218	$6,449,545	+15.1%	26+	before history	2.56%
EPD	Enterprise Products Partners L.P. Energy	Added	138,729	+1,676	$5,099,678	−1.7%	26+	before history	2.02%
ADI	Analog Devices Inc Technology	Held	11,731	0	$4,659,201	+24.8%	21	$179.76	1.85%
CB	Chubb Ltd Financial Services	Added	13,541	+1,702	$4,613,960	+19.6%	8	$289.26	1.83%
ABT	Abbott Laboratories Healthcare	Reduced	43,797	-225	$3,974,139	−12.1%	26+	before history	1.58%
UNP	Union Pacific Corp Industrials	Added	13,053	+538	$3,550,416	+16.9%	26+	before history	1.41%
O	Realty Income Corp Real Estate	Added	54,267	+1,313	$3,362,383	+3.8%	26+	before history	1.33%
VRSK	Verisk Analytics, Inc. Industrials	Added	17,641	+5,883	$3,167,088	+42.0%	26+	before history	1.26%
V	Visa Inc. Financial Services	Added	8,478	+955	$2,908,717	+27.9%	6	$338.41	1.15%
GPC	Genuine Parts Co Consumer Cyclical	Added	23,654	+1	$2,790,698	+11.6%	26+	before history	1.11%
ORLY	O Reilly Automotive Inc Consumer Cyclical	Added	29,674	+210	$2,732,678	+0.5%	22	$48.83	1.08%
NSC	Norfolk Southern Corp Industrials	Held	7,454	0	$2,344,953	+9.6%	26+	before history	0.93%
YUM	Yum Brands Inc Consumer Cyclical	Added	10,693	+376	$1,709,382	+6.6%	24	$124.51	0.68%
QSR	Restaurant Brands International Inc. Consumer Cyclical	Added	23,563	+5,566	$1,708,553	+28.5%	26+	before history	0.68%
HSY	Hershey Co Consumer Defensive	Added	9,378	+91	$1,645,370	−14.8%	26+	before history	0.65%
PGR	Progressive Corp Financial Services	Added	6,093	+50	$1,331,015	+11.1%	6	$261.49	0.53%
SHW	Sherwin Williams Co Basic Materials	Held	3,731	0	$1,284,657	+7.4%	24	$271.89	0.51%
WFC	Wells Fargo & Company Financial Services	Reduced	14,953	-34	$1,235,715	+3.6%	26+	before history	0.49%
NVS	Novartis AG Healthcare	Added	6,891	+57	$1,079,957	+3.5%	9	$108.80	0.43%
EXPD	Expeditors International Of Washington Inc Industrials	Held	6,485	0	$1,056,925	+13.8%	26+	before history	0.42%
DEO	Diageo PLC Consumer Defensive	Reduced	9,194	-250	$739,013	+5.1%	26+	before history	0.29%
WEC	Wec Energy Group, Inc. Utilities	Held	5,336	0	$623,084	+0.9%	26+	before history	0.25%
OKE	Oneok Inc Energy	Held	6,962	0	$605,276	−3.8%	12	$67.87	0.24%
MCO	Moodys Corp Financial Services	Held	945	0	$428,009	+3.8%	26+	before history	0.17%
GOOGL	Alphabet Inc. Communication Services	Added	795	+1	$284,109	+24.4%	3	$285.82	0.11%
UPS	United Parcel Service Inc Industrials	Reduced	2,411	-33	$259,182	+7.8%	26+	before history	0.10%
GLW	Corning Inc Technology	NEW	800	NEW	$204,344	NEW	1	$181.94	0.08%

Covers the securities this platform tracks: U.S.-listed common stock and the put/call positions reported on it. A 13F can also report security types outside that coverage — preferred shares, bonds, warrants, untracked share classes — so the filing's own declared total can exceed the figures above. The source filing is linked at the top of this table.