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HUTNER CAPITAL MANAGEMENT INC

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13F filer, CIK 944733, MANCHESTER, VT

HUTNER CAPITAL MANAGEMENT INC reported $219,844,357 across 44 holdings for the quarter ended 2025-06-30, in a 13F-HR filed 2025-08-13. Its ten largest share positions make up 59.1% of the portfolio.

Filed (acceptance time not in the bulk data set), ingested 13F-HR 0000944733-25-000003

Period
2025-06-30
Reported value
$220M
Holdings
44
Top 10 weight
59.1%
New
0
Sold out
4

Largest buys vs the previous quarter

SecurityShares changeApprox. value
ORLYadded+26,547$2.39M
BRK-Badded+3,335$1.62M
Vadded+1,690$600K
CBadded+1,873$543K
AAPLadded+2,571$527K

Ranked by the share change valued at this quarter's implied price (value over shares in the 13F). A position sold out is valued at the previous quarter's price, its last report.

Largest sells vs the previous quarter

SecurityShares changeApprox. value
BRK-Areduced-9-$6.56M
COSTreduced-1,295-$1.28M
PMreduced-4,871-$887K
JNJreduced-5,066-$774K
VRSKreduced-2,020-$629K

Ranked by the share change valued at this quarter's implied price (value over shares in the 13F). A position sold out is valued at the previous quarter's price, its last report.

Holdings, Q2 2025

Share positions as resolved from 13F-HR 0000944733-25-000003, largest first. % of portfolio is the value over $219,844,357, the sum of the share positions whose value is usable for ratios (method).

SecurityHistorySharesValue% of portfolioChangeLatest eventTimeline
BRK-ABERKSHIRE HATHAWAY INC DELQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 52 shares; 2024Q4: 52 shares; 2025Q1: 51 shares; 2025Q2: 42 shares 42$30.6M13.92%-9Timeline
BRK-BBERKSHIRE HATHAWAY INC DELQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 31,741 shares; 2024Q4: 34,590 shares; 2025Q1: 37,966 shares; 2025Q2: 41,301 shares 41,301$20.1M9.13%+3,335Timeline
COSTCOSTCO WHOLESALE CORPORATIONQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 16,292 shares; 2024Q4: 16,190 shares; 2025Q1: 15,522 shares; 2025Q2: 14,227 shares 14,227$14.1M6.41%-1,295Timeline
PMPHILIP MORRIS INTL INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 69,778 shares; 2024Q4: 76,790 shares; 2025Q1: 78,487 shares; 2025Q2: 73,616 shares 73,616$13.4M6.1%-4,871Timeline
KOCOCA COLA COQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 128,014 shares; 2024Q4: 147,769 shares; 2025Q1: 150,719 shares; 2025Q2: 153,003 shares 153,003$10.8M4.92%+2,284Timeline
MCDMCDONALDS CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 30,189 shares; 2024Q4: 32,630 shares; 2025Q1: 34,382 shares; 2025Q2: 34,351 shares 34,351$10M4.57%-31Timeline
PGPROCTER & GAMBLE COQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 48,058 shares; 2024Q4: 53,210 shares; 2025Q1: 53,919 shares; 2025Q2: 53,226 shares 53,226$8.48M3.86%-693Timeline
ABBVABBVIE INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 38,502 shares; 2024Q4: 42,403 shares; 2025Q1: 43,096 shares; 2025Q2: 41,964 shares 41,964$7.79M3.54%-1,132Timeline
FNVFRANCO NEV CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 34,880 shares; 2024Q4: 39,848 shares; 2025Q1: 47,842 shares; 2025Q2: 44,995 shares 44,995$7.38M3.35%-2,847Timeline
PEPPEPSICO INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 46,918 shares; 2024Q4: 53,783 shares; 2025Q1: 54,525 shares; 2025Q2: 54,957 shares 54,957$7.26M3.3%+432Timeline
GOOGALPHABET INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 27,860 shares; 2024Q4: 36,112 shares; 2025Q1: 41,648 shares; 2025Q2: 38,790 shares 38,790$6.88M3.13%-2,858Timeline
ENBENBRIDGE INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 110,009 shares; 2024Q4: 123,242 shares; 2025Q1: 139,241 shares; 2025Q2: 147,628 shares 147,628$6.69M3.04%+8,387Timeline
AXPAMERICAN EXPRESS COQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 22,677 shares; 2024Q4: 22,352 shares; 2025Q1: 22,309 shares; 2025Q2: 20,659 shares 20,659$6.59M3%-1,650Timeline
JNJJOHNSON & JOHNSONQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 43,586 shares; 2024Q4: 46,286 shares; 2025Q1: 47,697 shares; 2025Q2: 42,631 shares 42,631$6.51M2.96%-5,066Timeline
MOALTRIA GROUP INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 99,348 shares; 2024Q4: 102,852 shares; 2025Q1: 106,733 shares; 2025Q2: 110,894 shares 110,894$6.5M2.96%+4,161Timeline
WMTWALMART INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 65,602 shares; 2024Q4: 64,633 shares; 2025Q1: 63,281 shares; 2025Q2: 59,899 shares 59,899$5.86M2.66%-3,382Timeline
ABTABBOTT LABORATORIESQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 41,950 shares; 2024Q4: 41,854 shares; 2025Q1: 41,248 shares; 2025Q2: 41,474 shares 41,474$5.64M2.57%+226Timeline
EPDENTERPRISE PRODS PARTNERS LQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 90,109 shares; 2024Q4: 102,654 shares; 2025Q1: 123,369 shares; 2025Q2: 136,489 shares 136,489$4.23M1.93%+13,120Timeline
AAPLAPPLE INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 17,773 shares; 2024Q4: 17,496 shares; 2025Q1: 17,523 shares; 2025Q2: 20,094 shares 20,094$4.12M1.88%+2,571Timeline
VRSKVERISK ANALYTICS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 13,400 shares; 2024Q4: 13,238 shares; 2025Q1: 13,220 shares; 2025Q2: 11,200 shares 11,200$3.49M1.59%-2,020Timeline
CBCHUBB LIMITEDQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 2,035 shares; 2024Q4: 6,456 shares; 2025Q1: 7,943 shares; 2025Q2: 9,816 shares 9,816$2.84M1.29%+1,873Timeline
UNPUNION PAC CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 13,210 shares; 2024Q4: 13,182 shares; 2025Q1: 13,315 shares; 2025Q2: 11,948 shares 11,948$2.75M1.25%-1,367Timeline
GPCGENUINE PARTS COQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 23,158 shares; 2024Q4: 23,114 shares; 2025Q1: 22,603 shares; 2025Q2: 22,622 shares 22,622$2.74M1.25%+19Timeline
OREALTY INCOME CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 36,012 shares; 2024Q4: 43,423 shares; 2025Q1: 44,694 shares; 2025Q2: 45,140 shares 45,140$2.6M1.18%+446Timeline
ORLYOREILLY AUTOMOTIVE INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 1,846 shares; 2024Q4: 1,843 shares; 2025Q1: 2,060 shares; 2025Q2: 28,607 shares 28,607$2.58M1.17%+26,547Timeline
ADIANALOG DEVICES INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 12,702 shares; 2024Q4: 12,692 shares; 2025Q1: 12,500 shares; 2025Q2: 10,546 shares 10,546$2.51M1.14%-1,954Timeline
NSCNORFOLK SOUTHN CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 7,509 shares; 2024Q4: 7,509 shares; 2025Q1: 7,464 shares; 2025Q2: 7,344 shares 7,344$1.88M0.86%-120Timeline
DEODIAGEO PLCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 19,173 shares; 2024Q4: 17,968 shares; 2025Q1: 17,716 shares; 2025Q2: 16,768 shares 16,768$1.69M0.77%-948Timeline
OKEONEOK INC NEWQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 20,589 shares; 2024Q4: 20,589 shares; 2025Q1: 20,369 shares; 2025Q2: 19,984 shares 19,984$1.63M0.74%-385Timeline
VVISA INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: 2,644 shares; 2025Q2: 4,334 shares 4,334$1.54M0.7%+1,690Timeline
PGRPROGRESSIVE CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: 3,487 shares; 2025Q2: 5,354 shares 5,354$1.43M0.65%+1,867Timeline
HSYHERSHEY COQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 8,325 shares; 2024Q4: 8,291 shares; 2025Q1: 8,130 shares; 2025Q2: 7,595 shares 7,595$1.26M0.57%-535Timeline
WFCWELLS FARGO & COQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 15,116 shares; 2024Q4: 15,117 shares; 2025Q1: 15,117 shares; 2025Q2: 15,118 shares 15,118$1.21M0.55%+1Timeline
QSRRESTAURANT BRANDS INTL INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 24,071 shares; 2024Q4: 24,048 shares; 2025Q1: 21,660 shares; 2025Q2: 15,954 shares 15,954$1.06M0.48%-5,706Timeline
YUMYUM BRANDS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 5,033 shares; 2024Q4: 5,048 shares; 2025Q1: 5,109 shares; 2025Q2: 6,324 shares 6,324$937K0.43%+1,215Timeline
SHWSHERWIN WILLIAMS COQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 2,422 shares; 2024Q4: 2,413 shares; 2025Q1: 2,426 shares; 2025Q2: 2,715 shares 2,715$932K0.42%+289Timeline
EXPDEXPEDITORS INTL WASH INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 7,761 shares; 2024Q4: 7,306 shares; 2025Q1: 7,306 shares; 2025Q2: 6,526 shares 6,526$746K0.34%-780Timeline
NVSNOVARTIS AGQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 2,570 shares; 2024Q4: 5,894 shares; 2025Q1: 5,764 shares; 2025Q2: 5,787 shares 5,787$700K0.32%+23Timeline
WECWEC ENERGY GROUP INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 5,427 shares; 2024Q4: 5,427 shares; 2025Q1: 5,427 shares; 2025Q2: 5,427 shares 5,427$565K0.26%0Timeline
MCOMOODYS CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 969 shares; 2024Q4: 959 shares; 2025Q1: 945 shares; 2025Q2: 945 shares 945$474K0.22%0Timeline
UPSUNITED PARCEL SVCS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 5,271 shares; 2024Q4: 5,251 shares; 2025Q1: 4,552 shares; 2025Q2: 4,403 shares 4,403$444K0.2%-149Timeline
AMTAMERICAN TOWER CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 5,223 shares; 2024Q4: 2,347 shares; 2025Q1: 1,546 shares; 2025Q2: 1,538 shares 1,538$340K0.15%-8Timeline
ZTSZOETIS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: 2,115 shares; 2025Q2: 1,977 shares 1,977$308K0.14%-138Timeline
MDLZMONDELEZ INTL INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 3,690 shares; 2024Q4: 3,690 shares; 2025Q1: 3,647 shares; 2025Q2: 3,398 shares 3,398$229K0.1%-249Timeline

Sold out in Q2 2025

Positions in the previous quarter's report that this quarter's report no longer lists.

SecurityShares beforeValue beforeType
KHCKRAFT HEINZ CO13,824$421Kshares
CVXCHEVRON CORPORATION2,488$416Kshares
VZVERIZON COMMUNICATIONS INC5,370$244Kshares
UNHUNITEDHEALTH GROUP INC400$210Kshares

How Q2 2025 was built

Available 13F filings of this filer for the quarter and their roles: the base report is the latest original or restatement, NEW HOLDINGS amendments filed after it are added (method).

FilingRoleAmendmentFiledAcceptedIngested
13F-HR 0000944733-25-000003 base2025-08-13acceptance time not in the bulk data set