Skip to content
Disclosery

HUTNER CAPITAL MANAGEMENT INC

Follow

13F filer, CIK 944733, MANCHESTER, VT

HUTNER CAPITAL MANAGEMENT INC reported $236,398,889 across 44 holdings for the quarter ended 2025-09-30, in a 13F-HR filed 2025-11-13. Its ten largest share positions make up 57.84% of the portfolio.

Filed (acceptance time not in the bulk data set), ingested 13F-HR 0000944733-25-000006

Period
2025-09-30
Reported value
$236M
Holdings
44
Top 10 weight
57.84%
New
0
Sold out
0

Largest buys vs the previous quarter

SecurityShares changeApprox. value
PEPadded+7,516$1.06M
AAPLadded+2,023$515K
BRK-Badded+900$452K
FNVadded+1,772$395K
ENBadded+7,056$356K

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-1-$754K
OKEreduced-3,937-$287K
COSTreduced-36-$33.3K
QSRreduced-168-$10.8K
WMTreduced-65-$6.7K

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, Q3 2025

Share positions as resolved from 13F-HR 0000944733-25-000006, largest first. % of portfolio is the value over $236,398,889, 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; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 52 shares; 2024Q4: 52 shares; 2025Q1: 51 shares; 2025Q2: 42 shares; 2025Q3: 41 shares 41$30.9M13.08%-1Timeline
BRK-BBERKSHIRE HATHAWAY INC DELQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 31,741 shares; 2024Q4: 34,590 shares; 2025Q1: 37,966 shares; 2025Q2: 41,301 shares; 2025Q3: 42,201 shares 42,201$21.2M8.97%+900Timeline
COSTCOSTCO WHOLESALE CORPORATIONQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 16,292 shares; 2024Q4: 16,190 shares; 2025Q1: 15,522 shares; 2025Q2: 14,227 shares; 2025Q3: 14,191 shares 14,191$13.1M5.56%-36Timeline
PMPHILIP MORRIS INTL INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 69,778 shares; 2024Q4: 76,790 shares; 2025Q1: 78,487 shares; 2025Q2: 73,616 shares; 2025Q3: 74,067 shares 74,067$12M5.08%+451Timeline
MCDMCDONALDS CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 30,189 shares; 2024Q4: 32,630 shares; 2025Q1: 34,382 shares; 2025Q2: 34,351 shares; 2025Q3: 34,647 shares 34,647$10.5M4.45%+296Timeline
FNVFRANCO NEV CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 34,880 shares; 2024Q4: 39,848 shares; 2025Q1: 47,842 shares; 2025Q2: 44,995 shares; 2025Q3: 46,767 shares 46,767$10.4M4.41%+1,772Timeline
KOCOCA COLA COQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 128,014 shares; 2024Q4: 147,769 shares; 2025Q1: 150,719 shares; 2025Q2: 153,003 shares; 2025Q3: 155,194 shares 155,194$10.3M4.35%+2,191Timeline
ABBVABBVIE INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 38,502 shares; 2024Q4: 42,403 shares; 2025Q1: 43,096 shares; 2025Q2: 41,964 shares; 2025Q3: 42,120 shares 42,120$9.75M4.13%+156Timeline
GOOGALPHABET INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 27,860 shares; 2024Q4: 36,112 shares; 2025Q1: 41,648 shares; 2025Q2: 38,790 shares; 2025Q3: 39,696 shares 39,696$9.67M4.09%+906Timeline
PEPPEPSICO INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 46,918 shares; 2024Q4: 53,783 shares; 2025Q1: 54,525 shares; 2025Q2: 54,957 shares; 2025Q3: 62,473 shares 62,473$8.77M3.71%+7,516Timeline
PGPROCTER & GAMBLE COQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 48,058 shares; 2024Q4: 53,210 shares; 2025Q1: 53,919 shares; 2025Q2: 53,226 shares; 2025Q3: 53,941 shares 53,941$8.29M3.51%+715Timeline
JNJJOHNSON & JOHNSONQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 43,586 shares; 2024Q4: 46,286 shares; 2025Q1: 47,697 shares; 2025Q2: 42,631 shares; 2025Q3: 44,164 shares 44,164$8.19M3.46%+1,533Timeline
ENBENBRIDGE INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 110,009 shares; 2024Q4: 123,242 shares; 2025Q1: 139,241 shares; 2025Q2: 147,628 shares; 2025Q3: 154,684 shares 154,684$7.81M3.3%+7,056Timeline
MOALTRIA GROUP INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 99,348 shares; 2024Q4: 102,852 shares; 2025Q1: 106,733 shares; 2025Q2: 110,894 shares; 2025Q3: 114,174 shares 114,174$7.54M3.19%+3,280Timeline
AXPAMERICAN EXPRESS COQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 22,677 shares; 2024Q4: 22,352 shares; 2025Q1: 22,309 shares; 2025Q2: 20,659 shares; 2025Q3: 20,660 shares 20,660$6.86M2.9%+1Timeline
WMTWALMART INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 65,602 shares; 2024Q4: 64,633 shares; 2025Q1: 63,281 shares; 2025Q2: 59,899 shares; 2025Q3: 59,834 shares 59,834$6.17M2.61%-65Timeline
ABTABBOTT LABORATORIESQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 41,950 shares; 2024Q4: 41,854 shares; 2025Q1: 41,248 shares; 2025Q2: 41,474 shares; 2025Q3: 43,162 shares 43,162$5.78M2.45%+1,688Timeline
AAPLAPPLE INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 17,773 shares; 2024Q4: 17,496 shares; 2025Q1: 17,523 shares; 2025Q2: 20,094 shares; 2025Q3: 22,117 shares 22,117$5.63M2.38%+2,023Timeline
EPDENTERPRISE PRODS PARTNERS LQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 90,109 shares; 2024Q4: 102,654 shares; 2025Q1: 123,369 shares; 2025Q2: 136,489 shares; 2025Q3: 137,784 shares 137,784$4.31M1.82%+1,295Timeline
GPCGENUINE PARTS COQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 23,158 shares; 2024Q4: 23,114 shares; 2025Q1: 22,603 shares; 2025Q2: 22,622 shares; 2025Q3: 24,899 shares 24,899$3.45M1.46%+2,277Timeline
ORLYOREILLY AUTOMOTIVE INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 1,846 shares; 2024Q4: 1,843 shares; 2025Q1: 2,060 shares; 2025Q2: 28,607 shares; 2025Q3: 28,588 shares 28,588$3.08M1.3%-19Timeline
CBCHUBB LIMITEDQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 2,035 shares; 2024Q4: 6,456 shares; 2025Q1: 7,943 shares; 2025Q2: 9,816 shares; 2025Q3: 10,471 shares 10,471$2.96M1.25%+655Timeline
OREALTY INCOME CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 36,012 shares; 2024Q4: 43,423 shares; 2025Q1: 44,694 shares; 2025Q2: 45,140 shares; 2025Q3: 48,206 shares 48,206$2.93M1.24%+3,066Timeline
UNPUNION PAC CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 13,210 shares; 2024Q4: 13,182 shares; 2025Q1: 13,315 shares; 2025Q2: 11,948 shares; 2025Q3: 12,326 shares 12,326$2.91M1.23%+378Timeline
VRSKVERISK ANALYTICS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 13,400 shares; 2024Q4: 13,238 shares; 2025Q1: 13,220 shares; 2025Q2: 11,200 shares; 2025Q3: 11,200 shares 11,200$2.82M1.19%0Timeline
ADIANALOG DEVICES INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 12,702 shares; 2024Q4: 12,692 shares; 2025Q1: 12,500 shares; 2025Q2: 10,546 shares; 2025Q3: 11,278 shares 11,278$2.77M1.17%+732Timeline
NSCNORFOLK SOUTHN CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 7,509 shares; 2024Q4: 7,509 shares; 2025Q1: 7,464 shares; 2025Q2: 7,344 shares; 2025Q3: 7,454 shares 7,454$2.24M0.95%+110Timeline
VVISA INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: 2,644 shares; 2025Q2: 4,334 shares; 2025Q3: 5,020 shares 5,020$1.71M0.72%+686Timeline
DEODIAGEO PLCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 19,173 shares; 2024Q4: 17,968 shares; 2025Q1: 17,716 shares; 2025Q2: 16,768 shares; 2025Q3: 16,768 shares 16,768$1.6M0.68%0Timeline
HSYHERSHEY COQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 8,325 shares; 2024Q4: 8,291 shares; 2025Q1: 8,130 shares; 2025Q2: 7,595 shares; 2025Q3: 8,518 shares 8,518$1.59M0.67%+923Timeline
PGRPROGRESSIVE CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: 3,487 shares; 2025Q2: 5,354 shares; 2025Q3: 5,540 shares 5,540$1.37M0.58%+186Timeline
WFCWELLS FARGO & COQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 15,116 shares; 2024Q4: 15,117 shares; 2025Q1: 15,117 shares; 2025Q2: 15,118 shares; 2025Q3: 15,104 shares 15,104$1.27M0.54%-14Timeline
OKEONEOK INC NEWQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 20,589 shares; 2024Q4: 20,589 shares; 2025Q1: 20,369 shares; 2025Q2: 19,984 shares; 2025Q3: 16,047 shares 16,047$1.17M0.5%-3,937Timeline
YUMYUM BRANDS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 5,033 shares; 2024Q4: 5,048 shares; 2025Q1: 5,109 shares; 2025Q2: 6,324 shares; 2025Q3: 7,703 shares 7,703$1.17M0.5%+1,379Timeline
SHWSHERWIN WILLIAMS COQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 2,422 shares; 2024Q4: 2,413 shares; 2025Q1: 2,426 shares; 2025Q2: 2,715 shares; 2025Q3: 3,111 shares 3,111$1.08M0.46%+396Timeline
QSRRESTAURANT BRANDS INTL INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 24,071 shares; 2024Q4: 24,048 shares; 2025Q1: 21,660 shares; 2025Q2: 15,954 shares; 2025Q3: 15,786 shares 15,786$1.01M0.43%-168Timeline
NVSNOVARTIS AGQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 2,570 shares; 2024Q4: 5,894 shares; 2025Q1: 5,764 shares; 2025Q2: 5,787 shares; 2025Q3: 6,433 shares 6,433$825K0.35%+646Timeline
EXPDEXPEDITORS INTL WASH INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 7,761 shares; 2024Q4: 7,306 shares; 2025Q1: 7,306 shares; 2025Q2: 6,526 shares; 2025Q3: 6,516 shares 6,516$799K0.34%-10Timeline
WECWEC ENERGY GROUP INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 5,427 shares; 2024Q4: 5,427 shares; 2025Q1: 5,427 shares; 2025Q2: 5,427 shares; 2025Q3: 5,427 shares 5,427$622K0.26%0Timeline
MCOMOODYS CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 969 shares; 2024Q4: 959 shares; 2025Q1: 945 shares; 2025Q2: 945 shares; 2025Q3: 945 shares 945$450K0.19%0Timeline
ZTSZOETIS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: 2,115 shares; 2025Q2: 1,977 shares; 2025Q3: 2,729 shares 2,729$399K0.17%+752Timeline
UPSUNITED PARCEL SVCS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 5,271 shares; 2024Q4: 5,251 shares; 2025Q1: 4,552 shares; 2025Q2: 4,403 shares; 2025Q3: 4,388 shares 4,388$367K0.16%-15Timeline
AMTAMERICAN TOWER CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 5,223 shares; 2024Q4: 2,347 shares; 2025Q1: 1,546 shares; 2025Q2: 1,538 shares; 2025Q3: 1,510 shares 1,510$290K0.12%-28Timeline
MDLZMONDELEZ INTL INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 3,690 shares; 2024Q4: 3,690 shares; 2025Q1: 3,647 shares; 2025Q2: 3,398 shares; 2025Q3: 3,398 shares 3,398$212K0.09%0Timeline

How Q3 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 0000944733-25-000006 base2025-11-13acceptance time not in the bulk data set