Skip to content
Disclosery

HUTNER CAPITAL MANAGEMENT INC

Follow

13F filer, CIK 944733, MANCHESTER, VT

HUTNER CAPITAL MANAGEMENT INC reported $239,595,635 across 44 holdings for the quarter ended 2025-12-31, in a 13F-HR filed 2026-02-17. Its ten largest share positions make up 57.84% of the portfolio.

Filed (acceptance time not in the bulk data set), ingested 13F-HR 0000944733-26-000001

Period
2025-12-31
Reported value
$240M
Holdings
44
Top 10 weight
57.84%
New
1
Sold out
1

Largest buys vs the previous quarter

SecurityShares changeApprox. value
Vadded+1,903$667K
PEPadded+2,741$393K
YUMadded+2,098$317K
CBadded+807$252K
GOOGLnew+794$249K

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
OKEreduced-9,085-$668K
MDLZexited-3,398-$212K
WMTreduced-1,649-$184K
BRK-Breduced-282-$142K
AXPreduced-251-$92.9K

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, Q4 2025

Share positions as resolved from 13F-HR 0000944733-26-000001, largest first. % of portfolio is the value over $239,595,635, 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; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 52 shares; 2024Q4: 52 shares; 2025Q1: 51 shares; 2025Q2: 42 shares; 2025Q3: 41 shares; 2025Q4: 41 shares 41$30.9M12.92%0Timeline
BRK-BBERKSHIRE HATHAWAY INC DELQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 31,741 shares; 2024Q4: 34,590 shares; 2025Q1: 37,966 shares; 2025Q2: 41,301 shares; 2025Q3: 42,201 shares; 2025Q4: 41,919 shares 41,919$21.1M8.79%-282Timeline
GOOGALPHABET INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 27,860 shares; 2024Q4: 36,112 shares; 2025Q1: 41,648 shares; 2025Q2: 38,790 shares; 2025Q3: 39,696 shares; 2025Q4: 39,654 shares 39,654$12.4M5.19%-42Timeline
COSTCOSTCO WHOLESALE CORPORATIONQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 16,292 shares; 2024Q4: 16,190 shares; 2025Q1: 15,522 shares; 2025Q2: 14,227 shares; 2025Q3: 14,191 shares; 2025Q4: 14,094 shares 14,094$12.2M5.07%-97Timeline
PMPHILIP MORRIS INTL INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 69,778 shares; 2024Q4: 76,790 shares; 2025Q1: 78,487 shares; 2025Q2: 73,616 shares; 2025Q3: 74,067 shares; 2025Q4: 73,603 shares 73,603$11.8M4.93%-464Timeline
KOCOCA COLA COQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 128,014 shares; 2024Q4: 147,769 shares; 2025Q1: 150,719 shares; 2025Q2: 153,003 shares; 2025Q3: 155,194 shares; 2025Q4: 153,961 shares 153,961$10.8M4.49%-1,233Timeline
MCDMCDONALDS CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 30,189 shares; 2024Q4: 32,630 shares; 2025Q1: 34,382 shares; 2025Q2: 34,351 shares; 2025Q3: 34,647 shares; 2025Q4: 34,955 shares 34,955$10.7M4.46%+308Timeline
FNVFRANCO NEV CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 34,880 shares; 2024Q4: 39,848 shares; 2025Q1: 47,842 shares; 2025Q2: 44,995 shares; 2025Q3: 46,767 shares; 2025Q4: 47,233 shares 47,233$9.79M4.09%+466Timeline
ABBVABBVIE INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 38,502 shares; 2024Q4: 42,403 shares; 2025Q1: 43,096 shares; 2025Q2: 41,964 shares; 2025Q3: 42,120 shares; 2025Q4: 41,872 shares 41,872$9.57M3.99%-248Timeline
PEPPEPSICO INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 46,918 shares; 2024Q4: 53,783 shares; 2025Q1: 54,525 shares; 2025Q2: 54,957 shares; 2025Q3: 62,473 shares; 2025Q4: 65,214 shares 65,214$9.36M3.91%+2,741Timeline
JNJJOHNSON & JOHNSONQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 43,586 shares; 2024Q4: 46,286 shares; 2025Q1: 47,697 shares; 2025Q2: 42,631 shares; 2025Q3: 44,164 shares; 2025Q4: 45,214 shares 45,214$9.36M3.91%+1,050Timeline
PGPROCTER & GAMBLE COQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 48,058 shares; 2024Q4: 53,210 shares; 2025Q1: 53,919 shares; 2025Q2: 53,226 shares; 2025Q3: 53,941 shares; 2025Q4: 53,814 shares 53,814$7.71M3.22%-127Timeline
ENBENBRIDGE INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 110,009 shares; 2024Q4: 123,242 shares; 2025Q1: 139,241 shares; 2025Q2: 147,628 shares; 2025Q3: 154,684 shares; 2025Q4: 159,798 shares 159,798$7.64M3.19%+5,114Timeline
AXPAMERICAN EXPRESS COQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 22,677 shares; 2024Q4: 22,352 shares; 2025Q1: 22,309 shares; 2025Q2: 20,659 shares; 2025Q3: 20,660 shares; 2025Q4: 20,409 shares 20,409$7.55M3.15%-251Timeline
MOALTRIA GROUP INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 99,348 shares; 2024Q4: 102,852 shares; 2025Q1: 106,733 shares; 2025Q2: 110,894 shares; 2025Q3: 114,174 shares; 2025Q4: 113,534 shares 113,534$6.55M2.73%-640Timeline
WMTWALMART INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 65,602 shares; 2024Q4: 64,633 shares; 2025Q1: 63,281 shares; 2025Q2: 59,899 shares; 2025Q3: 59,834 shares; 2025Q4: 58,185 shares 58,185$6.48M2.71%-1,649Timeline
AAPLAPPLE INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 17,773 shares; 2024Q4: 17,496 shares; 2025Q1: 17,523 shares; 2025Q2: 20,094 shares; 2025Q3: 22,117 shares; 2025Q4: 22,085 shares 22,085$6M2.51%-32Timeline
ABTABBOTT LABORATORIESQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 41,950 shares; 2024Q4: 41,854 shares; 2025Q1: 41,248 shares; 2025Q2: 41,474 shares; 2025Q3: 43,162 shares; 2025Q4: 43,996 shares 43,996$5.51M2.3%+834Timeline
EPDENTERPRISE PRODS PARTNERS LQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 90,109 shares; 2024Q4: 102,654 shares; 2025Q1: 123,369 shares; 2025Q2: 136,489 shares; 2025Q3: 137,784 shares; 2025Q4: 137,053 shares 137,053$4.39M1.83%-731Timeline
CBCHUBB LIMITEDQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 2,035 shares; 2024Q4: 6,456 shares; 2025Q1: 7,943 shares; 2025Q2: 9,816 shares; 2025Q3: 10,471 shares; 2025Q4: 11,278 shares 11,278$3.52M1.47%+807Timeline
ADIANALOG DEVICES INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 12,702 shares; 2024Q4: 12,692 shares; 2025Q1: 12,500 shares; 2025Q2: 10,546 shares; 2025Q3: 11,278 shares; 2025Q4: 11,741 shares 11,741$3.18M1.33%+463Timeline
GPCGENUINE PARTS COQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 23,158 shares; 2024Q4: 23,114 shares; 2025Q1: 22,603 shares; 2025Q2: 22,622 shares; 2025Q3: 24,899 shares; 2025Q4: 25,028 shares 25,028$3.08M1.28%+129Timeline
OREALTY INCOME CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 36,012 shares; 2024Q4: 43,423 shares; 2025Q1: 44,694 shares; 2025Q2: 45,140 shares; 2025Q3: 48,206 shares; 2025Q4: 51,541 shares 51,541$2.91M1.21%+3,335Timeline
UNPUNION PAC CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 13,210 shares; 2024Q4: 13,182 shares; 2025Q1: 13,315 shares; 2025Q2: 11,948 shares; 2025Q3: 12,326 shares; 2025Q4: 12,276 shares 12,276$2.84M1.19%-50Timeline
ORLYOREILLY AUTOMOTIVE INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 1,846 shares; 2024Q4: 1,843 shares; 2025Q1: 2,060 shares; 2025Q2: 28,607 shares; 2025Q3: 28,588 shares; 2025Q4: 29,395 shares 29,395$2.68M1.12%+807Timeline
VRSKVERISK ANALYTICS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 13,400 shares; 2024Q4: 13,238 shares; 2025Q1: 13,220 shares; 2025Q2: 11,200 shares; 2025Q3: 11,200 shares; 2025Q4: 11,200 shares 11,200$2.51M1.05%0Timeline
VVISA INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: 2,644 shares; 2025Q2: 4,334 shares; 2025Q3: 5,020 shares; 2025Q4: 6,923 shares 6,923$2.43M1.01%+1,903Timeline
NSCNORFOLK SOUTHN CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 7,509 shares; 2024Q4: 7,509 shares; 2025Q1: 7,464 shares; 2025Q2: 7,344 shares; 2025Q3: 7,454 shares; 2025Q4: 7,454 shares 7,454$2.15M0.9%0Timeline
HSYHERSHEY COQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 8,325 shares; 2024Q4: 8,291 shares; 2025Q1: 8,130 shares; 2025Q2: 7,595 shares; 2025Q3: 8,518 shares; 2025Q4: 9,284 shares 9,284$1.69M0.71%+766Timeline
YUMYUM BRANDS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 5,033 shares; 2024Q4: 5,048 shares; 2025Q1: 5,109 shares; 2025Q2: 6,324 shares; 2025Q3: 7,703 shares; 2025Q4: 9,801 shares 9,801$1.48M0.62%+2,098Timeline
DEODIAGEO PLCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 19,173 shares; 2024Q4: 17,968 shares; 2025Q1: 17,716 shares; 2025Q2: 16,768 shares; 2025Q3: 16,768 shares; 2025Q4: 16,606 shares 16,606$1.43M0.6%-162Timeline
WFCWELLS FARGO & COQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 15,116 shares; 2024Q4: 15,117 shares; 2025Q1: 15,117 shares; 2025Q2: 15,118 shares; 2025Q3: 15,104 shares; 2025Q4: 15,087 shares 15,087$1.41M0.59%-17Timeline
PGRPROGRESSIVE CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: 3,487 shares; 2025Q2: 5,354 shares; 2025Q3: 5,540 shares; 2025Q4: 6,039 shares 6,039$1.38M0.57%+499Timeline
QSRRESTAURANT BRANDS INTL INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 24,071 shares; 2024Q4: 24,048 shares; 2025Q1: 21,660 shares; 2025Q2: 15,954 shares; 2025Q3: 15,786 shares; 2025Q4: 17,788 shares 17,788$1.21M0.51%+2,002Timeline
SHWSHERWIN WILLIAMS COQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 2,422 shares; 2024Q4: 2,413 shares; 2025Q1: 2,426 shares; 2025Q2: 2,715 shares; 2025Q3: 3,111 shares; 2025Q4: 3,605 shares 3,605$1.17M0.49%+494Timeline
EXPDEXPEDITORS INTL WASH INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 7,761 shares; 2024Q4: 7,306 shares; 2025Q1: 7,306 shares; 2025Q2: 6,526 shares; 2025Q3: 6,516 shares; 2025Q4: 6,492 shares 6,492$967K0.4%-24Timeline
NVSNOVARTIS AGQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 2,570 shares; 2024Q4: 5,894 shares; 2025Q1: 5,764 shares; 2025Q2: 5,787 shares; 2025Q3: 6,433 shares; 2025Q4: 6,832 shares 6,832$942K0.39%+399Timeline
WECWEC ENERGY GROUP INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 5,427 shares; 2024Q4: 5,427 shares; 2025Q1: 5,427 shares; 2025Q2: 5,427 shares; 2025Q3: 5,427 shares; 2025Q4: 5,356 shares 5,356$565K0.24%-71Timeline
OKEONEOK INC NEWQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 20,589 shares; 2024Q4: 20,589 shares; 2025Q1: 20,369 shares; 2025Q2: 19,984 shares; 2025Q3: 16,047 shares; 2025Q4: 6,962 shares 6,962$512K0.21%-9,085Timeline
MCOMOODYS CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 969 shares; 2024Q4: 959 shares; 2025Q1: 945 shares; 2025Q2: 945 shares; 2025Q3: 945 shares; 2025Q4: 945 shares 945$483K0.2%0Timeline
UPSUNITED PARCEL SVCS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 5,271 shares; 2024Q4: 5,251 shares; 2025Q1: 4,552 shares; 2025Q2: 4,403 shares; 2025Q3: 4,388 shares; 2025Q4: 4,340 shares 4,340$431K0.18%-48Timeline
ZTSZOETIS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: 2,115 shares; 2025Q2: 1,977 shares; 2025Q3: 2,729 shares; 2025Q4: 2,729 shares 2,729$343K0.14%0Timeline
AMTAMERICAN TOWER CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 5,223 shares; 2024Q4: 2,347 shares; 2025Q1: 1,546 shares; 2025Q2: 1,538 shares; 2025Q3: 1,510 shares; 2025Q4: 1,468 shares 1,468$258K0.11%-42Timeline
GOOGLALPHABET INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: not reported; 2025Q4: 794 shares 794$249K0.1%newTimeline

Sold out in Q4 2025

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

SecurityShares beforeValue beforeType
MDLZMONDELEZ INTL INC3,398$212Kshares

How Q4 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 0000944733-26-000001 base2026-02-17acceptance time not in the bulk data set