Hutchinson Capital Management

In its 13F for Q1 2025 (holdings as of March 31, 2025, filed May 12, 2025), Hutchinson Capital Management reported 92 stock positions worth $524.2 million. Its top holding was Berkshire Hathaway Class B (BRK.B) at 7.5% of the portfolio, followed by Progressive (PGR, 5.5%) and Apple (AAPL, 5.1%). Compared with Q4 2024, it opened 2 new positions, sold out of 3, added to 24 and reduced 45. The biggest buy was Adobe (ADBE, shares +8514%) and the biggest sale an exit from Unitedhealth (UNH).

Most Recent 13F
Q2 2026
Location
SAN RAFAEL, CA
CIK
0001078246
Portfolio Value
$524.2M (Q1 2025)
SEC Filing
0001078246-25-000003 ↗ filed May 12, 2025

Holdings Value

0$200.0M$400.0M$600.0M Q1 2024: $494.0M Q1 2024 Q2 2024: $488.9M Q2 2024 Q3 2024: $527.9M Q3 2024 Q4 2024: $530.0M Q4 2024 Q1 2025: $524.2M $524.2M Q1 2025 Q2 2025: $548.0M Q2 2025 Q3 2025: $577.9M Q3 2025 Q4 2025: $583.3M Q4 2025 Q1 2026: $544.1M Q1 2026 Q2 2026: $583.7M Q2 2026

Holdings 92 stocks · $524.2M
BRK.B Berkshire Hathaway Inc. Class B 7.45% 73,360 $39.1M Reduce -1.4%
PGR Progressive Corp. 5.47% 101,401 $28.7M Reduce -1.0%
AAPL Apple Inc. 5.13% 121,068 $26.9M Reduce -1.0%
MSFT Microsoft Corp. 4.92% 68,765 $25.8M Reduce -2.2%
GOOGL Alphabet Inc. Class A 4.27% 144,891 $22.4M Reduce -1.3%
BAC Bank of America Corp. filed as BANK AMERICA CORP 4.17% 523,696 $21.9M Reduce -1.0%
VRSN Verisign Inc. 3.53% 72,957 $18.5M Reduce -5.4%
WAT Waters Corp. 3.46% 49,181 $18.1M Reduce -1.3%
J Jacobs Solutions Inc. 3.35% 145,408 $17.6M Reduce -1.5%
WRB WR Berkley Corp. filed as BERKLEY W R CORP 3.27% 241,214 $17.2M Reduce -1.3%
ADBE Adobe Inc. 3.27% 44,708 $17.1M Add +8514.3%
XOM Exxon Mobil Corp. 3.11% 137,280 $16.3M Reduce -0.8%
SBUX Starbucks Corp. 3.07% 164,156 $16.1M Reduce -0.9%
MKL Markel Group Inc. 3.01% 8,452 $15.8M Reduce -1.0%
BHRB Burke & Herbert Financial SE 2.75% 257,080 $14.4M No change
DUHP Dimensional US High Profi Et 2.65% 418,511 $13.9M Reduce -1.1%
COF Capital One Financial Corp. 2.52% 73,808 $13.2M Reduce -1.2%
NVO Novo-Nordisk A/S-Spons ADR 2.48% 186,868 $13.0M Add +6.4%
AMZN Amazon.com Inc. 2.38% 65,624 $12.5M Reduce -1.1%
KMX Carmax Inc. 2.26% 152,164 $11.9M Reduce -2.6%
ACN Accenture PLC Class A 2.15% 36,069 $11.3M Reduce -0.8%
DEO Diageo PLC-Sponsored ADR 2.00% 99,898 $10.5M Reduce -0.1%
ARE Alexandria Real Estate Equit 1.91% 108,083 $10.0M Reduce -0.5%
MTBA Simplify MBS ETF 1.88% 196,047 $9.8M Add +46.9%
CMCSA Comcast Corp. Class A 1.60% 227,327 $8.4M Add +142.4%
RHI Robert Half Inc. 1.50% 144,472 $7.9M Reduce -2.5%
DFAU Dimensional US Core Equity M 1.47% 200,696 $7.7M Add +0.5%
VLO Valero Energy Corp. 1.45% 57,561 $7.6M Reduce -1.2%
WFC Wells Fargo & Co. 1.35% 98,511 $7.1M No change
DFAI Dimensional International Co. 1.09% 183,012 $5.7M Add +0.5%
DFAC Dimensional US Core Equity 2 0.92% 146,048 $4.8M Add +1.0%
VTIP Vanguard Short-Term Tips 0.82% 85,642 $4.3M Add +4.9%
SCHO Schwab Short-Term US Treas 0.81% 173,421 $4.2M Add +5.6%
CVX Chevron Corp. 0.61% 19,160 $3.2M Reduce -6.6%
DIHP Dimensional International Hi 0.41% 80,625 $2.2M Add +0.2%
SPY SS SPDR S&P 500 ETF Trust-US 0.35% 3,292 $1.8M Reduce -12.9%
PG The Procter & Gamble Co. 0.34% 10,380 $1.8M Reduce -0.2%
DFAE Dimensional Emerging Core Eq 0.33% 67,703 $1.8M Add +2.3%
JNJ Johnson & Johnson 0.32% 10,194 $1.7M Reduce -2.4%
DFSI Dimensional Int Sus COR1 ETF 0.30% 45,736 $1.6M No change
SCHP Schwab U.S. Tips ETF 0.30% 59,048 $1.6M Add +23.3%
BA The Boeing Co. 0.29% 9,057 $1.5M Reduce -1.6%
DFAX Dimensional World Ex US Core 0.28% 56,699 $1.5M Add +0.4%
DFAT Dimensional US Target Value 0.27% 27,520 $1.4M Add +1.1%
COST Costco Wholesale Corp. 0.27% 1,493 $1.4M Add +0.1%
IAU iShares Gold Trust 0.26% 23,132 $1.4M No change
SCHR Schwab Intermediate-Term US 0.23% 48,891 $1.2M No change
JPM JPMorgan Chase & Co. 0.23% 4,856 $1.2M Reduce -8.2%
UNP Union Pacific Corp. 0.23% 5,005 $1.2M Add +0.1%
V Visa Inc. Class A 0.22% 3,284 $1.2M Reduce -4.7%
EWU iShares MSCI United Kingdom 0.19% 27,187 $1.0M No change
IJT iShares S&P Small-Cap 600 GR 0.18% 7,465 $929K No change
MRSH Marsh & McLennan Cos 0.16% 3,395 $828K Reduce -7.5%
IBM Intl Business Machines Corp. filed as INTERNATIONAL BUSINESS MACHS 0.16% 3,329 $828K Reduce -0.1%
VEEV Veeva Systems Inc. Class A 0.14% 3,126 $724K Add +0.1%
KO The Coca-Cola Co. 0.13% 9,350 $670K Reduce -10.8%
PFE Pfizer Inc. 0.12% 24,096 $611K Reduce -11.6%
K Kellanova 0.11% 6,779 $559K No change
GOOG Alphabet Inc. Class C 0.11% 3,578 $559K Add +0.7%
DIS The Walt Disney Co. filed as DISNEY WALT CO 0.10% 5,194 $513K Reduce -2.0%
DFSU Dimensional US Sus CORE1 ETF 0.10% 14,177 $508K No change
FLOT iShares Floating Rate Bond E 0.09% 9,364 $478K Reduce -1.4%
GLW Corning Inc. 0.09% 10,430 $477K Reduce -0.0%
PEP Pepsico Inc. 0.08% 2,936 $440K Reduce -1.4%
AMGN Amgen Inc. 0.08% 1,364 $425K Add +0.4%
BNY Bank of New York Mellon Corp. filed as BANK NEW YORK MELLON CORP 0.08% 5,033 $422K No change
HD Home Depot Inc. 0.08% 1,109 $407K Add +0.3%
DFGR Dim Global Real Estate ETF 0.08% 15,263 $401K Add +1.6%
MCD McDonald's Corp. 0.08% 1,283 $401K No change
LLY Eli Lilly & Co. 0.07% 468 $387K No change
ROK Rockwell Automation Inc. 0.07% 1,360 $351K No change
CAT Caterpillar Inc. 0.06% 1,017 $335K No change
CWT California Water Service Grp 0.06% 6,613 $320K Add +0.0%
YUM Yum! Brands Inc. 0.06% 1,975 $311K Add +0.1%
PFGC Performance Food Group Co. 0.06% 3,849 $303K No change
BX Blackstone Inc. 0.06% 2,109 $295K No change
ORLY O'reilly Automotive Inc. 0.05% 198 $284K No change
RSG Republic Services Inc. 0.05% 1,090 $264K No change
BMY Bristol-Myers Squibb Co. 0.05% 4,230 $258K Reduce -2.1%
META Meta Platforms Inc. Class A 0.05% 430 $248K Add +1.2%
IWB iShares Russell 1000 ETF 0.05% 806 $247K No change
DFAR Dimensional US Real Est ETF 0.05% 9,968 $237K No change
XLK SS Technology Select Sector 0.04% 1,134 $234K Reduce -26.9%
JMST JPM Ultra-Short Muni Income filed as J P MORGAN EXCHANGE TRADED F 0.04% 4,441 $226K No change
DIA SS SPDR Dow Jones Indus Avg filed as SPDR DOW JONES INDL AVERAGE 0.04% 518 $217K Reduce -37.8%
MA Mastercard Inc. Class A 0.04% 392 $215K Reduce -0.3%
NVDA Nvidia Corp. 0.04% 1,969 $213K Reduce -12.7%
SCHF Schwab Intl Equity ETF 0.04% 10,451 $207K Reduce -16.3%
DCRE DBL Comm Real Est Debt 0.04% 3,954 $205K New
OKE Oneok Inc. 0.04% 2,054 $204K Reduce -0.7%
PM Philip Morris International 0.04% 1,261 $200K New
AMTX Aemetis Inc. 0.01% 15,600 $27K Reduce -32.8%

Portfolio Sells Q4 2024 → Q1 2025
UNH Unitedhealth Group Inc. Sold out 0.00% −3.20
GOOGL Alphabet Inc. Class A Reduce -1.3% 4.27% −0.97
MSFT Microsoft Corp. Reduce -2.2% 4.92% −0.67
AAPL Apple Inc. Reduce -1.0% 5.13% −0.65
AMTM Amentum Holdings Inc. Sold out 0.00% −0.58
RHI Robert Half Inc. Reduce -2.5% 1.50% −0.47
DEO Diageo PLC-Sponsored ADR Reduce -0.1% 2.00% −0.40
J Jacobs Solutions Inc. Reduce -1.5% 3.35% −0.37
AMZN Amazon.com Inc. Reduce -1.1% 2.38% −0.36
ACN Accenture PLC Class A Reduce -0.8% 2.15% −0.27
BAC Bank of America Corp. Reduce -1.0% 4.17% −0.22
KMX Carmax Inc. Reduce -2.6% 2.26% −0.15
ARE Alexandria Real Estate Equit Reduce -0.5% 1.91% −0.09
SPY SS SPDR S&P 500 ETF Trust-US Reduce -12.9% 0.35% −0.07
DUHP Dimensional US High Profi Et Reduce -1.1% 2.65% −0.05
MRK Merck & Co. Inc. Sold out 0.00% −0.04
WAT Waters Corp. Reduce -1.3% 3.46% −0.03
DIA SS SPDR Dow Jones Indus Avg Reduce -37.8% 0.04% −0.03
XLK SS Technology Select Sector Reduce -26.9% 0.04% −0.02
PFE Pfizer Inc. Reduce -11.6% 0.12% −0.02
NVDA Nvidia Corp. Reduce -12.7% 0.04% −0.02
DIS The Walt Disney Co. Reduce -2.0% 0.10% −0.01
BA The Boeing Co. Reduce -1.6% 0.29% −0.01
JPM JPMorgan Chase & Co. Reduce -8.2% 0.23% −0.01
AMTX Aemetis Inc. Reduce -32.8% 0.01% −0.01
SCHF Schwab Intl Equity ETF Reduce -16.3% 0.04% −0.00
GLW Corning Inc. Reduce -0.0% 0.09% −0.00
PEP Pepsico Inc. Reduce -1.4% 0.08% −0.00
OKE Oneok Inc. Reduce -0.7% 0.04% −0.00
FLOT iShares Floating Rate Bond E Reduce -1.4% 0.09% 0.00
MA Mastercard Inc. Class A Reduce -0.3% 0.04% +0.00
BMY Bristol-Myers Squibb Co. Reduce -2.1% 0.05% +0.00
KO The Coca-Cola Co. Reduce -10.8% 0.13% +0.00
PG The Procter & Gamble Co. Reduce -0.2% 0.34% +0.01
MRSH Marsh & McLennan Cos Reduce -7.5% 0.16% +0.01
COF Capital One Financial Corp. Reduce -1.2% 2.52% +0.01
V Visa Inc. Class A Reduce -4.7% 0.22% +0.01
IBM Intl Business Machines Corp. Reduce -0.1% 0.16% +0.02
JNJ Johnson & Johnson Reduce -2.4% 0.32% +0.04
CVX Chevron Corp. Reduce -6.6% 0.61% +0.05
VLO Valero Energy Corp. Reduce -1.2% 1.45% +0.10
SBUX Starbucks Corp. Reduce -0.9% 3.07% +0.22
MKL Markel Group Inc. Reduce -1.0% 3.01% +0.23
XOM Exxon Mobil Corp. Reduce -0.8% 3.11% +0.31
VRSN Verisign Inc. Reduce -5.4% 3.53% +0.52
WRB WR Berkley Corp. Reduce -1.3% 3.27% +0.58
PGR Progressive Corp. Reduce -1.0% 5.47% +0.84
BRK.B Berkshire Hathaway Inc. Class B Reduce -1.4% 7.45% +1.09

Portfolio Buys Q4 2024 → Q1 2025
ADBE Adobe Inc. Add +8514.3% 3.27% +3.23
CMCSA Comcast Corp. Class A Add +142.4% 1.60% +0.94
MTBA Simplify MBS ETF Add +46.9% 1.88% +0.62
DFAI Dimensional International Co. Add +0.5% 1.09% +0.09
VTIP Vanguard Short-Term Tips Add +4.9% 0.82% +0.07
SCHP Schwab U.S. Tips ETF Add +23.3% 0.30% +0.07
SCHO Schwab Short-Term US Treas Add +5.6% 0.81% +0.06
DCRE DBL Comm Real Est Debt New 0.04% +0.04
PM Philip Morris International New 0.04% +0.04
DIHP Dimensional International Hi Add +0.2% 0.41% +0.03
DFAX Dimensional World Ex US Core Add +0.4% 0.28% +0.02
DFAE Dimensional Emerging Core Eq Add +2.3% 0.33% +0.02
AMGN Amgen Inc. Add +0.4% 0.08% +0.01
VEEV Veeva Systems Inc. Class A Add +0.1% 0.14% +0.01
COST Costco Wholesale Corp. Add +0.1% 0.27% +0.01
UNP Union Pacific Corp. Add +0.1% 0.23% +0.01
YUM Yum! Brands Inc. Add +0.1% 0.06% +0.01
CWT California Water Service Grp Add +0.0% 0.06% +0.00
DFGR Dim Global Real Estate ETF Add +1.6% 0.08% +0.00
META Meta Platforms Inc. Class A Add +1.2% 0.05% +0.00
HD Home Depot Inc. Add +0.3% 0.08% −0.00
DFAT Dimensional US Target Value Add +1.1% 0.27% −0.02
GOOG Alphabet Inc. Class C Add +0.7% 0.11% −0.02
DFAC Dimensional US Core Equity 2 Add +1.0% 0.92% −0.02
DFAU Dimensional US Core Equity M Add +0.5% 1.47% −0.05
NVO Novo-Nordisk A/S-Spons ADR Add +6.4% 2.48% −0.38

All Filings

QuarterPositions13F Reported ValueTop Holdings
Q2 2026 108$583.7MBRK.B, AAPL, GOOGL, MSFT, PGR
Q1 2026 97$544.1MBRK.B, GOOGL, AAPL, MSFT, XOM
Q4 2025 98$583.3MGOOGL, BRK.B, MSFT, AAPL, BAC
Q3 2025 97$577.9MBRK.B, MSFT, GOOGL, AAPL, BAC
Q2 2025 92$548.0MBRK.B, MSFT, PGR, BAC, GOOGL
Q1 2025 92$524.2MBRK.B, PGR, AAPL, MSFT, GOOGL
Q4 2024 93$530.0MBRK.B, AAPL, MSFT, GOOGL, PGR
Q3 2024 89$527.9MBRK.B, MSFT, AAPL, PGR, GOOGL
Q2 2024 87$488.9MMSFT, AAPL, BRK.B, GOOGL, NVO
Q1 2024 82$494.0MBRK.B, MSFT, PGR, BAC, AAPL