Hutchinson Capital Management

In its 13F for Q3 2025 (holdings as of September 30, 2025, filed November 12, 2025), Hutchinson Capital Management reported 97 stock positions worth $577.9 million. Its top holding was Berkshire Hathaway Class B (BRK.B) at 6.2% of the portfolio, followed by Microsoft (MSFT, 6.0%) and Alphabet Class A (GOOGL, 5.9%). Compared with Q2 2025, it opened 6 new positions, sold out of 1, added to 24 and reduced 43. The biggest buy was a new position in Zoetis (ZTS) and the biggest sale an exit from Carmax (KMX).

Most Recent 13F
Q2 2026
Location
SAN RAFAEL, CA
CIK
0001078246
Portfolio Value
$577.9M (Q3 2025)
SEC Filing
0001078246-25-000008 ↗ filed Nov 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 Q1 2025 Q2 2025: $548.0M Q2 2025 Q3 2025: $577.9M $577.9M Q3 2025 Q4 2025: $583.3M Q4 2025 Q1 2026: $544.1M Q1 2026 Q2 2026: $583.7M Q2 2026

Holdings 97 stocks · $577.9M
BRK.B Berkshire Hathaway Inc. Class B 6.25% 71,831 $36.1M Reduce -0.6%
MSFT Microsoft Corp. 5.98% 66,749 $34.6M Reduce -1.4%
GOOGL Alphabet Inc. Class A 5.89% 140,126 $34.1M Reduce -1.6%
AAPL Apple Inc. 5.23% 118,714 $30.2M Reduce -1.0%
BAC Bank of America Corp. filed as BANK AMERICA CORP 4.93% 551,951 $28.5M Reduce -1.0%
PGR Progressive Corp. 4.37% 102,315 $25.3M Add +2.1%
J Jacobs Solutions Inc. 3.66% 141,134 $21.2M Reduce -1.4%
WRB WR Berkley Corp. filed as BERKLEY W R CORP 3.11% 234,504 $18.0M Reduce -0.7%
DUHP Dimensional US High Profi Et 2.84% 435,134 $16.4M Add +1.9%
BHRB Burke & Herbert Financial SE 2.76% 258,080 $15.9M Add +0.4%
VRSN Verisign Inc. 2.75% 56,861 $15.9M Reduce -0.7%
MKL Markel Group Inc. 2.72% 8,215 $15.7M Reduce -1.1%
MTBA Simplify MBS ETF 2.70% 310,393 $15.6M Add +21.6%
ADBE Adobe Inc. 2.67% 43,675 $15.4M Reduce -0.8%
COF Capital One Financial Corp. 2.65% 71,938 $15.3M Reduce -1.0%
XOM Exxon Mobil Corp. 2.51% 128,881 $14.5M Reduce -1.5%
WAT Waters Corp. 2.50% 48,157 $14.4M Reduce -0.7%
AMZN Amazon.com Inc. 2.46% 64,624 $14.2M Reduce -0.3%
SBUX Starbucks Corp. 2.35% 160,539 $13.6M Reduce -0.8%
HUBB Hubbell Inc. 2.30% 30,933 $13.3M Reduce -0.6%
ACN Accenture PLC Class A 2.10% 49,195 $12.1M Add +37.2%
DFAU Dimensional US Core Equity M 2.05% 258,475 $11.8M Add +5.8%
ZTS Zoetis Inc. 1.99% 78,634 $11.5M New
NVO Novo-Nordisk A/S-Spons ADR 1.91% 199,395 $11.1M Reduce -0.7%
VLO Valero Energy Corp. 1.65% 56,072 $9.5M Reduce -0.8%
DEO Diageo PLC-Sponsored ADR 1.60% 96,804 $9.2M Reduce -1.6%
CMCSA Comcast Corp. Class A 1.50% 275,278 $8.6M Reduce -0.6%
ARE Alexandria Real Estate Equit 1.48% 102,820 $8.6M Reduce -1.3%
DFAI Dimensional International Co. 1.42% 225,854 $8.2M Add +10.2%
WFC Wells Fargo & Co. 1.37% 94,776 $7.9M Reduce -3.8%
DFAC Dimensional US Core Equity 2 0.91% 136,467 $5.3M Reduce -2.6%
DCRE DBL Comm Real Est Debt 0.88% 98,172 $5.1M Add +69.7%
VTIP Vanguard Short-Term Tips 0.80% 91,616 $4.6M Add +4.5%
SCHO Schwab Short-Term US Treas 0.72% 170,430 $4.2M Reduce -0.8%
DIHP Dimensional International Hi 0.49% 92,766 $2.8M Add +6.7%
CVX Chevron Corp. 0.46% 17,052 $2.6M Reduce -1.7%
DFAE Dimensional Emerging Core Eq 0.44% 80,280 $2.5M Add +7.7%
SCHR Schwab Intermediate-Term US 0.35% 79,949 $2.0M Add +18.1%
GLDM SPDR Gold Minishares Trust 0.34% 25,437 $1.9M No change
SPY SS SPDR S&P 500 ETF Trust-US 0.33% 2,854 $1.9M Reduce -1.6%
DFAT Dimensional US Target Value 0.33% 32,612 $1.9M Add +7.1%
DFSI Dimensional Int Sus COR1 ETF 0.32% 45,736 $1.9M No change
DFAX Dimensional World Ex US Core 0.31% 57,240 $1.8M Reduce -0.9%
IAU iShares Gold Trust 0.29% 23,132 $1.7M No change
BA The Boeing Co. 0.28% 7,616 $1.6M Reduce -1.2%
SCHP Schwab U.S. Tips ETF 0.28% 59,218 $1.6M Add +0.1%
PG The Procter & Gamble Co. 0.26% 9,903 $1.5M Reduce -3.5%
JPM JPMorgan Chase & Co. 0.24% 4,346 $1.4M Reduce -10.5%
JNJ Johnson & Johnson 0.24% 7,328 $1.4M Reduce -1.2%
EWU iShares MSCI United Kingdom 0.20% 27,187 $1.1M No change
COST Costco Wholesale Corp. 0.20% 1,226 $1.1M Reduce -11.6%
UNP Union Pacific Corp. 0.19% 4,651 $1.1M Reduce -0.0%
IJT iShares S&P Small-Cap 600 GR 0.18% 7,465 $1.1M No change
V Visa Inc. Class A 0.18% 3,004 $1.0M Reduce -0.1%
IBM Intl Business Machines Corp. filed as INTERNATIONAL BUSINESS MACHS 0.16% 3,315 $935K Reduce -0.6%
VEEV Veeva Systems Inc. Class A 0.16% 3,125 $931K No change
GOOG Alphabet Inc. Class C 0.15% 3,597 $876K Add +0.3%
GLW Corning Inc. 0.15% 10,426 $855K No change
DCOR Dimensional US Core Eq 1 ETF 0.13% 10,041 $722K Add +140.2%
DFSU Dimensional US Sus CORE1 ETF 0.11% 15,524 $659K Add +9.5%
KO The Coca-Cola Co. 0.11% 9,350 $620K No change
PFE Pfizer Inc. 0.11% 23,920 $609K Reduce -0.9%
DFGR Dim Global Real Estate ETF 0.11% 22,280 $608K Add +15.2%
K Kellanova 0.10% 6,779 $556K No change
DIS The Walt Disney Co. filed as DISNEY WALT CO 0.09% 4,373 $501K Reduce -14.8%
CAT Caterpillar Inc. 0.08% 1,016 $485K No change
ROK Rockwell Automation Inc. 0.08% 1,357 $474K Reduce -0.1%
FLOT iShares Floating Rate Bond E 0.08% 9,068 $463K Reduce -1.7%
HD Home Depot Inc. 0.08% 1,075 $436K Add +0.3%
GDX Vaneck Gold Miners ETF 0.07% 5,416 $414K No change
NVDA Nvidia Corp. 0.07% 2,213 $413K Add +10.7%
PEP Pepsico Inc. 0.07% 2,902 $408K Reduce -1.2%
MRSH Marsh & McLennan Cos 0.07% 2,000 $403K No change
PFGC Performance Food Group Co. 0.07% 3,849 $400K No change
IEUR iShares Core MSCI Europe ETF 0.07% 5,835 $397K No change
MCD McDonald's Corp. 0.07% 1,283 $390K No change
AMGN Amgen Inc. 0.07% 1,363 $385K No change
BX Blackstone Inc. 0.06% 2,108 $360K No change
LLY Eli Lilly & Co. 0.06% 469 $358K Add +0.2%
ORLY O'reilly Automotive Inc. 0.06% 2,953 $318K Add +0.4%
META Meta Platforms Inc. Class A 0.05% 429 $315K Add +0.9%
CWT California Water Service Grp 0.05% 6,612 $303K Add +0.0%
IWB iShares Russell 1000 ETF 0.05% 806 $295K No change
RSG Republic Services Inc. 0.04% 1,084 $249K No change
SCHF Schwab Intl Equity ETF 0.04% 10,451 $243K No change
DFAR Dimensional US Real Est ETF 0.04% 9,968 $238K No change
GE General Electric filed as GE AEROSPACE 0.04% 770 $232K New
JMST JPM Ultra-Short Muni Income filed as J P MORGAN EXCHANGE TRADED F 0.04% 4,441 $227K No change
MA Mastercard Inc. Class A 0.04% 392 $223K Reduce -0.3%
ORCL Oracle Corp. 0.04% 753 $212K New
ABBV Abbvie Inc. 0.04% 914 $212K New
YUM Yum! Brands Inc. 0.04% 1,374 $209K No change
BNY Bank of New York Mellon Corp. filed as BANK NEW YORK MELLON CORP 0.04% 1,911 $208K Reduce -22.4%
PM Philip Morris International 0.04% 1,261 $205K Reduce -9.7%
FNDF Schwab Fndmn Intl LRG Co. ETF 0.03% 4,700 $202K New
SCHW Schwab (charles) Corp. 0.03% 2,101 $201K New
AMTX Aemetis Inc. 0.01% 15,600 $35K No change

Portfolio Sells Q2 2025 → Q3 2025
KMX Carmax Inc. Sold out 0.00% −1.82
NVO Novo-Nordisk A/S-Spons ADR Reduce -0.7% 1.91% −0.61
WAT Waters Corp. Reduce -0.7% 2.50% −0.59
ADBE Adobe Inc. Reduce -0.8% 2.67% −0.44
SBUX Starbucks Corp. Reduce -0.8% 2.35% −0.35
MKL Markel Group Inc. Reduce -1.1% 2.72% −0.31
CMCSA Comcast Corp. Class A Reduce -0.6% 1.50% −0.31
VRSN Verisign Inc. Reduce -0.7% 2.75% −0.27
DEO Diageo PLC-Sponsored ADR Reduce -1.6% 1.60% −0.21
COF Capital One Financial Corp. Reduce -1.0% 2.65% −0.18
MSFT Microsoft Corp. Reduce -1.4% 5.98% −0.16
BRK.B Berkshire Hathaway Inc. Class B Reduce -0.6% 6.25% −0.15
AMZN Amazon.com Inc. Reduce -0.3% 2.46% −0.14
WFC Wells Fargo & Co. Reduce -3.8% 1.37% −0.07
XOM Exxon Mobil Corp. Reduce -1.5% 2.51% −0.06
WRB WR Berkley Corp. Reduce -0.7% 3.11% −0.06
COST Costco Wholesale Corp. Reduce -11.6% 0.20% −0.05
SCHO Schwab Short-Term US Treas Reduce -0.8% 0.72% −0.04
PG The Procter & Gamble Co. Reduce -3.5% 0.26% −0.04
DIS The Walt Disney Co. Reduce -14.8% 0.09% −0.03
JPM JPMorgan Chase & Co. Reduce -10.5% 0.24% −0.02
IBM Intl Business Machines Corp. Reduce -0.6% 0.16% −0.02
V Visa Inc. Class A Reduce -0.1% 0.18% −0.02
HUBB Hubbell Inc. Reduce -0.6% 2.30% −0.02
PM Philip Morris International Reduce -9.7% 0.04% −0.01
BA The Boeing Co. Reduce -1.2% 0.28% −0.01
DFAC Dimensional US Core Equity 2 Reduce -2.6% 0.91% −0.01
FLOT iShares Floating Rate Bond E Reduce -1.7% 0.08% −0.01
UNP Union Pacific Corp. Reduce -0.0% 0.19% −0.01
BNY Bank of New York Mellon Corp. Reduce -22.4% 0.04% −0.00
MA Mastercard Inc. Class A Reduce -0.3% 0.04% −0.00
PFE Pfizer Inc. Reduce -0.9% 0.11% −0.00
ROK Rockwell Automation Inc. Reduce -0.1% 0.08% −0.00
PEP Pepsico Inc. Reduce -1.2% 0.07% −0.00
DFAX Dimensional World Ex US Core Reduce -0.9% 0.31% +0.00
SPY SS SPDR S&P 500 ETF Trust-US Reduce -1.6% 0.33% +0.00
CVX Chevron Corp. Reduce -1.7% 0.46% +0.00
JNJ Johnson & Johnson Reduce -1.2% 0.24% +0.03
ARE Alexandria Real Estate Equit Reduce -1.3% 1.48% +0.10
BAC Bank of America Corp. Reduce -1.0% 4.93% +0.12
J Jacobs Solutions Inc. Reduce -1.4% 3.66% +0.23
VLO Valero Energy Corp. Reduce -0.8% 1.65% +0.27
AAPL Apple Inc. Reduce -1.0% 5.23% +0.74
GOOGL Alphabet Inc. Class A Reduce -1.6% 5.89% +1.31

Portfolio Buys Q2 2025 → Q3 2025
ZTS Zoetis Inc. New 1.99% +1.99
MTBA Simplify MBS ETF Add +21.6% 2.70% +0.37
DCRE DBL Comm Real Est Debt Add +69.7% 0.88% +0.34
DFAU Dimensional US Core Equity M Add +5.8% 2.05% +0.16
ACN Accenture PLC Class A Add +37.2% 2.10% +0.14
DFAI Dimensional International Co. Add +10.2% 1.42% +0.13
DUHP Dimensional US High Profi Et Add +1.9% 2.84% +0.07
DCOR Dimensional US Core Eq 1 ETF Add +140.2% 0.13% +0.07
DFAE Dimensional Emerging Core Eq Add +7.7% 0.44% +0.04
GE General Electric New 0.04% +0.04
SCHR Schwab Intermediate-Term US Add +18.1% 0.35% +0.04
ABBV Abbvie Inc. New 0.04% +0.04
ORCL Oracle Corp. New 0.04% +0.04
GOOG Alphabet Inc. Class C Add +0.3% 0.15% +0.04
FNDF Schwab Fndmn Intl LRG Co. ETF New 0.03% +0.03
SCHW Schwab (charles) Corp. New 0.03% +0.03
DFAT Dimensional US Target Value Add +7.1% 0.33% +0.03
DIHP Dimensional International Hi Add +6.7% 0.49% +0.02
NVDA Nvidia Corp. Add +10.7% 0.07% +0.01
DFSU Dimensional US Sus CORE1 ETF Add +9.5% 0.11% +0.01
DFGR Dim Global Real Estate ETF Add +15.2% 0.11% +0.01
ORLY O'reilly Automotive Inc. Add +0.4% 0.06% +0.01
HD Home Depot Inc. Add +0.3% 0.08% +0.00
VTIP Vanguard Short-Term Tips Add +4.5% 0.80% −0.00
CWT California Water Service Grp Add +0.0% 0.05% −0.00
META Meta Platforms Inc. Class A Add +0.9% 0.05% −0.00
LLY Eli Lilly & Co. Add +0.2% 0.06% −0.00
SCHP Schwab U.S. Tips ETF Add +0.1% 0.28% −0.01
BHRB Burke & Herbert Financial SE Add +0.4% 2.76% −0.05
PGR Progressive Corp. Add +2.1% 4.37% −0.51

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