Hutchinson Capital Management

In its 13F for Q4 2025 (holdings as of December 31, 2025, filed February 9, 2026), Hutchinson Capital Management reported 98 stock positions worth $583.3 million. Its top holding was Alphabet Class A (GOOGL) at 7.5% of the portfolio, followed by Berkshire Hathaway Class B (BRK.B, 6.2%) and Microsoft (MSFT, 5.5%). Compared with Q3 2025, it opened 6 new positions, sold out of 5, added to 45 and reduced 27. The biggest buy was Dimensional US Core Equity M (DFAU, shares +25%) and the biggest sale an exit from Comcast Class A (CMCSA).

Most Recent 13F
Q2 2026
Location
SAN RAFAEL, CA
CIK
0001078246
Portfolio Value
$583.3M (Q4 2025)
SEC Filing
0001078246-26-000001 ↗ filed Feb 9, 2026

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 Q3 2025 Q4 2025: $583.3M $583.3M Q4 2025 Q1 2026: $544.1M Q1 2026 Q2 2026: $583.7M Q2 2026

Holdings 98 stocks · $583.3M
GOOGL Alphabet Inc. Class A 7.51% 140,007 $43.8M Reduce -0.1%
BRK.B Berkshire Hathaway Inc. Class B 6.23% 72,346 $36.4M Add +0.7%
MSFT Microsoft Corp. 5.54% 66,797 $32.3M Add +0.1%
AAPL Apple Inc. 5.54% 118,780 $32.3M Add +0.1%
BAC Bank of America Corp. filed as BANK AMERICA CORP 5.20% 551,814 $30.3M Reduce -0.0%
PGR Progressive Corp. 3.99% 102,285 $23.3M Reduce -0.0%
J Jacobs Solutions Inc. 3.19% 140,548 $18.6M Reduce -0.4%
WAT Waters Corp. 3.11% 47,690 $18.1M Reduce -1.0%
MKL Markel Group Inc. 3.03% 8,222 $17.7M Add +0.1%
COF Capital One Financial Corp. 2.99% 72,024 $17.5M Add +0.1%
DUHP Dimensional US High Profi Et 2.92% 447,550 $17.0M Add +2.9%
MTBA Simplify MBS ETF 2.90% 335,866 $16.9M Add +8.2%
WRB WR Berkley Corp. filed as BERKLEY W R CORP 2.82% 234,978 $16.5M Add +0.2%
BHRB Burke & Herbert Financial SE 2.76% 258,080 $16.1M No change
XOM Exxon Mobil Corp. 2.67% 129,661 $15.6M Add +0.6%
ADBE Adobe Inc. 2.60% 43,393 $15.2M Reduce -0.7%
DFAU Dimensional US Core Equity M 2.60% 323,632 $15.1M Add +25.2%
AMZN Amazon.com Inc. 2.57% 64,912 $15.0M Add +0.5%
VRSN Verisign Inc. 2.38% 57,151 $13.9M Add +0.5%
HUBB Hubbell Inc. 2.38% 31,241 $13.9M Add +1.0%
ACN Accenture PLC Class A 2.38% 51,700 $13.9M Add +5.1%
SBUX Starbucks Corp. 2.31% 159,787 $13.5M Reduce -0.5%
NVO Novo-Nordisk A/S-Spons ADR 1.74% 199,941 $10.2M Add +0.3%
DFAI Dimensional International Co. 1.62% 247,461 $9.4M Add +9.6%
ZTS Zoetis Inc. 1.62% 74,930 $9.4M Reduce -4.7%
VLO Valero Energy Corp. 1.56% 55,917 $9.1M Reduce -0.3%
WFC Wells Fargo & Co. 1.51% 94,429 $8.8M Reduce -0.4%
DEO Diageo PLC-Sponsored ADR 1.35% 91,607 $7.9M Reduce -5.4%
DCRE DBL Comm Real Est Debt 0.96% 108,345 $5.6M Add +10.4%
DFAC Dimensional US Core Equity 2 0.91% 133,517 $5.3M Reduce -2.2%
VTIP Vanguard Short-Term Tips 0.82% 96,853 $4.8M Add +5.7%
SCHO Schwab Short-Term US Treas 0.71% 169,314 $4.1M Reduce -0.7%
DIHP Dimensional International Hi 0.54% 99,703 $3.2M Add +7.5%
DFAE Dimensional Emerging Core Eq 0.50% 88,798 $2.9M Add +10.6%
CVX Chevron Corp. 0.45% 17,043 $2.6M Reduce -0.1%
SCHR Schwab Intermediate-Term US 0.37% 87,058 $2.2M Add +8.9%
GLDM SPDR Gold Minishares Trust 0.37% 25,437 $2.2M No change
DFAT Dimensional US Target Value 0.35% 34,545 $2.1M Add +5.9%
DFSI Dimensional Int Sus COR1 ETF 0.34% 45,736 $2.0M No change
SPY SS SPDR S&P 500 ETF Trust-US 0.33% 2,829 $1.9M Reduce -0.9%
IAU iShares Gold Trust 0.32% 23,132 $1.9M No change
DFAX Dimensional World Ex US Core 0.32% 56,231 $1.8M Reduce -1.8%
DCOR Dimensional US Core Eq 1 ETF 0.31% 24,497 $1.8M Add +144.0%
BA The Boeing Co. 0.28% 7,599 $1.6M Reduce -0.2%
SCHP Schwab U.S. Tips ETF 0.28% 61,164 $1.6M Add +3.3%
JPM JPMorgan Chase & Co. 0.27% 4,863 $1.6M Add +11.9%
JNJ Johnson & Johnson 0.25% 6,979 $1.4M Reduce -4.8%
PG The Procter & Gamble Co. 0.24% 9,935 $1.4M Add +0.3%
EWU iShares MSCI United Kingdom 0.20% 27,187 $1.2M No change
GOOG Alphabet Inc. Class C 0.19% 3,603 $1.1M Add +0.2%
IBM Intl Business Machines Corp. filed as INTERNATIONAL BUSINESS MACHS 0.19% 3,781 $1.1M Add +14.1%
UNP Union Pacific Corp. 0.18% 4,652 $1.1M Add +0.0%
COST Costco Wholesale Corp. 0.18% 1,226 $1.1M No change
V Visa Inc. Class A 0.18% 3,009 $1.1M Add +0.2%
IJT iShares S&P Small-Cap 600 GR 0.18% 7,465 $1.1M No change
GLW Corning Inc. 0.16% 10,426 $913K No change
VOO Vanguard S&P 500 ETF 0.14% 1,265 $793K New
VEEV Veeva Systems Inc. Class A 0.12% 3,125 $698K No change
KO The Coca-Cola Co. 0.11% 9,358 $654K Add +0.1%
DFGR Dim Global Real Estate ETF 0.11% 24,432 $645K Add +9.7%
DFSU Dimensional US Sus CORE1 ETF 0.11% 14,570 $633K Reduce -6.2%
CAT Caterpillar Inc. 0.10% 985 $564K Reduce -3.0%
ROK Rockwell Automation Inc. 0.09% 1,357 $528K No change
PFE Pfizer Inc. 0.09% 20,774 $517K Reduce -13.2%
LLY Eli Lilly & Co. 0.09% 476 $512K Add +1.5%
DIS The Walt Disney Co. filed as DISNEY WALT CO 0.08% 4,349 $495K Reduce -0.6%
GDX Vaneck Gold Miners ETF 0.08% 5,416 $465K No change
AMGN Amgen Inc. 0.08% 1,369 $448K Add +0.4%
FLOT iShares Floating Rate Bond E 0.08% 8,771 $446K Reduce -3.3%
PEP Pepsico Inc. 0.07% 2,907 $417K Add +0.2%
NVDA Nvidia Corp. 0.07% 2,228 $416K Add +0.7%
MCD McDonald's Corp. 0.07% 1,296 $396K Add +1.0%
MRSH Marsh & McLennan Cos 0.06% 1,998 $371K Reduce -0.1%
HD Home Depot Inc. 0.06% 1,076 $370K Add +0.1%
DFAW Dimensional World Eqty ETF 0.06% 4,499 $333K New
PFGC Performance Food Group Co. 0.06% 3,689 $332K Reduce -4.2%
BX Blackstone Inc. 0.06% 2,108 $325K No change
IWB iShares Russell 1000 ETF 0.05% 806 $301K No change
META Meta Platforms Inc. Class A 0.05% 447 $295K Add +4.2%
CWT California Water Service Grp 0.05% 6,612 $286K No change
ORLY O'reilly Automotive Inc. 0.05% 2,955 $270K Add +0.1%
SCHF Schwab Intl Equity ETF 0.04% 10,451 $251K No change
MRK Merck & Co. Inc. 0.04% 2,304 $243K New
GE General Electric filed as GE AEROSPACE 0.04% 754 $232K Reduce -2.1%
RSG Republic Services Inc. 0.04% 1,087 $230K Add +0.3%
DFAR Dimensional US Real Est ETF 0.04% 9,968 $228K No change
MA Mastercard Inc. Class A 0.04% 397 $227K Add +1.3%
JMST JPM Ultra-Short Muni Income filed as J P MORGAN EXCHANGE TRADED F 0.04% 4,441 $226K No change
BNY Bank of New York Mellon Corp. filed as BANK NEW YORK MELLON CORP 0.04% 1,914 $222K Add +0.2%
FNDF Schwab Fndmn Intl LRG Co. ETF 0.04% 4,700 $212K No change
AXP American Express Co. 0.04% 574 $212K New
SCHW Schwab (charles) Corp. 0.04% 2,108 $211K Add +0.3%
TSM Taiwan Semiconductor-SP ADR 0.04% 691 $210K New
RTX RTX Corp. 0.04% 1,140 $209K New
YUM Yum! Brands Inc. 0.04% 1,374 $208K No change
IEUR iShares Core MSCI Europe ETF 0.04% 2,905 $206K Reduce -50.2%
PM Philip Morris International 0.03% 1,269 $204K Add +0.6%
AMTX Aemetis Inc. 0.00% 15,600 $22K No change

Portfolio Sells Q3 2025 → Q4 2025
CMCSA Comcast Corp. Class A Sold out 0.00% −1.50
ARE Alexandria Real Estate Equit Sold out 0.00% −1.48
J Jacobs Solutions Inc. Reduce -0.4% 3.19% −0.47
PGR Progressive Corp. Reduce -0.0% 3.99% −0.38
ZTS Zoetis Inc. Reduce -4.7% 1.62% −0.37
DEO Diageo PLC-Sponsored ADR Reduce -5.4% 1.35% −0.24
K Kellanova Sold out 0.00% −0.10
VLO Valero Energy Corp. Reduce -0.3% 1.56% −0.09
ADBE Adobe Inc. Reduce -0.7% 2.60% −0.06
SBUX Starbucks Corp. Reduce -0.5% 2.31% −0.04
ABBV Abbvie Inc. Sold out 0.00% −0.04
ORCL Oracle Corp. Sold out 0.00% −0.04
IEUR iShares Core MSCI Europe ETF Reduce -50.2% 0.04% −0.03
PFE Pfizer Inc. Reduce -13.2% 0.09% −0.02
CVX Chevron Corp. Reduce -0.1% 0.45% −0.01
PFGC Performance Food Group Co. Reduce -4.2% 0.06% −0.01
SCHO Schwab Short-Term US Treas Reduce -0.7% 0.71% −0.01
MRSH Marsh & McLennan Cos Reduce -0.1% 0.06% −0.01
DFSU Dimensional US Sus CORE1 ETF Reduce -6.2% 0.11% −0.01
DFAC Dimensional US Core Equity 2 Reduce -2.2% 0.91% −0.00
FLOT iShares Floating Rate Bond E Reduce -3.3% 0.08% −0.00
DIS The Walt Disney Co. Reduce -0.6% 0.08% −0.00
BA The Boeing Co. Reduce -0.2% 0.28% −0.00
GE General Electric Reduce -2.1% 0.04% −0.00
SPY SS SPDR S&P 500 ETF Trust-US Reduce -0.9% 0.33% +0.00
DFAX Dimensional World Ex US Core Reduce -1.8% 0.32% +0.00
JNJ Johnson & Johnson Reduce -4.8% 0.25% +0.01
CAT Caterpillar Inc. Reduce -3.0% 0.10% +0.01
WFC Wells Fargo & Co. Reduce -0.4% 1.51% +0.13
BAC Bank of America Corp. Reduce -0.0% 5.20% +0.28
WAT Waters Corp. Reduce -1.0% 3.11% +0.61
GOOGL Alphabet Inc. Class A Reduce -0.1% 7.51% +1.62

Portfolio Buys Q3 2025 → Q4 2025
DFAU Dimensional US Core Equity M Add +25.2% 2.60% +0.55
COF Capital One Financial Corp. Add +0.1% 2.99% +0.35
MKL Markel Group Inc. Add +0.1% 3.03% +0.31
AAPL Apple Inc. Add +0.1% 5.54% +0.30
ACN Accenture PLC Class A Add +5.1% 2.38% +0.28
MTBA Simplify MBS ETF Add +8.2% 2.90% +0.20
DFAI Dimensional International Co. Add +9.6% 1.62% +0.20
DCOR Dimensional US Core Eq 1 ETF Add +144.0% 0.31% +0.18
XOM Exxon Mobil Corp. Add +0.6% 2.67% +0.16
VOO Vanguard S&P 500 ETF New 0.14% +0.14
AMZN Amazon.com Inc. Add +0.5% 2.57% +0.11
DCRE DBL Comm Real Est Debt Add +10.4% 0.96% +0.08
HUBB Hubbell Inc. Add +1.0% 2.38% +0.08
DUHP Dimensional US High Profi Et Add +2.9% 2.92% +0.07
DFAE Dimensional Emerging Core Eq Add +10.6% 0.50% +0.06
DFAW Dimensional World Eqty ETF New 0.06% +0.06
DIHP Dimensional International Hi Add +7.5% 0.54% +0.05
GOOG Alphabet Inc. Class C Add +0.2% 0.19% +0.04
MRK Merck & Co. Inc. New 0.04% +0.04
AXP American Express Co. New 0.04% +0.04
TSM Taiwan Semiconductor-SP ADR New 0.04% +0.04
RTX RTX Corp. New 0.04% +0.04
JPM JPMorgan Chase & Co. Add +11.9% 0.27% +0.03
IBM Intl Business Machines Corp. Add +14.1% 0.19% +0.03
SCHR Schwab Intermediate-Term US Add +8.9% 0.37% +0.03
LLY Eli Lilly & Co. Add +1.5% 0.09% +0.03
DFAT Dimensional US Target Value Add +5.9% 0.35% +0.02
VTIP Vanguard Short-Term Tips Add +5.7% 0.82% +0.02
AMGN Amgen Inc. Add +0.4% 0.08% +0.01
DFGR Dim Global Real Estate ETF Add +9.7% 0.11% +0.01
KO The Coca-Cola Co. Add +0.1% 0.11% +0.00
V Visa Inc. Class A Add +0.2% 0.18% +0.00
BNY Bank of New York Mellon Corp. Add +0.2% 0.04% +0.00
SCHP Schwab U.S. Tips ETF Add +3.3% 0.28% +0.00
SCHW Schwab (charles) Corp. Add +0.3% 0.04% +0.00
PEP Pepsico Inc. Add +0.2% 0.07% +0.00
MCD McDonald's Corp. Add +1.0% 0.07% +0.00
MA Mastercard Inc. Class A Add +1.3% 0.04% +0.00
NVDA Nvidia Corp. Add +0.7% 0.07% −0.00
PM Philip Morris International Add +0.6% 0.03% −0.00
RSG Republic Services Inc. Add +0.3% 0.04% −0.00
META Meta Platforms Inc. Class A Add +4.2% 0.05% −0.00
UNP Union Pacific Corp. Add +0.0% 0.18% −0.01
ORLY O'reilly Automotive Inc. Add +0.1% 0.05% −0.01
HD Home Depot Inc. Add +0.1% 0.06% −0.01
BRK.B Berkshire Hathaway Inc. Class B Add +0.7% 6.23% −0.01
PG The Procter & Gamble Co. Add +0.3% 0.24% −0.02
NVO Novo-Nordisk A/S-Spons ADR Add +0.3% 1.74% −0.17
WRB WR Berkley Corp. Add +0.2% 2.82% −0.28
VRSN Verisign Inc. Add +0.5% 2.38% −0.37

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