Hutner Capital Management Inc.
In its 13F for Q3 2025 (holdings as of September 30, 2025, filed November 13, 2025), Hutner Capital Management Inc. reported 44 stock positions worth $236.4 million. Its top holding was Berkshire Hathaway Class A (BRK.A) at 13.1% of the portfolio, followed by Berkshire Hathaway Class B (BRK.B, 9.0%) and Costco Wholesale (COST, 5.6%). Compared with Q2 2025, it added to 29 and reduced 10. The biggest buy was Franco-Nevada (FNV, shares +4%) and the biggest sale Costco Wholesale (COST, shares −0%).
- Most Recent 13F
- Q2 2026
- Location
- MANCHESTER, VT
- CIK
- 0000944733
- Portfolio Value
- $236.4M (Q3 2025)
- SEC Filing
- 0000944733-25-000006 ↗ filed Nov 13, 2025
Holdings Value
Holdings 44 stocks · $236.4M
| BRK.A Berkshire Hathaway Inc. Class A | 13.08% | 41 | $30.9M | Reduce -2.4% |
| BRK.B Berkshire Hathaway Inc. Class B | 8.97% | 42,201 | $21.2M | Add +2.2% |
| COST Costco Wholesale Corp. | 5.56% | 14,191 | $13.1M | Reduce -0.3% |
| PM Philip Morris International | 5.08% | 74,067 | $12.0M | Add +0.6% |
| MCD McDonald's Corp. | 4.45% | 34,647 | $10.5M | Add +0.9% |
| FNV Franco-Nevada Corp. | 4.41% | 46,767 | $10.4M | Add +3.9% |
| KO The Coca-Cola Co. | 4.35% | 155,194 | $10.3M | Add +1.4% |
| ABBV Abbvie Inc. | 4.13% | 42,120 | $9.8M | Add +0.4% |
| GOOG Alphabet Inc. Class C | 4.09% | 39,696 | $9.7M | Add +2.3% |
| PEP Pepsico Inc. | 3.71% | 62,473 | $8.8M | Add +13.7% |
| PG The Procter & Gamble Co. | 3.51% | 53,941 | $8.3M | Add +1.3% |
| JNJ Johnson & Johnson | 3.46% | 44,164 | $8.2M | Add +3.6% |
| ENB Enbridge Inc. | 3.30% | 154,684 | $7.8M | Add +4.8% |
| MO Altria Group Inc. | 3.19% | 114,174 | $7.5M | Add +3.0% |
| AXP American Express Co. | 2.90% | 20,660 | $6.9M | Add +0.0% |
| WMT Walmart Inc. | 2.61% | 59,834 | $6.2M | Reduce -0.1% |
| ABT Abbott Laboratories | 2.45% | 43,162 | $5.8M | Add +4.1% |
| AAPL Apple Inc. | 2.38% | 22,117 | $5.6M | Add +10.1% |
| EPD Enterprise Products Partners | 1.82% | 137,784 | $4.3M | Add +0.9% |
| GPC Genuine Parts Co. | 1.46% | 24,899 | $3.5M | Add +10.1% |
| ORLY O'reilly Automotive Inc. | 1.30% | 28,588 | $3.1M | Reduce -0.1% |
| CB Chubb Ltd. | 1.25% | 10,471 | $3.0M | Add +6.7% |
| O Realty Income Corp. | 1.24% | 48,206 | $2.9M | Add +6.8% |
| UNP Union Pacific Corp. | 1.23% | 12,326 | $2.9M | Add +3.2% |
| VRSK Verisk Analytics Inc. | 1.19% | 11,200 | $2.8M | No change |
| ADI Analog Devices Inc. | 1.17% | 11,278 | $2.8M | Add +6.9% |
| NSC Norfolk Southern Corp. | 0.95% | 7,454 | $2.2M | Add +1.5% |
| V Visa Inc. Class A | 0.72% | 5,020 | $1.7M | Add +15.8% |
| DEO Diageo PLC-Sponsored ADR | 0.68% | 16,768 | $1.6M | No change |
| HSY The Hershey Co. | 0.67% | 8,518 | $1.6M | Add +12.2% |
| PGR Progressive Corp. | 0.58% | 5,540 | $1.4M | Add +3.5% |
| WFC Wells Fargo & Co. | 0.54% | 15,104 | $1.3M | Reduce -0.1% |
| OKE Oneok Inc. | 0.50% | 16,047 | $1.2M | Reduce -19.7% |
| YUM Yum! Brands Inc. | 0.50% | 7,703 | $1.2M | Add +21.8% |
| SHW The Sherwin-Williams Co. | 0.46% | 3,111 | $1.1M | Add +14.6% |
| QSR Restaurant Brands Intern | 0.43% | 15,786 | $1.0M | Reduce -1.1% |
| NVS Novartis AG-Sponsored ADR | 0.35% | 6,433 | $825K | Add +11.2% |
| EXPD Expeditors Intl Wash Inc. | 0.34% | 6,516 | $799K | Reduce -0.1% |
| WEC WEC Energy Group Inc. | 0.26% | 5,427 | $622K | No change |
| MCO Moody's Corp. | 0.19% | 945 | $450K | No change |
| ZTS Zoetis Inc. | 0.17% | 2,729 | $399K | Add +38.0% |
| UPS United Parcel Service Class B | 0.16% | 4,388 | $367K | Reduce -0.3% |
| AMT American Tower Corp. | 0.12% | 1,510 | $290K | Reduce -1.8% |
| MDLZ Mondelez International Inc. Class A | 0.09% | 3,398 | $212K | No change |
Portfolio Sells Q2 2025 → Q3 2025
| COST Costco Wholesale Corp. | Reduce -0.3% | 5.56% | −0.85 |
| BRK.A Berkshire Hathaway Inc. Class A | Reduce -2.4% | 13.08% | −0.84 |
| OKE Oneok Inc. | Reduce -19.7% | 0.50% | −0.25 |
| WMT Walmart Inc. | Reduce -0.1% | 2.61% | −0.06 |
| QSR Restaurant Brands Intern | Reduce -1.1% | 0.43% | −0.05 |
| UPS United Parcel Service Class B | Reduce -0.3% | 0.16% | −0.05 |
| AMT American Tower Corp. | Reduce -1.8% | 0.12% | −0.03 |
| WFC Wells Fargo & Co. | Reduce -0.1% | 0.54% | −0.02 |
| EXPD Expeditors Intl Wash Inc. | Reduce -0.1% | 0.34% | −0.00 |
| ORLY O'reilly Automotive Inc. | Reduce -0.1% | 1.30% | +0.13 |
Portfolio Buys Q2 2025 → Q3 2025
| FNV Franco-Nevada Corp. | Add +3.9% | 4.41% | +1.05 |
| GOOG Alphabet Inc. Class C | Add +2.3% | 4.09% | +0.96 |
| ABBV Abbvie Inc. | Add +0.4% | 4.13% | +0.58 |
| AAPL Apple Inc. | Add +10.1% | 2.38% | +0.51 |
| JNJ Johnson & Johnson | Add +3.6% | 3.46% | +0.50 |
| PEP Pepsico Inc. | Add +13.7% | 3.71% | +0.41 |
| ENB Enbridge Inc. | Add +4.8% | 3.30% | +0.26 |
| MO Altria Group Inc. | Add +3.0% | 3.19% | +0.23 |
| GPC Genuine Parts Co. | Add +10.1% | 1.46% | +0.21 |
| HSY The Hershey Co. | Add +12.2% | 0.67% | +0.10 |
| NSC Norfolk Southern Corp. | Add +1.5% | 0.95% | +0.09 |
| YUM Yum! Brands Inc. | Add +21.8% | 0.50% | +0.07 |
| O Realty Income Corp. | Add +6.8% | 1.24% | +0.06 |
| SHW The Sherwin-Williams Co. | Add +14.6% | 0.46% | +0.03 |
| NVS Novartis AG-Sponsored ADR | Add +11.2% | 0.35% | +0.03 |
| ADI Analog Devices Inc. | Add +6.9% | 1.17% | +0.03 |
| ZTS Zoetis Inc. | Add +38.0% | 0.17% | +0.03 |
| V Visa Inc. Class A | Add +15.8% | 0.72% | +0.03 |
| UNP Union Pacific Corp. | Add +3.2% | 1.23% | −0.02 |
| CB Chubb Ltd. | Add +6.7% | 1.25% | −0.04 |
| PGR Progressive Corp. | Add +3.5% | 0.58% | −0.07 |
| AXP American Express Co. | Add +0.0% | 2.90% | −0.09 |
| EPD Enterprise Products Partners | Add +0.9% | 1.82% | −0.10 |
| MCD McDonald's Corp. | Add +0.9% | 4.45% | −0.11 |
| ABT Abbott Laboratories | Add +4.1% | 2.45% | −0.12 |
| BRK.B Berkshire Hathaway Inc. Class B | Add +2.2% | 8.97% | −0.15 |
| PG The Procter & Gamble Co. | Add +1.3% | 3.51% | −0.35 |
| KO The Coca-Cola Co. | Add +1.4% | 4.35% | −0.57 |
| PM Philip Morris International | Add +0.6% | 5.08% | −1.02 |
All Filings
| Quarter | Positions | 13F Reported Value | Top Holdings |
|---|---|---|---|
| Q2 2026 | 43 | $252.1M | BRK.A, BRK.B, GOOG, COST, PM |
| Q1 2026 | 44 | $243.4M | BRK.A, BRK.B, COST, PM, KO |
| Q4 2025 | 44 | $239.6M | BRK.A, BRK.B, GOOG, COST, PM |
| Q3 2025 | 44 | $236.4M | BRK.A, BRK.B, COST, PM, MCD |
| Q2 2025 | 44 | $219.8M | BRK.A, BRK.B, COST, PM, KO |
| Q1 2025 | 48 | $234.3M | BRK.A, BRK.B, COST, PM, KO |
| Q4 2024 | 45 | $207.1M | BRK.A, BRK.B, COST, MCD, PM |
| Q3 2024 | 45 | $200.9M | BRK.A, BRK.B, COST, KO, MCD |
| Q2 2024 | 44 | $182.4M | BRK.A, COST, BRK.B, KO, PG |
| Q1 2024 | 43 | $184.4M | BRK.A, BRK.B, COST, MCD, PEP |