Tufton Capital Management

In its 13F for Q3 2024 (holdings as of September 30, 2024, filed November 8, 2024), Tufton Capital Management reported 121 stock positions worth $533.4 million. Its top holding was Microsoft (MSFT) at 6.2% of the portfolio, followed by Apple (AAPL, 4.6%) and Alphabet Class C (GOOG, 3.3%). Compared with Q2 2024, it opened 6 new positions, sold out of 4, added to 23 and reduced 72. The biggest buy was United Parcel Service Class B (UPS, shares +18%) and the biggest sale Microsoft (MSFT, shares −2%).

Most Recent 13F
Q2 2026
Location
HUNT VALLEY, MD
CIK
0001055963
Portfolio Value
$533.4M (Q3 2024)
SEC Filing
0001055963-24-000004 ↗ filed Nov 8, 2024

Holdings Value

0$200.0M$400.0M$600.0M Q1 2024: $509.2M Q1 2024 Q2 2024: $514.2M Q2 2024 Q3 2024: $533.4M $533.4M Q3 2024 Q4 2024: $528.7M Q4 2024 Q1 2025: $519.2M Q1 2025 Q2 2025: $525.9M Q2 2025 Q3 2025: $561.0M Q3 2025 Q4 2025: $572.1M Q4 2025 Q1 2026: $549.7M Q1 2026 Q2 2026: $596.0M Q2 2026

Holdings 121 stocks · $533.4M
MSFT Microsoft Corp. 6.17% 76,481 $32.9M Reduce -2.1%
AAPL Apple Inc. 4.58% 104,878 $24.4M Reduce -0.8%
GOOG Alphabet Inc. Class C 3.33% 106,147 $17.7M Reduce -4.1%
JPM JPMorgan Chase & Co. 3.19% 80,669 $17.0M Reduce -2.4%
TJX TJX Companies Inc. filed as TJX COS INC NEW 2.98% 135,094 $15.9M Reduce -1.9%
ADP Automatic Data Processing 2.85% 55,032 $15.2M Reduce -1.9%
AMZN Amazon.com Inc. 2.30% 65,826 $12.3M Add +2.4%
QCOM Qualcomm Inc. 2.26% 70,910 $12.1M Reduce -2.5%
MRK Merck & Co. Inc. 2.22% 104,119 $11.8M Reduce -1.2%
LMT Lockheed Martin Corp. 2.17% 19,816 $11.6M Reduce -2.6%
TGT Target Corp. 2.15% 73,533 $11.5M Add +0.5%
ABBV Abbvie Inc. 2.14% 57,877 $11.4M Reduce -1.8%
PG The Procter & Gamble Co. 2.09% 64,288 $11.1M Reduce -1.1%
RTX RTX Corp. 2.01% 88,574 $10.7M Reduce -5.6%
XOM Exxon Mobil Corp. 1.99% 90,495 $10.6M Reduce -2.1%
CB Chubb Ltd. 1.94% 35,971 $10.4M Reduce -2.3%
CVX Chevron Corp. 1.94% 70,271 $10.3M Add +1.5%
GLW Corning Inc. 1.89% 222,934 $10.1M Reduce -3.1%
CAT Caterpillar Inc. 1.88% 25,600 $10.0M Reduce -2.9%
ZTS Zoetis Inc. 1.85% 50,518 $9.9M Reduce -2.3%
BAC Bank of America Corp. filed as BANK AMERICA CORP 1.83% 246,233 $9.8M Reduce -3.5%
JNJ Johnson & Johnson 1.73% 56,934 $9.2M Reduce -2.6%
CPK Chesapeake Utilities Corp. 1.66% 71,250 $8.8M No change
NSC Norfolk Southern Corp. 1.64% 35,283 $8.8M Reduce -3.5%
EMR Emerson Electric Co. 1.58% 76,883 $8.4M Reduce -2.3%
NXPI NXP Semiconductors NV 1.56% 34,756 $8.3M Reduce -1.4%
ABT Abbott Laboratories 1.53% 71,403 $8.1M Reduce -3.7%
CARR Carrier Global Corp. 1.47% 97,525 $7.8M Reduce -3.2%
MDLZ Mondelez International Inc. Class A 1.45% 105,068 $7.7M Reduce -2.4%
CCI Crown Castle Inc. 1.42% 64,004 $7.6M Reduce -4.1%
UPS United Parcel Service Class B 1.40% 54,837 $7.5M Add +18.4%
WFC Wells Fargo & Co. 1.36% 128,587 $7.3M Reduce -1.9%
DLR Digital Realty Trust Inc. 1.24% 40,889 $6.6M Reduce -2.1%
MDT Medtronic PLC 1.20% 71,253 $6.4M Reduce -5.6%
DIS The Walt Disney Co. filed as DISNEY WALT CO 1.19% 66,217 $6.4M Reduce -4.3%
IBM Intl Business Machines Corp. filed as INTERNATIONAL BUSINESS MACHS 1.16% 27,990 $6.2M Reduce -2.5%
PEP Pepsico Inc. 1.09% 34,333 $5.8M Reduce -0.5%
PM Philip Morris International 0.98% 43,040 $5.2M Reduce -4.0%
TSM Taiwan Semiconductor-SP ADR 0.95% 29,320 $5.1M Reduce -3.4%
DUK Duke Energy Corp. 0.95% 44,146 $5.1M Reduce -10.5%
KO The Coca-Cola Co. 0.90% 66,960 $4.8M Reduce -1.9%
MMM 3M Co. 0.81% 31,637 $4.3M Reduce -5.2%
BMY Bristol-Myers Squibb Co. 0.80% 82,699 $4.3M Reduce -5.3%
VZ Verizon Communications Inc. 0.80% 95,100 $4.3M Reduce -4.0%
LLY Eli Lilly & Co. 0.76% 4,577 $4.1M Add +32.0%
GOOGL Alphabet Inc. Class A 0.76% 24,296 $4.0M Reduce -0.6%
DD Dupont DE Nemours Inc. 0.74% 44,012 $3.9M Reduce -4.8%
IVV iShares Core S&P 500 ETF 0.72% 6,626 $3.8M Add +21.2%
DIA SS SPDR Dow Jones Indus Avg filed as SPDR DOW JONES INDL AVERAGE 0.71% 8,969 $3.8M Reduce -11.1%
BRK.B Berkshire Hathaway Inc. Class B 0.64% 7,472 $3.4M No change
DHR Danaher Corp. 0.61% 11,778 $3.3M Reduce -0.5%
CL Colgate-Palmolive Co. 0.53% 26,975 $2.8M Reduce -30.1%
LHX L3HARRIS Technologies Inc. 0.52% 11,717 $2.8M Reduce -4.5%
MKC McCormick & Co.-Non VTG SHRS 0.52% 33,672 $2.8M Reduce -2.5%
COF Capital One Financial Corp. 0.51% 18,076 $2.7M Reduce -2.2%
EPD Enterprise Products Partners 0.48% 88,559 $2.6M Reduce -2.7%
DOW Dow Inc. 0.48% 46,749 $2.6M Reduce -4.3%
CSCO Cisco Systems Inc. 0.48% 47,797 $2.5M Reduce -6.1%
SPY SS SPDR S&P 500 ETF Trust-US 0.47% 4,405 $2.5M Add +7.6%
COST Costco Wholesale Corp. 0.43% 2,577 $2.3M Add +1.4%
ELV Elevance Health Inc. 0.40% 4,124 $2.1M No change
INTC Intel Corp. 0.37% 84,322 $2.0M Reduce -6.8%
CMG Chipotle Mexican Grill Inc. 0.37% 33,860 $2.0M Reduce -1.0%
SDY SS SPDR S&P Dividend ETF 0.33% 12,565 $1.8M Add +0.1%
PNC PNC Financial Services Group 0.32% 9,262 $1.7M Reduce -1.7%
OTIS Otis Worldwide Corp. 0.31% 15,727 $1.6M Reduce -0.8%
META Meta Platforms Inc. Class A 0.26% 2,377 $1.4M Reduce -0.5%
IEFA iShares Core MSCI Eafe ETF 0.24% 16,710 $1.3M Add +26.3%
NVDA Nvidia Corp. 0.24% 10,660 $1.3M Add +58.8%
SYY Sysco Corp. 0.24% 16,332 $1.3M Reduce -5.1%
AXP American Express Co. 0.23% 4,560 $1.2M No change
IJH iShares Core S&P Midcap ETF 0.20% 17,139 $1.1M Reduce -19.3%
DE Deere & Co. 0.20% 2,536 $1.1M Reduce -0.8%
VWO Vanguard Ftse Emerging Marke 0.18% 20,464 $979K Reduce -2.1%
TROW T Rowe Price Group Inc. filed as PRICE T ROWE GROUP INC 0.18% 8,807 $959K Add +15.2%
BSX Boston Scientific Corp. 0.17% 10,753 $901K Reduce -5.2%
SLB SLB Ltd. filed as SCHLUMBERGER LTD 0.16% 20,834 $874K Reduce -8.4%
IJR iShares Core S&P Small-Cap E 0.16% 7,244 $847K Reduce -21.3%
NEE Nextera Energy Inc. 0.15% 9,710 $821K Reduce -3.5%
V Visa Inc. Class A 0.15% 2,970 $817K Reduce -20.0%
LOW Lowe's Cos Inc. 0.15% 3,005 $814K No change
PINS Pinterest Inc. Class A 0.15% 24,305 $787K Add +18.5%
UNP Union Pacific Corp. 0.15% 3,183 $785K Reduce -3.9%
VEA Vanguard Ftse Developed ETF 0.12% 11,956 $631K No change
ARM Arm Holdings PLC-ADR 0.12% 4,360 $624K Add +3.0%
IEMG iShares Core MSCI Emerging 0.12% 10,844 $623K Add +11.3%
STZ Constellation Brands Inc. Class A 0.11% 2,350 $606K Reduce -7.1%
HD Home Depot Inc. 0.11% 1,464 $593K Add +1.6%
WMT Walmart Inc. 0.11% 7,009 $566K Add +2.0%
IGM iShares Expanded Tech Sector 0.10% 5,700 $547K No change
NFLX Netflix Inc. 0.10% 766 $543K No change
MO Altria Group Inc. 0.10% 10,520 $537K Reduce -9.7%
ISRG Intuitive Surgical Inc. 0.09% 1,008 $495K No change
APD Air Products & Chemicals Inc. 0.08% 1,510 $450K No change
TSLA Tesla Inc. 0.08% 1,716 $449K Add +17.1%
ETN Eaton Corp. PLC 0.08% 1,343 $445K No change
MCD McDonald's Corp. 0.08% 1,427 $435K Add +2.6%
WRB WR Berkley Corp. filed as BERKLEY W R CORP 0.08% 7,425 $421K No change
FDX FedEx Corp. 0.08% 1,509 $413K Reduce -7.4%
SCI Service Corp. International 0.07% 5,000 $395K No change

Show all 121 holdings

Portfolio Sells Q2 2024 → Q3 2024
MSFT Microsoft Corp. Reduce -2.1% 6.17% −0.62
GOOG Alphabet Inc. Class C Reduce -4.1% 3.33% −0.62
QCOM Qualcomm Inc. Reduce -2.5% 2.26% −0.56
MRK Merck & Co. Inc. Reduce -1.2% 2.22% −0.32
NXPI NXP Semiconductors NV Reduce -1.4% 1.56% −0.28
CL Colgate-Palmolive Co. Reduce -30.1% 0.53% −0.20
INTC Intel Corp. Reduce -6.8% 0.37% −0.17
WFC Wells Fargo & Co. Reduce -1.9% 1.36% −0.15
DIS The Walt Disney Co. Reduce -4.3% 1.19% −0.14
BAC Bank of America Corp. Reduce -3.5% 1.83% −0.14
GOOGL Alphabet Inc. Class A Reduce -0.6% 0.76% −0.11
EMR Emerson Electric Co. Reduce -2.3% 1.58% −0.11
BA The Boeing Co. Sold out 0.00% −0.10
XOM Exxon Mobil Corp. Reduce -2.1% 1.99% −0.08
TSM Taiwan Semiconductor-SP ADR Reduce -3.4% 0.95% −0.07
JPM JPMorgan Chase & Co. Reduce -2.4% 3.19% −0.06
DIA SS SPDR Dow Jones Indus Avg Reduce -11.1% 0.71% −0.06
SCZ iShares MSCI Eafe Small-Cap Sold out 0.00% −0.05
CMG Chipotle Mexican Grill Inc. Reduce -1.0% 0.37% −0.05
SOLV Solventum Corp. Sold out 0.00% −0.05
SLB SLB Ltd. Reduce -8.4% 0.16% −0.04
IJH iShares Core S&P Midcap ETF Reduce -19.3% 0.20% −0.04
V Visa Inc. Class A Reduce -20.0% 0.15% −0.04
IJR iShares Core S&P Small-Cap E Reduce -21.3% 0.16% −0.03
VFC VF Corp. Sold out 0.00% −0.03
EPD Enterprise Products Partners Reduce -2.7% 0.48% −0.03
DOW Dow Inc. Reduce -4.3% 0.48% −0.03
FDX FedEx Corp. Reduce -7.4% 0.08% −0.02
LHX L3HARRIS Technologies Inc. Reduce -4.5% 0.52% −0.01
PROLOGIS INC Reduce -29.4% 0.04% −0.01
STZ Constellation Brands Inc. Class A Reduce -7.1% 0.11% −0.01
PEP Pepsico Inc. Reduce -0.5% 1.09% −0.01
FREL Fidelity MSCI RL Est Indx Reduce -25.0% 0.05% −0.01
MA Mastercard Inc. Class A Reduce -23.6% 0.05% −0.01
DUK Duke Energy Corp. Reduce -10.5% 0.95% −0.01
MO Altria Group Inc. Reduce -9.7% 0.10% −0.00
BSX Boston Scientific Corp. Reduce -5.2% 0.17% −0.00
SYK Stryker Corp. Reduce -2.1% 0.07% +0.00
SYY Sysco Corp. Reduce -5.1% 0.24% +0.00
UNP Union Pacific Corp. Reduce -3.9% 0.15% +0.00
PG The Procter & Gamble Co. Reduce -1.1% 2.09% +0.00
DLR Digital Realty Trust Inc. Reduce -2.1% 1.24% +0.01
VWO Vanguard Ftse Emerging Marke Reduce -2.1% 0.18% +0.01
VZ Verizon Communications Inc. Reduce -4.0% 0.80% +0.01
CSCO Cisco Systems Inc. Reduce -6.1% 0.48% +0.01
OTIS Otis Worldwide Corp. Reduce -0.8% 0.31% +0.01
COF Capital One Financial Corp. Reduce -2.2% 0.51% +0.01
DD Dupont DE Nemours Inc. Reduce -4.8% 0.74% +0.01
DE Deere & Co. Reduce -0.8% 0.20% +0.01
NEE Nextera Energy Inc. Reduce -3.5% 0.15% +0.02

Portfolio Buys Q2 2024 → Q3 2024
UPS United Parcel Service Class B Add +18.4% 1.40% +0.17
LLY Eli Lilly & Co. Add +32.0% 0.76% +0.15
IVV iShares Core S&P 500 ETF Add +21.2% 0.72% +0.13
NVDA Nvidia Corp. Add +58.8% 0.24% +0.08
IEFA iShares Core MSCI Eafe ETF Add +26.3% 0.24% +0.06
CAVA Cava Group Inc. New 0.05% +0.05
TGT Target Corp. Add +0.5% 2.15% +0.04
FMAO Farmers & Merchants Banco New 0.04% +0.04
SPY SS SPDR S&P 500 ETF Trust-US Add +7.6% 0.47% +0.04
CRM Salesforce Inc. New 0.04% +0.04
CPT Camden Property Trust New 0.04% +0.04
VEU Vanguard Ftse All-World Ex-U New 0.04% +0.04
TSLA Tesla Inc. Add +17.1% 0.08% +0.03
SDY SS SPDR S&P Dividend ETF Add +0.1% 0.33% +0.02
WMT Walmart Inc. Add +2.0% 0.11% +0.02
IEMG iShares Core MSCI Emerging Add +11.3% 0.12% +0.02
HD Home Depot Inc. Add +1.6% 0.11% +0.01
MCD McDonald's Corp. Add +2.6% 0.08% +0.01
ELUT Elutia Inc. New 0.01% +0.01
TROW T Rowe Price Group Inc. Add +15.2% 0.18% +0.01
COST Costco Wholesale Corp. Add +1.4% 0.43% +0.01
PFE Pfizer Inc. Add +6.8% 0.05% +0.00
HON Honeywell International Inc. Add +11.3% 0.07% +0.00
XLK SS Technology Select Sector Add +7.6% 0.06% +0.00
CSX CSX Corp. Add +0.6% 0.07% +0.00
ARM Arm Holdings PLC-ADR Add +3.0% 0.12% −0.02
PINS Pinterest Inc. Class A Add +18.5% 0.15% −0.03
AMZN Amazon.com Inc. Add +2.4% 2.30% −0.12
CVX Chevron Corp. Add +1.5% 1.94% −0.17

All Filings

QuarterPositions13F Reported ValueTop Holdings
Q2 2026 127$596.0MGLW, GOOG, MSFT, AAPL, CAT
Q1 2026 126$549.7MMSFT, GOOG, AAPL, GLW, JPM
Q4 2025 122$572.1MMSFT, GOOG, AAPL, JPM, TJX
Q3 2025 118$561.0MMSFT, AAPL, JPM, GOOG, TJX
Q2 2025 118$525.9MMSFT, JPM, AAPL, ADP, GOOG
Q1 2025 120$519.2MMSFT, AAPL, JPM, ADP, GOOG
Q4 2024 120$528.7MMSFT, AAPL, GOOG, JPM, TJX
Q3 2024 121$533.4MMSFT, AAPL, GOOG, JPM, TJX
Q2 2024 119$514.2MMSFT, AAPL, GOOG, JPM, TJX
Q1 2024 118$509.2MMSFT, AAPL, GOOG, JPM, ADP