Tufton Capital Management
In its 13F for Q1 2025 (holdings as of March 31, 2025, filed May 6, 2025), Tufton Capital Management reported 120 stock positions worth $519.2 million. Its top holding was Microsoft (MSFT) at 5.5% of the portfolio, followed by Apple (AAPL, 4.4%) and JPMorgan Chase (JPM, 3.6%). Compared with Q4 2024, it opened 4 new positions, sold out of 4, added to 42 and reduced 52. The biggest buy was Danaher (DHR, shares +83%) and the biggest sale Alphabet Class C (GOOG, shares −2%).
- Most Recent 13F
- Q2 2026
- Location
- HUNT VALLEY, MD
- CIK
- 0001055963
- Portfolio Value
- $519.2M (Q1 2025)
- SEC Filing
- 0001055963-25-000002 ↗ filed May 6, 2025
Holdings Value
Holdings 120 stocks · $519.2M
| MSFT Microsoft Corp. | 5.49% | 75,970 | $28.5M | Add +0.3% |
| AAPL Apple Inc. | 4.37% | 102,026 | $22.7M | Reduce -1.0% |
| JPM JPMorgan Chase & Co. | 3.62% | 76,645 | $18.8M | Reduce -4.2% |
| ADP Automatic Data Processing | 3.12% | 53,066 | $16.2M | Reduce -3.1% |
| GOOG Alphabet Inc. Class C | 3.12% | 103,657 | $16.2M | Reduce -1.5% |
| TJX TJX Companies Inc. filed as TJX COS INC NEW | 3.08% | 131,122 | $16.0M | Reduce -2.2% |
| AMZN Amazon.com Inc. | 2.43% | 66,327 | $12.6M | Add +0.8% |
| ABBV Abbvie Inc. | 2.32% | 57,384 | $12.0M | Reduce -1.3% |
| CVX Chevron Corp. | 2.22% | 68,972 | $11.5M | Reduce -1.6% |
| PG The Procter & Gamble Co. | 2.09% | 63,812 | $10.9M | Reduce -0.3% |
| QCOM Qualcomm Inc. | 2.09% | 70,729 | $10.9M | Reduce -0.1% |
| CB Chubb Ltd. | 2.09% | 35,926 | $10.8M | Add +0.2% |
| XOM Exxon Mobil Corp. | 2.07% | 90,527 | $10.8M | Add +0.3% |
| BAC Bank of America Corp. filed as BANK AMERICA CORP | 1.97% | 244,540 | $10.2M | Reduce -0.2% |
| RTX RTX Corp. | 1.92% | 75,407 | $10.0M | Reduce -14.3% |
| GLW Corning Inc. | 1.92% | 217,908 | $10.0M | Reduce -1.1% |
| JNJ Johnson & Johnson | 1.83% | 57,282 | $9.5M | Add +0.3% |
| MRK Merck & Co. Inc. | 1.81% | 104,797 | $9.4M | Add +0.1% |
| ABT Abbott Laboratories | 1.77% | 69,292 | $9.2M | Reduce -2.8% |
| CPK Chesapeake Utilities Corp. | 1.76% | 71,250 | $9.2M | No change |
| WFC Wells Fargo & Co. | 1.73% | 125,287 | $9.0M | Reduce -1.1% |
| LMT Lockheed Martin Corp. | 1.71% | 19,854 | $8.9M | Add +0.4% |
| CAT Caterpillar Inc. | 1.62% | 25,572 | $8.4M | Add +0.4% |
| NSC Norfolk Southern Corp. | 1.60% | 35,169 | $8.3M | Reduce -0.4% |
| ZTS Zoetis Inc. | 1.59% | 50,213 | $8.3M | Reduce -0.4% |
| EMR Emerson Electric Co. | 1.58% | 74,891 | $8.2M | Reduce -2.4% |
| MDLZ Mondelez International Inc. Class A | 1.48% | 113,208 | $7.7M | Reduce -0.1% |
| TGT Target Corp. | 1.44% | 71,631 | $7.5M | Reduce -3.4% |
| IBM Intl Business Machines Corp. filed as INTERNATIONAL BUSINESS MACHS | 1.35% | 28,192 | $7.0M | Add +1.6% |
| PM Philip Morris International | 1.32% | 43,127 | $6.8M | Add +0.7% |
| CCI Crown Castle Inc. | 1.31% | 65,158 | $6.8M | Add +1.4% |
| NXPI NXP Semiconductors NV | 1.25% | 34,127 | $6.5M | Reduce -0.5% |
| UPS United Parcel Service Class B | 1.24% | 58,571 | $6.4M | Reduce -0.5% |
| DIS The Walt Disney Co. filed as DISNEY WALT CO | 1.22% | 64,209 | $6.3M | Reduce -0.3% |
| MDT Medtronic PLC | 1.20% | 69,451 | $6.2M | Reduce -0.2% |
| CARR Carrier Global Corp. | 1.17% | 96,121 | $6.1M | Reduce -1.1% |
| DHR Danaher Corp. | 1.15% | 29,112 | $6.0M | Add +83.4% |
| DLR Digital Realty Trust Inc. | 1.14% | 41,395 | $5.9M | Add +0.3% |
| DUK Duke Energy Corp. | 1.05% | 44,809 | $5.5M | Add +1.3% |
| NKE Nike Inc. Class B | 1.01% | 82,315 | $5.2M | Add +9.5% |
| PEP Pepsico Inc. | 0.98% | 34,073 | $5.1M | Reduce -1.3% |
| BMY Bristol-Myers Squibb Co. | 0.92% | 78,081 | $4.8M | Reduce -1.7% |
| MMM 3M Co. | 0.90% | 31,886 | $4.7M | Reduce -0.6% |
| KO The Coca-Cola Co. | 0.90% | 65,151 | $4.7M | Reduce -0.7% |
| TSM Taiwan Semiconductor-SP ADR | 0.89% | 27,902 | $4.6M | Reduce -2.3% |
| VZ Verizon Communications Inc. | 0.83% | 94,964 | $4.3M | Add +0.1% |
| IVV iShares Core S&P 500 ETF | 0.79% | 7,253 | $4.1M | Add +5.6% |
| LLY Eli Lilly & Co. | 0.77% | 4,867 | $4.0M | Add +1.6% |
| DIA SS SPDR Dow Jones Indus Avg filed as SPDR DOW JONES INDL AVERAGE | 0.77% | 9,467 | $4.0M | Add +7.3% |
| BRK.B Berkshire Hathaway Inc. Class B | 0.76% | 7,394 | $3.9M | Reduce -0.9% |
| GOOGL Alphabet Inc. Class A | 0.70% | 23,456 | $3.6M | Reduce -2.4% |
| DD Dupont DE Nemours Inc. | 0.62% | 42,829 | $3.2M | Reduce -1.8% |
| COF Capital One Financial Corp. | 0.62% | 17,814 | $3.2M | Reduce -1.1% |
| EPD Enterprise Products Partners | 0.61% | 92,286 | $3.2M | Add +3.7% |
| MKC McCormick & Co.-Non VTG SHRS | 0.53% | 33,405 | $2.7M | Reduce -0.7% |
| CSCO Cisco Systems Inc. | 0.49% | 40,873 | $2.5M | Reduce -2.9% |
| COST Costco Wholesale Corp. | 0.49% | 2,663 | $2.5M | Add +2.3% |
| SPY SS SPDR S&P 500 ETF Trust-US | 0.48% | 4,478 | $2.5M | Reduce -0.3% |
| CL Colgate-Palmolive Co. | 0.47% | 26,197 | $2.5M | Add +0.2% |
| ELV Elevance Health Inc. | 0.35% | 4,124 | $1.8M | No change |
| DOW Dow Inc. | 0.32% | 47,209 | $1.6M | Reduce -1.9% |
| CMG Chipotle Mexican Grill Inc. | 0.31% | 32,295 | $1.6M | Reduce -3.0% |
| PNC PNC Financial Services Group | 0.31% | 9,219 | $1.6M | Add +1.2% |
| OTIS Otis Worldwide Corp. | 0.31% | 15,436 | $1.6M | Reduce -1.5% |
| INTC Intel Corp. | 0.30% | 68,970 | $1.6M | Reduce -7.8% |
| SDY SS SPDR S&P Dividend ETF | 0.30% | 11,418 | $1.5M | Reduce -4.4% |
| META Meta Platforms Inc. Class A | 0.27% | 2,474 | $1.4M | Add +1.6% |
| IEFA iShares Core MSCI Eafe ETF | 0.26% | 18,011 | $1.4M | Add +5.8% |
| OXY Occidental Petroleum Corp. | 0.26% | 27,193 | $1.3M | New |
| NVDA Nvidia Corp. | 0.26% | 12,345 | $1.3M | Add +8.5% |
| AXP American Express Co. | 0.24% | 4,562 | $1.2M | Add +0.0% |
| DE Deere & Co. | 0.23% | 2,536 | $1.2M | No change |
| SYY Sysco Corp. | 0.22% | 14,981 | $1.1M | Reduce -2.9% |
| BSX Boston Scientific Corp. | 0.20% | 10,326 | $1.0M | Reduce -4.0% |
| V Visa Inc. Class A | 0.20% | 2,941 | $1.0M | Add +0.2% |
| IJH iShares Core S&P Midcap ETF | 0.20% | 17,645 | $1.0M | Add +1.7% |
| SLB SLB Ltd. filed as SCHLUMBERGER LTD | 0.18% | 22,080 | $923K | Add +7.0% |
| PINS Pinterest Inc. Class A | 0.17% | 29,135 | $903K | Add +9.2% |
| VWO Vanguard Ftse Emerging Marke | 0.17% | 19,824 | $897K | Reduce -0.5% |
| IJR iShares Core S&P Small-Cap E | 0.16% | 7,798 | $815K | Add +5.5% |
| TROW T Rowe Price Group Inc. filed as PRICE T ROWE GROUP INC | 0.15% | 8,575 | $788K | Reduce -1.1% |
| LOW Lowe's Cos Inc. | 0.14% | 3,005 | $701K | No change |
| NEE Nextera Energy Inc. | 0.13% | 9,710 | $688K | No change |
| MO Altria Group Inc. | 0.13% | 11,363 | $682K | Add +17.1% |
| NFLX Netflix Inc. | 0.13% | 713 | $665K | Reduce -14.9% |
| UNP Union Pacific Corp. | 0.13% | 2,795 | $660K | Reduce -8.2% |
| WMT Walmart Inc. | 0.12% | 7,318 | $642K | Add +4.7% |
| IEMG iShares Core MSCI Emerging | 0.12% | 11,280 | $609K | Add +3.1% |
| VEA Vanguard Ftse Developed ETF | 0.12% | 11,856 | $603K | No change |
| WRB WR Berkley Corp. filed as BERKLEY W R CORP | 0.10% | 7,425 | $528K | No change |
| IGM iShares Expanded Tech Sector | 0.10% | 5,700 | $517K | No change |
| HD Home Depot Inc. | 0.10% | 1,364 | $500K | No change |
| ISRG Intuitive Surgical Inc. | 0.10% | 1,003 | $497K | Add +3.1% |
| GE General Electric filed as GE AEROSPACE | 0.09% | 2,425 | $486K | Add +21.3% |
| ARM Arm Holdings PLC-ADR | 0.09% | 4,425 | $473K | No change |
| APD Air Products & Chemicals Inc. | 0.09% | 1,510 | $445K | No change |
| MCD McDonald's Corp. | 0.07% | 1,195 | $373K | Reduce -2.5% |
| ETN Eaton Corp. PLC | 0.07% | 1,325 | $360K | Reduce -1.3% |
| SYK Stryker Corp. | 0.07% | 959 | $357K | No change |
| HON Honeywell International Inc. | 0.07% | 1,653 | $350K | No change |
Portfolio Sells Q4 2024 → Q1 2025
| GOOG Alphabet Inc. Class C | Reduce -1.5% | 3.12% | −0.67 |
| AAPL Apple Inc. | Reduce -1.0% | 4.37% | −0.51 |
| LHX L3HARRIS Technologies Inc. | Sold out | 0.00% | −0.47 |
| TGT Target Corp. | Reduce -3.4% | 1.44% | −0.46 |
| EMR Emerson Electric Co. | Reduce -2.4% | 1.58% | −0.22 |
| TSM Taiwan Semiconductor-SP ADR | Reduce -2.3% | 0.89% | −0.17 |
| UPS United Parcel Service Class B | Reduce -0.5% | 1.24% | −0.16 |
| GOOGL Alphabet Inc. Class A | Reduce -2.4% | 0.70% | −0.16 |
| DIS The Walt Disney Co. | Reduce -0.3% | 1.22% | −0.14 |
| TSLA Tesla Inc. | Sold out | 0.00% | −0.13 |
| NXPI NXP Semiconductors NV | Reduce -0.5% | 1.25% | −0.10 |
| STZ Constellation Brands Inc. Class A | Sold out | 0.00% | −0.09 |
| CARR Carrier Global Corp. | Reduce -1.1% | 1.17% | −0.08 |
| BAC Bank of America Corp. | Reduce -0.2% | 1.97% | −0.07 |
| CMG Chipotle Mexican Grill Inc. | Reduce -3.0% | 0.31% | −0.07 |
| GLW Corning Inc. | Reduce -1.1% | 1.92% | −0.06 |
| DOW Dow Inc. | Reduce -1.9% | 0.32% | −0.05 |
| FMAO Farmers & Merchants Banco | Sold out | 0.00% | −0.04 |
| TROW T Rowe Price Group Inc. | Reduce -1.1% | 0.15% | −0.03 |
| FDX FedEx Corp. | Reduce -22.3% | 0.06% | −0.03 |
| SPY SS SPDR S&P 500 ETF Trust-US | Reduce -0.3% | 0.48% | −0.02 |
| ETN Eaton Corp. PLC | Reduce -1.3% | 0.07% | −0.01 |
| SCI Service Corp. International | Reduce -25.0% | 0.05% | −0.01 |
| NFLX Netflix Inc. | Reduce -14.9% | 0.13% | −0.01 |
| DD Dupont DE Nemours Inc. | Reduce -1.8% | 0.62% | −0.01 |
| PEP Pepsico Inc. | Reduce -1.3% | 0.98% | −0.01 |
| JPM JPMorgan Chase & Co. | Reduce -4.2% | 3.62% | −0.01 |
| SYY Sysco Corp. | Reduce -2.9% | 0.22% | −0.01 |
| UNP Union Pacific Corp. | Reduce -8.2% | 0.13% | −0.00 |
| RTX RTX Corp. | Reduce -14.3% | 1.92% | −0.00 |
| FREL Fidelity MSCI RL Est Indx | Reduce -5.6% | 0.05% | −0.00 |
| SDY SS SPDR S&P Dividend ETF | Reduce -4.4% | 0.30% | −0.00 |
| MCD McDonald's Corp. | Reduce -2.5% | 0.07% | +0.00 |
| VWO Vanguard Ftse Emerging Marke | Reduce -0.5% | 0.17% | +0.01 |
| COF Capital One Financial Corp. | Reduce -1.1% | 0.62% | +0.01 |
| TJX TJX Companies Inc. | Reduce -2.2% | 3.08% | +0.01 |
| CSCO Cisco Systems Inc. | Reduce -2.9% | 0.49% | +0.01 |
| INTC Intel Corp. | Reduce -7.8% | 0.30% | +0.02 |
| BSX Boston Scientific Corp. | Reduce -4.0% | 0.20% | +0.02 |
| OTIS Otis Worldwide Corp. | Reduce -1.5% | 0.31% | +0.03 |
| QCOM Qualcomm Inc. | Reduce -0.1% | 2.09% | +0.04 |
| NSC Norfolk Southern Corp. | Reduce -0.4% | 1.60% | +0.04 |
| ZTS Zoetis Inc. | Reduce -0.4% | 1.59% | +0.04 |
| MKC McCormick & Co.-Non VTG SHRS | Reduce -0.7% | 0.53% | +0.04 |
| WFC Wells Fargo & Co. | Reduce -1.1% | 1.73% | +0.05 |
| PG The Procter & Gamble Co. | Reduce -0.3% | 2.09% | +0.07 |
| BMY Bristol-Myers Squibb Co. | Reduce -1.7% | 0.92% | +0.07 |
| ADP Automatic Data Processing | Reduce -3.1% | 3.12% | +0.09 |
| MMM 3M Co. | Reduce -0.6% | 0.90% | +0.12 |
| BRK.B Berkshire Hathaway Inc. Class B | Reduce -0.9% | 0.76% | +0.12 |
Portfolio Buys Q4 2024 → Q1 2025
| DHR Danaher Corp. | Add +83.4% | 1.15% | +0.46 |
| PM Philip Morris International | Add +0.7% | 1.32% | +0.34 |
| JNJ Johnson & Johnson | Add +0.3% | 1.83% | +0.27 |
| OXY Occidental Petroleum Corp. | New | 0.26% | +0.26 |
| XOM Exxon Mobil Corp. | Add +0.3% | 2.07% | +0.24 |
| CB Chubb Ltd. | Add +0.2% | 2.09% | +0.22 |
| CCI Crown Castle Inc. | Add +1.4% | 1.31% | +0.21 |
| IBM Intl Business Machines Corp. | Add +1.6% | 1.35% | +0.20 |
| DUK Duke Energy Corp. | Add +1.3% | 1.05% | +0.15 |
| VZ Verizon Communications Inc. | Add +0.1% | 0.83% | +0.11 |
| EPD Enterprise Products Partners | Add +3.7% | 0.61% | +0.08 |
| LLY Eli Lilly & Co. | Add +1.6% | 0.77% | +0.07 |
| DIA SS SPDR Dow Jones Indus Avg | Add +7.3% | 0.77% | +0.06 |
| BLK BlackRock Inc. | New | 0.05% | +0.05 |
| GEV GE Vernova Inc. | New | 0.04% | +0.04 |
| CPT Camden Property Trust | New | 0.04% | +0.04 |
| IEFA iShares Core MSCI Eafe ETF | Add +5.8% | 0.26% | +0.04 |
| MO Altria Group Inc. | Add +17.1% | 0.13% | +0.04 |
| COST Costco Wholesale Corp. | Add +2.3% | 0.49% | +0.03 |
| GE General Electric | Add +21.3% | 0.09% | +0.03 |
| SLB SLB Ltd. | Add +7.0% | 0.18% | +0.03 |
| PINS Pinterest Inc. Class A | Add +9.2% | 0.17% | +0.03 |
| CL Colgate-Palmolive Co. | Add +0.2% | 0.47% | +0.02 |
| V Visa Inc. Class A | Add +0.2% | 0.20% | +0.02 |
| IVV iShares Core S&P 500 ETF | Add +5.6% | 0.79% | +0.02 |
| SHEL Shell PLC-ADR | Add +2.6% | 0.05% | +0.01 |
| IEMG iShares Core MSCI Emerging | Add +3.1% | 0.12% | +0.01 |
| META Meta Platforms Inc. Class A | Add +1.6% | 0.27% | +0.01 |
| QQQ Invesco QQQ Trust Series 1 | Add +20.9% | 0.04% | +0.01 |
| WMT Walmart Inc. | Add +4.7% | 0.12% | +0.00 |
| CAVA Cava Group Inc. | Add +30.6% | 0.05% | +0.00 |
| PFE Pfizer Inc. | Add +2.8% | 0.05% | 0.00 |
| ISRG Intuitive Surgical Inc. | Add +3.1% | 0.10% | −0.00 |
| ELUT Elutia Inc. | Add +7.9% | 0.01% | −0.00 |
| IJR iShares Core S&P Small-Cap E | Add +5.5% | 0.16% | −0.00 |
| IJH iShares Core S&P Midcap ETF | Add +1.7% | 0.20% | −0.01 |
| AXP American Express Co. | Add +0.0% | 0.24% | −0.02 |
| PNC PNC Financial Services Group | Add +1.2% | 0.31% | −0.02 |
| NVDA Nvidia Corp. | Add +8.5% | 0.26% | −0.03 |
| NKE Nike Inc. Class B | Add +9.5% | 1.01% | −0.07 |
| LMT Lockheed Martin Corp. | Add +0.4% | 1.71% | −0.11 |
| CAT Caterpillar Inc. | Add +0.4% | 1.62% | −0.12 |
| MRK Merck & Co. Inc. | Add +0.1% | 1.81% | −0.16 |
| DLR Digital Realty Trust Inc. | Add +0.3% | 1.14% | −0.24 |
| AMZN Amazon.com Inc. | Add +0.8% | 2.43% | −0.30 |
| MSFT Microsoft Corp. | Add +0.3% | 5.49% | −0.55 |
All Filings
| Quarter | Positions | 13F Reported Value | Top Holdings |
|---|---|---|---|
| Q2 2026 | 127 | $596.0M | GLW, GOOG, MSFT, AAPL, CAT |
| Q1 2026 | 126 | $549.7M | MSFT, GOOG, AAPL, GLW, JPM |
| Q4 2025 | 122 | $572.1M | MSFT, GOOG, AAPL, JPM, TJX |
| Q3 2025 | 118 | $561.0M | MSFT, AAPL, JPM, GOOG, TJX |
| Q2 2025 | 118 | $525.9M | MSFT, JPM, AAPL, ADP, GOOG |
| Q1 2025 | 120 | $519.2M | MSFT, AAPL, JPM, ADP, GOOG |
| Q4 2024 | 120 | $528.7M | MSFT, AAPL, GOOG, JPM, TJX |
| Q3 2024 | 121 | $533.4M | MSFT, AAPL, GOOG, JPM, TJX |
| Q2 2024 | 119 | $514.2M | MSFT, AAPL, GOOG, JPM, TJX |
| Q1 2024 | 118 | $509.2M | MSFT, AAPL, GOOG, JPM, ADP |