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

0$200.0M$400.0M$600.0M Q1 2024: $509.2M Q1 2024 Q2 2024: $514.2M Q2 2024 Q3 2024: $533.4M Q3 2024 Q4 2024: $528.7M Q4 2024 Q1 2025: $519.2M $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 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
INTU Intuit Inc. 0.06% 539 $331K No change
CSX CSX Corp. 0.06% 11,108 $327K No change
XLK SS Technology Select Sector 0.06% 1,419 $293K No change
FDX FedEx Corp. 0.06% 1,189 $290K Reduce -22.3%
MA Mastercard Inc. Class A 0.05% 515 $282K No change
BLK BlackRock Inc. 0.05% 282 $267K New
SHEL Shell PLC-ADR 0.05% 3,639 $267K Add +2.6%
GS Goldman Sachs Group Inc. 0.05% 475 $259K No change
BF.B Brown-Forman Corp. Class B 0.05% 7,575 $257K No change
AMP Ameriprise Financial Inc. 0.05% 530 $257K No change
FREL Fidelity MSCI RL Est Indx 0.05% 8,838 $243K Reduce -5.6%
SCI Service Corp. International 0.05% 3,000 $241K Reduce -25.0%
CAVA Cava Group Inc. 0.05% 2,775 $240K Add +30.6%
PFE Pfizer Inc. 0.05% 9,323 $236K Add +2.8%
QQQ Invesco QQQ Trust Series 1 0.04% 492 $231K Add +20.9%
GEV GE Vernova Inc. 0.04% 684 $209K New
CRM Salesforce Inc. 0.04% 775 $208K No change
CPT Camden Property Trust 0.04% 1,700 $208K New
ELUT Elutia Inc. 0.01% 13,700 $35K Add +7.9%
ESPHQ Ecosphere Technologies Inc. 0.00% 10,500 $0 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

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