Tufton Capital Management

In its 13F for Q2 2025 (holdings as of June 30, 2025, filed August 5, 2025), Tufton Capital Management reported 118 stock positions worth $525.9 million. Its top holding was Microsoft (MSFT) at 7.0% of the portfolio, followed by JPMorgan Chase (JPM, 4.1%) and Apple (AAPL, 3.7%). Compared with Q1 2025, it opened 1 new position, sold out of 3, added to 16 and reduced 74. The biggest buy was Amazon.com (AMZN, shares +2%) and the biggest sale Apple (AAPL, shares −6%).

Most Recent 13F
Q2 2026
Location
HUNT VALLEY, MD
CIK
0001055963
Portfolio Value
$525.9M (Q2 2025)
SEC Filing
0001055963-25-000003 ↗ filed Aug 5, 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 Q1 2025 Q2 2025: $525.9M $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 118 stocks · $525.9M
MSFT Microsoft Corp. 7.00% 74,016 $36.8M Reduce -2.6%
JPM JPMorgan Chase & Co. 4.09% 74,260 $21.5M Reduce -3.1%
AAPL Apple Inc. 3.74% 95,973 $19.7M Reduce -5.9%
ADP Automatic Data Processing 3.02% 51,544 $15.9M Reduce -2.9%
GOOG Alphabet Inc. Class C 3.00% 89,041 $15.8M Reduce -14.1%
TJX TJX Companies Inc. filed as TJX COS INC NEW 2.95% 125,843 $15.5M Reduce -4.0%
AMZN Amazon.com Inc. 2.82% 67,658 $14.8M Add +2.0%
BAC Bank of America Corp. filed as BANK AMERICA CORP 2.12% 235,773 $11.2M Reduce -3.6%
GLW Corning Inc. 2.10% 209,555 $11.0M Reduce -3.8%
QCOM Qualcomm Inc. 2.08% 68,796 $11.0M Reduce -2.7%
RTX RTX Corp. 2.00% 71,883 $10.5M Reduce -4.7%
ABBV Abbvie Inc. 1.95% 55,225 $10.3M Reduce -3.8%
CB Chubb Ltd. 1.90% 34,496 $10.0M Reduce -4.0%
PG The Procter & Gamble Co. 1.87% 61,897 $9.9M Reduce -3.0%
EMR Emerson Electric Co. 1.86% 73,188 $9.8M Reduce -2.3%
WFC Wells Fargo & Co. 1.85% 121,505 $9.7M Reduce -3.0%
CAT Caterpillar Inc. 1.84% 24,988 $9.7M Reduce -2.3%
CVX Chevron Corp. 1.81% 66,540 $9.5M Reduce -3.5%
ABT Abbott Laboratories 1.74% 67,210 $9.1M Reduce -3.0%
XOM Exxon Mobil Corp. 1.69% 82,421 $8.9M Reduce -8.9%
LMT Lockheed Martin Corp. 1.67% 19,000 $8.8M Reduce -4.3%
NSC Norfolk Southern Corp. 1.67% 34,292 $8.8M Reduce -2.5%
CPK Chesapeake Utilities Corp. 1.63% 71,250 $8.6M No change
JNJ Johnson & Johnson 1.60% 55,186 $8.4M Reduce -3.7%
MRK Merck & Co. Inc. 1.53% 101,637 $8.0M Reduce -3.0%
DIS The Walt Disney Co. filed as DISNEY WALT CO 1.46% 61,871 $7.7M Reduce -3.6%
ZTS Zoetis Inc. 1.45% 48,959 $7.6M Reduce -2.5%
IBM Intl Business Machines Corp. filed as INTERNATIONAL BUSINESS MACHS 1.43% 25,562 $7.5M Reduce -9.3%
PM Philip Morris International 1.43% 41,193 $7.5M Reduce -4.5%
MDLZ Mondelez International Inc. Class A 1.40% 109,443 $7.4M Reduce -3.3%
NXPI NXP Semiconductors NV 1.39% 33,469 $7.3M Reduce -1.9%
DLR Digital Realty Trust Inc. 1.32% 39,815 $6.9M Reduce -3.8%
TGT Target Corp. 1.30% 69,425 $6.8M Reduce -3.1%
CARR Carrier Global Corp. 1.30% 93,175 $6.8M Reduce -3.1%
CCI Crown Castle Inc. 1.23% 62,761 $6.4M Reduce -3.7%
TSM Taiwan Semiconductor-SP ADR 1.18% 27,309 $6.2M Reduce -2.1%
MDT Medtronic PLC 1.12% 67,537 $5.9M Reduce -2.8%
NKE Nike Inc. Class B 1.09% 80,417 $5.7M Reduce -2.3%
DHR Danaher Corp. 1.08% 28,837 $5.7M Reduce -0.9%
UPS United Parcel Service Class B 1.08% 56,289 $5.7M Reduce -3.9%
DUK Duke Energy Corp. 0.96% 42,913 $5.1M Reduce -4.2%
IVV iShares Core S&P 500 ETF 0.87% 7,374 $4.6M Add +1.7%
KO The Coca-Cola Co. 0.84% 62,701 $4.4M Reduce -3.8%
MMM 3M Co. 0.84% 29,072 $4.4M Reduce -8.8%
PEP Pepsico Inc. 0.83% 33,028 $4.4M Reduce -3.1%
GOOGL Alphabet Inc. Class A 0.77% 22,888 $4.0M Reduce -2.4%
DIA SS SPDR Dow Jones Indus Avg filed as SPDR DOW JONES INDL AVERAGE 0.75% 9,011 $4.0M Reduce -4.8%
VZ Verizon Communications Inc. 0.73% 88,244 $3.8M Reduce -7.1%
COF Capital One Financial Corp. 0.71% 17,483 $3.7M Reduce -1.9%
LLY Eli Lilly & Co. 0.70% 4,746 $3.7M Reduce -2.5%
BRK.B Berkshire Hathaway Inc. Class B 0.68% 7,394 $3.6M No change
BMY Bristol-Myers Squibb Co. 0.65% 73,506 $3.4M Reduce -5.9%
DD Dupont DE Nemours Inc. 0.54% 41,426 $2.8M Reduce -3.3%
SPY SS SPDR S&P 500 ETF Trust-US 0.53% 4,501 $2.8M Add +0.5%
EPD Enterprise Products Partners 0.52% 88,296 $2.7M Reduce -4.3%
CSCO Cisco Systems Inc. 0.50% 37,995 $2.6M Reduce -7.0%
COST Costco Wholesale Corp. 0.50% 2,658 $2.6M Reduce -0.2%
MKC McCormick & Co.-Non VTG SHRS 0.48% 33,330 $2.5M Reduce -0.2%
CL Colgate-Palmolive Co. 0.43% 24,947 $2.3M Reduce -4.8%
NVDA Nvidia Corp. 0.37% 12,365 $2.0M Add +0.2%
META Meta Platforms Inc. Class A 0.35% 2,477 $1.8M Add +0.1%
CMG Chipotle Mexican Grill Inc. 0.34% 31,915 $1.8M Reduce -1.2%
PNC PNC Financial Services Group 0.32% 9,019 $1.7M Reduce -2.2%
ELV Elevance Health Inc. 0.30% 4,124 $1.6M No change
IEFA iShares Core MSCI Eafe ETF 0.29% 18,289 $1.5M Add +1.5%
SDY SS SPDR S&P Dividend ETF 0.29% 11,183 $1.5M Reduce -2.1%
OTIS Otis Worldwide Corp. 0.29% 15,261 $1.5M Reduce -1.1%
INTC Intel Corp. 0.28% 65,975 $1.5M Reduce -4.3%
DE Deere & Co. 0.25% 2,536 $1.3M No change
DOW Dow Inc. 0.23% 45,745 $1.2M Reduce -3.1%
SYY Sysco Corp. 0.21% 14,855 $1.1M Reduce -0.8%
BSX Boston Scientific Corp. 0.21% 10,326 $1.1M No change
IJH iShares Core S&P Midcap ETF 0.21% 17,764 $1.1M Add +0.7%
OXY Occidental Petroleum Corp. 0.21% 25,948 $1.1M Reduce -4.6%
PINS Pinterest Inc. Class A 0.20% 29,935 $1.1M Add +2.8%
V Visa Inc. Class A 0.20% 2,906 $1.0M Reduce -1.2%
AXP American Express Co. 0.19% 3,213 $1.0M Reduce -29.6%
VWO Vanguard Ftse Emerging Marke 0.19% 19,694 $974K Reduce -0.7%
NFLX Netflix Inc. 0.17% 659 $882K Reduce -7.6%
IJR iShares Core S&P Small-Cap E 0.16% 7,846 $857K Add +0.6%
TROW T Rowe Price Group Inc. filed as PRICE T ROWE GROUP INC 0.15% 8,265 $797K Reduce -3.6%
VEA Vanguard Ftse Developed ETF 0.14% 13,351 $761K Add +12.6%
SLB SLB Ltd. filed as SCHLUMBERGER LTD 0.14% 21,705 $733K Reduce -1.7%
ARM Arm Holdings PLC-ADR 0.14% 4,525 $731K Add +2.3%
WMT Walmart Inc. 0.14% 7,318 $715K No change
IEMG iShares Core MSCI Emerging 0.13% 11,417 $685K Add +1.2%
NEE Nextera Energy Inc. 0.13% 9,710 $674K No change
IGM iShares Expanded Tech Sector 0.12% 5,700 $640K No change
GE General Electric filed as GE AEROSPACE 0.12% 2,425 $624K No change
LOW Lowe's Cos Inc. 0.12% 2,805 $622K Reduce -6.7%
MO Altria Group Inc. 0.11% 10,268 $602K Reduce -9.6%
WRB WR Berkley Corp. filed as BERKLEY W R CORP 0.10% 7,425 $545K No change
ISRG Intuitive Surgical Inc. 0.10% 1,003 $545K No change
HD Home Depot Inc. 0.10% 1,364 $500K No change
ETN Eaton Corp. PLC 0.09% 1,325 $473K No change
UNP Union Pacific Corp. 0.09% 1,995 $459K Reduce -28.6%
INTU Intuit Inc. 0.08% 549 $432K Add +1.9%
APD Air Products & Chemicals Inc. 0.08% 1,510 $425K No change
HON Honeywell International Inc. 0.07% 1,653 $384K No change
CSX CSX Corp. 0.07% 11,108 $362K No change

Show all 118 holdings

Portfolio Sells Q1 2025 → Q2 2025
AAPL Apple Inc. Reduce -5.9% 3.74% −0.62
CVX Chevron Corp. Reduce -3.5% 1.81% −0.41
XOM Exxon Mobil Corp. Reduce -8.9% 1.69% −0.38
ABBV Abbvie Inc. Reduce -3.8% 1.95% −0.37
MRK Merck & Co. Inc. Reduce -3.0% 1.53% −0.28
BMY Bristol-Myers Squibb Co. Reduce -5.9% 0.65% −0.27
JNJ Johnson & Johnson Reduce -3.7% 1.60% −0.23
PG The Procter & Gamble Co. Reduce -3.0% 1.87% −0.22
CB Chubb Ltd. Reduce -4.0% 1.90% −0.19
UPS United Parcel Service Class B Reduce -3.9% 1.08% −0.16
PEP Pepsico Inc. Reduce -3.1% 0.83% −0.15
ZTS Zoetis Inc. Reduce -2.5% 1.45% −0.14
TGT Target Corp. Reduce -3.1% 1.30% −0.14
TJX TJX Companies Inc. Reduce -4.0% 2.95% −0.12
GOOG Alphabet Inc. Class C Reduce -14.1% 3.00% −0.12
VZ Verizon Communications Inc. Reduce -7.1% 0.73% −0.10
ADP Automatic Data Processing Reduce -2.9% 3.02% −0.10
DUK Duke Energy Corp. Reduce -4.2% 0.96% −0.09
DOW Dow Inc. Reduce -3.1% 0.23% −0.09
EPD Enterprise Products Partners Reduce -4.3% 0.52% −0.09
MDT Medtronic PLC Reduce -2.8% 1.12% −0.08
CCI Crown Castle Inc. Reduce -3.7% 1.23% −0.08
MDLZ Mondelez International Inc. Class A Reduce -3.3% 1.40% −0.08
DD Dupont DE Nemours Inc. Reduce -3.3% 0.54% −0.08
LLY Eli Lilly & Co. Reduce -2.5% 0.70% −0.07
DHR Danaher Corp. Reduce -0.9% 1.08% −0.07
MMM 3M Co. Reduce -8.8% 0.84% −0.06
KO The Coca-Cola Co. Reduce -3.8% 0.84% −0.06
OXY Occidental Petroleum Corp. Reduce -4.6% 0.21% −0.05
AMP Ameriprise Financial Inc. Sold out 0.00% −0.05
MKC McCormick & Co.-Non VTG SHRS Reduce -0.2% 0.48% −0.05
SCI Service Corp. International Sold out 0.00% −0.05
CL Colgate-Palmolive Co. Reduce -4.8% 0.43% −0.04
AXP American Express Co. Reduce -29.6% 0.19% −0.04
CPT Camden Property Trust Sold out 0.00% −0.04
UNP Union Pacific Corp. Reduce -28.6% 0.09% −0.04
SLB SLB Ltd. Reduce -1.7% 0.14% −0.04
LMT Lockheed Martin Corp. Reduce -4.3% 1.67% −0.04
ABT Abbott Laboratories Reduce -3.0% 1.74% −0.03
INTC Intel Corp. Reduce -4.3% 0.28% −0.02
OTIS Otis Worldwide Corp. Reduce -1.1% 0.29% −0.02
MO Altria Group Inc. Reduce -9.6% 0.11% −0.02
LOW Lowe's Cos Inc. Reduce -6.7% 0.12% −0.02
DIA SS SPDR Dow Jones Indus Avg Reduce -4.8% 0.75% −0.01
SDY SS SPDR S&P Dividend ETF Reduce -2.1% 0.29% −0.01
QCOM Qualcomm Inc. Reduce -2.7% 2.08% −0.01
SHEL Shell PLC-ADR Reduce -12.2% 0.04% −0.01
SYK Stryker Corp. Reduce -10.4% 0.06% −0.00
SYY Sysco Corp. Reduce -0.8% 0.21% −0.00
V Visa Inc. Class A Reduce -1.2% 0.20% −0.00

Portfolio Buys Q1 2025 → Q2 2025
AMZN Amazon.com Inc. Add +2.0% 2.82% +0.39
NVDA Nvidia Corp. Add +0.2% 0.37% +0.11
IVV iShares Core S&P 500 ETF Add +1.7% 0.87% +0.09
META Meta Platforms Inc. Class A Add +0.1% 0.35% +0.07
ARM Arm Holdings PLC-ADR Add +2.3% 0.14% +0.05
SPY SS SPDR S&P 500 ETF Trust-US Add +0.5% 0.53% +0.05
VEU Vanguard Ftse All-World Ex-U New 0.04% +0.04
PINS Pinterest Inc. Class A Add +2.8% 0.20% +0.03
VEA Vanguard Ftse Developed ETF Add +12.6% 0.14% +0.03
IEFA iShares Core MSCI Eafe ETF Add +1.5% 0.29% +0.03
QQQ Invesco QQQ Trust Series 1 Add +29.3% 0.07% +0.02
INTU Intuit Inc. Add +1.9% 0.08% +0.02
CAVA Cava Group Inc. Add +34.2% 0.06% +0.01
IEMG iShares Core MSCI Emerging Add +1.2% 0.13% +0.01
IJH iShares Core S&P Midcap ETF Add +0.7% 0.21% +0.01
IJR iShares Core S&P Small-Cap E Add +0.6% 0.16% +0.01
MCD McDonald's Corp. Add +1.8% 0.07% −0.00

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