Tufton Capital Management

In its 13F for Q3 2025 (holdings as of September 30, 2025, filed October 31, 2025), Tufton Capital Management reported 118 stock positions worth $561.0 million. Its top holding was Microsoft (MSFT) at 6.8% of the portfolio, followed by Apple (AAPL, 4.5%) and JPMorgan Chase (JPM, 4.2%). Compared with Q2 2025, it opened 3 new positions, sold out of 3, added to 28 and reduced 62. The biggest buy was Apple (AAPL, shares +4%) and the biggest sale Automatic Data Processing (ADP, shares −0%).

Most Recent 13F
Q2 2026
Location
HUNT VALLEY, MD
CIK
0001055963
Portfolio Value
$561.0M (Q3 2025)
SEC Filing
0001055963-25-000005 ↗ filed Oct 31, 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 Q2 2025 Q3 2025: $561.0M $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 · $561.0M
MSFT Microsoft Corp. 6.79% 73,550 $38.1M Reduce -0.6%
AAPL Apple Inc. 4.54% 100,130 $25.5M Add +4.3%
JPM JPMorgan Chase & Co. 4.16% 73,999 $23.3M Reduce -0.3%
GOOG Alphabet Inc. Class C 3.86% 88,837 $21.6M Reduce -0.2%
TJX TJX Companies Inc. filed as TJX COS INC NEW 3.24% 125,684 $18.2M Reduce -0.1%
GLW Corning Inc. 2.75% 188,043 $15.4M Reduce -10.3%
ADP Automatic Data Processing 2.69% 51,456 $15.1M Reduce -0.2%
AMZN Amazon.com Inc. 2.65% 67,683 $14.9M Add +0.0%
ABBV Abbvie Inc. 2.29% 55,400 $12.8M Add +0.3%
BAC Bank of America Corp. filed as BANK AMERICA CORP 2.15% 233,967 $12.1M Reduce -0.8%
RTX RTX Corp. 2.15% 72,060 $12.1M Add +0.3%
CAT Caterpillar Inc. 2.12% 24,915 $11.9M Reduce -0.3%
QCOM Qualcomm Inc. 2.03% 68,506 $11.4M Reduce -0.4%
CVX Chevron Corp. 1.85% 66,667 $10.4M Add +0.2%
JNJ Johnson & Johnson 1.83% 55,363 $10.3M Add +0.3%
NSC Norfolk Southern Corp. 1.83% 34,108 $10.2M Reduce -0.5%
WFC Wells Fargo & Co. 1.80% 120,683 $10.1M Reduce -0.7%
XOM Exxon Mobil Corp. 1.76% 87,352 $9.8M Add +6.0%
CB Chubb Ltd. 1.73% 34,446 $9.7M Reduce -0.1%
CPK Chesapeake Utilities Corp. 1.71% 71,250 $9.6M No change
EMR Emerson Electric Co. 1.71% 72,974 $9.6M Reduce -0.3%
PG The Procter & Gamble Co. 1.69% 61,814 $9.5M Reduce -0.1%
LMT Lockheed Martin Corp. 1.68% 18,918 $9.4M Reduce -0.4%
ABT Abbott Laboratories 1.59% 66,691 $8.9M Reduce -0.8%
MRK Merck & Co. Inc. 1.51% 101,182 $8.5M Reduce -0.5%
IBM Intl Business Machines Corp. filed as INTERNATIONAL BUSINESS MACHS 1.36% 27,123 $7.7M Add +6.1%
TSM Taiwan Semiconductor-SP ADR 1.35% 27,156 $7.6M Reduce -0.6%
NXPI NXP Semiconductors NV 1.34% 33,129 $7.5M Reduce -1.0%
ZTS Zoetis Inc. 1.26% 48,381 $7.1M Reduce -1.2%
DIS The Walt Disney Co. filed as DISNEY WALT CO 1.25% 61,276 $7.0M Reduce -1.0%
DLR Digital Realty Trust Inc. 1.24% 40,128 $6.9M Add +0.8%
MDLZ Mondelez International Inc. Class A 1.21% 108,933 $6.8M Reduce -0.5%
PM Philip Morris International 1.19% 41,128 $6.7M Reduce -0.2%
MDT Medtronic PLC 1.13% 66,829 $6.4M Reduce -1.1%
TGT Target Corp. 1.10% 68,630 $6.2M Reduce -1.1%
CCI Crown Castle Inc. 1.07% 62,502 $6.0M Reduce -0.4%
NKE Nike Inc. Class B 1.04% 83,494 $5.8M Add +3.8%
DHR Danaher Corp. 1.02% 28,857 $5.7M Add +0.1%
GOOGL Alphabet Inc. Class A 0.99% 22,864 $5.6M Reduce -0.1%
CARR Carrier Global Corp. 0.99% 93,105 $5.6M Reduce -0.1%
DUK Duke Energy Corp. 0.94% 42,638 $5.3M Reduce -0.6%
IVV iShares Core S&P 500 ETF 0.86% 7,240 $4.8M Reduce -1.8%
MMM 3M Co. 0.85% 30,645 $4.8M Add +5.4%
UPS United Parcel Service Class B 0.83% 55,497 $4.6M Reduce -1.4%
LLY Eli Lilly & Co. 0.78% 5,732 $4.4M Add +20.8%
PEP Pepsico Inc. 0.76% 30,348 $4.3M Reduce -8.1%
KO The Coca-Cola Co. 0.72% 61,148 $4.1M Reduce -2.5%
DIA SS SPDR Dow Jones Indus Avg filed as SPDR DOW JONES INDL AVERAGE 0.72% 8,727 $4.0M Reduce -3.1%
VZ Verizon Communications Inc. 0.68% 87,235 $3.8M Reduce -1.1%
BRK.B Berkshire Hathaway Inc. Class B 0.66% 7,419 $3.7M Add +0.3%
COF Capital One Financial Corp. 0.66% 17,457 $3.7M Reduce -0.1%
BMY Bristol-Myers Squibb Co. 0.58% 71,725 $3.2M Reduce -2.4%
DD Dupont DE Nemours Inc. 0.55% 39,405 $3.1M Reduce -4.9%
SPY SS SPDR S&P 500 ETF Trust-US 0.54% 4,516 $3.0M Add +0.3%
EPD Enterprise Products Partners 0.49% 87,737 $2.7M Reduce -0.6%
CSCO Cisco Systems Inc. 0.46% 37,778 $2.6M Reduce -0.6%
COST Costco Wholesale Corp. 0.44% 2,667 $2.5M Add +0.3%
NVDA Nvidia Corp. 0.41% 12,290 $2.3M Reduce -0.6%
MKC McCormick & Co.-Non VTG SHRS 0.40% 33,314 $2.2M Reduce -0.1%
INTC Intel Corp. 0.37% 61,925 $2.1M Reduce -6.1%
CL Colgate-Palmolive Co. 0.35% 24,558 $2.0M Reduce -1.6%
PNC PNC Financial Services Group 0.32% 9,019 $1.8M No change
META Meta Platforms Inc. Class A 0.32% 2,462 $1.8M Reduce -0.6%
SDY SS SPDR S&P Dividend ETF 0.31% 12,295 $1.7M Add +9.9%
IEFA iShares Core MSCI Eafe ETF 0.29% 18,687 $1.6M Add +2.2%
AXP American Express Co. 0.27% 4,513 $1.5M Add +40.5%
OTIS Otis Worldwide Corp. 0.25% 15,111 $1.4M Reduce -1.0%
ELV Elevance Health Inc. 0.24% 4,124 $1.3M No change
CMG Chipotle Mexican Grill Inc. 0.22% 31,930 $1.3M Add +0.1%
SYY Sysco Corp. 0.21% 14,568 $1.2M Reduce -1.9%
DE Deere & Co. 0.21% 2,536 $1.2M No change
IJH iShares Core S&P Midcap ETF 0.20% 17,458 $1.1M Reduce -1.7%
OXY Occidental Petroleum Corp. 0.20% 24,095 $1.1M Reduce -7.1%
VWO Vanguard Ftse Emerging Marke 0.19% 19,694 $1.1M No change
V Visa Inc. Class A 0.18% 2,956 $1.0M Add +1.7%
BSX Boston Scientific Corp. 0.18% 10,216 $997K Reduce -1.1%
PINS Pinterest Inc. Class A 0.17% 29,985 $964K Add +0.2%
IJR iShares Core S&P Small-Cap E 0.16% 7,637 $907K Reduce -2.7%
TROW T Rowe Price Group Inc. filed as PRICE T ROWE GROUP INC 0.15% 8,107 $832K Reduce -1.9%
NFLX Netflix Inc. 0.14% 659 $790K No change
VEA Vanguard Ftse Developed ETF 0.14% 12,851 $770K Reduce -3.8%
LOW Lowe's Cos Inc. 0.13% 3,005 $755K Add +7.1%
WMT Walmart Inc. 0.13% 7,318 $754K No change
IEMG iShares Core MSCI Emerging 0.13% 11,382 $750K Reduce -0.3%
DOW Dow Inc. 0.13% 32,071 $735K Reduce -29.9%
NEE Nextera Energy Inc. 0.13% 9,700 $732K Reduce -0.1%
GE General Electric filed as GE AEROSPACE 0.13% 2,425 $729K No change
IGM iShares Expanded Tech Sector 0.13% 5,575 $702K Reduce -2.2%
SLB SLB Ltd. filed as SCHLUMBERGER LTD 0.13% 20,396 $701K Reduce -6.0%
ARM Arm Holdings PLC-ADR 0.12% 4,675 $661K Add +3.3%
UNP Union Pacific Corp. 0.12% 2,745 $648K Add +37.6%
MO Altria Group Inc. 0.12% 9,796 $647K Reduce -4.6%
ISRG Intuitive Surgical Inc. 0.10% 1,288 $576K Add +28.4%
WRB WR Berkley Corp. filed as BERKLEY W R CORP 0.10% 7,425 $568K No change
HD Home Depot Inc. 0.10% 1,364 $552K No change
ETN Eaton Corp. PLC 0.09% 1,325 $495K No change
BLK BlackRock Inc. 0.08% 377 $439K Add +33.7%
APD Air Products & Chemicals Inc. 0.07% 1,510 $411K No change
XLK SS Technology Select Sector 0.07% 1,419 $399K No change
CSX CSX Corp. 0.07% 11,108 $394K No change
GEV GE Vernova Inc. 0.07% 623 $383K Reduce -8.9%
GS Goldman Sachs Group Inc. 0.07% 475 $378K No change
INTU Intuit Inc. 0.07% 549 $374K No change
MCD McDonald's Corp. 0.07% 1,216 $369K No change
QQQ Invesco QQQ Trust Series 1 0.06% 601 $361K Reduce -5.5%
SYK Stryker Corp. 0.06% 959 $354K Add +11.6%
HON Honeywell International Inc. 0.06% 1,653 $347K No change
MA Mastercard Inc. Class A 0.05% 515 $292K No change
FDX FedEx Corp. 0.05% 1,185 $279K Reduce -0.3%
AMP Ameriprise Financial Inc. 0.05% 530 $260K New
TSLA Tesla Inc. 0.05% 570 $253K New
FREL Fidelity MSCI RL Est Indx 0.04% 8,838 $245K No change
BX Blackstone Inc. 0.04% 1,422 $242K New
VEU Vanguard Ftse All-World Ex-U 0.04% 3,270 $233K No change
SHEL Shell PLC-ADR 0.04% 3,194 $228K No change
BF.B Brown-Forman Corp. Class B 0.04% 7,575 $205K No change
ELUT Elutia Inc. 0.00% 13,700 $12K No change
ESPHQ Ecosphere Technologies Inc. 0.00% 10,500 $0 No change

Portfolio Sells Q2 2025 → Q3 2025
ADP Automatic Data Processing Reduce -0.2% 2.69% −0.33
CARR Carrier Global Corp. Reduce -0.1% 0.99% −0.31
UPS United Parcel Service Class B Reduce -1.4% 0.83% −0.25
PM Philip Morris International Reduce -0.2% 1.19% −0.24
MSFT Microsoft Corp. Reduce -0.6% 6.79% −0.21
DIS The Walt Disney Co. Reduce -1.0% 1.25% −0.21
TGT Target Corp. Reduce -1.1% 1.10% −0.20
MDLZ Mondelez International Inc. Class A Reduce -0.5% 1.21% −0.19
ZTS Zoetis Inc. Reduce -1.2% 1.26% −0.19
PG The Procter & Gamble Co. Reduce -0.1% 1.69% −0.18
CB Chubb Ltd. Reduce -0.1% 1.73% −0.17
CCI Crown Castle Inc. Reduce -0.4% 1.07% −0.15
EMR Emerson Electric Co. Reduce -0.3% 1.71% −0.15
ABT Abbott Laboratories Reduce -0.8% 1.59% −0.15
KO The Coca-Cola Co. Reduce -2.5% 0.72% −0.12
DOW Dow Inc. Reduce -29.9% 0.13% −0.10
MKC McCormick & Co.-Non VTG SHRS Reduce -0.1% 0.40% −0.08
CL Colgate-Palmolive Co. Reduce -1.6% 0.35% −0.08
BMY Bristol-Myers Squibb Co. Reduce -2.4% 0.58% −0.07
PEP Pepsico Inc. Reduce -8.1% 0.76% −0.07
CAVA Cava Group Inc. Sold out 0.00% −0.06
QCOM Qualcomm Inc. Reduce -0.4% 2.03% −0.05
WFC Wells Fargo & Co. Reduce -0.7% 1.80% −0.05
COF Capital One Financial Corp. Reduce -0.1% 0.66% −0.05
NXPI NXP Semiconductors NV Reduce -1.0% 1.34% −0.05
PFE Pfizer Inc. Sold out 0.00% −0.04
VZ Verizon Communications Inc. Reduce -1.1% 0.68% −0.04
OTIS Otis Worldwide Corp. Reduce -1.0% 0.25% −0.04
CSCO Cisco Systems Inc. Reduce -0.6% 0.46% −0.04
CRM Salesforce Inc. Sold out 0.00% −0.04
DIA SS SPDR Dow Jones Indus Avg Reduce -3.1% 0.72% −0.03
BSX Boston Scientific Corp. Reduce -1.1% 0.18% −0.03
EPD Enterprise Products Partners Reduce -0.6% 0.49% −0.03
META Meta Platforms Inc. Class A Reduce -0.6% 0.32% −0.03
DUK Duke Energy Corp. Reduce -0.6% 0.94% −0.02
MRK Merck & Co. Inc. Reduce -0.5% 1.51% −0.02
SLB SLB Ltd. Reduce -6.0% 0.13% −0.01
VEA Vanguard Ftse Developed ETF Reduce -3.8% 0.14% −0.01
IVV iShares Core S&P 500 ETF Reduce -1.8% 0.86% −0.01
IJH iShares Core S&P Midcap ETF Reduce -1.7% 0.20% −0.01
OXY Occidental Petroleum Corp. Reduce -7.1% 0.20% −0.00
TROW T Rowe Price Group Inc. Reduce -1.9% 0.15% −0.00
QQQ Invesco QQQ Trust Series 1 Reduce -5.5% 0.06% −0.00
FDX FedEx Corp. Reduce -0.3% 0.05% −0.00
IJR iShares Core S&P Small-Cap E Reduce -2.7% 0.16% −0.00
GEV GE Vernova Inc. Reduce -8.9% 0.07% −0.00
SYY Sysco Corp. Reduce -1.9% 0.21% −0.00
MO Altria Group Inc. Reduce -4.6% 0.12% +0.00
NEE Nextera Energy Inc. Reduce -0.1% 0.13% +0.00
IGM iShares Expanded Tech Sector Reduce -2.2% 0.13% +0.00

Portfolio Buys Q2 2025 → Q3 2025
AAPL Apple Inc. Add +4.3% 4.54% +0.80
ABBV Abbvie Inc. Add +0.3% 2.29% +0.34
JNJ Johnson & Johnson Add +0.3% 1.83% +0.23
RTX RTX Corp. Add +0.3% 2.15% +0.15
LLY Eli Lilly & Co. Add +20.8% 0.78% +0.08
AXP American Express Co. Add +40.5% 0.27% +0.07
XOM Exxon Mobil Corp. Add +6.0% 1.76% +0.07
AMP Ameriprise Financial Inc. New 0.05% +0.05
TSLA Tesla Inc. New 0.05% +0.05
BX Blackstone Inc. New 0.04% +0.04
CVX Chevron Corp. Add +0.2% 1.85% +0.03
UNP Union Pacific Corp. Add +37.6% 0.12% +0.03
BLK BlackRock Inc. Add +33.7% 0.08% +0.02
SDY SS SPDR S&P Dividend ETF Add +9.9% 0.31% +0.02
LOW Lowe's Cos Inc. Add +7.1% 0.13% +0.02
SPY SS SPDR S&P 500 ETF Trust-US Add +0.3% 0.54% +0.01
MMM 3M Co. Add +5.4% 0.85% +0.01
IEFA iShares Core MSCI Eafe ETF Add +2.2% 0.29% +0.00
ISRG Intuitive Surgical Inc. Add +28.4% 0.10% −0.00
SYK Stryker Corp. Add +11.6% 0.06% −0.00
V Visa Inc. Class A Add +1.7% 0.18% −0.02
BRK.B Berkshire Hathaway Inc. Class B Add +0.3% 0.66% −0.02
ARM Arm Holdings PLC-ADR Add +3.3% 0.12% −0.02
PINS Pinterest Inc. Class A Add +0.2% 0.17% −0.03
NKE Nike Inc. Class B Add +3.8% 1.04% −0.05
COST Costco Wholesale Corp. Add +0.3% 0.44% −0.06
DHR Danaher Corp. Add +0.1% 1.02% −0.06
IBM Intl Business Machines Corp. Add +6.1% 1.36% −0.07
DLR Digital Realty Trust Inc. Add +0.8% 1.24% −0.08
CMG Chipotle Mexican Grill Inc. Add +0.1% 0.22% −0.12
AMZN Amazon.com Inc. Add +0.0% 2.65% −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