Tufton Capital Management

In its 13F for Q4 2025 (holdings as of December 31, 2025, filed January 28, 2026), Tufton Capital Management reported 122 stock positions worth $572.1 million. Its top holding was Microsoft (MSFT) at 6.1% of the portfolio, followed by Alphabet Class C (GOOG, 4.8%) and Apple (AAPL, 4.8%). Compared with Q3 2025, it opened 5 new positions, sold out of 2, added to 24 and reduced 82. The biggest buy was Chesapeake Utilities (CPK, shares +33%) and the biggest sale Microsoft (MSFT, shares −1%).

Most Recent 13F
Q2 2026
Location
HUNT VALLEY, MD
CIK
0001055963
Portfolio Value
$572.1M (Q4 2025)
SEC Filing
0001055963-26-000001 ↗ filed Jan 28, 2026

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 Q3 2025 Q4 2025: $572.1M $572.1M Q4 2025 Q1 2026: $549.7M Q1 2026 Q2 2026: $596.0M Q2 2026

Holdings 122 stocks · $572.1M
MSFT Microsoft Corp. 6.14% 72,610 $35.1M Reduce -1.3%
GOOG Alphabet Inc. Class C 4.83% 88,091 $27.6M Reduce -0.8%
AAPL Apple Inc. 4.78% 100,588 $27.3M Add +0.5%
JPM JPMorgan Chase & Co. 4.11% 73,045 $23.5M Reduce -1.3%
TJX TJX Companies Inc. filed as TJX COS INC NEW 3.33% 124,104 $19.1M Reduce -1.3%
GLW Corning Inc. 2.81% 183,819 $16.1M Reduce -2.3%
AMZN Amazon.com Inc. 2.80% 69,478 $16.0M Add +2.6%
CAT Caterpillar Inc. 2.47% 24,701 $14.2M Reduce -0.9%
RTX RTX Corp. 2.29% 71,463 $13.1M Reduce -0.8%
ADP Automatic Data Processing 2.28% 50,608 $13.0M Reduce -1.6%
BAC Bank of America Corp. filed as BANK AMERICA CORP 2.24% 232,597 $12.8M Reduce -0.6%
ABBV Abbvie Inc. 2.20% 55,092 $12.6M Reduce -0.6%
CPK Chesapeake Utilities Corp. 2.06% 94,554 $11.8M Add +32.7%
QCOM Qualcomm Inc. 2.04% 68,312 $11.7M Reduce -0.3%
JNJ Johnson & Johnson 1.99% 55,015 $11.4M Reduce -0.6%
WFC Wells Fargo & Co. 1.95% 119,523 $11.1M Reduce -1.0%
CB Chubb Ltd. 1.86% 34,142 $10.7M Reduce -0.9%
MRK Merck & Co. Inc. 1.84% 100,265 $10.6M Reduce -0.9%
XOM Exxon Mobil Corp. 1.81% 86,132 $10.4M Reduce -1.4%
CVX Chevron Corp. 1.78% 66,697 $10.2M Add +0.0%
NSC Norfolk Southern Corp. 1.70% 33,766 $9.7M Reduce -1.0%
EMR Emerson Electric Co. 1.69% 72,718 $9.7M Reduce -0.3%
PG The Procter & Gamble Co. 1.60% 63,803 $9.1M Add +3.2%
LMT Lockheed Martin Corp. 1.58% 18,742 $9.1M Reduce -0.9%
ABT Abbott Laboratories 1.46% 66,489 $8.3M Reduce -0.3%
IBM Intl Business Machines Corp. filed as INTERNATIONAL BUSINESS MACHS 1.37% 26,433 $7.8M Reduce -2.5%
TSM Taiwan Semiconductor-SP ADR 1.36% 25,645 $7.8M Reduce -5.6%
NXPI NXP Semiconductors NV 1.27% 33,494 $7.3M Add +1.1%
GOOGL Alphabet Inc. Class A 1.24% 22,649 $7.1M Reduce -0.9%
DIS The Walt Disney Co. filed as DISNEY WALT CO 1.15% 57,951 $6.6M Reduce -5.4%
PM Philip Morris International 1.14% 40,549 $6.5M Reduce -1.4%
TGT Target Corp. 1.12% 65,801 $6.4M Reduce -4.1%
DHR Danaher Corp. 1.12% 27,915 $6.4M Reduce -3.3%
LLY Eli Lilly & Co. 1.11% 5,889 $6.3M Add +2.7%
MDT Medtronic PLC 1.10% 65,366 $6.3M Reduce -2.2%
DLR Digital Realty Trust Inc. 1.09% 40,441 $6.3M Add +0.8%
ZTS Zoetis Inc. 1.01% 46,002 $5.8M Reduce -4.9%
MDLZ Mondelez International Inc. Class A 0.99% 105,533 $5.7M Reduce -3.1%
DUK Duke Energy Corp. 0.87% 42,642 $5.0M Add +0.0%
IVV iShares Core S&P 500 ETF 0.87% 7,263 $5.0M Add +0.3%
MMM 3M Co. 0.85% 30,401 $4.9M Reduce -0.8%
UPS United Parcel Service Class B 0.85% 48,850 $4.8M Reduce -12.0%
CARR Carrier Global Corp. 0.84% 91,500 $4.8M Reduce -1.7%
CCI Crown Castle Inc. 0.84% 53,925 $4.8M Reduce -13.7%
NKE Nike Inc. Class B 0.78% 70,159 $4.5M Reduce -16.0%
COF Capital One Financial Corp. 0.77% 18,184 $4.4M Add +4.2%
PEP Pepsico Inc. 0.76% 30,198 $4.3M Reduce -0.5%
KO The Coca-Cola Co. 0.74% 60,219 $4.2M Reduce -1.5%
DIA SS SPDR Dow Jones Indus Avg filed as SPDR DOW JONES INDL AVERAGE 0.73% 8,671 $4.2M Reduce -0.6%
BRK.B Berkshire Hathaway Inc. Class B 0.64% 7,319 $3.7M Reduce -1.4%
BMY Bristol-Myers Squibb Co. 0.61% 64,828 $3.5M Reduce -9.6%
VZ Verizon Communications Inc. 0.60% 83,773 $3.4M Reduce -4.0%
SPY SS SPDR S&P 500 ETF Trust-US 0.51% 4,312 $2.9M Reduce -4.5%
CSCO Cisco Systems Inc. 0.49% 36,354 $2.8M Reduce -3.8%
EPD Enterprise Products Partners 0.47% 83,046 $2.7M Reduce -5.3%
INTC Intel Corp. 0.38% 59,374 $2.2M Reduce -4.1%
COST Costco Wholesale Corp. 0.38% 2,505 $2.2M Reduce -6.1%
MKC McCormick & Co.-Non VTG SHRS 0.36% 30,608 $2.1M Reduce -8.1%
PNC PNC Financial Services Group 0.34% 9,257 $1.9M Add +2.6%
CL Colgate-Palmolive Co. 0.33% 23,618 $1.9M Reduce -3.8%
IEFA iShares Core MSCI Eafe ETF 0.29% 18,853 $1.7M Add +0.9%
AXP American Express Co. 0.29% 4,448 $1.6M Reduce -1.4%
SDY SS SPDR S&P Dividend ETF 0.28% 11,365 $1.6M Reduce -7.6%
META Meta Platforms Inc. Class A 0.27% 2,324 $1.5M Reduce -5.6%
NVDA Nvidia Corp. 0.25% 7,780 $1.4M Reduce -36.7%
ELV Elevance Health Inc. 0.25% 4,124 $1.4M No change
Q Qnity Electronics Inc. 0.25% 17,412 $1.4M Reduce -11.6%
OTIS Otis Worldwide Corp. 0.24% 15,533 $1.4M Add +2.8%
DD Dupont DE Nemours Inc. 0.22% 31,694 $1.3M Reduce -19.6%
DE Deere & Co. 0.21% 2,582 $1.2M Add +1.8%
IJH iShares Core S&P Midcap ETF 0.20% 17,383 $1.1M Reduce -0.4%
VWO Vanguard Ftse Emerging Marke 0.19% 20,658 $1.1M Add +4.9%
VEA Vanguard Ftse Developed ETF 0.19% 17,681 $1.1M Add +37.6%
CMG Chipotle Mexican Grill Inc. 0.19% 28,980 $1.1M Reduce -9.2%
SYY Sysco Corp. 0.18% 14,148 $1.0M Reduce -2.9%
V Visa Inc. Class A 0.18% 2,930 $1.0M Reduce -0.9%
IJR iShares Core S&P Small-Cap E 0.16% 7,683 $923K Add +0.6%
BSX Boston Scientific Corp. 0.15% 9,177 $875K Reduce -10.2%
WMT Walmart Inc. 0.14% 7,249 $807K Reduce -0.9%
SLB SLB Ltd. filed as SLB LIMITED 0.14% 20,459 $785K Add +0.3%
NEE Nextera Energy Inc. 0.14% 9,700 $778K No change
IEMG iShares Core MSCI Emerging 0.13% 11,274 $757K Reduce -0.9%
GE General Electric filed as GE AEROSPACE 0.13% 2,425 $747K No change
IGM iShares Expanded Tech Sector 0.13% 5,575 $720K No change
LOW Lowe's Cos Inc. 0.12% 2,905 $700K Reduce -3.3%
NFLX Netflix Inc. 0.12% 7,410 $694K Add +12.4%
TROW T Rowe Price Group Inc. filed as PRICE T ROWE GROUP INC 0.12% 6,711 $687K Reduce -17.2%
ISRG Intuitive Surgical Inc. 0.11% 1,121 $634K Reduce -13.0%
UNP Union Pacific Corp. 0.11% 2,695 $623K Reduce -1.8%
PINS Pinterest Inc. Class A 0.10% 22,370 $579K Reduce -25.4%
MO Altria Group Inc. 0.09% 9,380 $540K Reduce -4.3%
WRB WR Berkley Corp. filed as BERKLEY W R CORP 0.09% 7,385 $517K Reduce -0.5%
HD Home Depot Inc. 0.08% 1,356 $466K Reduce -0.6%
OXY Occidental Petroleum Corp. 0.08% 11,219 $461K Reduce -53.4%
ARM Arm Holdings PLC-ADR 0.08% 4,049 $442K Reduce -13.4%
ETN Eaton Corp. PLC 0.07% 1,325 $422K No change
XLK SS Technology Select Sector 0.07% 2,906 $418K Add +2.4%
GS Goldman Sachs Group Inc. 0.07% 475 $417K No change
GEV GE Vernova Inc. 0.07% 623 $407K No change
CSX CSX Corp. 0.07% 10,940 $396K Reduce -1.5%

Show all 122 holdings

Portfolio Sells Q3 2025 → Q4 2025
MSFT Microsoft Corp. Reduce -1.3% 6.14% −0.65
ADP Automatic Data Processing Reduce -1.6% 2.28% −0.42
DD Dupont DE Nemours Inc. Reduce -19.6% 0.22% −0.32
NKE Nike Inc. Class B Reduce -16.0% 0.78% −0.26
ZTS Zoetis Inc. Reduce -4.9% 1.01% −0.25
CCI Crown Castle Inc. Reduce -13.7% 0.84% −0.24
MDLZ Mondelez International Inc. Class A Reduce -3.1% 0.99% −0.22
NVDA Nvidia Corp. Reduce -36.7% 0.25% −0.16
CARR Carrier Global Corp. Reduce -1.7% 0.84% −0.15
ABT Abbott Laboratories Reduce -0.3% 1.46% −0.14
NSC Norfolk Southern Corp. Reduce -1.0% 1.70% −0.12
OXY Occidental Petroleum Corp. Reduce -53.4% 0.08% −0.12
LMT Lockheed Martin Corp. Reduce -0.9% 1.58% −0.10
DIS The Walt Disney Co. Reduce -5.4% 1.15% −0.10
VZ Verizon Communications Inc. Reduce -4.0% 0.60% −0.09
ABBV Abbvie Inc. Reduce -0.6% 2.20% −0.09
PINS Pinterest Inc. Class A Reduce -25.4% 0.10% −0.07
DOW Dow Inc. Reduce -48.3% 0.07% −0.06
COST Costco Wholesale Corp. Reduce -6.1% 0.38% −0.06
META Meta Platforms Inc. Class A Reduce -5.6% 0.27% −0.05
PM Philip Morris International Reduce -1.4% 1.14% −0.05
JPM JPMorgan Chase & Co. Reduce -1.3% 4.11% −0.05
FREL Fidelity MSCI RL Est Indx Sold out 0.00% −0.04
ARM Arm Holdings PLC-ADR Reduce -13.4% 0.08% −0.04
Q Qnity Electronics Inc. Reduce -11.6% 0.25% −0.04
MDT Medtronic PLC Reduce -2.2% 1.10% −0.04
BF.B Brown-Forman Corp. Class B Sold out 0.00% −0.04
CMG Chipotle Mexican Grill Inc. Reduce -9.2% 0.19% −0.04
MKC McCormick & Co.-Non VTG SHRS Reduce -8.1% 0.36% −0.03
SYY Sysco Corp. Reduce -2.9% 0.18% −0.03
SDY SS SPDR S&P Dividend ETF Reduce -7.6% 0.28% −0.03
TROW T Rowe Price Group Inc. Reduce -17.2% 0.12% −0.03
BSX Boston Scientific Corp. Reduce -10.2% 0.15% −0.02
CL Colgate-Palmolive Co. Reduce -3.8% 0.33% −0.02
EPD Enterprise Products Partners Reduce -5.3% 0.47% −0.02
SPY SS SPDR S&P 500 ETF Trust-US Reduce -4.5% 0.51% −0.02
BRK.B Berkshire Hathaway Inc. Class B Reduce -1.4% 0.64% −0.02
MO Altria Group Inc. Reduce -4.3% 0.09% −0.02
BLK BlackRock Inc. Reduce -17.2% 0.06% −0.02
EMR Emerson Electric Co. Reduce -0.3% 1.69% −0.02
HD Home Depot Inc. Reduce -0.6% 0.08% −0.02
LOW Lowe's Cos Inc. Reduce -3.3% 0.12% −0.01
WRB WR Berkley Corp. Reduce -0.5% 0.09% −0.01
INTU Intuit Inc. Reduce -11.8% 0.06% −0.01
MA Mastercard Inc. Class A Reduce -15.5% 0.04% −0.01
HON Honeywell International Inc. Reduce -5.3% 0.05% −0.01
AMP Ameriprise Financial Inc. Reduce -14.2% 0.04% −0.01
UNP Union Pacific Corp. Reduce -1.8% 0.11% −0.01
FDX FedEx Corp. Reduce -26.6% 0.04% −0.01
SYK Stryker Corp. Reduce -0.4% 0.06% −0.00

Portfolio Buys Q3 2025 → Q4 2025
CPK Chesapeake Utilities Corp. Add +32.7% 2.06% +0.35
LLY Eli Lilly & Co. Add +2.7% 1.11% +0.33
AAPL Apple Inc. Add +0.5% 4.78% +0.24
AMZN Amazon.com Inc. Add +2.6% 2.80% +0.15
COF Capital One Financial Corp. Add +4.2% 0.77% +0.11
VEA Vanguard Ftse Developed ETF Add +37.6% 0.19% +0.06
BA The Boeing Co. New 0.04% +0.04
MDB Mongodb Inc. New 0.04% +0.04
GLD SPDR Gold Shares New 0.04% +0.04
MKC.V McCormick & Co. Inc. VTG Com New 0.04% +0.04
CRM Salesforce Inc. New 0.04% +0.04
PNC PNC Financial Services Group Add +2.6% 0.34% +0.01
SLB SLB Ltd. Add +0.3% 0.14% +0.01
BX Blackstone Inc. Add +30.7% 0.05% +0.01
IVV iShares Core S&P 500 ETF Add +0.3% 0.87% +0.01
IEFA iShares Core MSCI Eafe ETF Add +0.9% 0.29% +0.00
VWO Vanguard Ftse Emerging Marke Add +4.9% 0.19% +0.00
DE Deere & Co. Add +1.8% 0.21% +0.00
XLK SS Technology Select Sector Add +2.4% 0.07% +0.00
QQQ Invesco QQQ Trust Series 1 Add +2.5% 0.07% +0.00
IJR iShares Core S&P Small-Cap E Add +0.6% 0.16% −0.00
ELUT Elutia Inc. Add +6.2% 0.00% −0.00
OTIS Otis Worldwide Corp. Add +2.8% 0.24% −0.01
NFLX Netflix Inc. Add +12.4% 0.12% −0.02
DUK Duke Energy Corp. Add +0.0% 0.87% −0.07
CVX Chevron Corp. Add +0.0% 1.78% −0.07
NXPI NXP Semiconductors NV Add +1.1% 1.27% −0.07
PG The Procter & Gamble Co. Add +3.2% 1.60% −0.09
DLR Digital Realty Trust Inc. Add +0.8% 1.09% −0.14

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