Tufton Capital Management

In its 13F for Q1 2026 (holdings as of March 31, 2026, filed May 12, 2026), Tufton Capital Management reported 126 stock positions worth $549.7 million. Its top holding was Microsoft (MSFT) at 4.8% of the portfolio, followed by Alphabet Class C (GOOG, 4.4%) and Apple (AAPL, 4.4%). Compared with Q4 2025, it opened 8 new positions, sold out of 4, added to 16 and reduced 81. The biggest buy was a new position in Vanguard S&P 500 ETF (VOO) and the biggest sale Microsoft (MSFT, shares −2%).

Most Recent 13F
Q2 2026
Location
HUNT VALLEY, MD
CIK
0001055963
Portfolio Value
$549.7M (Q1 2026)
SEC Filing
0001055963-26-000002 ↗ filed May 12, 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 Q4 2025 Q1 2026: $549.7M $549.7M Q1 2026 Q2 2026: $596.0M Q2 2026

Holdings 126 stocks · $549.7M
MSFT Microsoft Corp. 4.81% 71,373 $26.4M Reduce -1.7%
GOOG Alphabet Inc. Class C 4.43% 84,833 $24.3M Reduce -3.7%
AAPL Apple Inc. 4.41% 95,460 $24.2M Reduce -5.1%
GLW Corning Inc. 4.00% 161,795 $22.0M Reduce -12.0%
JPM JPMorgan Chase & Co. 3.81% 71,178 $20.9M Reduce -2.6%
TJX TJX Companies Inc. filed as TJX COS INC NEW 3.47% 119,513 $19.1M Reduce -3.7%
CAT Caterpillar Inc. 3.09% 23,957 $17.0M Reduce -3.0%
XOM Exxon Mobil Corp. 2.62% 84,890 $14.4M Reduce -1.4%
AMZN Amazon.com Inc. 2.59% 68,432 $14.3M Reduce -1.5%
CVX Chevron Corp. 2.47% 65,676 $13.6M Reduce -1.5%
RTX RTX Corp. 2.45% 69,868 $13.5M Reduce -2.2%
JNJ Johnson & Johnson 2.41% 54,238 $13.3M Reduce -1.4%
MRK Merck & Co. Inc. 2.17% 99,132 $11.9M Reduce -1.1%
ABBV Abbvie Inc. 2.14% 54,133 $11.8M Reduce -1.7%
LMT Lockheed Martin Corp. 2.02% 18,374 $11.1M Reduce -2.0%
BAC Bank of America Corp. filed as BANK AMERICA CORP 2.01% 226,397 $11.0M Reduce -2.7%
CB Chubb Ltd. 1.98% 33,382 $10.9M Reduce -2.2%
ADP Automatic Data Processing 1.85% 50,155 $10.2M Reduce -0.9%
NSC Norfolk Southern Corp. 1.74% 33,344 $9.6M Reduce -1.3%
WFC Wells Fargo & Co. 1.70% 117,636 $9.4M Reduce -1.6%
EMR Emerson Electric Co. 1.70% 71,459 $9.4M Reduce -1.7%
PG The Procter & Gamble Co. 1.65% 62,973 $9.1M Reduce -1.3%
QCOM Qualcomm Inc. 1.58% 67,297 $8.7M Reduce -1.5%
TSM Taiwan Semiconductor-SP ADR 1.55% 25,239 $8.5M Reduce -1.6%
TGT Target Corp. 1.42% 64,360 $7.8M Reduce -2.2%
DLR Digital Realty Trust Inc. 1.30% 39,630 $7.1M Reduce -2.0%
ABT Abbott Laboratories 1.23% 65,869 $6.8M Reduce -0.9%
PM Philip Morris International 1.19% 39,652 $6.6M Reduce -2.2%
NXPI NXP Semiconductors NV 1.18% 32,861 $6.5M Reduce -1.9%
IBM Intl Business Machines Corp. filed as INTERNATIONAL BUSINESS MACHS 1.16% 26,218 $6.4M Reduce -0.8%
GOOGL Alphabet Inc. Class A 1.11% 21,263 $6.1M Reduce -6.1%
MDLZ Mondelez International Inc. Class A 1.08% 102,907 $5.9M Reduce -2.5%
MDT Medtronic PLC 1.01% 64,213 $5.6M Reduce -1.8%
DUK Duke Energy Corp. 1.01% 42,285 $5.5M Reduce -0.8%
LLY Eli Lilly & Co. 0.97% 5,815 $5.3M Reduce -1.3%
ZTS Zoetis Inc. 0.97% 45,091 $5.3M Reduce -2.0%
DHR Danaher Corp. 0.96% 27,795 $5.3M Reduce -0.4%
CARR Carrier Global Corp. 0.92% 90,085 $5.1M Reduce -1.6%
IVV iShares Core S&P 500 ETF 0.89% 7,501 $4.9M Add +3.3%
UPS United Parcel Service Class B 0.86% 48,279 $4.7M Reduce -1.2%
PEP Pepsico Inc. 0.83% 29,549 $4.6M Reduce -2.1%
KO The Coca-Cola Co. 0.83% 59,719 $4.5M Reduce -0.8%
CPK Chesapeake Utilities Corp. 0.80% 34,675 $4.4M Reduce -63.3%
MMM 3M Co. 0.79% 30,059 $4.4M Reduce -1.1%
CCI Crown Castle Inc. 0.75% 50,937 $4.1M Reduce -5.5%
VZ Verizon Communications Inc. 0.75% 81,721 $4.1M Reduce -2.5%
DIS The Walt Disney Co. filed as DISNEY WALT CO 0.72% 40,916 $3.9M Reduce -29.4%
DIA SS SPDR Dow Jones Indus Avg filed as STATE STR SPDR DOW JONES IND 0.71% 8,454 $3.9M Reduce -2.5%
BMY Bristol-Myers Squibb Co. 0.71% 64,370 $3.9M Reduce -0.7%
NKE Nike Inc. Class B 0.66% 68,815 $3.6M Reduce -1.9%
BRK.B Berkshire Hathaway Inc. Class B 0.64% 7,364 $3.5M Add +0.6%
COF Capital One Financial Corp. 0.60% 17,977 $3.3M Reduce -1.1%
EPD Enterprise Products Partners 0.57% 82,800 $3.1M Reduce -0.3%
CSCO Cisco Systems Inc. 0.51% 35,897 $2.8M Reduce -1.3%
SPY SS SPDR S&P 500 ETF Trust-US 0.50% 4,252 $2.8M Reduce -1.4%
INTC Intel Corp. 0.46% 57,262 $2.5M Reduce -3.6%
COST Costco Wholesale Corp. 0.41% 2,250 $2.2M Reduce -10.2%
CL Colgate-Palmolive Co. 0.36% 23,090 $2.0M Reduce -2.2%
PNC PNC Financial Services Group 0.35% 9,257 $1.9M No change
Q Qnity Electronics Inc. 0.32% 15,345 $1.8M Reduce -11.9%
IEFA iShares Core MSCI Eafe ETF 0.32% 19,495 $1.8M Add +3.4%
SDY SS SPDR S&P Dividend ETF 0.30% 11,371 $1.7M Add +0.1%
MKC McCormick & Co.-Non VTG SHRS 0.27% 29,071 $1.5M Reduce -5.0%
DE Deere & Co. 0.26% 2,582 $1.5M No change
VEA Vanguard Ftse Developed ETF 0.26% 21,976 $1.4M Add +24.3%
DD Dupont DE Nemours Inc. 0.25% 30,174 $1.4M Reduce -4.8%
AXP American Express Co. 0.24% 4,445 $1.3M Reduce -0.1%
META Meta Platforms Inc. Class A 0.23% 2,228 $1.3M Reduce -4.1%
VWO Vanguard Ftse Emerging Marke 0.23% 23,088 $1.2M Add +11.8%
IJH iShares Core S&P Midcap ETF 0.22% 18,252 $1.2M Add +5.0%
ELV Elevance Health Inc. 0.22% 4,124 $1.2M No change
NVDA Nvidia Corp. 0.22% 6,791 $1.2M Reduce -12.7%
OTIS Otis Worldwide Corp. 0.20% 14,608 $1.1M Reduce -6.0%
SLB SLB Ltd. filed as SLB LIMITED 0.19% 20,086 $1.0M Reduce -1.8%
IJR iShares Core S&P Small-Cap E 0.18% 8,122 $1.0M Add +5.7%
SYY Sysco Corp. 0.18% 14,108 $1.0M Reduce -0.3%
CMG Chipotle Mexican Grill Inc. 0.17% 28,510 $912K Reduce -1.6%
NEE Nextera Energy Inc. 0.16% 9,430 $875K Reduce -2.8%
WMT Walmart Inc. 0.15% 6,799 $844K Reduce -6.2%
V Visa Inc. Class A 0.15% 2,763 $835K Reduce -5.7%
IEMG iShares Core MSCI Emerging 0.15% 11,944 $833K Add +5.9%
OXY Occidental Petroleum Corp. 0.13% 11,137 $723K Reduce -0.7%
LOW Lowe's Cos Inc. 0.13% 2,932 $692K Add +0.9%
GE General Electric filed as GE AEROSPACE 0.13% 2,425 $688K No change
DOW Dow Inc. filed as DOW HLDGS INC 0.12% 16,157 $672K Reduce -2.6%
NFLX Netflix Inc. 0.12% 6,990 $672K Reduce -5.7%
IGM iShares Expanded Tech Sector 0.12% 5,575 $660K No change
ARM Arm Holdings PLC-ADR 0.11% 4,049 $612K No change
TROW T Rowe Price Group Inc. filed as PRICE T ROWE GROUP INC 0.11% 6,711 $604K No change
MO Altria Group Inc. 0.11% 9,138 $603K Reduce -2.6%
UNP Union Pacific Corp. 0.11% 2,395 $581K Reduce -11.1%
BSX Boston Scientific Corp. 0.10% 9,077 $569K Reduce -1.1%
GEV GE Vernova Inc. 0.10% 623 $544K No change
ISRG Intuitive Surgical Inc. 0.09% 1,125 $518K Add +0.4%
WRB WR Berkley Corp. filed as BERKLEY W R CORP 0.09% 7,385 $489K No change
VOO Vanguard S&P 500 ETF 0.09% 803 $479K New
ETN Eaton Corp. PLC 0.09% 1,334 $477K Add +0.7%
PINS Pinterest Inc. Class A 0.08% 25,296 $463K Add +13.1%
CSX CSX Corp. 0.08% 11,072 $454K Add +1.2%
HD Home Depot Inc. 0.08% 1,354 $445K Reduce -0.1%
APD Air Products & Chemicals Inc. 0.08% 1,510 $438K No change
GS Goldman Sachs Group Inc. 0.07% 475 $401K No change
DFAC Dimensional US Core Equity 2 0.07% 10,085 $391K New
XLK SS Technology Select Sector 0.07% 2,906 $386K No change
MCD McDonald's Corp. 0.07% 1,155 $358K Reduce -3.4%
QQQ Invesco QQQ Trust Series 1 0.06% 614 $354K Reduce -0.3%
HON Honeywell International Inc. 0.06% 1,565 $353K No change
BA The Boeing Co. 0.06% 1,624 $323K Add +38.1%
SYK Stryker Corp. 0.06% 955 $313K No change
BLK BlackRock Inc. 0.05% 312 $300K No change
FDX FedEx Corp. 0.05% 845 $300K Reduce -2.9%
SHEL Shell PLC-ADR 0.05% 3,100 $288K No change
DUHP Dimensional US High Profi Et 0.05% 6,765 $248K New
VEU Vanguard Ftse All-World Ex-U 0.04% 3,270 $245K No change
GLD SPDR Gold Shares 0.04% 555 $238K No change
BF.B Brown-Forman Corp. Class B 0.04% 8,775 $232K New
DFUV Dimensional US Marketwide Va 0.04% 4,710 $228K New
MTUM iShares MSCI USA Momentum Fa 0.04% 903 $216K New
TSLA Tesla Inc. 0.04% 579 $215K Add +1.6%
MA Mastercard Inc. Class A 0.04% 425 $212K Reduce -2.3%
BX Blackstone Inc. 0.04% 1,784 $205K Reduce -4.0%
HSY The Hershey Co. 0.04% 989 $205K New
AMP Ameriprise Financial Inc. 0.04% 455 $202K No change
FMAO Farmers & Merchants Banco 0.04% 7,800 $200K New
ELUT Elutia Inc. 0.00% 14,550 $15K No change
ESPHQ Ecosphere Technologies Inc. 0.00% 10,500 $0 No change

Portfolio Sells Q4 2025 → Q1 2026
MSFT Microsoft Corp. Reduce -1.7% 4.81% −1.33
CPK Chesapeake Utilities Corp. Reduce -63.3% 0.80% −1.26
QCOM Qualcomm Inc. Reduce -1.5% 1.58% −0.47
DIS The Walt Disney Co. Reduce -29.4% 0.72% −0.44
ADP Automatic Data Processing Reduce -0.9% 1.85% −0.42
GOOG Alphabet Inc. Class C Reduce -3.7% 4.43% −0.40
AAPL Apple Inc. Reduce -5.1% 4.41% −0.37
JPM JPMorgan Chase & Co. Reduce -2.6% 3.81% −0.31
WFC Wells Fargo & Co. Reduce -1.6% 1.70% −0.24
BAC Bank of America Corp. Reduce -2.7% 2.01% −0.23
ABT Abbott Laboratories Reduce -0.9% 1.23% −0.23
IBM Intl Business Machines Corp. Reduce -0.8% 1.16% −0.21
AMZN Amazon.com Inc. Reduce -1.5% 2.59% −0.21
COF Capital One Financial Corp. Reduce -1.1% 0.60% −0.17
DHR Danaher Corp. Reduce -0.4% 0.96% −0.16
LLY Eli Lilly & Co. Reduce -1.3% 0.97% −0.13
GOOGL Alphabet Inc. Class A Reduce -6.1% 1.11% −0.13
NKE Nike Inc. Class B Reduce -1.9% 0.66% −0.12
MKC McCormick & Co.-Non VTG SHRS Reduce -5.0% 0.27% −0.10
NXPI NXP Semiconductors NV Reduce -1.9% 1.18% −0.09
MDT Medtronic PLC Reduce -1.8% 1.01% −0.09
CCI Crown Castle Inc. Reduce -5.5% 0.75% −0.08
ABBV Abbvie Inc. Reduce -1.7% 2.14% −0.06
MMM 3M Co. Reduce -1.1% 0.79% −0.06
INTU Intuit Inc. Sold out 0.00% −0.06
BSX Boston Scientific Corp. Reduce -1.1% 0.10% −0.05
MDB Mongodb Inc. Sold out 0.00% −0.04
AXP American Express Co. Reduce -0.1% 0.24% −0.04
ZTS Zoetis Inc. Reduce -2.0% 0.97% −0.04
NVDA Nvidia Corp. Reduce -12.7% 0.22% −0.04
MKC.V McCormick & Co. Inc. VTG Com Sold out 0.00% −0.04
META Meta Platforms Inc. Class A Reduce -4.1% 0.23% −0.04
CRM Salesforce Inc. Sold out 0.00% −0.04
OTIS Otis Worldwide Corp. Reduce -6.0% 0.20% −0.03
V Visa Inc. Class A Reduce -5.7% 0.15% −0.03
CMG Chipotle Mexican Grill Inc. Reduce -1.6% 0.17% −0.02
DIA SS SPDR Dow Jones Indus Avg Reduce -2.5% 0.71% −0.02
BX Blackstone Inc. Reduce -4.0% 0.04% −0.01
SPY SS SPDR S&P 500 ETF Trust-US Reduce -1.4% 0.50% −0.01
MA Mastercard Inc. Class A Reduce -2.3% 0.04% −0.00
UNP Union Pacific Corp. Reduce -11.1% 0.11% −0.00
QQQ Invesco QQQ Trust Series 1 Reduce -0.3% 0.06% −0.00
HD Home Depot Inc. Reduce -0.1% 0.08% −0.00
NFLX Netflix Inc. Reduce -5.7% 0.12% +0.00
SYY Sysco Corp. Reduce -0.3% 0.18% +0.00
MCD McDonald's Corp. Reduce -3.4% 0.07% +0.00
FDX FedEx Corp. Reduce -2.9% 0.05% +0.01
WMT Walmart Inc. Reduce -6.2% 0.15% +0.01
MO Altria Group Inc. Reduce -2.6% 0.11% +0.02
EMR Emerson Electric Co. Reduce -1.7% 1.70% +0.02

Portfolio Buys Q4 2025 → Q1 2026
VOO Vanguard S&P 500 ETF New 0.09% +0.09
DFAC Dimensional US Core Equity 2 New 0.07% +0.07
VEA Vanguard Ftse Developed ETF Add +24.3% 0.26% +0.06
DUHP Dimensional US High Profi Et New 0.05% +0.05
BF.B Brown-Forman Corp. Class B New 0.04% +0.04
DFUV Dimensional US Marketwide Va New 0.04% +0.04
MTUM iShares MSCI USA Momentum Fa New 0.04% +0.04
HSY The Hershey Co. New 0.04% +0.04
FMAO Farmers & Merchants Banco New 0.04% +0.04
VWO Vanguard Ftse Emerging Marke Add +11.8% 0.23% +0.03
IEFA iShares Core MSCI Eafe ETF Add +3.4% 0.32% +0.03
SDY SS SPDR S&P Dividend ETF Add +0.1% 0.30% +0.03
IJH iShares Core S&P Midcap ETF Add +5.0% 0.22% +0.02
IJR iShares Core S&P Small-Cap E Add +5.7% 0.18% +0.02
IVV iShares Core S&P 500 ETF Add +3.3% 0.89% +0.02
IEMG iShares Core MSCI Emerging Add +5.9% 0.15% +0.02
BA The Boeing Co. Add +38.1% 0.06% +0.01
CSX CSX Corp. Add +1.2% 0.08% +0.01
ETN Eaton Corp. PLC Add +0.7% 0.09% +0.01
LOW Lowe's Cos Inc. Add +0.9% 0.13% +0.00
BRK.B Berkshire Hathaway Inc. Class B Add +0.6% 0.64% −0.00
TSLA Tesla Inc. Add +1.6% 0.04% −0.01
ISRG Intuitive Surgical Inc. Add +0.4% 0.09% −0.02
PINS Pinterest Inc. Class A Add +13.1% 0.08% −0.02

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