Hutner Capital Management
MANCHESTER, VTfiles as HUTNER CAPITAL MANAGEMENT INC
$252m in 43 US stocks at the end of 30 June 2026. The top 10 are 57.4% of the money. It changed about 4.4% of the portfolio this quarter.
Value
$252m
Stocks
43
Top 10 share
57.4%
Turnover
4.4%
What changed this quarter
New
Bought for the first time this quarter.
- CorningGLW<0.1% of the fund
Added
Bought more of a stock they already held.
- AlphabetGOOG5.8% of the fund+3%
- Franco NevadaFNV4.0% of the fund+3%
- PepsiCoPEP3.7% of the fund+2%
- ChubbCB1.8% of the fund+14%
- Union PacificUNP1.4% of the fund+4%
- Realty IncomeO1.3% of the fund+2%
- Verisk AnalyticsVRSK1.3% of the fund+50%
- VisaV1.2% of the fund+13%
- YUM BrandsYUM0.7% of the fund+4%
- Restaurant Brands InternationalQSR0.7% of the fund+31%
Cut
Sold some of their stake.
- Berkshire HathawayBRK-B7.8% of the fund-6%
- DiageoDEO0.3% of the fund-3%
Sold out
Sold their entire stake.
- ZoetisZTS-100%
- American TowerAMT-100%
Holdings
- Berkshire Hathaway INC DELBRK-A
- Share
- 12.2%
- Value
- $31m
- Shares
- 41
Held
- Franco NevadaFNV
- Share
- 4.0%
- Value
- $10m
- Shares
- 48,444
+3%
| Company | Share of fund | Value | Shares | Change |
|---|---|---|---|---|
| Berkshire Hathaway INC DELBRK-A | 12.2% | $31m | 41 | Held |
| Berkshire HathawayBRK-B | 7.8% | $20m | 39,297 | -6% |
| AlphabetGOOG | 5.8% | $15m | 41,045 | +3% |
| Costco WholesaleCOST | 5.3% | $13m | 14,183 | Held |
| Philip Morris InternationalPM | 5.2% | $13m | 71,834 | Held |
| Coca-ColaKO | 5.0% | $13m | 154,028 | Held |
| Johnson & JohnsonJNJ | 4.5% | $11m | 45,099 | Held |
| Franco NevadaFNV | 4.0% | $10m | 48,444 | +3% |
| AbbVieABBV | 4.0% | $10m | 40,013 | Held |
| McDonald'sMCD | 3.8% | $10m | 35,234 | Held |
| PepsiCoPEP | 3.7% | $9m | 68,143 | +2% |
| EnbridgeENB | 3.5% | $9m | 161,690 | Held |
| Altria GroupMO | 3.2% | $8m | 113,040 | Held |
| Procter & GamblePG | 3.1% | $8m | 53,101 | Held |
| American ExpressAXP | 2.8% | $7m | 20,835 | Held |
| WalmartWMT | 2.6% | $7m | 57,724 | Held |
| AppleAAPL | 2.6% | $6m | 22,289 | Held |
| Enterprise Products Partners L.P.EPD | 2.0% | $5m | 138,729 | Held |
| Analog DevicesADI | 1.8% | $5m | 11,731 | Held |
| ChubbCB | 1.8% | $5m | 13,541 | +14% |
| Abbott LaboratoriesABT | 1.6% | $4m | 43,797 | Held |
| Union PacificUNP | 1.4% | $4m | 13,053 | +4% |
| Realty IncomeO | 1.3% | $3m | 54,267 | +2% |
| Verisk AnalyticsVRSK | 1.3% | $3m | 17,641 | +50% |
| VisaV | 1.2% | $3m | 8,478 | +13% |
| Genuine PartsGPC | 1.1% | $3m | 23,654 | Held |
| O'Reilly AutomotiveORLY | 1.1% | $3m | 29,674 | Held |
| Norfolk SouthernNSC | 0.9% | $2m | 7,454 | Held |
| YUM BrandsYUM | 0.7% | $2m | 10,693 | +4% |
| Restaurant Brands InternationalQSR | 0.7% | $2m | 23,563 | +31% |
| HersheyHSY | 0.7% | $2m | 9,378 | Held |
| ProgressivePGR | 0.5% | $1m | 6,093 | Held |
| Sherwin-WilliamsSHW | 0.5% | $1m | 3,731 | Held |
| Wells Fargo & CompanyWFC | 0.5% | $1m | 14,953 | Held |
| Novartis AGNVS | 0.4% | $1m | 6,891 | Held |
| Expeditors International of WashingtonEXPD | 0.4% | $1m | 6,485 | Held |
| DiageoDEO | 0.3% | $738,996 | 9,194 | -3% |
| WEC Energy GroupWEC | 0.2% | $623,085 | 5,336 | Held |
| OneokOKE | 0.2% | $605,276 | 6,962 | Held |
| Moody'sMCO | 0.2% | $428,009 | 945 | Held |
| AlphabetGOOGL | 0.1% | $283,940 | 795 | Held |
| United Parcel ServiceUPS | 0.1% | $259,157 | 2,411 | Held |
| CorningGLW | <0.1% | $204,344 | 800 | New |
Over time and by industry
Value over time
Jun '25
Dec '25
Jun '26
Value is up 14.7% since 30 June 2025.
Where the money is
Everyday goods28.9%
Financial services14.8%
Health care10.5%
Retail & consumer7.3%
Media & telecom5.9%
Materials4.5%
Technology4.5%
Industrials4.1%
Energy3.7%
Utilities2.3%
Real estate1.3%
Other12.2%
From the fund's 13F filings. They list US stocks and options only, 45 days after each quarter, and leave out cash, bonds, shorts and foreign shares.