HUTNER CAPITAL MANAGEMENT INC Long-Term Concentrated

Location: Manchester, VT

CIK: 0000944733 · Show all filings

Period: Q3 2025 (← Previous) (Next →)

Filing Date: Nov 13, 2025

Total Value: $236M (100.0% shares, 0.0% debt)

Holdings (44)

BRK/A Berkshire Hathaway Inc Cl A 13.1%

Value $30.92M Shares 41 Est. Cost — Unrealized —

BRK/B Berkshire Hathaway Inc Cl B 9.0%

Value $21.22M Shares 42,201 Est. Cost — Unrealized —

COST Costco Whsl Corp 5.6%

Value $13.14M Shares 14,191 Est. Cost — Unrealized —

PM Philip Morris International In 5.1%

Value $12.01M Shares 74,067 Est. Cost — Unrealized —

MCD McDonald's Corp 4.5%

Value $10.53M Shares 34,647 Est. Cost — Unrealized —

FNV Franco-Nevada Corp 4.4%

Value $10.42M Shares 46,767 Est. Cost — Unrealized —

KO Coca-Cola Company 4.4%

Value $10.29M Shares 155,194 Est. Cost — Unrealized —

ABBV AbbVie Inc 4.1%

Value $9.752M Shares 42,120 Est. Cost — Unrealized —

GOOG Alphabet Inc Class C 4.1%

Value $9.668M Shares 39,696 Est. Cost — Unrealized —

PEP PepsiCo Inc 3.7%

Value $8.774M Shares 62,473 Est. Cost — Unrealized —

PG Procter & Gamble Co 3.5%

Value $8.288M Shares 53,941 Est. Cost — Unrealized —

JNJ Johnson & Johnson 3.5%

Value $8.189M Shares 44,164 Est. Cost — Unrealized —

ENB Enbridge Inc 3.3%

Value $7.805M Shares 154,684 Est. Cost — Unrealized —

MO Altria Group Inc 3.2%

Value $7.542M Shares 114,174 Est. Cost — Unrealized —

AXP American Express Company 2.9%

Value $6.862M Shares 20,660 Est. Cost — Unrealized —

WMT Walmart Inc 2.6%

Value $6.167M Shares 59,834 Est. Cost — Unrealized —

ABT Abbott Labs 2.4%

Value $5.781M Shares 43,162 Est. Cost — Unrealized —

AAPL Apple Inc 2.4%

Value $5.632M Shares 22,117 Est. Cost — Unrealized —

EPD Enterprise Prods Partners LP 1.8%

Value $4.309M Shares 137,784 Est. Cost — Unrealized —

GPC Genuine Parts Co 1.5%

Value $3.451M Shares 24,899 Est. Cost — Unrealized —

ORLY O'Reilly Automotive Inc 1.3%

Value $3.082M Shares 28,588 Est. Cost — Unrealized —

— Chubb Limited 1.3%

Value $2.955M Shares 10,471 Est. Cost — Unrealized —

O Realty Income Corp 1.2%

Value $2.93M Shares 48,206 Est. Cost — Unrealized —

UNP Union Pacific Corp 1.2%

Value $2.913M Shares 12,326 Est. Cost — Unrealized —

VRSK Verisk Analytics 1.2%

Value $2.817M Shares 11,200 Est. Cost — Unrealized —

ADI Analog Devices Inc 1.2%

Value $2.771M Shares 11,278 Est. Cost — Unrealized —

NSC Norfolk Southern Corp 0.9%

Value $2.239M Shares 7,454 Est. Cost — Unrealized —

V Visa Inc 0.7%

Value $1.714M Shares 5,020 Est. Cost — Unrealized —

DEO Diageo PLC Sponsored ADR 0.7%

Value $1.6M Shares 16,768 Est. Cost — Unrealized —

HSY Hershey Company 0.7%

Value $1.593M Shares 8,518 Est. Cost — Unrealized —

PGR Progressive Corp 0.6%

Value $1.368M Shares 5,540 Est. Cost — Unrealized —

WFC Wells Fargo & Co 0.5%

Value $1.266M Shares 15,104 Est. Cost — Unrealized —

OKE Oneok, Inc 0.5%

Value $1.171M Shares 16,047 Est. Cost — Unrealized —

YUM Yum Brands Inc 0.5%

Value $1.171M Shares 7,703 Est. Cost — Unrealized —

SHW Sherwin-Williams Co. 0.5%

Value $1.077M Shares 3,111 Est. Cost — Unrealized —

QSR Restaurant Brands Internationa 0.4%

Value $1.013M Shares 15,786 Est. Cost — Unrealized —

NVS Novartis International AG ADR 0.3%

Value $825K Shares 6,433 Est. Cost — Unrealized —

EXPD Expeditors International 0.3%

Value $799K Shares 6,516 Est. Cost — Unrealized —

WEC WEC Energy Group Inc 0.3%

Value $622K Shares 5,427 Est. Cost — Unrealized —

MCO Moody's Corp 0.2%

Value $450K Shares 945 Est. Cost — Unrealized —

— Zoetis Inc Cl A 0.2%

Value $399K Shares 2,729 Est. Cost — Unrealized —

UPS United Parcel Svc Inc Cl B 0.2%

Value $367K Shares 4,388 Est. Cost — Unrealized —

AMT American Tower Systems Corp Cl 0.1%

Value $290K Shares 1,510 Est. Cost — Unrealized —

MDLZ Mondelez International Inc 0.1%

Value $212K Shares 3,398 Est. Cost — Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
BRK/A	Berkshire Hathaway Inc Cl A	41	$30.92M	13.1%	—	—	COM	084670108
BRK/B	Berkshire Hathaway Inc Cl B	42,201	$21.22M	9.0%	—	—	COM	084670702
COST	Costco Whsl Corp	14,191	$13.14M	5.6%	—	—	COM	22160K105
PM	Philip Morris International In	74,067	$12.01M	5.1%	—	—	COM	718172109
MCD	McDonald's Corp	34,647	$10.53M	4.5%	—	—	COM	580135101
FNV	Franco-Nevada Corp	46,767	$10.42M	4.4%	—	—	COM	351858105
KO	Coca-Cola Company	155,194	$10.29M	4.4%	—	—	COM	191216100
ABBV	AbbVie Inc	42,120	$9.752M	4.1%	—	—	COM	00287Y109
GOOG	Alphabet Inc Class C	39,696	$9.668M	4.1%	—	—	COM	02079K107
PEP	PepsiCo Inc	62,473	$8.774M	3.7%	—	—	COM	713448108
PG	Procter & Gamble Co	53,941	$8.288M	3.5%	—	—	COM	742718109
JNJ	Johnson & Johnson	44,164	$8.189M	3.5%	—	—	COM	478160104
ENB	Enbridge Inc	154,684	$7.805M	3.3%	—	—	COM	29250N105
MO	Altria Group Inc	114,174	$7.542M	3.2%	—	—	COM	02209S103
AXP	American Express Company	20,660	$6.862M	2.9%	—	—	COM	025816109
WMT	Walmart Inc	59,834	$6.167M	2.6%	—	—	COM	931142103
ABT	Abbott Labs	43,162	$5.781M	2.4%	—	—	COM	002824100
AAPL	Apple Inc	22,117	$5.632M	2.4%	—	—	COM	037833100
EPD	Enterprise Prods Partners LP	137,784	$4.309M	1.8%	—	—	COM	293792107
GPC	Genuine Parts Co	24,899	$3.451M	1.5%	—	—	COM	372460105
ORLY	O'Reilly Automotive Inc	28,588	$3.082M	1.3%	—	—	COM	67103H107
—	Chubb Limited	10,471	$2.955M	1.3%	—	—	COM	h1467j104
O	Realty Income Corp	48,206	$2.93M	1.2%	—	—	COM	756109104
UNP	Union Pacific Corp	12,326	$2.913M	1.2%	—	—	COM	907818108
VRSK	Verisk Analytics	11,200	$2.817M	1.2%	—	—	COM	92345Y106
ADI	Analog Devices Inc	11,278	$2.771M	1.2%	—	—	COM	032654105
NSC	Norfolk Southern Corp	7,454	$2.239M	0.9%	—	—	COM	655844108
V	Visa Inc	5,020	$1.714M	0.7%	—	—	COM	92826C839
DEO	Diageo PLC Sponsored ADR	16,768	$1.6M	0.7%	—	—	ADR	25243Q205
HSY	Hershey Company	8,518	$1.593M	0.7%	—	—	COM	427866108
PGR	Progressive Corp	5,540	$1.368M	0.6%	—	—	COM	743315103
WFC	Wells Fargo & Co	15,104	$1.266M	0.5%	—	—	COM	949746101
OKE	Oneok, Inc	16,047	$1.171M	0.5%	—	—	COM	682680103
YUM	Yum Brands Inc	7,703	$1.171M	0.5%	—	—	COM	988498101
SHW	Sherwin-Williams Co.	3,111	$1.077M	0.5%	—	—	COM	824348106
QSR	Restaurant Brands Internationa	15,786	$1.013M	0.4%	—	—	COM	76131D103
NVS	Novartis International AG ADR	6,433	$825K	0.3%	—	—	ADR	66987V109
EXPD	Expeditors International	6,516	$799K	0.3%	—	—	COM	302130109
WEC	WEC Energy Group Inc	5,427	$622K	0.3%	—	—	COM	92939U106
MCO	Moody's Corp	945	$450K	0.2%	—	—	COM	615369105
—	Zoetis Inc Cl A	2,729	$399K	0.2%	—	—	COM	98978v103
UPS	United Parcel Svc Inc Cl B	4,388	$367K	0.2%	—	—	COM	911312106
AMT	American Tower Systems Corp Cl	1,510	$290K	0.1%	—	—	COM	03027X100
MDLZ	Mondelez International Inc	3,398	$212K	0.1%	—	—	COM	609207105