HUTNER CAPITAL MANAGEMENT INC Long-Term Concentrated

CIK: 0000944733 · Show all filings

Period: Q3 2025 (← Previous) (Next →)

Filing Date: Nov 13, 2025

Total Value ($000): $236,399 (100.0% shares, 0.0% debt)

Holdings (44)

BRK/A Berkshire Hathaway Inc Cl A 13.1%

Value ($000) $30,922 Shares 41 Est. Cost $219349.66 Unrealized +231.4%

BRK/B Berkshire Hathaway Inc Cl B 9.0%

Value ($000) $21,216 Shares 42,201 Est. Cost $248.50 Unrealized +94.9%

COST Costco Whsl Corp 5.6%

Value ($000) $13,135 Shares 14,191 Est. Cost $136.95 Unrealized +598.6%

PM Philip Morris International In 5.1%

Value ($000) $12,014 Shares 74,067 Est. Cost $68.52 Unrealized +141.1%

MCD McDonald's Corp 4.5%

Value ($000) $10,529 Shares 34,647 Est. Cost $119.00 Unrealized +153.3%

FNV Franco-Nevada Corp 4.4%

Value ($000) $10,425 Shares 46,767 Est. Cost $119.70 Unrealized +50.5%

KO Coca-Cola Company 4.4%

Value ($000) $10,292 Shares 155,194 Est. Cost $38.48 Unrealized +76.5%

ABBV AbbVie Inc 4.1%

Value ($000) $9,752 Shares 42,120 Est. Cost $78.23 Unrealized +158.1%

GOOG Alphabet Inc Class C 4.1%

Value ($000) $9,668 Shares 39,696 Est. Cost $150.16 Unrealized +39.8%

PEP PepsiCo Inc 3.7%

Value ($000) $8,774 Shares 62,473 Est. Cost $97.87 Unrealized +43.5%

PG Procter & Gamble Co 3.5%

Value ($000) $8,288 Shares 53,941 Est. Cost $79.96 Unrealized +93.7%

JNJ Johnson & Johnson 3.5%

Value ($000) $8,189 Shares 44,164 Est. Cost $102.47 Unrealized +65.4%

ENB Enbridge Inc 3.3%

Value ($000) $7,805 Shares 154,684 Est. Cost $28.98 Unrealized +59.2%

MO Altria Group Inc 3.2%

Value ($000) $7,542 Shares 114,174 Est. Cost $36.99 Unrealized +66.0%

AXP American Express Company 2.9%

Value ($000) $6,862 Shares 20,660 Est. Cost $56.58 Unrealized +459.4%

WMT Walmart Inc 2.6%

Value ($000) $6,167 Shares 59,834 Est. Cost $44.53 Unrealized +122.9%

ABT Abbott Labs 2.4%

Value ($000) $5,781 Shares 43,162 Est. Cost $45.80 Unrealized +185.1%

AAPL Apple Inc 2.4%

Value ($000) $5,632 Shares 22,117 Est. Cost $147.71 Unrealized +52.7%

EPD Enterprise Prods Partners LP 1.8%

Value ($000) $4,309 Shares 137,784 Est. Cost $28.93 Unrealized —

GPC Genuine Parts Co 1.5%

Value ($000) $3,451 Shares 24,899 Est. Cost $83.57 Unrealized +58.4%

ORLY O'Reilly Automotive Inc 1.3%

Value ($000) $3,082 Shares 28,588 Est. Cost $88.00 Unrealized +14.2%

— Chubb Limited 1.3%

Value ($000) $2,955 Shares 10,471 Est. Cost $285.07 Unrealized —

O Realty Income Corp 1.2%

Value ($000) $2,930 Shares 48,206 Est. Cost $44.84 Unrealized +26.9%

UNP Union Pacific Corp 1.2%

Value ($000) $2,913 Shares 12,326 Est. Cost $142.98 Unrealized +56.1%

VRSK Verisk Analytics 1.2%

Value ($000) $2,817 Shares 11,200 Est. Cost $79.08 Unrealized +245.9%

ADI Analog Devices Inc 1.2%

Value ($000) $2,771 Shares 11,278 Est. Cost $166.70 Unrealized +43.3%

NSC Norfolk Southern Corp 0.9%

Value ($000) $2,239 Shares 7,454 Est. Cost $78.12 Unrealized +253.3%

V Visa Inc 0.7%

Value ($000) $1,714 Shares 5,020 Est. Cost $341.12 Unrealized +1.2%

DEO Diageo PLC Sponsored ADR 0.7%

Value ($000) $1,600 Shares 16,768 Est. Cost $118.45 Unrealized —

HSY Hershey Company 0.7%

Value ($000) $1,593 Shares 8,518 Est. Cost $119.39 Unrealized +50.5%

PGR Progressive Corp 0.6%

Value ($000) $1,368 Shares 5,540 Est. Cost $248.96 Unrealized -6.9%

WFC Wells Fargo & Co 0.5%

Value ($000) $1,266 Shares 15,104 Est. Cost $36.86 Unrealized +118.3%

OKE Oneok, Inc 0.5%

Value ($000) $1,171 Shares 16,047 Est. Cost $60.95 Unrealized +23.2%

YUM Yum Brands Inc 0.5%

Value ($000) $1,171 Shares 7,703 Est. Cost $107.39 Unrealized +36.0%

SHW Sherwin-Williams Co. 0.5%

Value ($000) $1,077 Shares 3,111 Est. Cost $273.44 Unrealized +28.5%

QSR Restaurant Brands Internationa 0.4%

Value ($000) $1,013 Shares 15,786 Est. Cost $66.72 Unrealized -1.4%

NVS Novartis International AG ADR 0.3%

Value ($000) $825 Shares 6,433 Est. Cost $104.84 Unrealized —

EXPD Expeditors International 0.3%

Value ($000) $799 Shares 6,516 Est. Cost $66.54 Unrealized +77.8%

WEC WEC Energy Group Inc 0.3%

Value ($000) $622 Shares 5,427 Est. Cost $55.90 Unrealized +91.6%

MCO Moody's Corp 0.2%

Value ($000) $450 Shares 945 Est. Cost $179.45 Unrealized +180.1%

— Zoetis Inc Cl A 0.2%

Value ($000) $399 Shares 2,729 Est. Cost $159.59 Unrealized —

UPS United Parcel Svc Inc Cl B 0.2%

Value ($000) $367 Shares 4,388 Est. Cost $87.87 Unrealized +0.3%

AMT American Tower Systems Corp Cl 0.1%

Value ($000) $290 Shares 1,510 Est. Cost $214.08 Unrealized -4.4%

MDLZ Mondelez International Inc 0.1%

Value ($000) $212 Shares 3,398 Est. Cost $35.22 Unrealized +80.0%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
BRK/A	Berkshire Hathaway Inc Cl A	41	$30,922	13.1%	$219349.66	+231.4%	COM	084670108
BRK/B	Berkshire Hathaway Inc Cl B	42,201	$21,216	9.0%	$248.50	+94.9%	COM	084670702
COST	Costco Whsl Corp	14,191	$13,135	5.6%	$136.95	+598.6%	COM	22160K105
PM	Philip Morris International In	74,067	$12,014	5.1%	$68.52	+141.1%	COM	718172109
MCD	McDonald's Corp	34,647	$10,529	4.5%	$119.00	+153.3%	COM	580135101
FNV	Franco-Nevada Corp	46,767	$10,425	4.4%	$119.70	+50.5%	COM	351858105
KO	Coca-Cola Company	155,194	$10,292	4.4%	$38.48	+76.5%	COM	191216100
ABBV	AbbVie Inc	42,120	$9,752	4.1%	$78.23	+158.1%	COM	00287Y109
GOOG	Alphabet Inc Class C	39,696	$9,668	4.1%	$150.16	+39.8%	COM	02079K107
PEP	PepsiCo Inc	62,473	$8,774	3.7%	$97.87	+43.5%	COM	713448108
PG	Procter & Gamble Co	53,941	$8,288	3.5%	$79.96	+93.7%	COM	742718109
JNJ	Johnson & Johnson	44,164	$8,189	3.5%	$102.47	+65.4%	COM	478160104
ENB	Enbridge Inc	154,684	$7,805	3.3%	$28.98	+59.2%	COM	29250N105
MO	Altria Group Inc	114,174	$7,542	3.2%	$36.99	+66.0%	COM	02209S103
AXP	American Express Company	20,660	$6,862	2.9%	$56.58	+459.4%	COM	025816109
WMT	Walmart Inc	59,834	$6,167	2.6%	$44.53	+122.9%	COM	931142103
ABT	Abbott Labs	43,162	$5,781	2.4%	$45.80	+185.1%	COM	002824100
AAPL	Apple Inc	22,117	$5,632	2.4%	$147.71	+52.7%	COM	037833100
EPD	Enterprise Prods Partners LP	137,784	$4,309	1.8%	$28.93	—	COM	293792107
GPC	Genuine Parts Co	24,899	$3,451	1.5%	$83.57	+58.4%	COM	372460105
ORLY	O'Reilly Automotive Inc	28,588	$3,082	1.3%	$88.00	+14.2%	COM	67103H107
—	Chubb Limited	10,471	$2,955	1.3%	$285.07	—	COM	h1467j104
O	Realty Income Corp	48,206	$2,930	1.2%	$44.84	+26.9%	COM	756109104
UNP	Union Pacific Corp	12,326	$2,913	1.2%	$142.98	+56.1%	COM	907818108
VRSK	Verisk Analytics	11,200	$2,817	1.2%	$79.08	+245.9%	COM	92345Y106
ADI	Analog Devices Inc	11,278	$2,771	1.2%	$166.70	+43.3%	COM	032654105
NSC	Norfolk Southern Corp	7,454	$2,239	0.9%	$78.12	+253.3%	COM	655844108
V	Visa Inc	5,020	$1,714	0.7%	$341.12	+1.2%	COM	92826C839
DEO	Diageo PLC Sponsored ADR	16,768	$1,600	0.7%	$118.45	—	ADR	25243Q205
HSY	Hershey Company	8,518	$1,593	0.7%	$119.39	+50.5%	COM	427866108
PGR	Progressive Corp	5,540	$1,368	0.6%	$248.96	-6.9%	COM	743315103
WFC	Wells Fargo & Co	15,104	$1,266	0.5%	$36.86	+118.3%	COM	949746101
OKE	Oneok, Inc	16,047	$1,171	0.5%	$60.95	+23.2%	COM	682680103
YUM	Yum Brands Inc	7,703	$1,171	0.5%	$107.39	+36.0%	COM	988498101
SHW	Sherwin-Williams Co.	3,111	$1,077	0.5%	$273.44	+28.5%	COM	824348106
QSR	Restaurant Brands Internationa	15,786	$1,013	0.4%	$66.72	-1.4%	COM	76131D103
NVS	Novartis International AG ADR	6,433	$825	0.3%	$104.84	—	ADR	66987V109
EXPD	Expeditors International	6,516	$799	0.3%	$66.54	+77.8%	COM	302130109
WEC	WEC Energy Group Inc	5,427	$622	0.3%	$55.90	+91.6%	COM	92939U106
MCO	Moody's Corp	945	$450	0.2%	$179.45	+180.1%	COM	615369105
—	Zoetis Inc Cl A	2,729	$399	0.2%	$159.59	—	COM	98978v103
UPS	United Parcel Svc Inc Cl B	4,388	$367	0.2%	$87.87	+0.3%	COM	911312106
AMT	American Tower Systems Corp Cl	1,510	$290	0.1%	$214.08	-4.4%	COM	03027X100
MDLZ	Mondelez International Inc	3,398	$212	0.1%	$35.22	+80.0%	COM	609207105