Hutner Capital Management Inc's Q4 2022 13F Filings: Notable Holdings Changes and Trends

Hutner Capital Management Inc Q3 2022 vs. Q4 2022 13F Holdings Comparison

Hutner Capital Management Inc, a privately owned investment manager, recently filed their 13F for Q4 2022 with the Securities and Exchange Commission (SEC). This filing reveals a wealth of information about the holdings of the fund, including changes in holdings from the previous quarter. In this blog post, we will take a closer look at the changes in holdings of the fund as reported in the CSV file.

Overall, the fund appears to have added to their holdings in many of the companies in which they held positions in Q3 2022. The largest increase in holdings was seen in Apple Inc (AAPL), with the fund adding 4,812 shares for a total of 13,825 shares. This represents a significant increase of 44.2% over their Q3 holdings. The value of the fund's holdings in AAPL also increased by 43.6% to $1,796,000.

Other notable increases in holdings include:

- PepsiCo Inc (PEP): +2,391 shares (4.9% increase)

- Costco Whsl Corp (COST): +538 shares (3.1% increase)

- Altria Group Inc (MO): +3,362 shares (3.3% increase)

- American Express Company (AXP): +15 shares (0.1% increase)

- Union Pacific Corp (UNP): +230 shares (2.5% increase)

- United Parcel Svc Inc Cl B (UPS): +92 shares (1.0% increase)

- Analo Devices Inc (ADI): +1,626 shares (23.5% increase)

- O'Reilly Automotive Inc (ORLY): +196 shares (14.0% increase)

In total, the fund added 13,424 shares across all of its holdings, resulting in a 2.2% increase in the number of shares held. The total value of the fund's holdings also increased by 7.8% to $165,136,000.

While the fund added to its holdings in many companies, there were also some notable decreases in holdings. The largest decrease was seen in Verizon Communications Inc (VZ), with the fund selling off 5,978 shares, or 44.9% of their Q3 holdings. The value of the fund's holdings in VZ also decreased by 42.9% to $288,000.

Other notable decreases in holdings include:

- Alphabet Inc Class C (GOOG): -2,745 shares (31.4% decrease)

- Sherwin-Williams Co. (SHW): -60 shares (3.0% decrease)

- Novartis International AG ADR (NVS): -368 shares (13.3% decrease)

In total, the fund sold off 9,151 shares across all of its holdings, resulting in a 1.2% decrease in the number of shares held. The total value of the fund's sold-off investments amounted to $1,142,000.

While the decreases in holdings may seem concerning, it is important to note that the fund's decisions are likely based on a combination of factors, including changes in market conditions and the fund's investment strategy. It is also possible that the fund simply took profits on their positions in these companies or reallocated capital to other investments.

In terms of sector allocation, the fund appears to be heavily invested in the Consumer Goods and Services sectors, which together make up almost half of the fund's holdings. Other significant sector allocations include Health Care, Financials, and Energy.

Overall, the 13F filing from Hutner Capital Management Inc provides valuable insights into the fund's investment strategy and the changes in holdings made over the last quarter. While there were some significant decreases in holdings, the overall trend appears to be one of adding to positions in many of the fund's existing investments. It will be interesting to see how the fund's holdings evolve in the coming quarters and whether they continue to maintain a heavy allocation to Consumer Goods and Services.