Hutner Capital Management provides portfolio management for individuals and small businesses and portfolio management for pooled vehicles. The firm advises 3 private funds.
Hutner Capital Management reports 120 clients. They include 76 high-net-worth individuals, 33 individual clients, and 6 corporations and other businesses. Of its assets, 100.0% ($271M across 122 accounts) are managed with discretion. Of its clients, 1% are outside the U.S.
| Client type | Clients | Assets |
|---|---|---|
| Individuals (other than HNW) | 28% | 3% |
| High-net-worth individuals | 63% | 62% |
| Pooled investment vehicles | 4% | 30% |
| Charitable organizations | Fewer than 5 | <1% |
| Corporations and other businesses | 5% | 5% |
Client shares use reported counts. Client types without a reported count are excluded from that total.
Client breakdown and activity details
| Client type | Clients | Regulatory AUM | AUM share | Avg. per client |
|---|---|---|---|---|
| Individuals (other than HNW) | 33 | $8.21M | 3.0% | $249K |
| High-net-worth individuals | 76 | $168M | 61.8% | $2.2M |
| Pooled investment vehicles | 5 | $80.6M | 29.7% | $16.1M |
| Charitable organizations | Fewer than 5 | $429K | 0.2% | — |
| Corporations and other businesses | 6 | $14.3M | 5.3% | $2.39M |
| Total | 120 | $271M | 100% | — |
- Clients
- 33
- Regulatory AUM
- $8.21M
- AUM share
- 3.0%
- Avg. per client
- $249K
- Clients
- 76
- Regulatory AUM
- $168M
- AUM share
- 61.8%
- Avg. per client
- $2.2M
- Clients
- 5
- Regulatory AUM
- $80.6M
- AUM share
- 29.7%
- Avg. per client
- $16.1M
- Clients
- Fewer than 5
- Regulatory AUM
- $429K
- AUM share
- 0.2%
- Avg. per client
- —
- Clients
- 6
- Regulatory AUM
- $14.3M
- AUM share
- 5.3%
- Avg. per client
- $2.39M
Total
- Clients
- 120
- Regulatory AUM
- $271M
- AUM share
- 100%
- Avg. per client
- —
- Clients outside the U.S.
- 1%
- Clients advised without assets under management last fiscal year
- 0
- Private funds advised
- 3
Hutner Capital Management charges up to 1.00% a year for its Investment management fee schedule. The fee is billed in advance, has a $2,000 annual minimum and requires an account of at least $1,000,000. The brochure also prices one other service, listed under fee details.
Fee details and sources
Other fees
- Advice on portfolios the firm does not manage
- Advice on the investment of portfolios the firm does not manage is billed at 0.25% of asset value per year, quarterly.
Daniel Hutner owns 75% or more of Hutner Capital Management. The leadership team of Hutner Capital Management includes President Daniel Hutner and Chief Compliance Officer Daniel Hutner. It has 4 employees, 3 of them in advisory roles.
Leadership
- Daniel HutnerPresident
- Daniel HutnerChief Compliance Officer, Vice President, Secretary
Investment adviser representatives
2 representatives listed in the SEC register as of 9 October 2026.
- Daniel Ellsworth Hutner
- Daniel E. Hutner JR
Staff
- 4 employees
- 3 in advisory functions
- 2 state-registered reps
- Owns 75% or more of Hutner Capital Management Inc.
Daniel Hutner
Control person · since February 1995
Hutner Capital Management’s regulatory assets grew 1.6× from $166M (March 2021) to $271M (March 2026); clients rose from 103 to 120 and employees fell from 6 to 4.
Figures from each annual filing
| Filed | Regulatory AUM | Clients | Employees | Offices |
|---|---|---|---|---|
| March 2026 | $271M | 120 | 4 | 2 |
| March 2025 | $271M | 117 | 4 | 2 |
| March 2024 | $194M | 116 | 4 | 2 |
| March 2023 | $190M | 115 | 4 | 2 |
| March 2022 | $195M | 105 | 4 | 2 |
| March 2021 | $166M | 103 | 6 | 2 |
Besides its headquarters, Hutner Capital Management has 1 office, with 2 listed addresses in Vermont.
Vermont · 2 listed addresses
- 3546 Main Street, ManchesterHQ
- 30 Main Street, Burlington
Contact and registration details
- Legal name
- Hutner Capital Management Inc.
- Headquarters
- 3546 Main Street, Manchester, VT 05254
- Website
- hutner.capital
- Phone
- 802-366-8157
- @hutner-capital-management
- SEC file
- 801-79521
- Structure
- New Jersey corporation
- Fiscal year end
- December
Hutner Capital Management uses Pershing ($135M, 74%) and BNY Mellon, National Association ($47.5M, 26%) as custodians for its separately managed accounts. Hutner Capital Management has custody of client assets.
- BNY Mellon, National AssociationBNY Mellon, National Association · Pittsburgh, PA · $47.5M26%
- PershingPershing Advisor Solutions LLC · Jersey City, NJ · $135M74%
At year end, Hutner Capital Management’s separately managed accounts were mostly in stocks (91%). Its reported 13F holdings for the quarter ended 30 June 2026 total $252M across 43 positions; the largest are Berkshire Hathaway Inc. CL A (12.2%), Berkshire Hathaway Inc. CL B (7.8%) and Alphabet Inc. Class C (5.8%).
What the accounts hold
- Stocks91%
- Exchange-traded equities90%
- Non-exchange-traded equities1%
- Funds3%
- Bonds1%
- Cash5%
Reported 13F holdings
- $252M
- Reported 13F value
- 43
- Positions
- 57.4%
- In the 10 largest
- +3.6%
- Value vs. prior quarter
- Berkshire Hathaway Inc. CL A12.2%
- Berkshire Hathaway Inc. CL B7.8%
- Alphabet Inc. Class C5.8%
- Costco Whsl Corp.5.3%
- Philip Morris International In5.2%
- Coca-cola Company5.0%
- Johnson & Johnson4.5%
- Franco-nevada Corp.4.0%
- Abbvie Inc.4.0%
- Mcdonald's Corp.3.8%
Together, the ten largest are 57.4% of reported value.
How many clients does Hutner Capital Management have?
Hutner Capital Management has 120 clients and manages $271 million for them, as of March 2026. They include 76 high-net-worth individuals, 33 individual clients, and 6 corporations and other businesses.
Source: Form ADV Part 1A, Items 5.D and 5.F, filed 30 March 2026
What services does Hutner Capital Management offer?
Hutner Capital Management provides portfolio management for individuals and small businesses and portfolio management for pooled vehicles.
Source: Form ADV Part 1A, Item 5.G, from the SEC's 2 October 2026 data file
How much does Hutner Capital Management charge?
Hutner Capital Management charges up to 1.00% a year for its Investment management fee schedule. The fee is billed in advance, has a $2,000 annual minimum and requires an account of at least $1,000,000.
Source: HUTNER CAPITAL MANAGEMENT FORM ADV PART 2A AND B 033026, filed 30 March 2026
Which custodians does Hutner Capital Management use?
Hutner Capital Management’s separately managed account assets are held at Pershing Advisor Solutions LLC (Jersey City, NJ), with $135M and BNY Mellon, National Association (Pittsburgh, PA), with $47.5M. Only custodians holding at least a tenth of those assets are named.
Source: Form ADV Part 1A, Schedule D, Section 5.K.(3), filed 30 March 2026
How many financial advisors does Hutner Capital Management have?
Hutner Capital Management has 2 investment adviser representatives registered with state securities authorities, out of 4 employees, and 3 perform investment advisory functions. None are registered representatives of a broker-dealer or licensed insurance agents.
Source: Form ADV Part 1A, Items 5.A and 5.B, from the SEC's 2 October 2026 data file
What does Hutner Capital Management invest in?
At the end of its last fiscal year, Hutner Capital Management’s separately managed accounts held 90% exchange-traded equities, 5% cash and equivalents, 3% registered funds (mutual funds, ETFs, BDCs), 1% non-exchange-traded equities and 1% U.S. government and agency bonds. It advises 3 private funds.
Source: Form ADV Part 1A, Items 5.K.(1) and 7.B, from the SEC's 2 October 2026 data file
Does Hutner Capital Management have a minimum investment?
Yes, Hutner Capital Management’s minimum account size for its Investment management fee schedule is $1M. It charges a $2K annual minimum fee.
Source: HUTNER CAPITAL MANAGEMENT FORM ADV PART 2A AND B 033026, filed 30 March 2026
Who owns Hutner Capital Management?
Hutner Capital Management’s direct owner is Daniel Hutner (75% or more).
Source: Form ADV Part 1A, Schedules A and B, filed 30 March 2026
How does Hutner Capital Management get paid?
Hutner Capital Management is paid through a percentage of assets under management, fixed fees, performance-based fees and other compensation. Its Form ADV lists no commissions among how it is paid.
Source: Form ADV Part 1A, Item 5.E, from the SEC's 2 October 2026 data file
Is Hutner Capital Management registered with the SEC?
Yes, Hutner Capital Management has been registered with the SEC as an investment adviser since 9 April 2014. Its CRD number is 107896 and its SEC file number is 801-79521.
Source: Form ADV Part 1A, Item 1, filed 30 March 2026; IAPD firm record
How do I contact Hutner Capital Management?
Hutner Capital Management’s main office is at 3546 Main Street, Manchester, VT 05254. Its phone number is 802-366-8157. Its website is hutner.capital.