Item 5Additional Compensation18
Item 6Supervision18
Item 1Cover Page18
Item 3Disciplinary Information19
Item 5Additional Compensation19
Item 6Supervision20
Hutner Capital Management, Inc., a New Jersey corporation formed in 1995, provides investment
management services to individuals, trusts, estates, charitable organizations, and pension and
profit sharing plans. The firm does not provide financial planning services separate from its
investment advisory services. Daniel E. Hutner is the president and principal owner of the firm.
At December 31, 2023, Hutner Capital managed 116 client accounts totaling approximately $194
million. All of these accounts are managed on a discretionary basis.
Hutner Capital specializes in long-term investments in high-quality companies. We manage
accounts for growth and for high current and growing income, both with a focus on capital
preservation. Investments are primarily in equity securities traded on major domestic exchanges
or over-the-counter, including some American Depositary Receipts of foreign companies. In
addition, where appropriate to an account’s investment objective, we
may invest in
investment-grade corporate debt securities, warrants, commercial paper, United States
government securities, municipal securities, ETFs, or mutual fund shares. In addition, we may
take shorter-term positions in stocks of companies in special situations such as mergers,
acquisitions, legal proceedings, spin-offs, liquidations, bankruptcies, recapitalizations, or the
like.
Hutner Capital Management, Inc. generally limits acceptance of new account relationships to
those with a market value of $1 million or greater. Multiple related accounts may be aggregated to
meet this minimum, and the president may make exceptions to this policy in his sole discretion.
Select smaller accounts may be accepted under our asset-based pricing option, described in
Item 5. Fees and Compensation. Prospective clients must be approved by the president before the
firm begins to supervise their accounts.
Accounts are managed with a limited power of attorney according to the client’s stated needs and
objectives. We sometimes agree to client-imposed restrictions on investing in certain securities or
types of securities with the understanding that such restrictions could affect performance relative
to benchmarks that include those securities, and that an appropriate benchmark excluding such
securities may not be available for fairly evaluating performance. Clients should also be aware
that imposing such restrictions may result in their accounts being less diversified than other
accounts and performing differently than accounts that are managed without restrictions.
Daniel E. Hutner, president of Hutner Capital Management, Inc., also serves as Managing
Member of Avalon Partners Management, LLC, which is the General Partner of:
Hutner High Income Fund, L.P., an investment partnership that seeks to achieve high
and growing income with a secondary objective of capital appreciation;
Avalon Partners, L.P., an investment partnership that invests primarily in the equity