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