Investment adviser · CRD 107896

HUTNER CAPITAL MANAGEMENT INC.

Investment adviser filing (IA)

MANCHESTER, VT, United States · Form ADV filed Mar 30, 2026

Regulatory AUM
$271M
Form ADV · Item 5.F
Client accounts
122
Accounts, not individual clients
Employees
4
Reported in this filing
Advisory professionals
3
Investment advisory functions

Who they report serving

Form ADV · Item 5.D

Client types and their share of reported regulatory assets.

Client typeClientsRegulatory assetsShare of AUM
High-net-worth individuals76$167,558,94961.8%
Pooled investment vehicles5$80,630,20229.7%
Corporations & businesses6$14,340,8825.3%
Individuals33$8,207,5053.0%
CharitiesFewer than 5$428,7550.2%
Filing source

Form ADV 2078408 · Mar 30, 2026 · Item 5.D

Official IAPD profile (latest public filing). Values are the most recently reported in our imported data; the public profile may show a newer filing.

Private funds & service providers

3 Private funds

The count excludes feeder funds. Funds in the latest filing appear first, ordered by reported gross assets. Earlier funds retain their last reported values.

AVALON PARTNERS, L.P.Hedge Fund · Last reported Mar 30, 2026$51.7MGross asset value
Fund administrator STRATEGIC FUND SERVICES ISELIN, New Jersey, United States Investor statements: No (provided to no investors) Related to adviser: No
Auditor WOLF AND COMPANY, P.C. BOSTON, Massachusetts, United States
Custodian BNY MELLON, NATIONAL ASSOCIATION PITTSBURGH, Pennsylvania, United States Related to adviser: No
Custodian PERSHING ADVISOR SOLUTIONS LLC JERSEY CITY, New Jersey, United States Related to adviser: No
Provider details
Annual audit
Yes
Prime brokers
No
Custodians
Yes
Administrator other than the adviser
Yes
External marketing
No

WOLF AND COMPANY, P.C.
PCAOB 392

BNY MELLON, NATIONAL ASSOCIATION
LEI 4EP6JBYBTPTQ47LZOB67

PERSHING ADVISOR SOLUTIONS LLC
SEC 8-47425

Fund details & source
Fund ID
805-3559998209
Reported beneficial owners
48
Minimum commitment
$50K

Form ADV 2078408 · Mar 30, 2026 · Schedule D 7.B.(1)

Official IAPD profile (latest public filing). Values are the most recently reported in our imported data; the public profile may show a newer filing.

HUTNER HIGH INCOME FUND, L.P.Hedge Fund · Last reported Mar 30, 2026$27.4MGross asset value
Fund administrator STRATEGIC FUND SERVICES ISELIN, New Jersey, United States Investor statements: No (provided to no investors) Related to adviser: No
Auditor WOLF AND COMPANY, P.C. BOSTON, Massachusetts, United States
Custodian BNY MELLON, NATIONAL ASSOCIATION PITTSBURGH, Pennsylvania, United States Related to adviser: No
Custodian PERSHING ADVISOR SOLUTIONS LLC JERSEY CITY, New Jersey, United States Related to adviser: No
Provider details
Annual audit
Yes
Prime brokers
No
Custodians
Yes
Administrator other than the adviser
Yes
External marketing
No

WOLF AND COMPANY, P.C.
PCAOB 392

BNY MELLON, NATIONAL ASSOCIATION
LEI 4EP6JBYBTPTQ47LZOB67

PERSHING ADVISOR SOLUTIONS LLC
SEC 8-47425

Fund details & source
Fund ID
805-3244196587
Reported beneficial owners
46
Minimum commitment
$50K

Form ADV 2078408 · Mar 30, 2026 · Schedule D 7.B.(1)

Official IAPD profile (latest public filing). Values are the most recently reported in our imported data; the public profile may show a newer filing.

HUTNER SPECIAL SITUATIONS FUND, L.P.Hedge Fund · Last reported Mar 30, 2026$1.3MGross asset value
Fund administrator STRATEGIC FUND SERVICES ISELIN, New Jersey, United States Investor statements: No (provided to no investors) Related to adviser: No
Auditor WOLF AND COMPANY, P.C. BOSTON, Massachusetts, United States
Custodian PERSHING ADVISOR SOLUTIONS LLC JERSEY CITY, New Jersey, United States Related to adviser: No
Provider details
Annual audit
Yes
Prime brokers
No
Custodians
Yes
Administrator other than the adviser
Yes
External marketing
No

WOLF AND COMPANY, P.C.
PCAOB 392

PERSHING ADVISOR SOLUTIONS LLC
SEC 8-47425

Fund details & source
Fund ID
805-7607772030
Reported beneficial owners
5
Minimum commitment
$50K

Form ADV 2078408 · Mar 30, 2026 · Schedule D 7.B.(1)

Official IAPD profile (latest public filing). Values are the most recently reported in our imported data; the public profile may show a newer filing.

Services & filing details

Most recent filing: Mar 30, 2026. View historical filings

Reported services

Individual portfolio management · Pooled investment vehicle management

Compensation

Percentage of assets · Fixed · Performance-based

Principal office

3546 MAIN STREET
MANCHESTER, VT, 05254, United States

CRD 107896

Filing source

Form ADV 2078408 · Mar 30, 2026 · Items 1 & 5

Official IAPD profile (latest public filing). Values are the most recently reported in our imported data; the public profile may show a newer filing.