Tufton Capital Management
Reported holdings as of Q3 2026, from 32 quarterly filings.
Holdings
Download these holdings as CSV
| Security | Ticker | Value | Shares | Weight | Weight change | Held | Change |
|---|---|---|---|---|---|---|---|
| MICROSOFT CORP | MSFT | $36.8M | 71,771 | +1.76pp | 32q | -1.2%-$434.4K | |
| APPLE INC | AAPL | $30.6M | 92,022 | +0.72pp | 32q | -1.4%-$442.6K | |
| ALPHABET INC | GOOG | $27.6M | 81,108 | -0.16pp | 32q | -1.8%-$504.6K | |
| JPMORGAN CHASE & CO | JPM | $21.8M | 65,864 | -0.10pp | 32q | -5.7%-$1.3M | |
| CORNING INC | GLW | $21.3M | 138,327 | -2.51pp | 32q | -3.7%-$827.2K | |
| CATERPILLAR INC | CAT | $17.3M | 21,389 | -0.92pp | 32q | -1.9%-$334.0K | |
| AMAZON COM INC | AMZN | $16.5M | 66,094 | +0.15pp | 32q | -1.2%-$204.8K | |
| TJX COS INC NEW | TJX | $15.3M | 115,776 | -0.34pp | 32q | -0.9%-$140.2K | |
| MERCK & CO INC | MRK | $14.1M | 97,178 | +0.30pp | 32q | -1.1%-$159.0K | |
| JOHNSON & JOHNSON | JNJ | $14.0M | 53,002 | +0.13pp | 32q | -0.9%-$131.8K | |
| ABBVIE INC | ABBV | $13.8M | 52,881 | +0.11pp | 32q | -1.1%-$155.9K | |
| EXXONMOBIL HOLDINGS CORP | XOM | $13.2M | 80,989 | +0.38pp | 2q | -0.9%-$120.3K | |
| RTX CORPORATION | RTX | $12.7M | 68,524 | -0.02pp | 26q | -1.0%-$128.7K | |
| AUTOMATIC DATA PROCESSING IN | ADP | $12.7M | 49,065 | +0.31pp | 32q | -1.1%-$143.0K | |
| CHEVRON CORPORATION | CVX | $12.5M | 61,405 | +0.43pp | 32q | -0.9%-$114.4K | |
| BANK OF AMER CORP | BAC | $12.0M | 220,882 | -0.07pp | 32q | -1.1%-$131.9K | |
| QUALCOMM INC | QCOM | $11.6M | 62,793 | +0.02pp | 32q | -0.7%-$86.7K | |
| EMERSON ELEC CO | EMR | $10.9M | 70,264 | +0.17pp | 32q | -0.5%-$54.9K | |
| CHUBB LIMITED | CB | $10.6M | 32,740 | -0.06pp | 32q | -0.8%-$88.1K | |
| TAIWAN SEMICONDUCTOR MANUFAC | TSM | $10.5M | 22,959 | -0.11pp | 32q | -3.4%-$364.0K | |
| NORFOLK SOUTHN CORP | NSC | $10.1M | 32,655 | -0.01pp | 32q | -0.8%-$81.6K | |
| TARGET CORP | TGT | $9.9M | 63,277 | +0.30pp | 32q | -0.6%-$62.8K | |
| LOCKHEED MARTIN CORP | LMT | $9.2M | 18,128 | +0.03pp | 32q | HELD | |
| WELLS FARGO & CO | WFC | $9.2M | 115,226 | -0.03pp | 32q | -0.6%-$60.0K | |
| PROCTER & GAMBLE CO | PG | $9.0M | 61,665 | flat | 32q | -1.2%-$105.0K | |
| PHILIP MORRIS INTL INC | PM | $7.5M | 39,357 | +0.09pp | 32q | -0.5%-$39.7K | |
| NXP SEMICONDUCTORS N V | NXPI | $7.5M | 31,486 | -0.21pp | 27q | HELD | |
| ALPHABET INC | GOOGL | $7.0M | 20,211 | -0.04pp | 32q | -1.4%-$98.1K | |
| DIGITAL RLTY TR INC | DLR | $6.8M | 38,473 | -0.01pp | 27q | -0.7%-$44.2K | |
| ABBOTT LABORATORIES | ABT | $6.7M | 67,951 | +0.11pp | 32q | -0.5%-$36.3K | |
| ELI LILLY & CO | LLY | $6.6M | 5,698 | -0.02pp | 14q | -0.5%-$34.7K | |
| INTERNATIONAL BUSINESS MACHS | IBM | $5.8M | 26,324 | -0.25pp | 32q | HELD | |
| MONDELEZ INTL INC | MDLZ | $5.8M | 100,084 | +0.01pp | 32q | -1.3%-$74.9K | |
| ISHARES TR | IVV | $5.7M | 7,456 | +0.04pp | 32q | HELD | |
| DANAHER CORP DEL | DHR | $5.5M | 24,987 | +0.08pp | 32q | -7.7%-$464.1K | |
| MEDTRONIC PLC | MDT | $5.3M | 61,031 | +0.09pp | 25q | -1.1%-$58.7K | |
| COCA COLA CO | KO | $5.1M | 59,662 | +0.06pp | 32q | HELD | |
| INTEL CORP | INTC | $4.9M | 40,928 | -0.13pp | 32q | -1.9%-$97.6K | |
| 3M CO | MMM | $4.9M | 29,944 | +0.03pp | 32q | HELD | |
| CARRIER GLOBAL CORPORATION | CARR | $4.8M | 88,006 | -0.26pp | 26q | -0.7%-$32.0K | |
| DUKE ENERGY CORP NEW | DUK | $4.8M | 42,166 | -0.08pp | 32q | -0.5%-$25.5K | |
| UNITED PARCEL SVCS INC | UPS | $4.5M | 48,433 | -0.09pp | 32q | +1.3%+$57.9K | |
| STATE STR SPDR DOW JONES IND | DIA | $4.1M | 8,018 | -0.03pp | 32q | -4.0%-$168.8K | |
| BRISTOL-MYERS SQUIBB CO | BMY | $4.0M | 64,183 | +0.06pp | 32q | HELD | |
| DISNEY WALT CO | DIS | $3.8M | 36,244 | +0.07pp | 32q | HELD | |
| BERKSHIRE HATHAWAY INC DEL | BRKB | $3.7M | 7,364 | +0.01pp | 32q | HELD | |
| VERIZON COMMUNICATIONS INC | VZ | $3.7M | 79,663 | +0.05pp | 32q | -1.3%-$46.9K | |
| PEPSICO INC | PEP | $3.6M | 28,352 | -0.05pp | 32q | -2.6%-$96.5K | |
| CISCO SYS INC | CSCO | $3.5M | 32,433 | -0.11pp | 32q | -9.4%-$362.0K | |
| CAPITAL ONE FINL CORP | COF | $3.4M | 17,696 | -0.01pp | 32q | HELD | |
| CHESAPEAKE UTILS CORP | CPK | $3.3M | 25,375 | +0.04pp | 32q | HELD | |
| ZOETIS INC | ZTS | $3.3M | 46,622 | +0.03pp | 32q | +6.6%+$201.1K | |
| STATE STR SPDR S&P 500 ETF T | SPY | $3.2M | 4,201 | +0.03pp | 32q | +0.9%+$29.7K | |
| ENTERPRISE PRODS PARTNERS L | EPD | $2.9M | 81,820 | -0.01pp | 32q | HELD | |
| VANGUARD TAX-MANAGED FDS | VEA | $2.2M | 30,800 | +0.05pp | 32q | +14.9%+$281.3K | |
| PNC FINL SVCS GROUP INC | PNC | $2.0M | 9,070 | -0.03pp | 32q | HELD | |
| COLGATE PALMOLIVE CO | CL | $1.9M | 22,819 | -0.02pp | 32q | HELD | |
| COSTCO WHOLESALE CORPORATION | COST | $1.9M | 2,074 | -0.03pp | 32q | -8.2%-$169.3K | |
| ISHARES TR | IEFA | $1.8M | 19,030 | +0.01pp | 32q | HELD | |
| QNITY ELECTRONICS INC | Q | $1.8M | 14,580 | -0.09pp | 4q | -1.0%-$18.7K | |
| VANGUARD INTL EQUITY INDEX F | VWO | $1.8M | 30,456 | +0.03pp | 32q | +10.6%+$173.6K | |
| DEERE CO | DE | $1.7M | 2,575 | +0.02pp | 32q | HELD | |
| ELEVANCE HEALTH INC FORMERLY | ELV | $1.6M | 4,124 | - | new | NEW | |
| SPDR SERIES TRUST | SDY | $1.6M | 10,716 | flat | 32q | HELD | |
| META PLATFORMS INC | META | $1.5M | 2,098 | +0.06pp | 20q | -2.6%-$39.9K | |
| NVIDIA CORPORATION | NVDA | $1.4M | 6,320 | +0.02pp | 14q | -5.8%-$89.0K | |
| CROWN CASTLE INC | CCI | $1.4M | 21,064 | -0.37pp | 32q | -56.3%-$1.8M | |
| AMERICAN EXPRESS CO | AXP | $1.4M | 4,445 | -0.02pp | 31q | HELD | |
| ISHARES TR | IJH | $1.3M | 17,900 | -0.01pp | 32q | HELD | |
| DUPONT DE NEMOURS INC | DD | $1.2M | 9,419 | -0.01pp | 2q | -1.7%-$21.4K | |
| MCCORMICK & CO INC | MKC | $1.2M | 25,078 | -0.02pp | 32q | -2.5%-$30.1K | |
| ISHARES TR | IJR | $1.1M | 7,995 | -0.01pp | 32q | HELD | |
| NIKE INC | NKE | $1.1M | 30,378 | -0.10pp | 8q | -26.7%-$392.3K | |
| SYSCO CORP | SYY | $1.1M | 13,579 | -0.01pp | 32q | -0.9%-$9.7K | |
| VANGUARD INDEX FDS | VOO | $1.0M | 1,453 | +0.06pp | 3q | +40.7%+$294.3K | |
| ARM HOLDINGS PLC | ARM | $984.0K | 3,399 | -0.05pp | 10q | -6.9%-$72.4K | |
| SLB LIMITED | SLB | $978.0K | 20,086 | +0.01pp | 32q | HELD | |
| VISA INC | V | $960.0K | 2,674 | +0.01pp | 25q | HELD | |
| ISHARES INC | IEMG | $956.0K | 11,784 | flat | 32q | HELD | |
| ISHARES TR | IGM | $942.0K | 5,575 | +0.01pp | 32q | HELD | |
| OTIS WORLDWIDE CORP | OTIS | $900.0K | 13,993 | -0.02pp | 26q | -1.6%-$14.5K | |
| CHIPOTLE MEXICAN GRILL INC | CMG | $875.0K | 27,405 | -0.01pp | 32q | -3.7%-$33.5K | |
| DIMENSIONAL ETF TRUST | DFAC | $807.0K | 18,177 | +0.05pp | 3q | +47.1%+$258.3K | |
| GE AEROSPACE | GE | $765.0K | 2,449 | -0.02pp | 16q | HELD | |
| NEXTERA ENERGY INC | NEE | $714.0K | 9,438 | -0.02pp | 32q | HELD | |
| WALMART INC | WMT | $697.0K | 6,714 | -0.01pp | 32q | -1.4%-$9.9K | |
| UNION PAC CORP | UNP | $658.0K | 2,421 | flat | 31q | HELD | |
| ALTRIA GROUP INC | MO | $638.0K | 9,489 | flat | 32q | +2.4%+$15.1K | |
| OCCIDENTAL PETE CORP | OXY | $611.0K | 11,062 | +0.01pp | 7q | -0.7%-$4.1K | |
| GE VERNOVA INC | GEV | $599.0K | 630 | -0.02pp | 7q | HELD | |
| ISHARES TR | MTUM | $583.0K | 1,838 | +0.03pp | 3q | +62.2%+$223.6K | |
| EATON CORP PLC | ETN | $573.0K | 1,334 | flat | 15q | HELD | |
| SELECT SECTOR SPDR TR | XLK | $568.0K | 2,906 | flat | 14q | HELD | |
| PRICE T ROWE GROUP INC | TROW | $561.0K | 5,396 | -0.03pp | 32q | -15.2%-$100.3K | |
| DIMENSIONAL ETF TRUST | DFUV | $546.0K | 9,937 | +0.04pp | 3q | +62.5%+$210.0K | |
| LOWES COS INC | LOW | $540.0K | 2,935 | -0.02pp | 32q | HELD | |
| CSX CORP | CSX | $514.0K | 11,072 | flat | 32q | HELD | |
| BERKLEY W R CORP | WRB | $498.0K | 7,385 | - | new | NEW | |
| INVESCO QQQ TR | QQQ | $480.0K | 649 | flat | 8q | HELD | |
| NETFLIX INC. | NFLX | $472.0K | 6,790 | flat | 16q | -2.9%-$13.9K | |
| DIMENSIONAL ETF TRUST | DFIC | $455.0K | 12,103 | +0.03pp | 2q | +47.3%+$146.2K | |
| DOW HLDGS INC | DOW | $442.0K | 16,070 | flat | 30q | -0.5%-$2.4K | |
| INTUITIVE SURGICAL INC | ISRG | $441.0K | 1,085 | flat | 16q | -4.4%-$20.3K | |
| GOLDMAN SACHS GROUP INC | GS | $423.0K | 470 | -0.01pp | 10q | -1.1%-$4.5K | |
| DIMENSIONAL ETF TRUST | DUHP | $421.0K | 10,067 | +0.02pp | 3q | +29.6%+$96.1K | |
| AIR PRODUCTS AND CHEMICALS I | APD | $420.0K | 1,510 | flat | 32q | HELD | |
| PINTEREST INC | PINS | $419.0K | 22,225 | -0.01pp | 26q | -8.2%-$37.5K | |
| HOME DEPOT INC | HD | $388.0K | 1,364 | -0.01pp | 31q | HELD | |
| BOSTON SCIENTIFIC CORP | BSX | $367.0K | 8,427 | flat | 23q | -3.4%-$13.1K | |
| DIMENSIONAL ETF TRUST | DFIV | $337.0K | 6,047 | +0.02pp | 2q | +41.0%+$97.9K | |
| ISHARES TR | IMTM | $326.0K | 6,205 | - | new | NEW | |
| AMERICAN CENTY ETF TR | AVEM | $317.0K | 3,378 | +0.02pp | 2q | +42.2%+$94.1K | |
| AMERICAN CENTY ETF TR | AVSC | $314.0K | 4,554 | - | new | NEW | |
| BOEING CO | BA | $304.0K | 1,636 | -0.01pp | 4q | -4.3%-$13.8K | |
| SHELL PLC | SHEL | $302.0K | 3,178 | +0.01pp | 16q | HELD | |
| BLACKROCK INC | BLK | $287.0K | 272 | flat | 7q | -3.5%-$10.6K | |
| VANGUARD INTL EQUITY INDEX F | VEU | $271.0K | 3,270 | flat | 6q | HELD | |
| FARMERS & MERCHANTS BANCORP | FMAO | $270.0K | 7,800 | +0.01pp | 3q | HELD | |
| DIMENSIONAL ETF TRUST | DIHP | $268.0K | 7,958 | - | new | NEW | |
| VANGUARD INDEX FDS | VB | $265.0K | 934 | - | new | NEW | |
| STRYKER CORPORATION | SYK | $262.0K | 955 | -0.01pp | 24q | HELD | |
| UNITEDHEALTH GROUP INC | UNH | $238.0K | 650 | flat | 2q | HELD | |
| AMERIPRISE FINL INC | AMP | $224.0K | 455 | flat | 5q | HELD | |
| SPDR GOLD TR | GLD | $211.0K | 555 | flat | 4q | HELD | |
| MASTERCARD INCORPORATED | MA | $209.0K | 380 | flat | 20q | -6.2%-$13.8K | |
| MONGODB INC | MDB | $209.0K | 600 | flat | 2q | HELD | |
| BROWN FORMAN CORP | BFB | $205.0K | 7,851 | flat | 3q | -2.5%-$5.2K | |
| TESLA INC | TSLA | $205.0K | 579 | -0.01pp | 5q | HELD | |
| VANGUARD WORLD FD | VGT | $201.0K | 1,600 | - | new | NEW | |
| ELUTIA INC | ELUT | $9.0K | 12,050 | flat | 9q | -17.2%-$1.9K | |
| ECOSPHERE TECHNOLOGIES INC COM | $0 | 10,500 | flat | 2q | HELD |
By sector
Industry comes from the SIC code on each company's own SEC filings, which is self-reported and sometimes out of date. Derivative exposure is counted with the shares. Securities the SEC assigns no industry - funds, trusts, foreign issues - are shown as not classified rather than dropped.
| Sector | Value | Share |
|---|---|---|
| Software & IT Services | $86.2M | 14.8% |
| Biotech & Pharma | $62.6M | 10.7% |
| Semiconductors & Electronics | $51.8M | 8.9% |
| Banks & Lending | $50.1M | 8.6% |
| Retail & Consumer | $46.1M | 7.9% |
| Computer Hardware | $39.9M | 6.8% |
| Energy | $33.8M | 5.8% |
| Industrials | $24.5M | 4.2% |
| Food, Drink & Tobacco | $24.0M | 4.1% |
| Autos & Aerospace | $22.5M | 3.9% |
| Mining & Metals | $21.3M | 3.6% |
| Insurance | $16.7M | 2.9% |
| Other sectors | $79.5M | 13.6% |
| Not classified | $24.6M | 4.2% |
What the disclosed book did
This is not the fund's return. A 13F shows long US equity positions only, so shorts, bonds, foreign listings, private holdings and cash are all invisible here. What this measures is the quarter's change in value of the positions this manager disclosed, had they been left untouched - the return a reader following the filing would have earned.
| Quarter | Book | Market | Difference | Priced |
|---|---|---|---|---|
| Q3 2026 | -1.1% | +2.1% | -3.2% | 100% |
| Q2 2026 | +12.3% | +14.8% | -2.5% | 100% |
| Q1 2026 | -0.2% | -4.6% | +4.5% | 100% |
| Q4 2025 | +3.0% | +2.4% | +0.6% | 100% |
| Q3 2025 | +6.7% | +7.8% | -1.1% | 100% |
| Q2 2025 | +5.2% | +10.5% | -5.3% | 100% |
| Q1 2025 | -1.3% | -4.6% | +3.3% | 100% |
| Q4 2024 | -1.6% | +2.1% | -3.8% | 100% |
Market is SPY over the same two quarter ends, priced the same way as everything else here - the median across every filer reporting it. It is a large-cap US proxy, so a manager holding small caps or biotech will beat or trail it for reasons that are not skill. Prices are quarter-end to quarter-end and say nothing about the path in between, or about trades opened and closed inside a quarter.
Quarter by quarter
| Quarter | Value | Positions | New | Added | Trimmed | Exited | Top 10 | Days to file |
|---|---|---|---|---|---|---|---|---|
| Q3 2026 | $583.4M | 131 | 7 | 14 | 65 | 3 | 36.9% | 20 |
| Q2 2026 | $596.0M | 127 | 9 | 19 | 67 | 7 | 38.0% | 27 |
| Q1 2026 | $549.7M | 125 | 8 | 14 | 75 | 4 | 35.7% | 42 |
| Q4 2025 | $572.1M | 121 | 6 | 19 | 75 | 2 | 35.9% | 28 |
| Q3 2025 | $561.0M | 117 | 3 | 17 | 41 | 3 | 35.1% | 31 |
| Q2 2025 | $525.9M | 117 | 1 | 14 | 72 | 3 | 32.9% | 36 |
| Q1 2025 | $519.2M | 119 | 4 | 30 | 41 | 4 | 31.9% | 36 |
| Q4 2024 | $528.7M | 119 | 2 | 25 | 48 | 3 | 33.3% | 36 |
| Q3 2024 | $533.4M | 120 | 6 | 22 | 70 | 4 | 32.0% | 39 |
| Q2 2024 | $514.2M | 118 | 4 | 25 | 48 | 3 | 33.8% | 31 |
| Q1 2024 | $509.2M | 117 | 1 | 29 | 50 | 6 | 32.4% | 37 |
| Q4 2023 | $476.7M | 122 | 5 | 17 | 76 | 2 | 31.4% | 31 |
| Q3 2023 | $448.2M | 119 | 2 | 41 | 38 | 2 | 32.0% | 30 |
| Q2 2023 | $463.5M | 119 | 5 | 17 | 63 | 4 | 31.5% | 28 |
| Q1 2023 | $462.4M | 118 | 4 | 25 | 37 | 0 | 30.1% | 19 |
| Q4 2022 | $454.5M | 114 | 6 | 21 | 49 | 3 | 29.7% | 26 |
| Q3 2022 | $414.3M | 111 | 1 | 14 | 48 | 2 | 30.0% | 21 |
| Q2 2022 | $535.3M | 112 | 0 | 26 | 22 | 13 | 32.1% | 20 |
| Q1 2022 | $618.7M | 125 | 2 | 22 | 69 | 8 | 32.5% | 25 |
| Q4 2021 | $651.3M | 131 | 8 | 31 | 41 | 1 | 32.7% | 28 |
| Q3 2021 | $590.8M | 124 | 2 | 29 | 43 | 4 | 32.5% | 21 |
| Q2 2021 | $608.9M | 126 | 4 | 33 | 57 | 6 | 32.5% | 29 |
| Q1 2021 | $585.3M | 128 | 7 | 37 | 51 | 1 | 32.2% | 22 |
| Q4 2020 | $542.3M | 122 | 9 | 40 | 31 | 4 | 32.7% | 32 |
| Q3 2020 | $484.0M | 117 | 7 | 22 | 56 | 2 | 32.3% | 23 |
| Q2 2020 | $454.1M | 112 | 7 | 44 | 29 | 2 | 32.3% | 27 |
| Q1 2020 | $390.1M | 107 | 2 | 32 | 38 | 13 | 32.3% | 23 |
| Q4 2019 | $508.1M | 118 | 3 | 22 | 43 | 3 | 30.9% | 24 |
| Q3 2019 | $473.9M | 118 | 2 | 12 | 66 | 7 | 30.0% | 25 |
| Q2 2019 | $472.9M | 123 | 6 | 27 | 51 | 4 | 28.9% | 26 |
| Q1 2019 | $469.5M | 121 | 8 | 49 | 34 | 4 | 28.6% | 29 |
| Q4 2018 | $407.6M | 117 | 0 | 0 | 0 | 0 | 29.3% | 28 |
Rows marked UNVERIFIED ID, PLACEHOLDER ID, TICKER AS ID or NON-CUSIP ID carry an identifier that is not a valid CUSIP. They are shown because the filer reported that money, but treat the security named with caution - hover the chip for what is wrong with it, and see the methodology.
Held counts consecutive filings in which this manager reported the position, and can reach further back than the quarters listed above: the tabs begin at Q4 2018 because earlier coverage is too sparse to describe a market, but tenure is counted over every filing we hold, some reaching to 2007. A position sold and later rebought starts again from one.
Weight change is the shift in this position's share of the whole book, in percentage points. It is the more useful column: when money flows into or out of a broad fund, almost every holding is bought or sold at once, so added and trimmed largely track flows. A weight that rose while the book shrank is a decision. Both compare with the previous quarter this filer reported, not the previous calendar quarter.