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Livermore
Livermore
ZHEN

Tufton Capital Management

SEC CIK
0001055963
Latest filing
Jul 27, 2026

The latest 13F from Tufton Capital Management covers Q2 2026 (filed Jul 27, 2026): 127 long positions worth $596.0M. The top 10 holdings make up 38.0% of the portfolio, and the largest is Corning Inc (GLW) at 6.2%. Livermore has 23 filings on Form 13F from this institution, going back to Q1 2021.

What changed in Q2 2026

Share counts compared with Q1 2026: how many positions were new, added to, reduced or sold out, and the biggest buys and sells. Dollar amounts are estimated at the quarter-end prices implied by the filing.

Full comparison
New
7
Est. +$12.6M
Added
26
Est. +$1.92M
Reduced
72
Est. −$21.3M
Sold out
6
Est. −$16.9M

Top 5 holdings

Share of this quarter's portfolio value

  1. GLWCorning Inc
    6.2%$36.7MHistory
  2. GOOGAlphabet Inc.
    4.9%$29.2MHistory
  3. MSFTMicrosoft Corp
    4.5%$27.1MHistory
  4. AAPLApple Inc.
    4.5%$27.0MHistory
  5. CATCaterpillar Inc
    3.9%$23.2MHistory

Biggest buys

New and added positions, by estimated amount bought

  1. XOMExxonMobil Holdings Corp
    +$11.2MNewHistory
  2. MSFTMicrosoft Corp
    +$464.4KAddedHistory
  3. Vanguard Ftse Developed Markets ETF921943858
    +$344.6KAdded
  4. Dimensional ETF Trust25434V799
    +$306.0KNew
  5. UNHUnitedHealth Group Inc
    +$270.0KNewHistory

Largest weight increases

New and added positions, by percentage points of the portfolio gained

  1. XOMExxonMobil Holdings Corp
    +1.87 pp0.0% → 1.9%History
  2. IBMInternational Business Machines Corp
    +0.09 pp1.2% → 1.2%History
  3. Vanguard Ftse Developed Markets ETF921943858
    +0.06 pp0.3% → 0.3%
  4. Dimensional ETF Trust25434V799
    +0.05 pp0.0% → 0.1%
  5. Vanguard Ftse Emerging Markets ETF922042858
    +0.05 pp0.2% → 0.3%

Biggest sells

Reduced and sold-out positions, by estimated amount sold

  1. XOMExxonMobil Holdings Corp
    −$14.4MSold outHistory
  2. GLWCorning Inc
    −$4.62MReducedHistory
  3. CATCaterpillar Inc
    −$2.30MReducedHistory
  4. INTCIntel Corp
    −$2.17MReducedHistory
  5. ELVElevance Health, Inc.
    −$1.21MSold outHistory

Largest weight decreases

Reduced and sold-out positions, by percentage points of the portfolio lost

  1. XOMExxonMobil Holdings Corp
    −2.62 pp2.6% → 0.0%History
  2. CVXChevron Corp
    −0.75 pp2.5% → 1.7%History
  3. TJXTJX Companies Inc
    −0.50 pp3.5% → 3.0%History
  4. LMTLockheed Martin Corp
    −0.46 pp2.0% → 1.6%History
  5. ZTSZoetis Inc.
    −0.44 pp1.0% → 0.5%History

Metrics

13F metrics for Q2 2026, computed only from the numbers in the filings. Definitions below.

Portfolio value
$596.0M
+$46.3M (+8.4%) vs. prior quarter
Positions
127
+1 vs. prior quarter
Top 10 concentration
38.0%
Top 10 as share of value
Turnover
2.5%
Q2 2026, one quarter
Average holding period
21.0 quarters
Weighted by value

How these are calculated

  • Portfolio value: the market value of all long positions in the 13F, as reported at quarter end, excluding options.
  • Top 10 concentration: the combined value of the 10 largest positions as a share of portfolio value.
  • Turnover: the smaller of this quarter's estimated purchases and estimated sales, divided by the average of this and last quarter's portfolio value. Estimates multiply the change in shares by the quarter-end price implied by the filing (market value divided by shares); new positions use this quarter's value and sold-out positions last quarter's. Only positions reported in shares count, and it is not calculated when the previous quarter was not filed.
  • Average holding period: how many consecutive quarters each current position has been held (including this one; a quarter without the position or without a filing starts the count over), weighted by this quarter's value. Counting starts with the first 13F in Livermore (Q1 2021), so positions held before then are understated.

13F filings by quarter

22 quarters, going back to Q1 2021. Bars show each quarter's 13F portfolio value; quarters without a filing are left blank.

Peak $651.3M (Q4 2021)

Q1 2021: $585.3MQ2 2021: $608.9MQ3 2021: $590.8MQ4 2021: $651.3MQ1 2022: $618.7MQ2 2022: $535.3MQ3 2022: $414.3MQ4 2022: $454.5MQ1 2023: $462.4MQ2 2023: $463.5MQ3 2023: $448.2MQ4 2023: $476.7MQ1 2024: $509.2MQ2 2024: $514.2MQ3 2024: $533.4MQ4 2024: $528.7MQ1 2025: $519.2MQ2 2025: $525.9MQ3 2025: $561.0MQ4 2025: $572.1MQ1 2026: $549.7MQ2 2026: $596.0M
Q1 2021Q2 2026
13F filings of Tufton Capital Management by quarter
QuarterFiledPositionsValueTop 3 holdingsChangesFiling
Q2 2026Jul 27, 2026127$596.0MGLWGOOGMSFTvs. Q1 2026SEC
Q1 2026May 12, 2026126$549.7MMSFTGOOGAAPLvs. Q4 2025SEC
Q4 2025Jan 28, 2026122$572.1MMSFTGOOGAAPLvs. Q3 2025SEC
Q3 2025Oct 31, 2025118$561.0MMSFTAAPLJPMvs. Q2 2025SEC
Q2 2025Aug 5, 2025118$525.9MMSFTJPMAAPLvs. Q1 2025SEC
Q1 2025May 6, 2025120$519.2MMSFTAAPLJPMvs. Q4 2024SEC
Q4 2024Feb 5, 2025120$528.7MMSFTAAPLGOOGvs. Q3 2024SEC
Q3 2024Nov 8, 2024121$533.4MMSFTAAPLGOOGvs. Q2 2024SEC
Q2 2024Jul 31, 2024119$514.2MMSFTAAPLGOOGvs. Q1 2024SEC
Q1 2024May 7, 2024118$509.2MMSFTAAPLGOOGvs. Q4 2023SEC
Q4 2023Jan 31, 2024123$476.7MMSFTAAPLGOOGvs. Q3 2023SEC
Q3 2023Oct 30, 2023Amended120$448.2MMSFTAAPLGOOGvs. Q2 2023SEC
Q2 2023Jul 28, 2023120$463.5MMSFTAAPLGOOGvs. Q1 2023SEC
Q1 2023Apr 19, 2023119$462.4MMSFTAAPLADPvs. Q4 2022SEC
Q4 2022Jan 26, 2023115$454.5MMSFTAAPLADPvs. Q3 2022SEC
Q3 2022Oct 21, 2022112$414.3MMSFTAAPLADPvs. Q2 2022SEC
Q2 2022Jul 20, 2022113$535.3MMSFTGOOGABBVvs. Q1 2022SEC
Q1 2022Apr 25, 2022126$618.7MMSFTGOOGTGTvs. Q4 2021SEC
Q4 2021Jan 28, 2022132$651.3MMSFTGOOGTGTvs. Q3 2021SEC
Q3 2021Oct 21, 2021125$590.8MMSFTGOOGTGTvs. Q2 2021SEC
Q2 2021Jul 29, 2021127$608.9MMSFTTGTGOOGvs. Q1 2021SEC
Q1 2021Apr 22, 2021129$585.3MMSFTTGTGOOG–SEC