# EDGAR Filing Document

**Accession Number:** 0001055963
**File Stem:** 0001055963-23-000001
**Filing Date:** 2023-1
**Character Count:** 14946
**Document Hash:** c11496b7f123ccc36e3147e3e928f9c3
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001055963-23-000001.hdr.sgml**: 20230126

**ACCESSION NUMBER**: 0001055963-23-000001

**CONFORMED SUBMISSION TYPE**: 13F-HR

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20221231

**FILED AS OF DATE**: 20230126

**DATE AS OF CHANGE**: 20230126

**EFFECTIVENESS DATE**: 20230126

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Tufton Capital Management
- **CENTRAL INDEX KEY:** 0001055963
- **IRS NUMBER:** 200409880
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 13F-HR
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 028-06742
- **FILM NUMBER:** 23557501

**BUSINESS ADDRESS:**
- **STREET 1:** 303 INTERNATIONAL CIRCLE
- **CITY:** HUNT VALLEY
- **STATE:** MD
- **ZIP:** 21030
- **BUSINESS PHONE:** 410-400-8500

**MAIL ADDRESS:**
- **STREET 1:** 303 INTERNATIONAL CIRCLE
- **CITY:** HUNT VALLEY
- **STATE:** MD
- **ZIP:** 21030

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** HARDESTY CAPITAL MANAGEMENT CORP
- **DATE OF NAME CHANGE:** 19990330

### FORM 13F COVER PAGE

**Report for the Calendar Year or Quarter Ended:** 12-31-2022

**Check here if Amendment** [ ] **Amendment Number:** 

**This Amendment (Check only one.):** [ ] is a restatement.

[ ] adds new holdings entries.

**Institutional Investment Manager Filing this Report:**

**Name:** Tufton Capital Management<br>**Address:** 303 INTERNATIONAL CIRCLE<br>HUNT VALLEY, MD 21030

**Form 13F File Number:** 028-06742

**CRD Number (if applicable):** 000113543

The institutional investment manager filing this report and the person by whom it is signed hereby represent that the person signing the report is authorized to submit it, that all information contained herein is true, correct and complete, and that it is understood that all required items, statements, schedules, lists, and tables, are considered integral parts of this form.

**Person Signing this Report on Behalf of Reporting Manager:**

**Name:** Eric P Schopf<br>**Title:** Chief Compliance Officer<br>**Phone:** 4104008500

**Signature, Place, and Date of Signing:**

Eric P Schopf  HUNT VALLEY, MD  01-26-2023<br>[Signature]  [City, State]  [Date]

**Report Type (Check only one.):**

[x] **13F HOLDINGS REPORT.** (Check here if all holdings of this reporting manager are reported in this report.)

[ ] **13F NOTICE.** (Check here if no holdings are reported in this report, and all holdings are reported by other reporting manager(s).)

[ ] **13F COMBINATION REPORT.** (Check here if a portion of the holdings for this reporting manager are reported in this report and a portion are reported by other reporting manager(s).)

### Form 13F Summary Page

**Report Summary:**

**Number of Other Included Managers:** 0

**Form 13F Information Table Entry Total:** 115

**Form 13F Information Table Value Total:** $454546535

      (round to nearest dollar)

**List of Other Included Managers:**

Provide a numbered list of the name(s) and Form 13F file number(s) of all institutional investment managers with respect to which this report is filed, other than the manager filing this report.

[If there are no entries in this list, state “NONE” and omit the column headings and list entries.]

**NONE**

### FORM 13F INFORMATION TABLE

---

|  |  |  |  |  |  |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| NAME OF ISSUER | TITLE OF CLASS | CUSIP | FIGI | VALUE (x$1000) | SHRS OR PRN AMT | SH/PRN | PUT/CALL | INVESTMENT DISCRETION | OTHER MANAGER | VOTING AUTHORITY | VOTING AUTHORITY | VOTING AUTHORITY |
| NAME OF ISSUER | TITLE OF CLASS | CUSIP | FIGI | VALUE (x$1000) | SHRS OR PRN AMT | SH/PRN | PUT/CALL | INVESTMENT DISCRETION | OTHER MANAGER | SOLE | SHARED | NONE |
| 3M COMPANY | COM | 88579y101 |  | 5031113 | 41953 | SH |  | SOLE |  | 0 | 0 | 41953 |
| ABBOTT LABS | COM | 002824100 |  | 7988292 | 72759 | SH |  | SOLE |  | 0 | 0 | 72759 |
| ABBVIE INC SHS | COM | 00287y109 |  | 11793570 | 72975 | SH |  | SOLE |  | 0 | 0 | 72975 |
| AIR PRODS  CHEMS INC COM | COM | 009158106 |  | 482735 | 1566 | SH |  | SOLE |  | 0 | 0 | 1566 |
| ALPHABET INC SHS    CL A | COM | 02079k305 |  | 2228689 | 25260 | SH |  | SOLE |  | 0 | 0 | 25260 |
| ALPHABET INC SHS    CL C | COM | 02079k107 |  | 10188688 | 114828 | SH |  | SOLE |  | 0 | 0 | 114828 |
| ALTRIA GROUP INC | COM | 02209s103 |  | 1006945 | 22029 | SH |  | SOLE |  | 0 | 0 | 22029 |
| AMAZON COM INC  COM | COM | 023135106 |  | 4466112 | 53168 | SH |  | SOLE |  | 0 | 0 | 53168 |
| AMERICAN EXPRESS CO COM | COM | 025816109 |  | 699596 | 4735 | SH |  | SOLE |  | 0 | 0 | 4735 |
| AMERICAN TOWER REIT INC (HLDG | COM | 03027x100 |  | 399356 | 1885 | SH |  | SOLE |  | 0 | 0 | 1885 |
| APPLE INC COM | COM | 037833100 |  | 15289772 | 117677 | SH |  | SOLE |  | 0 | 0 | 117677 |
| AUTOMATIC DATA PROC | COM | 053015103 |  | 14451806 | 60503 | SH |  | SOLE |  | 0 | 0 | 60503 |
| BANK OF AMERICA CORP | COM | 060505104 |  | 8019908 | 242147 | SH |  | SOLE |  | 0 | 0 | 242147 |
| BERKSHIRE HATHAWAYINC   DEL CL | COM | 084670702 |  | 2929298 | 9483 | SH |  | SOLE |  | 0 | 0 | 9483 |
| BLACKROCK INC | COM | 09247x101 |  | 238808 | 337 | SH |  | SOLE |  | 0 | 0 | 337 |
| BOEING COMPANY | COM | 097023105 |  | 650142 | 3413 | SH |  | SOLE |  | 0 | 0 | 3413 |
| BOSTON SCIENTIFIC CORP | COM | 101137107 |  | 700527 | 15140 | SH |  | SOLE |  | 0 | 0 | 15140 |
| BRISTOL-MYERS SQUIBB CO | COM | 110122108 |  | 10526932 | 146309 | SH |  | SOLE |  | 0 | 0 | 146309 |
| BROWN FORMAN CORP CL B | COM | 115637209 |  | 622449 | 9477 | SH |  | SOLE |  | 0 | 0 | 9477 |
| CAPITAL ONE FINL | COM | 14040h105 |  | 1836610 | 19757 | SH |  | SOLE |  | 0 | 0 | 19757 |
| CARRIER GLOBAL CORP | COM | 14448c104 |  | 4388957 | 106398 | SH |  | SOLE |  | 0 | 0 | 106398 |
| CATERPILLAR INC DEL | COM | 149123101 |  | 8924568 | 37254 | SH |  | SOLE |  | 0 | 0 | 37254 |
| CHESAPEAKE UTILS CORP COM | COM | 165303108 |  | 8420325 | 71250 | SH |  | SOLE |  | 0 | 0 | 71250 |
| CHEVRON CORP | COM | 166764100 |  | 13091873 | 72939 | SH |  | SOLE |  | 0 | 0 | 72939 |
| CHIPOTLE MEXICAN GRILL | COM | 169656105 |  | 928230 | 669 | SH |  | SOLE |  | 0 | 0 | 669 |
| CHUBB  LTD  New | COM | h1467j104 |  | 8805855 | 39917 | SH |  | SOLE |  | 0 | 0 | 39917 |
| CISCO SYSTEMS INC    COM | COM | 17275r102 |  | 5991444 | 125765 | SH |  | SOLE |  | 0 | 0 | 125765 |
| COCA COLA COM | COM | 191216100 |  | 5239972 | 82376 | SH |  | SOLE |  | 0 | 0 | 82376 |
| COLGATE PALMOLIVE | COM | 194162103 |  | 3829468 | 48603 | SH |  | SOLE |  | 0 | 0 | 48603 |
| CONSTELLATION BRANDS INC | COM | 21036p108 |  | 568482 | 2453 | SH |  | SOLE |  | 0 | 0 | 2453 |
| CORNING INC COM | COM | 219350105 |  | 7836726 | 245357 | SH |  | SOLE |  | 0 | 0 | 245357 |
| COSTCO WHOLESALE CRP DEL | COM | 22160k105 |  | 1457604 | 3193 | SH |  | SOLE |  | 0 | 0 | 3193 |
| CROWN CASTLE INC. | COM | 22822v101 |  | 8075598 | 59537 | SH |  | SOLE |  | 0 | 0 | 59537 |
| CSX CORP | COM | 126408103 |  | 269526 | 8700 | SH |  | SOLE |  | 0 | 0 | 8700 |
| DANAHER CORP DEL     COM | COM | 235851102 |  | 569591 | 2146 | SH |  | SOLE |  | 0 | 0 | 2146 |
| DEERE CO | COM | 244199105 |  | 1096339 | 2557 | SH |  | SOLE |  | 0 | 0 | 2557 |
| DIGITAL RLTY TR INC | COM | 253868103 |  | 2437563 | 24310 | SH |  | SOLE |  | 0 | 0 | 24310 |
| DISNEY (WALT) CO COM STK | COM | 254687106 |  | 6142394 | 70699 | SH |  | SOLE |  | 0 | 0 | 70699 |
| DOW INC REG             SHS | COM | 260557103 |  | 2419114 | 48007 | SH |  | SOLE |  | 0 | 0 | 48007 |
| DUKE ENERGY CORP NEW | COM | 26441c204 |  | 5110312 | 49619 | SH |  | SOLE |  | 0 | 0 | 49619 |
| DUPONT DE NEMOURS    INC | COM | 26614n102 |  | 3599985 | 52454 | SH |  | SOLE |  | 0 | 0 | 52454 |
| ECOSPHERE TECH INC COM | COM | 27922x105 |  | 0 | 10500 | SH |  | SOLE |  | 0 | 0 | 10500 |
| ELEVANCE HEALTH INC. | COM | 036752103 |  | 2132929 | 4158 | SH |  | SOLE |  | 0 | 0 | 4158 |
| EMERSON ELEC CO | COM | 291011104 |  | 8192806 | 85288 | SH |  | SOLE |  | 0 | 0 | 85288 |
| ENTERPRISE PRDTS PRTN LPL P | COM | 293792107 |  | 2923223 | 121195 | SH |  | SOLE |  | 0 | 0 | 121195 |
| EXXON MOBIL CORP     COM | COM | 30231g102 |  | 11086414 | 100511 | SH |  | SOLE |  | 0 | 0 | 100511 |
| FARMER  MERCHANTS BANCORP INC | COM | 30779N105 |  | 265005 | 9750 | SH |  | SOLE |  | 0 | 0 | 9750 |
| FEDEX CORP DELAWARE  COM | COM | 31428x106 |  | 320593 | 1851 | SH |  | SOLE |  | 0 | 0 | 1851 |
| FIDELITY MSCI REAL ESTATE INDE | COM | 316092857 |  | 618835 | 24943 | SH |  | SOLE |  | 0 | 0 | 24943 |
| GENERAL ELECTRIC | COM | 369604301 |  | 218691 | 2610 | SH |  | SOLE |  | 0 | 0 | 2610 |
| HOME DEPOT INC | COM | 437076102 |  | 406195 | 1286 | SH |  | SOLE |  | 0 | 0 | 1286 |
| HONEYWELL INTL INC COM | COM | 438516106 |  | 411027 | 1918 | SH |  | SOLE |  | 0 | 0 | 1918 |
| I SHARES US MEDICAL DEVICES | COM | 464288810 |  | 210280 | 4000 | SH |  | SOLE |  | 0 | 0 | 4000 |
| INTEL CORP | COM | 458140100 |  | 2908029 | 110027 | SH |  | SOLE |  | 0 | 0 | 110027 |
| INTL BUSINESS MACHINES  CORP I | COM | 459200101 |  | 5363576 | 38069 | SH |  | SOLE |  | 0 | 0 | 38069 |
| INTUIT INC | COM | 461202103 |  | 315268 | 810 | SH |  | SOLE |  | 0 | 0 | 810 |
| INTUITIVE SURGICAL INC  NEW | COM | 46120e602 |  | 217587 | 820 | SH |  | SOLE |  | 0 | 0 | 820 |
| INVESCO S 500 LOW VOLATILITY | COM | 46138e354 |  | 354645 | 5550 | SH |  | SOLE |  | 0 | 0 | 5550 |
| ISHARES CORE S 500 ETF | COM | 464287200 |  | 1741623 | 4533 | SH |  | SOLE |  | 0 | 0 | 4533 |
| ISHARES CORE S MID-CAPETF | COM | 464287507 |  | 978928 | 4047 | SH |  | SOLE |  | 0 | 0 | 4047 |
| ISHARES CORE S SMALL  CAP ET | COM | 464287804 |  | 807089 | 8528 | SH |  | SOLE |  | 0 | 0 | 8528 |
| ISHARES TR NORTH AMERN TECH ET | COM | 464287549 |  | 322000 | 1150 | SH |  | SOLE |  | 0 | 0 | 1150 |
| JOHNSON AND JOHNSON  COM | COM | 478160104 |  | 10814706 | 61221 | SH |  | SOLE |  | 0 | 0 | 61221 |
| JPMORGAN CHASE  CO | COM | 46625h100 |  | 11962725 | 89207 | SH |  | SOLE |  | 0 | 0 | 89207 |
| LOCKHEED MARTIN CORP | COM | 539830109 |  | 10584684 | 21757 | SH |  | SOLE |  | 0 | 0 | 21757 |
| LOWE'S COMPANIES INC | COM | 548661107 |  | 628602 | 3155 | SH |  | SOLE |  | 0 | 0 | 3155 |
| MASTERCARD INC | COM | 57636q104 |  | 278184 | 800 | SH |  | SOLE |  | 0 | 0 | 800 |
| MC CORMICK NON VTG | COM | 579780206 |  | 853932 | 10302 | SH |  | SOLE |  | 0 | 0 | 10302 |
| MCDONALDS CORP       COM | COM | 580135101 |  | 336527 | 1277 | SH |  | SOLE |  | 0 | 0 | 1277 |
| MEDTRONIC PLC SHS | COM | g5960l103 |  | 4786036 | 61580 | SH |  | SOLE |  | 0 | 0 | 61580 |
| MERCK AND CO INC SHS | COM | 58933y105 |  | 14217382 | 128142 | SH |  | SOLE |  | 0 | 0 | 128142 |
| META PLATFORMS INC CL A | COM | 30303m102 |  | 246697 | 2050 | SH |  | SOLE |  | 0 | 0 | 2050 |
| MICROSOFT CORP | COM | 594918104 |  | 20469677 | 85354 | SH |  | SOLE |  | 0 | 0 | 85354 |
| MONDELEZ INTERNATIONAL  INC | COM | 609207105 |  | 8145596 | 122214 | SH |  | SOLE |  | 0 | 0 | 122214 |
| NETFLIX COM INC | COM | 64110l106 |  | 201697 | 684 | SH |  | SOLE |  | 0 | 0 | 684 |
| NEXTERA ENERGY INC SHS | COM | 65339f101 |  | 844360 | 10100 | SH |  | SOLE |  | 0 | 0 | 10100 |
| NORFOLK SOUTHERN CORP | COM | 655844108 |  | 9925612 | 40279 | SH |  | SOLE |  | 0 | 0 | 40279 |
| NXP SEMICONDUCTORS N.V. | COM | n6596x109 |  | 5969741 | 37776 | SH |  | SOLE |  | 0 | 0 | 37776 |
| OTIS WORLDWIDE CORP | COM | 68902v107 |  | 2240742 | 28613 | SH |  | SOLE |  | 0 | 0 | 28613 |
| PEPSICO INC | COM | 713448108 |  | 6953242 | 38488 | SH |  | SOLE |  | 0 | 0 | 38488 |
| PFIZER INC COM | COM | 717081103 |  | 530487 | 10353 | SH |  | SOLE |  | 0 | 0 | 10353 |
| PHILIP MORRIS INTL INC | COM | 718172109 |  | 5068394 | 50078 | SH |  | SOLE |  | 0 | 0 | 50078 |
| PINTEREST INC REG SHS   CL A | COM | 72352l106 |  | 221433 | 9120 | SH |  | SOLE |  | 0 | 0 | 9120 |
| PNC FINCL SERVICES GROUP | COM | 693475105 |  | 1580505 | 10007 | SH |  | SOLE |  | 0 | 0 | 10007 |
| PRICE T ROWE GROUP INC | COM | 74144t108 |  | 647489 | 5937 | SH |  | SOLE |  | 0 | 0 | 5937 |
| PROCTER  GAMBLE CO | COM | 742718109 |  | 10774225 | 71088 | SH |  | SOLE |  | 0 | 0 | 71088 |
| PROLOGIS INC | COM | 743410103 |  | 614040 | 5447 | SH |  | SOLE |  | 0 | 0 | 5447 |
| QUALCOMM INC | COM | 747525103 |  | 8914292 | 81083 | SH |  | SOLE |  | 0 | 0 | 81083 |
| RAYTHEON TECHONOLOGIES CORP | COM | 75513e101 |  | 8950988 | 88693 | SH |  | SOLE |  | 0 | 0 | 88693 |
| SCHLUMBERGER LTD | COM | 806857108 |  | 1266734 | 23695 | SH |  | SOLE |  | 0 | 0 | 23695 |
| SERVICE CORP INTL COM | COM | 817565104 |  | 345700 | 5000 | SH |  | SOLE |  | 0 | 0 | 5000 |
| SOUTHERN COMPANY | COM | 842587107 |  | 232629 | 3257 | SH |  | SOLE |  | 0 | 0 | 3257 |
| SPDR DOW JONES INDUST AVETF TR | COM | 78467x109 |  | 4260241 | 12858 | SH |  | SOLE |  | 0 | 0 | 12858 |
| SPDR S 500 ETF TR TR UNIT | COM | 78462f103 |  | 1617296 | 4229 | SH |  | SOLE |  | 0 | 0 | 4229 |
| SPDR S DIVIDEND ETF | COM | 78464a763 |  | 1449024 | 11582 | SH |  | SOLE |  | 0 | 0 | 11582 |
| STRYKER CORP | COM | 863667101 |  | 254269 | 1040 | SH |  | SOLE |  | 0 | 0 | 1040 |
| SYSCO CORP COM | COM | 871829107 |  | 1573073 | 20576 | SH |  | SOLE |  | 0 | 0 | 20576 |
| TARGET CORP        COM | COM | 87612e106 |  | 10884987 | 73034 | SH |  | SOLE |  | 0 | 0 | 73034 |
| TJX COS INC NEW | COM | 872540109 |  | 11604406 | 145784 | SH |  | SOLE |  | 0 | 0 | 145784 |
| UNION PAC CORP COM | COM | 907818108 |  | 695548 | 3359 | SH |  | SOLE |  | 0 | 0 | 3359 |
| UNITED PARCEL SVC CL B | COM | 911312106 |  | 8200032 | 47170 | SH |  | SOLE |  | 0 | 0 | 47170 |
| V F CORPORATION | COM | 918204108 |  | 2372761 | 85938 | SH |  | SOLE |  | 0 | 0 | 85938 |
| VERIZON COMMUNICATNS COM | COM | 92343v104 |  | 4241853 | 107661 | SH |  | SOLE |  | 0 | 0 | 107661 |
| VISA INC CL A SHRS | COM | 92826c839 |  | 824599 | 3969 | SH |  | SOLE |  | 0 | 0 | 3969 |
| WALMART INC | COM | 931142103 |  | 340437 | 2401 | SH |  | SOLE |  | 0 | 0 | 2401 |
| WELLS FARGO  CO NEW DEL | COM | 949746101 |  | 5922761 | 143443 | SH |  | SOLE |  | 0 | 0 | 143443 |
| ZOETIS INC | COM | 98978v103 |  | 6914485 | 47181 | SH |  | SOLE |  | 0 | 0 | 47181 |
| ISHARES INC CORE MSCI   EMERGI | INT | 46434g103 |  | 426511 | 9133 | SH |  | SOLE |  | 0 | 0 | 9133 |
| ISHARES MSCI EAFE SMALL CAP | INT | 464288273 |  | 295898 | 5239 | SH |  | SOLE |  | 0 | 0 | 5239 |
| ISHARES TR CORE MSCI EAFETF | INT | 46432f842 |  | 805819 | 13073 | SH |  | SOLE |  | 0 | 0 | 13073 |
| SHELL PLC | INT | 780259305 |  | 201887 | 3545 | SH |  | SOLE |  | 0 | 0 | 3545 |
| TAIWAN S MANUFCTRING ADR | INT | 874039100 |  | 2468226 | 33135 | SH |  | SOLE |  | 0 | 0 | 33135 |
| VANGUARD FTSE ALL WORLD EX US | INT | 922042775 |  | 331174 | 6605 | SH |  | SOLE |  | 0 | 0 | 6605 |
| VANGUARD FTSE DEVELOPED MARKET | INT | 921943858 |  | 660523 | 15738 | SH |  | SOLE |  | 0 | 0 | 15738 |
| VANGUARD FTSE EMERGING  MARKET | INT | 922042858 |  | 1043650 | 26774 | SH |  | SOLE |  | 0 | 0 | 26774 |

---