BLACKHILL CAPITAL INC
Long book
$1.94B
Q1 2026
Positions
49
Top-10 weight
94%
concentration
Last quarter
+23.0%
SPY +14.8%
Turnover
2%
of book per quarter
Strategy in plain words
auto-generated from filingsBLACKHILL CAPITAL INC is a concentrated fundamental stock-picker, specialised in consumer_discretionary (73% of the long book), running a $1.94B US long book across 49 positions.
The portfolio is extremely concentrated — the top 10 positions are almost the whole book. The book barely moves quarter to quarter — a patient, low-turnover holder. Current anchor positions: WILLIAMS-SONOMA INC, ELI LILLY & CO, APPLE INC, ABBVIE INC, CATERPILLAR INC.
Over the last 9 quarters its long book ran on average 0.3pp per quarter ahead of the S&P 500, beating the index in 5 of 9 quarters. We rate its filings highest-signal: new buys here are worth attention.
Implied long-book return vs S&P 500
methodology: positions priced quarterly, no shorts/options Fund long book S&P 500
Q1 2024
-6.7%
Q2 2024
+8.6%
Q3 2024
+12.4%
Q4 2024
-10.2%
Q1 2025
+2.5%
Q2 2025
+16.8%
Q3 2025
-3.3%
Q4 2025
+0.2%
Q1 2026
+23.0%
Sector allocation
Consumer discretionary 73%
Healthcare 15%
Technology 6%
Industrials 2%
Utilities 2%
Services media 1%
Financials 1%
Other 0%
Long book by quarter
What does BLACKHILL CAPITAL own?
Q1 2026 13F| Company | Sector | Shares | Value | % of book | Change |
|---|---|---|---|---|---|
| WSM WILLIAMS-SONOMA INC | Consumer discretionary | 7.7M | $1.40B | 72.1% | -0.1% |
| LLY ELI LILLY & CO | Healthcare | 145.7K | $134.0M | 6.9% | -0.2% |
| AAPL APPLE INC | Technology | 248.2K | $63.0M | 3.2% | -0.5% |
| ABBV ABBVIE INC | Healthcare | 263.1K | $57.2M | 2.9% | +6.5% |
| CAT CATERPILLAR INC | Industrials | 59.5K | $42.2M | 2.2% | -0.8% |
| ABT ABBOTT LABORATORIES | Healthcare | 268.5K | $27.6M | 1.4% | Held |
| MSFT MICROSOFT CORP | Technology | 66.0K | $24.4M | 1.3% | Held |
| NVDA NVIDIA CORP | Technology | 139.9K | $24.4M | 1.3% | Held |
| ET ENERGY TRANSFER LP | Utilities | 1.2M | $23.2M | 1.2% | +3.4% |
| MRK MERCK & CO. INC. | Healthcare | 168.9K | $20.3M | 1.0% | Held |
| BMY BRISTOL-MYERS SQUIBB CO | Healthcare | 275.4K | $16.7M | 0.9% | -1.9% |
| JNJ JOHNSON & JOHNSON | Healthcare | 64.2K | $15.7M | 0.8% | Held |
| ZTS ZOETIS INC | Healthcare | 95.9K | $11.3M | 0.6% | Held |
| BRK/B BERKSHIRE HATHAWAY INC-CL B | Financials | 21.2K | $10.2M | 0.5% | Held |
| MA MASTERCARD INC - A | Services media | 20.0K | $10.0M | 0.5% | Held |
| DIS WALT DISNEY CO/THE | Services media | 101.5K | $9.8M | 0.5% | Held |
| AMZN AMAZON.COM INC | Consumer discretionary | 36.6K | $7.6M | 0.4% | Held |
| PG PROCTER & GAMBLE CO/THE | Other | 44.9K | $6.5M | 0.3% | Held |
| GOOG ALPHABET INC-CL C | Technology | 17.7K | $5.1M | 0.3% | Held |
| GOOGL ALPHABET INC-CL A | Technology | 16.0K | $4.6M | 0.2% | Held |
| BRK/A BERKSHIRE HATHAWAY INC-CL A | Financials | 6 | $4.3M | 0.2% | Held |
| EPD ENTERPRISE PRODUCTS PARTNERS | Utilities | 107.7K | $4.1M | 0.2% | Held |
| ZBH ZIMMER BIOMET HOLDINGS INC | Healthcare | 42.1K | $3.8M | 0.2% | Held |
| KMB KIMBERLY-CLARK CORP | Other | 29.0K | $2.8M | 0.1% | Held |
| CVX CHEVRON CORP | Energy | 11.6K | $2.4M | 0.1% | Held |
| PFE PFIZER INC | Healthcare | 47.2K | $1.3M | 0.1% | Held |
| WTRG ESSENTIAL UTILITIES INC | Utilities | 26.0K | $1.0M | 0.1% | Held |
| MCD MCDONALD'S CORP | Consumer discretionary | 3.0K | $932K | 0.0% | Held |
| AWR AMERICAN STATES WATER CO | Utilities | 10.8K | $817K | 0.0% | Held |
| AWK AMERICAN WATER WORKS CO INC | Utilities | 6.0K | $817K | 0.0% | Held |
| RMD RESMED INC | Healthcare | 3.4K | $763K | 0.0% | Held |
| PM PHILIP MORRIS INTERNATIONAL | Consumer staples | 4.2K | $694K | 0.0% | Held |
| FFIV F5 INC | Technology | 1.6K | $463K | 0.0% | Held |
| ELAN ELANCO ANIMAL HEALTH INC | Healthcare | 18.9K | $452K | 0.0% | Held |
| CL COLGATE-PALMOLIVE CO | Other | 5.0K | $426K | 0.0% | Held |
| MSEX MIDDLESEX WATER CO | Utilities | 6.7K | $347K | 0.0% | Held |
| CWT CALIFORNIA WATER SERVICE GRP | Utilities | 7.6K | $345K | 0.0% | Held |
| HSY HERSHEY CO/THE | Consumer staples | 600 | $125K | 0.0% | Held |
| TSLA TESLA INC | Industrials | 200 | $74K | 0.0% | Held |
| MGNI MAGNITE INC | Technology | 6.0K | $71K | 0.0% | Held |
| NFLX NETFLIX INC | Services media | 650 | $62K | 0.0% | Held |
| NSC NORFOLK SOUTHERN CORP | Industrials | 200 | $57K | 0.0% | Held |
| TR TOOTSIE ROLL INDS | Consumer staples | 1.3K | $55K | 0.0% | Held |
| AVNS AVANOS MEDICAL INC | Healthcare | 2.4K | $33K | 0.0% | Held |
| ED CONSOLIDATED EDISON INC | Utilities | 253 | $29K | 0.0% | Held |
13F filing history
| Period | Form | Filed | Entries | Reported value | Flags | Source |
|---|---|---|---|---|---|---|
| Q1 2026 | 13F-HR | May 14, 2026 | 49 | $1.94B | canonical | SEC ↗ |
| Q4 2025 | 13F-HR | Feb 13, 2026 | 50 | $1.94B | canonical | SEC ↗ |
| Q3 2025 | 13F-HR | Nov 13, 2025 | 51 | $2.02B | canonical | SEC ↗ |
| Q2 2025 | 13F-HR | Aug 14, 2025 | 49 | $1.73B | canonical | SEC ↗ |
| Q1 2025 | 13F-HR | May 14, 2025 | 49 | $1.72B | canonical | SEC ↗ |
| Q4 2024 | 13F-HR | Feb 13, 2025 | 50 | $1.93B | canonical | SEC ↗ |
| Q3 2024 | 13F-HR | Nov 12, 2024 | 52 | $1.74B | canonical | SEC ↗ |
| Q2 2024 | 13F-HR | Aug 13, 2024 | 53 | $1.61B | canonical | SEC ↗ |
| Q1 2024 | 13F-HR | May 14, 2024 | 53 | $1.74B | canonical | SEC ↗ |