ELKHORN PARTNERS LIMITED PARTNERSHIP
Long book
$157.1M
Q1 2026
Positions
48
Top-10 weight
97%
concentration
Last quarter
+6.1%
SPY +14.8%
Turnover
34%
of book per quarter
Strategy in plain words
auto-generated from filingsELKHORN PARTNERS LIMITED PARTNERSHIP is a concentrated fundamental stock-picker, specialised in financials (82% of the long book), running a $157.1M US long book across 48 positions.
The portfolio is extremely concentrated — the top 10 positions are almost the whole book. The portfolio is actively managed, with meaningful quarterly turnover. Current anchor positions: KENNEDYWILSON HOLDINGS INC COM, BERKSHIRE HATHAWAY INC-CL A, WHITE MOUNTAINS INSURANCE GP, BERKSHIRE HATHAWAY INC-CL B, ALPHABET INC-CL A.
Over the last 9 quarters its long book ran on average 1.4pp per quarter behind the S&P 500, beating the index in 4 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
-0.1%
Q2 2024
+4.6%
Q3 2024
+5.2%
Q4 2024
+6.1%
Q1 2025
-6.2%
Q2 2025
+5.0%
Q3 2025
+8.1%
Q4 2025
-1.5%
Q1 2026
+6.1%
Sector allocation
Financials 81%
Technology 12%
Utilities 3%
Other 1%
Industrials 1%
Services media 1%
Healthcare 0%
Materials 0%
Long book by quarter
What does ELKHORN PARTNERS own?
Q1 2026 13F| Company | Sector | Shares | Value | % of book | Change |
|---|---|---|---|---|---|
| BRK/A BERKSHIRE HATHAWAY INC-CL A | Financials | 50 | $35.9M | 22.9% | Held |
| WTM WHITE MOUNTAINS INSURANCE GP | Financials | 12.7K | $27.9M | 17.8% | -6.6% |
| BRK/B BERKSHIRE HATHAWAY INC-CL B | Financials | 54.4K | $26.1M | 16.6% | +0.7% |
| GOOGL ALPHABET INC-CL A | Technology | 15.9K | $4.6M | 2.9% | -3.0% |
| GOOG ALPHABET INC-CL C | Technology | 14.5K | $4.2M | 2.6% | Held |
| CDZI CADIZ INC | Utilities | 643.5K | $3.2M | 2.0% | -1.3% |
| AAPL APPLE INC | Technology | 12.1K | $3.1M | 2.0% | +4.7% |
| BA BOEING CO/THE | Industrials | 4.9K | $975K | 0.6% | +17.8% |
| C CITIGROUP INC | Financials | 6.1K | $692K | 0.4% | -1.6% |
| KMB KIMBERLY-CLARK CORP | Other | 6.8K | $656K | 0.4% | +172.0% |
| IFF INTL FLAVORS & FRAGRANCES | Other | 8.2K | $595K | 0.4% | -9.9% |
| META META PLATFORMS INC-CLASS A | Technology | 700 | $400K | 0.3% | +125.8% |
| ADBE ADOBE INC | Technology | 1.2K | $292K | 0.2% | Held |
| CRM SALESFORCE INC | Technology | 1.3K | $243K | 0.2% | New |
| PANW PALO ALTO NETWORKS INC | Technology | 1.5K | $240K | 0.2% | New |
| MAX MEDIAALPHA INC-CLASS A | Services media | 23.0K | $214K | 0.1% | New |
| MSFT MICROSOFT CORP | Technology | 565 | $209K | 0.1% | New |
| PFE PFIZER INC | Healthcare | 7.4K | $208K | 0.1% | +5.7% |
| UBER UBER TECHNOLOGIES INC | Services media | 2.6K | $187K | 0.1% | +36.8% |
| NFLX NETFLIX INC | Services media | 1.7K | $163K | 0.1% | +70.0% |
| AMZN AMAZON.COM INC | Consumer discretionary | 730 | $152K | 0.1% | +265.0% |
| DD DUPONT DE NEMOURS INC | Materials | 3.3K | $151K | 0.1% | -32.7% |
| NOW SERVICENOW INC | Technology | 1.3K | $136K | 0.1% | New |
| UNH UNITEDHEALTH GROUP INC | Financials | 470 | $127K | 0.1% | -47.8% |
| ACTG ACACIA RESEARCH CORP | Financials | 25.0K | $120K | 0.1% | -27.5% |
| AXP AMERICAN EXPRESS CO | Financials | 350 | $106K | 0.1% | New |
| FPH FIVE POINT HOLDINGS LLC-CL A | Real estate | 21.0K | $102K | 0.1% | Held |
| DOW DOW INC | Materials | 2.2K | $92K | 0.1% | -91.7% |
| CRSP CRISPR THERAPEUTICS AG | Healthcare | 1.9K | $90K | 0.1% | +14.5% |
| CLF CLEVELAND-CLIFFS INC | Materials | 9.5K | $80K | 0.1% | -23.4% |
| CRDF CARDIFF ONCOLOGY INC | Healthcare | 44.5K | $72K | 0.0% | +16.8% |
| BATRK ATLANTA BRAVES HOLDINGS IN-C | Services media | 1.6K | $68K | 0.0% | +6.7% |
| NVDA NVIDIA CORP | Technology | 300 | $52K | 0.0% | New |
| DELL DELL TECHNOLOGIES -C | Technology | 300 | $49K | 0.0% | Held |
| DIS WALT DISNEY CO/THE | Services media | 500 | $48K | 0.0% | New |
| OXY OCCIDENTAL PETROLEUM CORP | Energy | 700 | $46K | 0.0% | -98.2% |
| NEPH NEPHROS INC | Healthcare | 12.0K | $36K | 0.0% | +71.4% |
| RDI READING INTERNATIONAL INC-A | Services media | 26.0K | $29K | 0.0% | Held |
| FORR FORRESTER RESEARCH INC | Services media | 5.0K | $28K | 0.0% | +66.7% |
| FISV FISERV INC | Services media | 400 | $22K | 0.0% | +207.7% |
| QXO QXO INC | Consumer discretionary | 1.1K | $21K | 0.0% | New |
| BHVN BIOHAVEN LTD | Healthcare | 2.0K | $17K | 0.0% | +33.3% |
| FIG FIGMA INC-CL A | Technology | 600 | $13K | 0.0% | +20.0% |
| HHH HOWARD HUGHES HOLDINGS INC | Real estate | 200 | $13K | 0.0% | -33.3% |
| CREX CREATIVE REALITIES INC | Technology | 15 | $52 | 0.0% | Held |
13F filing history
| Period | Form | Filed | Entries | Reported value | Flags | Source |
|---|---|---|---|---|---|---|
| Q1 2026 | 13F-HR | May 14, 2026 | 48 | $157.1M | canonical | SEC ↗ |
| Q4 2025 | 13F-HR | Feb 17, 2026 | 50 | $158.3M | canonical | SEC ↗ |
| Q3 2025 | 13F-HR | Nov 13, 2025 | 37 | $147.3M | canonical | SEC ↗ |
| Q2 2025 | 13F-HR | Aug 14, 2025 | 37 | $137.5M | canonical | SEC ↗ |
| Q1 2025 | 13F-HR | May 14, 2025 | 35 | $152.6M | $K fixed canonical | SEC ↗ |
| Q4 2024 | 13F-HR | Feb 13, 2025 | 42 | $152.3M | $K fixed canonical | SEC ↗ |
| Q3 2024 | 13F-HR | Nov 13, 2024 | 45 | $155.6M | $K fixed canonical | SEC ↗ |
| Q2 2024 | 13F-HR | Aug 12, 2024 | 50 | $145.2M | $K fixed canonical | SEC ↗ |
| Q1 2024 | 13F-HR/ARESTATEMENT | May 16, 2024 | 46 | $138.6M | $K fixed canonical | SEC ↗ |
| Q1 2024 | 13F-HR | May 14, 2024 | 46 | $139K | SEC ↗ |