1y return+24.8%S&P 500 +20.9%
3y return+15.4%S&P 500 +68.5%
5y return+14.2%S&P 500 +74.5%
10y return+52.3%S&P 500 +256.5%
These returns are for its stock picks as disclosed on Form 13F: last quarter's holdings, valued at this quarter's prices. They miss trades within each quarter, short positions, options, bonds, cash and fees, so they aren't the returns its clients got.
$100 invested in its stock picks
Since June 30, 2016: $152 against $357 in the S&P 500.2
Elkhorn Partners Limited PartnershipS&P 500 (SPY)
Top holdings
At the end of June 30, 2026. Change is in shares since the quarter before.2
| Stock | Value | Share of portfolio | Change |
|---|---|---|---|
| BRK/ABerkshire Hathaway Inc Del | $37.4M | 32.1% | |
| BRK/BBerkshire Hathaway Inc Del | $27.3M | 23.4% | |
| White Mtns Ins Group LtdCUSIP G9618E107 | $25.5M | 21.9% | −3.0% |
| GOOGLAlphabet Inc Cap Stk | $5.6M | 4.8% | −1.9% |
| GOOGAlphabet Inc Cap Stk | $5.1M | 4.4% | |
| AAPLApple Inc | $3.4M | 2.9% | −2.5% |
| CDZICadiz Inc | $2.7M | 2.3% | +1.9% |
| BABoeing Co | $1.1M | 0.9% | |
| CMECme Group Inc | $994K | 0.9% | New |
| KMBKimberly Clark Corp | $944K | 0.8% | +26.5% |
| CCitigroup Inc | $826K | 0.7% | −3.3% |
| IFFInternational Flavors&fragra | $626K | 0.5% | −3.7% |
| QXOQxo Inc | $415K | 0.4% | +2081.8% |
| FOXFox Corp Cl B | $375K | 0.3% | New |
| METAFacebook Inc. | $366K | 0.3% | −7.1% |
| PANWPalo Alto Networks Inc | $341K | 0.3% | −33.3% |
| ADBEAdobe Systems Incorporated | $338K | 0.3% | +37.5% |
| MSFTMicrosoft Corp | $310K | 0.3% | New |
| UBERUber Technologies Inc | $303K | 0.3% | +61.5% |
| CRMSalesforce Inc | $251K | 0.2% | +23.1% |
| PFEPfizer Inc | $205K | 0.2% | +14.9% |
| BSXBoston Scientific Corp | $192K | 0.2% | New |
| NFLXNetflix Inc | $164K | 0.1% | +35.3% |
| DDDupont De Nemours Inc | $163K | 0.1% | New |
| AMZNAmazon Com Inc | $143K | 0.1% | −17.8% |
Best picks still held
How each current holding has done since the quarter it first appeared in its filings (up to six years back).
| Stock | Held since | Return since | Now worth |
|---|---|---|---|
| GOOGLAlphabet Inc Cap Stk | June 30, 2020 | +404.0% | $5.6M |
| GOOGAlphabet Inc Cap Stk | June 30, 2020 | +399.9% | $5.1M |
| AAPLApple Inc | June 30, 2020 | +217.3% | $3.4M |
| BRK/BBerkshire Hathaway Inc Del | June 30, 2020 | +180.3% | $27.3M |
| BRK/ABerkshire Hathaway Inc Del | June 30, 2020 | +180.2% | $37.4M |
| CCitigroup Inc | June 30, 2020 | +173.9% | $826K |
| White Mtns Ins Group LtdCUSIP G9618E107 | June 30, 2020 | +133.5% | $25.5M |
| PANWPalo Alto Networks Inc | March 31, 2026 | +112.7% | $341K |
| MAXMediaalpha Inc | March 31, 2026 | +35.2% | $57K |
| UNHUnitedhealth Group Inc | June 30, 2025 | +33.2% | $137K |
Sold off last quarter
- Kennedy-wilson Holdings IncCUSIP 489398107 was $45.4M
- Microsoft CorpCUSIP 594918404 was $209K
- Dupont De Nemours IncCUSIP 26614N102 was $151K
- CLFCleveland-cliffs Inc New was $80K
- DELLDell Technologies Inc was $49K
- DISDisney Walt Co was $48K
- FISVFisserv Inc was $22K
- FIGFigma Inc Class A Com was $13K
- HHHHoward Hughes Holdings Inc was $13K
- Fg Nexus IncCUSIP 30329Y304 was $10K
Quarter by quarter
| Quarter | Its picks | S&P 500 |
|---|---|---|
| June 30, 2026 | +2.7% | +14.8% |
| March 31, 2026 | +1.9% | −4.6% |
| December 31, 2025 | +9.9% | +2.4% |
| September 30, 2025 | +8.6% | +7.8% |
| June 30, 2025 | −9.9% | +10.5% |
| March 31, 2025 | +0.8% | −4.6% |
| December 31, 2024 | +0.7% | +2.1% |
| September 30, 2024 | +7.1% | +5.4% |
| June 30, 2024 | +3.4% | +4.0% |
| March 31, 2024 | −1.4% | +10.0% |
| December 31, 2023 | −5.1% | +11.2% |
| September 30, 2023 | −2.4% | −3.6% |
| June 30, 2023 | +2.9% | +8.3% |
| March 31, 2023 | +3.6% | +7.0% |
| December 31, 2022 | +6.5% | +7.1% |
| September 30, 2022 | −9.0% | −5.3% |
| June 30, 2022 | −17.5% | −16.5% |
| March 31, 2022 | +6.4% | −4.9% |
| December 31, 2021 | +8.8% | +10.7% |
| September 30, 2021 | +0.3% | +0.3% |
Sources
Every number on this page points here. Each one links to the public record.
- 1SEC EDGAR: Elkhorn Partners Limited Partnership Form 13F filingshttps://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=928400&type=13F-HR&dateb=&owner=include&count=40CIK 928400
- 2SEC: 13F for the quarter ended June 30, 2026https://www.sec.gov/Archives/edgar/data/928400/000090044026000043/Filed August 13, 2026 · accession 0000900440-26-000043