Elkhorn Partners Limited Partnership
OMAHA, NE
$117m in 50 US stocks at the end of 30 June 2026. The top 10 are 94.4% of the money. It changed about 29.4% of the portfolio this quarter.
Value
$117m
Stocks
50
Top 10 share
94.4%
Turnover
29.4%
What changed this quarter
New
Bought for the first time this quarter.
- CME GroupCME0.9% of the fund
- FoxFOX0.3% of the fund
- MicrosoftMSFT0.3% of the fund
- Boston ScientificBSX0.2% of the fund
- DuPont de NemoursDD0.1% of the fund
- GE HealthCare TechnologiesGEHC<0.1% of the fund
- HersheyHSY<0.1% of the fund
- Shake ShackSHAK<0.1% of the fund
- Pershing Square USAPSUS<0.1% of the fund
- Cable OneCABO<0.1% of the fund
- FG NexusFGNX<0.1% of the fund
- Mount Logan CapitalMLCI<0.1% of the fund
Added
Bought more of a stock they already held.
- Kimberly-ClarkKMB0.8% of the fund+26%
- QXOQXO0.4% of the fund+2082%
- AdobeADBE0.3% of the fund+38%
- Uber TechnologiesUBER0.3% of the fund+62%
- SalesforceCRM0.2% of the fund+23%
- PfizerPFE0.2% of the fund+15%
- NetflixNFLX0.1% of the fund+35%
- Five Point HoldingsFPH0.1% of the fund+10%
- CRISPR Therapeutics AGCRSP<0.1% of the fund+5%
- Alibaba Group HldgBABA<0.1% of the fund+200%
- NvidiaNVDA<0.1% of the fund+40%
- Cardiff OncologyCRDF<0.1% of the fund+8%
- Occidental PetroleumOXY<0.1% of the fund+43%
Cut
Sold some of their stake.
- White Mountains Insurance GroupWTM21.9% of the fund-3%
- AppleAAPL2.9% of the fund-2%
- CitigroupC0.7% of the fund-3%
- International Flavors & FragrancesIFF0.5% of the fund-4%
- Meta PlatformsMETA0.3% of the fund-7%
- Palo Alto NetworksPANW0.3% of the fund-33%
- Amazon.comAMZN0.1% of the fund-18%
- UnitedHealth GroupUNH0.1% of the fund-30%
- ServiceNowNOW<0.1% of the fund-23%
- MediaAlphaMAX<0.1% of the fund-80%
- DOWDOW<0.1% of the fund-9%
- NephrosNEPH<0.1% of the fund-8%
- American ExpressAXP<0.1% of the fund-71%
- Forrester ResearchFORR<0.1% of the fund-40%
- BiohavenBHVN<0.1% of the fund-45%
Sold out
Sold their entire stake.
- Kennedy-Wilson Holdings-100%
- Microsoft-100%
- DuPont de NemoursDD-100%
- Cleveland-CliffsCLF-100%
- Dell TechnologiesDELL-100%
- Walt DisneyDIS-100%
- FiservFISV-100%
- FigmaFIG-100%
- Howard Hughes HoldingsHHH-100%
- FG Nexus-100%
Holdings
- Berkshire Hathaway INC DELBRK-A
- Share
- 32.1%
- Value
- $37m
- Shares
- 50
Held
- Alibaba Group HldgBABA
- Share
- <0.1%
- Value
- $86,382
- Shares
- 900
+200%
- Pershing Square USAPSUS
- Share
- <0.1%
- Value
- $37,380
- Shares
- 1,000
New
| Company | Share of fund | Value | Shares | Change |
|---|---|---|---|---|
| Berkshire Hathaway INC DELBRK-A | 32.1% | $37m | 50 | Held |
| Berkshire HathawayBRK-B | 23.4% | $27m | 54,630 | Held |
| White Mountains Insurance GroupWTM | 21.9% | $26m | 12,320 | -3% |
| AlphabetGOOGL | 4.8% | $6m | 15,600 | Held |
| AlphabetGOOG | 4.4% | $5m | 14,500 | Held |
| AppleAAPL | 2.9% | $3m | 11,800 | -2% |
| CadizCDZI | 2.3% | $3m | 656,000 | Held |
| BoeingBA | 0.9% | $1m | 4,900 | Held |
| CME GroupCME | 0.9% | $993,735 | 4,500 | New |
| Kimberly-ClarkKMB | 0.8% | $944,022 | 8,600 | +26% |
| CitigroupC | 0.7% | $825,764 | 5,900 | -3% |
| International Flavors & FragrancesIFF | 0.5% | $625,838 | 7,900 | -4% |
| QXOQXO | 0.4% | $414,720 | 24,000 | +2082% |
| FoxFOX | 0.3% | $374,720 | 8,000 | New |
| Meta PlatformsMETA | 0.3% | $366,139 | 650 | -7% |
| Palo Alto NetworksPANW | 0.3% | $341,020 | 1,000 | -33% |
| AdobeADBE | 0.3% | $338,283 | 1,650 | +38% |
| MicrosoftMSFT | 0.3% | $309,607 | 830 | New |
| Uber TechnologiesUBER | 0.3% | $303,072 | 4,200 | +62% |
| SalesforceCRM | 0.2% | $250,656 | 1,600 | +23% |
| PfizerPFE | 0.2% | $204,680 | 8,500 | +15% |
| Boston ScientificBSX | 0.2% | $192,060 | 4,500 | New |
| NetflixNFLX | 0.1% | $164,220 | 2,300 | +35% |
| DuPont de NemoursDD | 0.1% | $162,768 | 1,200 | New |
| Amazon.comAMZN | 0.1% | $143,004 | 600 | -18% |
| UnitedHealth GroupUNH | 0.1% | $137,158 | 330 | -30% |
| Five Point HoldingsFPH | 0.1% | $121,210 | 23,000 | +10% |
| Acacia ResearchACTG | <0.1% | $116,500 | 25,000 | Held |
| CRISPR Therapeutics AGCRSP | <0.1% | $109,080 | 2,000 | +5% |
| GE HealthCare TechnologiesGEHC | <0.1% | $102,416 | 1,600 | New |
| ServiceNowNOW | <0.1% | $99,280 | 1,000 | -23% |
| Alibaba Group HldgBABA | <0.1% | $86,382 | 900 | +200% |
| NvidiaNVDA | <0.1% | $84,038 | 420 | +40% |
| Atlanta Braves HoldingsBATRK | <0.1% | $83,040 | 1,600 | Held |
| HersheyHSY | <0.1% | $70,180 | 400 | New |
| Cardiff OncologyCRDF | <0.1% | $62,400 | 48,000 | +8% |
| MediaAlphaMAX | <0.1% | $56,565 | 4,500 | -80% |
| DOWDOW | <0.1% | $54,720 | 2,000 | -9% |
| Occidental PetroleumOXY | <0.1% | $48,570 | 1,000 | +43% |
| Shake ShackSHAK | <0.1% | $44,816 | 800 | New |
| NephrosNEPH | <0.1% | $39,270 | 11,000 | -8% |
| Pershing Square USAPSUS | <0.1% | $37,380 | 1,000 | New |
| American ExpressAXP | <0.1% | $33,825 | 100 | -71% |
| Reading InternationalRDI | <0.1% | $33,280 | 26,000 | Held |
| Cable OneCABO | <0.1% | $29,211 | 550 | New |
| FG NexusFGNX | <0.1% | $25,850 | 5,000 | New |
| Forrester ResearchFORR | <0.1% | $25,230 | 3,000 | -40% |
| BiohavenBHVN | <0.1% | $16,368 | 1,100 | -45% |
| Mount Logan CapitalMLCI | <0.1% | $5,160 | 1,500 | New |
| Creative RealitiesCREX | <0.1% | $62 | 15 | Held |
Over time and by industry
Value over time
Jun '25
Dec '25
Jun '26
Value is down 15.1% since 30 June 2025.
Where the money is
Financial services47.0%
Media & telecom10.0%
Technology4.2%
Utilities2.3%
Industrials1.7%
Everyday goods0.9%
Health care0.7%
Materials0.6%
Retail & consumer0.2%
Real estate0.1%
Energy0.0%
Other32.2%
From the fund's 13F filings. They list US stocks and options only, 45 days after each quarter, and leave out cash, bonds, shorts and foreign shares.