Blackhill Capital Inc.

In its 13F for Q4 2025 (holdings as of December 31, 2025, filed February 13, 2026), Blackhill Capital Inc. reported 50 stock positions worth $1.9 billion. Its top holding was Williams-Sonoma (WSM) at 70.7% of the portfolio, followed by Eli Lilly (LLY, 8.1%) and Apple (AAPL, 3.5%). Compared with Q3 2025, it sold out of 1, added to 6 and reduced 8. The biggest buy was Energy Transfer (ET, shares +66%) and the biggest sale Williams-Sonoma (WSM, shares −0%).

Most Recent 13F
Q2 2026
Location
MORRISTOWN, NJ
CIK
0000872162
Portfolio Value
$1.9B (Q4 2025)
SEC Filing
0000872162-26-000002 ↗ filed Feb 13, 2026

Holdings Value

0$500.0M$1.0B$1.5B$2.0B$2.5B Q1 2024: $1.7B Q1 2024 Q2 2024: $1.6B Q2 2024 Q3 2024: $1.7B Q3 2024 Q4 2024: $1.9B Q4 2024 Q1 2025: $1.7B Q1 2025 Q2 2025: $1.7B Q2 2025 Q3 2025: $2.0B Q3 2025 Q4 2025: $1.9B $1.9B Q4 2025 Q1 2026: $1.9B Q1 2026 Q2 2026: $2.4B Q2 2026

Holdings 50 stocks · $1.9B
WSM Williams-Sonoma Inc. 70.65% 7,689,036 $1.4B Reduce -0.2%
LLY Eli Lilly & Co. 8.07% 145,964 $156.9M Reduce -0.1%
AAPL Apple Inc. 3.49% 249,500 $67.8M Reduce -0.1%
ABBV Abbvie Inc. 2.91% 247,110 $56.5M Add +0.1%
CAT Caterpillar Inc. 1.77% 60,000 $34.4M No change
ABT Abbott Laboratories 1.73% 268,530 $33.6M Add +0.1%
MSFT Microsoft Corp. 1.64% 66,050 $31.9M No change
NVDA Nvidia Corp. 1.34% 139,950 $26.1M Add +0.3%
ET Energy Transfer LP 0.98% 1,160,000 $19.1M Add +65.7%
MRK Merck & Co. Inc. 0.91% 168,857 $17.8M No change
BMY Bristol-Myers Squibb Co. 0.78% 280,564 $15.1M No change
JNJ Johnson & Johnson 0.68% 64,187 $13.3M No change
ZTS Zoetis Inc. 0.62% 95,899 $12.1M Reduce -27.0%
DIS The Walt Disney Co. filed as DISNEY WALT CO 0.59% 101,500 $11.5M No change
MA Mastercard Inc. Class A 0.59% 20,000 $11.4M No change
BRK.B Berkshire Hathaway Inc. Class B 0.55% 21,237 $10.7M No change
AMZN Amazon.com Inc. 0.43% 36,580 $8.4M No change
PG The Procter & Gamble Co. 0.33% 44,871 $6.4M No change
GOOG Alphabet Inc. Class C 0.29% 17,660 $5.5M No change
GOOGL Alphabet Inc. Class A 0.26% 15,980 $5.0M No change
BRK.A Berkshire Hathaway Inc. Class A 0.23% 6 $4.5M No change
ZBH Zimmer Biomet Holdings Inc. 0.19% 42,079 $3.8M Reduce -21.9%
EPD Enterprise Products Partners 0.18% 107,704 $3.5M No change
KMB Kimberly-Clark Corp. 0.15% 29,000 $2.9M No change
CVX Chevron Corp. 0.09% 11,550 $1.8M No change
PFE Pfizer Inc. 0.06% 47,178 $1.2M No change
WTRG Essential Utilities Inc. 0.05% 26,041 $999K No change
MCD McDonald's Corp. 0.05% 3,000 $917K No change
RMD Resmed Inc. 0.04% 3,400 $819K No change
AWK American Water Works Co. Inc. 0.04% 6,000 $783K No change
AWR American States Water Co. filed as AMER STATES WTR CO 0.04% 10,800 $783K No change
PM Philip Morris International 0.03% 4,200 $674K No change
WY Weyerhaeuser Co. 0.03% 26,240 $622K No change
ELAN Elanco Animal Health Inc. 0.02% 18,891 $428K Reduce -4.6%
FFIV F5 Inc. 0.02% 1,600 $408K No change
CL Colgate-Palmolive Co. 0.02% 5,000 $395K No change
PCH Potlatchdeltic Corp. 0.02% 8,540 $340K No change
MSEX Middlesex Water Co. 0.02% 6,666 $336K No change
CWT California Water Service Grp 0.02% 7,600 $329K No change
SPY SS SPDR S&P 500 ETF Trust-US 0.02% 478 $326K No change
MDY State Street SPDR S&P Midcap 0.01% 351 $212K No change
RYN Rayonier Inc. 0.01% 9,093 $197K Add +4.9%
HSY The Hershey Co. 0.01% 600 $109K No change
MGNI Magnite Inc. 0.01% 5,991 $97K Reduce -48.5%
TSLA Tesla Inc. 0.00% 200 $90K No change
NFLX Netflix Inc. 0.00% 650 $61K Add +30.0%
NSC Norfolk Southern Corp. 0.00% 200 $58K No change
TR Tootsie Roll Inds 0.00% 1,279 $47K No change
AVNS Avanos Medical Inc. 0.00% 2,375 $27K Reduce -23.3%
ED Consolidated Edison Inc. 0.00% 253 $25K No change

Portfolio Sells Q3 2025 → Q4 2025
WSM Williams-Sonoma Inc. Reduce -0.2% 70.65% −3.87
ZTS Zoetis Inc. Reduce -27.0% 0.62% −0.33
KVUE Kenvue Inc. Sold out 0.00% −0.07
ZBH Zimmer Biomet Holdings Inc. Reduce -21.9% 0.19% −0.07
MGNI Magnite Inc. Reduce -48.5% 0.01% −0.01
AVNS Avanos Medical Inc. Reduce -23.3% 0.00% −0.00
ELAN Elanco Animal Health Inc. Reduce -4.6% 0.02% +0.00
AAPL Apple Inc. Reduce -0.1% 3.49% +0.34
LLY Eli Lilly & Co. Reduce -0.1% 8.07% +2.55

Portfolio Buys Q3 2025 → Q4 2025
ET Energy Transfer LP Add +65.7% 0.98% +0.39
ABBV Abbvie Inc. Add +0.1% 2.91% +0.08
NVDA Nvidia Corp. Add +0.3% 1.34% +0.05
NFLX Netflix Inc. Add +30.0% 0.00% +0.00
RYN Rayonier Inc. Add +4.9% 0.01% −0.00
ABT Abbott Laboratories Add +0.1% 1.73% −0.05

All Filings

QuarterPositions13F Reported ValueTop Holdings
Q2 2026 47$2.4BWSM, LLY, AAPL, ABBV, CAT
Q1 2026 49$1.9BWSM, LLY, AAPL, ABBV, CAT
Q4 2025 50$1.9BWSM, LLY, AAPL, ABBV, CAT
Q3 2025 51$2.0BWSM, LLY, AAPL, ABBV, ABT
Q2 2025 49$1.7BWSM, LLY, AAPL, ABBV, ABT
Q1 2025 49$1.7BWSM, LLY, AAPL, ABBV, ABT
Q4 2024 50$1.9BWSM, LLY, AAPL, ABBV, ABT
Q3 2024 52$1.7BWSM, LLY, AAPL, ABBV, ABT
Q2 2024 53$1.6BWSM, LLY, AAPL, ABBV, MSFT
Q1 2024 53$1.7BWSM, LLY, ABBV, AAPL, ABT