Elkhorn Partners Limited Partnership
In its 13F for Q3 2025 (holdings as of September 30, 2025, filed November 13, 2025), Elkhorn Partners Limited Partnership reported 37 stock positions worth $147.3 million. Its top holding was Berkshire Hathaway Class A (BRK.A) at 25.6% of the portfolio, followed by Kennedy-Wilson (KW, 23.9%) and Berkshire Hathaway Class B (BRK.B, 18.5%). Compared with Q2 2025, it opened 3 new positions, sold out of 3, added to 10 and reduced 18. The biggest buy was Cadiz (CDZI, shares +0%) and the biggest sale White Mountains Insurance GP (WTM, shares −1%).
- Most Recent 13F
- Q2 2026
- Location
- OMAHA, NE
- CIK
- 0000928400
- Portfolio Value
- $147.3M (Q3 2025)
- SEC Filing
- 0000928400-25-000002 ↗ filed Nov 13, 2025
Holdings Value
Holdings 37 stocks · $147.3M
| BRK.A Berkshire Hathaway Inc. Class A | 25.59% | 50 | $37.7M | No change |
| KW Kennedy-Wilson Holdings Inc. | 23.94% | 4,240,500 | $35.3M | Reduce -0.3% |
| BRK.B Berkshire Hathaway Inc. Class B | 18.47% | 54,125 | $27.2M | Reduce -0.3% |
| WTM White Mountains Insurance GP | 16.80% | 14,810 | $24.8M | Reduce -0.6% |
| GOOGL Alphabet Inc. Class A | 2.77% | 16,800 | $4.1M | Reduce -15.6% |
| GOOG Alphabet Inc. Class C | 2.48% | 15,000 | $3.7M | Reduce -9.6% |
| CDZI Cadiz Inc. | 2.19% | 683,223 | $3.2M | Add +0.0% |
| AAPL Apple Inc. | 2.15% | 12,460 | $3.2M | Reduce -0.3% |
| OXY Occidental Petroleum Corp. | 1.33% | 41,550 | $2.0M | Reduce -0.5% |
| BA The Boeing Co. | 0.58% | 3,930 | $848K | Reduce -3.6% |
| DOW Dow Inc. | 0.51% | 32,500 | $745K | Add +18.6% |
| C Citigroup Inc. | 0.43% | 6,200 | $629K | Reduce -12.7% |
| IFF Intl Flavors & Fragrances filed as INTERNATIONAL FLAVORS&FRAGRA | 0.38% | 9,000 | $554K | Add +1400.0% |
| ADBE Adobe Inc. | 0.34% | 1,410 | $497K | Add +0.7% |
| CLF Cleveland-Cliffs Inc. | 0.27% | 32,000 | $390K | Reduce -55.9% |
| DD Dupont DE Nemours Inc. | 0.26% | 4,900 | $382K | Add +5.8% |
| UNH Unitedhealth Group Inc. | 0.25% | 1,060 | $366K | Add +0.9% |
| PFE Pfizer Inc. | 0.19% | 10,800 | $275K | No change |
| SH Proshares Short S&P500 | 0.18% | 7,000 | $259K | No change |
| UBER Uber Technologies Inc. | 0.12% | 1,800 | $176K | Reduce -37.9% |
| CRSP Crispr Therapeutics AG | 0.10% | 2,200 | $143K | Reduce -45.0% |
| OSK Oshkosh Corp. | 0.09% | 1,000 | $130K | Reduce -33.3% |
| FPH Five Point Holdings LLC Class A | 0.09% | 21,000 | $129K | Reduce -4.5% |
| ACTG Acacia Research Corp. | 0.08% | 35,500 | $115K | Add +2.9% |
| BHVN Biohaven Ltd. | 0.06% | 5,900 | $89K | Add +1.7% |
| TAYD Taylor Devices Inc. | 0.06% | 1,700 | $83K | Reduce -15.0% |
| CTO Cto Realty Growth Inc. filed as CTO RLTY GROWTH INC NEW | 0.06% | 5,000 | $82K | No change |
| CRDF Cardiff Oncology Inc. | 0.05% | 39,000 | $80K | Add +14.7% |
| GLRE Greenlight Capital Re Ltd. Class A | 0.04% | 5,000 | $64K | New |
| NEPH Nephros Inc. | 0.04% | 12,500 | $59K | Reduce -13.8% |
| BABA Alibaba Group Holding-SP ADR | 0.04% | 300 | $54K | Reduce -25.0% |
| RDI Reading International Inc. Class A | 0.03% | 26,000 | $38K | No change |
| AMGN Amgen Inc. | 0.02% | 130 | $37K | New |
| QXO Qxo Inc. | 0.02% | 1,800 | $34K | Add +350.0% |
| DELL Dell Technologies -C | 0.02% | 200 | $28K | Reduce -86.7% |
| AMZN Amazon.com Inc. | 0.00% | 20 | $4K | New |
| CREX Creative Realities Inc. | 0.00% | 15 | $34 | No change |
Portfolio Sells Q2 2025 → Q3 2025
| WTM White Mountains Insurance GP | Reduce -0.6% | 16.80% | −2.65 |
| BRK.B Berkshire Hathaway Inc. Class B | Reduce -0.3% | 18.47% | −0.71 |
| CLF Cleveland-Cliffs Inc. | Reduce -55.9% | 0.27% | −0.14 |
| DELL Dell Technologies -C | Reduce -86.7% | 0.02% | −0.11 |
| CABO Cable One Inc. | Sold out | 0.00% | −0.10 |
| UBER Uber Technologies Inc. | Reduce -37.9% | 0.12% | −0.08 |
| BA The Boeing Co. | Reduce -3.6% | 0.58% | −0.05 |
| CRSP Crispr Therapeutics AG | Reduce -45.0% | 0.10% | −0.04 |
| OSK Oshkosh Corp. | Reduce -33.3% | 0.09% | −0.04 |
| GEHC GE Healthcare Technology | Sold out | 0.00% | −0.02 |
| C Citigroup Inc. | Reduce -12.7% | 0.43% | −0.01 |
| TAYD Taylor Devices Inc. | Reduce -15.0% | 0.06% | −0.01 |
| HSY The Hershey Co. | Sold out | 0.00% | −0.00 |
| NEPH Nephros Inc. | Reduce -13.8% | 0.04% | −0.00 |
| FPH Five Point Holdings LLC Class A | Reduce -4.5% | 0.09% | −0.00 |
| BABA Alibaba Group Holding-SP ADR | Reduce -25.0% | 0.04% | +0.00 |
| OXY Occidental Petroleum Corp. | Reduce -0.5% | 1.33% | +0.06 |
| GOOGL Alphabet Inc. Class A | Reduce -15.6% | 2.77% | +0.22 |
| AAPL Apple Inc. | Reduce -0.3% | 2.15% | +0.29 |
| GOOG Alphabet Inc. Class C | Reduce -9.6% | 2.48% | +0.34 |
| KW Kennedy-Wilson Holdings Inc. | Reduce -0.3% | 23.94% | +2.93 |
Portfolio Buys Q2 2025 → Q3 2025
| CDZI Cadiz Inc. | Add +0.0% | 2.19% | +0.70 |
| IFF Intl Flavors & Fragrances | Add +1400.0% | 0.38% | +0.34 |
| GLRE Greenlight Capital Re Ltd. Class A | New | 0.04% | +0.04 |
| DD Dupont DE Nemours Inc. | Add +5.8% | 0.26% | +0.03 |
| AMGN Amgen Inc. | New | 0.02% | +0.02 |
| QXO Qxo Inc. | Add +350.0% | 0.02% | +0.02 |
| UNH Unitedhealth Group Inc. | Add +0.9% | 0.25% | +0.01 |
| AMZN Amazon.com Inc. | New | 0.00% | +0.00 |
| BHVN Biohaven Ltd. | Add +1.7% | 0.06% | +0.00 |
| ACTG Acacia Research Corp. | Add +2.9% | 0.08% | −0.01 |
| DOW Dow Inc. | Add +18.6% | 0.51% | −0.02 |
| CRDF Cardiff Oncology Inc. | Add +14.7% | 0.05% | −0.02 |
| ADBE Adobe Inc. | Add +0.7% | 0.34% | −0.06 |
All Filings
| Quarter | Positions | 13F Reported Value | Top Holdings |
|---|---|---|---|
| Q2 2026 | 50 | $116.7M | BRK.A, BRK.B, WTM, GOOGL, GOOG |
| Q1 2026 | 48 | $157.1M | KW, BRK.A, WTM, BRK.B, GOOGL |
| Q4 2025 | 50 | $158.3M | KW, BRK.A, WTM, BRK.B, GOOGL |
| Q3 2025 | 37 | $147.3M | BRK.A, KW, BRK.B, WTM, GOOGL |
| Q2 2025 | 37 | $137.5M | BRK.A, KW, WTM, BRK.B, GOOGL |
| Q1 2025 | 35 | $152.6M | BRK.A, KW, WTM, BRK.B, GOOGL |
| Q4 2024 | 42 | $152.3M | KW, BRK.A, WTM, BRK.B, GOOGL |
| Q3 2024 | 45 | $155.6M | KW, BRK.A, WTM, BRK.B, GOOGL |
| Q2 2024 | 50 | $145.2M | KW, BRK.A, WTM, BRK.B, GOOGL |
| Q1 2024Amended | 46 | $138.6M | KW, BRK.A, WTM, BRK.B, GOOGL |