Elkhorn Partners Limited Partnership
In its 13F for Q4 2025 (holdings as of December 31, 2025, filed February 17, 2026), Elkhorn Partners Limited Partnership reported 50 stock positions worth $158.3 million. Its top holding was Kennedy-Wilson (KW) at 25.9% of the portfolio, followed by Berkshire Hathaway Class A (BRK.A, 23.8%) and White Mountains Insurance GP (WTM, 17.8%). Compared with Q3 2025, it opened 16 new positions, sold out of 4, added to 6 and reduced 21. The biggest buy was a new position in Kimberly-Clark (KMB) and the biggest sale Berkshire Hathaway Class B (BRK.B, shares −0%).
- Most Recent 13F
- Q2 2026
- Location
- OMAHA, NE
- CIK
- 0000928400
- Portfolio Value
- $158.3M (Q4 2025)
- SEC Filing
- 0000900440-26-000011 ↗ filed Feb 17, 2026
Holdings Value
Holdings 50 stocks · $158.3M
| KW Kennedy-Wilson Holdings Inc. | 25.86% | 4,234,500 | $40.9M | Reduce -0.1% |
| BRK.A Berkshire Hathaway Inc. Class A | 23.84% | 50 | $37.7M | No change |
| WTM White Mountains Insurance GP | 17.85% | 13,598 | $28.3M | Reduce -8.2% |
| BRK.B Berkshire Hathaway Inc. Class B | 17.16% | 54,045 | $27.2M | Reduce -0.1% |
| GOOGL Alphabet Inc. Class A | 3.24% | 16,400 | $5.1M | Reduce -2.4% |
| GOOG Alphabet Inc. Class C | 2.87% | 14,500 | $4.6M | Reduce -3.3% |
| CDZI Cadiz Inc. | 2.31% | 652,000 | $3.7M | Reduce -4.6% |
| AAPL Apple Inc. | 1.98% | 11,560 | $3.1M | Reduce -7.2% |
| OXY Occidental Petroleum Corp. | 0.99% | 38,000 | $1.6M | Reduce -8.5% |
| BA The Boeing Co. | 0.57% | 4,160 | $903K | Add +5.8% |
| C Citigroup Inc. | 0.46% | 6,200 | $723K | No change |
| DOW Dow Inc. | 0.39% | 26,500 | $620K | Reduce -18.5% |
| IFF Intl Flavors & Fragrances filed as INTERNATIONAL FLAVORS&FRAGRA | 0.39% | 9,100 | $613K | Add +1.1% |
| ADBE Adobe Inc. | 0.27% | 1,200 | $420K | Reduce -14.9% |
| UNH Unitedhealth Group Inc. | 0.19% | 900 | $297K | Reduce -15.1% |
| KMB Kimberly-Clark Corp. | 0.16% | 2,500 | $252K | New |
| META Meta Platforms Inc. Class A | 0.13% | 310 | $205K | New |
| Q Qnity Electronics Inc. | 0.13% | 2,500 | $204K | Add +2.0% |
| DD Dupont DE Nemours Inc. | 0.12% | 4,900 | $197K | No change |
| PFE Pfizer Inc. | 0.11% | 7,000 | $174K | Reduce -35.2% |
| CLF Cleveland-Cliffs Inc. | 0.10% | 12,400 | $165K | Reduce -61.3% |
| UBER Uber Technologies Inc. | 0.10% | 1,900 | $155K | Add +5.6% |
| COST Costco Wholesale Corp. | 0.08% | 150 | $129K | New |
| ACTG Acacia Research Corp. | 0.08% | 34,500 | $129K | Reduce -2.8% |
| FPH Five Point Holdings LLC Class A | 0.07% | 21,000 | $117K | No change |
| CRDF Cardiff Oncology Inc. | 0.07% | 38,100 | $107K | Reduce -2.3% |
| NFLX Netflix Inc. | 0.06% | 1,000 | $94K | New |
| TAYD Taylor Devices Inc. | 0.06% | 1,500 | $88K | Reduce -11.8% |
| CRSP Crispr Therapeutics AG | 0.06% | 1,660 | $87K | Reduce -24.6% |
| BATRK Atlanta Braves Holdings in-C | 0.04% | 1,500 | $59K | New |
| AMZN Amazon.com Inc. | 0.03% | 200 | $46K | Add +900.0% |
| BABA Alibaba Group Holding-SP ADR | 0.03% | 300 | $44K | No change |
| CTO Cto Realty Growth Inc. filed as CTO RLTY GROWTH INC NEW | 0.03% | 2,200 | $41K | Reduce -56.0% |
| DELL Dell Technologies -C | 0.02% | 300 | $38K | Add +50.0% |
| NEPH Nephros Inc. | 0.02% | 7,000 | $34K | Reduce -44.0% |
| CME Cme Group Inc. | 0.02% | 100 | $27K | New |
| RDI Reading International Inc. Class A | 0.02% | 26,000 | $27K | No change |
| OSK Oshkosh Corp. | 0.02% | 200 | $25K | Reduce -80.0% |
| FORR Forrester Research Inc. | 0.02% | 3,000 | $24K | New |
| HHH Howard Hughes Holdings Inc. | 0.02% | 300 | $24K | New |
| FG NEXUS INC. | 0.01% | 7,000 | $19K | New |
| FIG Figma Inc. Class A | 0.01% | 500 | $19K | New |
| BHVN Biohaven Ltd. | 0.01% | 1,500 | $17K | Reduce -74.6% |
| XOM Exxon Mobil Corp. | 0.01% | 100 | $12K | New |
| CABO Cable One Inc. | 0.01% | 100 | $11K | New |
| FISV Fiserv Inc. | 0.01% | 130 | $9K | New |
| WEN The Wendy's Co. | 0.01% | 1,000 | $8K | New |
| KVUE Kenvue Inc. | 0.00% | 300 | $5K | New |
| OFLX Omega Flex Inc. | 0.00% | 100 | $3K | New |
| CREX Creative Realities Inc. | 0.00% | 15 | $39 | No change |
Portfolio Sells Q3 2025 → Q4 2025
| BRK.B Berkshire Hathaway Inc. Class B | Reduce -0.1% | 17.16% | −1.31 |
| OXY Occidental Petroleum Corp. | Reduce -8.5% | 0.99% | −0.35 |
| SH Proshares Short S&P500 | Sold out | 0.00% | −0.18 |
| AAPL Apple Inc. | Reduce -7.2% | 1.98% | −0.17 |
| CLF Cleveland-Cliffs Inc. | Reduce -61.3% | 0.10% | −0.16 |
| DOW Dow Inc. | Reduce -18.5% | 0.39% | −0.11 |
| PFE Pfizer Inc. | Reduce -35.2% | 0.11% | −0.08 |
| ADBE Adobe Inc. | Reduce -14.9% | 0.27% | −0.07 |
| OSK Oshkosh Corp. | Reduce -80.0% | 0.02% | −0.07 |
| UNH Unitedhealth Group Inc. | Reduce -15.1% | 0.19% | −0.06 |
| BHVN Biohaven Ltd. | Reduce -74.6% | 0.01% | −0.05 |
| GLRE Greenlight Capital Re Ltd. Class A | Sold out | 0.00% | −0.04 |
| CRSP Crispr Therapeutics AG | Reduce -24.6% | 0.06% | −0.04 |
| CTO Cto Realty Growth Inc. | Reduce -56.0% | 0.03% | −0.03 |
| AMGN Amgen Inc. | Sold out | 0.00% | −0.02 |
| QXO Qxo Inc. | Sold out | 0.00% | −0.02 |
| NEPH Nephros Inc. | Reduce -44.0% | 0.02% | −0.02 |
| TAYD Taylor Devices Inc. | Reduce -11.8% | 0.06% | −0.00 |
| ACTG Acacia Research Corp. | Reduce -2.8% | 0.08% | +0.00 |
| CRDF Cardiff Oncology Inc. | Reduce -2.3% | 0.07% | +0.01 |
| CDZI Cadiz Inc. | Reduce -4.6% | 2.31% | +0.12 |
| GOOG Alphabet Inc. Class C | Reduce -3.3% | 2.87% | +0.39 |
| GOOGL Alphabet Inc. Class A | Reduce -2.4% | 3.24% | +0.47 |
| WTM White Mountains Insurance GP | Reduce -8.2% | 17.85% | +1.05 |
| KW Kennedy-Wilson Holdings Inc. | Reduce -0.1% | 25.86% | +1.92 |
Portfolio Buys Q3 2025 → Q4 2025
| KMB Kimberly-Clark Corp. | New | 0.16% | +0.16 |
| META Meta Platforms Inc. Class A | New | 0.13% | +0.13 |
| COST Costco Wholesale Corp. | New | 0.08% | +0.08 |
| NFLX Netflix Inc. | New | 0.06% | +0.06 |
| BATRK Atlanta Braves Holdings in-C | New | 0.04% | +0.04 |
| AMZN Amazon.com Inc. | Add +900.0% | 0.03% | +0.03 |
| CME Cme Group Inc. | New | 0.02% | +0.02 |
| FORR Forrester Research Inc. | New | 0.02% | +0.02 |
| HHH Howard Hughes Holdings Inc. | New | 0.02% | +0.02 |
| FG NEXUS INC. | New | 0.01% | +0.01 |
| FIG Figma Inc. Class A | New | 0.01% | +0.01 |
| IFF Intl Flavors & Fragrances | Add +1.1% | 0.39% | +0.01 |
| XOM Exxon Mobil Corp. | New | 0.01% | +0.01 |
| CABO Cable One Inc. | New | 0.01% | +0.01 |
| FISV Fiserv Inc. | New | 0.01% | +0.01 |
| WEN The Wendy's Co. | New | 0.01% | +0.01 |
| DELL Dell Technologies -C | Add +50.0% | 0.02% | +0.00 |
| KVUE Kenvue Inc. | New | 0.00% | +0.00 |
| OFLX Omega Flex Inc. | New | 0.00% | +0.00 |
| BA The Boeing Co. | Add +5.8% | 0.57% | −0.01 |
| Q Qnity Electronics Inc. | Add +2.0% | 0.13% | −0.01 |
| UBER Uber Technologies Inc. | Add +5.6% | 0.10% | −0.02 |
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 |