# BLACKHILL CAPITAL INC

> Institutional holdings reported to the SEC as of Q2 2026 on Form 13F. CIK 872162. Source: https://holderbook.com/funds/872162-blackhill-capital-inc/

- Reported value: $2.4B
- Positions: 47
- Weight of the ten largest: 94.9%
- Filed: 2026-08-13

A 13F reports long US equity positions only. Short positions, bonds, foreign listings, private holdings and cash are not visible, so this is not the manager's whole book.

## Holdings

| Security | Ticker | Value | Shares | Weight | Quarters held |
|---|---|---|---|---|---|
| WILLIAMS SONOMA INC | [WSM](https://holderbook.com/stocks/WSM/) | $1.8B | 7,684,278 | 74.3% | 31 |
| ELI LILLY & CO | [LLY](https://holderbook.com/stocks/LLY/) | $174.1M | 145,121 | 7.2% | 31 |
| APPLE INC | [AAPL](https://holderbook.com/stocks/AAPL/) | $71.8M | 248,200 | 3.0% | 31 |
| ABBVIE INC | [ABBV](https://holderbook.com/stocks/ABBV/) | $66.2M | 263,110 | 2.7% | 31 |
| CATERPILLAR INC | [CAT](https://holderbook.com/stocks/CAT/) | $63.4M | 59,500 | 2.6% | 31 |
| ENERGY TRANSFER L P | [ET](https://holderbook.com/stocks/ET/) | $30.6M | 1,600,000 | 1.3% | 4 |
| NVIDIA CORPORATION | [NVDA](https://holderbook.com/stocks/NVDA/) | $28.0M | 139,950 | 1.2% | 11 |
| MICROSOFT CORP | [MSFT](https://holderbook.com/stocks/MSFT/) | $24.6M | 66,050 | 1.0% | 31 |
| MERCK & CO INC | [MRK](https://holderbook.com/stocks/MRK/) | $21.7M | 168,857 | 0.9% | 31 |
| JOHNSON & JOHNSON | [JNJ](https://holderbook.com/stocks/JNJ/) | $16.3M | 64,187 | 0.7% | 31 |
| ABBOTT LABORATORIES | [ABT](https://holderbook.com/stocks/ABT/) | $16.1M | 177,930 | 0.7% | 31 |
| BRISTOL-MYERS SQUIBB CO | [BMY](https://holderbook.com/stocks/BMY/) | $15.9M | 275,364 | 0.7% | 31 |
| BERKSHIRE HATHAWAY INC DEL | [BRKB](https://holderbook.com/stocks/BRKB/) | $10.6M | 21,237 | 0.4% | 31 |
| MASTERCARD INCORPORATED | [MA](https://holderbook.com/stocks/MA/) | $10.3M | 20,000 | 0.4% | 31 |
| DISNEY WALT CO | [DIS](https://holderbook.com/stocks/DIS/) | $9.8M | 101,500 | 0.4% | 31 |
| AMAZON COM INC | [AMZN](https://holderbook.com/stocks/AMZN/) | $8.7M | 36,580 | 0.4% | 31 |
| PROCTER & GAMBLE CO | [PG](https://holderbook.com/stocks/PG/) | $6.6M | 44,871 | 0.3% | 31 |
| ALPHABET INC | [GOOG](https://holderbook.com/stocks/GOOG/) | $6.2M | 17,660 | 0.3% | 31 |
| ALPHABET INC | [GOOGL](https://holderbook.com/stocks/GOOGL/) | $5.7M | 15,980 | 0.2% | 31 |
| ZOETIS INC | [ZTS](https://holderbook.com/stocks/ZTS/) | $4.9M | 68,296 | 0.2% | 31 |
| BERKSHIRE HATHAWAY INC DEL | [BRKA](https://holderbook.com/stocks/BRKA/) | $4.5M | 6 | 0.2% | 31 |
| ENTERPRISE PRODS PARTNERS L | [EPD](https://holderbook.com/stocks/EPD/) | $4.0M | 107,704 | 0.2% | 31 |
| ZIMMER BIOMET HOLDINGS INC | [ZBH](https://holderbook.com/stocks/ZBH/) | $3.6M | 42,079 | 0.2% | 31 |
| KIMBERLY-CLARK CORP | [KMB](https://holderbook.com/stocks/KMB/) | $3.2M | 29,000 | 0.1% | 31 |
| CHEVRON CORPORATION | [CVX](https://holderbook.com/stocks/CVX/) | $1.9M | 11,550 | 0.1% | 31 |
| PFIZER INC | [PFE](https://holderbook.com/stocks/PFE/) | $1.1M | 47,178 | 0.0% | 31 |
| ESSENTIAL UTILS INC | [WTRG](https://holderbook.com/stocks/WTRG/) | $997.6K | 26,041 | 0.0% | 26 |
| AMER STATES WTR CO | [AWR](https://holderbook.com/stocks/AWR/) | $892.4K | 10,800 | 0.0% | 31 |
| MCDONALDS CORP | [MCD](https://holderbook.com/stocks/MCD/) | $810.9K | 3,000 | 0.0% | 31 |
| AMERICAN WTR WKS CO INC NEW | [AWK](https://holderbook.com/stocks/AWK/) | $789.5K | 6,000 | 0.0% | 31 |
| PHILIP MORRIS INTL INC | [PM](https://holderbook.com/stocks/PM/) | $759.8K | 4,200 | 0.0% | 31 |
| F5 INC | [FFIV](https://holderbook.com/stocks/FFIV/) | $665.5K | 1,600 | 0.0% | 30 |
| RESMED INC | [RMD](https://holderbook.com/stocks/RMD/) | $662.6K | 3,400 | 0.0% | 31 |
| WEYERHAEUSER CO | [WY](https://holderbook.com/stocks/WY/) | $628.2K | 26,240 | 0.0% | 31 |
| ELANCO ANIMAL HEALTH INC | [ELAN](https://holderbook.com/stocks/ELAN/) | $464.9K | 18,891 | 0.0% | 30 |
| COLGATE PALMOLIVE CO | [CL](https://holderbook.com/stocks/CL/) | $458.4K | 5,000 | 0.0% | 31 |
| MIDDLESEX WTR CO | [MSEX](https://holderbook.com/stocks/MSEX/) | $374.4K | 6,666 | 0.0% | 31 |
| CALIFORNIA WTR SVC GROUP | [CWT](https://holderbook.com/stocks/CWT/) | $369.7K | 7,600 | 0.0% | 31 |
| STATE STR SPDR S&P 500 ETF T | [SPY](https://holderbook.com/stocks/SPY/) | $357.0K | 478 | 0.0% | 31 |
| STATE STR SPDR S&P MIDCAP 40 | [MDY](https://holderbook.com/stocks/MDY/) | $246.9K | 351 | 0.0% | 31 |
| MAGNITE INC | [MGNI](https://holderbook.com/stocks/MGNI/) | $113.7K | 5,991 | 0.0% | 24 |
| HERSHEY CO | [HSY](https://holderbook.com/stocks/HSY/) | $105.3K | 600 | 0.0% | 31 |
| TESLA INC | [TSLA](https://holderbook.com/stocks/TSLA/) | $84.1K | 200 | 0.0% | 10 |
| NORFOLK SOUTHN CORP | [NSC](https://holderbook.com/stocks/NSC/) | $62.9K | 200 | 0.0% | 31 |
| AVANOS MED INC | [AVNS](https://holderbook.com/stocks/AVNS/) | $59.1K | 2,375 | 0.0% | 31 |
| TOOTSIE ROLL INDS INC | [TR](https://holderbook.com/stocks/TR/) | $52.1K | 1,317 | 0.0% | 31 |
| CONSOLIDATED EDISON INC | [ED](https://holderbook.com/stocks/ED/) | $28.0K | 253 | 0.0% | 31 |

## What the disclosed book did

Not the fund's return. This is the change in value of the positions disclosed on Form 13F, had they been left untouched, against SPY over the same quarter ends.

| Quarter | Book | Market | Difference | Priced |
|---|---|---|---|---|
| Q2 2026 | +24.2% | +14.8% | +9.4% | 100% |
| Q1 2026 | -0.1% | -4.6% | +4.5% | 100% |
| Q4 2025 | -3.7% | +2.4% | -6.1% | 100% |
| Q3 2025 | +16.3% | +7.8% | +8.5% | 100% |
| Q2 2025 | +2.0% | +10.5% | -8.4% | 100% |
| Q1 2025 | -10.5% | -4.6% | -6.0% | 100% |
| Q4 2024 | +12.0% | +2.1% | +9.9% | 100% |
| Q3 2024 | +8.2% | +5.4% | +2.8% | 100% |

## Quarter by quarter

| Quarter | Value | Positions |
|---|---|---|
| Q2 2026 | $2.4B | 47 |
| Q1 2026 | $1.9B | 49 |
| Q4 2025 | $1.9B | 50 |
| Q3 2025 | $2.0B | 51 |
| Q2 2025 | $1.7B | 49 |
| Q1 2025 | $1.7B | 49 |
| Q4 2024 | $1.9B | 50 |
| Q3 2024 | $1.7B | 52 |
| Q2 2024 | $1.6B | 53 |
| Q1 2024 | $1.7B | 53 |
| Q4 2023 | $1.2B | 52 |
| Q3 2023 | $1.0B | 51 |