Elkhorn Investments, LLC

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CIK 1595128

13F portfolio (2017-Q4)

$191M

Positions

Implied 1Y CAGR

modeled · as filed

Long positions in SEC Section 13(f) securities (US-listed stocks, ADRs and ETFs), largest first · Δ vs 2017-Q3. A lagged quarterly snapshot (filed ≤45 days after quarter-end); excludes shorts, options, cash, and shares listed only on non-US exchanges — foreign companies held via a US listing or ADR (e.g. Alibaba, TSMC) ARE included.

Implied return what this book implies · modeled, not advice methodology →

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As filed = each book applied at its quarter-end (what the reported book did) · As copyable = applied at its statutory 45-day filing deadline (what a 13F follower could have earned).

Computing…

Hypothetical modeled performance constructed with hindsight — not actual results, and not indicative of future results. See the Disclaimer.

Exposures · what this manager owns, by sector & size (2017-Q4)

Holdings

Top 5

6.5%

Top 10

12.6%

Effective N

96.9

HHI

0.010

This quarter

17 new · 0 exit →

By sector

Financials20.6%

Utilities20.1%

Industrials18.0%

Information Technology8.1%

Unclassified7.1%

Materials5.5%

Consumer Discretionary5.2%

Real Estate4.6%

Other10.7%

By market cap

Large ($10–200B)78.1%

Mega (>$200B)13.8%

Unknown7.1%

Mid ($2–10B)0.9%

By region

North America92.9%

Other7.1%

By industry group GICS — finer than sector

Industry group	Weight	Names
Utilities	20.12%	21
Insurance	12.32%	12
Commercial Services & Supplies	9.65%	9
Unclassified	8.36%	8
Equity Real Estate Investment Trusts (REITs)	4.63%	5
Chemicals	4.48%	4
Aerospace & Defense	4.33%	4
Technology Hardware & Equipment	4.04%	4
Capital Markets	3.05%	3
Beverages	2.63%	2
Hotels, Restaurants & Leisure	2.21%	2
Oil, Gas & Consumable Fuels	2.17%	2
Specialty Retail	2.11%	2
Health Care Equipment & Supplies	2.05%	2
Banks	2.04%	2
Machinery	1.99%	2
Software & IT Services	1.96%	2
Pharmaceuticals & Biotechnology	1.92%	2
Semiconductors & Semiconductor Equipment	1.14%	1
Food Products	1.09%	1
Entertainment	1.06%	1
Paper & Forest Products	1.03%	1
Road & Rail	1.00%	1
Transportation Infrastructure	0.98%	1
Software	0.94%	1
Professional Services	0.93%	1
Tobacco	0.90%	1
Distributors	0.89%	1

Top holdings

#	Ticker	Name	Sector	Weight
1	HON	HONEYWELL INTERNATIONAL INC	Industrials	1.35%
2	KO	COCA COLA CO	Consumer Staples	1.32%
3	PEP	PEPSICO INC	Consumer Staples	1.30%
4	RSG	REPUBLIC SERVICES, INC.	Industrials	1.27%
5	WM	WASTE MANAGEMENT INC	Industrials	1.27%
6	BRK.B	BERKSHIRE HATHAWAY INC	Financials	1.27%
7	ECL	ECOLAB INC.	Materials	1.25%
8	PG	PROCTER & GAMBLE Co	Materials	1.19%
9		TORCHMARK CORP	Unclassified	1.19%
10	AFL	AFLAC INC	Financials	1.18%

91/98 names classified · sector 92.9% of weight · industry 91.6% · mkt cap 92.9%; unclassified names shown, never dropped.

Sector allocation over time · how the GICS mix & top names shifted quarter by quarter

top 5/sector, rest → “Other” · 5 quarters

FinancialsBRK.B, ALL, MRSH, AFL, PGR · other

UtilitiesSO, AEP, PNW, WMB, OKE · other

IndustrialsRSG, WM, MMM, HON, URI · other

Information TechnologyAPH, VRSK, ROP, MU, WDC · other

MaterialsPG, KMB, ECL, CL, FCX · other

Consumer DiscretionaryMCD, HD, YUM, WMT, BWA · other

Consumer StaplesPEP, KO, PM, MO, HSY · other

Communication ServicesDIS, T, CMCSA, GOOG, VZ · other

Health CareJNJ, PFE, COO, ABT, BAX · other

EnergyRIG, MUR, DVN, HP, MPC · other

Real EstateAVB, CCI, EQR, CBRE, ARE · other

UnclassifiedCHESAPEAKE ENERGY CORP, FMC TECHNOLOGIES INC, MARATHON OIL CORP, HESS CORP, HARMAN INTL INDS INC · other

Sector is classified on each name's CURRENT fundamentals, not point-in-time — apparent sector drift can reflect the market re-rating a holding, not a manager trade. 13F is a lagged quarterly snapshot of long positions in US-listed securities only — foreign companies held via a US listing or ADR ARE included, but shares listed only on non-US exchanges (plus shorts, options and cash) are not. Latest quarter: 92.9% of the book is sector-classified (unclassified names shown, never dropped).

Style box · size × value-growth placement of the reported book (2017-Q4), classified on current fundamentals (not point-in-time) — load it into PORT to overlay your own portfolio

holdings, colored by sector (89 classified)Elkhorn Investments, LLC centroid (Mid Core)

UtilitiesFinancialsIndustrialsInformation TechnologyMaterialsConsumer DiscretionaryConsumer StaplesReal EstateHealth CareEnergyCommunication Services

Style box summary for Elkhorn Investments, LLC: centroid Mid Core. Heaviest cells: Mid Core 21.0%, Large Value 18.8%, Large Core 16.3%.

Classified: 90.7% of book weight (89/92 names) · unclassified 9.3%: , BRK.B, ARE. Size: cap 70/20/10 bands; style: value/growth composite on our own metrics — not Morningstar's model.

Contribution holdings-based, any period

No contribution data for this period.

Holdings· 98 positions (2017-Q4) · largest first · Δ vs 2017-Q3

#	Security	Shares	Value	Weight	Δ QoQ
1	HONHONEYWELL INTL INC	16,826	$3M	1.4%	ADD 63%
2	KOCOCA COLA CO	55,504	$3M	1.3%	ADD 50%
3	PEPPEPSICO INC	21,089	$2M	1.3%	ADD 45%
4	RSGREPUBLIC SVCS INC	36,493	$2M	1.3%	ADD 39%
5	WMWASTE MGMT INC DEL	28,186	$2M	1.3%	ADD 27%
6	BRK.BBERKSHIRE HATHAWAY INC DEL	12,271	$2M	1.3%	ADD 35%
7	ECLECOLAB INC	17,732	$2M	1.2%	ADD 48%
8	PGPROCTER AND GAMBLE CO	25,152	$2M	1.2%	ADD 56%
9	TORCHMARK CORP	25,268	$2M	1.2%	ADD 31%
10	AFLAFLAC INC	25,629	$2M	1.2%	ADD 42%
11	LLOEWS CORP	44,348	$2M	1.2%	ADD 50%
12	FISVFISERV INC	16,950	$2M	1.2%	ADD 49%
13	APHAMPHENOL CORP	24,862	$2M	1.1%	ADD 31%
14	XOMEXXON MOBIL CORP	25,644	$2M	1.1%	ADD 59%
15	HDHOME DEPOT INC	11,491	$2M	1.1%	ADD 39%
16	UNITED TECHNOLOGIES CORP	16,629	$2M	1.1%	ADD 24%
17	YUMYUM BRANDS INC	26,118	$2M	1.1%	ADD 41%
18	MCDMCDONALDS CORP	12,075	$2M	1.1%	ADD 32%
19	MMM3M CO	8,873	$2M	1.1%	ADD 16%
20	ALLALLSTATE CORP	20,422	$2M	1.1%	ADD 15%
21	HSYHERSHEY CO	18,554	$2M	1.1%	NEW
22	ROPROPER TECHNOLOGIES INC	7,864	$2M	1.1%	ADD 31%
23	FISFIDELITY NATL INFORMATION SV	21,779	$2M	1.1%	ADD 40%
24	MRSHMARSH & MCLENNAN COS INC	25,267	$2M	1.1%	ADD 31%
25	DISDISNEY WALT CO	18,105	$2M	1.1%	ADD 19%
26	AJGGALLAGHER ARTHUR J & CO	32,546	$2M	1.1%	ADD 33%
27	ITWILLINOIS TOOL WKS INC	12,240	$2M	1.1%	ADD 26%
28	LMTLOCKHEED MARTIN CORP	6,329	$2M	1.1%	ADD 62%
29	CLXCLOROX CO DEL	13,889	$2M	1.1%	ADD 40%
30	NDAQNASDAQ INC	26,017	$2M	1.0%	ADD 33%
31	VRSKVERISK ANALYTICS INC	20,734	$2M	1.0%	ADD 29%
32	FTVFORTIVE CORP	27,388	$2M	1.0%	NEW
33	PGRPROGRESSIVE CORP	35,733	$2M	1.0%	ADD 19%
34	AXPAMERICAN EXPRESS CO	19,961	$2M	1.0%	NEW
35	KMBKIMBERLY-CLARK CORP	16,537	$2M	1.0%	ADD 54%
36	CVXCHEVRON CORP NEW	15,379	$2M	1.0%	ADD 43%
37	CBOECBOE GLOBAL MKTS INC	15,971	$2M	1.0%	ADD 32%
38	PNWPINNACLE WEST CAP CORP	23,347	$2M	1.0%	ADD 62%
39	AEPAMERICAN ELEC PWR CO INC	27,031	$2M	1.0%	ADD 50%
40	CBCHUBB LIMITED	13,703	$2M	1.0%	ADD 24%
41	DR PEPPER SNAPPLE GROUP INC	20,421	$2M	1.0%	ADD 51%
42	NOCNORTHROP GRUMMAN CORP	6,346	$2M	1.0%	ADD 25%
43	ESEVERSOURCE ENERGY	30,634	$2M	1.0%	ADD 49%
44	TRVTRAVELERS COMPANIES INC	14,639	$2M	1.0%	ADD 27%
45	DUKDUKE ENERGY CORP NEW	23,162	$2M	1.0%	ADD 54%
46	DTEDTE ENERGY CO	17,760	$2M	1.0%	ADD 52%
47	VVISA INC	16,794	$2M	1.0%	ADD 26%
48	NEENEXTERA ENERGY INC	12,395	$2M	1.0%	ADD 52%
49	HARRIS CORP DEL	13,520	$2M	1.0%	ADD 27%
50	UPSUNITED PARCEL SERVICE INC	15,520	$2M	1.0%	ADD 35%
51	USBUS BANCORP	35,441	$2M	1.0%	ADD 40%
52	AONAON PLC	14,479	$2M	1.0%	ADD 38%
53	MCOMOODYS CORP	13,019	$2M	1.0%	ADD 39%
54	XELXCEL ENERGY INC	39,719	$2M	1.0%	ADD 56%
55	DHRDANAHER CORP DEL	20,470	$2M	1.0%	ADD 22%
56	APDAIR PRODS & CHEMS INC	11,391	$2M	1.0%	ADD 19%
57	CMSCMS ENERGY CORP	40,048	$2M	1.0%	ADD 54%
58	PPLPPL CORP	61,332	$2M	1.0%	ADD 77%
59	WMTWALMART INC	18,950	$2M	1.0%	ADD 25%
60	EXPDEXPEDITORS INTL WASH INC	28,724	$2M	1.0%	ADD 20%
61	BLKBLACKROCK INC	3,661	$2M	1.0%	ADD 32%
62	CNPCENTERPOINT ENERGY INC	66,503	$2M	1.0%	ADD 63%
63	ABTABBOTT LABS	31,650	$2M	1.0%	NEW
64	PRAXAIR INC	11,873	$2M	1.0%	ADD 17%
65	SPGIS&P GLOBAL INC	11,032	$2M	1.0%	ADD 31%
66	EDCONSOLIDATED EDISON INC	22,169	$2M	1.0%	ADD 53%
67	SOSOUTHERN CO	39,214	$2M	1.0%	ADD 38%
68	ACNACCENTURE PLC IRELAND	11,980	$2M	1.0%	NEW
69	EQREQUITY RESIDENTIAL	28,875	$2M	1.0%	ADD 57%
70	AWKAMERICAN WTR WKS CO INC NEW	20,540	$2M	1.0%	NEW
71	WECWEC ENERGY GROUP INC	27,810	$2M	1.0%	ADD 52%
72	HIGHARTFORD INSURANCE GROUP INC	32,939	$2M	1.0%	ADD 39%
73	BAXBAXTER INTL INC	27,057	$2M	1.0%	NEW
74	MAMASTERCARD INCORPORATED	11,947	$2M	0.9%	ADD 17%
75	UNHUNITEDHEALTH GROUP INC	8,185	$2M	0.9%	ADD 35%
76	PFEPFIZER INC	49,529	$2M	0.9%	ADD 38%
77	RAYTHEON CO	9,652	$2M	0.9%	ADD 35%
78	MSFTMICROSOFT CORP	20,870	$2M	0.9%	ADD 16%
79	AMEAMETEK INC	24,604	$2M	0.9%	NEW
80	DDOMINION ENERGY INC	22,223	$2M	0.9%	ADD 46%
81	PAYXPAYCHEX INC	26,486	$2M	0.9%	ADD 17%
82	AVBAVALONBAY CMNTYS INC	10,051	$2M	0.9%	ADD 63%
83	AREALEXANDRIA REAL ESTATE EQ IN	13,660	$2M	0.9%	NEW
84	SWKSTANLEY BLACK & DECKER INC	10,518	$2M	0.9%	ADD 15%
85	VRSNVERISIGN INC	16,037	$2M	0.9%	NEW
86	UDRUDR INC	46,017	$2M	0.9%	NEW
87	LNTALLIANT ENERGY CORP	41,436	$2M	0.9%	NEW
88	PEGPUBLIC SVC ENTERPRISE GROUP	34,202	$2M	0.9%	NEW
89	GDGENERAL DYNAMICS CORP	8,688	$2M	0.9%	ADD 37%
90	ETRENTERGY CORP NEW	20,942	$2M	0.9%	ADD 37%
91	AEEAMEREN CORP	29,594	$2M	0.9%	ADD 44%
92	PMPHILIP MORRIS INTL INC	16,389	$2M	0.9%	ADD 56%
93	TELTE CONNECTIVITY LTD	17,901	$2M	0.9%	NEW
94	ESSEssex Property Trust	7,101	$2M	0.9%	ADD 57%
95	NINISOURCE INC	65,257	$2M	0.9%	NEW
96	APARTMENT INVT & MGMT CO	37,593	$2M	0.9%	NEW
97	EIXEDISON INTL	24,527	$2M	0.8%	ADD 55%
98	WTWWILLIS TOWERS WATSON PLC LTD	10,476	$2M	0.8%	NEW

☆Elkhorn Investments, LLC