BLACKHILL CAPITAL INC

MORRISTOWN, NJ · CIK 872162 · 13F filing filed 2026-08-13

SEC-registered investment adviser since 1988 · corporation

Assets managed$2.0bn
Staff4 · 2 in investment roles
Main clients (by assets)High net worth individuals 64%, Charities 22%, Companies 13%
Websiteblackhillcapital.com
Form ADV · 2026-03-18SEC adviser record

$2.4bn reported value +24.0% vs Q1 2026

47positions

94.9%in top 10

0 new 2 added 4 reduced 2 sold out vs Q1 2026

Holdings, Q2 2026

The small lines show how much was held over the last 4 quarters (adjusted for stock splits).

#	Security	Ticker	Shares	Value	% of portfolio	Change	Shares change
1	WILLIAMS SONOMA INC COM WSM	WSM	7,684,278	$1.8bn74.32%	74.32%	Reduced -246	-246 0.0%
2	ELI LILLY & CO COM LLY	LLY	145,121	$174.1m7.22%	7.22%	Reduced -600	-600 -0.4%
3	APPLE INC COM AAPL	AAPL	248,200	$71.8m2.98%	2.98%	Unchanged
4	ABBVIE INC COM ABBV	ABBV	263,110	$66.2m2.75%	2.75%	Unchanged
5	CATERPILLAR INC COM CAT	CAT	59,500	$63.4m2.63%	2.63%	Unchanged
6	ENERGY TRANSFER L P COM UT LTD PTN ET	ET	1,600,000	$30.6m1.27%	1.27%	Added +400.0k	+400,000 33.3%
7	NVIDIA CORPORATION COM NVDA	NVDA	139,950	$28.0m1.16%	1.16%	Unchanged
8	MICROSOFT CORP COM MSFT	MSFT	66,050	$24.6m1.02%	1.02%	Unchanged
9	MERCK & CO INC COM MRK	MRK	168,857	$21.7m0.90%	0.90%	Unchanged
10	JOHNSON & JOHNSON COM JNJ	JNJ	64,187	$16.3m0.68%	0.68%	Unchanged
11	ABBOTT LABS COM ABT	ABT	177,930	$16.1m0.67%	0.67%	Reduced -90.6k	-90,600 -33.7%
12	BRISTOL-MYERS SQUIBB CO COM BMY	BMY	275,364	$15.9m0.66%	0.66%	Unchanged
13	BERKSHIRE HATHAWAY INC DEL CL B NEW BRK.B	BRK.B	21,237	$10.6m0.44%	0.44%	Unchanged
14	MASTERCARD INCORPORATED CL A MA	MA	20,000	$10.3m0.43%	0.43%	Unchanged
15	DISNEY WALT CO COM DIS	DIS	101,500	$9.8m0.41%	0.41%	Unchanged
16	AMAZON COM INC COM AMZN	AMZN	36,580	$8.7m0.36%	0.36%	Unchanged
17	PROCTER AND GAMBLE CO COM PG	PG	44,871	$6.6m0.27%	0.27%	Unchanged
18	ALPHABET INC CAP STK CL C GOOG	GOOG	17,660	$6.2m0.26%	0.26%	Unchanged
19	ALPHABET INC CAP STK CL A GOOGL	GOOGL	15,980	$5.7m0.24%	0.24%	Unchanged
20	ZOETIS INC CL A ZTS	ZTS	68,296	$4.9m0.20%	0.20%	Reduced -27.6k	-27,603 -28.8%
21	BERKSHIRE HATHAWAY INC DEL CL A BRK.A	BRK.A	6	$4.5m0.19%	0.19%	Unchanged
22	ENTERPRISE PRODS PARTNERS L COM EPD	EPD	107,704	$4.0m0.16%	0.16%	Unchanged
23	ZIMMER BIOMET HOLDINGS INC COM ZBH	ZBH	42,079	$3.6m0.15%	0.15%	Unchanged
24	KIMBERLY-CLARK CORP COM KMB	KMB	29,000	$3.2m0.13%	0.13%	Unchanged
25	CHEVRON CORP NEW COM CVX	CVX	11,550	$1.9m0.08%	0.08%	Unchanged
26	PFIZER INC COM PFE	PFE	47,178	$1.1m0.05%	0.05%	Unchanged
27	ESSENTIAL UTILS INC COM WTRG	WTRG	26,041	$997.6k0.04%	0.04%	Unchanged
28	AMER STATES WTR CO COM AWR	AWR	10,800	$892.4k0.04%	0.04%	Unchanged
29	MCDONALDS CORP COM MCD	MCD	3,000	$810.9k0.03%	0.03%	Unchanged
30	AMERICAN WTR WKS CO INC NEW COM AWK	AWK	6,000	$789.5k0.03%	0.03%	Unchanged
31	PHILIP MORRIS INTL INC COM PM	PM	4,200	$759.8k0.03%	0.03%	Unchanged
32	F5 INC COM FFIV	FFIV	1,600	$665.5k0.03%	0.03%	Unchanged
33	RESMED INC COM RMD	RMD	3,400	$662.6k0.03%	0.03%	Unchanged
34	WEYERHAEUSER CO MTN BE COM NEW WY	WY	26,240	$628.2k0.03%	0.03%	Unchanged
35	ELANCO ANIMAL HEALTH INC COM ELAN	ELAN	18,891	$464.9k0.02%	0.02%	Unchanged
36	COLGATE PALMOLIVE CO COM CL	CL	5,000	$458.4k0.02%	0.02%	Unchanged
37	MIDDLESEX WTR CO COM MSEX	MSEX	6,666	$374.4k0.02%	0.02%	Unchanged
38	CALIFORNIA WTR SVC GROUP COM CWT	CWT	7,600	$369.7k0.02%	0.02%	Unchanged
39	SPDR S&P 500 ETF TR TR UNIT SPY	SPY	478	$357.0k0.01%	0.01%	Unchanged
40	SPDR S&P MIDCAP 400 ETF TR UTSER1 S&PDCRP MDY	MDY	351	$246.9k0.01%	0.01%	Unchanged
41	MAGNITE INC COM MGNI	MGNI	5,991	$113.7k0.00%	0.00%	Unchanged
42	HERSHEY CO COM HSY	HSY	600	$105.3k0.00%	0.00%	Unchanged
43	TESLA INC COM TSLA	TSLA	200	$84.1k0.00%	0.00%	Unchanged
44	NORFOLK SOUTHN CORP COM NSC	NSC	200	$62.9k0.00%	0.00%	Unchanged
45	AVANOS MED INC COM AVNS	AVNS	2,375	$59.1k0.00%	0.00%	Unchanged
46	TOOTSIE ROLL INDS INC COM TR	TR	1,317	$52.1k0.00%	0.00%	Added +38	+38 3.0%
47	CONSOLIDATED EDISON INC COM ED	ED	253	$28.0k0.00%	0.00%	Unchanged

Sold out since Q1 2026

Security	Ticker	Shares held before	Value then
RAYONIER INC RYN	RYN	24,622	$507.7k24.6k shares
NETFLIX INC NFLX	NFLX	650	$62.5k650 shares

Stakes above 5%

Companies where this manager has reported owning more than 5% of a class of shares, on Schedule 13D (may seek influence) or 13G (passive): its latest filing for each, from 19 Dec 2024 on.

Company	Ticker	Stake	Change	Schedule	Last filed
WILLIAMS SONOMA INC WSM · 13G · filed 2026-02-13	WSM	6.4%≈ $1.8bn	no change	13G	2026-02-13