Black Hills Corporation
US ˙ NYSE ˙ US0921131092

SecurityBKH / Black Hills Corporation
InstitutionMagellan Asset Management Ltd
ManagerHamish Douglass
Latest Disclosed Ownership74,162 shares
Latest Disclosed Value $ 5,147,584
Magellan Asset Management Ltd reports 43.91% increase in ownership of BKH / Black Hills Corporation

On May 11, 2026 - Magellan Asset Management Ltd filed a 13F-HR form disclosing ownership of 74,162 shares of Black Hills Corporation (US:BKH) valued at $5,147,584 USD as of March 31, 2026. The entity filed a previous 13F-HR on February 10, 2026 disclosing 51,532 shares of Black Hills Corporation. This represents a change in shares of 43.91% during the quarter. The current value of the position is $5,397,510 USD.

Institutional Ownership: 13F and NPORT Filings

The Security and Class in the table below are shown exactly as filed by the investor. We do our best to track continuity of investments through acquisitions, and this will be reflected in the table as changes in names. In addition to descriptive data, performance of the investment is shown over time. To calculate quarterly performance, we first calculate cost basis of the shares purchased during the quarter, then use that to calculate gross profit. Quarterly return is Gross Profit / Starting Portfolio value.

Note that cost basis is calculated and stored in thousands, so small quarterly changes in shares frequently result in a cost basis of zero.

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Disclosed Equity Positions (from 13F/NPORT Filings)
File
Date		 Effective
Date		Form Security Class ID Avg Price
Paid (Est)		 Reported
Shares		 ΔShares ΔShares
(%)		 Reported
Value
(x1000)		 ΔValue
(%)		 Alloc
(%)		 ΔAlloc ΔAlloc (%) Cost Basis
(x1000)		 Unrealized
Gain/Loss
(x1000)
2026-05-11 2026-03-31 13F BLACK HILLS COM 092113109 74,162 22,630 43.91 5,148 43.89 0.0668
2026-02-10 2025-12-31 13F BLACK HILLS COM 092113109 51,532 3,434 7.14 3,577 20.76 0.0435
2025-11-10 2025-09-30 13F BLACK HILLS COM 092113109 48,098 2,554 5.61 2,962 15.93 0.0351
2025-08-07 2025-06-30 13F BLACK HILLS COM 092113109 45,544 -242 -0.53 2,555 -7.96 0.0292
2025-05-12 2025-03-31 13F BLACK HILLS COM 092113109 45,786 -2,570 -5.31 2,777 -1.87 0.0338
2025-02-12 2024-12-31 13F BLACK HILLS COM 092113109 48,356 -10,533 -17.89 2,830 -21.39 0.0311
2024-11-14 2024-09-30 13F BLACK HILLS COM 092113109 58,889 -1,640 -2.71 3,599 9.36 0.0358
2024-08-13 2024-06-30 13F BLACK HILLS COM 092113109 60,529 6,762 12.58 3,292 12.13 0.0313
2024-05-14 2024-03-31 13F BLACK HILLS COM 092113109 53,767 -904 -1.65 2,936 -0.47 0.0280
2024-02-13 2023-12-31 13F BLACK HILLS COM 092113109 54,671 -801 -1.44 2,950 5.10 0.0294
2023-11-13 2023-09-30 13F BLACK HILLS COM 092113109 55,472 2,528 4.77 2,806 -12.04 0.0298
2023-08-11 2023-06-30 13F BLACK HILLS COM 092113109 52,944 2,552 5.06 3,190 0.35 0.0284
2023-05-12 2023-03-31 13F BLACK HILLS COM 092113109 50,392 3,779 8.11 3,180 -3.02 0.0272
2023-02-13 2022-12-31 13F BLACK HILLS COM 092113109 46,613 -7,583 -13.99 3,279 -10.71 0.0281
2022-11-10 2022-09-30 13F BLACK HILLS COM 092113109 54,196 3,932 7.82 3,671 0.36 0.0257
2022-08-12 2022-06-30 13F BLACK HILLS COM 092113109 50,264 -274 -0.54 3,658 -6.01 0.0200
2022-05-13 2022-03-31 13F BLACK HILLS COM 092113109 50,538 -5,636 -10.03 3,892 -1.82 0.0151
2022-02-11 2021-12-31 13F BLACK HILLS COM 092113109 56,174 3,738 7.13 3,964 20.45 0.0101
2021-11-04 2021-09-30 13F BLACK HILLS COM 092113109 52,436 5,151 10.89 3,291 6.06 0.0066
2021-08-12 2021-06-30 13F BLACK HILLS COM 092113109 47,285 -2,895 -5.77 3,103 -7.40 0.0061
2021-05-13 2021-03-31 13F BLACK HILLS COM 092113109 50,180 -6,074 -10.80 3,351 -3.07 0.0070
2021-02-11 2020-12-31 13F BLACK HILLS COM 092113109 56,254 7,733 15.94 3,457 33.22 0.0080
2020-11-12 2020-09-30 13F BLACK HILLS COM 092113109 48,521 0 0.00 2,595 -5.60 0.0066
2020-08-14 2020-06-30 13F BLACK HILLS COM 092113109 48,521 704 1.47 2,749 -10.22 0.0082
2020-05-14 2020-03-31 13F BLACK HILLS COM 092113109 47,817 -2,888 -5.70 3,062 -23.10 0.0105
2020-02-13 2019-12-31 13F BLACK HILLS COM 092113109 50,705 0 0.00 3,982 2.34 0.0105
2019-11-13 2019-09-30 13F BLACK HILLS COM 092113109 50,705 2,304 4.76 3,891 2.83 0.0112
2019-08-13 2019-06-30 13F BLACK HILLS COM 092113109 48,401 0 0.00 3,784 5.55 0.0109
2019-05-14 2019-03-31 13F BLACK HILLS COM 092113109 48,401 8,988 22.80 3,585 44.91 0.0114
2019-03-11 2018-12-31 13F/A-1 BLACK HILLS COM 092113109 39,413 1,407 3.70 2,474 12.05 0.0091
2019-02-14 2018-12-31 13F BLACK HILLS COM 092113109 39,413 1,407 2,474
2018-11-14 2018-09-30 13F BLACK HILLS COM 092113109 38,006 0 0.00 2,208 -5.07 0.0072
2018-08-13 2018-06-30 13F BLACK HILLS COM 092113109 38,006 -1,026 -2.63 2,326 9.77 0.0082
2018-05-15 2018-03-31 13F BLACK HILLS COM 092113109 39,032 4,676 13.61 2,119 2.62 0.0078
2018-02-14 2017-12-31 13F BLACK HILLS COM 092113109 34,356 -1,300 -3.65 2,065 -15.92 0.0069
2017-11-13 2017-09-30 13F BLACK HILLS COM 092113109 35,656 0 0.00 2,456 2.08 0.0093
2017-08-11 2017-06-30 13F BLACK HILLS COM 092113109 35,656 2,437 7.34 2,406 20.30 0.0101
2017-05-16 2017-03-31 13F BLACK HILLS COM 092113109 33,219 33,219 2,000 0.0088
Legend
Shares
The total number of shares held by the institution at the end of the reporting period (the effective date). This is provided in the filing.
Value
The total value of the shares as of the effective date. This is provided in the filing.
Avg. Share Price
The weighted average share price of the shares held by the institution. We use FIFO accounting to determine this price
Class
This is the security class as indicated by the filer. There are a variety of values for this field. Common values include "EC" = equity common, "EP" - equity preferred
Allocation (%)
The percent of the institution's portfolio that this position represents. This is provided in NPORT filings. For 13F filings, we calculate it.
Change in Allocation
The change in allocation from the prior reporting period. This is calculated as current allocation - prior allocation.
Change in Allocation (%)
The percent change in allocation from the prior reporting period. This is calculated as (current allocation - prior allocation) / prior allocation.
Cost Basis
The total cost of the shares held. This is calculated as reported shares * avg. share price
Unrealized Gain/Loss
This is the market value of the position as of the effective date minus the cost basis.