ELCO Management Co., LLC

ELCO Management Co. LLC runs a $162M, 167-name 13F whose defining structural feature is an unusually concentrated mega-cap technology and energy core. Google Class C (GOOG, 5.2%) leads the book, followed closely by Apple (AAPL, 5.1%), Williams Companies (WMB, 5.0%), Amazon (AMZN, 4.3%), and Microsoft (MSFT, 4.0%) — five names that together occupy 23.6% of the portfolio in deliberate high-conviction bets across AI-and-platform-computing (GOOG, AAPL, MSFT, AMZN) and energy infrastructure (WMB). The bifurcated Google position (Class C at 5.2%) requires reading both GOOG and any separate GOOGL line to see the true Google total — a requirement that the API does not automate, but one that readers need when a manager holds both share classes. The Q1 changes (five new initiations, five exits, 25 increases, 18 decreased) represent a manager actively rebuilding its secondary layer while maintaining the mega-cap core. With 167 single-stock holdings, no ETF scaffolding in the conviction layer, and whaleScore of 43.75 on a concentrated structure, this is a genuine single-stock allocator operating at high conviction density within its AUM constraint.