Horizon Kinetics Asset Management LLC Murray Stahl

New York, NY 21 processed 13Fs on this site, 2021 Q3 to 2026 Q2

$8.8B
348 holdings
2026 Q2
−4.5% QoQ
Top 5 66.8%

Portfolio

2026 Q2, filed 8/11/2026, top 12 of 348 holdings

Top 5 66.8%, top 10 77.5%

AUM over time

2026 Q2 $8.8B −4.5% QoQ

Q3 2021

Q1 2022

Q1 2023

Q1 2024

Q1 2025

Q1 2026

Book

2022 Q3 2022 Q2, filed 15 Nov, long equity only

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TPL, Texas Pacific Land	53.29%	Reduce −1.1%	1,489,589	$1,777	$2.6B	−16,086	+$407M
FNV, Franco Nevada	2.59%, was 3.07%	Reduce −3.2%	1,078,565	$119.48	$129M	−35,352	−$18M
CACI, CACI International	2.38%, was 2.75%	Reduce −2.9%	453,039	$261.06	$118M	−13,612	−$13M
WPM, Wheaton Precious Metals	2.12%, was 2.58%	Reduce −4.5%	3,259,192	$32.36	$105M	−155,070	−$18M
ICE, Intercontinental Exchange	1.85%, was 2.10%	Reduce −4.5%	1,017,225	$90.35	$92M	−48,211	−$8.3M
BN, Brookfield Corporation	1.84%, was 2.16%	Reduce −4.0%	2,230,262	$40.89	$91M	−93,199	−$12M
CVEO, Civeo Corporation Cda	1.81%	Add +3.1%	3,583,170	$25.13	$90M	+109,071	+$170K
ADM, Archer-Daniels-Midland	1.66%, was 1.80%	Reduce −7.3%	1,024,967	$80.45	$82M	−80,526	−$3.3M
Viper Energy Partners	1.27%, was 1.41%	Reduce −12.7%	2,199,770	$28.66	$63M	−319,482	−$4.2M
CRL, Charles River Labs International	1.13%, was 1.34%	Reduce −4.9%	284,389	$196.80	$56M	−14,585	−$8M
MSB, Mesabi Trust	1.11%, was 1.35%	Reduce −2.1%	2,574,673	$21.51	$55M	−54,131	−$9.1M
PBT, Permian Basin Rty Trust	1.01%, was 0.72%	Add +47.1%	3,075,848	$16.33	$50M	+985,353	+$16M
Brigham Minerals	1.01%, was 1.16%	Reduce −9.6%	2,027,024	$24.67	$50M	−216,404	−$5.2M
CBOE, Cboe Global Markets	0.97%, was 0.98%	Reduce −0.7%	409,544	$117.37	$48M	−3,016	+$1.4M
Associated Cap Group	0.93%, was 0.94%	Reduce −0.3%	1,250,441	$36.76	$46M	−3,203	+$1M
SVXY, Proshares Trust II	0.91%, was 0.98%	Reduce −4.6%	926,196	$48.59	$45M	−44,793	−$1.8M
CME, CME Group	0.90%, was 1.13%	Reduce −4.5%	252,162	$177.13	$45M	−11,987	−$9.4M
NTR, Nutrien	0.80%, was 0.90%	Reduce −11.1%	478,271	$83.38	$40M	−59,804	−$3M
LYV, Live Nation Entertainment	0.79%, was 0.95%	Reduce −6.2%	513,382	$76.04	$39M	−33,864	−$6.2M
MMC, Marsh McLennan	0.77%, was 0.91%	Reduce −8.8%	254,669	$149.29	$38M	−24,640	−$5.3M
HHH, Howard Hughes	0.76%, was 0.97%	Reduce −0.7%	677,436	$55.39	$38M	−4,439	−$8.9M
AN, Autonation	0.72%, was 0.85%	Reduce −3.5%	352,404	$101.87	$36M	−12,736	−$4.9M
WST, West Fraser Timber	0.72%, was 0.86%	Reduce −8.2%	494,012	$72.49	$36M	−44,026	−$5.5M
SAIC, Science Applicatns International CP	0.69%, was 0.78%	Reduce −3.2%	387,827	$88.43	$34M	−12,640	−$3M
Sandstorm Gold	0.67%	Add +0.7%	6,473,010	$5.17	$33M	+47,041	−$4.8M
BG, Bunge	0.65%, was 0.76%	Reduce −2.2%	389,975	$82.57	$32M	−8,862	−$4M
Liberty Medica	0.57%, was 0.58%	Reduce −3.0%	745,134	$37.71	$28M	−23,022	+$407K
WY, Weyerhaeuser	0.54%, was 0.74%	Reduce −11.5%	941,465	$28.56	$27M	−121,972	−$8.3M
CBRE, CBRE Group	0.54%, was 0.67%	Reduce −9.2%	393,705	$67.51	$27M	−39,691	−$5.3M
DMLP, Dorchester Minerals	0.52%, was 0.51%	Add 0.0%	1,029,371	$24.98	$26M	+70	+$1.2M
WEN, Wendys	0.48%, was 0.52%	Reduce −3.3%	1,282,845	$18.69	$24M	−43,971	−$1.1M
Osisko Gold Royalties	0.48%, was 0.54%	Reduce −8.0%	2,350,870	$10.18	$24M	−205,537	−$1.9M
IEP, Icahn Enterprises	0.45%, was 0.46%	Reduce −1.8%	453,071	$49.67	$23M	−8,171	+$309K
PAG, Penske Automotive Group	0.44%, was 0.51%	Reduce −5.0%	221,347	$98.43	$22M	−11,675	−$2.6M
JOE, Saint Joe	0.39%	Add +3.0%	609,993	$32.03	$20M	+17,596	−$3.9M
RPRX	0.33%, was 0.40%	Reduce −9.9%	408,546	$40.18	$16M	−45,010	−$2.7M
CNS, Cohen & Steers	0.29%, was 0.34%	Reduce −9.7%	233,451	$62.63	$15M	−24,979	−$1.8M
Liberty Media	0.29%	Reduce −0.6%	376,865	$38.07	$14M	−2,095	+$689K
TRC, Tejon Ranch	0.29%, was 0.25%	Add +29.8%	986,573	$14.40	$14M	+226,779	+$2.4M
RGLD, Royal Gold	0.27%, was 0.32%	Reduce −1.0%	141,873	$93.82	$13M	−1,505	−$2M
SPGI, S&P Global	0.26%, was 0.35%	Reduce −13.9%	42,954	$305.35	$13M	−6,920	−$3.7M
IPAR, Inter Parfums	0.26%	Reduce −2.3%	168,467	$75.46	$13M	−3,900	+$120K
Liberty Media	0.25%, was 0.28%	Reduce −0.5%	208,749	$58.50	$12M	−1,114	−$1.1M
ELS, Equity Lifestyle Properties	0.24%, was 0.29%	Reduce −1.7%	191,051	$62.84	$12M	−3,376	−$1.7M
LBRDA, Liberty Broadband Series C	0.24%, was 0.40%	Reduce −4.1%	160,116	$73.80	$12M	−6,895	−$7.5M
BRK.B, Berkshire Hathaway Class B	0.23%, was 0.25%	Reduce −0.9%	42,783	$267.02	$11M	−398	−$365K
OSK, Oshkosh	0.22%, was 0.27%	Reduce 0.0%	157,074	$70.29	$11M	−77	−$1.9M
SII, Sprott	0.19%, was 0.26%	Reduce −18.3%	289,037	$33.51	$9.7M	−64,958	−$2.6M
MA, Mastercard	0.19%, was 0.22%	Reduce −1.3%	33,452	$284.35	$9.5M	−424	−$1.2M
Liberty Media	0.18%, was 0.20%	Reduce −0.3%	167,094	$52.52	$8.8M	−461	−$937K
Kraneshares Trust	0.16%, was 0.22%	Reduce −0.6%	216,432	$37.20	$8.1M	−1,363	−$2.7M
BA, Boeing	0.16%, was 0.19%	Reduce −2.3%	65,601	$121.08	$7.9M	−1,524	−$1.2M
Gamco Investors	0.16%, was 0.20%	Reduce 0.0%	456,730	$17.05	$7.8M	−71	−$1.8M
VGSH, Vanguard Scottsdale Funds	0.15%, was 0.16%	Reduce −0.4%	132,664	$57.79	$7.7M	−596	−$177K
NDAQ, Nasdaq	0.13%	Add +192.8%	118,118	$56.68	$6.7M	+77,781	+$542K
PCH, Potlatchdeltic	0.11%, was 0.02%	Add +670.6%	138,333	$41.04	$5.7M	+120,381	+$4.9M
XNEAX, Nuveen Amt Free Qlty Mun	0.11%, was 0.13%	Reduce −2.8%	516,639	$10.60	$5.5M	−15,035	−$771K
PTEN, Patterson Uti Energy	0.10%, was 0.14%	Reduce −0.4%	411,597	$11.68	$4.8M	−1,479	−$1.7M
MSGS, MSG Sports	0.09%, was 0.12%	Reduce −11.0%	33,990	$136.66	$4.6M	−4,189	−$1.1M
Iaa	0.09%, was 0.11%	Reduce −13.8%	134,690	$31.85	$4.3M	−21,593	−$831K
XOM, Exxon Mobil	0.08%	Add +0.1%	46,650	$87.31	$4.1M	+25	+$80K
WMB, Williams Companies	0.08%	Add +1.0%	141,413	$28.63	$4M	+1,464	−$319K
MSTR, Microstrategy	0.08%, was 0.06%	Add +3.9%	19,069	$212.28	$4M	+722	+$1M
RYN, Rayonier	0.08%	Add +4.6%	133,170	$29.97	$4M	+5,883	−$767K
AMLP, Alps ETF Trust Alerian MLP	0.07%	Add +10.6%	100,188	$36.56	$3.7M	+9,610	+$543K
ABBV, AbbVie	0.07%	Add +1.0%	27,287	$134.20	$3.7M	+264	−$477K
FHI, Federated Hermes	0.07%, was 0.02%	Add +228.9%	106,064	$33.12	$3.5M	+73,818	+$2.5M
BMY, Bristol Myers Squibb	0.07%	Add +0.5%	47,801	$71.09	$3.4M	+220	−$266K
EBAY, eBay	0.07%, was 0.15%	Reduce −47.9%	90,992	$36.81	$3.3M	−83,769	−$3.9M
MRK, Merck	0.06%	Add +1.6%	35,702	$86.13	$3.1M	+559	−$129K
JNJ, Johnson & Johnson	0.06%	Add +0.9%	18,768	$163.36	$3.1M	+175	−$234K
MKL, Markel Group	0.06%	Add +0.1%	2,792	$1,084	$3M	+4	−$579K
PDI, Pimco Dynamic Income Fund	0.06%, was 0.07%	Reduce −2.0%	154,890	$19.38	$3M	−3,120	−$296K
FCX, Freeport-McMoRan	0.06%, was 0.07%	Reduce −0.2%	108,337	$27.33	$3M	−250	−$216K
Barclays Bank	0.06%	New	69,100	$40.00	$2.8M	+69,100	+$2.8M
APYX, Apyx Medical	0.06%	Hold	615,000	$4.49	$2.8M	—	—
IGSB, iShares Trust	0.05%	Hold	54,000	$49.28	$2.7M	—	—
KMI, Kinder Morgan	0.05%, was 0.04%	Add +27.9%	156,001	$16.64	$2.6M	+34,071	+$552K
BSM	0.05%, was 0.06%	Reduce −14.0%	165,702	$15.65	$2.6M	−27,047	−$46K
EPD, Enterprise Products Partners	0.05%	Reduce −0.1%	107,126	$23.78	$2.5M	−112	−$66K
DHR, Danaher	0.05%	Hold	9,755	$258.33	$2.5M	—	—
MSTR, Pimco Income Strategy Fund II	0.05%	Hold	359,328	$6.91	$2.5M	—	—
LLY, Eli Lilly	0.05%	Hold	7,386	$323.31	$2.4M	—	—
INFL, Listed Fund Trust	0.05%	Add +7.7%	83,484	$27.83	$2.3M	+5,960	+$110K
LVS, Las Vegas Sands	0.05%	Reduce −13.7%	59,932	$37.53	$2.2M	−9,505	−$83K
CORZ, Core Scientific	0.05%, was 0.04%	Add +28.8%	1,726,520	$1.30	$2.2M	+386,184	+$247K
SPHR	0.05%, was 0.06%	Reduce −2.7%	50,769	$44.08	$2.2M	−1,419	−$508K
PFE, Pfizer	0.04%, was 0.06%	Reduce −1.3%	50,912	$43.76	$2.2M	−654	−$476K
MSFT, Microsoft	0.04%	Add +6.7%	9,334	$232.91	$2.2M	+587	−$72K
CVX, Chevron	0.04%, was 0.05%	Reduce −3.5%	14,716	$143.65	$2.1M	−533	−$94K
WBD, Warner Bros. Discovery	0.04%	New	182,843	$11.50	$2.1M	+182,843	+$2.1M
Ritchie Bros Auctioneers	0.04%	Add +2.2%	32,237	$62.47	$2M	+680	−$39K
Costamare	0.04%	Add +1.4%	224,737	$8.95	$2M	+3,000	−$672K
BN, Brookfield Corporation	0.04%	Reduce −0.6%	55,805	$35.89	$2M	−339	−$143K
ET, Energy Transfer	0.04%, was 0.03%	Add +19.7%	180,689	$11.03	$2M	+29,735	+$486K
DBL, Doubleline Opportunistic CR	0.04%, was 0.05%	Reduce −5.4%	134,486	$14.45	$1.9M	−7,643	−$271K
LHX, L3Harris	0.04%, was 0.05%	Reduce −0.3%	9,156	$207.84	$1.9M	−27	−$317K
NAD, Nuveen Quality Muncp Income	0.04%	Reduce −0.7%	169,026	$11.00	$1.9M	−1,250	−$264K
TCOM, Tri Pointe Homes	0.04%, was 0.05%	Reduce −6.2%	120,612	$15.11	$1.8M	−8,000	−$348K
PM, Philip Morris International	0.04%, was 0.05%	Reduce −0.2%	21,744	$83.01	$1.8M	−46	−$347K
SATS, Echostar	0.04%	Reduce −1.2%	106,697	$16.47	$1.8M	−1,325	−$328K
VCSH, Vanguard Scottsdale Funds	0.03%	Add +6.2%	23,198	$74.27	$1.7M	+1,360	+$58K
SU, Suncor Energy	0.03%	Hold	58,079	$28.15	$1.6M	—	—
MO, Altria	0.03%	Add +0.5%	40,273	$40.37	$1.6M	+219	−$47K
AAPL, Apple	0.03%	Reduce −4.0%	11,678	$138.21	$1.6M	−489	−$49K
NVS, Novartis	0.03%	Add +5.5%	21,150	$76.03	$1.6M	+1,100	−$87K
SEE, Sealed Air	0.03%	Add +3.3%	36,035	$44.51	$1.6M	+1,150	−$410K
FNF, Fidelity National Financial	0.03%	Add +1.3%	43,829	$36.21	$1.6M	+543	−$13K
CSCO, Cisco	0.03%	Add +0.3%	38,944	$40.01	$1.6M	+118	−$98K
GDXJ, Vaneck Vectors ETF Trust	0.03%, was 0.04%	Reduce −8.6%	51,523	$29.46	$1.5M	−4,845	−$286K
MHD	0.03%, was 0.04%	Reduce −1.6%	131,512	$11.25	$1.5M	−2,130	−$216K
KLAC, KLA	0.03%	Add +2.1%	4,844	$302.64	$1.5M	+100	−$48K
Equity Commonwealth	0.03%, was 0.04%	Reduce −7.5%	59,388	$24.37	$1.4M	−4,834	−$321K
ABT, Abbott Laboratories	0.03%	Hold	14,916	$96.74	$1.4M	—	—
Navigator	0.03%	Reduce −6.7%	121,523	$11.45	$1.4M	−8,697	−$79K
SPY, SPDR S&P 500 ETF Trust	0.03%	Reduce −1.8%	3,837	$357.05	$1.4M	−72	−$105K
Liberty Media	0.03%	Reduce −1.0%	49,773	$27.50	$1.4M	−489	+$163K
REZI, Resideo Technologies	0.03%	Hold	71,826	$19.06	$1.4M	—	—
PARA, Paramount Global	0.03%	Add +23.0%	71,781	$19.04	$1.4M	+13,400	−$74K
CSW, CSW Industrials	0.03%	Hold	11,200	$119.82	$1.3M	—	—
DSL, Doubleline Income Solutions	0.03%, was 0.06%	Reduce −48.2%	122,454	$10.80	$1.3M	−114,157	−$1.5M
XCXEX, MFS High Income Mun Trust	0.03%, was 0.04%	Reduce −18.0%	390,394	$3.37	$1.3M	−85,577	−$474K
EMR, Emerson Electric	0.03%	Add +4.7%	17,936	$73.20	$1.3M	+800	−$50K
VOO, Vanguard S&P 500 ETF	0.03%	Reduce −4.2%	3,973	$328.22	$1.3M	−175	−$135K
CVS, CVS Health	0.03%	Add +1.5%	13,619	$95.38	$1.3M	+201	+$56K
OPLN, Kar Auction Services	0.03%, was 0.04%	Reduce −4.7%	113,348	$11.17	$1.3M	−5,530	−$490K
CAT, Caterpillar	0.02%	Add +7.9%	7,408	$164.15	$1.2M	+540	−$12K
IRM, Iron Mountain	0.02%, was 0.03%	Reduce −0.2%	27,508	$43.99	$1.2M	−50	−$132K
VRSK, Verisk	0.02%	Hold	7,000	$170.57	$1.2M	—	—
BLK, BlackRock	0.02%, was 0.03%	Reduce −1.3%	109,524	$10.86	$1.2M	−1,415	−$132K
SON, Sonoco Products	0.02%	Hold	20,600	$56.75	$1.2M	—	—
TD, Toronto-Dominion Bank	0.02%	Add +4.1%	18,950	$61.32	$1.2M	+750	−$32K
RMT, Royce Micro-Cap Trust	0.02%, was 0.03%	Reduce −0.6%	144,150	$7.93	$1.1M	−876	−$69K
LBRDA, Liberty Broadband Series A	0.02%, was 0.05%	Reduce −26.8%	14,499	$74.63	$1.1M	−5,295	−$1.2M
NBB, Nuveen Build American	0.02%, was 0.05%	Reduce −47.7%	68,889	$15.69	$1.1M	−62,842	−$1.3M
BGC Partners	0.02%, was 0.03%	Reduce −10.8%	338,979	$3.14	$1.1M	−40,876	−$216K
HON, Honeywell	0.02%	Add +1.4%	6,338	$166.93	$1.1M	+88	−$28K
NEM, Newmont	0.02%	Add +4.4%	24,724	$42.02	$1M	+1,044	−$374K
ROK, Rockwell Automation	0.02%	Add +4.3%	4,823	$215.01	$1M	+200	+$116K
RTX	0.02%	Add +3.1%	12,510	$81.85	$1M	+378	−$142K
MDLZ, Mondelez	0.02%	Reduce −1.6%	18,391	$54.81	$1M	−298	−$152K
WT, Wisdomtree Investments	0.02%	Add +14.8%	215,282	$4.68	$1M	+27,800	+$57K
BIIB, Biogen	0.02%	Hold	3,750	$266.93	$1M	—	—
AMGN, Amgen	0.02%	Reduce −0.2%	4,380	$225.34	$987K	−9	−$81K
KRP, Kimbell Rty Partners	0.02%	Add +14.0%	57,768	$16.98	$981K	+7,111	+$187K
NSC, Norfolk Southern	0.02%	Add +1.5%	4,656	$209.62	$976K	+70	−$66K
NRK	0.02%	Hold	98,746	$9.82	$970K	—	—
RCG, Renn Fund	0.02%	Add +10.1%	450,264	$2.14	$964K	+41,265	+$27K
IAC, IAC Interactivecorp	0.02%, was 0.04%	Reduce −30.5%	17,277	$55.39	$957K	−7,570	−$931K
WOOD, iShares Trust	0.02%	Reduce −2.5%	14,598	$65.42	$955K	−380	−$160K
BAC, Bank of America	0.02%	Hold	31,426	$30.20	$949K	—	—
MCD, McDonald's	0.02%	Reduce −0.3%	4,107	$230.83	$948K	−12	−$69K
Black Knight	0.02%	Add +7.9%	14,284	$64.76	$925K	+1,041	+$59K
BLK, BlackRock	0.02%	Reduce −7.7%	94,524	$9.72	$919K	−7,918	−$210K
BCPC, Balchem	0.02%	Hold	7,524	$121.61	$915K	—	—
OIH, Vaneck Vectors ETF Trust	0.02%	Hold	4,331	$211.27	$915K	—	—
GOOG, Alphabet Class C	0.02%	Add +869.6%	9,134	$96.12	$878K	+8,192	−$1.2M
Liberty Media	0.02%	Reduce −1.0%	31,176	$28.16	$878K	−321	+$86K
WPC, W P Carey	0.02%	Reduce −0.2%	12,500	$69.76	$872K	−25	−$166K
SBLK, Star Bulk Carriers	0.02%	Add +5.2%	48,984	$17.48	$856K	+2,440	−$307K
Rumble	0.02%	New	69,571	$12.25	$852K	+69,571	+$852K
CMS, CMS Energy	0.02%	Hold	14,575	$58.25	$849K	—	—
AZNN	0.02%	Add +0.2%	15,092	$54.86	$828K	+34	−$167K
MSTR, Pimco Income Strategy Fund	0.02%	Reduce −12.1%	103,614	$7.97	$826K	−14,223	−$233K
BRK.A, Berkshire Hathaway Class A	0.02%, was 0.09%	Reduce −81.8%	2	$406,500	$813K	−9	−$3.7M
EXPE, Expedia	0.02%	Add +0.2%	8,603	$93.69	$806K	+18	−$8K
SEB, Seaboard	0.02%	Add +4.1%	228	$3,404	$776K	+9	−$74K
NVO, Novo Nordisk	0.02%	Hold	7,740	$99.61	$771K	—	—
V, Visa	0.02%, was 0.10%	Reduce −82.9%	4,339	$177.69	$771K	−21,069	−$4.2M
ABBNY, ABB	0.02%	Add +0.7%	29,971	$25.66	$769K	+200	−$27K
GM, General Motors	0.02%	Reduce −0.8%	23,450	$32.11	$753K	−200	+$2K
VZ, Verizon	0.01%, was 0.02%	Reduce −9.4%	19,352	$37.98	$735K	−1,997	−$348K
BELFB, Bel Fuse	0.01%	Hold	28,988	$25.25	$732K	—	—
Proshares Trust II	0.01%	New	29,100	$25.02	$728K	+29,100	+$728K
XES, SPDR Ser Trust	0.01%	Add +136.6%	13,138	$55.18	$725K	+7,585	+$394K
AMCX, AMC Networks	0.01%, was 0.03%	Reduce −34.1%	35,512	$20.30	$721K	−18,371	−$848K
SPSB, SPDR Ser Trust	0.01%	Hold	24,000	$29.21	$701K	—	—
SBR, Sabine Royalty Trust	0.01%	Add +18.5%	9,847	$71.09	$700K	+1,535	+$194K
MPC, Marathon Petroleum	0.01%	Reduce −2.8%	6,920	$99.28	$687K	−200	+$102K
MOV, Movado Group	0.01%, was 0.02%	Reduce −7.6%	24,322	$28.16	$685K	−2,000	−$129K
ADI, Analog Devices	0.01%	Add +0.9%	4,795	$139.31	$668K	+45	−$26K
UNP, Union Pacific	0.01%, was 0.02%	Reduce −0.4%	3,400	$194.71	$662K	−14	−$66K
BR, Broadridge Financial	0.01%	Hold	4,564	$144.39	$659K	—	—
DIS, Disney	0.01%	Add +1.3%	6,960	$94.40	$657K	+88	+$8K
XFRAX	0.01%	Hold	59,291	$11.01	$653K	—	—
GE, GE Aerospace	0.01%	Reduce −1.8%	10,510	$61.94	$651K	−192	−$30K
GLD, SPDR Gold Shares	0.01%	Reduce −1.0%	4,112	$154.67	$636K	−40	−$63K
Proshares Trust II	0.01%	New	26,300	$23.99	$631K	+26,300	+$631K
EOG, EOG Resources	0.01%	Add +6.2%	5,608	$111.80	$627K	+326	+$44K
VXF, Vanguard Index Funds	0.01%	Add +5.9%	4,811	$127.00	$611K	+267	+$15K
RQI, Cohen & Steers Quality Realty	0.01%	Hold	54,233	$11.25	$610K	—	—
VMI, Valmont Industries	0.01%	Hold	2,250	$268.44	$604K	—	—
ALNY, Alnylam Pharmaceuticals	0.01%	Hold	3,000	$200.00	$600K	—	—
United STS Oil Fund	0.01%	New	5,000	$120.00	$600K	+5,000	+$600K
GOOGL, Alphabet Class A	0.01%	Add +221.3%	6,240	$95.67	$597K	+4,298	−$3.6M
DGX, Quest Diagnostics	0.01%	Hold	4,800	$122.71	$589K	—	—
GDX, Vaneck Vectors ETF Trust	0.01%, was 0.02%	Reduce −9.5%	23,991	$24.13	$579K	−2,520	−$147K
INTC, Intel	0.01%	Add +73.8%	21,849	$25.77	$563K	+9,280	+$93K
INTC, Intellia Therapeutics	0.01%	Hold	10,000	$56.00	$560K	—	—
SLV, iShares Silver Trust	0.01%	Hold	31,833	$17.50	$557K	—	—
GILD, Gilead Sciences	0.01%	Hold	9,000	$61.67	$555K	—	—
BX, Blackstone	0.01%	Reduce −1.5%	6,560	$83.69	$549K	−100	−$59K
GHC, Graham	0.01%	Hold	1,008	$537.70	$542K	—	—
Gladstone LD	0.01%	Hold	28,944	$18.10	$524K	—	—
Bakkt	0.01%	Add +106.9%	222,349	$2.28	$507K	+114,866	+$281K
IVZ, Invesco	0.01%	Reduce −1.2%	55,300	$9.13	$505K	−665	−$66K
VTI, Vanguard Index Funds	0.01%	Reduce −2.7%	2,759	$179.41	$495K	−77	−$40K
SNY, Sanofi	0.01%	Hold	13,000	$38.00	$494K	—	—
ALKS, Alkermes	0.01%	Hold	22,000	$22.32	$491K	—	—
Nuveen Sr Income Fund	0.01%	Hold	105,209	$4.67	$491K	—	—
RSP	0.01%	Add +6.1%	3,758	$127.20	$478K	+215	+$2K
MYI	0.01%	Reduce −26.4%	45,198	$10.42	$471K	−16,207	−$245K
Pimco ETF Trust	0.01%	Hold	4,700	$98.94	$465K	—	—
TFX, Teleflex	0.01%	Add +7.5%	2,286	$201.66	$461K	+160	−$62K
RCL, Royal Caribbean	0.01%	Reduce −9.8%	11,951	$37.90	$453K	−1,297	−$9K
KMB, Kimberly-Clark	0.01%	Add +1.3%	4,000	$112.50	$450K	+50	−$84K
Holding	0.01%	Hold	55,869	$8.05	$450K	—	—
OGN, Organon	0.01%	Add +40.7%	19,164	$23.38	$448K	+5,545	−$12K
FIS, Fidelity National Information Services	0.01%	Add +22.3%	5,659	$75.63	$428K	+1,031	+$4K
Silvergate Cap	0.01%	New	5,679	$75.37	$428K	+5,679	+$428K
CNP, Centerpoint Energy	0.01%	Hold	15,139	$28.21	$427K	—	—
BTZ	0.01%	Hold	44,357	$9.54	$423K	—	—
Alleghany	0.01%	Reduce −4.0%	501	$840.32	$421K	−21	−$14K
IBM	0.01%	Add +3.9%	3,500	$118.86	$416K	+130	−$60K
AWR	0.01%	New	5,306	$78.02	$414K	+5,306	+$414K
RYN, Rayonier Advanced Materials	0.01%	Add +1.5%	131,350	$3.15	$414K	+2,000	+$75K
IVZ, Invesco Value Mun Income Trust	0.01%	Hold	35,862	$11.52	$413K	—	—
LIN, Linde	0.01%	Reduce −0.6%	1,530	$269.28	$412K	−10	−$31K
SYK, Stryker	0.01%	Hold	2,000	$202.50	$405K	—	—
CRSP, Crispr Therapeutics	0.01%	Hold	6,125	$65.31	$400K	—	—
Holding	0.01%, was 0.02%	Reduce −55.4%	31,967	$12.36	$395K	−39,693	−$537K
NZF, Nuveen Municipal Credit	0.01%, was 0.02%	Reduce −46.9%	34,558	$11.37	$393K	−30,552	−$425K
GSK	0.01%	New	13,278	$29.45	$391K	+13,278	+$391K
LEN, Lennar	0.01%	Add +12.4%	5,209	$74.49	$388K	+574	+$61K
FHI, Federated Hermes	0.01%	Reduce −6.0%	37,089	$10.35	$384K	−2,376	−$52K
Holding	0.01%	Hold	44,652	$8.58	$383K	—	—
AJG, Arthur J. Gallagher	0.01%	Reduce −1.0%	2,207	$171.27	$378K	−23	+$14K
Dish Network	0.01%	Reduce −4.9%	27,148	$13.81	$375K	−1,387	−$137K
GPC, Genuine Parts	0.01%	Hold	2,500	$149.20	$373K	—	—
WTM, White Mountains Insurance Group	0.01%	Add +21.3%	285	$1,302	$371K	+50	+$78K
Maverix Metals	0.01%	Reduce −0.4%	108,185	$3.35	$362K	−477	−$111K
IONS, Ionis Pharmaceuticals	0.01%	Hold	8,000	$44.25	$354K	—	—
GS, Goldman Sachs	0.01%	Hold	1,193	$293.38	$350K	—	—
PEP, PepsiCo	0.01%	Reduce −5.7%	2,104	$163.02	$343K	−128	−$29K
QCOM, Qualcomm	0.01%	Add +29.9%	3,040	$112.83	$343K	+700	+$44K
ENOV, Enovis	0.01%	Reduce 0.0%	7,345	$46.02	$338K	−2	−$66K
IAU, iShares Gold Trust	0.01%	Reduce −3.4%	10,530	$31.53	$332K	−366	−$42K
ALCO, Alico	0.01%	Reduce −7.2%	11,600	$28.28	$328K	−900	−$117K
RA	0.01%	Hold	18,862	$17.23	$325K	—	—
MTN, Vail Resorts	0.01%	Add +19.4%	1,507	$215.66	$325K	+245	+$50K
L, Loews	0.01%	Reduce −3.4%	6,449	$49.78	$321K	−229	−$75K
BLK, BlackRock	0.01%	New	31,715	$10.03	$318K	+31,715	+$318K
Scripps E W Co. Ohio	0.01%	Hold	28,000	$11.29	$316K	—	—
AMT, American Tower	0.01%	Add +0.9%	1,441	$214.43	$309K	+13	−$56K
BN, Brookfield Corporation	0.01%	Reduce −0.2%	7,593	$40.70	$309K	−12	−$14K
BLK, BlackRock	0.01%	Hold	46,440	$6.63	$308K	—	—
Direxion SHS Edf Trust	0.01%	New	8,700	$34.94	$304K	+8,700	+$304K
KHC, Kraft Heinz	0.01%	Hold	9,013	$33.40	$301K	—	—
Perkinelmer	0.01%	Reduce −0.4%	2,435	$120.33	$293K	−10	−$55K
CSWC, Capital Southwest	0.01%	Hold	17,000	$16.94	$288K	—	—
RIO, Rio Tinto	0.01%	Add +34.2%	5,200	$55.00	$286K	+1,325	+$50K
BK, BNY	0.01%	Hold	7,194	$38.50	$277K	—	—
IFF, International Flavors & Fragrances	0.01%	Reduce −0.7%	3,050	$90.82	$277K	−21	−$89K
GIS, General Mills	0.01%	Hold	3,600	$76.67	$276K	—	—
CMCSA, Comcast	0.01%	Add +7.4%	9,350	$29.30	$274K	+647	−$68K
BXMT	0.01%	Hold	11,701	$23.33	$273K	—	—
NBH, Neuberger Berman Muni Fund	0.01%	Reduce −24.4%	26,452	$10.13	$268K	−8,549	−$124K
JPM, JPMorgan Chase	0.01%	Reduce −6.0%	2,551	$104.66	$267K	−162	−$39K
BLK, BlackRock	0.01%	Hold	12,950	$20.54	$266K	—	—
DORM, Dorman Products	0.01%	Reduce −13.5%	3,200	$82.19	$263K	−500	−$143K
VTRS, Viatris	0.01%	Reduce −16.3%	30,276	$8.52	$258K	−5,904	−$121K
ESAB	0.01%	Add +0.4%	7,505	$33.31	$250K	+33	−$77K
JPM, JPMorgan Chase	0.00%, was 0.01%	Reduce −21.3%	4,924	$50.16	$247K	−1,330	−$66K
WST, West Pharmaceutical	0.00%	Hold	26,726	$9.05	$242K	—	—
AWK	0.00%	Add +3.9%	1,829	$130.13	$238K	+69	−$24K
BAX, Baxter International	0.00%	Add +36.4%	4,400	$53.86	$237K	+1,175	+$30K
COP, ConocoPhillips	0.00%	Add +0.4%	2,263	$102.52	$232K	+10	+$30K
ETN, Eaton	0.00%	Hold	20,001	$11.10	$222K	—	—
PYPL, PayPal	0.00%, was 0.01%	Reduce −47.6%	2,583	$85.95	$222K	−2,346	−$122K
NAN, Nuveen New York QLT Mun	0.00%, was 0.01%	Reduce −45.2%	20,838	$10.46	$218K	−17,204	−$228K
GBX, Greenbrier Companies	0.00%	Add +5.3%	8,950	$24.25	$217K	+450	−$89K
KKR	0.00%	Hold	5,058	$42.90	$217K	—	—
MTCH, Match Group	0.00%	Hold	4,503	$47.75	$215K	—	—
SLP, Simulations Plus	0.00%	Hold	4,367	$48.55	$212K	—	—
PHYS, Sprott Physical Gold Trust	0.00%, was 0.01%	Reduce −4.3%	16,521	$12.77	$211K	−738	−$34K
CL, Colgate-Palmolive	0.00%, was 0.01%	Reduce −0.9%	2,978	$70.18	$209K	−27	−$32K
IWC, iShares Trust	0.00%	Reduce −2.7%	1,974	$103.34	$204K	−55	−$7K
Lions Gate Entmnt	0.00%, was 0.01%	Reduce −21.9%	28,794	$6.95	$200K	−8,075	−$126K
PCM, PCM Fund	0.00%	Hold	25,095	$7.97	$200K	—	—
BLK, BlackRock	0.00%	Hold	18,053	$10.97	$198K	—	—
NVG	0.00%, was 0.01%	Reduce −19.6%	16,874	$11.67	$197K	−4,112	−$78K
ETN, Eaton	0.00%	Hold	19,850	$9.67	$192K	—	—
BLK, BlackRock	0.00%	Reduce −8.1%	19,403	$9.79	$190K	−1,699	−$43K
NIM, Nuveen Select Mat Mun Fund	0.00%	Hold	21,500	$8.84	$190K	—	—
ETN, Eaton	0.00%	Reduce −8.8%	21,411	$8.45	$181K	−2,067	−$38K
SD, Sandridge Energy	0.00%	Add +1.0%	10,274	$16.35	$168K	+98	+$9K
Neuberger Berman NY Mun Fund	0.00%, was 0.01%	Reduce −42.4%	16,957	$9.26	$157K	−12,485	−$134K
PML, Pimco Mun Income Fund II	0.00%	Hold	15,050	$9.50	$143K	—	—
BGT	0.00%	Hold	12,678	$10.88	$138K	—	—
ETN, Eaton	0.00%	Hold	12,928	$9.20	$119K	—	—
ASTL, Algoma Steel Group	0.00%	Add +0.4%	18,311	$6.44	$118K	+72	−$46K
Holding	0.00%	Reduce −17.7%	17,967	$6.57	$118K	−3,855	−$40K
ETN, Eaton	0.00%	Hold	21,730	$5.29	$115K	—	—
Holding	0.00%	Reduce −12.6%	13,754	$8.07	$111K	−1,974	−$21K
NMZ	0.00%	Reduce −12.0%	10,643	$10.24	$109K	−1,456	−$33K
LILA, Liberty Latin America	0.00%	Add +1.7%	16,852	$6.17	$104K	+274	−$25K
BLK, BlackRock	0.00%	Hold	10,204	$10.00	$102K	—	—
NUV, Nuveen Mun Value Fund	0.00%	Hold	11,632	$8.43	$98K	—	—
Pioneer Mun High Income Fund	0.00%	Reduce −1.3%	11,879	$8.25	$98K	−155	−$14K
PACB	0.00%	Hold	12,000	$5.83	$70K	—	—
Vimeo	0.00%	Reduce −37.6%	15,844	$3.98	$63K	−9,547	−$90K
Alaunos Therapeutics	0.00%	Hold	34,000	$1.71	$58K	—	—
SAN	0.00%	Hold	22,910	$2.31	$53K	—	—
GALT, Galectin Therapeutics	0.00%	Hold	26,000	$1.62	$42K	—	—
IVZ, Invesco Sr Income Trust	0.00%	Reduce −10.0%	10,000	$3.70	$37K	−1,113	−$6K
Nucana	0.00%	Hold	19,467	$1.03	$20K	—	—
BITF, Bitfarms	0.00%	Hold	18,300	$1.04	$19K	—	—
GCI, Gannett	0.00%	Hold	10,000	$1.50	$15K	—	—
Salarius Pharmaceuticals	0.00%	Add +50.0%	60,000	$0.2000	$12K	+20,000	+$4K

Showing top 50 of 319 by value

Exits / last held

Gone since 2022 Q2, shown at their last reported size.

Stock	% of portfolio	Recent activity	Reported price*	Value	Share change	$ change
Catchmark Timber Trust	0.12%	Exit	$10.06	$5.8M	−574,230	−$5.8M
Mantech International	0.05%	Exit	$95.44	$2.4M	−25,000	−$2.4M
MKTX, Marketaxess	0.03%	Exit	$255.96	$1.5M	−5,704	−$1.5M
CF Acquisition Corporation VI	0.01%	Exit	$9.97	$705K	−70,689	−$705K
GSK	0.01%	Exit	$43.54	$703K	−16,146	−$703K
Lendingtree	0.01%	Exit	$43.80	$438K	−10,000	−$438K
Welbilt	0.01%	Exit	$23.82	$405K	−17,000	−$405K
BN, Brookfield Corporation	0.01%	Exit	$44.63	$400K	−8,962	−$400K
MQY	0.01%	Exit	$11.45	$363K	−31,715	−$363K
Nuveen Int Dur Qual Mun TRM	0.01%	Exit	$12.70	$264K	−20,793	−$264K
MMM, 3M	0.01%	Exit	$129.56	$245K	−1,891	−$245K
NVDA, Nvidia	0.01%	Exit	$151.88	$243K	−1,600	−$243K
IVZ, Invesco	—	Exit	$75.83	$229K	−3,020	−$229K
CCI, Crown Castle	—	Exit	$168.03	$226K	−1,345	−$226K
IVZ, Invesco	—	Exit	$68.20	$223K	−3,270	−$223K
ACN, Accenture	—	Exit	$277.99	$221K	−795	−$221K
DNP, DNP Select Income Fund	—	Exit	$10.80	$130K	−12,032	−$130K
Annaly Cap Management	—	Exit	$5.89	$113K	−19,197	−$113K
IVZ, Invesco Trust Investment Grade Muns	—	Exit	$10.75	$112K	−10,414	−$112K
RIOT, Riot Blockchain	—	Exit	$4.20	$42K	−10,000	−$42K

Filings history

20 periods, with AUM normalized

Newest 13Fs

Period	Holds	AUM	QoQ	Form	Filed	Filing ID
2026 Q2	351	$8.8B	−4.5%	13F-HR	8/11/2026	000139834426014047
2026 Q1	353	$9.2B	+24.9%	13F-HR	5/15/2026	000139834426009239
2025 Q4	324	$7.4B	−9.9%	13F-HR	2/11/2026	000105682326000007
2025 Q3	336	$8.2B	−2.7%	13F-HR	11/14/2025	000105682325000029
2025 Q2	352	$8.4B	−4.3%	13F-HR	8/12/2025	000105682325000019
2025 Q1	347	$8.8B	+9.7%	13F-HR	5/15/2025	000105682325000010
2024 Q4	349	$8B	+20.2%	13F-HR	2/10/2025	000105682325000001
2024 Q3	346	$6.7B	+16.8%	13F-HR	11/13/2024	000105682324000019
2024 Q2	324	$5.7B	+8.2%	13F-HR	8/14/2024	000105682324000016
2024 Q1	323	$5.3B	+10.7%	13F-HR	5/14/2024	000105682324000013
2023 Q4	325	$4.8B	−5.4%	13F-HR	2/15/2024	000105682324000011
2023 Q3	331	$5B	+8.7%	13F-HR	11/14/2023	000105682323000057
2023 Q2	334	$4.6B	−10.8%	13F-HR	8/14/2023	000105682323000044
2023 Q1	334	$5.2B	−11.9%	13F-HR	5/12/2023	000105682323000019
2022 Q4	324	$6.1B	—	RESTATEMENT	2/9/2023	000105682323000011
2022 Q4	324	$5.9B	+19.0%	13F-HR	2/7/2023	000105682323000010
2022 Q3	329	$5B	+4.0%	13F-HR	11/15/2022	000105682322000018
2022 Q2	336	$4.8B	−3.8%	13F-HR	8/5/2022	000105682322000017
2022 Q1	345	$5B	+9.3%	13F-HR	5/13/2022	000105682322000016
2021 Q4	349	$4.5B	+6.1%	13F-HR	2/15/2022	000105682322000015
2021 Q3	338	$4.3B	—	13F-HR	11/15/2021	000105682321000020

About

Horizon Kinetics Asset Management LLC

21 processed 13Fs on this site, 2021 Q3 to 2026 Q2

Notable person: Murray Stahl
SEC filing name: HORIZON KINETICS ASSET MANAGEMENT LLC
Location: New York, NY
All SEC filings: View on sec.gov