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 Q4 2022 Q3, filed 7 Feb, long equity only

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TPL, Texas Pacific Land	56.82%	Reduce −3.8%	1,433,278	$2,344	$3.4B	−56,311	+$713M
CACI, CACI International	2.31%	Add +0.5%	455,276	$300.59	$137M	+2,237	+$19M
WPM, Wheaton Precious Metals	2.28%, was 2.12%	Add +5.8%	3,449,456	$39.08	$135M	+190,264	+$29M
GBTC, Grayscale Bitcoin	2.22%	New	15,814,012	$8.29	$131M	+15,814,012	+$131M
CVEO, Civeo Corporation Cda	2.04%, was 1.81%	Add +8.0%	3,870,376	$31.10	$120M	+287,206	+$30M
ICE, Intercontinental Exchange	1.72%, was 1.85%	Reduce −2.4%	992,861	$102.59	$102M	−24,364	+$10M
PBT, Permian Basin Rty Trust	1.60%, was 1.01%	Add +21.7%	3,744,689	$25.20	$94M	+668,841	+$44M
ADM, Archer-Daniels-Midland	1.59%, was 1.66%	Reduce −0.9%	1,015,230	$92.85	$94M	−9,737	+$12M
BN, Brookfield Corporation	1.16%	New	2,187,116	$31.46	$69M	+2,187,116	+$69M
Viper Energy Partners	1.16%, was 1.27%	Reduce −2.2%	2,151,291	$31.79	$68M	−48,479	+$5.3M
Sitio Royalties	1.06%	New	2,181,929	$28.85	$63M	+2,181,929	+$63M
CRL, Charles River Labs International	0.96%, was 1.13%	Reduce −8.5%	260,093	$217.90	$57M	−24,296	+$706K
Associated Cap Group	0.88%, was 0.93%	Reduce −0.4%	1,244,909	$41.99	$52M	−5,532	+$6.3M
CBOE, Cboe Global Markets	0.86%, was 0.97%	Reduce −0.7%	406,649	$125.47	$51M	−2,895	+$3M
HHH, Howard Hughes	0.82%	Reduce −6.4%	634,188	$76.42	$48M	−43,248	+$11M
MSB, Mesabi Trust	0.82%	Add +4.3%	2,684,726	$18.02	$48M	+110,053	−$7M
SAIC, Science Applicatns International CP	0.80%, was 0.69%	Add +9.9%	426,048	$110.93	$47M	+38,221	+$13M
BG, Bunge	0.79%, was 0.65%	Add +19.5%	466,116	$99.77	$47M	+76,141	+$14M
SVXY, Proshares Trust II	0.75%, was 0.91%	Reduce −18.1%	758,958	$58.68	$45M	−167,238	−$468K
MMC, Marsh McLennan	0.70%, was 0.77%	Reduce −2.1%	249,295	$165.48	$41M	−5,374	+$3.2M
CME, CME Group	0.70%, was 0.90%	Reduce −3.0%	244,674	$168.16	$41M	−7,488	−$3.5M
AN, Autonation	0.62%, was 0.72%	Reduce −3.1%	341,327	$107.30	$37M	−11,077	+$725K
LYV, Live Nation Entertainment	0.60%, was 0.79%	Reduce −1.5%	505,841	$69.74	$35M	−7,541	−$3.8M
WST, West Fraser Timber	0.59%, was 0.72%	Reduce −2.3%	482,781	$72.29	$35M	−11,231	−$911K
NTR, Nutrien	0.58%, was 0.80%	Reduce −2.1%	468,345	$73.03	$34M	−9,926	−$5.7M
Sandstorm Gold	0.57%, was 0.67%	Reduce −1.6%	6,368,014	$5.26	$33M	−104,996	+$31K
DMLP, Dorchester Minerals	0.52%	Reduce −0.4%	1,025,164	$29.93	$31M	−4,207	+$5M
CBRE, CBRE Group	0.50%, was 0.54%	Reduce −2.2%	385,125	$76.96	$30M	−8,580	+$3.1M
Liberty Medica	0.48%, was 0.57%	Reduce −1.8%	731,888	$39.13	$29M	−13,246	+$540K
WY, Weyerhaeuser	0.48%, was 0.54%	Reduce −2.1%	921,920	$31.00	$29M	−19,545	+$1.7M
WEN, Wendys	0.48%	Reduce −2.9%	1,245,897	$22.63	$28M	−36,948	+$4.2M
Osisko Gold Royalties	0.47%, was 0.48%	Reduce −2.0%	2,303,990	$12.07	$28M	−46,880	+$3.9M
JOE, Saint Joe	0.45%, was 0.39%	Add +12.1%	683,839	$38.65	$26M	+73,846	+$6.9M
PAG, Penske Automotive Group	0.42%, was 0.44%	Reduce −2.5%	215,910	$114.93	$25M	−5,437	+$3M
IEP, Icahn Enterprises	0.38%, was 0.45%	Reduce −1.3%	447,156	$50.65	$23M	−5,915	+$144K
TRC, Tejon Ranch	0.32%, was 0.29%	Add +2.4%	1,010,038	$18.84	$19M	+23,465	+$4.8M
IPAR, Inter Parfums	0.27%	Reduce −2.4%	164,451	$96.52	$16M	−4,016	+$3.2M
RPRX	0.27%, was 0.33%	Reduce −2.1%	399,880	$39.52	$16M	−8,666	−$612K
BAM, Brookfield Asset Management	0.27%	New	547,220	$28.67	$16M	+547,220	+$16M
RGLD, Royal Gold	0.26%, was 0.27%	Reduce −2.3%	138,636	$112.72	$16M	−3,237	+$2.3M
CNS, Cohen & Steers	0.25%, was 0.29%	Reduce −1.9%	228,910	$64.56	$15M	−4,541	+$157K
Liberty Media	0.25%, was 0.29%	Reduce −1.7%	370,472	$39.31	$15M	−6,393	+$216K
SPGI, S&P Global	0.23%, was 0.26%	Reduce −6.1%	40,346	$334.94	$14M	−2,608	+$397K
OSK, Oshkosh	0.22%	Reduce −4.6%	149,832	$88.19	$13M	−7,242	+$2.2M
BRK.B, Berkshire Hathaway Class B	0.22%, was 0.23%	Reduce −1.5%	42,131	$308.90	$13M	−652	+$1.6M
Liberty Media	0.21%, was 0.25%	Reduce −0.4%	207,855	$59.78	$12M	−894	+$214K
BA, Boeing	0.21%	Reduce −2.6%	63,912	$190.49	$12M	−1,689	+$4.2M
ELS, Equity Lifestyle Properties	0.20%, was 0.24%	Reduce −1.9%	187,355	$64.60	$12M	−3,696	+$97K
MA, Mastercard	0.19%	Reduce −1.4%	32,972	$347.73	$11M	−480	+$2M
LBRDA, Liberty Broadband Series C	0.16%, was 0.24%	Reduce −21.4%	125,893	$76.27	$9.6M	−34,223	−$2.2M
SII, Sprott	0.16%, was 0.19%	Reduce −4.6%	275,812	$33.33	$9.2M	−13,225	−$493K
Liberty Media	0.15%, was 0.18%	Reduce −0.4%	166,484	$53.43	$8.9M	−610	+$119K
VGSH, Vanguard Scottsdale Funds	0.14%	Add +5.7%	140,275	$57.82	$8.1M	+7,611	+$444K
Gamco Investors	0.12%	Add 0.0%	456,794	$15.24	$7M	+64	−$825K
PTEN, Patterson Uti Energy	0.12%	Reduce −1.3%	406,297	$16.84	$6.8M	−5,300	+$2M
NDAQ, Nasdaq	0.11%, was 0.13%	Reduce −6.8%	110,086	$61.35	$6.8M	−8,032	+$59K
MSGS, MSG Sports	0.10%	Reduce −0.5%	33,831	$183.33	$6.2M	−159	+$1.6M
PCH, Potlatchdeltic	0.10%, was 0.11%	Reduce −4.9%	131,609	$43.99	$5.8M	−6,724	+$112K
CCL, Carnival	0.10%	New	710,490	$8.06	$5.7M	+710,490	+$5.7M
Iaa	0.09%	Reduce −4.7%	128,318	$40.00	$5.1M	−6,372	+$843K
BND, Vanguard Bond Index Funds	0.09%	New	104,473	$49.00	$5.1M	+104,473	+$5.1M
XOM, Exxon Mobil	0.08%	Reduce −2.8%	45,362	$110.30	$5M	−1,288	+$930K
XNEAX, Nuveen Amt Free Qlty Mun	0.08%, was 0.11%	Reduce −17.6%	425,950	$11.37	$4.8M	−90,689	−$633K
WMB, Williams Companies	0.08%	Reduce −0.3%	140,983	$32.90	$4.6M	−430	+$589K
RYN, Rayonier	0.07%	Add +0.7%	134,096	$32.96	$4.4M	+926	+$429K
ABBV, AbbVie	0.07%	Hold	27,287	$161.61	$4.4M	—	—
FCX, Freeport-McMoRan	0.07%	Reduce −1.1%	107,197	$38.00	$4.1M	−1,140	+$1.1M
MRK, Merck	0.07%	Reduce −1.2%	35,261	$110.95	$3.9M	−441	+$837K
AMLP, Alps ETF Trust Alerian MLP	0.06%, was 0.07%	Reduce 0.0%	100,162	$38.07	$3.8M	−26	+$150K
MKL, Markel Group	0.06%	Reduce −0.4%	2,780	$1,317	$3.7M	−12	+$636K
BMY, Bristol Myers Squibb	0.06%, was 0.07%	Reduce −0.7%	47,468	$71.95	$3.4M	−333	+$17K
JNJ, Johnson & Johnson	0.06%	Reduce −0.4%	18,691	$176.65	$3.3M	−77	+$236K
KMI, Kinder Morgan	0.05%	Add +1.7%	158,610	$18.08	$2.9M	+2,609	+$272K
EBAY, eBay	0.05%, was 0.07%	Reduce −24.2%	68,933	$41.47	$2.9M	−22,059	−$490K
PDI, Pimco Dynamic Income Fund	0.05%, was 0.06%	Reduce −1.1%	153,241	$18.48	$2.8M	−1,649	−$170K
MSTR, Microstrategy	0.05%	Add +4.4%	19,911	$141.57	$2.8M	+842	−$1.2M
LVS, Las Vegas Sands	0.05%	Reduce −2.5%	58,412	$48.07	$2.8M	−1,520	+$559K
BSM	0.05%	Reduce −0.5%	164,888	$16.87	$2.8M	−814	+$189K
INFL, Listed Fund Trust	0.05%	Add +4.6%	87,323	$31.48	$2.7M	+3,839	+$426K
IGSB, iShares Trust	0.05%	Hold	54,000	$49.82	$2.7M	—	—
PFE, Pfizer	0.04%	Hold	50,912	$51.24	$2.6M	—	—
CVX, Chevron	0.04%	Reduce −1.3%	14,519	$179.49	$2.6M	−197	+$492K
EPD, Enterprise Products Partners	0.04%, was 0.05%	Reduce −0.2%	106,919	$24.12	$2.6M	−207	+$32K
DHR, Danaher	0.04%, was 0.05%	Reduce −1.5%	9,605	$265.42	$2.5M	−150	+$29K
LLY, Eli Lilly	0.04%, was 0.05%	Reduce −6.8%	6,886	$365.84	$2.5M	−500	+$131K
PM, Philip Morris International	0.04%	Add +5.1%	22,844	$101.21	$2.3M	+1,100	+$507K
SPHR	0.04%	Add 0.0%	50,787	$44.97	$2.3M	+18	+$46K
ET, Energy Transfer	0.04%	Add +0.2%	181,106	$11.87	$2.1M	+417	+$157K
JPM, JPMorgan Chase	0.04%	Add +756.9%	42,192	$50.13	$2.1M	+37,268	+$1.9M
MSFT, Microsoft	0.04%	Reduce −6.4%	8,739	$239.82	$2.1M	−595	−$78K
NAD, Nuveen Quality Muncp Income	0.03%	Hold	169,026	$11.80	$2M	—	—
MSTR, Pimco Income Strategy Fund II	0.03%, was 0.05%	Reduce −21.9%	280,511	$7.07	$2M	−78,817	−$500K
RCL, Royal Caribbean	0.03%, was 0.01%	Add +224.9%	38,826	$49.43	$1.9M	+26,875	+$1.5M
LHX, L3Harris	0.03%	Hold	9,156	$208.22	$1.9M	—	—
XES, SPDR Ser Trust	0.03%, was 0.01%	Add +78.3%	23,421	$79.75	$1.9M	+10,283	+$1.1M
CSCO, Cisco	0.03%	Add +0.5%	39,144	$47.64	$1.9M	+200	+$307K
Ritchie Bros Auctioneers	0.03%, was 0.04%	Reduce −0.6%	32,040	$57.83	$1.9M	−197	−$161K
DBL, Doubleline Opportunistic CR	0.03%, was 0.04%	Reduce −7.5%	124,409	$14.85	$1.8M	−10,077	−$96K
SU, Suncor Energy	0.03%	Hold	58,079	$31.73	$1.8M	—	—
SEE, Sealed Air	0.03%	Add +2.1%	36,785	$49.88	$1.8M	+750	+$231K
KLAC, KLA	0.03%	Hold	4,844	$377.03	$1.8M	—	—
TCOM, Tri Pointe Homes	0.03%, was 0.04%	Reduce −19.5%	97,112	$18.59	$1.8M	−23,500	−$17K
MO, Altria	0.03%	Reduce −2.6%	39,232	$45.71	$1.8M	−1,041	+$167K
SATS, Echostar	0.03%, was 0.04%	Reduce −0.5%	106,207	$16.68	$1.8M	−490	+$15K
VCSH, Vanguard Scottsdale Funds	0.03%	Hold	23,198	$75.19	$1.7M	—	—
EMR, Emerson Electric	0.03%	Hold	17,936	$96.06	$1.7M	—	—
WBD, Warner Bros. Discovery	0.03%, was 0.04%	Reduce −0.9%	181,163	$9.48	$1.7M	−1,680	−$386K
NVS, Novartis	0.03%	Reduce −10.9%	18,850	$90.72	$1.7M	−2,300	+$102K
CAT, Caterpillar	0.03%	Reduce −5.0%	7,038	$239.56	$1.7M	−370	+$470K
BN, Brookfield Corporation	0.03%, was 0.04%	Reduce −2.6%	54,380	$30.99	$1.7M	−1,425	−$318K
ABT, Abbott Laboratories	0.03%	Hold	14,916	$109.79	$1.6M	—	—
MHD	0.03%	Hold	131,512	$12.14	$1.6M	—	—
SBR, Sabine Royalty Trust	0.03%, was 0.01%	Add +89.3%	18,638	$85.45	$1.6M	+8,791	+$893K
Liberty Media	0.03%	Reduce −1.4%	49,083	$32.23	$1.6M	−690	+$213K
Kraneshares Trust	0.03%, was 0.16%	Reduce −80.3%	42,534	$36.47	$1.6M	−173,898	−$6.5M
GDXJ, Vaneck Vectors ETF Trust	0.03%	Reduce −17.0%	42,756	$35.65	$1.5M	−8,767	+$6K
AAPL, Apple	0.02%, was 0.03%	Reduce −2.9%	11,341	$129.93	$1.5M	−337	−$140K
APYX, Apyx Medical	0.02%	Hold	615,000	$2.34	$1.4M	—	—
Equity Commonwealth	0.02%, was 0.03%	Reduce −3.0%	57,592	$24.97	$1.4M	−1,796	−$9K
OPLN, Kar Auction Services	0.02%, was 0.03%	Reduce −4.3%	108,424	$13.05	$1.4M	−4,924	+$149K
IRM, Iron Mountain	0.02%	Hold	27,508	$49.85	$1.4M	—	—
SPY, SPDR S&P 500 ETF Trust	0.02%, was 0.03%	Reduce −8.1%	3,528	$382.43	$1.3M	−309	−$21K
HON, Honeywell	0.02%	Reduce −0.8%	6,288	$214.30	$1.3M	−50	+$290K
PARA, Paramount Global	0.02%	Add +8.4%	77,831	$16.88	$1.3M	+6,050	−$53K
CSW, CSW Industrials	0.02%	Hold	11,200	$115.93	$1.3M	—	—
OIH, Vaneck Vectors ETF Trust	0.02%	Reduce −2.1%	4,241	$304.08	$1.3M	−90	+$375K
SON, Sonoco Products	0.02%	Add +1.5%	20,900	$60.71	$1.3M	+300	+$100K
VOO, Vanguard S&P 500 ETF	0.02%, was 0.03%	Reduce −9.1%	3,611	$351.34	$1.3M	−362	−$35K
RTX	0.02%	Reduce −0.1%	12,498	$100.92	$1.3M	−12	+$237K
CVS, CVS Health	0.02%, was 0.03%	Reduce −1.0%	13,483	$93.19	$1.3M	−136	−$43K
RYN, Rayonier Advanced Materials	0.02%	Reduce −0.7%	130,450	$9.60	$1.3M	−900	+$838K
RMT, Royce Micro-Cap Trust	0.02%	Reduce −0.4%	143,588	$8.68	$1.2M	−562	+$103K
ROK, Rockwell Automation	0.02%	Hold	4,823	$257.57	$1.2M	—	—
BLK, BlackRock	0.02%	Hold	109,524	$11.33	$1.2M	—	—
VRSK, Verisk	0.02%	Hold	7,000	$176.42	$1.2M	—	—
TD, Toronto-Dominion Bank	0.02%	Add +0.3%	19,000	$64.76	$1.2M	+50	+$68K
REZI, Resideo Technologies	0.02%	Add +2.2%	73,392	$16.45	$1.2M	+1,566	−$162K
MDLZ, Mondelez	0.02%	Reduce −4.1%	17,641	$66.65	$1.2M	−750	+$168K
AMGN, Amgen	0.02%	Hold	4,380	$262.64	$1.2M	—	—
NSC, Norfolk Southern	0.02%	Reduce −2.7%	4,531	$246.42	$1.1M	−125	+$141K
RSP	0.02%, was 0.01%	Add +107.7%	7,807	$141.25	$1.1M	+4,049	+$625K
MCD, McDonald's	0.02%	Hold	4,107	$263.53	$1.1M	—	—
BGC Partners	0.02%	Reduce −15.6%	286,158	$3.77	$1.1M	−52,821	+$15K
FNV, Franco Nevada	0.02%	Add +13486.3%	146,537,059	$0.0073	$1.1M	+145,458,494	−$128M
NVO, Novo Nordisk	0.02%	Hold	7,740	$135.34	$1M	—	—
BIIB, Biogen	0.02%	Hold	3,750	$276.92	$1M	—	—
BAC, Bank of America	0.02%	Reduce −0.6%	31,226	$33.12	$1M	−200	+$85K
WPC, W P Carey	0.02%	Add +5.6%	13,200	$78.15	$1M	+700	+$160K
WOOD, iShares Trust	0.02%	Reduce −5.4%	13,811	$72.75	$1M	−787	+$50K
Liberty Media	0.02%	Reduce −1.9%	30,579	$32.67	$999K	−597	+$121K
BELFB, Bel Fuse	0.02%	Hold	28,988	$32.92	$954K	—	—
AZNN	0.02%	Reduce −6.9%	14,058	$67.80	$953K	−1,034	+$125K
Black Knight	0.02%	Add +6.7%	15,234	$61.75	$941K	+950	+$16K
DSL, Doubleline Income Solutions	0.02%, was 0.03%	Reduce −30.9%	84,581	$11.09	$938K	−37,873	−$385K
BRK.A, Berkshire Hathaway Class A	0.02%	Hold	2	$468,711	$937K	—	—
KRP, Kimbell Rty Partners	0.02%	Reduce −3.9%	55,500	$16.70	$927K	−2,268	−$54K
CMS, CMS Energy	0.02%	Hold	14,575	$63.33	$923K	—	—
NEM, Newmont	0.02%	Reduce −21.0%	19,520	$47.20	$921K	−5,204	−$118K
BCPC, Balchem	0.02%	Hold	7,524	$122.11	$919K	—	—
ABBNY, ABB	0.02%	Reduce −0.7%	29,771	$30.46	$907K	−200	+$138K
V, Visa	0.02%	Hold	4,339	$207.76	$901K	—	—
SBLK, Star Bulk Carriers	0.02%	Reduce −4.6%	46,739	$19.23	$899K	−2,245	+$43K
SEB, Seaboard	0.02%	Add +3.5%	236	$3,775	$891K	+8	+$115K
GE, GE Aerospace	0.01%	Reduce −0.7%	10,434	$83.79	$874K	−76	+$223K
RCG, Renn Fund	0.01%	Add +6.1%	477,918	$1.81	$865K	+27,654	−$99K
GOOG, Alphabet Class C	0.01%	Add +4.5%	9,545	$88.73	$847K	+411	−$31K
MSTR, Pimco Income Strategy Fund	0.01%, was 0.02%	Reduce −0.8%	102,791	$8.11	$834K	−823	+$8K
VXF, Vanguard Index Funds	0.01%	Add +28.6%	6,188	$132.87	$822K	+1,377	+$211K
GM, General Motors	0.01%	Hold	23,450	$33.64	$789K	—	—
ADI, Analog Devices	0.01%	Hold	4,795	$164.02	$786K	—	—
GILD, Gilead Sciences	0.01%	Hold	9,000	$85.85	$773K	—	—
MPC, Marathon Petroleum	0.01%	Reduce −4.3%	6,620	$116.39	$771K	−300	+$84K
MOV, Movado Group	0.01%	Reduce −2.2%	23,779	$32.25	$767K	−543	+$82K
EXPE, Expedia	0.01%	Add 0.0%	8,606	$87.60	$754K	+3	−$52K
DGX, Quest Diagnostics	0.01%	Hold	4,800	$156.44	$751K	—	—
VMI, Valmont Industries	0.01%	Reduce −2.2%	2,200	$330.67	$727K	−50	+$123K
EOG, EOG Resources	0.01%	Hold	5,608	$129.52	$726K	—	—
ALNY, Alnylam Pharmaceuticals	0.01%	Hold	3,000	$237.65	$713K	—	—
SPSB, SPDR Ser Trust	0.01%	Hold	24,000	$29.38	$705K	—	—
UNP, Union Pacific	0.01%	Hold	3,400	$207.07	$704K	—	—
SLV, iShares Silver Trust	0.01%	Hold	31,833	$22.02	$701K	—	—
GLD, SPDR Gold Shares	0.01%	Hold	4,112	$169.64	$698K	—	—
NRK	0.01%, was 0.02%	Reduce −32.3%	66,896	$10.26	$686K	−31,850	−$284K
XFRAX	0.01%	Hold	59,291	$11.26	$668K	—	—
INTC, Intel	0.01%	Add +15.6%	25,249	$26.43	$667K	+3,400	+$104K
SNY, Sanofi	0.01%	Hold	13,000	$48.43	$630K	—	—
RQI, Cohen & Steers Quality Realty	0.01%	Hold	54,233	$11.50	$624K	—	—
GDX, Vaneck Vectors ETF Trust	0.01%	Reduce −9.3%	21,760	$28.66	$624K	−2,231	+$45K
OGN, Organon	0.01%	Add +16.1%	22,243	$27.93	$621K	+3,079	+$173K
BR, Broadridge Financial	0.01%	Hold	4,564	$134.13	$612K	—	—
GHC, Graham	0.01%	Reduce −0.2%	1,006	$604.21	$608K	−2	+$66K
BLK, BlackRock	0.01%, was 0.02%	Reduce −35.7%	60,780	$9.95	$605K	−33,744	−$314K
KMB, Kimberly-Clark	0.01%	Add +7.5%	4,300	$135.75	$584K	+300	+$134K
ALKS, Alkermes	0.01%	Hold	22,000	$26.13	$575K	—	—
TFX, Teleflex	0.01%	Hold	2,286	$249.67	$571K	—	—
GOOGL, Alphabet Class A	0.01%	Add +1.1%	6,310	$88.23	$557K	+70	−$40K
Bakkt	0.01%	Add +102.1%	449,381	$1.19	$535K	+227,032	+$28K
Gladstone LD	0.01%	Hold	28,944	$18.35	$531K	—	—
VTI, Vanguard Index Funds	0.01%	Hold	2,759	$191.19	$527K	—	—
LBRDA, Liberty Broadband Series A	0.01%, was 0.02%	Reduce −53.3%	6,765	$75.85	$513K	−7,734	−$569K
VZ, Verizon	0.01%	Reduce −33.8%	12,815	$39.40	$505K	−6,537	−$230K
BK, BNY	0.01%	Add +53.1%	11,014	$45.52	$501K	+3,820	+$224K
Maverix Metals	0.01%	Reduce −1.3%	106,780	$4.68	$500K	−1,405	+$138K
LIN, Linde	0.01%	Hold	1,530	$326.18	$499K	—	—
IBM	0.01%	Hold	3,500	$140.89	$493K	—	—
SYK, Stryker	0.01%	Hold	2,000	$244.49	$489K	—	—
BX, Blackstone	0.01%	Hold	6,560	$74.19	$487K	—	—
Nuveen Sr Income Fund	0.01%	Hold	105,209	$4.59	$483K	—	—
MYI	0.01%	Reduce −5.6%	42,654	$11.21	$478K	−2,544	+$7K
LEN, Lennar	0.01%	Reduce −0.1%	5,205	$90.50	$471K	−4	+$83K
DIS, Disney	0.01%	Reduce −22.2%	5,413	$86.88	$470K	−1,547	−$187K
AWR	0.01%	Reduce −4.8%	5,050	$92.55	$467K	−256	+$53K
NBB, Nuveen Build American	0.01%, was 0.02%	Reduce −57.5%	29,280	$15.96	$467K	−39,609	−$614K
GSK	0.01%	Hold	13,278	$35.14	$467K	—	—
Pimco ETF Trust	0.01%	Hold	4,700	$98.65	$464K	—	—
BTZ	0.01%	Hold	44,357	$10.10	$448K	—	—
Holding	0.01%	Add +2.0%	56,984	$7.81	$445K	+1,115	−$5K
IAC, IAC Interactivecorp	0.01%, was 0.02%	Reduce −42.3%	9,967	$44.40	$443K	−7,310	−$514K
CNP, Centerpoint Energy	0.01%	Reduce −2.9%	14,706	$29.99	$441K	−433	+$14K
GPC, Genuine Parts	0.01%	Reduce −2.0%	2,450	$173.51	$425K	−50	+$52K
NZF, Nuveen Municipal Credit	0.01%	Reduce −0.2%	34,485	$12.08	$417K	−73	+$24K
GS, Goldman Sachs	0.01%	Hold	1,193	$343.38	$410K	—	—
AJG, Arthur J. Gallagher	0.01%	Reduce −2.0%	2,162	$188.54	$408K	−45	+$30K
IVZ, Invesco Value Mun Income Trust	0.01%	Reduce −8.8%	32,702	$12.05	$394K	−3,160	−$19K
BXMT	0.01%	Add +57.2%	18,390	$21.17	$389K	+6,689	+$116K
QCOM, Qualcomm	0.01%	Add +15.5%	3,510	$109.94	$386K	+470	+$43K
RIO, Rio Tinto	0.01%	Add +3.8%	5,400	$71.20	$384K	+200	+$98K
PEP, PepsiCo	0.01%	Hold	2,104	$180.66	$380K	—	—
Rumble	0.01%, was 0.02%	Reduce −9.4%	63,065	$5.95	$375K	−6,506	−$477K
L, Loews	0.01%	Reduce −1.3%	6,362	$58.33	$371K	−87	+$50K
Scripps E W Co. Ohio	0.01%	Hold	28,000	$13.19	$369K	—	—
MTN, Vail Resorts	0.01%	Add +2.0%	1,537	$238.35	$366K	+30	+$41K
IAU, iShares Gold Trust	0.01%	Hold	10,530	$34.59	$364K	—	—
ENOV, Enovis	0.01%	Reduce −9.1%	6,679	$53.52	$357K	−666	+$19K
KHC, Kraft Heinz	0.01%	Reduce −3.7%	8,680	$40.71	$353K	−333	+$52K
INTC, Intellia Therapeutics	0.01%	Hold	10,000	$34.89	$349K	—	—
JPM, JPMorgan Chase	0.01%	Hold	2,551	$134.10	$342K	—	—
Perkinelmer	0.01%	Hold	2,435	$140.22	$341K	—	—
CMCSA, Comcast	0.01%	Add +0.5%	9,400	$34.97	$329K	+50	+$55K
BLK, BlackRock	0.01%	Hold	46,440	$7.01	$326K	—	—
BP, BP PLC	0.01%	New	9,159	$34.93	$320K	+9,159	+$320K
IFF, International Flavors & Fragrances	0.01%	Hold	3,050	$104.84	$320K	—	—
ESAB	0.01%	Reduce −9.4%	6,801	$46.92	$319K	−704	+$69K
BLK, BlackRock	0.01%	Reduce −2.2%	31,008	$10.22	$317K	−707	−$1K
Holding	0.01%	Reduce −23.1%	34,357	$9.03	$310K	−10,295	−$73K
LTCN, Grayscale Litecoin Trust	0.01%	New	146,785	$2.10	$308K	+146,785	+$308K
AMT, American Tower	0.01%	Reduce −0.2%	1,438	$211.86	$305K	−3	−$4K
RA	0.01%	Reduce −0.3%	18,810	$16.15	$304K	−52	−$21K
GBX, Greenbrier Companies	0.01%	Add +1.1%	9,050	$33.53	$303K	+100	+$86K
IONS, Ionis Pharmaceuticals	0.01%	Hold	8,000	$37.77	$302K	—	—
GIS, General Mills	0.01%	Hold	3,600	$83.84	$302K	—	—
CSWC, Capital Southwest	0.00%	Hold	17,000	$17.10	$291K	—	—
BN, Brookfield Corporation	0.00%, was 0.01%	Reduce −2.4%	7,413	$38.90	$288K	−180	−$21K
BLK, BlackRock	0.00%	Hold	12,950	$21.29	$276K	—	—
NBH, Neuberger Berman Muni Fund	0.00%	Hold	26,452	$10.42	$276K	—	—
AWK	0.00%	Reduce −2.7%	1,780	$152.43	$271K	−49	+$33K
ALCO, Alico	0.00%, was 0.01%	Reduce −3.4%	11,200	$23.87	$267K	−400	−$61K
XCXEX, MFS High Income Mun Trust	0.00%, was 0.03%	Reduce −81.0%	74,346	$3.49	$259K	−316,048	−$1.1M
CRSP, Crispr Therapeutics	0.00%	Hold	6,125	$40.65	$249K	—	—
COP, ConocoPhillips	0.00%	Reduce −8.8%	2,063	$118.00	$243K	−200	+$11K
DORM, Dorman Products	0.00%, was 0.01%	Reduce −6.3%	3,000	$80.87	$243K	−200	−$20K
BELFA, Bel Fuse	0.00%	Hold	7,691	$31.52	$242K	—	—
WST, West Pharmaceutical	0.00%	Reduce −0.8%	26,516	$9.13	$242K	−210	$—
KKR	0.00%	Hold	5,058	$46.42	$235K	—	—
CL, Colgate-Palmolive	0.00%	Hold	2,978	$78.79	$235K	—	—
PHYS, Sprott Physical Gold Trust	0.00%	Hold	16,521	$14.10	$233K	—	—
Costamare	0.00%	Add +840.4%	2,113,399	$0.1078	$228K	+1,888,662	−$1.8M
CQP	0.00%	Hold	4,000	$56.87	$227K	—	—
NAN, Nuveen New York QLT Mun	0.00%	Hold	20,838	$10.70	$223K	—	—
IVZ, Invesco	0.00%, was 0.01%	Reduce −57.3%	23,623	$9.42	$223K	−31,677	−$282K
ETN, Eaton	0.00%	Hold	20,001	$10.94	$219K	—	—
VTRS, Viatris	0.00%, was 0.01%	Reduce −36.6%	19,198	$11.13	$214K	−11,078	−$44K
NVG	0.00%	Reduce −0.4%	16,801	$12.14	$204K	−73	+$7K
ETN, Eaton	0.00%	Reduce −4.5%	18,954	$10.39	$197K	−896	+$5K
NIM, Nuveen Select Mat Mun Fund	0.00%	Hold	21,500	$9.06	$195K	—	—
PCM, PCM Fund	0.00%	Reduce −2.2%	24,532	$7.87	$193K	−563	−$7K
AMCX, AMC Networks	0.00%, was 0.01%	Reduce −67.9%	11,404	$15.67	$179K	−24,108	−$542K
SD, Sandridge Energy	0.00%	Reduce −0.5%	10,225	$17.03	$174K	−49	+$6K
Neuberger Berman NY Mun Fund	0.00%	Hold	16,957	$9.43	$160K	—	—
BGT	0.00%	Hold	12,678	$10.94	$139K	—	—
PML, Pimco Mun Income Fund II	0.00%	Hold	15,050	$9.04	$136K	—	—
LILA, Liberty Latin America	0.00%	Hold	16,852	$7.60	$128K	—	—
Holding	0.00%	Add +0.1%	13,761	$8.56	$118K	+7	+$7K
ETN, Eaton	0.00%	Reduce −3.7%	12,456	$9.39	$117K	−472	−$2K
ASTL, Algoma Steel Group	0.00%	Add +0.5%	18,411	$6.34	$117K	+100	−$1K
ETN, Eaton	0.00%	Hold	21,730	$5.27	$115K	—	—
Holding	0.00%	Reduce −7.6%	16,601	$6.80	$113K	−1,366	−$5K
NMZ	0.00%	Hold	10,643	$10.34	$110K	—	—
BLK, BlackRock	0.00%	Hold	10,204	$10.33	$105K	—	—
NUV, Nuveen Mun Value Fund	0.00%	Hold	11,632	$8.60	$100K	—	—
PACB	0.00%	Hold	12,000	$8.18	$98K	—	—
SAN	0.00%	Add +3.3%	23,660	$2.95	$70K	+750	+$17K
Vimeo	0.00%	Reduce −18.5%	12,911	$3.43	$44K	−2,933	−$19K
LGL Group	0.00%	Hold	10,694	$4.05	$43K	—	—
IVZ, Invesco Sr Income Trust	0.00%	Hold	10,000	$3.83	$38K	—	—
GALT, Galectin Therapeutics	0.00%	Hold	26,000	$1.13	$29K	—	—
Alaunos Therapeutics	0.00%	Hold	34,000	$0.6491	$22K	—	—
APLD, Applied Blockchain	0.00%	Hold	11,576	$1.84	$21K	—	—
GCI, Gannett	0.00%	Hold	10,000	$2.03	$20K	—	—
Nucana	0.00%	Hold	19,467	$0.6600	$13K	—	—
BITF, Bitfarms	0.00%	Hold	18,300	$0.4400	$8K	—	—

Showing top 50 of 301 by value

Exits / last held

Gone since 2022 Q3, shown at their last reported size.

Stock	% of portfolio	Recent activity	Reported price*	Value	Share change	$ change
BN, Brookfield Corporation	1.84%	Exit	$40.89	$91M	−2,230,262	−$91M
Brigham Minerals	1.01%	Exit	$24.67	$50M	−2,027,024	−$50M
FHI, Federated Hermes	0.07%	Exit	$33.12	$3.5M	−106,064	−$3.5M
Barclays Bank	0.06%	Exit	$40.00	$2.8M	−69,100	−$2.8M
CORZ, Core Scientific	0.05%	Exit	$1.30	$2.2M	−1,726,520	−$2.2M
FNF, Fidelity National Financial	0.03%	Exit	$36.21	$1.6M	−43,829	−$1.6M
Navigator	0.03%	Exit	$11.45	$1.4M	−121,523	−$1.4M
WT, Wisdomtree Investments	0.02%	Exit	$4.68	$1M	−215,282	−$1M
Proshares Trust II	0.01%	Exit	$25.02	$728K	−29,100	−$728K
Proshares Trust II	0.01%	Exit	$23.99	$631K	−26,300	−$631K
United STS Oil Fund	0.01%	Exit	$120.00	$600K	−5,000	−$600K
FIS, Fidelity National Information Services	0.01%	Exit	$75.63	$428K	−5,659	−$428K
Silvergate Cap	0.01%	Exit	$75.37	$428K	−5,679	−$428K
Alleghany	0.01%	Exit	$840.32	$421K	−501	−$421K
Holding	0.01%	Exit	$12.36	$395K	−31,967	−$395K
FHI, Federated Hermes	0.01%	Exit	$10.35	$384K	−37,089	−$384K
Dish Network	0.01%	Exit	$13.81	$375K	−27,148	−$375K
WTM, White Mountains Insurance Group	0.01%	Exit	$1,302	$371K	−285	−$371K
Direxion SHS Edf Trust	0.01%	Exit	$34.94	$304K	−8,700	−$304K
BAX, Baxter International	—	Exit	$53.86	$237K	−4,400	−$237K
PYPL, PayPal	—	Exit	$85.95	$222K	−2,583	−$222K
MTCH, Match Group	—	Exit	$47.75	$215K	−4,503	−$215K
SLP, Simulations Plus	—	Exit	$48.55	$212K	−4,367	−$212K
MTB, M&T Bank	—	Exit	$176.52	$206K	−1,167	−$206K
FTV, Fortive	—	Exit	$58.34	$205K	−3,514	−$205K
IWC, iShares Trust	—	Exit	$103.34	$204K	−1,974	−$204K
Lions Gate Entmnt	—	Exit	$6.95	$200K	−28,794	−$200K
BLK, BlackRock	—	Exit	$10.97	$198K	−18,053	−$198K
BLK, BlackRock	—	Exit	$9.79	$190K	−19,403	−$190K
ETN, Eaton	—	Exit	$8.45	$181K	−21,411	−$181K
CRGY, Crescent Energy	—	Exit	$13.51	$151K	−11,180	−$151K
Pioneer Mun High Income Fund	—	Exit	$8.25	$98K	−11,879	−$98K
Mawson Infrastructure Group	—	Exit	$0.4213	$14K	−33,232	−$14K
Salarius Pharmaceuticals	—	Exit	$0.2000	$12K	−60,000	−$12K

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