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

2023 Q1 2022 Q4, filed 12 May, long equity only

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TPL, Texas Pacific Land	46.35%, was 56.82%	Reduce −1.0%	1,419,132	$1,701	$2.4B	−14,146	−$946M
GBTC, Grayscale Bitcoin	4.98%, was 2.22%	Add +0.2%	15,841,652	$16.36	$259M	+27,640	+$128M
WPM, Wheaton Precious Metals	3.21%, was 2.28%	Add +0.6%	3,471,530	$48.16	$167M	+22,074	+$32M
FNV, Franco Nevada	2.91%	Reduce −99.3%	1,037,982	$145.80	$151M	−145,499,077	+$150M
CACI, CACI International	2.57%	Reduce −0.9%	451,081	$296.28	$134M	−4,195	−$3.2M
ICE, Intercontinental Exchange	1.94%	Reduce −2.6%	966,669	$104.29	$101M	−26,192	−$1M
PBT, Permian Basin Rty Trust	1.89%, was 1.60%	Add +7.8%	4,038,065	$24.40	$99M	+293,376	+$4.2M
CVEO, Civeo Corporation Cda	1.61%	Add +4.8%	4,054,545	$20.65	$84M	+184,169	−$37M
ADM, Archer-Daniels-Midland	1.48%, was 1.59%	Reduce −4.7%	967,941	$79.66	$77M	−47,289	−$17M
MSB, Mesabi Trust	1.43%, was 0.82%	Add +10.0%	2,953,826	$25.18	$74M	+269,100	+$26M
BN, Brookfield Corporation	1.33%	Reduce −2.9%	2,124,723	$32.59	$69M	−62,393	+$438K
Viper Energy Partners	1.08%, was 1.16%	Reduce −6.5%	2,011,119	$28.00	$56M	−140,172	−$12M
CBOE, Cboe Global Markets	1.05%, was 0.86%	Add +0.6%	408,995	$134.24	$55M	+2,346	+$3.9M
HHH, Howard Hughes	0.96%	Reduce −1.4%	625,391	$80.00	$50M	−8,797	+$1.6M
CRL, Charles River Labs International	0.96%	Reduce −5.0%	246,968	$201.82	$50M	−13,125	−$6.8M
SVXY, Proshares Trust II	0.93%	Reduce −0.2%	757,324	$63.75	$48M	−1,634	+$3.7M
SAIC, Science Applicatns International CP	0.89%, was 0.80%	Add +1.4%	432,223	$107.46	$46M	+6,175	−$815K
CME, CME Group	0.88%	Reduce −1.7%	240,587	$191.52	$46M	−4,087	+$4.9M
Associated Cap Group	0.88%	Reduce −0.7%	1,236,464	$36.95	$46M	−8,445	−$6.6M
Sitio Royalties	0.82%, was 1.06%	Reduce −13.0%	1,899,085	$22.60	$43M	−282,844	−$20M
AN, Autonation	0.82%	Reduce −7.0%	317,404	$134.36	$43M	−23,923	+$6M
BG, Bunge	0.81%	Reduce −5.3%	441,437	$95.52	$42M	−24,679	−$4.3M
MMC, Marsh McLennan	0.74%	Reduce −6.8%	232,254	$166.55	$39M	−17,041	−$2.6M
Sandstorm Gold	0.68%	Reduce −3.6%	6,137,137	$5.81	$36M	−230,877	+$2.2M
Osisko Gold Royalties	0.66%	Reduce −5.7%	2,172,297	$15.82	$34M	−131,693	+$6.6M
NTR, Nutrien	0.66%	Reduce −1.1%	463,358	$73.85	$34M	−4,987	+$16K
WST, West Fraser Timber	0.62%	Reduce −5.8%	454,723	$71.24	$32M	−28,058	−$2.5M
LYV, Live Nation Entertainment	0.61%	Reduce −10.6%	452,427	$70.00	$32M	−53,414	−$3.6M
DMLP, Dorchester Minerals	0.59%	Reduce −0.9%	1,016,180	$30.29	$31M	−8,984	+$97K
JOE, Saint Joe	0.57%, was 0.45%	Add +3.6%	708,134	$41.61	$29M	+24,295	+$3M
PAG, Penske Automotive Group	0.54%	Reduce −8.2%	198,184	$141.81	$28M	−17,726	+$3.3M
WEN, Wendys	0.51%	Reduce −2.4%	1,216,151	$21.78	$26M	−29,746	−$1.7M
CBRE, CBRE Group	0.50%	Reduce −7.0%	358,255	$72.81	$26M	−26,870	−$3.6M
IPAR, Inter Parfums	0.45%	Reduce −0.1%	164,361	$142.24	$23M	−90	+$7.5M
IEP, Icahn Enterprises	0.42%	Reduce −4.4%	427,694	$51.71	$22M	−19,462	−$532K
TRC, Tejon Ranch	0.41%, was 0.32%	Add +14.3%	1,154,800	$18.27	$21M	+144,762	+$2.1M
RGLD, Royal Gold	0.34%	Reduce −1.0%	137,263	$129.71	$18M	−1,373	+$2.2M
BAM, Brookfield Asset Management	0.32%	Reduce −7.2%	507,835	$32.72	$17M	−39,385	+$928K
Liberty Media	0.30%	Reduce −0.6%	206,547	$74.83	$15M	−1,308	+$3M
BRK.B, Berkshire Hathaway Class B	0.29%, was 0.22%	Add +15.6%	48,710	$308.77	$15M	+6,579	+$2M
BND, Vanguard Bond Index Funds	0.28%, was 0.09%	Add +187.0%	299,788	$49.24	$15M	+195,315	+$9.6M
CNS, Cohen & Steers	0.26%	Reduce −6.8%	213,246	$63.96	$14M	−15,664	−$1.1M
RPRX	0.26%, was 0.27%	Reduce −6.7%	373,120	$36.03	$13M	−26,760	−$2.4M
BA, Boeing	0.25%	Reduce −6.0%	60,109	$212.43	$13M	−3,803	+$594K
Liberty Medica	0.24%, was 0.48%	Reduce −39.5%	442,983	$27.99	$12M	−288,905	−$16M
ELS, Equity Lifestyle Properties	0.23%	Reduce −4.1%	179,582	$67.13	$12M	−7,773	−$48K
MA, Mastercard	0.23%, was 0.19%	Add +0.3%	33,087	$363.40	$12M	+115	+$559K
CCL, Carnival	0.22%, was 0.10%	Add +59.3%	1,132,156	$10.15	$11M	+421,666	+$5.8M
OSK, Oshkosh	0.22%	Reduce −9.1%	136,168	$83.18	$11M	−13,664	−$1.9M
Liberty Media	0.21%	Reduce −0.6%	165,487	$67.50	$11M	−997	+$2.3M
SII, Sprott	0.19%	Reduce −3.3%	266,817	$36.42	$9.7M	−8,995	+$525K
LBRDA, Liberty Broadband Series C	0.19%	Reduce −5.7%	118,687	$81.70	$9.7M	−7,206	+$95K
SPGI, S&P Global	0.19%, was 0.23%	Reduce −30.5%	28,052	$344.77	$9.7M	−12,294	−$3.8M
VGSH, Short Term Treas	0.16%	Reduce −0.2%	139,959	$58.54	$8.2M	−316	+$82K
SPAQ, Listed Fund Trust	0.15%	New	83,059	$95.90	$8M	+83,059	+$8M
MSGS, MSG Sports	0.12%	Reduce −1.4%	33,368	$194.85	$6.5M	−463	+$300K
PCH, Potlatchdeltic	0.12%	Reduce −3.1%	127,568	$49.50	$6.3M	−4,041	+$525K
NDAQ, Nasdaq	0.11%	Reduce −2.6%	107,250	$54.67	$5.9M	−2,836	−$890K
MSTR, Microstrategy	0.11%, was 0.05%	Add +0.2%	19,945	$292.32	$5.8M	+34	+$3M
Ritchie Bros Auctioneers	0.11%, was 0.03%	Add +216.2%	101,305	$56.29	$5.7M	+69,265	+$3.9M
XOM, Exxon Mobil	0.09%	Reduce −0.8%	45,005	$109.66	$4.9M	−357	−$68K
PTEN, Patterson Uti Energy	0.09%	Hold	406,297	$11.70	$4.8M	—	—
XNEAX, Nuveen Amt Free Qlty Mun	0.09%	Reduce −0.5%	423,715	$11.12	$4.7M	−2,235	−$131K
Liberty Media	0.08%, was 0.25%	Reduce −58.3%	154,422	$28.09	$4.3M	−216,050	−$10M
WMB, Williams Companies	0.08%	Add +2.5%	144,559	$29.86	$4.3M	+3,576	−$322K
RYN, Rayonier	0.08%	Reduce −3.8%	128,975	$33.26	$4.3M	−5,121	−$130K
FCX, Freeport-McMoRan	0.08%	Reduce −3.5%	103,447	$40.91	$4.2M	−3,750	+$159K
ABBV, AbbVie	0.08%	Reduce −8.0%	25,103	$159.37	$4M	−2,184	−$409K
AMLP, Alps ETF Trust Alerian MLP	0.08%, was 0.06%	Add +1.6%	101,812	$38.65	$3.9M	+1,650	+$122K
RCL, Royal Caribbean	0.07%, was 0.03%	Add +46.6%	56,916	$65.30	$3.7M	+18,090	+$1.8M
MKL, Markel Group	0.07%	Reduce −0.3%	2,773	$1,277	$3.5M	−7	−$121K
Core Laboratories	0.06%	New	145,908	$22.05	$3.2M	+145,908	+$3.2M
LVS, Las Vegas Sands	0.06%	Reduce −5.2%	55,387	$57.45	$3.2M	−3,025	+$374K
SPHR	0.06%	Reduce −0.9%	50,338	$59.07	$3M	−449	+$690K
BMY, Bristol Myers Squibb	0.06%	Reduce −10.4%	42,531	$69.31	$2.9M	−4,937	−$467K
MRK, Merck	0.06%, was 0.07%	Reduce −23.0%	27,162	$106.39	$2.9M	−8,099	−$1M
KMI, Kinder Morgan	0.05%	Add +2.5%	162,648	$17.51	$2.8M	+4,038	−$20K
JNJ, Johnson & Johnson	0.05%, was 0.06%	Reduce −4.7%	17,813	$155.00	$2.8M	−878	−$541K
INFL, Listed Fund Trust	0.05%	Add +2.5%	89,480	$30.84	$2.8M	+2,157	+$11K
MSFT, Microsoft	0.05%, was 0.04%	Add +9.1%	9,536	$288.30	$2.7M	+797	+$653K
EPD, Enterprise Products Partners	0.05%	Reduce −3.5%	103,224	$25.90	$2.7M	−3,695	+$95K
WBD, Warner Bros. Discovery	0.05%	Reduce −3.9%	174,049	$15.10	$2.6M	−7,114	+$911K
BSM	0.05%	Reduce −1.2%	162,938	$15.69	$2.6M	−1,950	−$225K
SBR, Sabine Royalty Trust	0.05%, was 0.03%	Add +88.7%	35,170	$71.81	$2.5M	+16,532	+$933K
TCOM, Tri Pointe Homes	0.05%	Reduce −0.5%	96,612	$25.32	$2.4M	−500	+$641K
DHR, Danaher	0.05%, was 0.04%	Add +0.6%	9,664	$252.03	$2.4M	+59	−$114K
PDI, Pimco Dynamic Income Fund	0.05%	Reduce −14.3%	131,369	$18.02	$2.4M	−21,872	−$465K
CVX, Chevron	0.04%	Reduce −2.2%	14,194	$163.16	$2.3M	−325	−$290K
PM, Philip Morris International	0.04%	Add +0.4%	22,944	$97.25	$2.2M	+100	−$81K
FHI, Federated Hermes	0.04%	New	55,394	$40.14	$2.2M	+55,394	+$2.2M
XES, SPDR Ser Trust	0.04%, was 0.03%	Add +25.5%	29,392	$75.21	$2.2M	+5,971	+$343K
ET, Energy Transfer	0.04%	Reduce −3.1%	175,580	$12.47	$2.2M	−5,526	+$40K
Metalla Rty & Streaming	0.04%	New	390,118	$5.59	$2.2M	+390,118	+$2.2M
Costamare	0.04%	Reduce −89.2%	227,937	$9.41	$2.1M	−1,885,462	+$1.9M
CSCO, Cisco	0.04%, was 0.03%	Add +1.5%	39,743	$52.27	$2.1M	+599	+$213K
MSTR, Pimco Income Strategy Fund II	0.04%	Reduce −0.1%	280,301	$7.17	$2M	−210	+$27K
PFE, Pfizer	0.04%	Reduce −5.0%	48,362	$40.80	$2M	−2,550	−$636K
NAD, Nuveen Quality Muncp Income	0.04%	Hold	169,026	$11.53	$1.9M	—	—
JPM, JPMorgan Chase	0.04%	Reduce −9.1%	38,360	$50.32	$1.9M	−3,832	−$185K
SU, Suncor Energy	0.04%, was 0.03%	Add +4.4%	60,651	$31.05	$1.9M	+2,572	+$40K
AAPL, Apple	0.04%	Reduce −0.2%	11,319	$164.89	$1.9M	−22	+$393K
SATS, Echostar	0.04%	Reduce −4.5%	101,407	$18.29	$1.9M	−4,800	+$83K
KLAC, KLA	0.03%	Reduce −6.3%	4,540	$399.17	$1.8M	−304	−$14K
LHX, L3Harris	0.03%	Reduce −0.7%	9,094	$196.25	$1.8M	−62	−$122K
MO, Altria	0.03%	Add +1.4%	39,782	$44.62	$1.8M	+550	−$18K
APYX, Apyx Medical	0.03%	Hold	615,000	$2.88	$1.8M	—	—
DBL, Doubleline Opportunistic CR	0.03%	Reduce −1.0%	123,145	$14.18	$1.7M	−1,264	−$101K
SEE, Sealed Air	0.03%	Add +0.3%	36,885	$45.91	$1.7M	+100	−$141K
PARA, Paramount Global	0.03%	Reduce −4.2%	74,531	$22.31	$1.7M	−3,300	+$349K
Liberty Media	0.03%	Reduce −0.6%	48,783	$33.69	$1.6M	−300	+$62K
MHD	0.03%	Reduce −1.1%	130,082	$12.05	$1.6M	−1,430	−$29K
EMR, Emerson Electric	0.03%	Reduce −0.3%	17,886	$87.14	$1.6M	−50	−$164K
VOO, Vanguard S&P 500 ETF	0.03%, was 0.02%	Add +14.4%	4,132	$376.07	$1.6M	+521	+$285K
BN, Brookfield Corporation	0.03%	Reduce −16.1%	45,630	$33.77	$1.5M	−8,750	−$144K
FNF, Fidelity National Financial	0.03%	New	43,737	$34.93	$1.5M	+43,737	+$1.5M
GDXJ, Vaneck Vectors ETF Trust	0.03%	Reduce −10.4%	38,291	$39.50	$1.5M	−4,465	−$12K
ABT, Abbott Laboratories	0.03%	Add +0.1%	14,934	$101.26	$1.5M	+18	−$125K
OPLN, Kar Auction Services	0.03%, was 0.02%	Add +1.6%	110,164	$13.68	$1.5M	+1,740	+$92K
CSW, CSW Industrials	0.03%	Reduce −3.6%	10,800	$138.93	$1.5M	−400	+$202K
CAT, Caterpillar	0.03%	Reduce −7.6%	6,500	$228.84	$1.5M	−538	−$199K
Kraneshares Trust	0.03%	Reduce −13.7%	36,698	$39.65	$1.5M	−5,836	−$96K
IRM, Iron Mountain	0.03%	Reduce −0.5%	27,358	$52.91	$1.4M	−150	+$76K
SPY, SPDR S&P 500 ETF Trust	0.03%	Reduce −0.4%	3,513	$409.39	$1.4M	−15	+$89K
ROK, Rockwell Automation	0.03%	Reduce −1.0%	4,773	$293.45	$1.4M	−50	+$158K
WY, Weyerhaeuser	0.03%, was 0.48%	Reduce −95.0%	45,990	$30.13	$1.4M	−875,930	−$27M
LTCN, Grayscale Litecoin Trust	0.03%, was 0.01%	Add +126.8%	332,859	$4.05	$1.3M	+186,074	+$1M
VRSK, Verisk	0.03%	Hold	7,000	$191.86	$1.3M	—	—
SON, Sonoco Products	0.03%, was 0.02%	Add +3.1%	21,550	$61.00	$1.3M	+650	+$46K
REZI, Resideo Technologies	0.03%	Reduce −2.2%	71,798	$18.28	$1.3M	−1,594	+$105K
BLK, BlackRock	0.02%	Hold	109,524	$11.68	$1.3M	—	—
RMT, Royce Micro-Cap Trust	0.02%	Reduce 0.0%	143,585	$8.77	$1.3M	−3	+$13K
NVO, Novo Nordisk	0.02%	Hold	7,740	$159.14	$1.2M	—	—
RTX	0.02%	Reduce −0.3%	12,455	$97.93	$1.2M	−43	−$42K
OIH, Vaneck Vectors ETF Trust	0.02%	Add +2.7%	4,356	$277.16	$1.2M	+115	−$82K
MDLZ, Mondelez	0.02%	Reduce −1.9%	17,304	$69.72	$1.2M	−337	+$31K
HON, Honeywell	0.02%	Hold	6,288	$191.12	$1.2M	—	—
TD, Toronto-Dominion Bank	0.02%	Add +1.1%	19,200	$59.90	$1.2M	+200	−$80K
MCD, McDonald's	0.02%	Hold	4,107	$279.61	$1.1M	—	—
NEM, Newmont	0.02%	Add +19.6%	23,341	$49.02	$1.1M	+3,821	+$223K
WT, Wisdomtree	0.02%	New	193,311	$5.86	$1.1M	+193,311	+$1.1M
NVS, Novartis	0.02%, was 0.03%	Reduce −35.3%	12,200	$92.00	$1.1M	−6,650	−$588K
SBLK, Star Bulk Carriers	0.02%	Add +12.1%	52,384	$21.12	$1.1M	+5,645	+$208K
BELFB, Bel Fuse	0.02%	Hold	28,988	$37.58	$1.1M	—	—
SJT, San Juan Basin Rty Trust	0.02%	Add +726.6%	100,514	$10.52	$1.1M	+88,354	+$919K
Liberty Media	0.02%	Reduce −0.4%	30,465	$34.58	$1.1M	−114	+$54K
KRP, Kimbell Rty Partners	0.02%	Add +23.6%	68,592	$15.23	$1M	+13,092	+$118K
WPC, W P Carey	0.02%	Hold	13,200	$77.45	$1M	—	—
ABBNY, ABB	0.02%	Hold	29,771	$34.30	$1M	—	—
BGC Partners	0.02%	Reduce −33.2%	191,075	$5.23	$999K	−95,083	−$79K
CVS, CVS Health	0.02%	Reduce −0.4%	13,433	$74.31	$998K	−50	−$258K
GOOG, Alphabet Class C	0.02%	Reduce 0.0%	9,543	$104.00	$992K	−2	+$146K
V, Visa	0.02%	Hold	4,339	$225.46	$978K	—	—
INTC, Intel	0.02%, was 0.01%	Add +18.4%	29,899	$32.67	$977K	+4,650	+$309K
AZNN	0.02%	Hold	14,058	$69.41	$976K	—	—
EBAY, eBay	0.02%, was 0.05%	Reduce −68.7%	21,545	$44.37	$956K	−47,388	−$1.9M
BCPC, Balchem	0.02%	Hold	7,524	$126.48	$952K	—	—
NSC, Norfolk Southern	0.02%	Reduce −1.1%	4,481	$212.00	$950K	−50	−$167K
AMGN, Amgen	0.02%	Reduce −11.4%	3,880	$241.75	$938K	−500	−$212K
DSL, Doubleline Income Solutions	0.02%	Reduce −2.7%	82,306	$11.37	$936K	−2,275	−$2K
BRK.A, Berkshire Hathaway Class A	0.02%	Hold	2	$465,600	$931K	—	—
ADI, Analog Devices	0.02%	Reduce −3.1%	4,645	$197.21	$916K	−150	+$130K
BIIB, Biogen	0.02%	Reduce −13.3%	3,250	$278.03	$904K	−500	−$135K
CMS, CMS Energy	0.02%	Hold	14,575	$61.38	$895K	—	—
BAC, Bank of America	0.02%	Reduce −0.5%	31,063	$28.60	$888K	−163	−$146K
RCG, Renn Fund	0.02%, was 0.01%	Add +5.3%	503,235	$1.75	$881K	+25,317	+$16K
SEB, Seaboard	0.02%	Reduce −1.3%	233	$3,770	$878K	−3	−$13K
Black Knight	0.02%	Hold	15,234	$57.56	$877K	—	—
MPC, Marathon Petroleum	0.02%	Reduce −3.0%	6,420	$134.83	$866K	−200	+$95K
Bakkt	0.02%, was 0.01%	Add +7.4%	482,738	$1.72	$830K	+33,357	+$296K
WOOD, iShares Trust	0.02%	Reduce −16.0%	11,596	$71.59	$830K	−2,215	−$175K
GSK	0.02%, was 0.01%	Add +72.0%	22,838	$35.58	$813K	+9,560	+$346K
MSTR, Pimco Income Strategy Fund	0.02%	Reduce −3.6%	99,091	$8.13	$806K	−3,700	−$28K
GM, General Motors	0.02%	Reduce −7.7%	21,650	$36.68	$794K	−1,800	+$5K
RYN, Rayonier Advanced Materials	0.02%	Reduce −3.8%	125,450	$6.27	$787K	−5,000	−$466K
GILD, Gilead Sciences	0.01%	Hold	9,000	$82.97	$747K	—	—
GLD, SPDR Gold Shares	0.01%	Reduce −3.0%	3,988	$183.22	$731K	−124	+$33K
FIS, Fidelity National Information Services	0.01%	New	13,406	$54.33	$728K	+13,406	+$728K
EOG, EOG Resources	0.01%	Add +13.1%	6,340	$114.63	$727K	+732	$—
SNY, Sanofi	0.01%	Hold	13,000	$54.42	$707K	—	—
NRK	0.01%	Hold	66,896	$10.57	$707K	—	—
SLV, iShares Silver Trust	0.01%	Reduce −0.3%	31,733	$22.12	$702K	−100	+$1K
GE, GE Aerospace	0.01%	Reduce −29.8%	7,329	$95.60	$701K	−3,105	−$174K
XFRAX	0.01%	Hold	59,291	$11.70	$694K	—	—
MOV, Movado Group	0.01%	Reduce −0.5%	23,657	$28.77	$681K	−122	−$86K
ALKS, Alkermes	0.01%	Add +9.1%	24,000	$28.19	$677K	+2,000	+$102K
BR, Broadridge Financial	0.01%	Hold	4,564	$146.57	$669K	—	—
VMI, Valmont Industries	0.01%	Reduce −5.7%	2,075	$319.28	$663K	−125	−$65K
DGX, Quest Diagnostics	0.01%	Reduce −3.1%	4,650	$141.48	$658K	−150	−$93K
GOOGL, Alphabet Class A	0.01%	Add +0.3%	6,330	$103.73	$657K	+20	+$100K
Rumble	0.01%	Add +3.2%	65,091	$10.00	$651K	+2,026	+$276K
TFPM, Triple Flag Precious Metal	0.01%	New	43,284	$14.95	$647K	+43,284	+$647K
RQI, Cohen & Steers Quality Realty	0.01%	Hold	54,233	$11.92	$646K	—	—
REGN, Regeneron	0.01%	New	765	$821.67	$629K	+765	+$629K
BX, Blackstone	0.01%	Add +9.0%	7,150	$87.84	$628K	+590	+$141K
GBTC, Grayscale Bitcoin Cash	0.01%	Add +277.7%	736,816	$0.8500	$626K	+541,749	+$554K
BLK, BlackRock	0.01%	Hold	60,780	$10.04	$610K	—	—
ALNY, Alnylam Pharmaceuticals	0.01%	Hold	3,000	$200.32	$601K	—	—
GHC, Graham	0.01%	Hold	1,006	$595.84	$599K	—	—
RSP	0.01%, was 0.02%	Reduce −48.3%	4,034	$144.61	$583K	−3,773	−$519K
GDX, Vaneck Vectors ETF Trust	0.01%	Reduce −17.3%	18,005	$32.35	$582K	−3,755	−$41K
DIS, Disney	0.01%	Add +5.5%	5,713	$100.13	$572K	+300	+$102K
SYK, Stryker	0.01%	Hold	2,000	$285.47	$571K	—	—
INTC, Intellia Therapeutics	0.01%	Add +50.0%	15,000	$37.27	$559K	+5,000	+$210K
VXF, Vanguard Index Funds	0.01%	Reduce −36.4%	3,934	$140.19	$552K	−2,254	−$271K
LEN, Lennar	0.01%	Hold	5,205	$105.11	$547K	—	—
LIN, Linde	0.01%	New	1,480	$355.44	$526K	+1,480	+$526K
IAC, IAC Interactive	0.01%	Reduce −1.1%	9,861	$51.60	$509K	−106	+$66K
CRSP, Crispr Therapeutics	0.01%	Add +81.6%	11,125	$45.23	$503K	+5,000	+$254K
BK, BNY	0.01%	Hold	11,014	$45.44	$500K	—	—
VTI, Vanguard Index Funds	0.01%	Reduce −11.8%	2,434	$204.10	$497K	−325	−$31K
Nuveen Sr Income Fund	0.01%	Hold	105,209	$4.61	$485K	—	—
MYI	0.01%	Hold	42,654	$11.34	$484K	—	—
Gladstone LD	0.01%	Add 0.0%	28,945	$16.65	$482K	+1	−$49K
UNP, Union Pacific	0.01%	Reduce −30.9%	2,350	$201.26	$473K	−1,050	−$231K
NBB, Nuveen Build American	0.01%	Reduce −0.5%	29,135	$16.12	$470K	−145	+$2K
IBM	0.01%	Add +2.3%	3,580	$131.09	$469K	+80	−$24K
IONS, Ionis Pharmaceuticals	0.01%	Add +62.5%	13,000	$35.74	$465K	+5,000	+$162K
Holding	0.01%	Hold	56,984	$8.02	$457K	—	—
BTZ	0.01%	Hold	44,357	$10.29	$456K	—	—
QCOM, Qualcomm	0.01%	Hold	3,510	$127.58	$448K	—	—
NVDA, Nvidia	0.01%	Hold	1,600	$277.77	$444K	—	—
AWR	0.01%	Reduce −1.2%	4,990	$88.89	$444K	−60	−$24K
CNP, Centerpoint Energy	0.01%	Hold	14,706	$29.46	$433K	—	—
OGN, Organon	0.01%	Reduce −20.0%	17,803	$23.52	$419K	−4,440	−$203K
KMB, Kimberly-Clark	0.01%	Reduce −27.9%	3,100	$134.22	$416K	−1,200	−$168K
NZF, Nuveen Municipal Credit	0.01%	Hold	34,485	$11.95	$412K	—	—
VZ, Verizon	0.01%	Reduce −17.7%	10,544	$38.89	$410K	−2,271	−$95K
GPC, Genuine Parts	0.01%	Hold	2,450	$167.31	$410K	—	—
AJG, Arthur J. Gallagher	0.01%	Reduce −1.5%	2,130	$191.31	$407K	−32	$—
PEP, PepsiCo	0.01%	Add +4.8%	2,204	$182.30	$402K	+100	+$22K
FHI, Federated Hermes Prem Mun	0.01%	New	37,089	$10.82	$401K	+37,089	+$401K
IVZ, Invesco Value Mun Income Trust	0.01%	Hold	32,702	$12.20	$399K	—	—
IAU, iShares Gold Trust	0.01%	Hold	10,530	$37.37	$394K	—	—
GS, Goldman Sachs	0.01%	Hold	1,193	$327.11	$390K	—	—
ETCG, Grayscale Ethereum Classic	0.01%	Add +0.1%	56,170	$6.90	$388K	+67	+$216K
BXMT	0.01%	Add +14.4%	21,040	$17.85	$376K	+2,650	−$14K
RIO, Rio Tinto	0.01%	Hold	5,400	$68.60	$370K	—	—
L, Loews	0.01%	Reduce −1.5%	6,264	$58.02	$363K	−98	−$8K
JPM, JPMorgan Chase	0.01%	Add +8.2%	2,761	$130.31	$360K	+210	+$18K
SLB	0.01%	Add +30.8%	7,192	$49.10	$353K	+1,692	+$59K
BP, BP PLC	0.01%	Hold	9,159	$37.94	$347K	—	—
MTN, Vail Resorts	0.01%	Reduce −3.3%	1,487	$233.68	$347K	−50	−$19K
CMCSA, Comcast	0.01%	Reduce −2.7%	9,150	$37.91	$347K	−250	+$18K
Grayscale Digital Large Cap	0.01%	Hold	49,079	$6.90	$339K	—	—
KHC, Kraft Heinz	0.01%	Reduce −1.8%	8,524	$38.67	$330K	−156	−$24K
BLK, BlackRock	0.01%	Hold	31,008	$10.37	$322K	—	—
BLK, BlackRock	0.01%	Hold	46,440	$6.92	$321K	—	—
BCYC, Bicycle Therapeutics	0.01%	New	15,000	$21.27	$319K	+15,000	+$319K
RA	0.01%	Hold	18,810	$16.45	$309K	—	—
Holding	0.01%	Hold	34,357	$8.99	$309K	—	—
BEAM, Beam Therapeutics	0.01%	New	10,000	$30.62	$306K	+10,000	+$306K
GBX, Greenbrier Companies	0.01%	Add +5.0%	9,500	$32.17	$306K	+450	+$2K
MMM, 3M	0.01%	New	2,889	$105.11	$304K	+2,889	+$304K
AMT, American Tower	0.01%	Add +2.2%	1,470	$204.34	$300K	+32	−$4K
CSWC, Capital Southwest	0.01%	Reduce −2.4%	16,600	$17.78	$295K	−400	+$4K
NBH, Neuberger Berman Muni Fund	0.01%	Hold	26,452	$10.95	$290K	—	—
GEHC, GE HealthCare	0.01%	New	3,513	$82.03	$288K	+3,513	+$288K
LBRDA, Liberty Broadband Series A	0.01%	Reduce −48.4%	3,494	$82.12	$287K	−3,271	−$226K
GIS, General Mills	0.01%	Reduce −8.3%	3,300	$85.45	$282K	−300	−$20K
BLK, BlackRock	0.01%	Hold	12,950	$21.72	$281K	—	—
IFF, International Flavors & Fragrances	0.01%	Hold	3,050	$91.96	$280K	—	—
BELFA, Bel Fuse	0.01%	Hold	7,691	$36.32	$279K	—	—
AWK	0.01%	Add +4.8%	1,866	$146.50	$273K	+86	+$2K
XCXEX, MFS High Income Mun Trust	0.01%	Hold	74,346	$3.65	$271K	—	—
Perkinelmer	0.01%	Reduce −16.4%	2,035	$133.26	$271K	−400	−$70K
KKR	0.01%	Hold	5,058	$52.52	$266K	—	—
OXY, Occidental	0.01%	New	4,253	$62.43	$266K	+4,253	+$266K
REPL, Replimune Group	0.01%	New	15,000	$17.66	$265K	+15,000	+$265K
COP, ConocoPhillips	0.01%	Add +28.0%	2,640	$99.21	$262K	+577	+$18K
DORM, Dorman Products	0.00%	Hold	3,000	$86.26	$259K	—	—
PHYS, Sprott Physical Gold Trust	0.00%	Add +0.6%	16,621	$15.46	$257K	+100	+$24K
WST, West Pharmaceutical	0.00%	Hold	26,516	$9.15	$243K	—	—
ALCO, Alico	0.00%	Reduce −10.7%	10,000	$24.20	$242K	−1,200	−$25K
DE, Deere	0.00%	Hold	560	$412.88	$231K	—	—
NAN, Nuveen New York QLT Mun	0.00%	Hold	20,838	$11.04	$230K	—	—
ETN, Eaton	0.00%	Hold	20,001	$11.33	$227K	—	—
CL, Colgate-Palmolive	0.00%	Hold	2,978	$75.15	$224K	—	—
IVZ, Invesco	0.00%	Reduce −5.2%	22,402	$9.98	$224K	−1,221	+$1K
BHP, BHP Group	0.00%	Hold	3,275	$63.41	$208K	—	—
PCM, PCM Fund	0.00%	Hold	24,532	$8.42	$207K	—	—
NIM, Nuveen Select Mat Mun Fund	0.00%	Hold	21,500	$9.23	$198K	—	—
NVG	0.00%	Hold	16,801	$11.78	$198K	—	—
Scripps E W Co. Ohio	0.00%, was 0.01%	Reduce −28.6%	20,000	$9.41	$188K	−8,000	−$181K
LXU, LSB Industries	0.00%	Add +44.4%	17,911	$10.33	$185K	+5,511	+$20K
ETN, Eaton	0.00%	Reduce −6.7%	17,692	$10.40	$184K	−1,262	−$13K
AMCX, AMC Networks	0.00%	Reduce −9.8%	10,292	$17.58	$181K	−1,112	+$2K
Neuberger Berman NY Mun Fund	0.00%	Hold	16,957	$9.62	$163K	—	—
SAN	0.00%	Add +79.2%	42,410	$3.69	$156K	+18,750	+$87K
ASTL, Algoma Steel Group	0.00%	Add +0.6%	18,520	$8.08	$150K	+109	+$33K
SD, Sandridge Energy	0.00%	Add +0.2%	10,249	$14.41	$148K	+24	−$26K
BGT	0.00%	Hold	12,678	$11.21	$142K	—	—
PML, Pimco Mun Income Fund II	0.00%	Hold	15,050	$9.39	$141K	—	—
PACB	0.00%	Hold	12,000	$11.58	$139K	—	—
LILA, Liberty Latin America	0.00%	Reduce −0.4%	16,786	$8.26	$139K	−66	+$11K
ETN, Eaton	0.00%	Hold	12,456	$9.85	$123K	—	—
HLN, Haleon	0.00%	Reduce −8.1%	14,673	$8.14	$119K	−1,300	−$8K
GALT, Galectin Therapeutics	0.00%	Add +115.4%	56,000	$2.10	$118K	+30,000	+$88K
ETN, Eaton	0.00%	Hold	21,730	$5.35	$116K	—	—
VCSH, Shrt TRM Corporation Bond	0.00%, was 0.03%	Reduce −93.5%	1,498	$76.23	$114K	−21,700	−$1.6M
NMZ	0.00%	Reduce −2.6%	10,369	$10.80	$112K	−274	+$2K
Holding	0.00%	Reduce −7.7%	12,701	$8.64	$110K	−1,060	−$8K
Holding	0.00%	Hold	16,601	$6.46	$107K	—	—
NUV, Nuveen Mun Value Fund	0.00%	Hold	11,632	$8.81	$102K	—	—
ETHE, Grayscale Ethereum Trust	0.00%	Add +14.2%	6,505	$8.57	$56K	+810	+$29K
Vimeo	0.00%	Reduce −1.7%	12,688	$3.83	$49K	−223	+$4K
IVZ, Invesco Sr Income Trust	0.00%	Hold	10,000	$3.68	$37K	—	—
ZCSH, Grayscale Zcash	0.00%	Hold	15,492	$2.22	$34K	—	—
APLD, Applied Blockchain	0.00%	Add +25.0%	14,470	$2.24	$32K	+2,894	+$11K
Alaunos Therapeutics	0.00%	Hold	34,000	$0.6300	$21K	—	—
Nucana	0.00%	Hold	19,467	$0.9601	$19K	—	—
BITF, Bitfarms	0.00%	Hold	18,300	$0.9700	$18K	—	—
MANA, Grayscale Decentraland	0.00%	Hold	691	$8.80	$6K	—	—
GBAT, Grayscale Basic Attention	0.00%	Hold	2,089	$1.48	$3K	—	—

Showing top 50 of 313 by value

Exits / last held

Gone since 2022 Q4, shown at their last reported size.

Stock	% of portfolio	Recent activity	Reported price*	Value	Share change	$ change
Gamco Investors	0.12%	Exit	$15.24	$7M	−456,794	−$7M
Iaa	0.09%	Exit	$40.00	$5.1M	−128,318	−$5.1M
IGSB, iShares Trust	0.05%	Exit	$49.81	$2.7M	−54,000	−$2.7M
LLY, Eli Lilly	0.04%	Exit	$365.81	$2.5M	−6,886	−$2.5M
Equity Commonwealth	0.02%	Exit	$24.97	$1.4M	−57,592	−$1.4M
EXPE, Expedia	0.01%	Exit	$87.61	$754K	−8,606	−$754K
SPSB, SPDR Ser Trust	0.01%	Exit	$29.38	$705K	−24,000	−$705K
TFX, Teleflex	0.01%	Exit	$249.78	$571K	−2,286	−$571K
Maverix Metals	0.01%	Exit	$4.68	$500K	−106,780	−$500K
LIN, Linde	0.01%	Exit	$326.14	$499K	−1,530	−$499K
Pimco ETF Trust	0.01%	Exit	$98.72	$464K	−4,700	−$464K
ENOV, Enovis	0.01%	Exit	$53.45	$357K	−6,679	−$357K
ESAB	0.01%	Exit	$46.90	$319K	−6,801	−$319K
BN, Brookfield Corporation	—	Exit	$38.85	$288K	−7,413	−$288K
CQP	—	Exit	$56.75	$227K	−4,000	−$227K
VTRS, Viatris	—	Exit	$11.15	$214K	−19,198	−$214K
NOC, Northrop Grumman	—	Exit	$544.74	$207K	−380	−$207K
BLK, BlackRock	—	Exit	$10.29	$105K	−10,204	−$105K
LGL Group	—	Exit	$4.02	$43K	−10,694	−$43K
GCI, Gannett	—	Exit	$2.00	$20K	−10,000	−$20K

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