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 Q2 2023 Q1, filed 14 Aug, long equity only

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TPL, Texas Pacific Land	39.80%, was 46.35%	Reduce −1.1%	1,403,867	$1,317	$1.8B	−15,265	−$566M
GBTC, Grayscale Bitcoin Trust BTC	6.53%	Reduce −0.3%	15,796,006	$19.19	$303M	−45,646	+$44M
CACI, CACI International	3.23%	Reduce −2.4%	440,077	$340.84	$150M	−11,004	+$16M
WPM, Wheaton Precious Metals	3.11%, was 3.21%	Reduce −3.7%	3,342,538	$43.22	$144M	−128,992	−$23M
FNV, Franco Nevada	3.09%	Reduce −3.2%	1,005,054	$142.60	$143M	−32,928	−$8M
ICE, Intercontinental Exchange	2.25%	Reduce −4.4%	924,006	$113.08	$104M	−42,663	+$3.7M
PBT	2.14%	Reduce −1.1%	3,993,403	$24.93	$100M	−44,662	+$1M
CVEO, Civeo	1.71%, was 1.61%	Add +0.4%	4,069,687	$19.48	$79M	+15,142	−$4.4M
ADM, Archer-Daniels-Midland	1.46%, was 1.48%	Reduce −7.4%	896,771	$75.56	$68M	−71,170	−$9.3M
MSB, Mesabi Trust CTF Ben Int	1.30%	Add +0.1%	2,956,430	$20.41	$60M	+2,604	−$14M
SVXY	1.29%	Reduce −6.7%	706,554	$84.68	$60M	−50,770	+$12M
CBOE, Cboe Global Markets	1.20%	Reduce −0.9%	405,246	$138.01	$56M	−3,749	+$1M
AN, Autonation	1.11%	Reduce −0.9%	314,544	$164.61	$52M	−2,860	+$9.1M
CRL, Charles River Labs International	1.05%	Reduce −5.9%	232,500	$210.25	$49M	−14,468	−$960K
Holding	1.05%, was 1.08%	Reduce −10.0%	1,810,465	$26.83	$49M	−200,654	−$7.7M
SAIC	1.04%	Reduce −0.2%	431,366	$112.48	$49M	−857	+$2.1M
HHH, Howard Hughes	1.02%	Reduce −4.1%	600,006	$78.92	$47M	−25,385	−$2.7M
Holding	0.97%	Reduce −9.8%	1,712,101	$26.27	$45M	−186,984	+$2.1M
BN, Brookfield Corporation	0.95%, was 1.33%	Reduce −38.2%	1,313,360	$33.65	$44M	−811,363	−$25M
Holding	0.93%	Reduce −1.2%	1,222,068	$35.40	$43M	−14,396	−$2.4M
CME, CME Group	0.92%	Reduce −3.8%	231,427	$185.29	$43M	−9,160	−$3.2M
LYV, Live Nation Entertainment	0.87%	Reduce −2.2%	442,466	$91.11	$40M	−9,961	+$8.6M
MMC, Marsh McLennan	0.85%	Reduce −10.2%	208,674	$188.08	$39M	−23,580	+$566K
BG, Bunge	0.82%	Reduce −8.9%	402,072	$94.35	$38M	−39,365	−$4.2M
WST, West Fraser Timber	0.76%	Reduce −9.7%	410,803	$85.98	$35M	−43,920	+$2.9M
PAG	0.71%	Reduce −0.4%	197,362	$166.63	$33M	−822	+$4.8M
JOE, Saint Joe	0.69%	Reduce −6.3%	663,413	$48.34	$32M	−44,721	+$2.6M
Holding	0.65%, was 0.66%	Reduce −9.5%	1,965,426	$15.37	$30M	−206,871	−$4.2M
Sandstorm Gold	0.65%, was 0.68%	Reduce −4.4%	5,867,737	$5.12	$30M	−269,400	−$5.6M
DMLP	0.64%	Reduce −2.5%	991,056	$29.96	$30M	−25,124	−$1.1M
WEN, Wendys	0.56%	Reduce −1.4%	1,198,905	$21.75	$26M	−17,246	−$412K
CBRE, CBRE Group	0.56%	Reduce −10.1%	321,994	$80.71	$26M	−36,261	−$96K
NTR, Nutrien	0.54%, was 0.66%	Reduce −8.5%	424,098	$59.05	$25M	−39,260	−$9.2M
CCJ, Cameco	0.49%	New	728,312	$31.33	$23M	+728,312	+$23M
IPAR, Inter Parfums	0.48%	Reduce −0.2%	164,024	$135.23	$22M	−337	−$1.2M
CCL, Carnival	0.47%, was 0.22%	Add +1.8%	1,152,701	$18.83	$22M	+20,545	+$10M
TRC, Tejon Ranch	0.44%, was 0.41%	Add +1.7%	1,174,063	$17.21	$20M	+19,263	−$893K
BRK.B, Berkshire Hathaway Class B	0.36%	Reduce −0.1%	48,659	$341.00	$17M	−51	+$1.6M
BAM, Brookfield Asset Management	0.33%	Reduce −6.3%	475,930	$32.63	$16M	−31,905	−$1.1M
RGLD, Royal Gold	0.33%, was 0.34%	Reduce −1.8%	134,793	$114.78	$15M	−2,470	−$2.3M
Liberty Formula One Ser	0.33%	Reduce −0.5%	205,514	$75.28	$15M	−1,033	+$15K
BND, Vanguard Bond Index	0.32%, was 0.28%	Add +1.9%	305,467	$49.16	$15M	+5,679	+$255K
Liberty Sirius Group Ser	0.30%	Reduce −5.0%	420,849	$32.73	$14M	−22,134	+$1.4M
MA, Mastercard	0.28%	Reduce −0.9%	32,790	$393.29	$13M	−297	+$872K
VGSH	0.28%, was 0.16%	Add +59.1%	222,623	$57.73	$13M	+82,664	+$4.7M
BA, Boeing	0.27%	Reduce −0.3%	59,938	$211.16	$13M	−171	−$112K
OSK, Oshkosh	0.25%, was 0.22%	Add +0.3%	136,535	$86.59	$12M	+367	+$496K
Liberty Formula One Ser	0.24%	Reduce −0.4%	164,758	$67.62	$11M	−729	−$29K
SPGI, S&P Global	0.24%	Reduce −0.9%	27,788	$400.89	$11M	−264	+$1.5M
ELS	0.24%	Reduce −8.5%	164,256	$66.89	$11M	−15,326	−$1.1M
RPRX	0.22%, was 0.26%	Reduce −10.6%	333,669	$30.74	$10M	−39,451	−$3.2M
LBRDA, Liberty Broadband Series C	0.19%	Reduce −4.9%	112,862	$80.11	$9M	−5,825	−$655K
SPAQ	0.19%, was 0.15%	Add +9.1%	90,639	$97.15	$8.8M	+7,580	+$840K
SII, Sprott	0.17%, was 0.19%	Reduce −10.0%	240,096	$32.40	$7.8M	−26,721	−$1.9M
MSTR, Microstrategy	0.15%	Reduce −0.1%	19,919	$342.42	$6.8M	−26	+$990K
MSGS, MSG Sports	0.13%	Reduce −0.4%	33,226	$188.05	$6.2M	−142	−$254K
RBA, RB Global	0.13%	New	101,534	$60.00	$6.1M	+101,534	+$6.1M
RCL, Royal Caribbean	0.13%, was 0.07%	Add +0.2%	57,021	$103.74	$5.9M	+105	+$2.2M
NDAQ, Nasdaq	0.12%, was 0.11%	Add +2.3%	109,666	$49.85	$5.5M	+2,416	−$396K
PCH, Potlatchdeltic	0.11%, was 0.12%	Reduce −22.3%	99,180	$52.85	$5.2M	−28,388	−$1.1M
Holding	0.11%	Reduce −3.5%	149,032	$32.81	$4.9M	−5,390	+$552K
PTEN	0.10%	Reduce −0.3%	405,097	$11.97	$4.8M	−1,200	+$95K
XOM, Exxon Mobil	0.10%	Reduce −0.7%	44,683	$107.25	$4.8M	−322	−$143K
WMB, Williams Companies	0.10%	Reduce −0.7%	143,579	$32.63	$4.7M	−980	+$368K
XNEAX	0.10%	Hold	423,715	$10.93	$4.6M	—	—
FCX, Freeport-McMoRan	0.09%, was 0.08%	Add +1.2%	104,677	$40.00	$4.2M	+1,230	−$45K
RYN, Rayonier	0.09%	Reduce −0.9%	127,826	$31.40	$4M	−1,149	−$276K
AMLP, Alps ETF Trust Alerian MLP	0.09%	Hold	101,812	$39.21	$4M	—	—
MKL, Markel Group	0.08%	Reduce −0.5%	2,758	$1,383	$3.8M	−15	+$273K
CLB, Core Laboratories	0.07%	New	146,908	$23.25	$3.4M	+146,908	+$3.4M
ABBV, AbbVie	0.07%, was 0.08%	Reduce −1.0%	24,849	$134.73	$3.3M	−254	−$653K
MSFT, Microsoft	0.07%, was 0.05%	Add +0.1%	9,546	$340.54	$3.3M	+10	+$502K
TCOM, Tri Pointe Homes	0.07%	Hold	96,612	$32.86	$3.2M	—	—
APYX, Apyx Medical	0.07%	Hold	615,000	$5.03	$3.1M	—	—
MRK, Merck	0.07%	Reduce −1.8%	26,663	$115.39	$3.1M	−499	+$187K
LVS, Las Vegas Sands	0.07%	Reduce −4.7%	52,807	$58.00	$3.1M	−2,580	−$119K
XES	0.06%, was 0.04%	Add +29.2%	37,969	$78.17	$3M	+8,577	+$757K
JNJ, Johnson & Johnson	0.06%	Reduce −0.1%	17,796	$165.52	$2.9M	−17	+$185K
KMI, Kinder Morgan	0.06%	Hold	162,648	$17.22	$2.8M	—	—
SBR	0.06%, was 0.05%	Add +20.3%	42,311	$65.94	$2.8M	+7,141	+$264K
GBTC, Grayscale Bitcoin Trust	0.06%, was 0.01%	Add +54.6%	1,139,165	$2.43	$2.8M	+402,349	+$2.1M
BMY, Bristol Myers Squibb	0.06%	Hold	42,531	$63.95	$2.7M	—	—
EPD, Enterprise Products Partners	0.06%	Reduce 0.0%	103,178	$26.35	$2.7M	−46	+$45K
LTCN	0.06%, was 0.03%	Add +27.8%	425,474	$6.19	$2.6M	+92,615	+$1.3M
BSM	0.06%	Reduce −0.1%	162,738	$15.95	$2.6M	−200	+$39K
INFL	0.06%	Reduce −5.4%	84,674	$30.57	$2.6M	−4,806	−$171K
LLY, Eli Lilly	0.05%	New	5,437	$468.98	$2.5M	+5,437	+$2.6M
DHR, Danaher	0.05%	Reduce −0.3%	9,636	$240.00	$2.3M	−28	−$123K
PM, Philip Morris International	0.05%	Hold	22,944	$97.62	$2.2M	—	—
CVX, Chevron	0.05%	Reduce −0.1%	14,182	$157.35	$2.2M	−12	−$84K
ET, Energy Transfer	0.05%	Reduce −0.1%	175,393	$12.70	$2.2M	−187	+$38K
Costamare	0.05%, was 0.04%	Add +0.2%	228,334	$9.67	$2.2M	+397	+$63K
WBD, Warner Bros. Discovery	0.05%	Reduce −2.7%	169,276	$12.54	$2.1M	−4,773	−$505K
AAPL, Apple	0.05%	Reduce −4.5%	10,811	$193.97	$2.1M	−508	+$231K
KLAC, KLA	0.05%	Reduce −5.0%	4,315	$485.02	$2.1M	−225	+$281K
CSCO, Cisco	0.04%	Hold	39,743	$51.74	$2.1M	—	—
MSTR, Microstrategy	0.04%	Reduce −0.1%	280,123	$7.21	$2M	−178	+$10K
Liberty Braves Group Ser	0.04%	Reduce −0.9%	48,357	$39.62	$1.9M	−426	+$272K
NAD, Nuveen Quality Muni Inc. Fund	0.04%	Hold	169,026	$11.27	$1.9M	—	—
MO, Altria	0.04%, was 0.03%	Add +0.6%	40,032	$45.30	$1.8M	+250	+$38K
CSW, CSW Industrials	0.04%	Hold	10,800	$166.19	$1.8M	—	—
PFE, Pfizer	0.04%	Add +0.4%	48,571	$36.68	$1.8M	+209	−$192K
LHX, L3Harris	0.04%	Hold	9,094	$195.78	$1.8M	—	—
SU, Suncor Energy	0.04%	Reduce −1.5%	59,751	$29.32	$1.8M	−900	−$131K
JPM, JPMorgan Chase	0.04%	Reduce −9.6%	34,684	$50.14	$1.7M	−3,676	−$191K
Holding	0.04%	Hold	390,118	$4.34	$1.7M	—	—
MSGE, MSG Entertainment	0.04%	New	50,209	$33.62	$1.7M	+50,209	+$1.7M
OPLN, Openlane	0.04%	Hold	110,164	$15.22	$1.7M	—	—
FHI, Federated Hermes	0.04%	Reduce −16.1%	46,503	$35.85	$1.7M	−8,891	−$556K
SATS, Echostar	0.04%	Reduce −5.3%	96,018	$17.34	$1.7M	−5,389	−$190K
BELFB, Bel Fuse	0.04%	Hold	28,988	$57.41	$1.7M	—	—
CAT, Caterpillar	0.03%	Add +1.5%	6,598	$246.05	$1.6M	+98	+$136K
EMR, Emerson Electric	0.03%	Hold	17,886	$90.39	$1.6M	—	—
VRSK, Verisk	0.03%	Hold	7,000	$226.03	$1.6M	—	—
BN, Brookfield Corporation	0.03%	Reduce −5.4%	43,168	$36.50	$1.6M	−2,462	+$35K
FNF, Fidelity National Financial	0.03%	Add 0.0%	43,742	$36.00	$1.6M	+5	+$47K
ROK, Rockwell Automation	0.03%	Reduce −1.0%	4,723	$329.45	$1.6M	−50	+$155K
IRM, Iron Mountain	0.03%	Hold	27,358	$56.82	$1.6M	—	—
MHD	0.03%	Reduce −0.2%	129,817	$11.63	$1.5M	−265	−$58K
SEE, Sealed Air	0.03%	Add +0.7%	37,135	$40.00	$1.5M	+250	−$208K
SPY, State Street SPDR S P 500	0.03%	Reduce −5.4%	3,323	$443.28	$1.5M	−190	+$35K
VOO, Vanguard S&P 500 ETF	0.03%	Reduce −13.1%	3,591	$407.28	$1.5M	−541	−$91K
SPHR, Sphere Entertainment	0.03%	Add +0.3%	50,474	$27.39	$1.4M	+136	−$1.6M
Holding	0.03%	Reduce −1.9%	36,018	$37.92	$1.4M	−680	−$89K
GDXJ	0.03%	Reduce −2.8%	37,218	$35.66	$1.3M	−1,073	−$185K
WT, Wisdomtree	0.03%	Reduce −0.3%	192,817	$6.86	$1.3M	−494	+$190K
WY, Weyerhaeuser	0.03%	Reduce −14.6%	39,267	$33.51	$1.3M	−6,723	−$70K
HON, Honeywell	0.03%	Reduce −2.1%	6,153	$207.50	$1.3M	−135	+$75K
SON, Sonoco Products	0.03%	Add +0.2%	21,600	$59.02	$1.3M	+50	−$40K
RMT, Royce Micro-Cap Trust	0.03%	Reduce −0.2%	143,317	$8.75	$1.3M	−268	−$5K
OIH	0.03%	Hold	4,356	$287.63	$1.3M	—	—
NVO, Novo Nordisk	0.03%	Hold	7,740	$161.83	$1.3M	—	—
PDI, Pimco Dynamic Income Fund	0.03%, was 0.05%	Reduce −49.4%	66,413	$18.75	$1.2M	−64,956	−$1.1M
REZI, Resideo	0.03%	Reduce −1.8%	70,498	$17.66	$1.2M	−1,300	−$67K
NVS, Novartis	0.03%	Hold	12,200	$100.91	$1.2M	—	—
Liberty Braves Group Ser	0.03%	Reduce −1.4%	30,049	$40.92	$1.2M	−416	+$176K
MCD, McDonald's	0.03%	Hold	4,107	$298.41	$1.2M	—	—
MDLZ, Mondelez	0.03%	Reduce −4.0%	16,604	$72.94	$1.2M	−700	+$5K
BLK, BlackRock	0.03%	Reduce −3.7%	105,461	$11.44	$1.2M	−4,063	−$73K
RTX	0.03%	Reduce −1.9%	12,214	$97.96	$1.2M	−241	−$23K
TD, Toronto-Dominion Bank	0.03%, was 0.02%	Add +0.3%	19,250	$62.01	$1.2M	+50	+$44K
ABBNY, ABB	0.03%	Hold	29,771	$39.32	$1.2M	—	—
PARA, Paramount Global	0.03%	Reduce −1.3%	73,531	$15.91	$1.2M	−1,000	−$493K
GOOG, Alphabet Class C	0.02%	Reduce −0.9%	9,458	$120.97	$1.1M	−85	+$152K
ABT, Abbott Laboratories	0.02%, was 0.03%	Reduce −29.9%	10,466	$109.02	$1.1M	−4,468	−$371K
CVS, CVS Health	0.02%	Add +14.5%	15,384	$69.13	$1.1M	+1,951	+$65K
INTC, Intel	0.02%	Add +5.9%	31,655	$33.44	$1.1M	+1,756	+$82K
BRK.A, Berkshire Hathaway Class A	0.02%	Hold	2	$517,810	$1M	—	—
DBL	0.02%, was 0.03%	Reduce −42.2%	71,173	$14.51	$1M	−51,972	−$713K
V, Visa	0.02%	Hold	4,339	$237.48	$1M	—	—
KRP	0.02%	Add +0.9%	69,181	$14.71	$1M	+589	−$27K
SJT	0.02%	Add +35.3%	135,948	$7.43	$1M	+35,434	−$47K
AZNN	0.02%	Hold	14,058	$71.57	$1M	—	—
NSC, Norfolk Southern	0.02%	Reduce −3.1%	4,341	$226.76	$984K	−140	+$34K
NEM, Newmont	0.02%	Reduce −2.0%	22,874	$42.66	$976K	−467	−$168K
FIS, Fidelity National Information Services	0.02%, was 0.01%	Add +32.8%	17,806	$54.70	$974K	+4,400	+$246K
DSL	0.02%	Reduce −0.7%	81,720	$11.91	$973K	−586	+$37K
RCG, Renn Fund	0.02%	Add +5.0%	528,565	$1.81	$957K	+25,330	+$76K
EBAY, eBay	0.02%	Reduce −1.8%	21,152	$44.69	$945K	−393	−$11K
SBLK, Star Bulk Carriers	0.02%	Add +0.4%	52,613	$17.70	$931K	+229	−$175K
BIIB, Biogen	0.02%	Hold	3,250	$284.85	$926K	—	—
Black Knight	0.02%	Hold	15,234	$59.73	$910K	—	—
BCPC, Balchem	0.02%	Reduce −10.5%	6,734	$134.81	$908K	−790	−$44K
ADI, Analog Devices	0.02%	Hold	4,645	$194.80	$905K	—	—
WPC, W P Carey	0.02%	Add +1.1%	13,350	$67.56	$902K	+150	−$120K
BAC, Bank of America	0.02%	Reduce −1.2%	30,676	$28.69	$880K	−387	−$8K
AMGN, Amgen	0.02%	Hold	3,880	$222.02	$861K	—	—
CMS, CMS Energy	0.02%	Hold	14,575	$58.75	$856K	—	—
GSK	0.02%	Add +4.4%	23,838	$35.64	$850K	+1,000	+$37K
SEB, Seaboard	0.02%	Add +1.3%	236	$3,561	$840K	+3	−$38K
GM, General Motors	0.02%	Reduce −1.1%	21,416	$38.56	$826K	−234	+$32K
MSTR, Pimco Income Strategy Fund	0.02%	Hold	99,091	$8.19	$812K	—	—
GE, GE Aerospace	0.02%	Reduce −0.2%	7,312	$109.85	$803K	−17	+$103K
WOOD	0.02%	Reduce −4.6%	11,058	$71.70	$793K	−538	−$37K
BR, Broadridge Financial	0.02%	Hold	4,564	$165.63	$756K	—	—
ALKS, Alkermes	0.02%	Hold	24,000	$31.30	$751K	—	—
MPC, Marathon Petroleum	0.02%	Hold	6,420	$116.60	$749K	—	—
BX, Blackstone	0.02%, was 0.01%	Add +10.5%	7,900	$92.97	$734K	+750	+$106K
XFRAX	0.02%	Hold	59,291	$12.21	$724K	—	—
BGC Partners	0.02%	Reduce −15.1%	162,259	$4.43	$719K	−28,816	−$281K
GLD, SPDR Gold Shares	0.02%	Hold	3,988	$178.27	$711K	—	—
SLV	0.02%, was 0.01%	Add +7.1%	34,001	$20.89	$710K	+2,268	+$8K
RSP	0.02%, was 0.01%	Add +16.3%	4,691	$149.62	$702K	+657	+$119K
SNY, Sanofi	0.02%, was 0.01%	Add +0.1%	13,017	$53.90	$702K	+17	−$6K
EOG, EOG Resources	0.01%	Reduce −4.0%	6,084	$114.44	$696K	−256	−$31K
GILD, Gilead Sciences	0.01%	Add +0.4%	9,033	$77.07	$696K	+33	−$51K
NRK	0.01%	Hold	66,896	$10.35	$692K	—	—
VXF	0.01%	Add +18.2%	4,649	$148.82	$692K	+715	+$140K
GOOGL, Alphabet Class A	0.01%	Reduce −8.8%	5,774	$119.70	$691K	−556	+$35K
DGX, Quest Diagnostics	0.01%	Add +0.2%	4,658	$140.56	$655K	+8	−$3K
LEN, Lennar	0.01%	Reduce −0.1%	5,202	$125.31	$652K	−3	+$105K
MOV, Movado Group	0.01%	Hold	23,657	$26.83	$635K	—	—
RQI	0.01%	Hold	54,233	$11.60	$629K	—	—
CRSP, Crispr Therapeutics	0.01%	Hold	11,125	$56.14	$625K	—	—
INTC, Intel	0.01%	Hold	15,000	$40.78	$612K	—	—
SYK, Stryker	0.01%	Hold	2,000	$305.09	$610K	—	—
Bakkt	0.01%	Add +2.1%	492,887	$1.23	$606K	+10,149	−$224K
NVDA, Nvidia	0.01%	Reduce −11.3%	1,420	$423.02	$601K	−180	+$156K
QCOM, Qualcomm	0.01%	Add +42.7%	5,010	$119.04	$596K	+1,500	+$149K
RYN, Rayonier	0.01%	Add +10.4%	138,450	$4.28	$593K	+13,000	−$194K
BLK, BlackRock	0.01%	Reduce −0.6%	60,430	$9.71	$587K	−350	−$23K
Rumble	0.01%	Reduce −0.6%	64,707	$8.92	$577K	−384	−$74K
ALNY, Alnylam Pharmaceuticals	0.01%	Hold	3,000	$189.94	$570K	—	—
IAC, IAC Inc	0.01%	Reduce −8.2%	9,055	$62.80	$569K	−806	+$60K
LIN, Linde	0.01%	Hold	1,480	$381.08	$564K	—	—
REGN, Regeneron	0.01%	Hold	765	$718.54	$550K	—	—
TFPM, Triple Flag Precious	0.01%	Reduce −8.3%	39,684	$13.78	$547K	−3,600	−$100K
IONS, Ionis Pharmaceuticals	0.01%	Hold	13,000	$41.03	$533K	—	—
BXMT	0.01%	Add +19.1%	25,050	$20.81	$521K	+4,010	+$146K
VMI, Valmont Industries	0.01%	Reduce −14.5%	1,775	$291.05	$517K	−300	−$146K
GDX, Vaneck Gold Miners ETF	0.01%	Reduce −4.8%	17,147	$30.11	$516K	−858	−$66K
BK, BNY	0.01%	Add +3.2%	11,364	$44.52	$506K	+350	+$5K
IBM	0.01%	Add +2.8%	3,680	$133.81	$492K	+100	+$23K
Nuveen Sr Income Fund	0.01%	Hold	105,209	$4.58	$482K	—	—
UNP, Union Pacific	0.01%	Hold	2,350	$204.62	$481K	—	—
VTI, Vanguard Total	0.01%	Reduce −12.0%	2,143	$220.28	$472K	−291	−$25K
AJG, Arthur J. Gallagher	0.01%	Add +0.2%	2,134	$219.57	$469K	+4	+$61K
MYI	0.01%	Hold	42,654	$10.94	$467K	—	—
OGN, Organon	0.01%	Add +25.4%	22,326	$20.81	$465K	+4,523	+$46K
GHC, Graham	0.01%	Reduce −19.9%	806	$571.48	$461K	−200	−$139K
NBB, Nuveen Build American	0.01%	Reduce −1.0%	28,849	$15.69	$453K	−286	−$17K
BTZ	0.01%	Hold	44,357	$10.15	$450K	—	—
BELFA, Bel Fuse	0.01%	Hold	7,691	$58.00	$446K	—	—
Holding	0.01%	Reduce −0.5%	56,673	$7.80	$442K	−311	−$15K
JPM, JPMorgan Chase	0.01%	Add +9.3%	3,018	$145.44	$439K	+257	+$79K
ETCG	0.01%	Add +1.6%	57,042	$7.55	$431K	+872	+$43K
CNP, Centerpoint Energy	0.01%	Hold	14,706	$29.15	$429K	—	—
KMB, Kimberly-Clark	0.01%	Hold	3,100	$138.06	$428K	—	—
Equity Commonwealth	0.01%	New	20,639	$20.26	$418K	+20,639	+$418K
GPC, Genuine Parts	0.01%	Hold	2,450	$169.23	$415K	—	—
AWR	0.01%	Reduce −5.4%	4,721	$87.00	$411K	−269	−$33K
GBX, Greenbrier Companies	0.01%	Hold	9,500	$43.10	$409K	—	—
CMCSA, Comcast	0.01%	Add +5.7%	9,676	$41.55	$402K	+526	+$55K
NZF	0.01%	Reduce −0.6%	34,284	$11.66	$400K	−201	−$12K
Holding	0.01%	Hold	49,079	$8.11	$398K	—	—
VZ, Verizon	0.01%	Reduce −0.7%	10,469	$37.19	$389K	−75	−$21K
IVZ, Invesco	0.01%	Hold	32,702	$11.82	$387K	—	—
GS, Goldman Sachs	0.01%	Hold	1,193	$322.54	$385K	—	—
BCYC	0.01%	Hold	15,000	$25.52	$383K	—	—
MTN, Vail Resorts	0.01%	Hold	1,487	$251.76	$374K	—	—
FHI, Federated Hermes	0.01%	Reduce −5.1%	35,189	$10.63	$374K	−1,900	−$27K
PEP, PepsiCo	0.01%	Reduce −9.1%	2,004	$185.22	$371K	−200	−$31K
L, Loews	0.01%	Reduce −1.4%	6,177	$59.38	$367K	−87	+$3K
SLB	0.01%	Hold	7,192	$49.12	$353K	—	—
REPL, Replimune Group	0.01%	Hold	15,000	$23.22	$348K	—	—
RIO, Rio Tinto	0.01%	Hold	5,400	$63.84	$345K	—	—
MMM, 3M	0.01%	Add +15.6%	3,339	$100.09	$334K	+450	+$31K
IAU, iShares Gold Trust iShares	0.01%	Reduce −15.1%	8,940	$36.39	$325K	−1,590	−$68K
CSWC, Capital Southwest	0.01%	Reduce −1.2%	16,400	$19.72	$323K	−200	+$28K
BP	0.01%	Hold	9,159	$35.29	$323K	—	—
BEAM, Beam Therapeutics	0.01%	Hold	10,000	$31.93	$319K	—	—
RA	0.01%	Hold	18,810	$16.76	$315K	—	—
BLK, BlackRock	0.01%	Hold	46,440	$6.73	$313K	—	—
BLK, BlackRock	0.01%	Hold	31,008	$10.06	$312K	—	—
KHC, Kraft Heinz	0.01%	Reduce −2.3%	8,327	$35.50	$296K	−197	−$34K
Holding	0.01%	Hold	34,357	$8.58	$295K	—	—
GEHC, GE HealthCare	0.01%	Add +1.8%	3,575	$81.24	$290K	+62	+$2K
KKR	0.01%	Hold	5,058	$56.00	$283K	—	—
AMT, American Tower	0.01%	Reduce −2.2%	1,438	$193.94	$279K	−32	−$21K
EDIT, Editas Medicine	0.01%	Hold	33,050	$8.23	$272K	—	—
COP, ConocoPhillips	0.01%	Reduce −0.7%	2,622	$103.61	$272K	−18	+$10K
BLK, BlackRock	0.01%	Hold	12,950	$20.78	$269K	—	—
NBH	0.01%	Reduce −1.9%	25,951	$10.28	$267K	−501	−$23K
AWK	0.01%	Reduce −0.1%	1,865	$142.76	$266K	−1	−$7K
DIS, Disney	0.01%	Reduce −48.0%	2,973	$89.28	$265K	−2,740	−$307K
GIS, General Mills	0.01%	Hold	3,300	$76.69	$253K	—	—
OXY, Occidental	0.01%	Add +0.2%	4,260	$58.80	$250K	+7	−$15K
PHYS	0.01%	Hold	16,621	$14.92	$248K	—	—
IFF, International Flavors & Fragrances	0.01%	Hold	3,050	$79.59	$243K	—	—
Revvity	0.01%	Hold	2,035	$118.79	$242K	—	—
DORM, Dorman Products	0.01%	Hold	3,000	$78.83	$236K	—	—
PCM, PCM Fund	0.01%	Hold	24,532	$9.63	$236K	—	—
CNS, Cohen & Steers	0.01%, was 0.26%	Reduce −98.1%	4,057	$57.99	$235K	−209,189	−$13M
ETN, Eaton	0.01%	Hold	20,001	$11.75	$235K	—	—
Holding	0.01%	Reduce −0.7%	26,336	$8.86	$233K	−180	−$9K
CL, Colgate-Palmolive	0.00%	Hold	2,978	$77.04	$229K	—	—
NAN, Nuveen NY Qlty Income Fund	0.00%	Hold	20,838	$10.75	$224K	—	—
XCXEX	0.00%, was 0.01%	Reduce −16.8%	61,854	$3.48	$215K	−12,492	−$56K
IVZ, Invesco	0.00%	Hold	22,402	$9.56	$214K	—	—
LBRDA, Liberty Broadband Series A	0.00%, was 0.01%	Reduce −23.8%	2,664	$79.73	$212K	−830	−$75K
T, AT&T	0.00%	Add +12.7%	12,745	$15.95	$203K	+1,439	−$14K
DOW	0.00%	Add +0.2%	3,804	$53.26	$203K	+6	−$6K
ALCO, Alico	0.00%	Reduce −21.0%	7,900	$25.46	$201K	−2,100	−$41K
NIM	0.00%	Hold	21,500	$9.00	$194K	—	—
NVG	0.00%	Reduce −2.3%	16,410	$11.70	$192K	−391	−$6K
Scripps E W Co. Ohio	0.00%	Hold	20,000	$9.15	$183K	—	—
Holding	0.00%	Hold	18,000	$10.12	$182K	—	—
VNDA	0.00%	Hold	27,000	$6.59	$178K	—	—
ETN, Eaton	0.00%	Hold	17,692	$9.95	$176K	—	—
LXU, LSB Industries	0.00%	Reduce −1.7%	17,600	$9.85	$173K	−311	−$12K
LTRN	0.00%	Hold	30,000	$5.64	$169K	—	—
PACB	0.00%	Hold	12,000	$13.30	$160K	—	—
SAN	0.00%	Hold	42,410	$3.71	$157K	—	—
Holding	0.00%	Reduce −4.3%	16,232	$9.53	$155K	−725	−$8K
SD	0.00%	Reduce −2.3%	10,013	$15.25	$153K	−236	+$5K
BGT	0.00%	Hold	12,678	$11.66	$148K	—	—
LILA	0.00%	Add +0.1%	16,807	$8.62	$145K	+21	+$6K
PML, Pimco Mun Income Fund II	0.00%	Hold	15,050	$9.04	$136K	—	—
APLD, Applied Digital	0.00%	Hold	14,470	$9.35	$135K	—	—
ASTL, Algoma Steel Group	0.00%	Add +0.5%	18,607	$7.10	$132K	+87	−$18K
Bluebird Bio	0.00%	Hold	38,000	$3.29	$125K	—	—
HLN, Haleon	0.00%	Hold	14,673	$8.38	$123K	—	—
ETN, Eaton	0.00%	Hold	21,730	$5.46	$119K	—	—
ETN, Eaton	0.00%	Hold	12,456	$9.36	$117K	—	—
NMZ	0.00%	Hold	10,369	$10.57	$110K	—	—
IVZ, Invesco	0.00%	Hold	10,414	$10.22	$106K	—	—
Holding	0.00%	Hold	16,601	$6.38	$106K	—	—
Holding	0.00%	Reduce −1.1%	12,557	$8.14	$102K	−144	−$8K
NUV, Nuveen Mun Value Fund	0.00%	Reduce −0.7%	11,550	$8.70	$100K	−82	−$2K
ALLO	0.00%	Hold	20,000	$4.97	$99K	—	—
OIS	0.00%	Hold	11,410	$7.47	$85K	—	—
GALT	0.00%	Hold	56,000	$1.44	$81K	—	—
ETHE	0.00%	Hold	6,505	$9.94	$65K	—	—
Holding	0.00%	Hold	32,400	$1.49	$48K	—	—
Vimeo	0.00%	Reduce −15.0%	10,779	$4.12	$44K	−1,909	−$4K
ZCSH, Grayscale Zcash Trust Zec	0.00%	Hold	15,492	$2.65	$41K	—	—
IVZ, Invesco	0.00%	Hold	10,000	$3.85	$39K	—	—
TTI	0.00%	Hold	10,880	$3.38	$37K	—	—
Rain Oncology	0.00%	Hold	25,000	$1.20	$30K	—	—
BITF, Bitfarms	0.00%	Hold	18,300	$1.47	$27K	—	—
Alaunos Therapeutics	0.00%	Hold	34,000	$0.5100	$17K	—	—
Nucana	0.00%	Hold	19,467	$0.7900	$15K	—	—
MANA	0.00%	Hold	691	$5.90	$4K	—	—
GBAT	0.00%	Hold	2,089	$1.90	$4K	—	—

Showing top 50 of 324 by value

Exits / last held

Gone since 2023 Q1, shown at their last reported size.

Stock	% of portfolio	Recent activity	Reported price*	Value	Share change	$ change
IEP, Icahn Enterprises	0.42%	Exit	$51.71	$22M	−427,694	−$22M
Ritchie Bros Auctioneers	0.11%	Exit	$56.29	$5.7M	−101,305	−$5.7M
Core Laboratories	0.06%	Exit	$22.05	$3.2M	−145,908	−$3.2M
Gladstone LD	0.01%	Exit	$16.65	$482K	−28,945	−$482K
DE, Deere	—	Exit	$412.50	$231K	−560	−$231K
BHP, BHP Group	—	Exit	$63.51	$208K	−3,275	−$208K
AMCX, AMC Networks	—	Exit	$17.59	$181K	−10,292	−$181K
VCSH, Shrt TRM Corporation Bond	—	Exit	$76.10	$114K	−1,498	−$114K

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