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 Q4 2023 Q3, filed 15 Feb, long equity only

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TPL, Texas Pacific Land	44.08%, was 49.85%	Reduce −3.0%	1,338,755	$1,572	$2.1B	−41,716	−$412M
GBTC, Grayscale Bitcoin Trust BTC	11.31%	Reduce −1.1%	15,604,708	$34.62	$540M	−179,003	+$237M
WPM, Wheaton Precious Metals	3.03%	Reduce −7.5%	2,931,266	$49.34	$145M	−238,792	+$16M
CACI, CACI International	2.67%	Reduce −7.2%	393,605	$323.86	$127M	−30,337	−$5.6M
ICE, Intercontinental Exchange	2.10%	Reduce −10.5%	781,939	$128.43	$100M	−91,827	+$4.3M
FNV, Franco Nevada	2.02%, was 2.53%	Reduce −8.8%	872,143	$110.81	$97M	−84,606	−$31M
CVEO, Civeo	1.79%	Reduce −8.1%	3,734,335	$22.85	$85M	−327,944	+$1.1M
CBOE, Cboe Global Markets	1.52%, was 1.25%	Add 0.0%	405,632	$178.56	$72M	+59	+$9.1M
MSB, Mesabi Trust	1.25%	Reduce −4.2%	2,920,318	$20.47	$60M	−129,034	−$1.4M
SAIC, Science Applicatns International CP	1.08%	Reduce −1.9%	416,056	$124.32	$52M	−8,118	+$7M
BN, Brookfield Corporation	1.06%	Reduce −2.2%	1,257,006	$40.12	$50M	−28,018	+$10M
PBT, Permian Basin Rty Trust	1.05%, was 1.66%	Reduce −9.2%	3,583,742	$13.96	$50M	−362,708	−$34M
ADM, Archer-Daniels-Midland	1.02%, was 1.21%	Reduce −16.8%	672,158	$72.22	$49M	−136,006	−$12M
HHH, Howard Hughes	1.01%	Reduce −3.1%	561,287	$85.55	$48M	−17,856	+$5.1M
AN, Autonation	0.95%	Reduce −3.3%	300,803	$150.18	$45M	−10,161	−$1.9M
CRL, Charles River Labs International	0.90%	Reduce −14.7%	182,664	$236.40	$43M	−31,571	+$1.2M
CME, CME Group	0.89%	Reduce −8.7%	200,730	$210.60	$42M	−19,246	−$1.8M
Holding	0.85%	Reduce −3.2%	1,142,514	$35.71	$41M	−37,852	−$2.3M
Viper Energy	0.80%	New	1,216,648	$31.38	$38M	+1,216,648	+$38M
LYV, Live Nation Entertainment	0.78%	Reduce −3.9%	399,263	$93.60	$37M	−16,111	+$2.9M
JOE, Saint Joe	0.68%	Reduce −12.4%	538,022	$60.18	$32M	−75,925	−$978K
PAG, Penske Automotive Group	0.64%, was 0.65%	Reduce −3.4%	189,536	$160.51	$30M	−6,633	−$2.4M
DMLP, Dorchester Minerals	0.60%	Reduce −5.8%	907,133	$31.83	$29M	−55,956	+$896K
BG, Bunge Global	0.59%	New	278,820	$100.95	$28M	+278,820	+$28M
MMC, Marsh McLennan	0.54%, was 0.68%	Reduce −24.1%	136,586	$189.47	$26M	−43,424	−$8.4M
Sandstorm Gold	0.51%	Reduce −12.3%	4,808,367	$5.03	$24M	−671,789	−$1.4M
WST, West Fraser Timber	0.48%, was 0.51%	Reduce −24.4%	269,822	$85.58	$23M	−87,094	−$2.8M
IPAR, Inter Parfums	0.48%	Reduce −2.9%	158,807	$144.01	$23M	−4,802	+$891K
WEN, Wendys	0.46%, was 0.47%	Reduce −3.2%	1,131,007	$19.48	$22M	−37,183	−$1.8M
CCJ, Cameco	0.45%, was 0.50%	Reduce −22.0%	497,432	$43.10	$21M	−140,073	−$3.8M
Sitio Royalties	0.45%, was 0.58%	Reduce −25.5%	906,604	$23.51	$21M	−310,682	−$8.2M
CCL, Carnival	0.44%	Reduce −1.8%	1,139,668	$18.54	$21M	−20,922	+$5.2M
Osisko Gold Royalties	0.40%	Reduce −21.7%	1,344,413	$14.28	$19M	−371,787	−$967K
TRC, Tejon Ranch	0.39%	Reduce −5.3%	1,085,128	$17.20	$19M	−61,221	+$70K
BRK.B, Berkshire Hathaway Class B	0.35%	Reduce −3.6%	46,601	$356.66	$17M	−1,740	−$313K
NTR, Nutrien	0.34%, was 0.46%	Reduce −22.5%	289,882	$56.33	$16M	−84,195	−$6.8M
BAM, Brookfield Asset Management	0.33%	Reduce −10.4%	386,888	$40.17	$16M	−44,759	+$1.2M
RGLD, Royal Gold	0.32%	Reduce −2.6%	127,989	$120.96	$15M	−3,409	+$1.5M
OSK, Oshkosh	0.31%	Reduce −0.6%	135,994	$108.41	$15M	−866	+$1.7M
BA, Boeing	0.30%	Reduce −6.0%	55,514	$260.66	$14M	−3,513	+$3.2M
BND, Vanguard Bond Index Funds	0.30%, was 0.27%	Add +4.8%	291,631	$49.44	$14M	+13,379	+$731K
VGSH, Vanguard Scottsdale Funds	0.27%	Reduce −0.8%	221,031	$58.33	$13M	−1,859	+$54K
FWONK, Liberty Media	0.27%	Reduce −0.7%	200,793	$63.13	$13M	−1,482	+$74K
MSTR, Microstrategy	0.26%, was 0.13%	Add +0.9%	19,946	$631.62	$13M	+173	+$6.1M
SPAQ, Horzn Kntcs Spac	0.22%	Hold	110,356	$97.15	$11M	—	—
ELS, Equity Lifestyle Properties	0.20%	Reduce −8.8%	138,689	$70.54	$9.8M	−13,368	+$96K
MA, Mastercard	0.20%, was 0.26%	Reduce −33.2%	21,856	$426.50	$9.3M	−10,874	−$3.6M
SPGI, S&P Global	0.19%	Reduce −20.5%	20,787	$440.52	$9.2M	−5,354	−$395K
FWONA, Liberty Media	0.17%	Reduce −0.4%	143,876	$57.98	$8.3M	−641	+$171K
LBRDA, Liberty Broadband Series C	0.17%, was 0.20%	Reduce −7.1%	100,668	$80.59	$8.1M	−7,700	−$1.8M
LTCN	0.15%, was 0.04%	Add +5.8%	467,189	$15.75	$7.4M	+25,619	+$5.2M
RCL, Royal Caribbean	0.15%	Reduce −0.9%	56,124	$129.49	$7.3M	−502	+$2.1M
RBA, RB Global	0.13%	Reduce −2.5%	92,529	$66.89	$6.2M	−2,400	+$256K
NDAQ, Nasdaq	0.13%	Reduce −3.7%	105,076	$58.14	$6.1M	−4,077	+$805K
RPRX	0.13%, was 0.15%	Reduce −24.6%	216,690	$28.09	$6.1M	−70,565	−$1.7M
GBTC, Grayscale Bitcoin Trust	0.12%, was 0.04%	Add +11.6%	1,378,731	$4.21	$5.8M	+143,231	+$3.6M
MSGS, MSG Sports	0.12%	Reduce −2.5%	31,788	$181.83	$5.8M	−821	+$31K
Burford Cap	0.12%	Reduce −2.3%	367,382	$15.60	$5.7M	−8,691	+$466K
SII, Sprott	0.11%, was 0.13%	Reduce −26.1%	156,221	$33.95	$5.3M	−55,087	−$1.1M
WMB, Williams Companies	0.11%	Reduce −1.9%	144,226	$34.83	$5M	−2,857	+$68K
XNEAX	0.10%	Hold	423,715	$11.00	$4.7M	—	—
XOM, Exxon Mobil	0.10%	Add +1.7%	45,484	$99.98	$4.5M	+779	−$709K
FCX, Freeport-McMoRan	0.09%	Reduce −2.2%	103,587	$42.57	$4.4M	−2,325	+$460K
PTEN, Patterson Uti Energy	0.09%, was 0.11%	Reduce −0.7%	401,301	$10.80	$4.3M	−2,740	−$1.3M
AMLP, Alps ETF Trust Alerian MLP	0.09%	Hold	101,700	$42.52	$4.3M	—	—
EXP, Eagle Materials	0.09%	New	20,126	$202.84	$4.1M	+20,126	+$4.1M
PCH, Potlatchdeltic	0.09%	Reduce −6.8%	82,910	$49.10	$4.1M	−6,021	+$34K
XES, SPDR Ser Trust	0.08%	Add +2.8%	47,773	$84.51	$4M	+1,306	−$413K
RYN, Rayonier	0.08%	Reduce −3.7%	118,477	$33.41	$4M	−4,566	+$457K
ABBV, AbbVie	0.08%	Reduce −3.2%	24,040	$154.97	$3.7M	−784	+$25K
MKL, Markel Group	0.08%	Reduce −1.5%	2,604	$1,420	$3.7M	−40	−$196K
Liberty Media	0.07%, was 0.17%	Reduce −63.9%	122,635	$28.78	$3.5M	−217,460	−$5.1M
MSFT, Microsoft	0.07%	Reduce −1.8%	9,035	$376.05	$3.4M	−166	+$492K
TCOM, Tri Pointe Homes	0.07%	Hold	89,812	$35.40	$3.2M	—	—
MRK, Merck	0.06%	Reduce −1.8%	26,541	$109.02	$2.9M	−498	+$110K
KMI, Kinder Morgan	0.06%	Reduce −0.2%	161,933	$17.64	$2.9M	−261	+$167K
LLY, Eli Lilly	0.06%	Reduce −8.2%	4,755	$582.92	$2.8M	−422	−$9K
JNJ, Johnson & Johnson	0.06%	Reduce −2.6%	17,130	$156.74	$2.7M	−465	−$55K
BSM	0.06%	Hold	167,838	$15.96	$2.7M	—	—
INFL, Horizon Kinetics	0.06%, was 0.05%	Add +0.6%	85,112	$31.47	$2.7M	+498	+$103K
EPD, Enterprise Products Partners	0.06%	Reduce −0.6%	101,294	$26.35	$2.7M	−618	−$120K
LVS, Las Vegas Sands	0.05%	Add +3.7%	52,859	$49.21	$2.6M	+1,862	+$263K
ET, Energy Transfer	0.05%	Reduce −0.8%	179,905	$13.80	$2.5M	−1,403	−$61K
Costamare	0.05%	Reduce −0.2%	233,834	$10.41	$2.4M	−500	+$180K
CLB, Core Laboratories	0.05%, was 0.07%	Reduce −6.8%	136,908	$17.66	$2.4M	−10,000	−$1.1M
SBR, Sabine Royalty Trust	0.05%	Reduce −10.1%	34,663	$67.86	$2.4M	−3,880	−$188K
KLAC, KLA	0.05%	Reduce −7.3%	4,037	$581.30	$2.3M	−318	+$349K
BATRK, Atlanta Braves	0.05%	Reduce −1.2%	56,721	$39.58	$2.2M	−700	+$193K
FNF, Fidelity National Financial	0.05%, was 0.04%	Add +0.1%	43,871	$51.02	$2.2M	+39	+$428K
BMY, Bristol Myers Squibb	0.05%	Add +0.4%	42,536	$51.31	$2.2M	+155	−$277K
PM, Philip Morris International	0.05%, was 0.04%	Add +0.5%	22,864	$94.08	$2.2M	+120	+$45K
DHR, Danaher	0.04%, was 0.05%	Reduce −4.9%	9,269	$231.34	$2.1M	−480	−$274K
CVX, Chevron	0.04%	Add 0.0%	14,183	$149.16	$2.1M	+1	−$276K
LHX, L3Harris	0.04%, was 0.03%	Add +8.1%	9,864	$210.63	$2.1M	+740	+$489K
Bakkt	0.04%, was 0.01%	Add +79.5%	927,042	$2.23	$2.1M	+410,687	+$1.5M
CAT, Caterpillar	0.04%	Reduce −0.6%	6,959	$295.67	$2.1M	−40	+$147K
MSTR, Microstrategy	0.04%	Hold	279,734	$7.23	$2M	—	—
CSCO, Cisco	0.04%	Reduce −0.5%	39,286	$50.52	$2M	−182	−$137K
NAD, Nuveen Quality Muni Inc. Fund	0.04%	Hold	168,972	$11.45	$1.9M	—	—
SU, Suncor Energy	0.04%	Reduce −2.4%	60,344	$32.04	$1.9M	−1,486	−$192K
CSW, CSW Industrials	0.04%	Reduce −11.8%	9,000	$207.41	$1.9M	−1,200	+$79K
IRM, Iron Mountain	0.04%	Reduce −3.3%	26,450	$69.98	$1.9M	−908	+$225K
BCDF, Horzn Kintcs BL	0.04%	New	74,777	$24.55	$1.8M	+74,777	+$1.8M
AAPL, Apple	0.04%	Reduce −5.6%	9,517	$192.53	$1.8M	−565	+$106K
EMR, Emerson Electric	0.04%	Reduce −1.8%	18,597	$97.33	$1.8M	−339	−$19K
Liberty Media	0.04%, was 0.06%	Reduce −51.2%	47,811	$37.39	$1.8M	−50,240	−$1.4M
VXF, Vanguard Index Funds	0.04%, was 0.02%	Add +82.0%	10,197	$164.41	$1.7M	+4,594	+$873K
SPHR, Sphere Entertainment	0.04%	Reduce −1.1%	49,257	$33.96	$1.7M	−563	−$179K
VRSK, Verisk	0.04%	Hold	7,000	$238.86	$1.7M	—	—
OPLN, Openlane	0.03%	Hold	109,414	$14.81	$1.6M	—	—
APYX, Apyx Medical	0.03%	Hold	615,000	$2.62	$1.6M	—	—
NVO, Novo Nordisk	0.03%	Hold	15,480	$103.45	$1.6M	—	—
VOO, Vanguard S&P 500 ETF	0.03%	Reduce −1.5%	3,635	$436.80	$1.6M	−57	+$138K
MO, Altria	0.03%	Reduce −0.2%	39,356	$40.34	$1.6M	−76	−$70K
INTC, Intel	0.03%	Reduce −0.9%	31,399	$50.25	$1.6M	−300	+$451K
MSGE, MSG Entertainment	0.03%	Reduce −0.6%	49,376	$31.79	$1.6M	−281	−$65K
MHD	0.03%	Hold	129,817	$11.91	$1.5M	—	—
Fitlife Brands	0.03%	Hold	77,228	$19.10	$1.5M	—	—
FIS, Fidelity National Information Services	0.03%, was 0.02%	Add +33.8%	24,140	$60.07	$1.5M	+6,099	+$453K
PFE, Pfizer	0.03%	Reduce −0.5%	50,166	$28.79	$1.4M	−255	−$228K
SEE, Sealed Air	0.03%, was 0.02%	Add +5.1%	39,360	$36.52	$1.4M	+1,925	+$207K
WT, Wisdomtree	0.03%	Add +6.0%	205,733	$6.93	$1.4M	+11,686	+$67K
WY, Weyerhaeuser	0.03%, was 0.02%	Add +13.9%	40,544	$34.77	$1.4M	+4,951	+$318K
ROK, Rockwell Automation	0.03%	Hold	4,500	$310.48	$1.4M	—	—
SVXY, Proshares Trust II	0.03%	Reduce −6.6%	13,354	$103.40	$1.4M	−940	+$147K
OIH, Vaneck ETF Trust	0.03%	Add +0.2%	4,323	$309.51	$1.3M	+10	−$150K
TD, Toronto-Dominion Bank	0.03%, was 0.02%	Add +1.2%	20,700	$64.62	$1.3M	+250	+$105K
GOOG, Alphabet Class C	0.03%, was 0.02%	Add +2.6%	9,445	$140.93	$1.3M	+242	+$118K
RMT, Royce Micro-Cap Trust	0.03%	Hold	143,317	$9.24	$1.3M	—	—
SPY, SPDR S&P 500 ETF Trust	0.03%	Reduce −1.2%	2,730	$475.31	$1.3M	−34	+$116K
HON, Honeywell	0.03%	Reduce −0.1%	6,153	$209.71	$1.3M	−9	+$152K
BX, Blackstone	0.03%	Reduce −0.5%	9,850	$130.92	$1.3M	−50	+$229K
WPC, W P Carey	0.03%, was 0.02%	Add +25.3%	19,800	$64.81	$1.3M	+4,000	+$429K
REZI, Resideo Technologies	0.03%	Reduce −0.2%	67,846	$18.82	$1.3M	−164	+$202K
FHI, Federated Hermes	0.03%	Reduce −10.0%	37,486	$33.86	$1.3M	−4,185	−$142K
SON, Sonoco Products	0.03%, was 0.02%	Add +0.9%	22,650	$55.87	$1.3M	+200	+$45K
BATRA, Atlanta Braves	0.03%	Reduce −0.6%	29,205	$42.78	$1.2M	−170	+$102K
Kraneshares Trust	0.03%	Reduce −2.5%	34,130	$36.49	$1.2M	−890	−$20K
Metalla Rty & Streaming	0.03%, was 0.02%	Add +0.2%	399,518	$3.08	$1.2M	+900	+$11K
BLK, BlackRock	0.03%	Hold	105,461	$11.64	$1.2M	—	—
MCD, McDonald's	0.03%	Hold	4,107	$296.51	$1.2M	—	—
GDXJ, Vaneck ETF Trust	0.03%	Reduce −4.7%	31,719	$37.91	$1.2M	−1,550	+$130K
NVS, Novartis	0.02%	Reduce −3.3%	11,797	$100.97	$1.2M	−403	−$52K
BN, Brookfield Corporation	0.02%	Reduce −9.4%	37,571	$31.49	$1.2M	−3,897	−$36K
KRP, Kimbell Rty Partners	0.02%	Add +8.8%	77,423	$15.05	$1.2M	+6,261	+$27K
MDLZ, Mondelez	0.02%	Reduce −3.2%	15,891	$72.43	$1.2M	−519	+$12K
V, Visa	0.02%	Hold	4,339	$260.35	$1.1M	—	—
ABT, Abbott Laboratories	0.02%	Reduce −1.7%	10,191	$110.07	$1.1M	−175	+$118K
BGC, BGC Group	0.02%	Reduce −1.5%	153,454	$7.22	$1.1M	−2,384	+$285K
CVS, CVS Health	0.02%	Reduce −2.7%	13,857	$78.96	$1.1M	−383	+$100K
DBL, Doubleline Opportunistic CR	0.02%	Hold	70,809	$15.35	$1.1M	—	—
AMGN, Amgen	0.02%	Reduce −5.2%	3,677	$288.02	$1.1M	−203	+$16K
RTX	0.02%	Add +1.2%	12,514	$84.14	$1.1M	+150	+$163K
PDI, Pimco Dynamic Income Fund	0.02%	Reduce −14.5%	56,696	$17.95	$1M	−9,650	−$129K
JFR, Nuveen Floating Rate Income	0.02%	Hold	120,831	$8.22	$993K	—	—
RCG, Renn Fund	0.02%	Add +3.0%	571,326	$1.71	$977K	+16,864	−$16K
JPM, JPMorgan Chase	0.02%	Reduce −21.8%	19,261	$50.23	$967K	−5,371	−$269K
GSK	0.02%	Add +0.9%	25,165	$37.06	$933K	+227	+$29K
BAC, Bank of America	0.02%	Reduce −6.0%	27,675	$33.67	$932K	−1,751	+$126K
RSP	0.02%, was 0.01%	Add +25.7%	5,878	$157.80	$928K	+1,202	+$265K
GE, GE Aerospace	0.02%	Hold	7,147	$127.63	$912K	—	—
MPC, Marathon Petroleum	0.02%	Reduce −1.6%	6,120	$148.36	$908K	−100	−$33K
AZNN	0.02%	Reduce −4.1%	13,404	$67.35	$903K	−574	−$44K
CMS, CMS Energy	0.02%	Add +0.7%	15,475	$58.07	$899K	+100	+$82K
ADI, Analog Devices	0.02%	Hold	4,445	$198.55	$883K	—	—
SBLK, Star Bulk Carriers	0.02%	Reduce −19.0%	41,130	$21.26	$874K	−9,679	−$105K
QCOM, Qualcomm	0.02%, was 0.01%	Add +20.2%	6,022	$144.63	$871K	+1,012	+$315K
MSTR, Pimco Income Strategy Fund	0.02%	Hold	99,091	$8.44	$836K	—	—
NSC, Norfolk Southern	0.02%	Reduce −15.5%	3,493	$236.38	$826K	−639	+$12K
BIIB, Biogen	0.02%	Reduce −4.0%	3,119	$258.77	$807K	−131	−$28K
WOOD, iShares Trust	0.02%	Reduce −5.8%	9,824	$81.30	$799K	−610	+$26K
NEM, Newmont	0.02%	Reduce −16.2%	19,283	$41.39	$798K	−3,718	−$52K
BN, Brookfield Corporation	0.02%	New	19,454	$40.00	$778K	+19,454	+$778K
GOOGL, Alphabet Class A	0.02%	Reduce −3.5%	5,569	$139.69	$778K	−202	+$23K
DSL, Doubleline Income Solutions	0.02%	Reduce −22.0%	63,363	$12.24	$776K	−17,910	−$177K
LEN, Lennar	0.02%	Reduce −1.4%	5,127	$149.04	$764K	−75	+$180K
GLD, SPDR Gold Shares	0.02%	Hold	3,953	$191.17	$756K	—	—
XFRAX	0.02%	Hold	59,291	$12.66	$751K	—	—
EOG, EOG Resources	0.02%	Reduce −9.7%	6,018	$120.95	$728K	−648	−$117K
PARA, Paramount Global	0.02%	Reduce −23.8%	48,761	$14.79	$721K	−15,270	−$105K
Holding	0.01%	Reduce −7.2%	41,029	$17.36	$712K	−3,200	+$343K
SLV, iShares Silver Trust	0.01%	Hold	32,663	$21.78	$711K	—	—
NRK	0.01%	Hold	66,896	$10.53	$704K	—	—
NVDA, Nvidia	0.01%	Reduce −0.7%	1,400	$495.22	$693K	−10	+$80K
EBAY, eBay	0.01%, was 0.02%	Reduce −19.5%	15,728	$43.62	$686K	−3,812	−$175K
ETCG	0.01%	Reduce −0.7%	56,498	$11.91	$673K	−416	+$298K
CRSP, Crispr Therapeutics	0.01%	Reduce −4.0%	10,682	$62.60	$669K	−443	+$164K
SJT, San Juan Basin Rty Trust	0.01%, was 0.02%	Reduce −10.6%	129,296	$5.08	$657K	−15,355	−$346K
REGN, Regeneron	0.01%	Reduce −3.9%	735	$878.29	$646K	−30	+$16K
DGX, Quest Diagnostics	0.01%	Hold	4,650	$137.88	$641K	—	—
ALKS, Alkermes	0.01%	Reduce −4.0%	23,033	$27.74	$639K	−967	−$33K
IONS, Ionis Pharmaceuticals	0.01%	Reduce −4.0%	12,476	$50.59	$631K	−524	+$41K
RQI, Cohen & Steers Quality Realty	0.01%	Reduce −5.5%	51,233	$12.24	$627K	−3,000	+$78K
BK, BNY	0.01%	Add +3.5%	11,764	$52.05	$612K	+400	+$128K
BLK, BlackRock	0.01%	Hold	60,430	$10.02	$606K	—	—
LIN, Linde	0.01%	Hold	1,460	$410.71	$600K	—	—
SYK, Stryker	0.01%	Hold	2,000	$299.46	$599K	—	—
BXMT	0.01%	Hold	28,050	$21.27	$597K	—	—
Liberty Media	0.01%, was 0.07%	Reduce −85.6%	20,711	$28.74	$595K	−123,138	−$3.1M
IBM	0.01%	Reduce −1.4%	3,630	$163.55	$594K	−50	+$77K
SEB, Seaboard	0.01%	Reduce −11.5%	161	$3,570	$575K	−21	−$108K
RIO, Rio Tinto	0.01%	Add +13.4%	7,646	$74.46	$569K	+901	+$140K
MOV, Movado Group	0.01%	Hold	18,690	$30.15	$564K	—	—
ALNY, Alnylam Pharmaceuticals	0.01%	Reduce −4.0%	2,880	$191.41	$551K	−120	+$20K
BRK.A, Berkshire Hathaway Class A	0.01%, was 0.02%	Reduce −50.0%	1	$542,625	$543K	−1	−$520K
MYI	0.01%	Hold	42,654	$11.64	$496K	—	—
RYN, Rayonier Advanced Materials	0.01%	Reduce −17.5%	116,550	$4.05	$472K	−24,800	−$28K
GS, Goldman Sachs	0.01%	Hold	1,193	$385.77	$460K	—	—
MMM, 3M	0.01%	Add +24.2%	4,209	$109.32	$460K	+820	+$143K
NBB, Nuveen Build American	0.01%	Hold	28,620	$15.79	$452K	—	—
AJG, Arthur J. Gallagher	0.01%	Reduce −6.5%	1,996	$224.88	$449K	−138	−$38K
INTC, Intellia Therapeutics	0.01%	Reduce −4.0%	14,396	$30.49	$439K	−604	−$35K
VMI, Valmont Industries	0.01%	Add +5.6%	1,875	$233.51	$438K	+100	+$11K
JPM, JPMorgan Chase	0.01%	Reduce −10.8%	2,535	$170.10	$431K	−308	+$19K
NBH, Neuberger Berman Muni Fund	0.01%	Add +59.5%	41,396	$10.35	$428K	+15,445	+$189K
CMCSA, Comcast	0.01%	Reduce −0.3%	9,655	$43.85	$423K	−29	−$6K
BTZ	0.01%	Hold	40,634	$10.32	$419K	—	—
KKR	0.01%	Hold	5,058	$82.85	$419K	—	—
DIS, Disney	0.01%	Add +57.1%	4,627	$90.30	$418K	+1,682	+$179K
L, Loews	0.01%	Hold	5,918	$69.59	$412K	—	—
GDX, Vaneck ETF Trust	0.01%	Reduce −12.4%	13,245	$31.01	$411K	−1,880	+$4K
VTI, Vanguard Index Funds	0.01%	Reduce −0.3%	1,722	$237.22	$408K	−5	+$42K
VZ, Verizon	0.01%	Reduce −2.0%	10,675	$37.70	$402K	−215	+$50K
LBRT, Liberty Energy	0.01%	New	21,946	$18.14	$398K	+21,946	+$398K
GBX, Greenbrier Companies	0.01%	Reduce −10.0%	9,000	$44.18	$398K	−1,000	+$388K
SLB	0.01%	Reduce −11.2%	7,515	$52.04	$391K	−946	−$102K
NZF, Nuveen Municipal Credit	0.01%	Reduce −3.8%	32,984	$11.82	$390K	−1,300	+$32K
PEP, PepsiCo	0.01%	Add +14.5%	2,295	$169.84	$390K	+291	+$50K
FHI, Federated Hermes	0.01%	Hold	35,189	$10.99	$387K	—	—
IVZ, Invesco	0.01%	Hold	32,702	$11.73	$384K	—	—
DOW, DOW Inc	0.01%	New	6,987	$54.84	$383K	+6,987	+$383K
Liberty Media	0.01%, was 0.03%	Reduce −75.3%	10,393	$36.55	$380K	−31,671	−$963K
CSWC, Capital Southwest	0.01%	Reduce −4.9%	15,600	$23.70	$370K	−800	−$6K
AWR	0.01%	Reduce −5.4%	4,468	$80.42	$359K	−253	−$12K
UNP, Union Pacific	0.01%	Reduce −38.2%	1,459	$245.62	$358K	−900	−$122K
IAU, iShares Gold Trust	0.01%	Hold	8,790	$39.03	$343K	—	—
BP	0.01%	Reduce −1.4%	9,519	$35.40	$337K	−140	−$37K
KO, Coca-Cola	0.01%	New	5,640	$58.93	$332K	+5,640	+$332K
BLK, BlackRock	0.01%	Hold	46,440	$7.12	$331K	—	—
EDIT, Editas Medicine	0.01%	Reduce −4.0%	31,720	$10.13	$321K	−1,330	+$64K
BLK, BlackRock	0.01%	Hold	31,008	$10.35	$321K	—	—
GPC, Genuine Parts	0.01%	Hold	2,300	$138.50	$319K	—	—
CNS, Cohen & Steers	0.01%	Reduce −0.6%	4,157	$75.73	$315K	−23	+$53K
TFPM, Triple Flag Precious Metal	0.01%	Reduce −22.3%	23,624	$13.31	$314K	−6,799	−$83K
MTN, Vail Resorts	0.01%	Hold	1,457	$213.47	$311K	—	—
AMT, American Tower	0.01%	Reduce −1.8%	1,400	$215.88	$302K	−25	+$68K
MOS, Mosaic	0.01%	New	8,300	$35.73	$297K	+8,300	+$297K
KHC, Kraft Heinz	0.01%	Reduce −3.6%	7,911	$36.98	$293K	−297	+$16K
GEHC, GE HealthCare	0.01%	Add +1.4%	3,672	$77.32	$284K	+49	+$37K
OXY, Occidental	0.01%	Reduce −15.0%	4,546	$59.71	$271K	−804	−$76K
Holding	0.01%	Hold	34,357	$7.86	$270K	—	—
BLK, BlackRock	0.01%	Hold	12,950	$20.80	$269K	—	—
PHYS	0.01%	Hold	16,621	$15.93	$265K	—	—
VLTO, Veralto	0.01%	New	3,211	$82.25	$264K	+3,211	+$264K
GM, General Motors	0.01%	Reduce −64.7%	7,350	$35.92	$264K	−13,500	−$423K
BEAM, Beam Therapeutics	0.01%	Reduce −4.0%	9,597	$27.22	$261K	−403	+$21K
BCYC	0.01%	Reduce −4.0%	14,396	$18.08	$260K	−604	−$41K
ETN, Eaton	0.01%	Hold	20,001	$12.66	$253K	—	—
DORM, Dorman Products	0.01%	Hold	3,000	$83.41	$250K	—	—
TW, Tradeweb Markets	0.01%	New	2,753	$90.88	$250K	+2,753	+$250K
AFL, Aflac	0.01%	Hold	3,000	$82.50	$248K	—	—
IFF, International Flavors & Fragrances	0.01%	Hold	3,050	$80.97	$247K	—	—
COP, ConocoPhillips	0.01%	Reduce −19.8%	2,088	$116.07	$242K	−515	−$69K
CL, Colgate-Palmolive	0.00%	Hold	2,978	$79.71	$237K	—	—
CNP, Centerpoint Energy	0.00%	Add +5.1%	8,233	$28.57	$235K	+400	+$25K
NAN, Nuveen NY Qlty Income Fund	0.00%	Hold	20,838	$11.04	$230K	—	—
Holding	0.00%	Hold	26,336	$8.67	$228K	—	—
BWXT, BWX Technologies	0.00%	Hold	2,961	$76.73	$227K	—	—
AWK	0.00%	Reduce −10.4%	1,671	$132.01	$221K	−194	−$10K
XCXEX, MFS High Income Mun Trust	0.00%	Hold	61,297	$3.55	$218K	—	—
IVZ, Invesco Quality Muni	0.00%	Hold	22,402	$9.51	$213K	—	—
LBRDA, Liberty Broadband Series A	0.00%	Add +1.7%	2,581	$80.64	$208K	+42	−$23K
RA	0.00%	Hold	16,158	$12.81	$207K	—	—
PCM, PCM Fund	0.00%	Hold	24,532	$7.96	$195K	—	—
NIM	0.00%	Hold	21,500	$8.82	$190K	—	—
ASTL, Algoma Steel Group	0.00%	Add +0.6%	18,807	$10.03	$189K	+105	+$61K
ETN, Eaton	0.00%	Hold	17,692	$10.13	$179K	—	—
SAN	0.00%	Reduce −2.4%	41,410	$4.14	$171K	−1,000	+$12K
NVG	0.00%	Reduce −8.6%	14,376	$11.82	$170K	−1,358	+$8K
LXU, LSB Industries	0.00%	Hold	17,600	$9.31	$164K	—	—
Scripps E W Co. Ohio	0.00%	Hold	20,000	$7.99	$160K	—	—
BGT	0.00%	Hold	12,678	$12.38	$157K	—	—
ETN, Eaton	0.00%	Hold	21,730	$6.31	$137K	—	—
ETHE	0.00%	Hold	6,505	$19.44	$126K	—	—
PML, Pimco Mun Income Fund II	0.00%	Hold	15,050	$8.30	$125K	—	—
LILA, Liberty Latin America	0.00%	Add +0.5%	16,887	$7.34	$124K	+80	−$13K
LTRN	0.00%	Reduce −4.0%	28,791	$4.28	$123K	−1,209	+$21K
REPL, Replimune Group	0.00%, was 0.01%	Reduce −4.0%	14,396	$8.43	$121K	−604	−$135K
Holding	0.00%	Add +8.1%	13,582	$8.78	$119K	+1,018	+$14K
ETN, Eaton	0.00%	Reduce −0.3%	12,417	$9.58	$119K	−39	+$6K
HLN, Haleon	0.00%	Reduce −4.0%	14,082	$8.23	$116K	−591	−$6K
PACB	0.00%	Reduce −4.0%	11,517	$9.81	$113K	−483	+$13K
VNDA, Vanda Pharmaceuticals	0.00%	Reduce −4.0%	25,912	$4.22	$109K	−1,088	−$7K
IVZ, Invesco	0.00%	Hold	10,414	$10.41	$108K	—	—
NMZ, Nuveen Mun High Inc. Opp Fund	0.00%	Hold	10,369	$9.88	$102K	—	—
NUV, Nuveen Mun Value Fund	0.00%	Hold	11,550	$8.60	$99K	—	—
OIS, Oil State International	0.00%	Reduce −25.1%	13,511	$6.79	$92K	−4,520	−$59K
GALT, Galectin Therapeutics	0.00%	Reduce −4.0%	53,742	$1.66	$89K	−2,258	−$18K
Holding	0.00%	Reduce −4.0%	17,275	$4.27	$74K	−725	+$3K
ALLO, Allogene Therapeutics	0.00%	Reduce −4.0%	19,194	$3.21	$62K	−806	−$2K
TTI, Tetra Technologies	0.00%	Reduce −28.6%	13,600	$4.52	$61K	−5,440	−$60K
BITF, Bitfarms	0.00%	Hold	18,300	$2.91	$53K	—	—
Bluebird Bio	0.00%	Reduce −4.0%	36,468	$1.38	$50K	−1,532	−$65K
ZCSH, Grayscale Zcash Trust Zec	0.00%	Hold	15,492	$2.92	$45K	—	—
IVZ, Invesco Sr Income Trust	0.00%	Hold	10,000	$4.10	$41K	—	—
Rain Oncology	0.00%	Reduce −4.0%	23,992	$1.20	$29K	−1,008	+$7K
Salarius Pharmaceuticals	0.00%	Reduce −4.0%	31,094	$0.6500	$20K	−1,306	−$1K
GBAT	0.00%	Hold	2,089	$9.60	$20K	—	—
MANA	0.00%	Hold	691	$16.70	$12K	—	—
Nucana	0.00%	Hold	19,467	$0.2958	$6K	—	—
Alaunos Therapeutics	0.00%	Hold	34,000	$0.0707	$2K	—	—

Showing top 50 of 311 by value

Exits / last held

Gone since 2023 Q3, shown at their last reported size.

Stock	% of portfolio	Recent activity	Reported price*	Value	Share change	$ change
Viper Energy Partners	0.86%	Exit	$27.88	$44M	−1,566,021	−$44M
BG, Bunge	0.76%	Exit	$108.25	$38M	−353,786	−$38M
CBRE, CBRE Group	0.41%	Exit	$73.86	$20M	−277,434	−$20M
WBD, Warner Bros. Discovery	0.03%	Exit	$10.86	$1.7M	−160,036	−$1.7M
SATS, Echostar	0.03%	Exit	$16.75	$1.5M	−89,996	−$1.5M
BELFB, Bel Fuse	0.03%	Exit	$47.71	$1.4M	−28,988	−$1.4M
BR, Broadridge Financial	0.02%	Exit	$179.01	$817K	−4,564	−$817K
SNY, Sanofi	0.01%	Exit	$53.62	$697K	−13,000	−$697K
GILD, Gilead Sciences	0.01%	Exit	$74.89	$674K	−9,000	−$674K
BCPC, Balchem	0.01%	Exit	$124.05	$669K	−5,393	−$669K
IAC, IAC Inc	0.01%	Exit	$50.36	$445K	−8,836	−$445K
OGN, Organon	0.01%	Exit	$17.37	$388K	−22,342	−$388K
KMB, Kimberly-Clark	0.01%	Exit	$120.97	$375K	−3,100	−$375K
BELFA, Bel Fuse	0.01%	Exit	$46.42	$357K	−7,691	−$357K
D, Dominion Energy	—	Exit	$44.67	$239K	−5,350	−$239K
CQP	—	Exit	$54.25	$217K	−4,000	−$217K
Equity Commonwealth	—	Exit	$18.39	$217K	−11,800	−$217K
EQT	—	Exit	$40.53	$211K	−5,206	−$211K
GIS, General Mills	—	Exit	$63.94	$211K	−3,300	−$211K
FANG, Diamondback Energy	—	Exit	$155.15	$202K	−1,302	−$202K
Neuberger Berman NY Mun Fund	—	Exit	$8.75	$142K	−16,232	−$142K
Holding	—	Exit	$6.14	$102K	−16,601	−$102K
EFXT, Enerflex	—	Exit	$5.75	$67K	−11,655	−$67K

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