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

2024 Q1 2023 Q4, filed 14 May, long equity only

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TPL, Texas Pacific Land	41.31%	Add +182.1%	3,776,383	$578.51	$2.2B	+2,437,628	+$80M
GBTC, Grayscale Bitcoin Trust BTC	17.89%	Reduce −4.0%	14,974,187	$63.17	$946M	−630,521	+$406M
CACI, CACI International	2.66%, was 2.67%	Reduce −5.7%	371,135	$378.83	$141M	−22,470	+$13M
WPM, Wheaton Precious Metals	2.39%, was 3.03%	Reduce −8.4%	2,684,991	$47.13	$127M	−246,275	−$18M
FNV, Franco Nevada	2.02%	Add +2.9%	897,349	$119.16	$107M	+25,206	+$10M
ICE, Intercontinental Exchange	1.89%, was 2.10%	Reduce −6.8%	728,543	$137.43	$100M	−53,396	−$301K
CVEO, Civeo	1.69%, was 1.79%	Reduce −11.1%	3,318,946	$26.85	$89M	−415,389	+$3.8M
CBOE, Cboe Global Markets	1.41%	Add +0.2%	406,607	$183.73	$75M	+975	+$2.3M
SAIC, Science Applicatns International CP	1.00%, was 1.08%	Reduce −2.8%	404,529	$130.39	$53M	−11,527	+$1M
BN, Brookfield Corporation	0.97%, was 1.06%	Reduce −2.7%	1,222,972	$41.87	$51M	−34,034	+$775K
AN, Autonation	0.92%, was 0.95%	Reduce −2.6%	293,116	$165.58	$49M	−7,687	+$3.4M
MSB, Mesabi Trust	0.87%, was 1.25%	Reduce −10.9%	2,600,998	$17.70	$46M	−319,320	−$14M
Viper Energy	0.85%	Reduce −4.4%	1,162,927	$38.46	$45M	−53,721	+$6.5M
CRL, Charles River Labs International	0.82%, was 0.90%	Reduce −12.8%	159,211	$270.95	$43M	−23,453	−$44K
CME, CME Group	0.81%, was 0.89%	Reduce −0.7%	199,400	$215.29	$43M	−1,330	+$655K
PBT, Permian Basin Rty Trust	0.81%, was 1.05%	Reduce −1.1%	3,545,020	$12.10	$43M	−38,722	−$7.1M
LYV, Live Nation Entertainment	0.76%, was 0.78%	Reduce −4.3%	382,048	$105.77	$40M	−17,215	+$3M
ADM, Archer-Daniels-Midland	0.74%, was 1.02%	Reduce −7.6%	621,284	$62.81	$39M	−50,874	−$9.5M
HHH, Howard Hughes	0.72%, was 1.01%	Reduce −6.4%	525,373	$72.62	$38M	−35,914	−$9.9M
Holding	0.64%, was 0.85%	Reduce −8.9%	1,040,388	$32.71	$34M	−102,126	−$6.8M
MSTR, Microstrategy	0.61%	Reduce −4.9%	18,968	$1,705	$32M	−978	+$20M
PAG, Penske Automotive Group	0.57%, was 0.64%	Reduce −2.1%	185,557	$161.99	$30M	−3,979	−$364K
DMLP, Dorchester Minerals	0.57%, was 0.60%	Reduce −1.9%	889,648	$33.72	$30M	−17,485	+$1.1M
JOE, Saint Joe	0.55%, was 0.68%	Reduce −6.5%	502,974	$57.97	$29M	−35,048	−$3.2M
GBTC, iShares Bitcoin Trust	0.55%	New	716,932	$40.47	$29M	+716,932	+$29M
BG, Bunge Global	0.50%, was 0.59%	Reduce −7.1%	258,966	$102.52	$27M	−19,854	−$1.6M
MMC, Marsh McLennan	0.49%, was 0.54%	Reduce −7.4%	126,449	$205.98	$26M	−10,137	+$167K
Sandstorm Gold	0.44%, was 0.51%	Reduce −7.9%	4,429,446	$5.25	$23M	−378,921	−$931K
GBTC, Grayscale Bitcoin Trust	0.43%, was 0.12%	Add +0.1%	1,379,860	$16.67	$23M	+1,129	+$17M
IPAR, Inter Parfums	0.42%, was 0.48%	Reduce −0.1%	158,657	$140.51	$22M	−150	−$577K
Osisko Gold Royalties	0.39%, was 0.40%	Reduce −7.6%	1,242,035	$16.42	$20M	−102,378	+$1.2M
WEN, Wendys	0.38%, was 0.46%	Reduce −5.8%	1,065,402	$18.84	$20M	−65,605	−$2M
CCJ, Cameco	0.38%, was 0.45%	Reduce −6.9%	462,927	$43.32	$20M	−34,505	−$1.4M
BRK.B, Berkshire Hathaway Class B	0.36%	Reduce −2.4%	45,496	$420.52	$19M	−1,105	+$2.5M
WST, West Fraser Timber	0.35%, was 0.48%	Reduce −21.6%	211,481	$86.43	$18M	−58,341	−$4.8M
CCL, Carnival	0.34%, was 0.44%	Reduce −3.6%	1,098,718	$16.34	$18M	−40,950	−$3.2M
LTCN	0.34%	Reduce −1.4%	460,460	$38.64	$18M	−6,729	+$10M
OSK, Oshkosh	0.32%, was 0.31%	Add +0.1%	136,150	$124.71	$17M	+156	+$2.2M
Sitio Royalties	0.32%, was 0.45%	Reduce −24.7%	682,761	$24.72	$17M	−223,843	−$4.4M
BAM, Brookfield Asset Management	0.29%, was 0.33%	Reduce −4.2%	370,592	$42.02	$16M	−16,296	+$31K
NTR, Nutrien	0.29%, was 0.34%	Reduce −4.2%	277,798	$54.31	$15M	−12,084	−$1.2M
TRC, Tejon Ranch	0.27%, was 0.39%	Reduce −13.6%	937,324	$15.41	$14M	−147,804	−$4.2M
BND, Vanguard Bond Index Funds	0.26%, was 0.30%	Reduce −5.5%	275,546	$49.55	$14M	−16,085	−$765K
FWONK, Liberty Media	0.24%, was 0.27%	Reduce −3.9%	193,021	$65.60	$13M	−7,772	−$14K
VGSH, Vanguard Scottsdale Funds	0.24%, was 0.27%	Reduce −2.1%	216,450	$58.07	$13M	−4,581	−$323K
EXP, Eagle Materials	0.22%, was 0.09%	Add +110.4%	42,345	$271.75	$12M	+22,219	+$7.4M
RGLD, Royal Gold	0.21%, was 0.32%	Reduce −29.9%	89,659	$121.81	$11M	−38,330	−$4.6M
SPAQ, Horzn Kntcs Spac	0.20%, was 0.22%	Reduce −1.0%	109,284	$97.95	$11M	−1,072	−$16K
MA, Mastercard	0.19%, was 0.20%	Reduce −2.8%	21,239	$481.56	$10M	−617	+$906K
RBA, RB Global	0.17%, was 0.13%	Add +25.5%	116,100	$76.17	$8.8M	+23,571	+$2.7M
FWONA, Liberty Media	0.15%, was 0.17%	Reduce −3.8%	138,374	$58.74	$8.1M	−5,502	−$214K
ELS, Equity Lifestyle Properties	0.15%, was 0.20%	Reduce −9.7%	125,279	$64.40	$8.1M	−13,410	−$1.7M
SPGI, S&P Global	0.15%, was 0.19%	Reduce −9.5%	18,806	$425.45	$8M	−1,981	−$1.2M
RCL, Royal Caribbean	0.15%	Reduce −0.6%	55,776	$139.01	$7.8M	−348	+$486K
NDAQ, Nasdaq	0.12%, was 0.13%	Reduce −1.0%	104,059	$63.10	$6.6M	−1,017	+$457K
RPRX	0.12%, was 0.13%	Reduce −7.6%	200,288	$30.37	$6.1M	−16,402	−$4K
Burford Cap	0.11%	Add +0.3%	368,542	$15.97	$5.9M	+1,160	+$154K
MSGS, MSG Sports	0.11%, was 0.12%	Reduce −3.4%	30,698	$184.52	$5.7M	−1,090	−$116K
WMB, Williams Companies	0.11%	Reduce −0.1%	144,011	$38.97	$5.6M	−215	+$589K
LBRDA, Liberty Broadband Series C	0.10%, was 0.17%	Reduce −4.4%	96,255	$57.23	$5.5M	−4,413	−$2.6M
SBR, Sabine Royalty Trust	0.10%, was 0.05%	Add +147.8%	85,889	$63.59	$5.5M	+51,226	+$3.1M
TCOM, Tri Pointe Homes	0.10%, was 0.07%	Add +55.7%	139,812	$38.66	$5.4M	+50,000	+$2.2M
SII, Sprott	0.10%, was 0.11%	Reduce −7.1%	145,103	$36.96	$5.4M	−11,118	+$59K
XOM, Exxon Mobil	0.10%	Hold	45,484	$116.24	$5.3M	—	—
PTEN, Patterson Uti Energy	0.09%	Reduce −0.1%	400,712	$11.94	$4.8M	−589	+$450K
FCX, Freeport-McMoRan	0.09%	Reduce −1.8%	101,692	$47.02	$4.8M	−1,895	+$372K
SJT, San Juan Basin Rty Trust	0.09%, was 0.01%	Add +567.0%	862,424	$5.29	$4.6M	+733,128	+$3.9M
ABBV, AbbVie	0.08%	Reduce −0.1%	24,017	$182.10	$4.4M	−23	+$648K
LBRT, Liberty Energy	0.08%, was 0.01%	Add +835.0%	205,194	$20.72	$4.3M	+183,248	+$3.9M
MKL, Markel Group	0.07%, was 0.08%	Reduce −2.0%	2,553	$1,521	$3.9M	−51	+$187K
XNEAX	0.07%, was 0.10%	Reduce −20.0%	338,936	$11.07	$3.8M	−84,779	−$909K
LLY, Eli Lilly	0.07%, was 0.06%	Add 0.0%	4,757	$777.96	$3.7M	+2	+$929K
XES, SPDR Ser Trust	0.07%, was 0.08%	Reduce −18.6%	38,875	$93.09	$3.6M	−8,898	−$418K
MSFT, Microsoft	0.07%	Reduce −5.7%	8,523	$420.73	$3.6M	−512	+$188K
Bakkt	0.07%, was 0.04%	Add +737.8%	7,766,695	$0.4598	$3.6M	+6,839,653	+$1.5M
MRK, Merck	0.06%	Reduce −2.2%	25,961	$131.95	$3.4M	−580	+$532K
PCH, Potlatchdeltic	0.06%, was 0.09%	Reduce −14.8%	70,670	$47.02	$3.3M	−12,240	−$748K
Liberty Media	0.06%, was 0.07%	Reduce −9.6%	110,904	$29.71	$3.3M	−11,731	−$234K
RYN, Rayonier	0.05%, was 0.08%	Reduce −29.9%	83,009	$33.24	$2.8M	−35,468	−$1.2M
ET, Energy Transfer	0.05%	Reduce −3.0%	174,596	$15.73	$2.7M	−5,309	+$264K
KLAC, KLA	0.05%	Reduce −3.2%	3,907	$698.57	$2.7M	−130	+$383K
INFL, Horizon Kinetics	0.05%, was 0.06%	Reduce −1.6%	83,715	$32.56	$2.7M	−1,397	+$47K
JNJ, Johnson & Johnson	0.05%	Add +0.3%	17,180	$158.19	$2.7M	+50	+$33K
LVS, Las Vegas Sands	0.05%	Reduce −1.0%	52,309	$51.70	$2.7M	−550	+$103K
BSM	0.05%	Hold	167,838	$15.98	$2.7M	—	—
Costamare	0.05%	Reduce −1.4%	230,600	$11.35	$2.6M	−3,234	+$183K
AMLP, Alps ETF Trust Alerian MLP	0.05%, was 0.09%	Reduce −47.8%	53,106	$47.46	$2.5M	−48,594	−$1.8M
CAT, Caterpillar	0.05%	Reduce −4.1%	6,673	$366.43	$2.4M	−286	+$388K
SPHR, Sphere Entertainment	0.05%, was 0.04%	Add +0.1%	49,299	$49.08	$2.4M	+42	+$747K
BMY, Bristol Myers Squibb	0.04%	Add +2.2%	43,488	$54.23	$2.4M	+952	+$176K
FNF, Fidelity National Financial	0.04%, was 0.05%	Reduce −2.1%	42,971	$53.10	$2.3M	−900	+$43K
DHR, Danaher	0.04%	Reduce −2.1%	9,071	$249.72	$2.3M	−198	+$121K
CVX, Chevron	0.04%	Reduce −0.7%	14,083	$157.74	$2.2M	−100	+$106K
EPD, Enterprise Products Partners	0.04%, was 0.06%	Reduce −25.3%	75,647	$29.18	$2.2M	−25,647	−$462K
SU, Suncor Energy	0.04%	Reduce −2.0%	59,144	$36.91	$2.2M	−1,200	+$250K
BCDF, Horzn Kintcs BL	0.04%	Add +15.7%	86,536	$25.00	$2.2M	+11,759	+$328K
BATRK, Atlanta Braves	0.04%, was 0.05%	Reduce −4.9%	53,953	$39.06	$2.1M	−2,768	−$138K
PM, Philip Morris International	0.04%	Hold	22,864	$91.62	$2.1M	—	—
MSTR, Microstrategy	0.04%	Hold	279,734	$7.46	$2.1M	—	—
LHX, L3Harris	0.04%	Reduce −1.0%	9,764	$213.11	$2.1M	−100	+$3K
EMR, Emerson Electric	0.04%	Reduce −1.6%	18,297	$113.42	$2.1M	−300	+$265K
NVO, Novo Nordisk	0.04%	Reduce −0.1%	15,468	$128.40	$2M	−12	+$385K
IRM, Iron Mountain	0.04%	Reduce −7.4%	24,500	$80.21	$2M	−1,950	+$114K
CSCO, Cisco	0.04%	Reduce −0.3%	39,186	$49.91	$2M	−100	−$29K
WT, Wisdomtree	0.04%, was 0.03%	Add +2.5%	210,811	$9.19	$1.9M	+5,078	+$512K
OPLN, Openlane	0.04%, was 0.03%	Add 0.0%	109,419	$17.30	$1.9M	+5	+$273K
CSW, CSW Industrials	0.04%	Reduce −11.1%	8,000	$234.60	$1.9M	−1,000	+$10K
CLB, Core Laboratories	0.04%, was 0.05%	Reduce −20.2%	109,308	$17.08	$1.9M	−27,600	−$551K
Liberty Media	0.04%	Reduce −11.2%	42,462	$43.82	$1.9M	−5,349	+$73K
MSGE, MSG Entertainment	0.03%	Reduce −4.4%	47,200	$39.21	$1.9M	−2,176	+$281K
Fitlife Brands	0.03%	Hold	77,228	$23.81	$1.8M	—	—
KMI, Kinder Morgan	0.03%, was 0.06%	Reduce −38.4%	99,785	$18.34	$1.8M	−62,148	−$1M
FIS, Fidelity National Information Services	0.03%	Add +0.8%	24,340	$74.18	$1.8M	+200	+$355K
MO, Altria	0.03%	Reduce −0.1%	39,306	$43.62	$1.7M	−50	+$127K
VOO, Vanguard S&P 500 ETF	0.03%	Reduce −1.9%	3,566	$480.70	$1.7M	−69	+$126K
MHD	0.03%	Add +7.9%	140,030	$12.08	$1.7M	+10,213	+$145K
VRSK, Verisk	0.03%	Hold	7,000	$235.73	$1.7M	—	—
PFE, Pfizer	0.03%	Add +13.9%	57,145	$27.75	$1.6M	+6,979	+$141K
AAPL, Apple	0.03%, was 0.04%	Reduce −4.8%	9,057	$171.49	$1.6M	−460	−$279K
SVXY, Proshares Trust II	0.03%	Add +98.1%	26,448	$56.37	$1.5M	+13,094	+$110K
REZI, Resideo Technologies	0.03%	Reduce −2.9%	65,846	$22.42	$1.5M	−2,000	+$199K
OIH, Vaneck ETF Trust	0.03%	Reduce −0.8%	4,288	$336.32	$1.4M	−35	+$104K
INTC, Intel	0.03%	Add +3.2%	32,405	$44.17	$1.4M	+1,006	−$146K
BA, Boeing	0.03%, was 0.30%	Reduce −87.5%	6,916	$192.99	$1.3M	−48,598	−$13M
RMT, Royce Micro-Cap Trust	0.02%, was 0.03%	Reduce −2.5%	139,715	$9.45	$1.3M	−3,602	−$4K
ROK, Rockwell Automation	0.02%	Hold	4,500	$291.33	$1.3M	—	—
SEE, Sealed Air	0.02%, was 0.03%	Reduce −10.7%	35,160	$37.20	$1.3M	−4,200	−$129K
SON, Sonoco Products	0.02%, was 0.03%	Reduce −0.4%	22,550	$57.84	$1.3M	−100	+$39K
NAD, Nuveen Quality Muni Inc. Fund	0.02%, was 0.04%	Reduce −32.8%	113,607	$11.46	$1.3M	−55,365	−$633K
FHI, Federated Hermes	0.02%, was 0.03%	Reduce −4.3%	35,874	$36.12	$1.3M	−1,612	+$26K
HON, Honeywell	0.02%	Hold	6,153	$205.25	$1.3M	—	—
TD, Toronto-Dominion Bank	0.02%	Add +0.4%	20,775	$60.38	$1.3M	+75	−$83K
WY, Weyerhaeuser	0.02%, was 0.03%	Reduce −13.9%	34,918	$35.91	$1.3M	−5,626	−$156K
BX, Blackstone	0.02%, was 0.03%	Reduce −3.5%	9,510	$131.37	$1.2M	−340	−$40K
Metalla Rty & Streaming	0.02%	Hold	399,518	$3.11	$1.2M	—	—
BLK, BlackRock	0.02%, was 0.03%	Reduce −3.1%	102,157	$12.06	$1.2M	−3,304	+$4K
WPC, W P Carey	0.02%	Add +10.1%	21,800	$56.44	$1.2M	+2,000	−$53K
RTX	0.02%	Add +0.4%	12,564	$97.53	$1.2M	+50	+$172K
V, Visa	0.02%	Hold	4,339	$279.08	$1.2M	—	—
MPC, Marathon Petroleum	0.02%	Reduce −2.5%	5,970	$201.50	$1.2M	−150	+$295K
NVDA, Nvidia	0.02%	Reduce −5.3%	1,326	$903.56	$1.2M	−74	+$505K
BATRA, Atlanta Braves	0.02%, was 0.03%	Reduce −5.3%	27,670	$41.90	$1.2M	−1,535	−$90K
MCD, McDonald's	0.02%	Hold	4,107	$281.95	$1.2M	—	—
KRP, Kimbell Rty Partners	0.02%	Reduce −3.7%	74,595	$15.52	$1.2M	−2,828	−$7K
GE, GE Aerospace	0.02%	Reduce −7.9%	6,579	$175.53	$1.2M	−568	+$243K
ABT, Abbott Laboratories	0.02%	Reduce −1.0%	10,091	$113.66	$1.1M	−100	+$25K
NVS, Novartis	0.02%	Hold	11,797	$96.73	$1.1M	—	—
GDXJ, Vaneck ETF Trust	0.02%, was 0.03%	Reduce −9.1%	28,823	$38.74	$1.1M	−2,896	−$86K
DBL, Doubleline Opportunistic CR	0.02%	Hold	70,809	$15.42	$1.1M	—	—
ETCG	0.02%, was 0.01%	Add +14.4%	64,629	$16.89	$1.1M	+8,131	+$419K
CVS, CVS Health	0.02%	Reduce −1.4%	13,657	$79.76	$1.1M	−200	−$5K
PDI, Pimco Dynamic Income Fund	0.02%	Reduce −0.4%	56,448	$19.29	$1.1M	−248	+$71K
GSK	0.02%	Hold	25,165	$42.87	$1.1M	—	—
MDLZ, Mondelez	0.02%	Reduce −3.3%	15,367	$70.00	$1.1M	−524	−$75K
JFR, Nuveen Floating Rate Income	0.02%	Hold	120,831	$8.73	$1.1M	—	—
BN, Brookfield Corporation	0.02%	Reduce −10.1%	33,771	$31.21	$1.1M	−3,800	−$129K
AMGN, Amgen	0.02%	Hold	3,677	$284.32	$1M	—	—
SBLK, Star Bulk Carriers	0.02%	Add +5.9%	43,574	$23.87	$1M	+2,444	+$166K
BAC, Bank of America	0.02%	Reduce −1.4%	27,275	$37.92	$1M	−400	+$102K
BGC, BGC Group	0.02%	Reduce −15.5%	129,659	$7.77	$1M	−23,795	−$100K
SPY, SPDR S&P 500 ETF Trust	0.02%, was 0.03%	Reduce −29.8%	1,917	$523.07	$1M	−813	−$295K
Kraneshares Trust	0.02%, was 0.03%	Reduce −4.8%	32,507	$30.76	$1M	−1,623	−$245K
QCOM, Qualcomm	0.02%	Reduce −4.2%	5,772	$169.30	$977K	−250	+$106K
Holding	0.02%	Hold	41,029	$23.72	$973K	—	—
GOOG, Alphabet Class C	0.02%, was 0.03%	Reduce −34.5%	6,186	$152.26	$942K	−3,259	−$389K
CMS, CMS Energy	0.02%	Hold	15,475	$60.34	$934K	—	—
RCG, Renn Fund	0.02%	Add +0.6%	574,855	$1.58	$908K	+3,529	−$69K
AZNN	0.02%	Add 0.0%	13,406	$67.75	$908K	+2	+$5K
JPM, JPMorgan Chase	0.02%, was 0.01%	Add +75.9%	4,459	$200.30	$893K	+1,924	+$462K
VXF, Vanguard Index Funds	0.02%, was 0.04%	Reduce −50.3%	5,065	$175.29	$888K	−5,132	−$789K
NSC, Norfolk Southern	0.02%	Reduce −1.0%	3,458	$254.87	$881K	−35	+$56K
ADI, Analog Devices	0.02%	Reduce −0.5%	4,421	$197.78	$874K	−24	−$8K
LEN, Lennar	0.02%	Reduce −1.0%	5,077	$171.98	$873K	−50	+$109K
MSTR, Pimco Income Strategy Fund	0.02%	Hold	99,091	$8.48	$840K	—	—
APYX, Apyx Medical	0.02%	Hold	615,000	$1.36	$836K	—	—
DSL, Doubleline Income Solutions	0.02%	Add +1.4%	64,223	$12.70	$816K	+860	+$40K
GLD, SPDR Gold Shares	0.02%	Reduce −0.3%	3,943	$205.72	$811K	−10	+$55K
BN, Brookfield Corporation	0.02%	Reduce −1.4%	19,181	$41.56	$797K	−273	+$19K
EBAY, eBay	0.01%	Reduce −7.6%	14,528	$52.78	$767K	−1,200	+$81K
XFRAX	0.01%	Hold	59,291	$12.92	$766K	—	—
GOOGL, Alphabet Class A	0.01%, was 0.02%	Reduce −9.4%	5,047	$150.93	$762K	−522	−$16K
EOG, EOG Resources	0.01%, was 0.02%	Reduce −3.3%	5,818	$127.84	$744K	−200	+$16K
NEM, Newmont	0.01%	Add +5.6%	20,368	$35.84	$730K	+1,085	−$68K
CRSP, Crispr Therapeutics	0.01%	Hold	10,682	$68.16	$728K	—	—
NRK	0.01%	Hold	66,896	$10.87	$727K	—	—
WOOD, iShares Trust	0.01%, was 0.02%	Reduce −12.9%	8,558	$84.38	$722K	−1,266	−$77K
SLV, iShares Silver Trust	0.01%	Reduce −3.3%	31,572	$22.75	$718K	−1,091	+$7K
SYK, Stryker	0.01%	Hold	2,000	$357.87	$716K	—	—
REGN, Regeneron	0.01%	Add +0.1%	736	$962.49	$708K	+1	+$63K
IBM	0.01%	Hold	3,630	$190.96	$693K	—	—
LIN, Linde	0.01%	Hold	1,460	$464.32	$678K	—	—
BK, BNY	0.01%	Hold	11,764	$57.62	$678K	—	—
BIIB, Biogen	0.01%	Add +0.1%	3,121	$215.63	$673K	+2	−$134K
BRK.A, Berkshire Hathaway Class A	0.01%	Hold	1	$634,440	$634K	—	—
MMM, 3M	0.01%	Add +41.4%	5,950	$106.07	$631K	+1,741	+$171K
ALKS, Alkermes	0.01%	Hold	23,033	$27.07	$624K	—	—
Liberty Media	0.01%	Add +0.3%	20,774	$29.70	$617K	+63	+$22K
BLK, BlackRock	0.01%	Hold	60,430	$10.18	$615K	—	—
RQI, Cohen & Steers Quality Realty	0.01%	Reduce −1.2%	50,633	$12.08	$612K	−600	−$15K
DGX, Quest Diagnostics	0.01%	Reduce −2.2%	4,550	$133.11	$606K	−100	−$35K
DIS, Disney	0.01%	Hold	4,627	$122.37	$566K	—	—
RYN, Rayonier Advanced Materials	0.01%	Hold	116,550	$4.78	$557K	—	—
BXMT	0.01%	Reduce −0.7%	27,850	$19.91	$554K	−200	−$42K
RSP	0.01%, was 0.02%	Reduce −45.0%	3,232	$169.36	$547K	−2,646	−$380K
IONS, Ionis Pharmaceuticals	0.01%	Hold	12,476	$43.35	$541K	—	—
MOV, Movado Group	0.01%	Reduce −0.2%	18,661	$27.93	$521K	−29	−$42K
KKR	0.01%	Hold	5,058	$100.58	$509K	—	—
AJG, Arthur J. Gallagher	0.01%	Hold	1,996	$250.04	$499K	—	—
GS, Goldman Sachs	0.01%	Hold	1,193	$417.69	$498K	—	—
RIO, Rio Tinto	0.01%	Add +0.7%	7,696	$63.74	$491K	+50	−$79K
MYI	0.01%	Hold	42,654	$11.46	$489K	—	—
GBX, Greenbrier Companies	0.01%	Hold	9,000	$52.10	$469K	—	—
SEB, Seaboard	0.01%	Reduce −10.6%	144	$3,224	$464K	−17	−$111K
L, Loews	0.01%	Reduce −2.5%	5,771	$78.29	$452K	−147	+$40K
VTI, Vanguard Index Funds	0.01%	Hold	1,722	$259.90	$448K	—	—
BTZ	0.01%	Hold	40,634	$10.69	$434K	—	—
NBH, Neuberger Berman Muni Fund	0.01%	Hold	41,396	$10.47	$433K	—	—
ALNY, Alnylam Pharmaceuticals	0.01%	Hold	2,880	$149.45	$430K	—	—
Liberty Media	0.01%	Reduce −3.9%	9,989	$42.35	$423K	−404	+$43K
CMCSA, Comcast	0.01%	Hold	9,655	$43.35	$419K	—	—
NBB, Nuveen Build American	0.01%	Reduce −5.8%	26,954	$15.32	$413K	−1,666	−$39K
SLB	0.01%	Reduce −1.3%	7,419	$54.81	$407K	−96	+$16K
DOW, DOW Inc	0.01%	Add +0.1%	6,991	$57.93	$405K	+4	+$22K
BLK, BlackRock	0.01%	Add +23.4%	38,279	$10.51	$402K	+7,271	+$81K
GDX, Vaneck ETF Trust	0.01%	Reduce −4.5%	12,651	$31.62	$400K	−594	−$11K
INTC, Intellia Therapeutics	0.01%	Hold	14,396	$27.51	$396K	—	—
TW, Tradeweb Markets	0.01%	Add +36.3%	3,753	$104.17	$391K	+1,000	+$141K
FHI, Federated Hermes	0.01%	Hold	35,189	$11.07	$390K	—	—
PEP, PepsiCo	0.01%	Reduce −4.4%	2,195	$175.01	$384K	−100	−$6K
VMI, Valmont Industries	0.01%	Reduce −10.7%	1,675	$228.28	$382K	−200	−$55K
IAU, iShares Gold Trust	0.01%	Hold	8,790	$42.01	$369K	—	—
BP	0.01%	Hold	9,519	$37.68	$359K	—	—
BCYC	0.01%	Hold	14,396	$24.90	$358K	—	—
UNP, Union Pacific	0.01%	Reduce −0.6%	1,450	$245.93	$357K	−9	−$2K
GPC, Genuine Parts	0.01%	Hold	2,300	$154.93	$356K	—	—
KO, Coca-Cola	0.01%	Add +1.8%	5,740	$61.18	$351K	+100	+$19K
NZF, Nuveen Municipal Credit	0.01%	Reduce −14.7%	28,145	$12.24	$344K	−4,839	−$45K
TFPM, Triple Flag Precious Metal	0.01%	Reduce −2.0%	23,144	$14.45	$334K	−480	+$20K
BLK, BlackRock	0.01%	Hold	46,440	$7.06	$328K	—	—
AWR	0.01%	Add +1.1%	4,518	$72.24	$326K	+50	−$33K
MTN, Vail Resorts	0.01%	Hold	1,457	$222.83	$325K	—	—
CNS, Cohen & Steers	0.01%	Add +1.1%	4,204	$76.88	$323K	+47	+$8K
BEAM, Beam Therapeutics	0.01%	Hold	9,597	$33.04	$317K	—	—
GEHC, GE HealthCare	0.01%	Reduce −5.5%	3,471	$90.91	$316K	−201	+$32K
KHC, Kraft Heinz	0.01%	Add +6.5%	8,427	$36.90	$311K	+516	+$18K
ETN, Eaton	0.01%	Hold	975	$312.68	$305K	—	—
AMT, American Tower	0.01%	Add +10.0%	1,540	$197.59	$304K	+140	+$2K
OXY, Occidental	0.01%	Hold	4,546	$64.99	$295K	—	—
DORM, Dorman Products	0.01%	Hold	3,000	$96.39	$289K	—	—
PHYS	0.01%	Hold	16,621	$17.30	$288K	—	—
BWXT, BWX Technologies	0.01%	Reduce −5.9%	2,786	$102.62	$286K	−175	+$59K
META, Meta Platforms	0.01%	Hold	583	$485.33	$283K	—	—
CL, Colgate-Palmolive	0.01%	Hold	2,978	$90.05	$268K	—	—
Holding	0.01%	Hold	34,357	$7.72	$265K	—	—
IFF, International Flavors & Fragrances	0.00%	Hold	3,050	$85.99	$262K	—	—
GM, General Motors	0.00%, was 0.01%	Reduce −21.8%	5,750	$45.35	$261K	−1,600	−$3K
ETN, Eaton	0.00%	Hold	20,001	$13.03	$261K	—	—
VZ, Verizon	0.00%, was 0.01%	Reduce −42.2%	6,175	$41.96	$259K	−4,500	−$143K
AFL, Aflac	0.00%	Hold	3,000	$85.86	$258K	—	—
LTRN	0.00%	Hold	28,791	$8.80	$253K	—	—
EDIT, Editas Medicine	0.00%	Hold	31,720	$7.42	$235K	—	—
CNP, Centerpoint Energy	0.00%	Hold	8,233	$28.49	$235K	—	—
NAN, Nuveen NY Qlty Income Fund	0.00%	Hold	20,838	$10.95	$228K	—	—
COP, ConocoPhillips	0.00%, was 0.01%	Reduce −14.4%	1,788	$127.28	$228K	−300	−$15K
Holding	0.00%	Hold	26,336	$8.63	$227K	—	—
IVZ, Invesco Quality Muni	0.00%	Hold	22,402	$9.68	$217K	—	—
VLTO, Veralto	0.00%, was 0.01%	Reduce −24.1%	2,436	$88.66	$216K	−775	−$48K
AWK	0.00%	Add +4.7%	1,749	$122.23	$214K	+78	−$7K
MKTX, Marketaxess	0.00%	Add +33.7%	969	$219.25	$212K	+244	$—
JPM, JPMorgan Chase	0.00%, was 0.02%	Reduce −78.3%	4,172	$50.45	$210K	−15,089	−$757K
RA	0.00%	Hold	16,158	$12.92	$209K	—	—
PCM, PCM Fund	0.00%	Hold	24,532	$8.27	$203K	—	—
SAN	0.00%	Hold	41,410	$4.84	$200K	—	—
NIM	0.00%	Hold	21,500	$8.99	$193K	—	—
ETN, Eaton	0.00%	Hold	17,692	$10.35	$183K	—	—
NVG	0.00%	Add +0.5%	14,455	$12.15	$176K	+79	+$6K
ETHE	0.00%	Add +0.1%	6,509	$26.15	$170K	+4	+$44K
BGT	0.00%	Hold	12,678	$12.98	$165K	—	—
ASTL, Algoma Steel Group	0.00%	Add +0.4%	18,880	$8.49	$160K	+73	−$28K
RLMD, Relmada Therapeutics	0.00%	Hold	30,000	$4.65	$140K	—	—
ETN, Eaton	0.00%	Hold	21,730	$6.36	$138K	—	—
Holding	0.00%	Add +0.1%	13,597	$10.01	$136K	+15	+$17K
GALT, Galectin Therapeutics	0.00%	Hold	53,742	$2.39	$128K	—	—
PML, Pimco Mun Income Fund II	0.00%	Hold	15,050	$8.50	$128K	—	—
ZCSH, Grayscale Zcash Trust Zec	0.00%	Hold	15,492	$7.92	$123K	—	—
ETN, Eaton	0.00%	Hold	12,417	$9.75	$121K	—	—
JPC	0.00%	Hold	16,714	$7.19	$120K	—	—
HLN, Haleon	0.00%	Hold	14,082	$8.49	$120K	—	—
REPL, Replimune Group	0.00%	Hold	14,396	$8.17	$118K	—	—
IVZ, Invesco	0.00%	Hold	10,414	$10.75	$112K	—	—
XCXEX, MFS High Income Mun Trust	0.00%	Reduce −50.2%	30,507	$3.63	$111K	−30,790	−$107K
NMZ, Nuveen Mun High Inc. Opp Fund	0.00%	Hold	10,369	$10.56	$109K	—	—
VNDA, Vanda Pharmaceuticals	0.00%	Hold	25,912	$4.11	$106K	—	—
APLD, Applied Digital	0.00%	Add +36.4%	23,568	$4.28	$101K	+6,284	−$16K
NUV, Nuveen Mun Value Fund	0.00%	Hold	11,550	$8.71	$101K	—	—
Holding	0.00%	Hold	17,275	$5.35	$92K	—	—
ALLO, Allogene Therapeutics	0.00%	Hold	19,194	$4.47	$86K	—	—
Scripps E W Co. Ohio	0.00%	Hold	20,000	$3.93	$79K	—	—
OIS, Oil State International	0.00%	Reduce −7.0%	12,559	$6.16	$77K	−952	−$14K
TTI, Tetra Technologies	0.00%	Hold	13,600	$4.43	$60K	—	—
GBAT	0.00%	Hold	2,089	$22.50	$47K	—	—
Bluebird Bio	0.00%	Hold	36,468	$1.28	$47K	—	—
PACB	0.00%	Hold	11,517	$3.75	$43K	—	—
IVZ, Invesco Sr Income Trust	0.00%	Hold	10,000	$4.28	$43K	—	—
BITF, Bitfarms	0.00%	Hold	18,300	$2.23	$41K	—	—
MANA	0.00%	Hold	691	$51.50	$36K	—	—
Salarius Pharmaceuticals	0.00%	Hold	31,094	$0.5286	$16K	—	—
Nucana	0.00%	Hold	19,467	$0.2600	$5K	—	—

Showing top 50 of 308 by value

Exits / last held

Gone since 2023 Q4, shown at their last reported size.

Stock	% of portfolio	Recent activity	Reported price*	Value	Share change	$ change
PARA, Paramount Global	0.02%	Exit	$14.79	$721K	−48,761	−$721K
IVZ, Invesco	0.01%	Exit	$11.74	$384K	−32,702	−$384K
CSWC, Capital Southwest	0.01%	Exit	$23.72	$370K	−15,600	−$370K
MOS, Mosaic	0.01%	Exit	$35.78	$297K	−8,300	−$297K
BLK, BlackRock	0.01%	Exit	$20.77	$269K	−12,950	−$269K
BHP, BHP Group	—	Exit	$68.35	$214K	−3,131	−$214K
LBRDA, Liberty Broadband Series A	—	Exit	$80.59	$208K	−2,581	−$208K
LXU, LSB Industries	—	Exit	$9.32	$164K	−17,600	−$164K
LILA, Liberty Latin America	—	Exit	$7.34	$124K	−16,887	−$124K
Rain Oncology	—	Exit	$1.21	$29K	−23,992	−$29K
Alaunos Therapeutics	—	Exit	$0.0588	$2K	−34,000	−$2K

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