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 Q2 2024 Q1, filed 14 Aug, long equity only

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TPL, Texas Pacific Land	47.40%	Reduce −2.2%	3,694,427	$734.27	$2.7B	−81,956	+$528M
GBTC, Grayscale Bitcoin	13.88%, was 17.89%	Reduce −0.4%	14,917,448	$53.24	$794M	−56,739	−$152M
CACI, CACI International	2.79%	Reduce −0.2%	370,577	$430.13	$159M	−558	+$19M
WPM, Wheaton Precious Metals	2.53%, was 2.39%	Add +2.8%	2,761,508	$52.42	$145M	+76,517	+$18M
LB, Landbridge	1.90%	New	4,705,899	$23.15	$109M	+4,705,899	+$109M
FNV, Franco Nevada	1.90%	Add +2.4%	918,602	$118.52	$109M	+21,253	+$1.9M
ICE, Intercontinental Exchange	1.78%	Add +2.1%	743,788	$136.89	$102M	+15,245	+$1.7M
CVEO, Civeo	1.43%, was 1.69%	Reduce −1.0%	3,285,946	$24.92	$82M	−33,000	−$7.2M
CBOE, Cboe Global Markets	1.20%, was 1.41%	Reduce −0.6%	404,239	$170.06	$69M	−2,368	−$6M
Viper Energy	0.87%, was 0.85%	Add +13.5%	1,320,385	$37.53	$50M	+157,458	+$4.8M
SAIC, Science Applicatns International CP	0.84%	Add +0.9%	408,206	$117.55	$48M	+3,677	−$4.8M
BN, Brookfield Corporation	0.84%, was 0.97%	Reduce −5.9%	1,150,865	$41.54	$48M	−72,107	−$3.4M
AN, Autonation	0.81%, was 0.92%	Reduce −0.5%	291,709	$159.38	$46M	−1,407	−$2M
MSB, Mesabi Trust	0.79%	Add +0.8%	2,622,206	$17.23	$45M	+21,208	−$857K
PBT, Permian Basin Rty Trust	0.72%	Add +3.9%	3,683,203	$11.26	$41M	+138,183	−$1.4M
ADM, Archer-Daniels-Midland	0.71%	Add +8.6%	674,410	$60.45	$41M	+53,126	+$1.7M
Holding	0.60%, was 0.64%	Reduce −2.8%	1,011,556	$34.02	$34M	−28,832	+$382K
LYV, Live Nation Entertainment	0.60%, was 0.76%	Reduce −4.1%	366,259	$93.74	$34M	−15,789	−$6.1M
CRL, Charles River Labs International	0.58%	Add +0.7%	160,381	$206.58	$33M	+1,170	−$10M
HHH, Howard Hughes	0.57%, was 0.72%	Reduce −4.1%	503,797	$64.82	$33M	−21,576	−$5.5M
BG, Bunge Global	0.54%, was 0.50%	Add +11.1%	287,838	$106.77	$31M	+28,872	+$4.2M
JOE, Saint Joe	0.51%	Add +5.6%	531,305	$54.70	$29M	+28,331	−$95K
CME, CME Group	0.48%, was 0.81%	Reduce −29.5%	140,612	$196.60	$28M	−58,788	−$15M
DMLP, Dorchester Minerals	0.48%	Add +0.2%	891,683	$30.85	$28M	+2,035	−$2.5M
PAG, Penske Automotive Group	0.48%, was 0.57%	Reduce −0.8%	183,981	$149.02	$27M	−1,576	−$2.6M
MSTR, Microstrategy	0.45%, was 0.61%	Reduce −0.7%	18,836	$1,377	$26M	−132	−$6.4M
CCJ, Cameco	0.45%, was 0.38%	Add +12.2%	519,228	$49.20	$26M	+56,301	+$5.5M
MMC, Marsh McLennan	0.44%, was 0.49%	Reduce −5.3%	119,714	$210.72	$25M	−6,735	−$820K
GBTC, iShares Bitcoin Trust	0.43%	Add +0.4%	720,040	$34.14	$25M	+3,108	−$4.4M
Osisko Gold Royalties	0.38%	Add +12.3%	1,394,479	$15.58	$22M	+152,444	+$1.3M
Sandstorm Gold	0.38%, was 0.44%	Reduce −10.0%	3,985,694	$5.44	$22M	−443,752	−$1.6M
CCL, Carnival	0.36%	Reduce −0.6%	1,091,749	$18.72	$20M	−6,969	+$2.5M
BRK.B, Berkshire Hathaway Class B	0.32%, was 0.36%	Reduce −0.8%	45,121	$406.80	$18M	−375	−$777K
Sitio Royalties	0.32%	Add +13.5%	774,950	$23.61	$18M	+92,189	+$1.4M
WST, West Fraser Timber	0.32%	Add +12.2%	237,176	$76.87	$18M	+25,695	−$47K
IPAR, Inter Parfums	0.32%, was 0.42%	Reduce −1.8%	155,814	$116.03	$18M	−2,843	−$4.2M
WEN, Wendys	0.30%, was 0.38%	Reduce −6.0%	1,001,832	$16.96	$17M	−63,570	−$3.1M
NTR, Nutrien	0.27%	Add +11.3%	309,102	$50.91	$16M	+31,304	+$649K
TRC, Tejon Ranch	0.27%	Reduce −3.0%	908,944	$17.06	$16M	−28,380	+$1.1M
BND, Vanguard Bond Index Funds	0.26%	Add +9.1%	300,704	$49.52	$15M	+25,158	+$1.2M
OSK, Oshkosh	0.26%	Add +0.2%	136,460	$108.20	$15M	+310	−$2.2M
VGSH, Vanguard Scottsdale Funds	0.23%	Add +4.1%	225,416	$57.99	$13M	+8,966	+$503K
SPAQ, Horzn Kntcs Spac	0.21%, was 0.20%	Add +12.3%	122,699	$98.31	$12M	+13,415	+$1.4M
RGLD, Royal Gold	0.19%, was 0.21%	Reduce −0.7%	88,988	$125.16	$11M	−671	+$216K
BAM, Brookfield Asset Management	0.18%, was 0.29%	Reduce −27.1%	270,292	$38.05	$10M	−100,300	−$5.3M
GBTC, Grayscale Bitcoin Cash	0.17%, was 0.43%	Reduce −30.9%	953,437	$10.30	$9.8M	−426,423	−$13M
MA, Mastercard	0.16%, was 0.19%	Reduce −0.5%	21,128	$441.15	$9.3M	−111	−$907K
RBA, RB Global	0.16%	Add +1.2%	117,474	$76.36	$9M	+1,374	+$127K
RCL, Royal Caribbean	0.16%, was 0.15%	Add +0.7%	56,172	$159.43	$9M	+396	+$1.2M
BKKT, Bakkt	0.15%	New	449,240	$18.92	$8.5M	+449,240	+$8.5M
SPGI, S&P Global	0.15%	Reduce −0.9%	18,636	$446.00	$8.3M	−170	+$311K
EXP, Eagle Materials	0.14%, was 0.22%	Reduce −14.2%	36,348	$217.46	$7.9M	−5,997	−$3.6M
ELS, Equity Lifestyle Properties	0.13%, was 0.15%	Reduce −6.3%	117,381	$65.13	$7.6M	−7,898	−$423K
FWONK, Liberty Media	0.13%, was 0.24%	Reduce −46.4%	103,424	$71.84	$7.4M	−89,597	−$5.2M
SII, Sprott	0.12%, was 0.10%	Add +11.9%	162,313	$41.39	$6.7M	+17,210	+$1.4M
SBR, Sabine Royalty Trust	0.11%, was 0.10%	Add +16.0%	99,658	$64.69	$6.4M	+13,769	+$985K
FWONA, Liberty Media	0.11%, was 0.15%	Reduce −28.7%	98,728	$64.23	$6.3M	−39,646	−$1.8M
LTCN, Grayscale Litecoin Trust	0.11%, was 0.34%	Reduce −35.8%	295,490	$21.14	$6.2M	−164,970	−$12M
NDAQ, Nasdaq	0.11%, was 0.12%	Reduce −0.5%	103,573	$60.26	$6.2M	−486	−$325K
WMB, Williams Companies	0.11%	Add 0.0%	144,061	$42.50	$6.1M	+50	+$510K
RPRX	0.11%	Add +14.2%	228,784	$26.37	$6M	+28,496	−$50K
MSGS, MSG Sports	0.10%, was 0.11%	Reduce −0.5%	30,536	$188.13	$5.7M	−162	+$80K
XOM, Exxon Mobil	0.09%	Add +3.2%	46,939	$115.12	$5.4M	+1,455	+$117K
TCOM, Tri Pointe Homes	0.09%	Hold	139,812	$37.25	$5.2M	—	—
LBRDA, Liberty Broadband	0.09%, was 0.10%	Reduce −4.9%	91,582	$54.82	$5M	−4,673	−$488K
LBRT, Liberty Energy	0.09%, was 0.08%	Add +15.0%	236,003	$20.89	$4.9M	+30,809	+$678K
FCX, Freeport-McMoRan	0.09%	Reduce −0.7%	100,942	$48.60	$4.9M	−750	+$124K
Burford Cap	0.08%, was 0.11%	Reduce −0.7%	366,089	$13.05	$4.8M	−2,453	−$1.1M
SJT, San Juan Basin Rty Trust	0.07%	Add +21.6%	1,049,055	$4.06	$4.3M	+186,631	−$303K
ABBV, AbbVie	0.07%	Add +0.4%	24,123	$171.52	$4.1M	+106	−$236K
PTEN, Patterson Uti Energy	0.07%, was 0.09%	Reduce −1.5%	394,597	$10.36	$4.1M	−6,115	−$696K
MKL, Markel Group	0.07%	Reduce −0.1%	2,551	$1,576	$4M	−2	+$135K
XNEAX	0.07%	Reduce −0.5%	337,336	$11.46	$3.9M	−1,600	+$114K
LLY, Eli Lilly	0.07%	Reduce −10.5%	4,257	$905.38	$3.9M	−500	+$153K
MSFT, Microsoft	0.07%	Reduce −0.9%	8,444	$446.97	$3.8M	−79	+$188K
Costamare	0.07%	Reduce −1.1%	228,100	$16.43	$3.7M	−2,500	+$1.1M
XES, SPDR Ser Trust	0.06%	Add +0.3%	38,983	$90.85	$3.5M	+108	−$77K
MRK, Merck	0.06%	Reduce −0.1%	25,934	$123.80	$3.2M	−27	−$215K
KLAC, KLA	0.05%	Reduce −4.6%	3,728	$824.51	$3.1M	−179	+$344K
ET, Energy Transfer	0.05%	Reduce −2.3%	170,622	$16.22	$2.8M	−3,974	+$21K
INFL, Horizon Kinetics	0.05%	Add +0.8%	84,352	$32.68	$2.8M	+637	+$31K
AMLP, Alps ETF Trust Alerian MLP	0.05%	Add +4.5%	55,497	$47.98	$2.7M	+2,391	+$142K
BSM	0.05%	Reduce −1.0%	166,138	$15.67	$2.6M	−1,700	−$79K
Fitlife Brands	0.04%	Hold	77,228	$33.30	$2.6M	—	—
PCH, Potlatchdeltic	0.04%, was 0.06%	Reduce −8.3%	64,814	$39.39	$2.6M	−5,856	−$770K
WTM, White Mountains Insurance Group	0.04%	New	1,365	$1,817	$2.5M	+1,365	+$2.5M
RYN, Rayonier	0.04%	Add +2.6%	85,166	$29.09	$2.5M	+2,157	−$282K
JNJ, Johnson & Johnson	0.04%, was 0.05%	Reduce −3.5%	16,579	$146.16	$2.4M	−601	−$295K
PM, Philip Morris International	0.04%	Reduce −0.7%	22,714	$101.33	$2.3M	−150	+$207K
BCDF, Horzn Kintcs BL	0.04%	Add +6.6%	92,222	$24.61	$2.3M	+5,686	+$106K
DHR, Danaher	0.04%	Reduce −0.7%	9,008	$249.85	$2.3M	−63	−$15K
SU, Suncor Energy	0.04%	Reduce −1.4%	58,344	$38.10	$2.2M	−800	+$40K
NVO, Novo Nordisk	0.04%	Hold	15,468	$142.74	$2.2M	—	—
CVX, Chevron	0.04%	Reduce −0.4%	14,033	$156.42	$2.2M	−50	−$26K
LHX, L3Harris	0.04%	Reduce −0.2%	9,744	$224.59	$2.2M	−20	+$108K
LVS, Las Vegas Sands	0.04%, was 0.05%	Reduce −5.8%	49,272	$44.25	$2.2M	−3,037	−$524K
Liberty Media	0.04%, was 0.06%	Reduce −11.3%	98,358	$22.16	$2.2M	−12,546	−$1.1M
IRM, Iron Mountain	0.04%	Reduce −1.6%	24,100	$89.62	$2.2M	−400	+$195K
CAT, Caterpillar	0.04%, was 0.05%	Reduce −3.0%	6,473	$333.10	$2.2M	−200	−$289K
FNF, Fidelity National Financial	0.04%	Hold	42,971	$49.42	$2.1M	—	—
BATRK, Atlanta Braves	0.04%	Reduce −0.6%	53,605	$39.44	$2.1M	−348	+$7K
WT, Wisdomtree	0.04%	Add +0.4%	211,573	$9.91	$2.1M	+762	+$159K
EMR, Emerson Electric	0.03%, was 0.04%	Reduce −1.1%	18,097	$110.16	$2M	−200	−$82K
MSTR, Microstrategy	0.03%, was 0.04%	Reduce −1.1%	276,534	$7.17	$2M	−3,200	−$104K
KMI, Kinder Morgan	0.03%	Hold	99,785	$19.87	$2M	—	—
CRAI, Cra International	0.03%	New	11,465	$172.22	$2M	+11,465	+$2M
CSCO, Cisco	0.03%	Add +4.1%	40,812	$47.51	$1.9M	+1,626	−$17K
EPD, Enterprise Products Partners	0.03%, was 0.04%	Reduce −12.4%	66,258	$28.98	$1.9M	−9,389	−$287K
CSW, CSW Industrials	0.03%, was 0.04%	Reduce −10.0%	7,200	$265.31	$1.9M	−800	+$33K
VRSK, Verisk	0.03%	Hold	7,000	$269.55	$1.9M	—	—
BMY, Bristol Myers Squibb	0.03%	Add +3.5%	45,018	$41.53	$1.9M	+1,530	−$489K
SPHR, Sphere Entertainment	0.03%	Add +6.6%	52,571	$35.06	$1.8M	+3,272	−$576K
FIS, Fidelity National Information Services	0.03%	Hold	24,340	$75.36	$1.8M	—	—
MO, Altria	0.03%	Add +1.9%	40,056	$45.55	$1.8M	+750	+$110K
OPLN, Openlane	0.03%, was 0.04%	Reduce 0.0%	109,414	$16.59	$1.8M	−5	−$78K
AAPL, Apple	0.03%	Reduce −7.7%	8,357	$210.62	$1.8M	−700	+$207K
VOO, Vanguard S&P 500 ETF	0.03%	Reduce −3.5%	3,441	$500.13	$1.7M	−125	+$7K
MHD	0.03%	Hold	140,030	$12.09	$1.7M	—	—
MSGE, MSG Entertainment	0.03%	Reduce −0.4%	47,010	$34.23	$1.6M	−190	−$242K
PFE, Pfizer	0.03%	Add +0.5%	57,445	$27.98	$1.6M	+300	+$22K
NVDA, Nvidia	0.03%, was 0.02%	Add +877.4%	12,960	$123.54	$1.6M	+11,634	+$403K
SVXY, Proshares Trust II	0.03%	Reduce −3.9%	25,428	$61.39	$1.6M	−1,020	+$70K
Liberty Media	0.02%, was 0.04%	Reduce −16.5%	35,469	$38.27	$1.4M	−6,993	−$503K
HON, Honeywell	0.02%	Hold	6,153	$213.54	$1.3M	—	—
Telefonica	0.02%	New	310,865	$4.21	$1.3M	+310,865	+$1.3M
NAD, Nuveen Quality Muni Inc. Fund	0.02%	Reduce −1.9%	111,432	$11.74	$1.3M	−2,175	+$6K
OIH, Vaneck ETF Trust	0.02%, was 0.03%	Reduce −3.9%	4,120	$316.21	$1.3M	−168	−$139K
REZI, Resideo Technologies	0.02%	Hold	65,846	$19.56	$1.3M	—	—
RMT, Royce Micro-Cap Trust	0.02%	Reduce −0.9%	138,500	$9.19	$1.3M	−1,215	−$47K
RTX	0.02%	Hold	12,564	$100.39	$1.3M	—	—
BLK, BlackRock	0.02%	Hold	102,157	$12.34	$1.3M	—	—
NVS, Novartis	0.02%	Hold	11,797	$106.46	$1.3M	—	—
KRP, Kimbell Rty Partners	0.02%	Add +2.0%	76,110	$16.36	$1.2M	+1,515	+$87K
ROK, Rockwell Automation	0.02%	Hold	4,500	$275.28	$1.2M	—	—
SEE, Sealed Air	0.02%	Add +1.3%	35,600	$34.79	$1.2M	+440	−$69K
EXE, Chesapeake Energy	0.02%	New	14,853	$82.19	$1.2M	+14,853	+$1.2M
GDXJ, Vaneck ETF Trust	0.02%	Reduce −0.5%	28,673	$42.12	$1.2M	−150	+$91K
WPC, W P Carey	0.02%	Reduce −1.8%	21,400	$55.05	$1.2M	−400	−$52K
TD, Toronto-Dominion Bank	0.02%	Add +2.2%	21,225	$54.96	$1.2M	+450	−$88K
BX, Blackstone	0.02%	Reduce −1.1%	9,410	$123.80	$1.2M	−100	−$84K
QCOM, Qualcomm	0.02%	Hold	5,772	$199.18	$1.1M	—	—
SON, Sonoco Products	0.02%	Add +0.4%	22,650	$50.72	$1.1M	+100	−$155K
V, Visa	0.02%	Hold	4,339	$262.47	$1.1M	—	—
BATRA, Atlanta Braves	0.02%	Reduce −0.4%	27,546	$41.33	$1.1M	−124	−$21K
AMGN, Amgen	0.02%	Reduce −2.2%	3,597	$312.45	$1.1M	−80	+$78K
Metalla Rty & Streaming	0.02%	Add +0.1%	399,807	$2.78	$1.1M	+289	−$131K
GOOG, Alphabet Class C	0.02%	Reduce −3.4%	5,973	$183.42	$1.1M	−213	+$154K
SBLK, Star Bulk Carriers	0.02%	Add +1.9%	44,417	$24.38	$1.1M	+843	+$43K
DBL, Doubleline Opportunistic CR	0.02%	Reduce −1.3%	69,882	$15.36	$1.1M	−927	−$18K
PDI, Pimco Dynamic Income Fund	0.02%	Reduce −0.4%	56,248	$18.81	$1.1M	−200	−$31K
BGC, BGC Group	0.02%	Reduce −1.9%	127,213	$8.30	$1.1M	−2,446	+$48K
ABT, Abbott Laboratories	0.02%	Hold	10,091	$103.91	$1M	—	—
BAC, Bank of America	0.02%	Reduce −3.7%	26,275	$39.77	$1M	−1,000	+$11K
JFR, Nuveen Floating Rate Income	0.02%	Reduce −0.3%	120,524	$8.65	$1M	−307	−$12K
GE, GE Aerospace	0.02%	Reduce −0.4%	6,550	$158.97	$1M	−29	−$114K
MCD, McDonald's	0.02%	Reduce −1.5%	4,046	$254.84	$1M	−61	−$127K
MPC, Marathon Petroleum	0.02%	Reduce −0.8%	5,920	$173.48	$1M	−50	−$176K
Kraneshares Trust	0.02%	Reduce −4.3%	31,116	$32.54	$1M	−1,391	+$13K
AZNN	0.02%	Reduce −3.3%	12,970	$77.99	$1M	−436	+$103K
MDLZ, Mondelez	0.02%	Reduce −0.3%	15,317	$65.44	$1M	−50	−$73K
RCG, Renn Fund	0.02%	Add +0.9%	579,808	$1.70	$986K	+4,953	+$77K
ADI, Analog Devices	0.02%	Reduce −2.5%	4,311	$228.25	$984K	−110	+$110K
GSK	0.02%	Hold	25,165	$38.50	$969K	—	—
INTC, Intel	0.02%, was 0.03%	Reduce −4.6%	30,899	$30.97	$957K	−1,506	−$474K
FHI, Federated Hermes	0.02%	Reduce −21.3%	28,239	$32.88	$928K	−7,635	−$367K
WY, Weyerhaeuser	0.02%	Reduce −6.9%	32,524	$28.39	$923K	−2,394	−$331K
Grayscale Digital Large Cap	0.02%	Hold	41,029	$22.49	$923K	—	—
CMS, CMS Energy	0.02%	Hold	15,475	$59.53	$921K	—	—
SPY, SPDR S&P 500 ETF Trust	0.02%	Reduce −12.2%	1,683	$544.22	$916K	−234	−$87K
GOOGL, Alphabet Class A	0.02%	Reduce −1.6%	4,967	$182.15	$905K	−80	+$143K
VXF, Vanguard Index Funds	0.02%	Add +0.6%	5,097	$168.81	$860K	+32	−$27K
BN, Brookfield Corporation	0.01%, was 0.02%	Reduce −8.0%	31,071	$27.44	$853K	−2,700	−$201K
CVS, CVS Health	0.01%	Add +4.9%	14,330	$59.06	$846K	+673	−$243K
GLD, SPDR Gold Shares	0.01%, was 0.02%	Reduce −1.3%	3,893	$215.01	$837K	−50	+$26K
APYX, Apyx Medical	0.01%	Hold	615,000	$1.34	$824K	—	—
SLV, iShares Silver Trust	0.01%	Reduce −1.8%	30,988	$26.57	$823K	−584	+$105K
JPM, JPMorgan Chase	0.01%, was 0.02%	Reduce −8.8%	4,067	$202.26	$823K	−392	−$71K
ETCG, Grayscale Ethereum Classic	0.01%	Add +1.7%	65,735	$12.43	$817K	+1,106	−$274K
NEM, Newmont	0.01%	Reduce −4.9%	19,361	$41.87	$811K	−1,007	+$81K
MSTR, Pimco Income Strategy Fund	0.01%	Hold	99,091	$8.15	$808K	—	—
BN, Brookfield Corporation	0.01%	Hold	19,181	$41.81	$802K	—	—
DSL, Doubleline Income Solutions	0.01%, was 0.02%	Reduce −1.4%	63,336	$12.52	$793K	−887	−$23K
REGN, Regeneron	0.01%	Hold	736	$1,051	$774K	—	—
XFRAX	0.01%	Hold	59,291	$12.94	$767K	—	—
LEN, Lennar	0.01%	Add +0.6%	5,110	$149.87	$766K	+33	−$107K
EBAY, eBay	0.01%	Reduce −3.1%	14,076	$53.72	$756K	−452	−$11K
NRK	0.01%	Hold	66,896	$11.09	$742K	—	—
EOG, EOG Resources	0.01%	Reduce −0.9%	5,768	$125.87	$726K	−50	−$18K
BIIB, Biogen	0.01%	Hold	3,121	$231.82	$724K	—	—
BK, BNY	0.01%	Add +2.6%	12,064	$59.89	$723K	+300	+$45K
NSC, Norfolk Southern	0.01%, was 0.02%	Reduce −3.8%	3,328	$214.69	$714K	−130	−$167K
ALNY, Alnylam Pharmaceuticals	0.01%	Hold	2,880	$243.00	$700K	—	—
SYK, Stryker	0.01%	Hold	2,000	$340.25	$681K	—	—
LIN, Linde	0.01%	Hold	1,460	$438.81	$641K	—	—
RYN, Rayonier Advanced Materials	0.01%	Add +0.1%	116,700	$5.44	$635K	+150	+$78K
IBM	0.01%	Add +0.6%	3,650	$172.95	$631K	+20	−$62K
DGX, Quest Diagnostics	0.01%	Hold	4,550	$136.88	$623K	—	—
BAH	0.01%	New	4,016	$153.90	$618K	+4,016	+$618K
BLK, BlackRock	0.01%	Hold	60,430	$10.20	$616K	—	—
BRK.A, Berkshire Hathaway Class A	0.01%	Hold	1	$612,241	$612K	—	—
MMM, 3M	0.01%	Hold	5,950	$102.19	$608K	—	—
IONS, Ionis Pharmaceuticals	0.01%	Hold	12,476	$47.66	$595K	—	—
RQI, Cohen & Steers Quality Realty	0.01%	Hold	50,633	$11.68	$591K	—	—
CRSP, Crispr Therapeutics	0.01%	Hold	10,682	$54.01	$577K	—	—
ALKS, Alkermes	0.01%	Hold	23,033	$24.10	$555K	—	—
WOOD, iShares Trust	0.01%	Reduce −18.4%	6,985	$78.37	$547K	−1,573	−$175K
GS, Goldman Sachs	0.01%	Hold	1,193	$452.32	$540K	—	—
KKR	0.01%	Hold	5,058	$105.24	$532K	—	—
RIO, Rio Tinto	0.01%	Add +2.6%	7,896	$65.93	$521K	+200	+$30K
AJG, Arthur J. Gallagher	0.01%	Hold	1,996	$259.31	$518K	—	—
Proshares Trust	0.01%	Add +158.8%	61,897	$8.28	$513K	+37,981	+$262K
RSP	0.01%	Reduce −5.3%	3,061	$164.26	$503K	−171	−$45K
TQQQ, Proshares Trust	0.01%	Add +63.5%	6,627	$73.82	$489K	+2,573	+$240K
MYI	0.01%	Hold	42,654	$11.18	$477K	—	—
VMI, Valmont Industries	0.01%	Hold	1,675	$274.45	$460K	—	—
SEB, Seaboard	0.01%	Hold	144	$3,161	$455K	—	—
MOV, Movado Group	0.01%	Reduce −2.1%	18,261	$24.86	$454K	−400	−$67K
DIS, Disney	0.01%	Reduce −1.9%	4,537	$99.30	$451K	−90	−$116K
NBH, Neuberger Berman Muni Fund	0.01%	Hold	41,396	$10.68	$442K	—	—
BTZ	0.01%	Hold	40,634	$10.71	$435K	—	—
Liberty Media	0.01%	Reduce −6.2%	19,493	$22.15	$432K	−1,281	−$185K
L, Loews	0.01%	Hold	5,771	$74.74	$431K	—	—
TW, Tradeweb Markets	0.01%	Add +6.7%	4,003	$106.00	$424K	+250	+$33K
GDX, Vaneck ETF Trust	0.01%	Reduce −2.2%	12,378	$33.93	$420K	−273	+$20K
NBB, Nuveen Build American	0.01%	Hold	26,954	$15.51	$418K	—	—
BXMT	0.01%	Reduce −14.2%	23,900	$17.42	$416K	−3,950	−$138K
FHI, Federated Hermes	0.01%	Reduce −0.7%	34,959	$11.43	$400K	−230	+$10K
BLK, BlackRock	0.01%	Hold	38,279	$10.29	$394K	—	—
C, Citigroup	0.01%	New	6,161	$63.46	$391K	+6,161	+$391K
TFPM, Triple Flag Precious Metal	0.01%	Add +8.4%	25,097	$15.50	$389K	+1,953	+$55K
IAU, iShares Gold Trust	0.01%	Add +0.3%	8,812	$43.93	$387K	+22	+$18K
CMCSA, Comcast	0.01%	Add +0.1%	9,661	$39.16	$378K	+6	−$40K
VTI, Vanguard Index Funds	0.01%	Reduce −18.4%	1,405	$267.51	$376K	−317	−$72K
GBX, Greenbrier Companies	0.01%	Reduce −16.1%	7,550	$49.55	$374K	−1,450	−$95K
KO, Coca-Cola	0.01%	Hold	5,740	$63.65	$365K	—	—
DOW, DOW Inc	0.01%	Reduce −1.7%	6,871	$53.05	$365K	−120	−$40K
PEP, PepsiCo	0.01%	Hold	2,195	$164.93	$362K	—	—
Liberty Media	0.01%	Reduce −5.0%	9,488	$37.51	$356K	−501	−$67K
BP	0.01%	Add +1.5%	9,666	$36.10	$349K	+147	−$10K
NZF, Nuveen Municipal Credit	0.01%	Reduce −0.7%	27,945	$12.35	$345K	−200	+$1K
BLK, BlackRock	0.01%	Hold	46,440	$7.17	$333K	—	—
AWR	0.01%	Hold	4,518	$72.57	$328K	—	—
BA, Boeing	0.01%, was 0.03%	Reduce −74.0%	1,796	$182.01	$327K	−5,120	−$1M
INTC, Intellia Therapeutics	0.01%	Hold	14,396	$22.38	$322K	—	—
GPC, Genuine Parts	0.01%	Hold	2,300	$138.32	$318K	—	—
CNS, Cohen & Steers	0.01%	Add +2.4%	4,306	$72.56	$312K	+102	−$11K
ETN, Eaton	0.01%	Hold	975	$313.55	$306K	—	—
AMT, American Tower	0.01%	Add +1.3%	1,560	$194.38	$303K	+20	−$1K
PHYS	0.01%	Hold	16,621	$18.06	$300K	—	—
GBTC, Grayscale Bitcoin Trust	0.01%	New	5,705	$52.46	$299K	+5,705	+$299K
META, Meta Platforms	0.01%	Reduce −0.3%	581	$503.99	$293K	−2	+$10K
BCYC	0.01%	Hold	14,396	$20.24	$291K	—	—
IFF, International Flavors & Fragrances	0.01%	Hold	3,050	$95.21	$290K	—	—
CL, Colgate-Palmolive	0.01%	Hold	2,978	$97.04	$289K	—	—
OXY, Occidental	0.01%	Hold	4,546	$63.03	$287K	—	—
GEV, GE Vernova	0.01%	New	1,670	$171.51	$286K	+1,670	+$286K
DORM, Dorman Products	0.00%	Hold	3,000	$91.48	$274K	—	—
GEHC, GE HealthCare	0.00%	Add +0.4%	3,484	$77.92	$271K	+13	−$44K
Holding	0.00%	Hold	34,357	$7.83	$269K	—	—
AFL, Aflac	0.00%	Hold	3,000	$89.31	$268K	—	—
GM, General Motors	0.00%	Hold	5,750	$46.46	$267K	—	—
KHC, Kraft Heinz	0.00%, was 0.01%	Reduce −2.8%	8,188	$32.22	$264K	−239	−$47K
BWXT, BWX Technologies	0.00%, was 0.01%	Reduce −1.1%	2,756	$95.00	$262K	−30	−$24K
ETN, Eaton	0.00%	Hold	20,001	$13.08	$262K	—	—
CNP, Centerpoint Energy	0.00%	Hold	8,233	$30.98	$255K	—	—
MKTX, Marketaxess	0.00%	Add +30.7%	1,266	$200.53	$254K	+297	+$41K
NFLX, Netflix	0.00%	Reduce −5.1%	375	$674.88	$253K	−20	+$13K
NAN, Nuveen NY Qlty Income Fund	0.00%	Hold	20,838	$11.25	$234K	—	—
VLTO, Veralto	0.00%	Reduce −2.5%	2,375	$95.47	$227K	−61	+$11K
AWK	0.00%	Hold	1,749	$129.19	$226K	—	—
BEAM, Beam Therapeutics	0.00%	Hold	9,597	$23.43	$225K	—	—
Holding	0.00%	Hold	26,336	$8.51	$224K	—	—
IVZ, Invesco Quality Muni	0.00%	Reduce −1.3%	22,115	$9.92	$219K	−287	+$3K
PBH	0.00%	Hold	3,097	$68.85	$213K	—	—
AMZN, Amazon	0.00%	Reduce −8.4%	1,096	$193.25	$212K	−101	−$4K
JPM, JPMorgan Chase	0.00%	Hold	4,172	$50.47	$211K	—	—
ETHE, Grayscale Ethereum Trust	0.00%	Add +2.0%	6,641	$31.40	$209K	+132	+$38K
SLB	0.00%, was 0.01%	Reduce −40.4%	4,419	$47.18	$208K	−3,000	−$198K
COP, ConocoPhillips	0.00%	Hold	1,788	$114.38	$205K	—	—
NIM	0.00%	Hold	21,500	$9.04	$194K	—	—
SAN	0.00%	Hold	41,410	$4.63	$192K	—	—
ETN, Eaton	0.00%	Hold	17,692	$10.58	$187K	—	—
PCM, PCM Fund	0.00%	Hold	24,532	$7.42	$182K	—	—
NVG	0.00%	Reduce −2.6%	14,085	$12.46	$175K	−370	$—
BGT	0.00%	Hold	12,678	$12.76	$162K	—	—
RA	0.00%	Reduce −25.2%	12,081	$12.76	$154K	−4,077	−$55K
APLD, Applied Digital	0.00%	Add +6.7%	25,139	$5.95	$150K	+1,571	+$49K
EDIT, Editas Medicine	0.00%	Hold	31,720	$4.67	$148K	—	—
VNDA, Vanda Pharmaceuticals	0.00%	Hold	25,912	$5.65	$146K	—	—
ETN, Eaton	0.00%	Hold	21,730	$6.34	$138K	—	—
LTRN	0.00%	Hold	28,791	$4.67	$134K	—	—
ASTL, Algoma Steel Group	0.00%	Add +0.4%	18,962	$6.96	$132K	+82	−$28K
Holding	0.00%	Reduce −6.7%	12,689	$10.33	$131K	−908	−$5K
REPL, Replimune Group	0.00%	Hold	14,396	$9.00	$130K	—	—
PML, Pimco Mun Income Fund II	0.00%	Hold	15,050	$8.53	$128K	—	—
JPC	0.00%	Hold	16,714	$7.47	$125K	—	—
GALT, Galectin Therapeutics	0.00%	Hold	53,742	$2.26	$121K	—	—
ETN, Eaton	0.00%	Hold	12,417	$9.74	$121K	—	—
IVZ, Invesco	0.00%	Hold	10,414	$11.24	$117K	—	—
HLN, Haleon	0.00%	Hold	14,082	$8.26	$116K	—	—
NMZ, Nuveen Mun High Inc. Opp Fund	0.00%	Hold	10,369	$10.79	$112K	—	—
XCXEX, MFS High Income Mun Trust	0.00%	Reduce −9.8%	27,514	$3.71	$102K	−2,993	−$9K
NUV, Nuveen Mun Value Fund	0.00%	Hold	11,550	$8.63	$100K	—	—
RLMD, Relmada Therapeutics	0.00%	Hold	30,000	$3.00	$90K	—	—
ZCSH, Grayscale Zcash	0.00%	Hold	15,492	$4.51	$70K	—	—
2seventy Bio	0.00%	Hold	17,275	$3.85	$67K	—	—
Scripps E W Co. Ohio	0.00%	Hold	20,000	$3.14	$63K	—	—
OIS, Oil State International	0.00%	Reduce −10.0%	11,300	$4.44	$50K	−1,259	−$27K
TTI, Tetra Technologies	0.00%	Hold	13,600	$3.46	$47K	—	—
BITF, Bitfarms	0.00%	Hold	18,300	$2.57	$47K	—	—
ALLO, Allogene Therapeutics	0.00%	Hold	19,194	$2.33	$45K	—	—
Bluebird Bio	0.00%	Hold	36,468	$0.9842	$36K	—	—
GBAT, Grayscale Basic Attention	0.00%	Hold	2,089	$10.24	$21K	—	—
PACB	0.00%	Hold	11,517	$1.37	$16K	—	—
MANA, Grayscale Decentraland	0.00%	Hold	691	$20.00	$14K	—	—

Showing top 50 of 315 by value

Exits / last held

Gone since 2024 Q1, shown at their last reported size.

Stock	% of portfolio	Recent activity	Reported price*	Value	Share change	$ change
Bakkt	0.07%	Exit	$0.4598	$3.6M	−7,766,695	−$3.6M
CLB, Core Laboratories	0.04%	Exit	$17.08	$1.9M	−109,308	−$1.9M
UNP, Union Pacific	0.01%	Exit	$246.21	$357K	−1,450	−$357K
MTN, Vail Resorts	0.01%	Exit	$223.06	$325K	−1,457	−$325K
VZ, Verizon	—	Exit	$41.94	$259K	−6,175	−$259K
D, Dominion Enery	—	Exit	$49.10	$221K	−4,501	−$221K
IWC, iShares Trust	—	Exit	$120.93	$208K	−1,720	−$208K
IVZ, Invesco Sr Income Trust	—	Exit	$4.30	$43K	−10,000	−$43K
Salarius Pharmaceuticals	—	Exit	$0.5146	$16K	−31,094	−$16K
Nucana	—	Exit	$0.2568	$5K	−19,467	−$5K

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