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 Q4 2024 Q3, filed 10 Feb, long equity only

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TPL, Texas Pacific Land	49.66%	Reduce −2.4%	3,606,579	$1,106	$4B	−87,786	+$720M
GBTC, Grayscale Bitcoin	13.98%	Reduce −0.3%	15,168,163	$74.02	$1.1B	−39,897	+$355M
LB, Landbridge	4.34%, was 3.04%	Add +4.0%	5,399,275	$64.60	$349M	+208,408	+$146M
WPM, Wheaton Precious Metals	2.05%	Add +6.4%	2,931,246	$56.24	$165M	+177,071	−$3.4M
CACI, CACI International	1.81%, was 2.78%	Reduce −2.3%	359,495	$404.06	$145M	−8,573	−$40M
BTC, Grayscale Bitcoin Mini Trust	1.60%	New	3,064,302	$41.87	$128M	+3,064,302	+$128M
ICE, Intercontinental Exchange	1.49%	Add +7.9%	804,581	$149.01	$120M	+59,055	+$129K
FNV, Franco Nevada	1.45%	Add +5.6%	988,033	$117.59	$116M	+52,199	−$95K
CBOE, Cboe Global Markets	1.01%, was 1.28%	Reduce −0.8%	414,474	$195.40	$81M	−3,190	−$4.6M
MSB, Mesabi Trust	0.99%, was 0.90%	Add +6.9%	2,843,010	$28.11	$80M	+183,387	+$20M
Viper Energy	0.97%, was 0.89%	Add +20.4%	1,589,404	$49.07	$78M	+268,959	+$18M
BN, Brookfield Corporation	0.87%, was 0.84%	Add +15.3%	1,218,597	$57.45	$70M	+161,891	+$14M
CVEO, Civeo	0.87%, was 1.33%	Reduce −5.8%	3,064,019	$22.72	$70M	−187,590	−$19M
DBRG, Digitalbridge Group	0.63%, was 0.10%	Add +868.9%	4,483,340	$11.28	$51M	+4,020,627	+$44M
AN, Autonation	0.60%, was 0.77%	Reduce −1.6%	282,198	$169.84	$48M	−4,565	−$3.4M
MSTR, Microstrategy	0.60%	Reduce −14.3%	165,315	$289.62	$48M	−27,590	+$15M
GBTC, iShares Bitcoin Trust	0.57%, was 0.44%	Add +7.3%	864,272	$53.05	$46M	+58,469	+$17M
SAIC, Science Applicatns International	0.57%	Add +0.9%	406,695	$111.78	$45M	+3,730	−$11M
PBT, Permian Basin Rty Trust	0.54%	Add +7.1%	3,946,083	$11.08	$44M	+261,819	−$83K
LYV, Live Nation Entertainment	0.53%, was 0.58%	Reduce −7.5%	329,735	$129.50	$43M	−26,574	+$3.7M
HHH, Howard Hughes	0.44%, was 0.57%	Reduce −7.5%	458,597	$76.92	$35M	−37,214	−$3.1M
CCJ, Cameco	0.39%, was 0.37%	Add +19.1%	616,951	$51.39	$32M	+99,123	+$7M
Associated Cap Group	0.39%, was 0.52%	Reduce −5.9%	917,630	$34.26	$31M	−57,498	−$3.1M
MMC, Marsh McLennan	0.38%	Add +21.5%	144,628	$212.41	$31M	+25,554	+$4.2M
DMLP, Dorchester Minerals	0.38%	Add +1.3%	908,646	$33.33	$30M	+11,753	+$3.2M
Osisko Gold Royalties	0.37%	Add +19.2%	1,659,922	$18.10	$30M	+267,777	+$4.3M
CME, CME Group	0.36%, was 0.43%	Reduce −2.2%	125,853	$232.23	$29M	−2,860	+$826K
PAG, Penske Automotive Group	0.35%	Add +0.8%	182,966	$152.44	$28M	+1,486	−$1.6M
ADM, Archer-Daniels-Midland	0.34%, was 0.58%	Reduce −16.5%	545,719	$50.52	$28M	−108,092	−$11M
CCL, Carnival	0.34%, was 0.30%	Add +0.1%	1,084,131	$24.92	$27M	+1,182	+$7M
JOE, Saint Joe	0.32%	Add +7.7%	564,202	$44.93	$25M	+40,354	−$5.2M
BG, Bunge Global	0.31%	Add +18.2%	319,121	$77.76	$25M	+49,046	−$1.3M
WST, West Fraser Timber	0.30%	Add +18.7%	281,367	$86.55	$24M	+44,424	+$1.3M
HE, Hawaiian Electric Industries	0.29%	New	2,379,498	$9.73	$23M	+2,379,498	+$23M
Sandstorm Gold	0.26%, was 0.35%	Reduce −2.9%	3,788,672	$5.58	$21M	−113,047	−$2.3M
BRK.B, Berkshire Hathaway Class B	0.25%, was 0.31%	Reduce −3.1%	43,600	$453.28	$20M	−1,378	−$938K
WTM, White Mountains Insurance Group	0.24%, was 0.18%	Add +41.3%	10,089	$1,945	$20M	+2,951	+$7.5M
IPAR, Inter Parfums	0.24%, was 0.29%	Reduce −3.1%	147,120	$131.51	$19M	−4,695	−$309K
Sitio Royalties	0.21%	Add +11.9%	862,426	$19.18	$17M	+91,685	+$479K
TRC, Tejon Ranch	0.17%, was 0.24%	Reduce −5.3%	851,294	$15.90	$14M	−47,812	−$2.2M
OSK, Oshkosh	0.17%, was 0.21%	Reduce −0.7%	140,119	$95.07	$13M	−1,021	−$823K
RCL, Royal Caribbean	0.16%	Reduce −1.3%	57,153	$230.69	$13M	−728	+$2.9M
WEN, Wendys	0.16%, was 0.22%	Reduce −7.7%	782,621	$16.30	$13M	−64,895	−$2.1M
BAM, Brookfield Asset Management	0.16%, was 0.17%	Reduce −2.6%	234,360	$54.19	$13M	−6,220	+$1.3M
VGSH, Vanguard Scottsdale Funds	0.16%, was 0.20%	Reduce −3.8%	215,098	$58.18	$13M	−8,401	−$677K
SPAQ, Listed Fund Trust	0.15%, was 0.19%	Reduce −2.5%	125,435	$98.41	$12M	−3,256	−$419K
CRL, Charles River Labs International	0.14%, was 0.34%	Reduce −47.9%	59,840	$184.60	$11M	−54,922	−$12M
MA, Mastercard	0.13%, was 0.15%	Reduce −1.8%	19,291	$526.56	$10M	−347	+$461K
RBA, RB Global	0.12%, was 0.14%	Reduce −6.3%	110,630	$90.21	$10M	−7,379	+$481K
RGLD, Royal Gold	0.12%, was 0.16%	Reduce −2.1%	74,792	$131.85	$9.9M	−1,575	−$853K
WMB, Williams Companies	0.12%	Reduce −2.5%	172,890	$54.12	$9.4M	−4,395	+$1.3M
FWONK, Liberty Media	0.11%, was 0.12%	Reduce −1.5%	99,173	$92.66	$9.2M	−1,491	+$1.4M
BKKT, Bakkt	0.11%	Reduce −8.1%	367,927	$24.77	$9.1M	−32,290	+$5.3M
SPGI, S&P Global	0.11%, was 0.14%	Reduce −2.6%	17,994	$498.03	$9M	−471	−$578K
BND, Vanguard Bond Index Funds	0.11%, was 0.13%	Reduce −2.3%	170,200	$49.62	$8.4M	−3,933	−$251K
RPRX	0.10%	Add +39.5%	319,176	$25.51	$8.1M	+90,380	+$1.7M
SII, Sprott	0.10%	Add +18.9%	192,466	$42.17	$8.1M	+30,622	+$1.1M
NDAQ, Nasdaq	0.10%	Add +0.3%	103,246	$77.31	$8M	+328	+$468K
GBTC, Grayscale Bitcoin Cash	0.10%	Add +47.7%	1,455,288	$5.25	$7.6M	+469,894	+$1M
EXP, Eagle Materials	0.09%, was 0.14%	Reduce −5.2%	29,949	$246.76	$7.4M	−1,656	−$1.7M
SBR, Sabine Royalty Trust	0.09%	Add +9.5%	109,921	$64.81	$7.1M	+9,553	+$924K
ELS, Equity Lifestyle Properties	0.09%, was 0.12%	Reduce −6.9%	104,935	$66.60	$7M	−7,722	−$1M
SJT, San Juan Basin Rty Trust	0.09%, was 0.07%	Add +40.4%	1,814,214	$3.83	$6.9M	+522,288	+$2.2M
MSGS, MSG Sports	0.09%, was 0.10%	Reduce −0.8%	30,261	$225.68	$6.8M	−230	+$479K
LTCN, Grayscale Litecoin Trust	0.08%, was 0.07%	Add +57.7%	516,894	$12.79	$6.6M	+189,078	+$1.9M
LBRDA, Liberty Broadband	0.08%, was 0.10%	Reduce −2.7%	87,086	$74.76	$6.5M	−2,394	−$405K
ET, Energy Transfer	0.08%, was 0.07%	Add +3.5%	311,724	$19.59	$6.1M	+10,455	+$1.3M
XOM, Exxon Mobil	0.07%, was 0.10%	Reduce −0.9%	54,429	$107.57	$5.9M	−472	−$581K
Aris Water Solutions	0.07%	New	229,308	$23.95	$5.5M	+229,308	+$5.5M
FCX, Freeport-McMoRan	0.07%, was 0.11%	Reduce −0.1%	141,597	$38.08	$5.4M	−205	−$1.7M
MSFT, Microsoft	0.07%, was 0.08%	Reduce −1.8%	12,773	$421.52	$5.4M	−237	−$214K
BX, Blackstone	0.06%, was 0.08%	Reduce −8.8%	30,200	$172.42	$5.2M	−2,900	+$138K
ABBV, AbbVie	0.06%	Add +0.8%	26,048	$177.70	$4.6M	+203	−$475K
PM, Philip Morris International	0.06%, was 0.07%	Reduce −0.1%	38,294	$120.35	$4.6M	−50	−$46K
TCOM, Tri Pointe Homes	0.06%, was 0.09%	Reduce −11.4%	124,012	$36.26	$4.5M	−16,000	−$1.8M
LBRT, Liberty Energy	0.06%, was 0.07%	Reduce −13.7%	224,849	$19.89	$4.5M	−35,758	−$503K
Marex Group	0.05%	New	141,374	$31.17	$4.4M	+141,374	+$4.4M
Burford Cap	0.05%, was 0.07%	Reduce −2.9%	342,950	$12.75	$4.4M	−10,365	−$312K
MKL, Markel Group	0.05%, was 0.06%	Reduce −0.4%	2,505	$1,726	$4.3M	−9	+$381K
Costamare	0.05%, was 0.08%	Reduce −0.4%	321,600	$12.85	$4.1M	−1,400	−$945K
EPD, Enterprise Products Partners	0.05%	Add +0.4%	130,752	$31.36	$4.1M	+580	+$311K
BSM	0.05%	Hold	275,638	$14.60	$4M	—	—
XNEAX, Nuveen Amt Free Qlty Mun	0.05%, was 0.07%	Reduce −9.5%	343,633	$11.28	$3.9M	−35,904	−$667K
FWONA, Liberty Media	0.05%	Reduce −1.0%	44,818	$84.04	$3.8M	−447	+$529K
INFL, Listed Fund Trust	0.05%	Add +4.2%	95,267	$38.08	$3.6M	+3,803	+$190K
LHX, L3Harris	0.04%, was 0.06%	Reduce −0.9%	16,455	$210.28	$3.5M	−150	−$490K
IRM, Iron Mountain	0.04%, was 0.06%	Reduce −4.5%	32,900	$105.11	$3.5M	−1,550	−$636K
BMY, Bristol Myers Squibb	0.04%	Add +1.8%	60,476	$56.56	$3.4M	+1,094	+$348K
BCDF, Listed Fund Trust	0.04%	Add +8.1%	122,143	$27.75	$3.4M	+9,119	+$236K
CSCO, Cisco	0.04%	Add +0.1%	56,641	$59.20	$3.4M	+50	+$341K
MRK, Merck	0.04%	Add +1.2%	33,574	$99.48	$3.3M	+382	−$429K
MO, Altria	0.04%, was 0.05%	Reduce −0.7%	63,197	$52.29	$3.3M	−470	+$55K
LLY, Eli Lilly	0.04%	Add +3.4%	4,257	$772.00	$3.3M	+141	−$360K
FNF, Fidelity National Financial	0.04%, was 0.05%	Reduce 0.0%	58,066	$56.14	$3.3M	−5	−$344K
NVDA, Nvidia	0.04%, was 0.05%	Reduce −7.3%	24,160	$134.29	$3.2M	−1,900	+$80K
LVS, Las Vegas Sands	0.04%	Add +0.2%	60,395	$51.36	$3.1M	+100	+$67K
KLAC, KLA	0.04%, was 0.06%	Reduce −0.5%	4,824	$630.12	$3M	−25	−$715K
NTR, Nutrien	0.04%, was 0.23%	Reduce −78.9%	67,026	$44.75	$3M	−250,607	−$12M
AMLP, Alps ETF Trust Alerian MLP	0.04%	Add +5.8%	61,057	$48.16	$2.9M	+3,330	+$220K
EMR, Emerson Electric	0.04%	Reduce −2.6%	23,662	$123.93	$2.9M	−635	+$275K
CAT, Caterpillar	0.04%, was 0.05%	Reduce −3.3%	7,943	$362.76	$2.9M	−273	−$332K
PTEN, Patterson Uti Energy	0.04%, was 0.05%	Reduce −11.7%	347,542	$8.26	$2.9M	−45,995	−$140K
CVX, Chevron	0.04%	Reduce −0.7%	19,646	$144.84	$2.8M	−147	−$69K
KMI, Kinder Morgan	0.04%, was 0.03%	Add 0.0%	103,636	$27.40	$2.8M	+44	+$551K
JNJ, Johnson & Johnson	0.04%	Add +0.9%	19,602	$144.62	$2.8M	+174	−$314K
SU, Suncor Energy	0.03%, was 0.04%	Reduce −0.1%	77,944	$35.68	$2.8M	−100	−$100K
PFE, Pfizer	0.03%	Add +7.3%	100,703	$26.53	$2.7M	+6,888	−$43K
AB, Alliance Bernstein	0.03%, was 0.01%	Add +175.5%	71,287	$37.09	$2.6M	+45,413	+$1.7M
Fitlife Brands	0.03%	Hold	77,228	$32.60	$2.5M	—	—
SPHR, Sphere Entertainment	0.03%	Add +8.2%	61,408	$40.32	$2.5M	+4,680	−$30K
VXF, Vanguard Index Funds	0.03%, was 0.02%	Add +76.1%	12,911	$189.98	$2.5M	+5,579	+$1.1M
FIS, Fidelity National Information Services	0.03%, was 0.04%	Reduce −4.7%	30,340	$80.77	$2.5M	−1,500	−$216K
RTX	0.03%	Hold	20,618	$115.72	$2.4M	—	—
CRAI, Cra International	0.03%	Reduce −0.6%	12,528	$187.20	$2.3M	−80	+$135K
BAC, Bank of America	0.03%	Hold	49,225	$43.95	$2.2M	—	—
WT, Wisdomtree	0.03%	Reduce −1.0%	204,338	$10.50	$2.1M	−1,964	+$85K
HON, Honeywell	0.03%	Reduce −0.8%	9,481	$225.89	$2.1M	−72	+$167K
OPLN, Openlane	0.03%	Reduce −0.7%	106,857	$19.84	$2.1M	−782	+$303K
NRP, Natural Resource Partners	0.03%	Reduce −5.3%	18,395	$111.00	$2M	−1,027	+$142K
AAPL, Apple	0.02%	Add 0.0%	8,008	$250.42	$2M	+1	+$140K
BATRK, Atlanta Braves	0.02%, was 0.03%	Reduce −1.6%	52,145	$38.26	$2M	−857	−$114K
SON, Sonoco Products	0.02%	Add +3.2%	39,530	$48.85	$1.9M	+1,230	−$161K
VRSK, Verisk	0.02%	Hold	7,000	$275.43	$1.9M	—	—
MSTR, Microstrategy	0.02%, was 0.04%	Reduce −21.0%	257,327	$7.45	$1.9M	−68,500	−$566K
WPC, W P Carey	0.02%	Add +4.3%	35,150	$54.48	$1.9M	+1,450	−$185K
CSW, CSW Industrials	0.02%, was 0.03%	Reduce −10.0%	5,400	$352.80	$1.9M	−600	−$293K
VOO, Vanguard S&P 500 ETF	0.02%, was 0.03%	Reduce −0.4%	3,386	$538.81	$1.8M	−15	+$30K
REZI, Resideo Technologies	0.02%, was 0.03%	Reduce −10.1%	78,312	$23.05	$1.8M	−8,800	+$51K
BAH	0.02%, was 0.01%	Add +204.7%	13,930	$128.70	$1.8M	+9,358	+$1M
VRT, Vertiv	0.02%	Add +2.2%	15,670	$113.61	$1.8M	+340	+$255K
RYN, Rayonier Advanced Materials	0.02%, was 0.03%	Reduce −7.7%	215,700	$8.25	$1.8M	−18,000	−$221K
MSGE, MSG Entertainment	0.02%	Add +0.2%	49,498	$35.60	$1.8M	+81	−$340K
ROK, Rockwell Automation	0.02%	Hold	6,015	$285.79	$1.7M	—	—
PCH, Potlatchdeltic	0.02%, was 0.03%	Reduce −15.6%	43,552	$39.25	$1.7M	−8,064	−$616K
Grayscale Digital Large Cap	0.02%	Hold	41,029	$41.14	$1.7M	—	—
TD, Toronto-Dominion Bank	0.02%	Add +2.8%	30,950	$53.24	$1.6M	+850	−$256K
RCG, Renn Fund	0.02%	Add +8.3%	725,897	$2.23	$1.6M	+55,421	+$197K
NAD, Nuveen Quality Muni Inc. Fund	0.02%	Hold	138,117	$11.66	$1.6M	—	—
PDI, Pimco Dynamic Income Fund	0.02%, was 0.03%	Reduce −0.4%	86,836	$18.34	$1.6M	−352	−$175K
Telefonica	0.02%	Add +0.9%	391,277	$4.02	$1.6M	+3,500	−$312K
SEG, Seaport	0.02%	Reduce −0.8%	55,020	$27.95	$1.5M	−423	+$18K
DHR, Danaher	0.02%, was 0.04%	Reduce −24.7%	6,678	$229.55	$1.5M	−2,193	−$933K
SEE, Sealed Air	0.02%	Add +0.8%	43,450	$33.83	$1.5M	+350	−$95K
RYN, Rayonier	0.02%, was 0.03%	Reduce −8.7%	55,367	$26.10	$1.4M	−5,277	−$506K
ARLP	0.02%	New	54,761	$26.29	$1.4M	+54,761	+$1.4M
V, Visa	0.02%	Hold	4,539	$316.04	$1.4M	—	—
RIO, Rio Tinto	0.02%	Add +49.8%	24,366	$58.81	$1.4M	+8,100	+$275K
SIRI, Sirius XM	0.02%	Reduce −6.4%	62,129	$22.80	$1.4M	−4,277	−$154K
NVO, Novo Nordisk	0.02%, was 0.03%	Reduce 0.0%	15,716	$86.02	$1.4M	−2	−$520K
GSK	0.02%	Add +4.4%	39,865	$33.82	$1.3M	+1,673	−$213K
RMT, Royce Micro-Cap Trust	0.02%	Reduce −0.3%	137,215	$9.75	$1.3M	−355	+$16K
Liberty Media	0.02%	Reduce −13.9%	19,599	$68.06	$1.3M	−3,153	+$166K
XES, SPDR Ser Trust	0.02%	Reduce −3.7%	16,704	$78.92	$1.3M	−638	−$82K
BGC, BGC Group	0.02%	Add +1.4%	145,486	$9.06	$1.3M	+2,024	+$1K
SVXY, Proshares Trust II	0.02%	Reduce −1.1%	26,317	$50.06	$1.3M	−300	−$16K
JFR, Nuveen Floating Rate Income	0.02%	Reduce −0.2%	143,818	$8.92	$1.3M	−300	+$12K
BN, Brookfield Corporation	0.02%	Reduce −2.1%	22,047	$57.44	$1.3M	−477	+$69K
EOG, EOG Resources	0.02%	Add +1.5%	10,218	$122.58	$1.3M	+150	+$15K
MMM, 3M	0.02%	Hold	9,575	$129.09	$1.2M	—	—
BLK, BlackRock	0.02%	Reduce −0.3%	101,802	$12.12	$1.2M	−355	−$51K
KRP, Kimbell Rty Partners	0.02%	Add +0.5%	75,908	$16.23	$1.2M	+382	+$17K
NVS, Novartis	0.02%	Add +3.3%	12,547	$97.31	$1.2M	+403	−$176K
MCD, McDonald's	0.01%	Hold	4,046	$289.89	$1.2M	—	—
SAN, Banco Santander	0.01%	Add +6.4%	250,177	$4.56	$1.1M	+15,000	−$59K
ABT, Abbott Laboratories	0.01%, was 0.02%	Reduce −0.5%	10,041	$113.11	$1.1M	−50	−$15K
MSTR, Pimco Income Strategy Fund	0.01%	Hold	135,486	$8.38	$1.1M	—	—
BATRA, Atlanta Braves	0.01%, was 0.02%	Reduce −2.2%	26,401	$40.80	$1.1M	−605	−$61K
GE, GE Aerospace	0.01%, was 0.02%	Reduce −0.8%	6,446	$166.79	$1.1M	−52	−$150K
CMS, CMS Energy	0.01%	Hold	15,675	$66.65	$1M	—	—
FHI, Federated Hermes	0.01%	Reduce −5.4%	25,096	$41.11	$1M	−1,436	+$56K
LIN, Linde	0.01%	Hold	2,460	$418.67	$1M	—	—
GOOG, Alphabet Class C	0.01%	Reduce −9.7%	5,345	$190.44	$1M	−571	+$29K
XFRAX	0.01%	Hold	73,870	$13.75	$1M	—	—
ADI, Analog Devices	0.01%	Hold	4,756	$212.45	$1M	—	—
Metalla Rty & Streaming	0.01%	Add +0.4%	401,541	$2.51	$1M	+1,734	−$228K
OIH, Vaneck ETF Trust	0.01%	Add 0.0%	3,691	$271.26	$1M	+1	−$46K
APYX, Apyx Medical	0.01%	Hold	615,000	$1.58	$972K	—	—
GDXJ, Vaneck ETF Trust	0.01%, was 0.02%	Reduce −4.0%	22,393	$42.75	$957K	−927	−$181K
RQI, Cohen & Steers Quality Realty	0.01%	Add +1.3%	77,827	$12.24	$953K	+1,000	−$136K
GM, General Motors	0.01%	Reduce −0.6%	17,843	$53.27	$950K	−100	+$146K
AMGN, Amgen	0.01%	Add +4.1%	3,597	$260.64	$938K	+141	−$176K
BK, BNY	0.01%	Hold	12,064	$76.83	$927K	—	—
GOOGL, Alphabet Class A	0.01%	Reduce −2.0%	4,815	$189.30	$911K	−98	+$97K
GLD, SPDR Gold Shares	0.01%	Reduce −2.1%	3,756	$242.13	$909K	−80	−$23K
JPM, JPMorgan Chase	0.01%	Reduce −7.9%	3,745	$239.71	$898K	−322	+$40K
RSP	0.01%	Add +64.8%	5,115	$175.23	$896K	+2,012	+$340K
BN, Brookfield Corporation	0.01%, was 0.02%	Reduce −7.2%	28,171	$31.79	$896K	−2,200	−$169K
QCOM, Qualcomm	0.01%	Add +0.9%	5,722	$153.62	$879K	+50	−$86K
SPY, SPDR S&P 500 ETF Trust	0.01%	Reduce −10.7%	1,470	$586.08	$862K	−176	−$83K
WY, Weyerhaeuser	0.01%, was 0.02%	Reduce −2.5%	30,580	$28.15	$861K	−799	−$202K
GBX, Greenbrier Companies	0.01%	Reduce −13.1%	13,950	$60.99	$851K	−2,100	+$34K
DGX, Quest Diagnostics	0.01%	Hold	5,600	$150.86	$845K	—	—
AZNN	0.01%	Add +4.2%	12,876	$65.52	$844K	+522	−$119K
EBAY, eBay	0.01%	Reduce −5.5%	13,337	$61.95	$826K	−773	−$92K
SLV, iShares Silver Trust	0.01%	Hold	30,690	$26.33	$808K	—	—
BP, BP PLC	0.01%	Reduce −9.3%	27,314	$29.56	$807K	−2,800	−$138K
GBTC, Vaneck Bitcoin ETF	0.01%	Hold	7,630	$105.71	$807K	—	—
IBM	0.01%	Hold	3,650	$219.83	$802K	—	—
KKR	0.01%	Hold	5,358	$147.91	$793K	—	—
NSC, Norfolk Southern	0.01%	Add +0.6%	3,368	$234.70	$790K	+20	−$42K
VMI, Valmont Industries	0.01%	Hold	2,575	$306.67	$790K	—	—
LEN, Lennar	0.01%, was 0.02%	Reduce −1.9%	5,750	$136.37	$784K	−112	−$315K
MPC, Marathon Petroleum	0.01%	Reduce −3.5%	5,570	$139.50	$777K	−200	−$163K
ETCG, Grayscale Ethereum Classic	0.01%	Reduce −0.1%	71,042	$10.77	$765K	−96	+$196K
NRK	0.01%	Hold	71,483	$10.46	$748K	—	—
NEM, Newmont	0.01%, was 0.02%	Reduce −16.8%	20,042	$37.22	$746K	−4,047	−$542K
DSL, Doubleline Income Solutions	0.01%	Reduce −1.7%	58,329	$12.57	$733K	−979	−$37K
Kraneshares Trust	0.01%	Reduce −11.0%	25,010	$29.31	$733K	−3,099	−$157K
SYK, Stryker	0.01%	Hold	2,000	$360.05	$720K	—	—
MDLZ, Mondelez	0.01%, was 0.02%	Reduce −28.3%	11,778	$59.73	$704K	−4,651	−$507K
GS, Goldman Sachs	0.01%	Hold	1,193	$572.62	$683K	—	—
BRK.A, Berkshire Hathaway Class A	0.01%	Hold	1	$680,920	$681K	—	—
ALNY, Alnylam Pharmaceuticals	0.01%	Add +4.4%	2,880	$235.31	$678K	+121	−$81K
CM, Canadian Imperial	0.01%	Hold	10,500	$63.23	$664K	—	—
ALKS, Alkermes	0.01%	Add +4.4%	23,033	$28.76	$662K	+967	+$45K
DIS, Disney	0.01%	Add 0.0%	5,705	$111.36	$635K	+1	+$87K
TW, Tradeweb Markets	0.01%	Add +11.8%	4,753	$130.92	$622K	+500	+$96K
BLK, BlackRock	0.01%	Hold	61,530	$10.00	$615K	—	—
HKHC, Horizon Kinetics	0.01%	New	16,168	$36.00	$582K	+16,168	+$582K
D, Dominion Energy	0.01%	Add +30.3%	10,750	$53.86	$579K	+2,500	+$102K
SBLK, Star Bulk Carriers	0.01%, was 0.02%	Reduce −12.5%	38,637	$14.95	$578K	−5,520	−$468K
DOW, DOW Inc	0.01%	Add +101.9%	13,871	$40.13	$557K	+7,000	+$181K
AJG, Arthur J. Gallagher	0.01%	Hold	1,957	$283.85	$555K	—	—
BTZ	0.01%	Hold	51,023	$10.46	$534K	—	—
ENB, Enbridge	0.01%	Hold	12,532	$42.43	$532K	—	—
REGN, Regeneron	0.01%	Add +4.1%	735	$712.33	$524K	+29	−$219K
BR, Broadridge Financial	0.01%	Add +2.6%	2,307	$226.09	$522K	+59	+$38K
M, Macys	0.01%	Hold	30,500	$16.93	$516K	—	—
BLK, BlackRock	0.01%	New	47,926	$10.55	$506K	+47,926	+$506K
MYI	0.01%	Hold	44,854	$11.04	$495K	—	—
GEV, GE Vernova	0.01%	Reduce −0.9%	1,486	$328.93	$489K	−13	+$107K
BIIB, Biogen	0.01%	Add +4.2%	3,169	$152.92	$485K	+129	−$105K
KVUE, Kenvue	0.01%	Add +23.5%	22,562	$21.35	$482K	+4,300	+$59K
WOOD, iShares Trust	0.01%	Reduce −8.1%	6,295	$76.34	$481K	−555	−$110K
GBTC, Grayscale Bitcoin Trust	0.01%	Reduce −0.6%	5,881	$81.58	$480K	−35	+$151K
NZF, Nuveen Municipal Credit	0.01%	Hold	39,202	$12.17	$477K	—	—
BLK, BlackRock	0.01%	New	42,157	$11.15	$470K	+42,157	+$470K
L, Loews	0.01%	Add 0.0%	5,543	$84.69	$469K	+2	+$31K
LADR, Ladder Cap	0.01%	New	41,000	$11.19	$459K	+41,000	+$459K
DBL, Doubleline Opportunistic CR	0.01%, was 0.02%	Reduce −58.4%	28,598	$15.50	$443K	−40,183	−$645K
KHC, Kraft Heinz	0.01%	Reduce −1.8%	14,321	$30.71	$440K	−256	−$72K
Holding	0.01%	Hold	58,956	$7.43	$438K	—	—
IONS, Ionis Pharmaceuticals	0.01%	Add +4.4%	12,476	$34.96	$436K	+524	−$43K
NAN, Nuveen NY Qlty Income Fund	0.01%	Hold	38,119	$11.40	$435K	—	—
C, Citigroup	0.01%	Hold	6,161	$70.39	$434K	—	—
IAU, iShares Gold Trust	0.01%	Reduce −1.1%	8,690	$49.51	$430K	−100	−$7K
NBH, Neuberger Berman Muni Fund	0.01%	Hold	41,529	$10.35	$430K	—	—
CRSP, Crispr Therapeutics	0.01%	Add +4.3%	10,682	$39.36	$420K	+443	−$61K
NBB, Nuveen Build American	0.00%, was 0.01%	Reduce −2.8%	26,210	$14.98	$393K	−744	−$55K
VTI, Vanguard Index Funds	0.00%, was 0.01%	Reduce −3.8%	1,352	$289.81	$392K	−53	−$6K
BLK, BlackRock	0.00%	Hold	39,579	$9.86	$390K	—	—
DORM, Dorman Products	0.00%	Hold	3,000	$129.55	$389K	—	—
OXY, Occidental	0.00%, was 0.01%	Reduce −15.7%	7,859	$49.41	$388K	−1,467	−$92K
FHI, Federated Hermes	0.00%, was 0.01%	Reduce −0.2%	35,080	$10.91	$383K	−69	−$54K
CNS, Cohen & Steers	0.00%, was 0.01%	Reduce −8.3%	4,106	$92.34	$379K	−372	−$50K
GDX, Vaneck ETF Trust	0.00%, was 0.01%	Reduce −10.0%	11,127	$33.91	$377K	−1,235	−$115K
KO, Coca-Cola	0.00%, was 0.01%	Reduce −2.5%	5,870	$62.26	$365K	−150	−$67K
MOV, Movado Group	0.00%	Hold	18,261	$19.68	$359K	—	—
ETN, Eaton	0.00%	Hold	27,801	$12.80	$356K	—	—
PEP, PepsiCo	0.00%	Hold	2,313	$152.06	$352K	—	—
AWR	0.00%	Hold	4,468	$77.72	$347K	—	—
NFLX, Netflix	0.00%	Add +2.9%	386	$891.32	$344K	+11	+$78K
META, Meta Platforms	0.00%	Hold	583	$585.30	$341K	—	—
CMCSA, Comcast	0.00%	Hold	9,066	$37.53	$340K	—	—
MKTX, Marketaxess	0.00%	Add +11.3%	1,494	$226.04	$338K	+152	−$6K
PHYS, Sprott Physical Gold Trust	0.00%	Hold	16,621	$20.14	$335K	—	—
AMG	0.00%	Add +31.3%	1,774	$184.92	$328K	+423	+$88K
NVG	0.00%	Hold	26,556	$12.26	$326K	—	—
ETN, Eaton	0.00%	Hold	975	$331.87	$324K	—	—
AFL, Aflac	0.00%	Hold	3,000	$103.44	$310K	—	—
Liberty Media	0.00%, was 0.01%	Reduce −49.8%	4,659	$66.56	$310K	−4,618	−$149K
PCM, PCM Fund	0.00%	Hold	40,252	$7.70	$310K	—	—
CNP, Centerpoint Energy	0.00%	Hold	9,633	$31.73	$306K	—	—
BWXT, BWX Technologies	0.00%	Hold	2,690	$111.39	$300K	—	—
AMT, American Tower	0.00%	Add +2.6%	1,600	$183.41	$293K	+40	−$69K
PWR, Quanta Services	0.00%	Hold	900	$316.05	$284K	—	—
CL, Colgate-Palmolive	0.00%	Hold	3,102	$90.91	$282K	—	—
DAL, Delta Air Lines	0.00%	Hold	4,600	$60.50	$278K	—	—
GPC, Genuine Parts	0.00%	Hold	2,360	$116.76	$276K	—	—
NVIR, Listed Fund Trust	0.00%	Add +7.3%	8,811	$30.02	$265K	+602	+$26K
IFF, International Flavors & Fragrances	0.00%	Hold	3,050	$84.55	$258K	—	—
GEHC, GE HealthCare	0.00%	Add +1.5%	3,281	$78.18	$257K	+49	−$47K
BGT	0.00%	Hold	19,778	$12.86	$254K	—	—
PBH	0.00%	Hold	3,247	$78.09	$254K	—	—
AMZN, Amazon	0.00%	Add +2.7%	1,124	$219.39	$247K	+30	+$43K
BEAM, Beam Therapeutics	0.00%	Add +4.4%	9,597	$24.80	$238K	+403	+$13K
RA	0.00%	Hold	17,614	$13.32	$235K	—	—
ADP, Automatic Data Processing	0.00%	Hold	800	$292.73	$234K	—	—
BA, Boeing	0.00%	Reduce −24.5%	1,320	$177.00	$234K	−428	−$32K
VZ, Verizon	0.00%	Add +24.7%	5,828	$39.99	$233K	+1,153	+$23K
ETN, Eaton	0.00%	Hold	22,431	$10.36	$232K	—	—
ETN, Eaton	0.00%	Hold	24,358	$9.53	$232K	—	—
JPC	0.00%	Hold	28,538	$7.86	$224K	—	—
WYNN, Wynn Resorts	0.00%	Reduce −1.6%	2,569	$86.16	$221K	−42	−$29K
IVZ, Invesco Quality Muni	0.00%	Hold	22,115	$9.86	$218K	—	—
AWK	0.00%	Add +0.1%	1,734	$124.46	$216K	+1	−$38K
NEE, NextEra Energy	0.00%	Hold	2,860	$71.69	$205K	—	—
BCYC, Bicycle Therapeutics	0.00%	Add +4.4%	14,396	$14.00	$202K	+604	−$111K
ETN, Eaton	0.00%	Hold	32,130	$6.14	$197K	—	—
TFPM, Triple Flag Precious Metal	0.00%, was 0.01%	Reduce −41.7%	12,992	$15.04	$195K	−9,304	−$165K
MHD	0.00%, was 0.03%	Reduce −88.1%	16,653	$11.67	$194K	−123,852	−$1.6M
PML, Pimco Mun Income Fund II	0.00%	Hold	23,325	$8.09	$189K	—	—
NIM	0.00%	Hold	21,500	$8.71	$187K	—	—
ETHE, Grayscale Ethereum Trust	0.00%	Hold	6,683	$28.02	$187K	—	—
NMZ, Nuveen Mun High Inc. Opp Fund	0.00%	Hold	17,322	$10.81	$187K	—	—
BLK, BlackRock	0.00%	Hold	18,237	$10.19	$186K	—	—
APLD, Applied Digital	0.00%	Hold	23,870	$7.64	$182K	—	—
REPL, Replimune Group	0.00%	Add +4.4%	14,396	$12.11	$174K	+604	+$23K
INTC, Intellia Therapeutics	0.00%	Add +4.4%	14,396	$11.66	$168K	+604	−$116K
ETN, Eaton	0.00%	Hold	12,000	$12.83	$154K	—	—
Holding	0.00%	Reduce −3.3%	12,088	$12.71	$154K	−416	+$16K
ETN, Eaton	0.00%	Hold	15,668	$9.77	$153K	—	—
BLK, BlackRock	0.00%	Reduce −2.5%	14,426	$10.51	$152K	−370	−$15K
HLN, Haleon	0.00%	Add +4.4%	14,082	$9.54	$134K	+591	−$8K
XCXEX, MFS High Income Mun Trust	0.00%	Hold	35,414	$3.68	$130K	—	—
VNDA, Vanda Pharmaceuticals	0.00%	Add +4.4%	25,912	$4.79	$124K	+1,088	+$8K
IVZ, Invesco	0.00%	Hold	19,911	$5.90	$117K	—	—
IVZ, Invesco	0.00%	Hold	10,414	$10.47	$109K	—	—
NUV, Nuveen Mun Value Fund	0.00%	Hold	12,350	$8.59	$106K	—	—
ETN, Eaton	0.00%	Hold	10,014	$10.11	$101K	—	—
ETN, Eaton	0.00%	Hold	10,679	$9.17	$98K	—	—
LTRN	0.00%	Add +4.4%	28,791	$3.19	$92K	+1,209	−$9K
ZCSH, Grayscale Zcash	0.00%	Hold	15,492	$5.75	$89K	—	—
GALT, Galectin Therapeutics	0.00%	Add +4.4%	53,742	$1.29	$69K	+2,258	−$72K
IVZ, Invesco Sr Income Trust	0.00%	Hold	15,179	$3.95	$60K	—	—
Holding	0.00%	Hold	10,355	$5.67	$59K	—	—
OIS, Oil State International	0.00%	Hold	11,300	$5.06	$57K	—	—
EVLV	0.00%	Hold	13,500	$3.95	$53K	—	—
2seventy Bio	0.00%	Add +4.4%	17,275	$2.94	$51K	+725	−$27K
TTI, Tetra Technologies	0.00%	Hold	13,600	$3.58	$49K	—	—
ALLO, Allogene Therapeutics	0.00%	Add +4.4%	19,194	$2.13	$41K	+806	−$11K
EDIT, Editas Medicine	0.00%	Add +4.4%	31,720	$1.27	$40K	+1,330	−$63K
WST, West Pharmaceutical	0.00%	Hold	10,072	$3.93	$40K	—	—
BITF, Bitfarms	0.00%	Hold	18,300	$1.49	$27K	—	—
PACB	0.00%	Add +4.4%	11,517	$1.83	$21K	+483	+$2K
GBAT, Grayscale Basic Attention	0.00%	Hold	2,089	$7.01	$15K	—	—
MANA, Grayscale Decentraland	0.00%	Hold	691	$12.01	$8K	—	—

Showing top 50 of 337 by value

Exits / last held

Gone since 2024 Q3, shown at their last reported size.

Stock	% of portfolio	Recent activity	Reported price*	Value	Share change	$ change
BTC, Grayscale Bitcoin Mini Trust	1.29%	Exit	$5.63	$86M	−15,282,793	−$86M
CVS, CVS Health	0.01%	Exit	$62.90	$807K	−12,830	−$807K
BXMT	0.01%	Exit	$19.00	$720K	−37,900	−$720K
TQQQ, Proshares Trust	0.01%	Exit	$72.52	$515K	−7,101	−$515K
Proshares Trust	0.01%	Exit	$7.40	$486K	−65,719	−$486K
BLK, BlackRock	0.01%	Exit	$7.60	$353K	−46,440	−$353K
VLTO, Veralto	—	Exit	$111.99	$255K	−2,277	−$255K
ASTL, Algoma Steel Group	—	Exit	$10.24	$195K	−19,044	−$195K
Holding	—	Exit	$14.39	$164K	−11,400	−$164K
Holding	—	Exit	$8.81	$106K	−12,036	−$106K
RLMD, Relmada Therapeutics	—	Exit	$3.23	$97K	−30,000	−$97K
Scripps E W Co. Ohio	—	Exit	$2.25	$45K	−20,000	−$45K
Bluebird Bio	—	Exit	$0.5152	$18K	−34,936	−$18K
Holding	—	Exit	$2.39	$16K	−6,683	−$16K

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