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

2025 Q1 2024 Q4, filed 15 May, long equity only

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TPL, Texas Pacific Land	54.04%	Reduce −0.3%	3,595,090	$1,325	$4.8B	−11,489	+$775M
GBTC, Grayscale Bitcoin	10.87%, was 13.98%	Reduce −3.1%	14,696,513	$65.17	$958M	−471,650	−$165M
LB, Landbridge	4.48%, was 4.34%	Add +1.6%	5,486,957	$71.94	$395M	+87,682	+$46M
WPM, Wheaton Precious Metals	2.60%, was 2.05%	Add +0.9%	2,956,694	$77.63	$230M	+25,448	+$65M
FNV, Franco Nevada	1.82%, was 1.45%	Add +2.9%	1,016,774	$157.56	$160M	+28,741	+$44M
ICE, Intercontinental Exchange	1.60%, was 1.49%	Add +1.7%	818,261	$172.50	$141M	+13,680	+$21M
HE, Hawaiian Electric Industries	1.57%, was 0.29%	Add +431.9%	12,657,000	$10.95	$139M	+10,277,502	+$115M
BTC, Grayscale Bitcoin Mini Trust	1.27%, was 1.60%	Reduce −0.1%	3,060,636	$36.49	$112M	−3,666	−$17M
CBOE, Cboe Global Markets	1.07%, was 1.01%	Add +0.9%	418,256	$226.29	$95M	+3,782	+$14M
MSB, Mesabi Trust	0.90%	Add +2.1%	2,901,695	$27.20	$79M	+58,685	−$991K
Viper Energy	0.83%	Add +1.4%	1,612,439	$45.15	$73M	+23,035	−$5.2M
CACI, CACI International	0.79%, was 1.81%	Reduce −47.2%	189,652	$366.92	$70M	−169,843	−$76M
CVEO, Civeo	0.78%, was 0.87%	Reduce −3.0%	2,971,543	$23.00	$68M	−92,476	−$1.3M
BN, Brookfield Corporation	0.72%, was 0.87%	Reduce −0.6%	1,210,885	$52.41	$63M	−7,712	−$6.5M
Aris Water Solutions	0.53%, was 0.07%	Add +538.6%	1,464,286	$32.04	$47M	+1,234,978	+$41M
MSTR, Microstrategy	0.53%, was 0.60%	Reduce −2.3%	161,495	$288.27	$47M	−3,820	−$1.3M
AN, Autonation	0.52%, was 0.60%	Reduce −0.6%	280,493	$161.92	$45M	−1,705	−$2.5M
LYV, Live Nation Entertainment	0.48%, was 0.53%	Reduce −1.1%	325,976	$130.58	$43M	−3,759	−$135K
PBT, Permian Basin Rty Trust	0.46%	Add +4.8%	4,134,327	$9.91	$41M	+188,244	−$2.8M
GBTC, iShares Bitcoin Trust	0.46%	Add +0.7%	870,320	$46.81	$41M	+6,048	−$5.1M
MMC, Marsh McLennan	0.41%, was 0.38%	Add +2.7%	148,593	$244.03	$36M	+3,965	+$5.5M
Osisko Gold Royalties	0.41%, was 0.37%	Add +2.6%	1,703,037	$21.12	$36M	+43,115	+$5.9M
Associated Cap Group	0.39%	Reduce −1.1%	907,945	$38.32	$35M	−9,685	+$3.4M
CME, CME Group	0.39%, was 0.36%	Add +1.9%	128,253	$265.29	$34M	+2,400	+$4.8M
HHH, Howard Hughes	0.37%, was 0.44%	Reduce −4.7%	437,006	$74.08	$32M	−21,591	−$2.9M
DBRG, Digitalbridge Group	0.34%, was 0.63%	Reduce −23.1%	3,445,977	$8.82	$30M	−1,037,363	−$20M
Sandstorm Gold	0.31%	Reduce −3.1%	3,672,796	$7.55	$28M	−115,876	+$6.6M
DMLP, Dorchester Minerals	0.31%	Add +0.4%	912,463	$30.08	$27M	+3,817	−$2.8M
PAG, Penske Automotive Group	0.30%	Add +1.0%	184,863	$143.98	$27M	+1,897	−$1.3M
CCJ, Cameco	0.30%	Add +2.6%	632,707	$41.16	$26M	+15,756	−$5.7M
JOE, Saint Joe	0.29%, was 0.32%	Reduce −2.5%	550,339	$46.95	$26M	−13,863	+$489K
BG, Bunge Global	0.28%	Add +2.8%	328,171	$76.42	$25M	+9,050	+$264K
ADM, Archer-Daniels-Midland	0.28%, was 0.34%	Reduce −7.2%	506,448	$48.01	$24M	−39,271	−$3.3M
BRK.B, Berkshire Hathaway Class B	0.26%	Reduce −1.1%	43,121	$532.58	$23M	−479	+$3.2M
WST, West Fraser Timber	0.25%	Add +2.6%	288,632	$76.94	$22M	+7,265	−$2.1M
WTM, White Mountains Insurance Group	0.25%, was 0.24%	Add +12.4%	11,345	$1,926	$22M	+1,256	+$2.2M
CCL, Carnival	0.24%	Add +0.1%	1,085,048	$19.53	$21M	+917	−$5.8M
BND, Vanguard Bond Index Funds	0.22%, was 0.11%	Add +132.3%	395,341	$49.86	$20M	+225,141	+$11M
Sitio Royalties	0.20%	Add +2.7%	885,494	$19.87	$18M	+23,068	+$1.1M
IPAR, Inter Parfums	0.19%	Add 0.0%	147,121	$113.87	$17M	+1	−$2.6M
VGSH, Vanguard Scottsdale Funds	0.16%	Add +10.6%	237,864	$58.69	$14M	+22,766	+$1.4M
SJT, San Juan Basin Rty Trust	0.15%, was 0.09%	Add +36.2%	2,470,132	$5.53	$14M	+655,918	+$6.7M
SPAQ, Listed Fund Trust	0.15%	Add +4.9%	131,597	$100.84	$13M	+6,162	+$927K
OSK, Oshkosh	0.15%, was 0.17%	Reduce −0.8%	138,973	$94.08	$13M	−1,146	−$247K
TRC, Tejon Ranch	0.15%, was 0.17%	Reduce −3.2%	824,062	$15.85	$13M	−27,232	−$474K
RGLD, Royal Gold	0.14%	Reduce −0.2%	74,628	$163.51	$12M	−164	+$2.3M
RCL, Royal Caribbean	0.13%, was 0.16%	Reduce −1.0%	56,561	$205.44	$12M	−592	−$1.6M
WEN, Wendys	0.13%, was 0.16%	Reduce −2.6%	762,174	$14.63	$11M	−20,447	−$1.6M
RBA, RB Global	0.13%, was 0.12%	Add +0.2%	110,839	$100.30	$11M	+209	+$1.1M
BAM, Brookfield Asset Management	0.12%, was 0.16%	Reduce −3.4%	226,411	$48.45	$11M	−7,949	−$1.7M
MA, Mastercard	0.12%	Add +1.8%	19,630	$548.11	$11M	+339	+$602K
WMB, Williams Companies	0.12%	Reduce −0.1%	172,665	$59.76	$10M	−225	+$962K
RPRX	0.12%, was 0.10%	Add +3.3%	329,570	$31.13	$10M	+10,394	+$2.1M
SII, Sprott	0.10%	Add +3.4%	198,915	$44.87	$8.9M	+6,449	+$809K
FWONK, Liberty Media	0.10%, was 0.11%	Reduce −1.7%	97,530	$90.01	$8.8M	−1,643	−$411K
SBR, Sabine Royalty Trust	0.09%	Add +7.6%	118,281	$67.69	$8M	+8,360	+$882K
SPGI, S&P Global	0.09%, was 0.11%	Reduce −13.5%	15,570	$508.10	$7.9M	−2,424	−$1.1M
NDAQ, Nasdaq	0.09%	Add +0.1%	103,343	$75.86	$7.8M	+97	−$142K
ET, Energy Transfer	0.09%, was 0.08%	Add +31.3%	409,166	$18.59	$7.6M	+97,442	+$1.5M
LBRDA, Liberty Broadband	0.08%	Reduce −1.6%	85,732	$85.05	$7.3M	−1,354	+$781K
ELS, Equity Lifestyle Properties	0.08%, was 0.09%	Reduce −4.2%	100,528	$66.70	$6.7M	−4,407	−$283K
XOM, Exxon Mobil	0.07%	Add +0.1%	54,459	$118.93	$6.5M	+30	+$622K
PM, Philip Morris International	0.07%	Hold	38,294	$158.73	$6.1M	—	—
MSGS, MSG Sports	0.07%, was 0.09%	Reduce −0.3%	30,183	$194.72	$5.9M	−78	−$952K
SAIC, Science Applicatns International	0.07%, was 0.57%	Reduce −87.2%	51,922	$112.27	$5.8M	−354,773	−$40M
FCX, Freeport-McMoRan	0.06%	Add +0.6%	142,497	$37.86	$5.4M	+900	+$3K
CRL, Charles River Labs International	0.06%, was 0.14%	Reduce −42.7%	34,286	$150.52	$5.2M	−25,554	−$5.9M
ABBV, AbbVie	0.06%	Reduce −7.3%	24,157	$209.52	$5.1M	−1,891	+$433K
EXP, Eagle Materials	0.06%, was 0.09%	Reduce −25.1%	22,422	$221.93	$5M	−7,527	−$2.4M
MSFT, Microsoft	0.05%, was 0.07%	Reduce −1.4%	12,597	$375.38	$4.7M	−176	−$655K
MKL, Markel Group	0.05%	Reduce −0.4%	2,496	$1,869	$4.7M	−9	+$341K
EPD, Enterprise Products Partners	0.05%	Add +1.0%	132,087	$34.14	$4.5M	+1,335	+$409K
AB, Alliance Bernstein	0.05%, was 0.03%	Add +62.7%	115,986	$38.31	$4.4M	+44,699	+$1.8M
BX, Blackstone	0.05%	Hold	30,200	$139.78	$4.2M	—	—
BSM	0.05%	Reduce −2.5%	268,638	$15.27	$4.1M	−7,000	+$78K
INFL, Listed Fund Trust	0.05%	Add +3.2%	98,346	$40.65	$4M	+3,079	+$370K
TCOM, Tri Pointe Homes	0.04%	Hold	124,012	$31.92	$4M	—	—
XNEAX, Nuveen Amt Free Qlty Mun	0.04%, was 0.05%	Reduce 0.0%	343,632	$11.20	$3.8M	−1	−$28K
MO, Altria	0.04%	Hold	63,197	$60.02	$3.8M	—	—
FNF, Fidelity National Financial	0.04%	Add 0.0%	58,071	$65.08	$3.8M	+5	+$519K
BCDF, Listed Fund Trust	0.04%	Add +8.0%	131,939	$27.88	$3.7M	+9,796	+$288K
BMY, Bristol Myers Squibb	0.04%	Reduce −1.1%	59,813	$60.99	$3.6M	−663	+$227K
GBTC, Grayscale Bitcoin Cash	0.04%	Add +3.5%	1,506,729	$2.36	$3.6M	+51,441	−$4.1M
LLY, Eli Lilly	0.04%	Hold	4,257	$825.91	$3.5M	—	—
Burford Cap	0.04%, was 0.05%	Reduce −22.4%	266,106	$13.21	$3.5M	−76,844	−$857K
CSCO, Cisco	0.04%	Hold	56,641	$61.71	$3.5M	—	—
LTCN, Grayscale Litecoin Trust	0.04%, was 0.08%	Reduce −0.3%	515,218	$6.58	$3.4M	−1,676	−$3.2M
CVX, Chevron	0.04%	Add +3.1%	20,246	$167.29	$3.4M	+600	+$541K
LHX, L3Harris	0.04%	Reduce −2.5%	16,050	$209.31	$3.4M	−405	−$101K
FWONA, Liberty Media	0.04%, was 0.05%	Reduce −8.8%	40,870	$81.47	$3.3M	−3,948	−$437K
NTR, Nutrien	0.04%	Reduce −2.2%	65,575	$49.67	$3.3M	−1,451	+$258K
KLAC, KLA	0.04%	Reduce −0.8%	4,787	$679.80	$3.3M	−37	+$215K
JNJ, Johnson & Johnson	0.04%	Add +0.1%	19,612	$165.84	$3.3M	+10	+$418K
AMLP, Alps ETF Trust Alerian MLP	0.04%	Add +0.4%	61,330	$51.94	$3.2M	+273	+$245K
Costamare	0.04%	Add 0.0%	321,640	$9.84	$3.2M	+40	−$968K
MRK, Merck	0.03%	Add +1.5%	34,074	$89.76	$3.1M	+500	−$281K
SU, Suncor Energy	0.03%	Hold	77,944	$38.72	$3M	—	—
KMI, Kinder Morgan	0.03%	Add +0.7%	104,408	$28.53	$3M	+772	+$139K
BKKT, Bakkt	0.03%, was 0.11%	Reduce −8.7%	335,752	$8.67	$2.9M	−32,175	−$6.2M
PTEN, Patterson Uti Energy	0.03%, was 0.04%	Reduce −0.7%	345,030	$8.22	$2.8M	−2,512	−$35K
IRM, Iron Mountain	0.03%, was 0.04%	Reduce −1.4%	32,455	$86.04	$2.8M	−445	−$666K
RTX	0.03%	Reduce −0.5%	20,519	$132.46	$2.7M	−99	+$332K
CAT, Caterpillar	0.03%, was 0.04%	Reduce −0.3%	7,918	$329.80	$2.6M	−25	−$270K
EMR, Emerson Electric	0.03%, was 0.04%	Reduce −0.8%	23,462	$109.64	$2.6M	−200	−$360K
PFE, Pfizer	0.03%	Reduce −0.7%	100,026	$25.34	$2.5M	−677	−$137K
LBRT, Liberty Energy	0.03%, was 0.06%	Reduce −29.3%	158,914	$15.83	$2.5M	−65,935	−$2M
NVDA, Nvidia	0.03%, was 0.04%	Reduce −8.7%	22,060	$108.38	$2.4M	−2,100	−$854K
LVS, Las Vegas Sands	0.03%	Add +2.3%	61,780	$38.63	$2.4M	+1,385	−$715K
FIS, Fidelity National Information Services	0.03%	Add +0.3%	30,440	$74.68	$2.3M	+100	−$177K
WPC, W P Carey	0.02%	Reduce −1.1%	34,750	$63.11	$2.2M	−400	+$278K
VRSK, Verisk	0.02%	Hold	7,000	$297.62	$2.1M	—	—
OPLN, Openlane	0.02%	Hold	106,857	$19.28	$2.1M	—	—
EQT	0.02%	New	38,404	$53.43	$2.1M	+38,404	+$2.1M
BAC, Bank of America	0.02%, was 0.03%	Reduce −0.6%	48,950	$41.73	$2M	−275	−$121K
RCG, Renn Fund	0.02%	Add +10.3%	800,989	$2.55	$2M	+75,092	+$424K
SPHR, Sphere Entertainment	0.02%	Add +1.3%	62,205	$32.72	$2M	+797	−$441K
CRAI, Cra International	0.02%, was 0.03%	Reduce −7.5%	11,594	$173.20	$2M	−934	−$337K
HON, Honeywell	0.02%	Hold	9,481	$211.75	$2M	—	—
SON, Sonoco Products	0.02%	Add +5.6%	41,730	$47.24	$2M	+2,200	+$40K
MSTR, Microstrategy	0.02%	Hold	257,327	$7.54	$1.9M	—	—
BATRK, Atlanta Braves	0.02%	Reduce −8.6%	47,684	$40.01	$1.9M	−4,461	−$87K
TD, Toronto-Dominion Bank	0.02%	Add +1.0%	31,250	$59.94	$1.9M	+300	+$225K
NRP, Natural Resource Partners	0.02%, was 0.03%	Reduce −2.0%	18,025	$103.90	$1.9M	−370	−$169K
FTLF, Fitlife Brands	0.02%	New	154,456	$12.10	$1.9M	+154,456	+$1.9M
Telefonica	0.02%	Reduce −0.2%	390,578	$4.66	$1.8M	−699	+$247K
WT, Wisdomtree	0.02%, was 0.03%	Reduce −1.6%	201,093	$8.92	$1.8M	−3,245	−$352K
PDI, Pimco Dynamic Income Fund	0.02%	Reduce −0.5%	86,378	$19.80	$1.7M	−458	+$118K
SAN, Banco Santander	0.02%, was 0.01%	Add +0.1%	250,510	$6.70	$1.7M	+333	+$538K
VOO, Vanguard S&P 500 ETF	0.02%	Reduce −5.9%	3,187	$513.91	$1.6M	−199	−$187K
ARLP	0.02%	Add +8.5%	59,392	$27.28	$1.6M	+4,631	+$181K
BR, Broadridge Financial	0.02%, was 0.01%	Add +186.0%	6,599	$242.46	$1.6M	+4,292	+$1.1M
NAD, Nuveen Quality Muni Inc. Fund	0.02%	Hold	138,117	$11.52	$1.6M	—	—
V, Visa	0.02%	Hold	4,539	$350.46	$1.6M	—	—
CSW, CSW Industrials	0.02%	Hold	5,400	$291.52	$1.6M	—	—
RIO, Rio Tinto	0.02%	Add +6.6%	25,966	$60.08	$1.6M	+1,600	+$127K
ROK, Rockwell Automation	0.02%	Hold	6,015	$258.38	$1.6M	—	—
BAH	0.02%	Add +5.5%	14,702	$104.58	$1.5M	+772	−$255K
GSK	0.02%	Reduce −3.0%	38,665	$38.74	$1.5M	−1,200	+$150K
MSGE, MSG Entertainment	0.02%	Reduce −10.1%	44,505	$32.74	$1.5M	−4,993	−$305K
Grayscale Digital Large Cap	0.02%	Hold	41,029	$34.73	$1.4M	—	—
AAPL, Apple	0.02%	Reduce −20.5%	6,363	$222.14	$1.4M	−1,645	−$592K
PCH, Potlatchdeltic	0.02%	Reduce −28.2%	31,270	$45.12	$1.4M	−12,282	−$299K
NVS, Novartis	0.02%	Hold	12,547	$111.48	$1.4M	—	—
MMM, 3M	0.02%	Reduce −1.0%	9,475	$146.86	$1.4M	−100	+$155K
REZI, Resideo Technologies	0.02%	Reduce −0.1%	78,262	$17.70	$1.4M	−50	−$420K
SEE, Sealed Air	0.02%	Add +9.4%	47,550	$28.90	$1.4M	+4,100	−$96K
ABT, Abbott Laboratories	0.02%	Hold	10,041	$132.65	$1.3M	—	—
EOG, EOG Resources	0.01%	Add +0.7%	10,293	$128.24	$1.3M	+75	+$67K
GE, GE Aerospace	0.01%	Add +0.8%	6,497	$200.15	$1.3M	+51	+$225K
LIN, Linde	0.01%	Add +11.8%	2,750	$465.64	$1.3M	+290	+$251K
MCD, McDonald's	0.01%	Hold	4,046	$312.37	$1.3M	—	—
RYN, Rayonier Advanced Materials	0.01%, was 0.02%	Reduce −0.1%	215,500	$5.75	$1.2M	−200	−$540K
JFR, Nuveen Floating Rate Income	0.01%	Hold	143,818	$8.47	$1.2M	—	—
SIRI, Sirius XM	0.01%, was 0.02%	Reduce −14.8%	52,911	$22.55	$1.2M	−9,218	−$224K
DHR, Danaher	0.01%, was 0.02%	Reduce −14.0%	5,744	$205.00	$1.2M	−934	−$355K
CMS, CMS Energy	0.01%	Hold	15,675	$75.11	$1.2M	—	—
GDXJ, Vaneck ETF Trust	0.01%	Reduce −8.2%	20,550	$57.20	$1.2M	−1,843	+$218K
SEG, Seaport	0.01%, was 0.02%	Reduce −1.0%	54,456	$21.47	$1.2M	−564	−$369K
VRT, Vertiv	0.01%	Add +3.0%	16,140	$72.20	$1.2M	+470	−$615K
MSTR, Pimco Income Strategy Fund	0.01%	Hold	135,486	$8.60	$1.2M	—	—
BATRA, Atlanta Braves	0.01%	Hold	26,401	$43.87	$1.2M	—	—
RYN, Rayonier	0.01%, was 0.02%	Reduce −25.3%	41,382	$27.88	$1.2M	−13,985	−$291K
RMT, Royce Micro-Cap Trust	0.01%, was 0.02%	Reduce −0.3%	136,840	$8.43	$1.2M	−375	−$184K
Metalla Rty & Streaming	0.01%	Hold	401,541	$2.86	$1.1M	—	—
BN, Brookfield Corporation	0.01%, was 0.02%	Reduce −0.8%	21,878	$52.18	$1.1M	−169	−$125K
AMGN, Amgen	0.01%	Hold	3,597	$311.55	$1.1M	—	—
SVXY, Proshares Trust II	0.01%, was 0.02%	Reduce −7.5%	24,344	$45.76	$1.1M	−1,973	−$203K
NVO, Novo Nordisk	0.01%	Hold	15,716	$69.44	$1.1M	—	—
GLD, SPDR Gold Shares	0.01%	Reduce −0.5%	3,736	$288.14	$1.1M	−20	+$167K
KRP, Kimbell Rty Partners	0.01%	Add +0.6%	76,374	$14.00	$1.1M	+466	−$163K
BK, BNY	0.01%	Hold	12,064	$83.87	$1M	—	—
RQI, Cohen & Steers Quality Realty	0.01%	Add +0.5%	78,227	$12.56	$983K	+400	+$30K
XES, SPDR Ser Trust	0.01%, was 0.02%	Reduce −18.1%	13,686	$71.36	$977K	−3,018	−$342K
OIH, Vaneck ETF Trust	0.01%	Hold	3,691	$262.15	$968K	—	—
ADI, Analog Devices	0.01%	Reduce −0.1%	4,751	$201.66	$958K	−5	−$52K
VXF, Vanguard Index Funds	0.01%, was 0.03%	Reduce −57.0%	5,557	$172.26	$957K	−7,354	−$1.5M
XFRAX	0.01%	Hold	73,870	$12.92	$954K	—	—
BGC, BGC Group	0.01%, was 0.02%	Reduce −28.5%	103,969	$9.17	$953K	−41,517	−$365K
SLV, iShares Silver Trust	0.01%	Hold	30,690	$30.99	$951K	—	—
AZNN	0.01%	Reduce −0.2%	12,856	$73.50	$945K	−20	+$101K
NEM, Newmont	0.01%	Reduce −2.8%	19,483	$48.28	$941K	−559	+$195K
DGX, Quest Diagnostics	0.01%	Reduce −0.9%	5,550	$169.20	$939K	−50	+$94K
FHI, Federated Hermes	0.01%	Reduce −8.9%	22,862	$40.77	$932K	−2,234	−$100K
BP, BP PLC	0.01%	Add +0.4%	27,414	$33.79	$926K	+100	+$119K
IBM	0.01%	Hold	3,650	$248.66	$908K	—	—
EBAY, eBay	0.01%	Reduce −0.8%	13,235	$67.73	$896K	−102	+$70K
QCOM, Qualcomm	0.01%	Reduce −0.7%	5,682	$153.61	$873K	−40	−$6K
WY, Weyerhaeuser	0.01%	Reduce −5.4%	28,936	$29.28	$847K	−1,644	−$14K
APYX, Apyx Medical	0.01%	Hold	615,000	$1.37	$843K	—	—
BN, Brookfield Corporation	0.01%	Reduce −0.7%	27,971	$29.79	$833K	−200	−$62K
GOOG, Alphabet Class C	0.01%	Reduce −0.5%	5,317	$156.23	$831K	−28	−$187K
DOW, DOW Inc	0.01%	Add +68.5%	23,371	$34.92	$816K	+9,500	+$259K
GM, General Motors	0.01%	Reduce −2.8%	17,343	$47.03	$816K	−500	−$135K
BRK.A, Berkshire Hathaway Class A	0.01%	Hold	1	$798,442	$798K	—	—
NSC, Norfolk Southern	0.01%	Hold	3,368	$236.85	$798K	—	—
MPC, Marathon Petroleum	0.01%	Reduce −1.8%	5,470	$145.69	$797K	−100	+$20K
ALNY, Alnylam Pharmaceuticals	0.01%	Hold	2,880	$270.02	$778K	—	—
MDLZ, Mondelez	0.01%	Reduce −4.2%	11,278	$67.85	$765K	−500	+$62K
ALKS, Alkermes	0.01%	Hold	23,033	$33.02	$761K	—	—
SPY, SPDR S&P 500 ETF Trust	0.01%	Reduce −9.0%	1,337	$559.39	$748K	−133	−$114K
GOOGL, Alphabet Class A	0.01%	Add +0.3%	4,830	$154.64	$747K	+15	−$165K
SYK, Stryker	0.01%	Hold	2,000	$372.25	$745K	—	—
NRK	0.01%	Hold	71,483	$10.30	$736K	—	—
VMI, Valmont Industries	0.01%	Hold	2,575	$285.37	$735K	—	—
DSL, Doubleline Income Solutions	0.01%	Reduce −1.0%	57,717	$12.61	$728K	−612	−$5K
JPM, JPMorgan Chase	0.01%	Reduce −22.2%	2,915	$245.30	$715K	−830	−$183K
GBX, Greenbrier Companies	0.01%	Hold	13,950	$51.22	$715K	—	—
SBLK, Star Bulk Carriers	0.01%	Add +18.8%	45,892	$15.56	$714K	+7,255	+$136K
GBTC, Vaneck Bitcoin ETF	0.01%	Add +300.0%	30,520	$23.31	$711K	+22,890	−$95K
TW, Tradeweb Markets	0.01%	Hold	4,753	$148.46	$706K	—	—
AJG, Arthur J. Gallagher	0.01%	Hold	1,957	$345.24	$676K	—	—
GS, Goldman Sachs	0.01%	Hold	1,193	$546.29	$652K	—	—
KKR	0.01%	Hold	5,358	$115.61	$619K	—	—
BLK, BlackRock	0.01%	Hold	61,530	$10.00	$615K	—	—
LEN, Lennar	0.01%	Reduce −7.7%	5,306	$114.78	$609K	−444	−$175K
CM, Canadian Imperial	0.01%	Hold	10,500	$56.30	$591K	—	—
IWM, iShares Russell 2000 ETF	0.01%	New	2,960	$199.49	$590K	+2,960	+$590K
Liberty Media	0.01%, was 0.02%	Reduce −56.6%	8,501	$68.14	$579K	−11,098	−$755K
KVUE, Kenvue	0.01%	Add +6.2%	23,962	$23.98	$575K	+1,400	+$93K
DIS, Disney	0.01%	Hold	5,705	$98.71	$563K	—	—
ENB, Enbridge	0.01%	Hold	12,532	$44.31	$555K	—	—
HKHC, Horizon Kinetics	0.01%	Add +0.3%	16,224	$33.88	$550K	+56	−$32K
BTZ	0.01%	Hold	51,023	$10.72	$547K	—	—
ETCG, Grayscale Ethereum Classic	0.01%	Reduce −0.3%	70,851	$7.65	$542K	−191	−$223K
TQQQ, Proshares Trust	0.01%	New	9,054	$57.30	$519K	+9,054	+$519K
IAU, iShares Gold Trust	0.01%	Hold	8,690	$58.96	$512K	—	—
BLK, BlackRock	0.01%	Hold	47,926	$10.57	$507K	—	—
L, Loews	0.01%	Reduce −0.8%	5,497	$91.91	$505K	−46	+$36K
RSP	0.01%	Reduce −43.1%	2,912	$173.21	$504K	−2,203	−$392K
C, Citigroup	0.01%	Add +15.1%	7,089	$70.99	$503K	+928	+$70K
GDX, Vaneck ETF Trust	0.01%	Reduce −3.5%	10,741	$45.97	$494K	−386	+$116K
MYI	0.01%	Hold	44,854	$10.99	$493K	—	—
BLK, BlackRock	0.01%	Hold	42,157	$11.49	$484K	—	—
Ultrapro QQQ	0.01%	New	12,596	$38.34	$483K	+12,596	+$483K
LADR, Ladder Cap	0.01%	Add +2.4%	42,000	$11.41	$479K	+1,000	+$20K
NZF, Nuveen Municipal Credit	0.01%	Reduce −0.6%	38,952	$12.23	$476K	−250	−$1K
REGN, Regeneron	0.01%	Hold	735	$634.23	$466K	—	—
WOOD, iShares Trust	0.01%	Reduce −2.3%	6,153	$75.43	$464K	−142	−$16K
KHC, Kraft Heinz	0.01%	Add +5.9%	15,160	$30.43	$461K	+839	+$22K
GEV, GE Vernova	0.01%	Add +1.5%	1,509	$305.28	$461K	+23	−$28K
Holding	0.01%	Hold	58,956	$7.49	$442K	—	—
DBL, Doubleline Opportunistic CR	0.01%	Reduce −1.3%	28,236	$15.63	$441K	−362	−$2K
NAN, Nuveen NY Qlty Income Fund	0.00%	Hold	38,119	$11.38	$434K	—	—
BIIB, Biogen	0.00%	Hold	3,169	$136.84	$434K	—	—
NBH, Neuberger Berman Muni Fund	0.00%	Hold	41,529	$10.40	$432K	—	—
NBB, Nuveen Build American	0.00%	Hold	26,210	$16.02	$420K	—	—
GBTC, Grayscale Bitcoin Trust	0.00%, was 0.01%	Reduce −1.5%	5,791	$71.97	$417K	−90	−$63K
PHYS, Sprott Physical Gold Trust	0.00%	Hold	16,621	$24.06	$400K	—	—
OXY, Occidental	0.00%	Add +2.6%	8,062	$49.36	$398K	+203	+$10K
BLK, BlackRock	0.00%	Hold	39,579	$10.00	$396K	—	—
M, Macys	0.00%	Add +3.3%	31,500	$12.56	$396K	+1,000	−$121K
Kraneshares Trust	0.00%, was 0.01%	Reduce −45.9%	13,525	$28.22	$382K	−11,485	−$351K
IONS, Ionis Pharmaceuticals	0.00%	Hold	12,476	$30.17	$376K	—	—
FHI, Federated Hermes	0.00%	Reduce −2.1%	34,360	$10.86	$373K	−720	−$10K
CRSP, Crispr Therapeutics	0.00%	Hold	10,682	$34.03	$364K	—	—
DORM, Dorman Products	0.00%	Hold	3,000	$120.54	$362K	—	—
VTI, Vanguard Index Funds	0.00%	Reduce −3.7%	1,302	$274.84	$358K	−50	−$34K
AWR	0.00%	Hold	4,468	$78.68	$352K	—	—
AMG	0.00%	Add +17.5%	2,085	$168.03	$350K	+311	+$22K
AMT, American Tower	0.00%	Hold	1,600	$217.60	$348K	—	—
META, Meta Platforms	0.00%	Add +2.6%	598	$576.19	$345K	+15	+$3K
T, AT&T	0.00%	Add +16.3%	12,092	$28.28	$342K	+1,692	+$105K
PEP, PepsiCo	0.00%	Reduce −1.7%	2,273	$149.94	$341K	−40	−$11K
ETN, Eaton	0.00%	Hold	27,801	$12.25	$341K	—	—
TFPM, Triple Flag Precious Metal	0.00%	Add +35.1%	17,548	$19.15	$336K	+4,556	+$141K
AFL, Aflac	0.00%	Hold	3,000	$111.19	$334K	—	—
CNP, Centerpoint Energy	0.00%	Reduce −5.2%	9,133	$36.23	$331K	−500	+$25K
NVG	0.00%	Reduce −1.1%	26,276	$12.38	$325K	−280	$—
MKTX, Marketaxess	0.00%	Hold	1,494	$216.35	$323K	—	—
VZ, Verizon	0.00%	Add +19.6%	6,973	$45.36	$316K	+1,145	+$83K
CNS, Cohen & Steers	0.00%	Reduce −7.7%	3,789	$80.26	$304K	−317	−$75K
MOV, Movado Group	0.00%	Reduce −0.5%	18,173	$16.72	$304K	−88	−$56K
CL, Colgate-Palmolive	0.00%	Hold	3,102	$93.70	$291K	—	—
NFLX, Netflix	0.00%	Reduce −19.4%	311	$932.53	$290K	−75	−$54K
PBH	0.00%	Hold	3,247	$85.97	$279K	—	—
NVIR, Listed Fund Trust	0.00%	Add +1.0%	8,899	$30.48	$271K	+88	+$7K
GPC, Genuine Parts	0.00%	Reduce −4.7%	2,250	$119.14	$268K	−110	−$7K
CQP	0.00%	Hold	4,000	$66.04	$264K	—	—
GEHC, GE HealthCare	0.00%	Reduce −0.5%	3,264	$80.71	$263K	−17	+$7K
BWXT, BWX Technologies	0.00%	Reduce −0.9%	2,665	$98.65	$263K	−25	−$37K
PCM, PCM Fund	0.00%	Hold	40,252	$6.46	$260K	—	—
AWK	0.00%	Hold	1,734	$147.48	$256K	—	—
ETN, Eaton	0.00%	Reduce −5.1%	925	$271.83	$251K	−50	−$72K
BGT	0.00%	Hold	19,778	$12.42	$246K	—	—
EXE, Expand Energy	0.00%	Hold	2,203	$111.32	$245K	—	—
ADP, Automatic Data Processing	0.00%	Hold	800	$305.53	$244K	—	—
IFF, International Flavors & Fragrances	0.00%	Hold	3,050	$77.61	$237K	—	—
RA	0.00%	Hold	17,614	$13.16	$232K	—	—
ETN, Eaton	0.00%	Hold	24,358	$9.49	$231K	—	—
PWR, Quanta Services	0.00%	Hold	900	$254.18	$229K	—	—
JPC	0.00%	Reduce −1.0%	28,250	$7.96	$225K	−288	+$1K
ETN, Eaton	0.00%	Hold	22,431	$9.97	$224K	—	—
Liberty Media	0.00%	Reduce −31.4%	3,194	$67.24	$215K	−1,465	−$95K
IVZ, Invesco Quality Muni	0.00%	Hold	22,115	$9.68	$214K	—	—
AMZN, Amazon	0.00%	Add +0.1%	1,125	$190.26	$214K	+1	−$33K
NEE, NextEra Energy	0.00%	Hold	2,860	$70.89	$203K	—	—
DAL, Delta Air Lines	0.00%	Hold	4,600	$43.60	$201K	—	—
WYNN, Wynn Resorts	0.00%	Reduce −6.5%	2,401	$83.50	$200K	−168	−$21K
NIM	0.00%	Hold	21,500	$9.32	$200K	—	—
MHD	0.00%	Hold	16,653	$11.74	$196K	—	—
SMR, Nuscale Power	0.00%	Hold	13,550	$14.16	$192K	—	—
NMZ, Nuveen Mun High Inc. Opp Fund	0.00%	Hold	17,322	$10.91	$189K	—	—
PML, Pimco Mun Income Fund II	0.00%	Hold	23,325	$8.10	$189K	—	—
ETN, Eaton	0.00%	Hold	32,130	$5.84	$188K	—	—
BLK, BlackRock	0.00%	Hold	18,237	$10.17	$185K	—	—
ETN, Eaton	0.00%	Hold	15,668	$9.98	$156K	—	—
Holding	0.00%	Reduce −0.5%	12,032	$12.83	$154K	−56	+$1K
ETN, Eaton	0.00%	Hold	12,000	$12.55	$151K	—	—
BLK, BlackRock	0.00%	Hold	14,426	$10.39	$150K	—	—
HLN, Haleon	0.00%	Hold	14,082	$10.29	$145K	—	—
REPL, Replimune Group	0.00%	Hold	14,396	$9.75	$140K	—	—
XCXEX, MFS High Income Mun Trust	0.00%	Reduce −2.3%	34,614	$3.69	$128K	−800	−$3K
BCYC, Bicycle Therapeutics	0.00%	Hold	14,396	$8.49	$122K	—	—
IVZ, Invesco	0.00%	Hold	19,911	$6.02	$120K	—	—
VNDA, Vanda Pharmaceuticals	0.00%	Hold	25,912	$4.59	$119K	—	—
IVZ, Invesco	0.00%	Hold	10,414	$10.44	$109K	—	—
NUV, Nuveen Mun Value Fund	0.00%	Hold	12,350	$8.77	$108K	—	—
INTC, Intellia Therapeutics	0.00%	Add +1.4%	14,596	$7.11	$104K	+200	−$64K
ETN, Eaton	0.00%	Hold	10,014	$10.26	$103K	—	—
LTRN	0.00%	Hold	28,791	$3.54	$102K	—	—
ETHE, Grayscale Ethereum Trust	0.00%	Hold	6,683	$15.22	$102K	—	—
ETN, Eaton	0.00%	Hold	10,679	$9.27	$99K	—	—
2seventy Bio	0.00%	Hold	17,275	$4.94	$85K	—	—
GALT, Galectin Therapeutics	0.00%	Hold	53,742	$1.22	$66K	—	—
Holding	0.00%	Hold	10,355	$5.64	$58K	—	—
OIS, Oil State International	0.00%	Hold	11,300	$5.15	$58K	—	—
IVZ, Invesco Sr Income Trust	0.00%	Hold	15,179	$3.75	$57K	—	—
ZCSH, Grayscale Zcash	0.00%	Hold	15,492	$2.97	$46K	—	—
TTI, Tetra Technologies	0.00%	Hold	13,600	$3.36	$46K	—	—
EVLV	0.00%	Hold	13,500	$3.12	$42K	—	—
WST, West Pharmaceutical	0.00%	Hold	10,072	$3.98	$40K	—	—
EDIT, Editas Medicine	0.00%	Hold	31,720	$1.16	$37K	—	—
ALLO, Allogene Therapeutics	0.00%	Hold	19,194	$1.46	$28K	—	—
BITF, Bitfarms	0.00%	Hold	18,300	$0.7882	$14K	—	—
PACB	0.00%	Hold	11,517	$1.18	$14K	—	—
ETH	0.00%	Hold	665	$17.22	$11K	—	—
GBAT, Grayscale Basic Attention	0.00%	Hold	2,089	$2.10	$4K	—	—
MANA, Grayscale Decentraland	0.00%	Hold	691	$3.83	$3K	—	—

Showing top 50 of 338 by value

Exits / last held

Gone since 2024 Q4, shown at their last reported size.

Stock	% of portfolio	Recent activity	Reported price*	Value	Share change	$ change
Marex Group	0.05%	Exit	$31.17	$4.4M	−141,374	−$4.4M
Fitlife Brands	0.03%	Exit	$32.60	$2.5M	−77,228	−$2.5M
BLK, BlackRock	0.02%	Exit	$12.12	$1.2M	−101,802	−$1.2M
D, Dominion Energy	0.01%	Exit	$53.86	$579K	−10,750	−$579K
KO, Coca-Cola	—	Exit	$62.18	$365K	−5,870	−$365K
CMCSA, Comcast	—	Exit	$37.50	$340K	−9,066	−$340K
BEAM, Beam Therapeutics	—	Exit	$24.80	$238K	−9,597	−$238K
BA, Boeing	—	Exit	$177.27	$234K	−1,320	−$234K
AXP, American Express	—	Exit	$297.14	$208K	−700	−$208K
APLD, Applied Digital	—	Exit	$7.62	$182K	−23,870	−$182K

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