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 Q2 2025 Q1, filed 12 Aug, long equity only

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TPL, Texas Pacific Land	44.81%, was 54.04%	Reduce −0.5%	3,577,531	$1,056	$3.8B	−17,559	−$984M
GBTC, Grayscale Bitcoin Trust ETF	14.64%	Reduce −1.0%	14,551,191	$84.83	$1.2B	−145,322	+$277M
LB, Landbridge	4.41%	Add +0.2%	5,498,925	$67.58	$372M	+11,968	−$23M
WPM, Wheaton Precious Metals	3.18%, was 2.60%	Add +1.0%	2,985,486	$89.80	$268M	+28,792	+$39M
HE, Hawaiian Electric Industries	2.05%, was 1.57%	Add +28.6%	16,281,709	$10.63	$173M	+3,624,709	+$34M
FNV, Franco Nev	2.03%, was 1.82%	Add +2.6%	1,043,546	$163.92	$171M	+26,772	+$11M
ICE, Intercontinental Exchange	1.81%, was 1.60%	Add +1.6%	831,758	$183.47	$153M	+13,497	+$11M
BTC, Grayscale Bitcoin Mini Trust	1.74%, was 1.27%	Add +0.4%	3,072,369	$47.75	$147M	+11,733	+$35M
LNG, Cheniere Energy	1.40%	New	484,912	$243.52	$118M	+484,912	+$118M
CBOE, Cboe Global Markets	1.14%	Reduce −1.3%	412,717	$233.21	$96M	−5,539	+$1.6M
CACI, CACI International	0.91%	Reduce −14.8%	161,672	$476.70	$77M	−27,980	+$7.5M
PBT, Permian Basin Rty Trust	0.86%, was 0.46%	Add +41.3%	5,839,825	$12.46	$73M	+1,705,498	+$32M
BN, Brookfield Corporation	0.86%	Reduce −3.1%	1,173,001	$61.85	$73M	−37,884	+$9.1M
MSB, Mesabi Trust	0.84%	Add +2.0%	2,960,590	$23.96	$71M	+58,895	−$8M
CVEO, Civeo Corporation Cda	0.79%	Reduce −3.0%	2,881,033	$23.09	$67M	−90,510	−$1.8M
Viper Energy	0.77%	Add +6.1%	1,711,181	$38.13	$65M	+98,742	−$7.6M
GBTC, iShares Bitcoin Trust ETF	0.70%, was 0.46%	Add +10.5%	961,927	$61.21	$59M	+91,607	+$18M
MSTR, Microstrategy	0.70%	Reduce −9.9%	145,499	$404.23	$59M	−15,996	+$12M
AN, Autonation	0.62%	Reduce −6.7%	261,774	$198.65	$52M	−18,719	+$6.6M
CCJ, Cameco	0.59%, was 0.30%	Add +6.8%	675,700	$74.23	$50M	+42,993	+$24M
Aris Water Solutions	0.59%, was 0.53%	Add +43.1%	2,095,604	$23.65	$50M	+631,318	+$2.6M
LYV, Live Nation Entertainment	0.56%	Reduce −4.6%	311,116	$151.28	$47M	−14,860	+$4.5M
OR, Or Royalties	0.55%	New	1,817,501	$25.71	$47M	+1,817,501	+$47M
DBRG, Digitalbridge Group	0.44%, was 0.34%	Add +5.0%	3,617,965	$10.35	$37M	+171,988	+$7.1M
CME, CME Group	0.42%	Reduce −0.7%	127,398	$275.62	$35M	−855	+$1.1M
MMC, Marsh McLennan	0.41%	Add +5.5%	156,787	$218.64	$34M	+8,194	−$2M
Sandstorm Gold	0.41%	Reduce −0.8%	3,644,651	$9.40	$34M	−28,145	+$6.5M
Associated Cap Group	0.39%	Reduce −4.6%	866,379	$37.50	$32M	−41,566	−$2.3M
GLXY, Galaxy Digital	0.35%	New	1,364,267	$21.90	$30M	+1,364,267	+$30M
PAG, Penske Automotive Group	0.35%	Reduce −7.3%	171,327	$171.81	$29M	−13,536	+$2.8M
BG, Bunge Global	0.33%, was 0.28%	Add +7.1%	351,309	$80.28	$28M	+23,138	+$3.1M
HHH, Howard Hughes	0.33%, was 0.37%	Reduce −4.7%	416,373	$67.50	$28M	−20,633	−$4.3M
TRC, Tejon Ranch	0.33%, was 0.15%	Add +99.9%	1,647,497	$16.96	$28M	+823,435	+$15M
SJT, San Juan Basin Rty Trust	0.33%, was 0.15%	Add +86.0%	4,594,502	$5.98	$27M	+2,124,370	+$14M
CCL, Carnival	0.32%	Reduce −10.7%	969,428	$28.12	$27M	−115,620	+$6.1M
ADM, Archer-Daniels-Midland	0.32%	Reduce −0.1%	505,969	$52.78	$27M	−479	+$2.4M
JOE, St Joe	0.31%, was 0.29%	Add +1.0%	555,891	$47.70	$27M	+5,552	+$678K
DMLP, Dorchester Minerals	0.30%	Add +0.5%	916,849	$27.86	$26M	+4,386	−$1.9M
WST, West Fraser Timber	0.26%, was 0.25%	Add +5.6%	304,838	$73.30	$22M	+16,206	+$137K
BRK.B, Berkshire Hathaway Class B	0.24%, was 0.26%	Reduce −1.4%	42,526	$485.77	$21M	−595	−$2.3M
WTM, White Mountains Insurance Group	0.23%, was 0.25%	Reduce −3.3%	10,971	$1,796	$20M	−374	−$2.1M
IPAR, Interparfums	0.22%	Reduce −5.0%	139,780	$131.31	$18M	−7,341	+$1.6M
BND, Vanguard Bond Index Funds	0.21%, was 0.22%	Reduce −8.4%	362,083	$49.87	$18M	−33,258	−$1.7M
RCL, Royal Caribbean	0.21%	Reduce −0.7%	56,172	$313.14	$18M	−389	+$6M
Sitio Royalties	0.20%	Add +4.1%	921,938	$18.38	$17M	+36,444	−$650K
SII, Sprott	0.17%, was 0.10%	Add +7.0%	212,898	$69.09	$15M	+13,983	+$5.8M
OSK, Oshkosh	0.17%	Reduce −10.6%	124,206	$113.54	$14M	−14,767	+$1M
VGSH, Vanguard Scottsdale Funds	0.17%	Reduce −0.2%	237,388	$58.78	$14M	−476	−$7K
RGLD, Royal Gold	0.15%	Reduce −2.3%	72,892	$177.84	$13M	−1,736	+$761K
RPRX	0.15%, was 0.12%	Add +7.3%	353,471	$36.03	$13M	+23,901	+$2.5M
SPAQ, Listed Funds Trust	0.14%, was 0.15%	Reduce −14.0%	113,124	$104.76	$12M	−18,473	−$1.4M
BAM, Brookfield Asset Management	0.14%	Reduce −5.7%	213,573	$55.28	$12M	−12,838	+$837K
RBA, RB Global	0.14%	Reduce −0.7%	110,030	$106.19	$12M	−809	+$567K
MA, Mastercard	0.13%, was 0.12%	Add +1.7%	19,957	$561.93	$11M	+327	+$455K
WMB, Williams Companies	0.13%	Reduce −0.4%	171,915	$62.81	$11M	−750	+$480K
FWONK, Liberty Media	0.11%	Reduce −8.7%	89,065	$104.50	$9.3M	−8,465	+$529K
WEN, Wendys	0.09%, was 0.13%	Reduce −8.2%	699,342	$11.42	$8M	−62,832	−$3.2M
ET, Energy Transfer	0.09%	Add +7.5%	439,947	$18.13	$8M	+30,781	+$370K
LBRDA, Liberty Broadband	0.09%	Reduce −13.0%	74,613	$98.38	$7.3M	−11,119	+$49K
SBR, Sabine Rty Trust	0.09%	Reduce −7.4%	109,521	$66.68	$7.3M	−8,760	−$704K
AB, Alliancebernstein	0.08%, was 0.05%	Add +42.2%	164,892	$40.83	$6.7M	+48,906	+$2.3M
PM, Philip Morris International	0.08%	Reduce −8.0%	35,214	$182.13	$6.4M	−3,080	+$335K
NDAQ, Nasdaq	0.07%, was 0.09%	Reduce −32.8%	69,496	$89.42	$6.2M	−33,847	−$1.6M
FCX, Freeport-McMoRan	0.07%, was 0.06%	Add +0.2%	142,847	$43.35	$6.2M	+350	+$797K
ELS, Equity Lifestyle Properties	0.07%, was 0.08%	Reduce −3.4%	97,128	$61.67	$6M	−3,400	−$715K
SAIC, Science Applications International	0.07%	Add +2.1%	53,005	$112.61	$6M	+1,083	+$140K
GBTC, Grayscale Bitcoin Trust	0.07%, was 0.04%	Add +2.3%	1,541,264	$3.86	$5.9M	+34,535	+$2.4M
MSFT, Microsoft	0.07%	Reduce −5.9%	11,851	$497.39	$5.9M	−746	+$1.2M
XOM, Exxon Mobil	0.07%	Reduce −0.4%	54,253	$107.80	$5.8M	−206	−$628K
SPGI, S&P Global	0.06%, was 0.09%	Reduce −34.6%	10,186	$527.29	$5.4M	−5,384	−$2.5M
MSGS, MSG Sports	0.06%, was 0.07%	Reduce −17.7%	24,838	$208.95	$5.2M	−5,345	−$687K
EPD, Enterprise Products Partners	0.06%, was 0.05%	Add +23.0%	162,451	$31.01	$5M	+30,364	+$528K
MKL, Markel Group	0.06%	Reduce −3.2%	2,416	$1,997	$4.8M	−80	+$159K
BCDF, Listed Funds Trust	0.06%, was 0.04%	Add +14.3%	150,778	$31.17	$4.7M	+18,839	+$1M
BKKT, Bakkt	0.06%	Reduce −0.1%	335,279	$13.95	$4.7M	−473	+$1.8M
BX, Blackstone	0.05%	Reduce −0.7%	29,999	$149.58	$4.5M	−201	+$266K
ABBV, AbbVie	0.05%, was 0.06%	Reduce −1.9%	23,710	$185.62	$4.4M	−447	−$660K
INFL, Listed Funds Trust	0.05%	Add +4.7%	102,956	$42.17	$4.3M	+4,610	+$344K
KLAC, KLA	0.05%	Reduce −0.2%	4,776	$895.74	$4.3M	−11	+$1M
EXP, Eagle Materials	0.05%, was 0.06%	Reduce −10.1%	20,161	$202.11	$4.1M	−2,261	−$901K
LHX, L3Harris	0.05%	Hold	16,050	$250.85	$4M	—	—
CSCO, Cisco	0.05%	Hold	56,641	$69.38	$3.9M	—	—
NTR, Nutrien	0.05%, was 0.04%	Add +1.0%	66,245	$58.24	$3.9M	+670	+$601K
FWONA, Liberty Media	0.05%	Reduce −1.6%	40,236	$94.96	$3.8M	−634	+$491K
XNEAX, Nuveen Amt Free Qlty Mun	0.04%	Reduce −1.2%	339,465	$10.92	$3.7M	−4,167	−$142K
MO, Altria	0.04%	Reduce −0.1%	63,147	$58.63	$3.7M	−50	−$91K
LTCN	0.04%	Add +5.3%	542,478	$6.65	$3.6M	+27,260	+$217K
BSM	0.04%	Hold	268,638	$13.08	$3.5M	—	—
CRL, Charles River Labs International	0.04%, was 0.06%	Reduce −35.1%	22,260	$151.73	$3.4M	−12,026	−$1.8M
IRM, Iron Mountain	0.04%	Hold	32,455	$102.57	$3.3M	—	—
FNF, Fidelity National Financial	0.04%	Add +0.7%	58,461	$56.06	$3.3M	+390	−$502K
NVDA, Nvidia	0.04%	Reduce −6.1%	20,710	$157.99	$3.3M	−1,350	+$881K
LLY, Eli Lilly	0.04%	Reduce −3.5%	4,106	$779.53	$3.2M	−151	−$315K
EMR, Emerson Electric	0.04%, was 0.03%	Add +1.0%	23,692	$133.33	$3.2M	+230	+$586K
Burford Cap	0.04%	Reduce −20.1%	212,489	$14.26	$3M	−53,617	−$485K
Costamare	0.04%	Add +2.9%	331,100	$9.11	$3M	+9,460	−$149K
CAT, Caterpillar	0.04%	Reduce −2.4%	7,729	$388.21	$3M	−189	+$389K
AMLP, Alps ETF Trust	0.04%	Add 0.0%	61,357	$48.86	$3M	+27	−$188K
JNJ, Johnson & Johnson	0.03%, was 0.04%	Reduce −1.6%	19,302	$152.75	$2.9M	−310	−$304K
RTX	0.03%	Reduce −2.0%	20,099	$146.02	$2.9M	−420	+$217K
SU, Suncor Energy	0.03%	Hold	77,944	$37.45	$2.9M	—	—
CVX, Chevron	0.03%, was 0.04%	Reduce −1.9%	19,867	$143.19	$2.8M	−379	−$542K
BMY, Bristol Myers Squibb	0.03%	Add +2.5%	61,317	$46.29	$2.8M	+1,504	−$810K
MRK, Merck	0.03%	Add +5.2%	35,835	$79.16	$2.8M	+1,761	−$222K
TCOM, Tri Pointe Homes	0.03%, was 0.04%	Reduce −30.5%	86,162	$31.95	$2.8M	−37,850	−$1.2M
LVS, Las Vegas Sands	0.03%	Add +0.3%	61,993	$43.51	$2.7M	+213	+$311K
PFE, Pfizer	0.03%	Add +3.2%	103,183	$24.24	$2.5M	+3,157	−$34K
OPLN, Openlane	0.03%	Reduce −4.7%	101,857	$24.45	$2.5M	−5,000	+$430K
FIS, Fidelity National Information Services	0.03%	Reduce −2.5%	29,690	$81.41	$2.4M	−750	+$144K
BAC, Bank of America	0.03%, was 0.02%	Add +3.8%	50,833	$47.32	$2.4M	+1,883	+$363K
EQT	0.03%, was 0.02%	Add +4.4%	40,082	$58.32	$2.3M	+1,678	+$286K
RCG, Renn Fund	0.03%, was 0.02%	Add +9.6%	878,123	$2.66	$2.3M	+77,134	+$293K
TD, Toronto-Dominion Bank	0.03%	Reduce −0.1%	31,225	$73.45	$2.3M	−25	+$420K
WT, Wisdomtree	0.03%	Reduce −1.2%	198,772	$11.51	$2.3M	−2,321	+$494K
SPHR, Sphere Entertainment	0.03%	Reduce −13.5%	53,825	$41.80	$2.2M	−8,380	+$215K
BATRK, Atlanta Braves	0.03%	Reduce −1.7%	46,861	$46.77	$2.2M	−823	+$284K
VRSK, Verisk	0.03%	Hold	7,000	$311.50	$2.2M	—	—
WPC, WP Carey	0.03%	Hold	34,750	$62.38	$2.2M	—	—
VRT, Vertiv	0.03%, was 0.01%	Add +4.3%	16,835	$128.41	$2.2M	+695	+$996K
CRAI, Cra International	0.03%	Reduce −0.7%	11,516	$187.38	$2.2M	−78	+$150K
NAD, Nuveen Quality Muncp Income	0.03%, was 0.02%	Add +37.8%	190,361	$11.29	$2.1M	+52,244	+$558K
HON, Honeywell	0.03%	Reduce −4.2%	9,081	$232.88	$2.1M	−400	+$107K
SAN, Banco Santander	0.03%, was 0.02%	Add +1.5%	254,260	$8.30	$2.1M	+3,750	+$432K
PTEN, Patterson-Uti Energy	0.02%, was 0.03%	Reduce −1.2%	340,750	$5.93	$2M	−4,280	−$815K
FTLF, Fitlife Brands	0.02%	Hold	154,456	$13.02	$2M	—	—
ROK, Rockwell Automation	0.02%	Hold	6,015	$332.17	$2M	—	—
Holding	0.02%	Hold	41,029	$47.95	$2M	—	—
KMI, Kinder Morgan	0.02%, was 0.03%	Reduce −37.1%	65,644	$29.40	$1.9M	−38,764	−$1M
Telefonica	0.02%	Reduce −5.8%	367,796	$5.23	$1.9M	−22,782	+$103K
MSTR, Pimco Income Strategy Fund II	0.02%	Reduce −0.3%	256,466	$7.39	$1.9M	−861	−$45K
BR, Broadridge Financial	0.02%	Add +17.6%	7,761	$243.03	$1.9M	+1,162	+$286K
AAPL, Apple	0.02%	Add +42.4%	9,062	$205.16	$1.9M	+2,699	+$446K
VOO, Vanguard S&P 500 ETF	0.02%	Add +1.9%	3,247	$568.03	$1.8M	+60	+$207K
NRP, Natural Resource Partners	0.02%	Add +6.1%	19,123	$95.51	$1.8M	+1,098	−$46K
SON, Sonoco Products	0.02%	Reduce −0.8%	41,380	$43.56	$1.8M	−350	−$169K
V, Visa	0.02%	Add +9.7%	4,979	$355.05	$1.8M	+440	+$177K
LBRT, Liberty Energy	0.02%, was 0.03%	Reduce −6.0%	149,428	$11.48	$1.7M	−9,486	−$800K
ARLP	0.02%	Add +8.2%	64,281	$26.14	$1.7M	+4,889	+$60K
GE, GE Aerospace	0.02%	Hold	6,497	$257.39	$1.7M	—	—
PDI, Pimco Dynamic Income Fund	0.02%	Reduce −0.6%	85,863	$18.97	$1.6M	−515	−$81K
REZI, Resideo Technologies	0.02%	Reduce −7.7%	72,262	$22.06	$1.6M	−6,000	+$209K
Metalla Rty & Streaming	0.02%, was 0.01%	Add +1.0%	405,430	$3.84	$1.6M	+3,889	+$408K
CSW, CSW Industrials	0.02%	Hold	5,400	$286.83	$1.5M	—	—
BAH	0.02%	Reduce −0.1%	14,692	$104.13	$1.5M	−10	−$8K
SEE, Sealed Air	0.02%	Add +3.4%	49,150	$31.03	$1.5M	+1,600	+$151K
RIO, Rio Tinto	0.02%	Reduce −1.2%	25,666	$58.33	$1.5M	−300	−$63K
NVS, Novartis	0.02%	Reduce −3.2%	12,144	$121.01	$1.5M	−403	+$71K
MSGE, MSG Entertainment	0.02%	Reduce −18.3%	36,352	$39.97	$1.5M	−8,153	−$4K
MMM, 3M	0.02%	Hold	9,475	$152.24	$1.4M	—	—
GSK	0.02%	Reduce −3.3%	37,392	$38.40	$1.4M	−1,273	−$62K
ABT, Abbott Laboratories	0.02%	Add +4.2%	10,459	$136.01	$1.4M	+418	+$91K
NRK	0.02%, was 0.01%	Add +96.7%	140,575	$9.91	$1.4M	+69,092	+$657K
APYX, Apyx Medical	0.02%	Hold	615,000	$2.25	$1.4M	—	—
GOOGL, Alphabet Class A	0.02%, was 0.01%	Add +61.9%	7,822	$176.23	$1.4M	+2,992	+$632K
BN, Brookfield Corporation	0.02%	Reduce −0.6%	21,748	$61.78	$1.3M	−130	+$202K
EOG, EOG Resources	0.02%, was 0.01%	Add +2.9%	10,593	$119.61	$1.3M	+300	−$53K
RMT, Royce Micro-Cap Trust	0.02%	Hold	136,840	$9.25	$1.3M	—	—
BATRA, Atlanta Braves	0.01%	Reduce −2.8%	25,667	$49.21	$1.3M	−734	+$105K
JFR, Nuveen Floating Rate Income	0.01%	Hold	143,818	$8.47	$1.2M	—	—
LIN, Linde	0.01%	Reduce −7.1%	2,555	$469.18	$1.2M	−195	−$82K
MCD, McDonald's	0.01%	Hold	4,046	$292.17	$1.2M	—	—
PCH, Potlatchdeltic	0.01%, was 0.02%	Reduce −3.6%	30,157	$38.37	$1.2M	−1,113	−$254K
VXF, Vanguard Index Funds	0.01%	Add +7.3%	5,963	$192.71	$1.1M	+406	+$192K
GLD, SPDR Gold Shares	0.01%	Add +0.5%	3,755	$304.83	$1.1M	+19	+$68K
ADI, Analog Devices	0.01%	Hold	4,751	$238.01	$1.1M	—	—
MSTR, Pimco Income Strategy Fund	0.01%	Reduce −0.5%	134,825	$8.34	$1.1M	−661	−$41K
IBM	0.01%	Add +3.3%	3,770	$294.78	$1.1M	+120	+$204K
BK, BNY	0.01%	Hold	12,064	$91.11	$1.1M	—	—
MYI	0.01%	Add +132.5%	104,299	$10.49	$1.1M	+59,445	+$601K
GDXJ, Vaneck ETF Trust	0.01%	Reduce −21.7%	16,088	$67.59	$1.1M	−4,462	−$88K
SIRI, Sirius XM	0.01%	Reduce −11.0%	47,065	$22.97	$1.1M	−5,846	−$112K
NVO, Novo Nordisk	0.01%	Reduce −0.8%	15,598	$69.02	$1.1M	−118	−$15K
NEM, Newmont	0.01%	Reduce −6.3%	18,261	$58.26	$1.1M	−1,222	+$123K
SVXY, Proshares Trust II	0.01%	Hold	24,344	$42.60	$1M	—	—
RQI	0.01%	Add +3.8%	81,227	$12.45	$1M	+3,000	+$29K
QCOM, Qualcomm	0.01%	Add +11.5%	6,333	$159.26	$1M	+651	+$136K
SLV, iShares Silver Trust	0.01%	Hold	30,690	$32.81	$1M	—	—
SEG, Seaport	0.01%	Reduce −2.2%	53,260	$18.65	$993K	−1,196	−$176K
XFRAX	0.01%	Hold	73,870	$13.14	$971K	—	—
AMGN, Amgen	0.01%	Reduce −3.9%	3,456	$279.21	$965K	−141	−$156K
DHR, Danaher	0.01%	Reduce −15.0%	4,884	$197.54	$965K	−860	−$213K
BGC, BGC Group	0.01%	Reduce −12.0%	91,472	$10.23	$936K	−12,497	−$18K
GBTC, Vaneck Bitcoin ETF	0.01%	Hold	30,520	$30.47	$930K	—	—
GOOG, Alphabet Class C	0.01%	Reduce −1.8%	5,219	$177.39	$926K	−98	+$95K
DGX, Quest Diagnostics	0.01%	Reduce −8.1%	5,100	$179.63	$916K	−450	−$23K
BN, Brookfield Corporation	0.01%	Reduce −2.9%	27,171	$33.50	$910K	−800	+$77K
ALNY, Alnylam Pharmaceuticals	0.01%	Reduce −4.2%	2,759	$326.09	$900K	−121	+$122K
MPC, Marathon Petroleum	0.01%	Reduce −1.4%	5,395	$166.11	$896K	−75	+$99K
BP, BP PLC	0.01%	Add +7.7%	29,514	$29.93	$883K	+2,100	−$43K
RYN, Rayonier Advanced Materials	0.01%	Add +3.7%	223,500	$3.85	$860K	+8,000	−$379K
SBLK, Star Bulk Carriers	0.01%	Add +8.0%	49,555	$17.25	$855K	+3,663	+$141K
GM, General Motors	0.01%	Hold	17,343	$49.21	$853K	—	—
CMS, CMS Energy	0.01%	Reduce −21.6%	12,297	$69.28	$852K	−3,378	−$325K
OIH, Vaneck ETF Trust	0.01%	Hold	3,691	$230.31	$850K	—	—
GS, Goldman Sachs	0.01%	Hold	1,193	$707.75	$844K	—	—
NSC, Norfolk Southern	0.01%	Reduce −2.8%	3,273	$255.97	$838K	−95	+$40K
FHI, Federated Hermes	0.01%	Reduce −17.5%	18,854	$44.32	$836K	−4,008	−$96K
AZNN	0.01%	Reduce −7.0%	11,952	$69.88	$835K	−904	−$110K
RYN, Rayonier	0.01%	Reduce −10.2%	37,146	$22.18	$824K	−4,236	−$330K
SPY, SPDR S&P 500 ETF Trust	0.01%	Reduce −0.6%	1,329	$617.85	$821K	−8	+$73K
GEV, GE Vernova	0.01%	Reduce −0.5%	1,501	$529.15	$794K	−8	+$334K
SYK, Stryker	0.01%	Hold	2,000	$395.63	$791K	—	—
VMI, Valmont Industries	0.01%	Reduce −7.7%	2,376	$326.57	$776K	−199	+$41K
TW, Tradeweb Markets	0.01%	Add +11.2%	5,283	$146.40	$773K	+530	+$68K
EBAY, eBay	0.01%	Reduce −24.2%	10,028	$74.46	$747K	−3,207	−$150K
CM, Canadian Imperial	0.01%	Hold	10,500	$70.83	$744K	—	—
BRK.A, Berkshire Hathaway Class A	0.01%	Hold	1	$728,800	$729K	—	—
DIS, Disney	0.01%	Add +2.8%	5,865	$124.02	$727K	+160	+$164K
WY, Weyerhaeuser Co. Mountain Be	0.01%	Reduce −2.3%	28,274	$25.69	$726K	−662	−$121K
DOW, DOW Inc	0.01%	Add +16.2%	27,163	$26.48	$719K	+3,792	−$97K
HKHC, Horizon Kinetics	0.01%	Add +0.9%	16,363	$43.00	$704K	+139	+$154K
JPM, JPMorgan Chase	0.01%	Reduce −17.5%	2,405	$289.91	$697K	−510	−$18K
MDLZ, Mondelez	0.01%	Reduce −8.4%	10,328	$67.44	$697K	−950	−$69K
DSL, Doubleline Income Solutions	0.01%	Reduce −2.9%	56,052	$12.24	$686K	−1,665	−$42K
GBX, Greenbrier Companies	0.01%	Add +5.4%	14,700	$46.05	$677K	+750	−$38K
KRP, Kimbell Rty Partners	0.01%	Reduce −39.9%	45,898	$13.96	$641K	−30,476	−$429K
ALKS, Alkermes	0.01%	Reduce −4.2%	22,066	$28.61	$631K	−967	−$129K
AJG, Arthur J. Gallagher	0.01%	Hold	1,957	$320.12	$626K	—	—
Liberty Media	0.01%	Reduce −9.2%	7,718	$81.16	$626K	−783	+$47K
XES, SPDR Series Trust	0.01%	Reduce −29.1%	9,697	$63.44	$615K	−3,989	−$361K
BLK, BlackRock	0.01%	New	93,068	$6.58	$612K	+93,068	+$612K
C, Citigroup	0.01%	Hold	7,089	$85.12	$603K	—	—
BLK, BlackRock	0.01%	Hold	61,530	$9.58	$589K	—	—
LEN, Lennar	0.01%	Add 0.0%	5,308	$110.61	$587K	+2	−$22K
ETCG	0.01%	Reduce −0.2%	70,682	$8.25	$583K	−169	+$41K
URI, United Rentals	0.01%	Add +89.0%	756	$753.40	$570K	+356	+$319K
ENB, Enbridge	0.01%	Hold	12,532	$45.32	$568K	—	—
BTZ	0.01%	Hold	51,023	$10.92	$557K	—	—
ETN, Eaton	0.01%	Add +68.1%	1,555	$356.99	$555K	+630	+$304K
Costamare Bulkers	0.01%	New	63,250	$8.67	$548K	+63,250	+$548K
IAU, iShares Gold Trust	0.01%	Hold	8,690	$62.36	$542K	—	—
TFPM, Triple Flag Precious Metal	0.01%	Add +30.0%	22,811	$23.69	$540K	+5,263	+$204K
GBTC, Grayscale Bitcoin Trust	0.01%	Reduce −1.9%	5,681	$93.99	$534K	−110	+$117K
RSP	0.01%	Add +0.3%	2,920	$181.75	$531K	+8	+$26K
ADP, Automatic Data Processing	0.01%	Add +111.9%	1,695	$308.40	$523K	+895	+$278K
SMR, Nuscale Power	0.01%	Reduce −4.4%	12,950	$39.56	$512K	−600	+$320K
TQQQ, Proshares Trust	0.01%	Reduce −32.4%	6,124	$83.00	$508K	−2,930	−$11K
L, Loews	0.01%	Reduce −0.3%	5,478	$91.66	$502K	−19	−$3K
KVUE, Kenvue	0.01%	Hold	23,962	$20.93	$502K	—	—
CRSP, Crispr Therapeutics	0.01%	Reduce −4.1%	10,239	$48.64	$498K	−443	+$135K
BLK, BlackRock	0.01%	Hold	47,926	$10.32	$495K	—	—
LADR, Ladder Cap	0.01%	Add +9.5%	46,000	$10.75	$495K	+4,000	+$15K
Proshares Trust	0.01%	Add +99.5%	25,126	$19.57	$492K	+12,530	+$9K
GDX, Vaneck ETF Trust	0.01%	Reduce −12.8%	9,361	$52.06	$487K	−1,380	−$6K
IONS, Ionis Pharmaceuticals	0.01%	Reduce −4.2%	11,952	$39.51	$472K	−524	+$96K
NZF, Nuveen Municipal Credit	0.01%	Hold	38,952	$11.92	$464K	—	—
BLK, BlackRock	0.01%	Hold	42,157	$10.92	$460K	—	—
NAN, Nuveen New York QLT Mun	0.01%	Add +4.3%	39,769	$11.41	$454K	+1,650	+$20K
WOOD, iShares Trust	0.01%	Add 0.0%	6,155	$73.35	$451K	+2	−$13K
JAPN, Listed Funds Trust	0.01%	New	15,691	$28.04	$440K	+15,691	+$440K
META, Meta Platforms	0.01%	Reduce −1.8%	587	$737.90	$433K	−11	+$89K
BLK, BlackRock	0.01%	Add +11.0%	43,950	$9.64	$424K	+4,371	+$28K
KKR	0.01%	Reduce −40.7%	3,178	$133.03	$423K	−2,180	−$197K
PHYS, Sprott Physical Gold Trust	0.01%	Add +0.1%	16,634	$25.35	$422K	+13	+$22K
MKTX, Marketaxess	0.00%	Add +25.4%	1,874	$223.34	$419K	+380	+$95K
NFLX, Netflix	0.00%	Hold	311	$1,339	$416K	—	—
NBB, Nuveen Taxable Municpal Inm	0.00%	Reduce −0.3%	26,130	$15.82	$413K	−80	−$7K
DBL, Doubleline Opportunistic CR	0.00%, was 0.01%	Reduce −5.0%	26,820	$15.38	$412K	−1,416	−$29K
Holding	0.00%	Hold	58,956	$6.99	$412K	—	—
AMG	0.00%	Hold	2,085	$196.77	$410K	—	—
NBH, Neuberger Berman Mun Fund	0.00%	Hold	41,529	$9.83	$408K	—	—
BWXT, BWX Technologies	0.00%	Hold	2,665	$144.06	$384K	—	—
BIIB, Biogen	0.00%	Reduce −4.1%	3,038	$125.59	$382K	−131	−$52K
M, Macys	0.00%	Add +3.2%	32,500	$11.66	$379K	+1,000	−$17K
REGN, Regeneron	0.00%, was 0.01%	Reduce −4.1%	705	$525.00	$370K	−30	−$96K
DORM, Dorman Products	0.00%	Hold	3,000	$122.67	$368K	—	—
FHI, Federated Hermes	0.00%	Hold	34,360	$10.64	$366K	—	—
VTI, Vanguard Index Funds	0.00%	Reduce −9.2%	1,182	$303.93	$359K	−120	+$1K
AMZN, Amazon	0.00%	Add +45.2%	1,634	$219.39	$358K	+509	+$144K
AMT, American Tower	0.00%	Hold	1,600	$221.02	$354K	—	—
T, AT&T	0.00%	Add +0.2%	12,122	$28.94	$351K	+30	+$9K
PEP, PepsiCo	0.00%	Add +16.1%	2,640	$132.04	$349K	+367	+$8K
AWR, Amer States Water	0.00%	Hold	4,468	$76.66	$343K	—	—
OXY, Occidental	0.00%	Add +0.9%	8,131	$42.01	$342K	+69	−$56K
PWR, Quanta Services	0.00%	Hold	900	$378.08	$340K	—	—
ETN, Eaton	0.00%	Hold	27,801	$12.12	$337K	—	—
CNP, Centerpoint Energy	0.00%	Hold	9,133	$36.74	$336K	—	—
AFL, Aflac	0.00%	Hold	3,000	$105.46	$316K	—	—
NVG	0.00%	Hold	26,276	$11.93	$313K	—	—
VZ, Verizon	0.00%	Add +0.3%	6,993	$43.27	$303K	+20	−$14K
CL, Colgate-Palmolive	0.00%	Hold	3,102	$90.90	$282K	—	—
Kraneshares Trust	0.00%	Reduce −29.9%	9,486	$29.69	$282K	−4,039	−$100K
NVIR, Listed Funds Trust	0.00%	Add +3.2%	9,181	$30.45	$280K	+282	+$8K
CNS, Cohen & Steers	0.00%	Reduce −3.9%	3,641	$75.35	$274K	−148	−$30K
GPC, Genuine Parts	0.00%	Hold	2,250	$121.31	$273K	—	—
PCM, PCM Fund	0.00%	Hold	40,252	$6.33	$255K	—	—
AWK	0.00%	Add +5.5%	1,830	$139.08	$255K	+96	−$1K
MOV, Movado Group	0.00%	Reduce −8.8%	16,573	$15.25	$253K	−1,600	−$51K
Liberty Media	0.00%	Reduce −0.6%	3,174	$79.48	$252K	−20	+$38K
BGT	0.00%	Hold	19,778	$12.52	$248K	—	—
RA	0.00%	Hold	17,614	$13.37	$235K	—	—
GEHC, GE HealthCare	0.00%	Reduce −5.8%	3,076	$74.07	$228K	−188	−$36K
JPC	0.00%	Hold	28,250	$8.02	$227K	—	—
ETN, Eaton	0.00%	Hold	24,358	$9.29	$226K	—	—
DAL, Delta Air Lines	0.00%	Hold	4,600	$49.18	$226K	—	—
IFF, International Flavors & Fragrances	0.00%	Hold	3,050	$73.55	$224K	—	—
CQP	0.00%	Hold	4,000	$56.05	$224K	—	—
ETN, Eaton	0.00%	Hold	22,431	$9.67	$217K	—	—
IVZ, Invesco	0.00%	Hold	22,115	$9.38	$207K	—	—
NIM, Nuveen Select Mat Mun Fund	0.00%	Hold	21,500	$9.06	$195K	—	—
MHD	0.00%	Add +3.7%	17,272	$11.20	$193K	+619	−$2K
ETN, Eaton	0.00%	Hold	32,130	$5.69	$183K	—	—
NMZ	0.00%	Hold	17,322	$10.37	$180K	—	—
BLK, BlackRock	0.00%	Hold	18,237	$9.67	$176K	—	—
PML, Pimco Mun Income Fund II	0.00%	Hold	23,325	$7.45	$174K	—	—
ETN, Eaton	0.00%	Hold	15,668	$10.26	$161K	—	—
ETN, Eaton	0.00%	Hold	12,000	$12.48	$150K	—	—
BLK, BlackRock	0.00%	Hold	14,426	$10.04	$145K	—	—
HLN, Haleon	0.00%	Reduce −4.2%	13,491	$10.37	$140K	−591	−$5K
ETHE	0.00%	Hold	6,683	$20.86	$139K	—	—
INTC, Intellia Therapeutics	0.00%	Reduce −5.5%	13,792	$9.38	$129K	−804	+$26K
IVZ, Invesco	0.00%	Add +17.9%	12,274	$10.44	$128K	+1,860	+$19K
REPL, Replimune Group	0.00%	Reduce −4.2%	13,792	$9.29	$128K	−604	−$12K
XCXEX, MFS High Income Mun Trust	0.00%	Hold	34,614	$3.58	$124K	—	—
VNDA, Vanda Pharmaceuticals	0.00%	Reduce −4.2%	24,824	$4.72	$117K	−1,088	−$2K
IVZ, Invesco	0.00%	Hold	19,911	$5.75	$114K	—	—
GALT, Galectin Therapeutics	0.00%	Reduce −4.2%	51,484	$2.11	$109K	−2,258	+$43K
NUV, Nuveen Mun Value Fund	0.00%	Hold	12,350	$8.69	$107K	—	—
ETN, Eaton	0.00%	Hold	10,014	$10.23	$102K	—	—
BCYC, Bicycle Therapeutics	0.00%	Reduce −4.2%	13,792	$6.95	$96K	−604	−$26K
ETN, Eaton	0.00%	Hold	10,679	$8.92	$95K	—	—
LTRN	0.00%	Reduce −4.2%	27,582	$3.16	$87K	−1,209	−$15K
EVLV	0.00%	Hold	13,500	$6.24	$84K	—	—
EDIT, Editas Medicine	0.00%	Reduce −4.2%	30,390	$2.20	$67K	−1,330	+$30K
IVZ, Invesco Sr Income Trust	0.00%	Reduce −2.1%	14,858	$3.80	$56K	−321	$—
Holding	0.00%	Hold	10,355	$5.24	$54K	—	—
ZCSH, Grayscale Zcash Trust Zec	0.00%	Reduce −2.1%	15,173	$3.55	$54K	−319	+$8K
TTI, Tetra Technologies	0.00%	Hold	13,600	$3.36	$46K	—	—
WST, West Pharmaceutical	0.00%	Hold	10,072	$3.98	$40K	—	—
ALLO, Allogene Therapeutics	0.00%	Reduce −4.2%	18,388	$1.13	$21K	−806	−$7K
ETH	0.00%	Hold	665	$23.72	$16K	—	—
BITF, Bitfarms	0.00%	Hold	18,300	$0.8402	$15K	—	—
PACB	0.00%	Reduce −4.2%	11,034	$1.24	$14K	−483	$—
GBAT, Grayscale Basic Attention	0.00%	Hold	2,089	$1.20	$3K	—	—
MANA	0.00%	Hold	691	$1.90	$1K	—	—

Showing top 50 of 335 by value

Exits / last held

Gone since 2025 Q1, shown at their last reported size.

Stock	% of portfolio	Recent activity	Reported price*	Value	Share change	$ change
Osisko Gold Royalties	0.41%	Exit	$21.12	$36M	−1,703,037	−$36M
IWM, iShares Russell 2000 ETF	0.01%	Exit	$199.32	$590K	−2,960	−$590K
KHC, Kraft Heinz	0.01%	Exit	$30.41	$461K	−15,160	−$461K
PBH	—	Exit	$85.93	$279K	−3,247	−$279K
EXE, Expand Energy	—	Exit	$111.21	$245K	−2,203	−$245K
GOLD, Barrick Gold	—	Exit	$19.43	$206K	−10,600	−$206K
NEE, NextEra Energy	—	Exit	$70.98	$203K	−2,860	−$203K
WYNN, Wynn Resorts	—	Exit	$83.30	$200K	−2,401	−$200K
Holding	—	Exit	$12.80	$154K	−12,032	−$154K
2seventy Bio	—	Exit	$4.92	$85K	−17,275	−$85K
OIS, Oil State International	—	Exit	$5.13	$58K	−11,300	−$58K

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