Featured 13F manager

Horizon Kinetics Asset Management LLC Murray Stahl

New York, NY 21 processed 13Fs on this site · 2021 Q3–2026 Q2

$8.8B
·
348 Positions
·
2026 Q2
·
−4.5% QoQ
·
Top 5 66.8%

Portfolio

2026 Q2 · filed 8/11/2026 · 348 long · top 12 shown

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 Q3 2025 Q2 · filed 14 Nov · long equity

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TPL - Texas Pacific Land	39.89%	Reduce −2.0%	3,504,692	$933.64	$3.3B	−72,839	−$507M
GBTC - Grayscale Bitcoin Trust ETF	15.52%	Reduce −2.5%	14,181,200	$89.77	$1.3B	−369,991	+$39M
WPM - Wheaton Precious Metals	3.81%	Reduce −6.5%	2,792,112	$111.84	$312M	−193,374	+$44M
LB - Landbridge · CL A	3.66%	Add +2.4%	5,632,113	$53.35	$300M	+133,188	−$71M
FNV - Franco Nev	2.75%	Reduce −3.0%	1,012,362	$222.91	$226M	−31,184	+$55M
HE - Hawaiian Elec Industries	2.46%	Add +12.1%	18,257,717	$11.04	$202M	+1,976,008	+$28M
WBI — · CL A	1.95%	New	6,354,306	$25.22	$160M	+6,354,306	+$160M
BTC - Grayscale Bitcoin Mini Tr	1.85%	Reduce −2.3%	3,000,467	$50.63	$152M	−71,902	+$5M
ICE - Intercontinental Exchange	1.71%	Reduce −0.1%	831,061	$168.48	$140M	−697	−$13M
PBT - Permian Basin Rty Tr	1.36%	Add +4.4%	6,099,049	$18.25	$111M	+259,224	+$39M
LNG - Cheniere Energy	1.35%	Reduce −2.5%	472,959	$234.98	$111M	−11,953	−$7M
CBOE - Cboe Global Mkts	1.22%	Reduce −0.8%	409,459	$245.25	$100M	−3,258	+$4M
MSB - Mesabi Tr	1.07%	Add +1.3%	2,999,326	$29.27	$88M	+38,736	+$17M
CACI - Caci Intl · CL A	0.98%	Reduce −0.6%	160,665	$498.78	$80M	−1,007	+$3M
BN - Brookfield · CL A	0.92%	Add +40.6%	1,649,271	$45.72	$75M	+476,270	+$3M
CME - CME Group	0.91%	Add +117.3%	276,773	$270.19	$75M	+149,375	+$40M
OR - Or Royalties	0.89%	Add +0.3%	1,823,650	$40.08	$73M	+6,149	+$26M
VNOM - Viper Energy · CL A	0.80%	New	1,721,927	$38.22	$66M	+1,721,927	+$66M
CVEO - Civeo Cda	0.75%	Reduce −6.6%	2,690,466	$23.00	$62M	−190,567	−$5M
AN - Autonation	0.69%	Reduce −0.9%	259,335	$218.77	$57M	−2,439	+$5M
CCJ - Cameco	0.69%	Add 0.0%	676,032	$83.86	$57M	+332	+$7M
MIAX - Miami Intl	0.68%	New	1,382,403	$40.26	$56M	+1,382,403	+$56M
GBTC - Ishares Bitcoin Trust ETF	0.66%	Reduce −14.0%	826,901	$65.00	$54M	−135,026	−$5M
MSTR - Strategy · CL A	0.54%	Reduce −4.8%	138,488	$322.21	$45M	−7,011	−$14M
GLXY - Galaxy Digital · CL A	0.52%	Reduce −8.1%	1,253,870	$33.81	$42M	−110,397	+$13M
HKHC - Horizon Kinetics	0.49%	Add +6470.7%	1,075,161	$37.71	$41M	+1,058,798	+$40M
DBRG - Digitalbridge Group · CL A	0.47%	Reduce −9.2%	3,286,397	$11.70	$38M	−331,568	+$1M
SJT - San Juan Basin Rty Tr	0.41%	Add +22.1%	5,611,981	$6.04	$34M	+1,017,479	+$6M
MMC - Marsh & Mclennan Cos	0.39%	Add +0.3%	157,219	$201.53	$32M	+432	−$3M
TRC - Tejon Ranch	0.37%	Add +16.2%	1,913,978	$15.98	$31M	+266,481	+$3M
PAG - Penske Automotive Grp	0.36%	Reduce −0.4%	170,610	$173.91	$30M	−717	+$235K
BG - Bunge Global SA	0.35%	Reduce −0.3%	350,083	$81.25	$28M	−1,226	+$241K
LYV - Live Nation	0.34%	Reduce −44.7%	172,112	$163.40	$28M	−139,004	−$19M
CCL1EUR —	0.34%	Reduce −0.8%	961,734	$28.91	$28M	−7,694	+$543K
JOE - St Joe	0.34%	Reduce 0.0%	555,729	$49.48	$27M	−162	+$981K
Associated Cap Group · CL A	0.33%	Reduce −7.0%	805,348	$33.53	$27M	−61,031	−$5M
HHH - Howard Hughes	0.31%	Reduce −26.4%	306,248	$82.17	$25M	−110,125	−$3M
DMLP - Dorchester Minerals	0.28%	Reduce −3.4%	885,615	$25.89	$23M	−31,234	−$3M
WTM - White Mtns Ins Group	0.27%	Add +19.3%	13,084	$1,672	$22M	+2,113	+$2M
BRK.B - Berkshire Hathaway · CL B	0.25%	Reduce −5.1%	40,349	$502.74	$20M	−2,177	−$373K
WST - West Fraser Timber	0.25%	Reduce −2.9%	296,006	$67.98	$20M	−8,832	−$2M
SII - Sprott	0.22%	Add +0.9%	214,814	$83.19	$18M	+1,916	+$3M
RCL - Royal Caribbean Group	0.21%	Reduce −3.8%	54,033	$323.58	$17M	−2,139	−$106K
Sandstorm Gold	0.19%	Reduce −65.0%	1,274,954	$12.52	$16M	−2,369,697	−$18M
OSK - Oshkosh	0.18%	Reduce −6.0%	116,700	$129.70	$15M	−7,506	+$1M
IPAR - Interparfums	0.17%	Reduce −0.7%	138,817	$98.38	$14M	−963	−$5M
BND - Vanguard Bd Index Fds	0.16%	Reduce −27.1%	263,822	$50.00	$13M	−98,261	−$5M
RGLD - Royal Gold	0.16%	Reduce −12.4%	63,820	$200.58	$13M	−9,072	−$162K
RPRX - Royalty Pharma · CLASS A	0.15%	Add +0.3%	354,685	$35.28	$13M	+1,214	−$222K
RBA - Rb Global	0.14%	Reduce −0.3%	109,696	$108.36	$12M	−334	+$203K
MA - Mastercard · CL A	0.14%	Reduce −1.6%	19,630	$568.80	$11M	−327	−$49K
BKKT - Bakkt · CL A	0.13%	Reduce −2.0%	328,529	$33.65	$11M	−6,750	+$6M
BAM — · CL A	0.13%	Reduce −10.7%	190,647	$56.94	$11M	−22,926	−$951K
WMB - Williams Cos	0.11%	Reduce −17.4%	141,934	$63.35	$9M	−29,981	−$2M
FWONK - Liberty Media Del	0.11%	Reduce −5.3%	84,345	$104.45	$9M	−4,720	−$497K
SBR - Sabine Rty Tr	0.11%	Reduce −0.1%	109,410	$79.46	$9M	−111	+$1M
SPAQ - Listed Fds Tr	0.10%	Reduce −32.0%	76,904	$104.13	$8M	−36,220	−$4M
VGSH - Vanguard Scottsdale Fds	0.09%	Reduce −47.3%	124,996	$58.85	$7M	−112,392	−$7M
AB - Alliancebernstein L P	0.09%	Add +14.2%	188,256	$38.22	$7M	+23,364	+$463K
GBTC - Grayscale Bitcoin Cash	0.08%	Reduce −3.5%	1,487,494	$4.45	$7M	−53,770	+$670K
ET - Energy Transfer L P	0.08%	Reduce −16.0%	369,535	$17.16	$6M	−70,412	−$2M
NDAQ - Nasdaq	0.08%	Add +0.7%	69,970	$88.45	$6M	+474	−$26K
Aris Water Solutions · CLASS A	0.07%	Reduce −89.4%	222,429	$24.66	$5M	−1,873,175	−$44M
MSGS - MSG Sports · CL A	0.07%	Reduce −4.5%	23,724	$227.00	$5M	−1,114	+$195K
SAIC - Science Applications Intl	0.06%	Add +0.3%	53,138	$99.37	$5M	+133	−$689K
XOM - Exxon Mobil	0.06%	Reduce −15.9%	45,610	$112.75	$5M	−8,643	−$706K
JAPN - Listed Fds Tr	0.06%	Add +981.8%	169,748	$28.13	$5M	+154,057	+$4M
ABBV - Abbvie	0.06%	Reduce −14.2%	20,353	$231.54	$5M	−3,357	+$311K
BCDF - Listed Fds Tr	0.06%	Reduce −1.7%	148,241	$31.54	$5M	−2,537	−$25K
MKL - Markel Group	0.06%	Reduce −0.4%	2,407	$1,911	$5M	−9	−$225K
INFL - Listed Fds Tr	0.06%	Reduce −1.6%	101,299	$44.69	$5M	−1,657	+$186K
LTCN - Grayscale Litecoin	0.05%	Reduce −8.2%	497,743	$8.79	$4M	−44,735	+$768K
EXP - Eagle Matls	0.05%	Reduce −6.9%	18,766	$233.04	$4M	−1,395	+$298K
LBRT - Liberty Energy · CL A	0.05%	Add +132.1%	346,826	$12.34	$4M	+197,398	+$3M
WEN - Wendys	0.05%	Reduce −33.3%	466,421	$9.16	$4M	−232,921	−$4M
ADM - Archer Daniels Midland	0.05%	Reduce −86.7%	67,383	$59.74	$4M	−438,586	−$23M
EPD - Enterprise Prods Partners L	0.05%	Reduce −21.6%	127,373	$31.27	$4M	−35,078	−$1M
SPGI - S&P Global	0.05%	Reduce −20.4%	8,112	$486.72	$4M	−2,074	−$1M
MSFT - Microsoft	0.05%	Reduce −36.9%	7,482	$517.93	$4M	−4,369	−$2M
FCX - Freeport-Mcmoran · CL B	0.05%	Reduce −31.8%	97,381	$39.22	$4M	−45,466	−$2M
FWONA - Liberty Media Del	0.04%	Reduce −6.2%	37,756	$95.22	$4M	−2,480	−$226K
BR - Broadridge	0.04%	Add +93.9%	15,048	$238.17	$4M	+7,287	+$2M
KLAC - KLA	0.04%	Reduce −31.9%	3,251	$1,079	$4M	−1,525	−$772K
PM - Philip Morris Intl	0.04%	Reduce −40.3%	21,014	$162.20	$3M	−14,200	−$3M
XNEAX - Nuveen Amt Free Qlty Mun	0.04%	Reduce −12.4%	297,264	$11.39	$3M	−42,201	−$321K
LLY - Eli Lilly &	0.04%	Add +3.4%	4,247	$763.00	$3M	+141	+$40K
FTLF - Fitlife Brands	0.04%	Hold	154,456	$19.89	$3M	—	—
SPHR - Sphere Entertainment · CL A	0.04%	Reduce −8.2%	49,391	$62.12	$3M	−4,434	+$818K
NTR - Nutrien	0.04%	Reduce −21.6%	51,926	$58.71	$3M	−14,319	−$810K
JNJ - Johnson & Johnson	0.04%	Reduce −16.2%	16,180	$185.42	$3M	−3,122	+$52K
LHX - L3harris Technologies	0.04%	Reduce −38.9%	9,808	$305.42	$3M	−6,242	−$1M
TCOM - Tri Pointe Homes	0.04%	Reduce −0.2%	85,962	$33.97	$3M	−200	+$167K
AMLP - Alps ETF Tr	0.03%	Reduce −2.7%	59,674	$46.93	$3M	−1,683	−$197K
WT - Wisdomtree	0.03%	Add +1.1%	201,038	$13.90	$3M	+2,266	+$507K
CSCO - Cisco Sys	0.03%	Reduce −28.2%	40,691	$68.42	$3M	−15,950	−$1M
FNF - Fidelity National Financial	0.03%	Reduce −22.6%	45,221	$60.49	$3M	−13,240	−$542K
Costamare	0.03%	Reduce −31.4%	227,100	$11.91	$3M	−104,000	−$312K
MO - Altria Group	0.03%	Reduce −35.6%	40,657	$66.06	$3M	−22,490	−$1M
SU - Suncor Energy	0.03%	Reduce −20.5%	61,944	$41.81	$3M	−16,000	−$329K
NRP - Natural Resource Partners L	0.03%	Add +28.5%	24,580	$105.00	$3M	+5,457	+$754K
Metalla Rty & Streaming	0.03%	Reduce −0.3%	404,397	$6.35	$3M	−1,033	+$1M
REZI - Resideo Technologies	0.03%	Reduce −18.1%	59,196	$43.18	$3M	−13,066	+$962K
ELS - Equity Lifestyle Pptys	0.03%	Reduce −57.6%	41,170	$60.70	$2M	−55,958	−$3M
CAT - Caterpillar	0.03%	Reduce −33.0%	5,182	$477.15	$2M	−2,547	−$528K
MRK - Merck &	0.03%	Reduce −20.1%	28,617	$83.93	$2M	−7,218	−$435K
LBRDA - Liberty Broadband	0.03%	Reduce −51.4%	36,288	$63.54	$2M	−38,325	−$5M
Grayscale Coindesk Crypto	0.03%	Hold	41,029	$55.90	$2M	—	—
EMR - Emerson Elec	0.03%	Reduce −26.4%	17,442	$131.18	$2M	−6,250	−$871K
LVS - Las Vegas Sands	0.03%	Reduce −32.5%	41,820	$53.79	$2M	−20,173	−$448K
RTX - Raytheon	0.03%	Reduce −33.4%	13,395	$167.33	$2M	−6,704	−$693K
EQT - EQT Corp	0.03%	Add +1.2%	40,563	$54.43	$2M	+481	−$130K
CVX - Chevron	0.03%	Reduce −30.3%	13,841	$155.29	$2M	−6,026	−$695K
RCG - Renn Fd	0.03%	Reduce −6.9%	817,544	$2.55	$2M	−60,579	−$251K
BSM —	0.03%	Reduce −40.9%	158,638	$13.14	$2M	−110,000	−$1M
OPLN - Openlane	0.03%	Reduce −29.5%	71,857	$28.78	$2M	−30,000	−$422K
BMY - Bristol-Myers Squibb	0.02%	Reduce −26.8%	44,913	$45.10	$2M	−16,404	−$813K
CRL - Charles Riv Labs Intl	0.02%	Reduce −42.0%	12,909	$156.45	$2M	−9,351	−$1M
IRM - Iron Mtn Del	0.02%	Reduce −40.1%	19,455	$101.94	$2M	−13,000	−$1M
GE - GE Aerospace	0.02%	Reduce −0.3%	6,479	$300.82	$2M	−18	+$277K
BATRK - Atlanta Braves	0.02%	Reduce −1.2%	46,287	$41.59	$2M	−574	−$267K
TD - Toronto Dominion Bk Ont	0.02%	Reduce −23.4%	23,925	$79.95	$2M	−7,300	−$381K
NAD - Nuveen Quality Muncp Income	0.02%	Reduce −14.5%	162,826	$11.69	$2M	−27,535	−$246K
AAPL - Apple	0.02%	Reduce −18.9%	7,347	$254.64	$2M	−1,715	+$12K
VRT - Vertiv · CL A	0.02%	Reduce −27.9%	12,135	$150.86	$2M	−4,700	−$331K
PFE - Pfizer	0.02%	Reduce −31.4%	70,826	$25.48	$2M	−32,357	−$697K
VOO - Vanguard Index Fds	0.02%	Reduce −9.5%	2,937	$612.38	$2M	−310	−$46K
VRSK - Verisk Analytics	0.02%	Hold	7,000	$251.51	$2M	—	—
PTEN - Patterson-Uti Energy	0.02%	Reduce −3.9%	327,308	$5.18	$2M	−13,442	−$325K
ARLP —	0.02%	Add +1.7%	65,360	$25.29	$2M	+1,079	−$28K
V - VISA · CL A	0.02%	Reduce −4.1%	4,773	$341.38	$2M	−206	−$138K
MSGE - MSG Entertainment · CL A	0.02%	Reduce −1.3%	35,893	$45.24	$2M	−459	+$171K
Burford Cap	0.02%	Reduce −36.3%	135,333	$11.96	$2M	−77,156	−$1M
CRAI - Cra Intl	0.02%	Reduce −32.7%	7,754	$208.52	$2M	−3,762	−$541K
NVDA - Nvidia	0.02%	Reduce −58.4%	8,610	$186.58	$2M	−12,100	−$2M
ROK - Rockwell Automation	0.02%	Reduce −24.9%	4,515	$349.53	$2M	−1,500	−$420K
WPC - Wp Carey	0.02%	Reduce −33.1%	23,250	$67.57	$2M	−11,500	−$597K
KMI - Kinder Morgan Del	0.02%	Reduce −16.0%	55,120	$28.31	$2M	−10,524	−$369K
NVS - Novartis AG	0.02%	Reduce −2.9%	11,797	$128.24	$2M	−347	+$43K
FIS - Fidelity Natl Info	0.02%	Reduce −23.2%	22,790	$65.94	$2M	−6,900	−$914K
MSTR - Pimco Income Strategy Fd Ii	0.02%	Reduce −25.3%	191,463	$7.59	$1M	−65,003	−$442K
BN - Brookfield Wealth Sol · CL A	0.02%	Add +44.8%	31,481	$45.66	$1M	+9,733	+$94K
BX - Blackstone	0.02%	Reduce −72.0%	8,389	$170.85	$1M	−21,610	−$3M
ABT - Abbott Labs	0.02%	Hold	10,459	$133.94	$1M	—	—
RMT - Royce Micro-Cap Tr	0.02%	Reduce −1.9%	134,227	$10.39	$1M	−2,613	+$129K
BAH — · CL A	0.02%	Reduce −5.2%	13,930	$99.95	$1M	−762	−$138K
NRK —	0.02%	Reduce −3.3%	135,988	$10.20	$1M	−4,587	−$6K
HON - Honeywell Intl	0.02%	Reduce −27.5%	6,581	$210.50	$1M	−2,500	−$729K
GLD - Spdr Gold Tr	0.02%	Reduce −0.3%	3,743	$355.47	$1M	−12	+$186K
APYX - Apyx Medical	0.02%	Hold	615,000	$2.14	$1M	—	—
Sealed Air	0.02%	Reduce −24.6%	37,050	$35.35	$1M	−12,100	−$215K
BAC - Bank of America	0.02%	Reduce −50.1%	25,361	$51.59	$1M	−25,472	−$1M
BK - Bank New York Mellon	0.02%	Reduce −0.8%	11,964	$108.96	$1M	−100	+$204K
SLV - Ishares Silver Tr	0.02%	Reduce −0.3%	30,586	$42.37	$1M	−104	+$289K
SON - Sonoco Prods	0.02%	Reduce −27.5%	29,980	$43.09	$1M	−11,400	−$511K
SEG - Seaport	0.01%	Reduce −0.8%	52,830	$22.92	$1M	−430	+$218K
SVXY - Proshares Tr Ii	0.01%	Reduce −4.1%	23,348	$50.94	$1M	−996	+$152K
VXF - Vanguard Index Fds	0.01%	Reduce −5.9%	5,612	$209.35	$1M	−351	+$26K
BATRA - Atlanta Braves	0.01%	Reduce −1.0%	25,414	$45.47	$1M	−253	−$107K
ADI - Analog Devices	0.01%	Reduce −1.1%	4,701	$245.69	$1M	−50	+$24K
MYI —	0.01%	Reduce −2.1%	102,099	$11.08	$1M	−2,200	+$37K
ALNY - Alnylam Pharmaceuticals	0.01%	Reduce −10.1%	2,480	$456.00	$1M	−279	+$231K
GSK - GSK PLC	0.01%	Reduce −32.2%	25,365	$43.16	$1M	−12,027	−$341K
Telefonica S A	0.01%	Reduce −41.7%	214,396	$5.08	$1M	−153,400	−$834K
GDXJ - Vaneck ETF Trust	0.01%	Reduce −32.3%	10,887	$99.03	$1M	−5,201	−$9K
RIO - Rio Tinto	0.01%	Reduce −36.4%	16,316	$66.01	$1M	−9,350	−$420K
IBM —	0.01%	Add +0.5%	3,788	$282.16	$1M	+18	−$42K
PDI - Pimco Dynamic Income Fd	0.01%	Reduce −37.8%	53,395	$19.80	$1M	−32,468	−$572K
PCH - Potlatchdeltic	0.01%	Reduce −14.3%	25,845	$40.75	$1M	−4,312	−$104K
QCOM - Qualcomm	0.01%	Reduce −1.6%	6,234	$166.36	$1M	−99	+$28K
MPC - Marathon Petroleum	0.01%	Reduce −2.3%	5,270	$192.74	$1M	−125	+$120K
MCD - Mcdonalds	0.01%	Reduce −17.5%	3,339	$303.89	$1M	−707	−$167K
NSC - Norfolk Southn	0.01%	Hold	3,273	$300.41	$983K	—	—
JFR - Nuveen Floating Rate Income	0.01%	Reduce −16.6%	119,958	$8.18	$981K	−23,860	−$237K
SBLK - Star Bulk Carriers	0.01%	Add +4.8%	51,923	$18.59	$965K	+2,368	+$110K
SIRI - Siriusxm	0.01%	Reduce −15.0%	39,984	$23.28	$931K	−7,081	−$150K
OIH - Vaneck ETF Trust	0.01%	Reduce −3.4%	3,566	$259.94	$927K	−125	+$77K
GEV - GE Vernova	0.01%	Reduce −0.5%	1,493	$614.90	$918K	−8	+$124K
GS - Goldman Sachs Group	0.01%	Reduce −4.4%	1,140	$796.35	$908K	−53	+$63K
MMM - 3M	0.01%	Reduce −38.8%	5,800	$155.18	$900K	−3,675	−$542K
CMS - CMS Energy	0.01%	Reduce −0.8%	12,197	$73.26	$894K	−100	+$42K
DHR - Danaher	0.01%	Reduce −7.9%	4,497	$198.26	$892K	−387	−$73K
AZNN —	0.01%	Reduce −4.0%	11,476	$76.72	$880K	−476	+$45K
SPY - Spdr S&P 500 ETF Tr	0.01%	Reduce −2.6%	1,294	$666.18	$862K	−35	+$41K
NVO - Novo-Nordisk A S	0.01%	Reduce −1.6%	15,350	$55.49	$852K	−248	−$225K
BGC - BGC Group · CL A	0.01%	Reduce −5.1%	86,792	$9.46	$821K	−4,680	−$115K
IONS - Ionis Pharmaceuticals	0.01%	Add +4.4%	12,476	$65.42	$816K	+524	+$344K
GOOG - Alphabet · CL C	0.01%	Reduce −36.8%	3,301	$243.55	$804K	−1,918	−$122K
MSTR - Pimco Income Strategy Fd	0.01%	Reduce −30.6%	93,567	$8.52	$797K	−41,258	−$327K
TFPM - Triple Flag Precious Metal	0.01%	Add +15.8%	26,413	$29.26	$773K	+3,602	+$232K
XFRAX —	0.01%	Reduce −19.7%	59,291	$12.98	$770K	−14,579	−$201K
GOOGL - Alphabet · CL A	0.01%	Reduce −59.7%	3,150	$243.10	$766K	−4,672	−$613K
BRK.A - Berkshire Hathaway · CL A	0.01%	Hold	1	$754,200	$754K	—	—
SYK - Stryker	0.01%	Hold	2,000	$369.67	$739K	—	—
AMGN - Amgen	0.01%	Reduce −24.9%	2,597	$282.20	$733K	−859	−$232K
URI - United Rentals	0.01%	Hold	756	$954.66	$722K	—	—
C - Citigroup	0.01%	Hold	7,089	$101.50	$720K	—	—
RYN - Rayonier Advanced Matls	0.01%	Reduce −55.7%	99,000	$7.22	$715K	−124,500	−$146K
EOG - Eog Res	0.01%	Reduce −41.3%	6,218	$112.12	$697K	−4,375	−$570K
CRSP - Crispr Therapeutics AG	0.01%	Add +4.3%	10,682	$64.81	$692K	+443	+$194K
GDX - Vaneck ETF Trust	0.01%	Reduce −3.3%	9,054	$76.40	$692K	−307	+$204K
ALKS - Alkermes	0.01%	Add +4.4%	23,033	$30.00	$691K	+967	+$60K
EBAY - EBAY Inc	0.01%	Reduce −24.4%	7,584	$90.95	$690K	−2,444	−$57K
SAN - Banco Santander S a	0.01%	Reduce −74.4%	65,093	$10.48	$682K	−189,167	−$1M
NEM - Newmont	0.01%	Reduce −55.8%	8,066	$84.31	$680K	−10,195	−$384K
ETCG - Grayscale Ethereum Classic	0.01%	Add +0.6%	71,117	$9.45	$672K	+435	+$89K
LIN - Linde	0.01%	Reduce −45.2%	1,400	$475.00	$665K	−1,155	−$534K
DSL - Doubleline Income Solutions	0.01%	Reduce −3.5%	54,114	$12.28	$665K	−1,938	−$22K
LEN - Lennar · CL A	0.01%	Reduce −0.9%	5,260	$126.04	$663K	−48	+$76K
RQI —	0.01%	Reduce −36.6%	51,533	$12.47	$643K	−29,694	−$369K
JPM - Jpmorgan Chase &	0.01%	Reduce −15.8%	2,025	$315.43	$639K	−380	−$58K
BLK - Blackrock Munivest Fd	0.01%	Hold	93,068	$6.86	$638K	—	—
IAU - Ishares Gold Tr	0.01%	Hold	8,690	$72.77	$632K	—	—
DIS - Disney Walt	0.01%	Reduce −9.1%	5,329	$114.51	$610K	−536	−$117K
BLK - Blackrock	0.01%	Reduce −1.8%	60,430	$10.06	$608K	−1,100	+$18K
AJG - Gallagher Arthur J &	0.01%	Hold	1,957	$309.74	$606K	—	—
TW - Tradeweb Mkts · CL A	0.01%	Hold	5,283	$110.98	$586K	—	—
UNH - Unitedhealth Group	0.01%	New	1,695	$345.30	$585K	+1,695	+$585K
STZ - Constellation Brands · CL A	0.01%	New	4,317	$134.67	$581K	+4,317	+$581K
DGX - Quest Diagnostics	0.01%	Reduce −41.2%	3,000	$190.58	$572K	−2,100	−$344K
GBTC - Grayscale Bitcoin Trust	0.01%	Hold	5,681	$99.81	$567K	—	—
Liberty Media Del	0.01%	Reduce −24.6%	5,822	$96.97	$565K	−1,896	−$62K
PCT - Pure Cycle	0.01%	Add +248.2%	50,531	$11.07	$559K	+36,020	+$404K
KRP - Kimbell Rty Partners	0.01%	Reduce −10.7%	40,965	$13.49	$553K	−4,933	−$88K
L - Loews	0.01%	Reduce −0.3%	5,460	$100.39	$548K	−18	+$46K
RYN - Rayonier	0.01%	Reduce −45.2%	20,359	$26.54	$540K	−16,787	−$284K
VMI - Valmont Inds	0.01%	Reduce −43.1%	1,351	$387.73	$524K	−1,025	−$252K
MDLZ - Mondelez Intl · CL A	0.01%	Reduce −20.2%	8,244	$62.47	$515K	−2,084	−$182K
BLK - Blackrock Munivest Fd Ii	0.01%	Hold	47,926	$10.63	$509K	—	—
Costamare Bulkers	0.01%	Reduce −44.6%	35,010	$14.37	$503K	−28,240	−$45K
TQQQ - Proshares Tr	0.01%	Reduce −21.3%	4,820	$103.40	$498K	−1,304	−$10K
Proshares Tr	0.01%	Add +28.9%	32,383	$15.23	$493K	+7,257	+$1K
PHYS - Sprott Asset Management	0.01%	Hold	16,634	$29.62	$493K	—	—
BWXT - BWX Technologies	0.01%	Reduce −0.7%	2,647	$184.37	$488K	−18	+$104K
RSP —	0.01%	Reduce −13.0%	2,539	$189.70	$482K	−381	−$49K
BLK - Blackrock	0.01%	Hold	42,157	$11.34	$478K	—	—
AMG —	0.01%	Reduce −5.1%	1,978	$238.43	$472K	−107	+$61K
ADP - Automatic Data Processing	0.01%	Reduce −5.9%	1,595	$293.50	$468K	−100	−$55K
AEHR - Aehr Test Sys	0.01%	New	15,400	$30.11	$464K	+15,400	+$464K
FHI - Federated Hermes · CL B	0.01%	Reduce −54.0%	8,679	$51.93	$451K	−10,175	−$385K
BTZ —	0.01%	Reduce −20.6%	40,534	$11.05	$448K	−10,489	−$109K
GM - General Mtrs	0.01%	Reduce −57.9%	7,300	$60.97	$445K	−10,043	−$408K
ERII - Energy Recovery	0.01%	Hold	28,440	$15.42	$439K	—	—
BIIB - Biogen	0.01%	Add +2.7%	3,119	$140.08	$437K	+81	+$55K
BLK - Blackrock Muniyield Quality	0.01%	Reduce −3.0%	42,650	$10.03	$428K	−1,300	+$4K
NBH - Neuberger Berman Mun Fd	0.01%	Reduce −0.3%	41,396	$10.32	$427K	−133	+$19K
META - Meta Platforms · CL A	0.01%	Reduce −1.2%	580	$734.21	$426K	−7	−$7K
WOOD - Ishares Tr	0.01%	Reduce −5.8%	5,795	$73.41	$425K	−360	−$26K
NBB - Nuveen Taxable Municpal Inm	0.01%	Reduce −0.2%	26,080	$16.22	$423K	−50	+$10K
REGN - Regeneron Pharmaceuticals	0.01%	Add +4.3%	735	$562.27	$413K	+30	+$43K
AVGO - Broadcom	0.00%	Reduce −16.6%	1,207	$329.91	$398K	−241	−$1K
XES - Spdr Series Trust	0.00%	Reduce −43.4%	5,486	$72.35	$397K	−4,211	−$218K
DBL - Doubleline Opportunistic Cr	0.00%	Reduce −6.0%	25,224	$15.58	$393K	−1,596	−$20K
GBX - Greenbrier Cos	0.00%	Reduce −43.2%	8,350	$46.17	$386K	−6,350	−$291K
FHI - Federated Hermes	0.00%	Reduce −0.6%	34,170	$11.04	$377K	−190	+$12K
WY - Weyerhaeuser Mtn Be	0.00%	Reduce −46.3%	15,170	$24.79	$376K	−13,104	−$350K
NFLX - Netflix	0.00%	Hold	311	$1,199	$373K	—	—
NZF - Nuveen Municipal Credit	0.00%	Reduce −28.9%	27,695	$12.56	$348K	−11,257	−$116K
B —	0.00%	Reduce −0.7%	10,526	$32.77	$345K	−74	+$124K
AMZN - Amazon	0.00%	Reduce −4.2%	1,566	$219.57	$344K	−68	−$15K
CSW - Csw Industrials	0.00%	Reduce −74.1%	1,400	$242.75	$340K	−4,000	−$1M
MKTX - Marketaxess	0.00%	Add +4.1%	1,950	$174.25	$340K	+76	−$79K
AFL - Aflac	0.00%	Hold	3,000	$111.70	$335K	—	—
AWR - Amer States Wtr	0.00%	Hold	4,468	$73.32	$328K	—	—
BP - BP PLC	0.00%	Reduce −67.9%	9,466	$34.46	$326K	−20,048	−$557K
VTI - Vanguard Index Fds	0.00%	Reduce −17.3%	978	$328.17	$321K	−204	−$38K
KKR —	0.00%	Reduce −24.7%	2,392	$129.95	$311K	−786	−$112K
CTAS - Cintas	0.00%	Hold	1,493	$205.26	$306K	—	—
GPC - Genuine Parts	0.00%	Reduce −2.7%	2,190	$138.60	$304K	−60	+$31K
CNP - Centerpoint Energy	0.00%	Reduce −15.3%	7,733	$38.80	$300K	−1,400	−$36K
ETN - Eaton	0.00%	Reduce −48.7%	797	$374.25	$298K	−758	−$257K
PEP - Pepsico	0.00%	Reduce −22.7%	2,040	$140.44	$286K	−600	−$62K
OXY - Occidental	0.00%	Reduce −25.7%	6,045	$47.25	$286K	−2,086	−$56K
DORM - Dorman Prods	0.00%	Reduce −40.0%	1,800	$155.88	$281K	−1,200	−$87K
NVIR - Listed Fds Tr	0.00%	Reduce −5.5%	8,679	$32.29	$280K	−502	+$1K
AMT - American Tower	0.00%	Reduce −12.5%	1,400	$192.32	$269K	−200	−$84K
LOW - Lowes Cos	0.00%	Hold	1,068	$251.31	$268K	—	—
VZ - Verizon Communications	0.00%	Reduce −14.6%	5,973	$43.95	$263K	−1,020	−$40K
NAN - Nuveen New York Qlt Mun	0.00%	Reduce −43.5%	22,488	$11.43	$257K	−17,281	−$197K
T - At T	0.00%	Reduce −25.0%	9,092	$28.24	$257K	−3,030	−$94K
INTC - Intellia Therapeutics	0.00%	Add +4.4%	14,396	$17.27	$249K	+604	+$119K
AWK —	0.00%	Reduce −5.8%	1,723	$139.17	$240K	−107	−$15K
CL - Colgate Palmolive	0.00%	Reduce −4.0%	2,978	$79.94	$238K	−124	−$44K
Liberty Media Del	0.00%	Reduce −22.5%	2,459	$94.30	$232K	−715	−$20K
ETN - Eaton Vance Sr Fltng Rte Tr	0.00%	Reduce −28.1%	20,001	$11.44	$229K	−7,800	−$108K
MOV - Movado Group	0.00%	Reduce −27.6%	12,000	$18.97	$228K	−4,573	−$25K
GALT - Galectin Therapeutics	0.00%	Add +4.4%	53,742	$4.23	$228K	+2,258	+$119K
GEHC - GE HealthCare	0.00%	Reduce −2.8%	2,989	$75.10	$224K	−87	−$3K
BA - Boeing	0.00%	Add +2.7%	1,033	$215.83	$223K	+27	+$12K
Kraneshares Trust	0.00%	Reduce −28.0%	6,834	$32.40	$221K	−2,652	−$60K
CNS - Cohen & Steers	0.00%	Reduce −8.0%	3,349	$65.61	$220K	−292	−$55K
IVZ - Invesco	0.00%	Hold	22,115	$9.85	$218K	—	—
AXP - American Express	0.00%	Hold	655	$332.16	$218K	—	—
CQP —	0.00%	Hold	4,000	$53.82	$215K	—	—
MOD - Modine Mfg	0.00%	Reduce −62.3%	1,480	$142.16	$210K	−2,450	−$177K
SMR - Nuscale Pwr · CL A	0.00%	Reduce −55.6%	5,750	$36.00	$207K	−7,200	−$305K
LMT - Lockheed Martin	0.00%	Reduce −11.9%	407	$499.21	$203K	−55	−$11K
NIM - Nuveen Select Mat Mun Fd	0.00%	Hold	21,500	$9.26	$199K	—	—
MHD —	0.00%	Reduce −2.8%	16,797	$11.75	$197K	−475	+$4K
LADR - Ladder Cap · CL A	0.00%	Reduce −60.9%	18,000	$10.91	$196K	−28,000	−$298K
ETHE —	0.00%	Reduce −19.6%	5,376	$34.27	$184K	−1,307	+$45K
ETN - Eaton Vance Mun Bd Fd	0.00%	Reduce −21.1%	17,692	$9.94	$176K	−4,739	−$41K
NVG —	0.00%	Reduce −47.5%	13,805	$12.29	$170K	−12,471	−$144K
PCM - Pcm Fd	0.00%	Reduce −39.1%	24,532	$6.71	$165K	−15,720	−$90K
BGT —	0.00%	Reduce −35.9%	12,678	$12.15	$154K	−7,100	−$94K
RA —	0.00%	Reduce −38.9%	10,755	$13.36	$144K	−6,859	−$92K
IVZ - Invesco	0.00%	Hold	12,274	$11.02	$135K	—	—
JPC —	0.00%	Reduce −41.9%	16,426	$8.20	$135K	−11,824	−$92K
VNDA - Vanda Pharmaceuticals	0.00%	Add +4.4%	25,912	$4.99	$129K	+1,088	+$12K
HLN - Haleon	0.00%	Add +4.4%	14,082	$8.97	$126K	+591	−$14K
ETN - Eaton	0.00%	Reduce −20.7%	12,417	$10.15	$126K	−3,251	−$35K
LTRN - Lantern Pharma	0.00%	Add +4.4%	28,791	$4.35	$125K	+1,209	+$38K
ETN - Eaton Vance Sr Income Tr	0.00%	Reduce −32.4%	21,730	$5.48	$119K	−10,400	−$64K
PML - Pimco Mun Income Fd Ii	0.00%	Reduce −35.5%	15,050	$7.91	$119K	−8,275	−$55K
BCYC - Bicycle Therapeutics	0.00%	Add +4.4%	14,396	$7.74	$111K	+604	+$16K
EDIT - Editas Medicine	0.00%	Add +4.2%	31,670	$3.47	$110K	+1,280	+$43K
NMZ —	0.00%	Reduce −40.1%	10,369	$10.59	$110K	−6,953	−$70K
NUV - Nuveen Mun Value Fd	0.00%	Reduce −6.5%	11,550	$8.98	$104K	−800	−$4K
EVLV — · CL A	0.00%	Hold	13,500	$7.55	$102K	—	—
XCXEX - Mfs High Income Mun Tr	0.00%	Reduce −22.8%	26,714	$3.72	$99K	−7,900	−$25K
ZCSH - Grayscale Litecoin	0.00%	Hold	15,173	$6.35	$96K	—	—
TTI - Tetra Technologies Del	0.00%	Hold	13,600	$5.75	$78K	—	—
REPL - Replimune Group	0.00%	Add +4.4%	14,396	$4.19	$60K	+604	−$68K
BITF - Bitfarms	0.00%	Hold	18,300	$2.82	$52K	—	—
ETH —	0.00%	Add +63.5%	1,087	$39.18	$43K	+422	+$27K
ALLO - Allogene Therapeutics	0.00%	Add +4.4%	19,194	$1.24	$24K	+806	+$3K
PACB —	0.00%	Add +4.4%	11,517	$1.28	$15K	+483	+$1K
GBAT - Grayscale Basic Attention	0.00%	Hold	2,089	$1.27	$3K	—	—
MANA - Grayscale Decentraland	0.00%	Hold	691	$2.30	$2K	—	—

Showing top 50 of 328 by value

Exits / last held

not current holdings · last reported size, unchanged · gone vs 2025 Q2

Stock	% of portfolio	Recent activity	Reported price*	Value	Share change	$ change
Viper Energy · CL A	0.77%	Exit	$38.13	$65M	−1,711,181	−$65M
Sitio Royalties · CLASS A	0.20%	Exit	$18.38	$17M	−921,938	−$17M
GBTC - Vaneck Bitcoin ETF	0.01%	Exit	$30.47	$930K	−30,520	−$930K
BN - Brookfield Infrast Partners	0.01%	Exit	$33.49	$910K	−27,171	−$910K
CM - Canadian Imperial Bk Comm	0.01%	Exit	$70.86	$744K	−10,500	−$744K
DOW - DOW Inc	0.01%	Exit	$26.47	$719K	−27,163	−$719K
ENB - Enbridge	0.01%	Exit	$45.32	$568K	−12,532	−$568K
KVUE - Kenvue	0.01%	Exit	$20.95	$502K	−23,962	−$502K
Holding	—	Exit	$6.99	$412K	−58,956	−$412K
M - Macys	—	Exit	$11.66	$379K	−32,500	−$379K
PWR - Quanta Svcs	—	Exit	$377.78	$340K	−900	−$340K
COIN - Coinbase Global · CL A	—	Exit	$351.05	$251K	−715	−$251K
DAL - Delta Air Lines Del	—	Exit	$49.13	$226K	−4,600	−$226K
ETN - Eaton Vance New York Mun Bd	—	Exit	$9.28	$226K	−24,358	−$226K
IFF - International Flavors & Fragrances	—	Exit	$73.44	$224K	−3,050	−$224K
COST - Costco Whsl	—	Exit	$990.24	$203K	−205	−$203K
BLK - Blackrock	—	Exit	$9.65	$176K	−18,237	−$176K
ETN - Eaton Vance Flting Rate	—	Exit	$12.50	$150K	−12,000	−$150K
BLK - Blackrock Muni Income Tr Ii	—	Exit	$10.05	$145K	−14,426	−$145K
IVZ - Invesco	—	Exit	$5.73	$114K	−19,911	−$114K
ETN - Eaton	—	Exit	$10.19	$102K	−10,014	−$102K
ETN - Eaton Vance Calif Mun Bd Fd	—	Exit	$8.90	$95K	−10,679	−$95K
WST - Western Asset Inter Muni Fd	—	Exit	$7.50	$85K	−11,334	−$85K
IVZ - Invesco Sr Income Tr	—	Exit	$3.77	$56K	−14,858	−$56K
Holding	—	Exit	$5.21	$54K	−10,355	−$54K
WST - West Pharmaceutical	—	Exit	$3.97	$40K	−10,072	−$40K

Filings history

20 periods · normalized AUM · open a period for holdings

Newest filings

Period	Holdings	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 Q3–2026 Q2

Notable person: Murray Stahl
SEC filing name: HORIZON KINETICS ASSET MANAGEMENT LLC
Location: New York, NY
All SEC filings: View on sec.gov