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 Q4 2025 Q3 · filed 11 Feb · long equity

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TPL - Texas Pacific Land	40.14%	Add +194.9%	10,333,762	$287.22	$3B	+6,829,070	−$304M
GBTC - Grayscale Bitcoin Trust ETF	13.05%	Reduce −0.5%	14,113,593	$68.36	$965M	−67,607	−$308M
WPM - Wheaton Precious Metals	3.96%	Reduce −10.7%	2,493,518	$117.52	$293M	−298,594	−$19M
LB - Landbridge · CL A	3.74%	Add +0.2%	5,642,766	$48.99	$276M	+10,653	−$24M
HE - Hawaiian Elec Industries	3.23%	Add +6.2%	19,392,363	$12.30	$239M	+1,134,646	+$37M
FNV - Franco Nev	2.71%	Reduce −4.4%	968,101	$207.28	$201M	−44,261	−$25M
WBI — · CL A	1.85%	Add +7.6%	6,837,520	$20.01	$137M	+483,214	−$23M
ICE - Intercontinental Exchange	1.82%	Reduce 0.0%	830,766	$161.96	$135M	−295	−$5M
MSB - Mesabi Tr	1.58%	Add +0.9%	3,027,698	$38.52	$117M	+28,372	+$29M
BTC - Grayscale Bitcoin Mini Tr	1.57%	Reduce −0.1%	2,997,060	$38.73	$116M	−3,407	−$36M
PBT - Permian Basin Rty Tr	1.42%	Add +1.5%	6,187,800	$16.98	$105M	+88,751	−$6M
CBOE - Cboe Global Mkts	1.39%	Reduce −0.3%	408,398	$251.00	$103M	−1,061	+$2M
LNG - Cheniere Energy	1.22%	Reduce −2.0%	463,329	$194.39	$90M	−9,630	−$21M
CACI - Caci Intl · CL A	1.14%	Reduce −1.3%	158,591	$532.81	$84M	−2,074	+$4M
MIAX - Miami Intl	1.09%	Add +31.6%	1,819,798	$44.38	$81M	+437,395	+$25M
CME - CME Group	1.02%	Reduce −0.4%	275,611	$273.08	$75M	−1,162	+$483K
BN - Brookfield · CL A	0.98%	Reduce −4.0%	1,583,710	$45.89	$73M	−65,561	−$3M
VNOM - Viper Energy · CL A	0.90%	Reduce −0.4%	1,714,904	$38.63	$66M	−7,023	+$435K
OR - Or Royalties	0.87%	Reduce −0.5%	1,815,024	$35.39	$64M	−8,626	−$9M
CCJ - Cameco	0.83%	Reduce −0.3%	674,096	$91.49	$62M	−1,936	+$5M
CVEO - Civeo Cda	0.76%	Reduce −9.0%	2,449,487	$22.87	$56M	−240,979	−$6M
AN - Autonation	0.72%	Reduce −1.1%	256,479	$206.48	$53M	−2,856	−$4M
DBRG - Digitalbridge Group · CL A	0.63%	Reduce −7.3%	3,046,533	$15.34	$47M	−239,864	+$8M
GBTC - Ishares Bitcoin Trust ETF	0.54%	Reduce −3.6%	796,863	$49.65	$40M	−30,038	−$14M
SJT - San Juan Basin Rty Tr	0.47%	Add +11.0%	6,231,144	$5.62	$35M	+619,163	+$1M
JOE - St Joe	0.45%	Reduce −0.2%	554,837	$59.37	$33M	−892	+$5M
BG - Bunge Global SA	0.42%	Reduce −0.3%	348,994	$89.08	$31M	−1,089	+$3M
TRC - Tejon Ranch	0.41%	Reduce −0.1%	1,912,573	$15.77	$30M	−1,405	−$424K
CCL1EUR —	0.40%	Reduce −0.4%	957,548	$30.54	$29M	−4,186	+$1M
MMC - Marsh & Mclennan Cos	0.39%	Reduce −0.3%	156,685	$185.52	$29M	−534	−$3M
GLXY - Galaxy Digital · CL A	0.38%	Reduce −0.3%	1,249,554	$22.36	$28M	−4,316	−$14M
WTM - White Mtns Ins Group	0.37%	Add +0.3%	13,121	$2,078	$27M	+37	+$5M
PAG - Penske Automotive Grp	0.36%	Reduce −0.4%	169,874	$158.29	$27M	−736	−$3M
HKHC - Horizon Kinetics	0.34%	Add 0.0%	1,075,313	$23.50	$25M	+152	−$15M
LYV - Live Nation	0.33%	Reduce −1.3%	169,884	$142.50	$24M	−2,228	−$4M
HHH - Howard Hughes	0.32%	Reduce −4.2%	293,360	$79.77	$23M	−12,888	−$2M
MSTR - Strategy · CL A	0.29%	Add +0.6%	139,377	$151.95	$21M	+889	−$23M
RGLD - Royal Gold	0.29%	Add +48.7%	94,876	$222.29	$21M	+31,056	+$8M
SII - Sprott	0.28%	Reduce −0.1%	214,626	$97.92	$21M	−188	+$3M
DMLP - Dorchester Minerals	0.26%	Reduce −1.1%	875,662	$22.36	$20M	−9,953	−$3M
BRK.B - Berkshire Hathaway · CL B	0.26%	Reduce −5.9%	37,988	$502.65	$19M	−2,361	−$1M
BND - Vanguard Bd Index Fds	0.23%	Add +29.8%	342,542	$49.84	$17M	+78,720	+$4M
RCL - Royal Caribbean Group	0.20%	Reduce −2.4%	52,758	$278.92	$15M	−1,275	−$3M
OSK - Oshkosh	0.20%	Reduce −0.4%	116,193	$125.63	$15M	−507	−$539K
TFPM - Triple Flag Precious Metal	0.19%	Add +1510.2%	425,303	$33.22	$14M	+398,890	+$13M
RPRX - Royalty Pharma · CLASS A	0.18%	Reduce −0.4%	353,361	$38.64	$14M	−1,324	+$1M
IPAR - Interparfums	0.16%	Reduce −0.2%	138,558	$84.83	$12M	−259	−$2M
MA - Mastercard · CL A	0.15%	Reduce −0.3%	19,579	$570.87	$11M	−51	+$12K
RBA - Rb Global	0.15%	Reduce −1.9%	107,627	$102.87	$11M	−2,069	−$815K
BAM — · CL A	0.13%	Reduce −0.1%	190,473	$52.39	$10M	−174	−$877K
WMB - Williams Cos	0.11%	Reduce −3.3%	137,321	$60.11	$8M	−4,613	−$737K
FWONK - Liberty Media Del	0.11%	Reduce −3.2%	81,617	$98.51	$8M	−2,728	−$770K
SBR - Sabine Rty Tr	0.10%	Add +0.1%	109,487	$68.57	$8M	+77	−$1M
AB - Alliancebernstein L P	0.10%	Add +2.9%	193,741	$38.48	$7M	+5,485	+$260K
NDAQ - Nasdaq	0.09%	Add +1.2%	70,822	$97.13	$7M	+852	+$690K
SPAQ - Listed Fds Tr	0.09%	Reduce −6.4%	71,954	$90.67	$7M	−4,950	−$1M
VGSH - Vanguard Scottsdale Fds	0.09%	Reduce −11.9%	110,086	$58.73	$6M	−14,910	−$891K
GBTC - Grayscale Bitcoin Cash	0.09%	Reduce 0.0%	1,486,851	$4.32	$6M	−643	−$196K
LBRT - Liberty Energy · CL A	0.09%	Reduce −1.2%	342,711	$18.46	$6M	−4,115	+$2M
MSGS - MSG Sports · CL A	0.08%	Reduce −1.6%	23,344	$258.65	$6M	−380	+$653K
ET - Energy Transfer L P	0.08%	Reduce −2.7%	359,648	$16.49	$6M	−9,887	−$411K
VXF - Vanguard Index Fds	0.07%	Add +361.3%	25,889	$209.12	$5M	+20,277	+$4M
SAIC - Science Applications Intl	0.07%	Reduce −0.9%	52,662	$100.66	$5M	−476	+$21K
WST - West Pharmaceutical	0.07%	New	134,085	$39.50	$5M	+134,085	+$5M
FCX - Freeport-Mcmoran · CL B	0.06%	Reduce −4.4%	93,114	$50.79	$5M	−4,267	+$910K
BCDF - Listed Fds Tr	0.06%	Add +5.2%	156,000	$30.22	$5M	+7,759	+$39K
JAPN - Listed Fds Tr	0.06%	Add +7.4%	182,317	$25.71	$5M	+12,569	−$87K
XOM - Exxon Mobil	0.06%	Reduce −15.4%	38,580	$120.34	$5M	−7,030	−$500K
BR - Broadridge	0.06%	Add +35.7%	20,423	$223.17	$5M	+5,375	+$974K
MKL - Markel Group	0.06%	Reduce −12.7%	2,102	$2,149	$5M	−305	−$82K
SPHR - Sphere Entertainment · CL A	0.06%	Reduce −3.9%	47,463	$95.08	$5M	−1,928	+$1M
ABBV - Abbvie	0.06%	Reduce −4.0%	19,541	$228.49	$4M	−812	−$248K
LLY - Eli Lilly &	0.06%	Reduce −3.3%	4,106	$1,075	$4M	−141	+$1M
INFL - Listed Fds Tr	0.06%	Reduce −2.3%	98,980	$44.46	$4M	−2,319	−$127K
EPD - Enterprise Prods Partners L	0.05%	Reduce −12.0%	112,063	$32.06	$4M	−15,310	−$390K
Costamare	0.05%	Reduce −2.3%	221,950	$15.79	$4M	−5,150	+$800K
MSFT - Microsoft	0.05%	Reduce −3.7%	7,208	$483.65	$3M	−274	−$389K
ADM - Archer Daniels Midland	0.05%	Reduce −10.7%	60,202	$57.49	$3M	−7,181	−$564K
EXP - Eagle Matls	0.05%	Reduce −10.8%	16,743	$206.69	$3M	−2,023	−$913K
KLAC - KLA	0.05%	Reduce −12.5%	2,845	$1,215	$3M	−406	−$50K
XNEAX - Nuveen Amt Free Qlty Mun	0.05%	Reduce −0.7%	295,249	$11.63	$3M	−2,015	+$48K
JNJ - Johnson & Johnson	0.04%	Reduce −1.4%	15,949	$206.95	$3M	−231	+$301K
BKKT - Bakkt · CL A	0.04%	Reduce −1.2%	324,706	$10.04	$3M	−3,823	−$8M
FWONA - Liberty Media Del	0.04%	Reduce −4.6%	36,018	$89.38	$3M	−1,738	−$376K
NTR - Nutrien	0.04%	Reduce −0.1%	51,872	$61.72	$3M	−54	+$153K
PM - Philip Morris Intl	0.04%	Reduce −5.5%	19,851	$160.40	$3M	−1,163	−$224K
Metalla Rty & Streaming	0.04%	Hold	404,397	$7.78	$3M	—	—
CSCO - Cisco Sys	0.04%	Reduce −4.3%	38,941	$77.03	$3M	−1,750	+$216K
WEN - Wendys	0.04%	Reduce −22.8%	359,896	$8.33	$3M	−106,525	−$1M
MRK - Merck &	0.04%	Reduce −1.6%	28,147	$105.26	$3M	−470	+$561K
LTCN - Grayscale Litecoin	0.04%	Add +1.2%	503,902	$5.84	$3M	+6,159	−$1M
AMLP - Alps ETF Tr	0.04%	Add +1.1%	60,307	$47.02	$3M	+633	+$35K
LHX - L3harris Technologies	0.04%	Reduce −4.3%	9,388	$293.57	$3M	−420	−$240K
TCOM - Tri Pointe Homes	0.04%	Hold	85,962	$31.47	$3M	—	—
CAT - Caterpillar	0.04%	Reduce −10.9%	4,617	$572.87	$3M	−565	+$172K
NRP - Natural Resource Partners L	0.04%	Add +1.2%	24,865	$104.40	$3M	+285	+$15K
LVS - Las Vegas Sands	0.03%	Reduce −6.1%	39,260	$65.09	$3M	−2,560	+$306K
FTLF - Fitlife Brands	0.03%	Hold	154,456	$16.27	$3M	—	—
CRL - Charles Riv Labs Intl	0.03%	Reduce −2.5%	12,580	$199.48	$3M	−329	+$490K
BMY - Bristol-Myers Squibb	0.03%	Add +0.4%	45,110	$53.94	$2M	+197	+$408K
SU - Suncor Energy	0.03%	Reduce −11.6%	54,777	$44.36	$2M	−7,167	−$160K
WT - Wisdomtree	0.03%	Reduce −1.3%	198,477	$12.19	$2M	−2,561	−$375K
FNF - Fidelity National Financial	0.03%	Reduce −3.3%	43,740	$54.59	$2M	−1,481	−$348K
RTX - Raytheon	0.03%	Reduce −5.0%	12,731	$183.40	$2M	−664	+$93K
SPGI - S&P Global	0.03%	Reduce −47.3%	4,278	$522.60	$2M	−3,834	−$2M
MO - Altria Group	0.03%	Reduce −5.0%	38,607	$57.66	$2M	−2,050	−$460K
RCG - Renn Fd	0.03%	Add +5.9%	865,948	$2.57	$2M	+48,404	+$141K
EMR - Emerson Elec	0.03%	Reduce −4.0%	16,742	$132.72	$2M	−700	−$66K
EQT - EQT Corp	0.03%	Add +1.7%	41,253	$53.60	$2M	+690	+$3K
TD - Toronto Dominion Bk Ont	0.03%	Reduce −2.5%	23,317	$94.20	$2M	−608	+$284K
APYX - Apyx Medical	0.03%	Hold	615,000	$3.50	$2M	—	—
OPLN - Openlane	0.03%	Reduce −0.4%	71,548	$29.78	$2M	−309	+$63K
CVX - Chevron	0.03%	Reduce −3.7%	13,328	$152.41	$2M	−513	−$118K
BSM —	0.03%	Reduce −4.7%	151,238	$13.29	$2M	−7,400	−$75K
GE - GE Aerospace	0.03%	Reduce −1.1%	6,409	$308.03	$2M	−70	+$25K
NAD - Nuveen Quality Muncp Income	0.03%	Reduce −0.5%	161,977	$12.02	$2M	−849	+$44K
MSGE - MSG Entertainment · CL A	0.03%	Reduce −0.3%	35,774	$53.89	$2M	−119	+$304K
SLV - Ishares Silver Tr	0.03%	Reduce −3.9%	29,395	$64.42	$2M	−1,191	+$598K
AAPL - Apple	0.03%	Reduce −5.6%	6,939	$271.84	$2M	−408	+$16K
REZI - Resideo Technologies	0.03%	Reduce −9.3%	53,696	$35.12	$2M	−5,500	−$670K
VOO - Vanguard Index Fds	0.02%	Add +0.2%	2,944	$627.13	$2M	+7	+$48K
BATRK - Atlanta Braves	0.02%	Reduce −0.3%	46,171	$39.45	$2M	−116	−$104K
VRT - Vertiv · CL A	0.02%	Reduce −9.1%	11,025	$162.01	$2M	−1,110	−$45K
Grayscale Coindesk Crypto	0.02%	Hold	41,029	$41.32	$2M	—	—
PFE - Pfizer	0.02%	Reduce −4.5%	67,671	$24.90	$2M	−3,155	−$120K
ROK - Rockwell Automation	0.02%	Reduce −6.6%	4,215	$389.07	$2M	−300	+$62K
V - VISA · CL A	0.02%	Reduce −2.2%	4,666	$350.71	$2M	−107	+$7K
PTEN - Patterson-Uti Energy	0.02%	Reduce −21.0%	258,608	$6.11	$2M	−68,700	−$115K
NVS - Novartis AG	0.02%	Reduce −3.4%	11,394	$137.87	$2M	−403	+$58K
VRSK - Verisk Analytics	0.02%	Hold	7,000	$223.69	$2M	—	—
IRM - Iron Mtn Del	0.02%	Reduce −5.4%	18,405	$82.95	$2M	−1,050	−$457K
CRAI - Cra Intl	0.02%	Reduce −2.0%	7,601	$200.69	$2M	−153	−$91K
ELS - Equity Lifestyle Pptys	0.02%	Reduce −39.3%	24,970	$60.61	$2M	−16,200	−$986K
ARLP —	0.02%	Reduce −1.9%	64,141	$23.23	$1M	−1,219	−$163K
GLD - Spdr Gold Tr	0.02%	Reduce −2.7%	3,643	$396.31	$1M	−100	+$113K
MSTR - Pimco Income Strategy Fd Ii	0.02%	Hold	191,463	$7.50	$1M	—	—
WPC - Wp Carey	0.02%	Reduce −5.4%	22,000	$64.36	$1M	−1,250	−$155K
BN - Brookfield Wealth Sol · CL A	0.02%	Reduce −2.4%	30,737	$45.95	$1M	−744	−$25K
RMT - Royce Micro-Cap Tr	0.02%	Hold	134,227	$10.43	$1M	—	—
Sealed Air	0.02%	Reduce −8.9%	33,750	$41.43	$1M	−3,300	+$89K
NVDA - Nvidia	0.02%	Reduce −13.9%	7,410	$186.50	$1M	−1,200	−$224K
BK - Bank New York Mellon	0.02%	Reduce −0.8%	11,864	$116.09	$1M	−100	+$74K
KMI - Kinder Morgan Del	0.02%	Reduce −9.4%	49,923	$27.49	$1M	−5,197	−$188K
NRK —	0.02%	Reduce −0.5%	135,256	$10.09	$1M	−732	−$22K
FIS - Fidelity Natl Info	0.02%	Reduce −10.7%	20,350	$66.46	$1M	−2,440	−$150K
SON - Sonoco Prods	0.02%	Add +2.1%	30,613	$43.64	$1M	+633	+$44K
RIO - Rio Tinto	0.02%	Hold	16,316	$80.03	$1M	—	—
SVXY - Proshares Tr Ii	0.02%	Hold	23,348	$55.38	$1M	—	—
BX - Blackstone	0.02%	Reduce −1.6%	8,251	$154.14	$1M	−138	−$161K
ABT - Abbott Labs	0.02%	Reduce −3.9%	10,051	$125.29	$1M	−408	−$142K
GSK - GSK PLC	0.02%	Reduce −1.9%	24,892	$49.04	$1M	−473	+$126K
GDXJ - Vaneck ETF Trust	0.02%	Reduce −2.4%	10,621	$113.78	$1M	−266	+$130K
HON - Honeywell Intl	0.02%	Reduce −7.4%	6,095	$195.10	$1M	−486	−$196K
BAH — · CL A	0.02%	Hold	13,930	$84.36	$1M	—	—
ADI - Analog Devices	0.02%	Reduce −10.0%	4,231	$271.23	$1M	−470	−$7K
BAC - Bank of America	0.02%	Reduce −18.9%	20,560	$55.00	$1M	−4,801	−$178K
MYI —	0.02%	Hold	102,099	$10.87	$1M	—	—
IBM —	0.01%	Reduce −2.1%	3,710	$296.21	$1M	−78	+$30K
BATRA - Atlanta Braves	0.01%	Reduce −0.2%	25,368	$42.49	$1M	−46	−$78K
QCOM - Qualcomm	0.01%	Hold	6,234	$171.05	$1M	—	—
SEG - Seaport	0.01%	Reduce −0.6%	52,522	$19.77	$1M	−308	−$173K
GOOG - Alphabet · CL C	0.01%	Reduce −1.3%	3,258	$313.80	$1M	−43	+$218K
MCD - Mcdonalds	0.01%	Hold	3,339	$305.63	$1M	—	—
DHR - Danaher	0.01%	Reduce −1.8%	4,416	$228.92	$1M	−81	+$119K
AZNN —	0.01%	Reduce −4.2%	10,994	$91.93	$1M	−482	+$130K
SBLK - Star Bulk Carriers	0.01%	Reduce −2.4%	50,701	$19.22	$974K	−1,222	+$9K
OIH - Vaneck ETF Trust	0.01%	Reduce −4.2%	3,415	$284.79	$973K	−151	+$46K
GOOGL - Alphabet · CL A	0.01%	Reduce −2.1%	3,083	$313.00	$965K	−67	+$199K
IONS - Ionis Pharmaceuticals	0.01%	Reduce −4.2%	11,952	$79.11	$946K	−524	+$129K
ALNY - Alnylam Pharmaceuticals	0.01%	Reduce −4.2%	2,376	$397.65	$945K	−104	−$186K
GEV - GE Vernova	0.01%	Reduce −3.3%	1,443	$653.57	$943K	−50	+$25K
JFR - Nuveen Floating Rate Income	0.01%	Reduce −0.5%	119,308	$7.83	$934K	−650	−$47K
PCH - Potlatchdeltic	0.01%	Reduce −9.2%	23,457	$39.78	$933K	−2,388	−$120K
MMM - 3M	0.01%	Reduce −1.7%	5,700	$160.10	$913K	−100	+$13K
PDI - Pimco Dynamic Income Fd	0.01%	Reduce −4.9%	50,752	$17.71	$899K	−2,643	−$158K
SPY - Spdr S&P 500 ETF Tr	0.01%	Hold	1,294	$681.92	$882K	—	—
NSC - Norfolk Southn	0.01%	Reduce −7.3%	3,033	$288.72	$876K	−240	−$108K
FRMI - Fermi	0.01%	New	108,701	$8.00	$870K	+108,701	+$870K
MPC - Marathon Petroleum	0.01%	Hold	5,270	$162.63	$857K	—	—
CMS - CMS Energy	0.01%	Hold	12,197	$69.93	$853K	—	—
GS - Goldman Sachs Group	0.01%	Reduce −16.4%	953	$879.00	$838K	−187	−$70K
C - Citigroup	0.01%	Hold	7,089	$116.69	$827K	—	—
Telefonica S A	0.01%	Reduce −5.3%	203,058	$4.05	$822K	−11,338	−$267K
AMGN - Amgen	0.01%	Reduce −3.8%	2,498	$327.31	$818K	−99	+$85K
MSTR - Pimco Income Strategy Fd	0.01%	Reduce −0.3%	93,252	$8.43	$786K	−315	−$11K
NVO - Novo-Nordisk A S	0.01%	Hold	15,350	$50.88	$781K	—	—
NEM - Newmont	0.01%	Reduce −3.1%	7,813	$99.85	$780K	−253	+$100K
SAN - Banco Santander SA	0.01%	Reduce −0.1%	65,060	$11.73	$763K	−33	+$81K
BRK.A - Berkshire Hathaway · CL A	0.01%	Hold	1	$754,800	$755K	—	—
GDX - Vaneck ETF Trust	0.01%	Reduce −4.2%	8,673	$85.77	$744K	−381	+$52K
XFRAX —	0.01%	Hold	59,291	$11.78	$698K	—	—
IAU - Ishares Gold Tr	0.01%	Reduce −1.4%	8,566	$81.17	$695K	−124	+$63K
EOG - Eog Res	0.01%	Add +4.4%	6,493	$105.01	$682K	+275	−$15K
RSP —	0.01%	Add +34.3%	3,411	$191.56	$653K	+872	+$172K
BLK - Blackrock Munivest Fd	0.01%	Hold	93,068	$6.93	$645K	—	—
STZ - Constellation Brands · CL A	0.01%	Add +8.2%	4,673	$137.96	$645K	+356	+$63K
EBAY - EBAY Inc	0.01%	Reduce −3.1%	7,347	$87.10	$640K	−237	−$50K
AMG —	0.01%	Add +11.0%	2,195	$288.28	$633K	+217	+$161K
ALKS - Alkermes	0.01%	Reduce −4.2%	22,066	$27.98	$617K	−967	−$74K
LIN - Linde	0.01%	Add +2.9%	1,440	$426.39	$614K	+40	−$51K
URI - United Rentals	0.01%	Hold	756	$809.32	$612K	—	—
JPM - Jpmorgan Chase &	0.01%	Reduce −6.6%	1,891	$322.22	$609K	−134	−$29K
BLK - Blackrock	0.01%	Hold	60,430	$10.03	$606K	—	—
DSL - Doubleline Income Solutions	0.01%	Reduce −2.6%	52,682	$11.27	$594K	−1,432	−$71K
SIRI - Siriusxm	0.01%	Reduce −26.6%	29,366	$19.99	$587K	−10,618	−$343K
L - Loews	0.01%	Hold	5,460	$105.31	$575K	—	—
RQI —	0.01%	Reduce −2.9%	50,033	$11.42	$571K	−1,500	−$71K
TW - Tradeweb Mkts · CL A	0.01%	Hold	5,283	$107.54	$568K	—	—
Burford Cap	0.01%	Reduce −53.9%	62,445	$8.92	$557K	−72,888	−$1M
RYN - Rayonier Advanced Matls	0.01%	Reduce −4.5%	94,500	$5.89	$557K	−4,500	−$158K
PCT - Pure Cycle	0.01%	Hold	50,531	$10.99	$555K	—	—
REGN - Regeneron Pharmaceuticals	0.01%	Reduce −4.1%	705	$771.87	$544K	−30	+$131K
DIS - Disney Walt	0.01%	Reduce −10.9%	4,748	$113.78	$540K	−581	−$70K
PHYS - Sprott Asset Management	0.01%	Reduce −2.2%	16,262	$33.02	$537K	−372	+$44K
CRSP - Crispr Therapeutics AG	0.01%	Reduce −4.1%	10,239	$52.44	$537K	−443	−$155K
UNH - Unitedhealth Group	0.01%	Reduce −5.9%	1,595	$330.11	$527K	−100	−$59K
BIIB - Biogen	0.01%	Reduce −4.2%	2,988	$175.99	$526K	−131	+$89K
VMI - Valmont Inds	0.01%	Reduce −3.7%	1,301	$402.32	$523K	−50	$—
DGX - Quest Diagnostics	0.01%	Hold	3,000	$173.53	$521K	—	—
BLK - Blackrock Munivest Fd Ii	0.01%	Hold	47,926	$10.81	$518K	—	—
AJG - Gallagher Arthur J &	0.01%	Reduce −0.2%	1,953	$258.79	$505K	−4	−$101K
Costamare Bulkers	0.01%	Reduce −8.9%	31,910	$15.41	$492K	−3,100	−$11K
LEN - Lennar · CL A	0.01%	Reduce −10.9%	4,689	$102.80	$482K	−571	−$181K
ZCSH - Grayscale Zcash	0.01%	Hold	15,173	$31.44	$477K	—	—
BLK - Blackrock	0.01%	Hold	42,157	$11.20	$472K	—	—
XES - Spdr Series Trust	0.01%	Add +3.7%	5,690	$81.97	$466K	+204	+$69K
ETCG - Grayscale Ethereum Classic	0.01%	Add +0.1%	71,191	$6.49	$462K	+74	−$210K
B —	0.01%	Add +0.2%	10,547	$43.55	$459K	+21	+$114K
KRP - Kimbell Rty Partners	0.01%	Reduce −5.0%	38,934	$11.76	$458K	−2,031	−$95K
BWXT - BWX Technologies	0.01%	Hold	2,647	$172.84	$458K	—	—
FHI - Federated Hermes · CL B	0.01%	Reduce −0.3%	8,656	$52.07	$451K	−23	$—
MDLZ - Mondelez Intl · CL A	0.01%	Hold	8,244	$53.83	$444K	—	—
BTZ —	0.01%	Hold	40,534	$10.83	$439K	—	—
GBTC - Grayscale Bitcoin Trust	0.01%	Hold	5,681	$76.23	$433K	—	—
AEHR - Aehr Test Sys	0.01%	Add +38.3%	21,300	$20.19	$430K	+5,900	−$34K
BLK - Blackrock Muniyield Quality	0.01%	Hold	42,650	$10.05	$429K	—	—
NBH - Neuberger Mun Fd	0.01%	Hold	41,396	$10.12	$419K	—	—
AVGO - Broadcom	0.01%	Hold	1,207	$346.10	$418K	—	—
GBX - Greenbrier Cos	0.01%	Add +4.2%	8,700	$46.74	$407K	+350	+$21K
WOOD - Ishares Tr	0.01%	Reduce −5.0%	5,505	$72.01	$396K	−290	−$29K
NBB - Nuveen Taxable Municpal Inm	0.01%	Reduce −4.2%	24,993	$15.80	$395K	−1,087	−$28K
GM - General Mtrs	0.01%	Reduce −34.5%	4,783	$81.33	$389K	−2,517	−$56K
ERII - Energy Recovery	0.01%	Hold	28,440	$13.49	$384K	—	—
FHI - Federated Hermes	0.01%	Hold	34,170	$11.11	$380K	—	—
META - Meta Platforms · CL A	0.01%	Reduce −1.7%	570	$659.96	$376K	−10	−$50K
AMZN - Amazon	0.00%	Reduce −1.3%	1,546	$230.82	$357K	−20	+$13K
MKTX - Marketaxess	0.00%	Hold	1,950	$181.25	$353K	—	—
RYN - Rayonier	0.00%	Reduce −22.5%	15,773	$21.65	$341K	−4,586	−$199K
AFL - Aflac	0.00%	Hold	3,000	$110.27	$331K	—	—
BP - BP PLC	0.00%	Hold	9,466	$34.73	$329K	—	—
NZF - Nuveen Municipal Credit	0.00%	Reduce −6.2%	25,965	$12.58	$327K	−1,730	−$21K
DBL - Doubleline Opportunistic Cr	0.00%	Reduce −17.6%	20,777	$15.25	$317K	−4,447	−$76K
VTI - Vanguard Index Fds	0.00%	Reduce −4.9%	930	$335.27	$312K	−48	−$9K
AWR - Amer States Wtr	0.00%	Reduce −5.0%	4,244	$72.48	$308K	−224	−$20K
KKR —	0.00%	Add +0.1%	2,394	$127.48	$305K	+2	−$6K
CNP - Centerpoint Energy	0.00%	Hold	7,733	$38.34	$296K	—	—
PEP - Pepsico	0.00%	Hold	2,040	$143.52	$293K	—	—
NVIR - Listed Fds Tr	0.00%	Reduce −0.5%	8,635	$32.68	$282K	−44	+$2K
CTAS - Cintas	0.00%	Add +0.1%	1,495	$188.07	$281K	+2	−$25K
VZ - Verizon Communications	0.00%	Add +11.7%	6,671	$40.73	$272K	+698	+$9K
GPC - Genuine Parts	0.00%	Hold	2,190	$122.96	$269K	—	—
WY - Weyerhaeuser Mtn Be	0.00%	Reduce −27.3%	11,026	$23.69	$261K	−4,144	−$115K
ETN - Eaton	0.00%	Add +1.8%	811	$318.51	$258K	+14	−$40K
LOW - Lowes Cos	0.00%	Hold	1,068	$241.16	$258K	—	—
BEAM - Beam Therapeutics	0.00%	Reduce −4.2%	9,194	$27.72	$255K	−403	+$22K
TMO - Thermo Fisher Scientific	0.00%	Hold	438	$579.45	$254K	—	—
AXP - American Express	0.00%	Add +3.1%	675	$369.95	$250K	+20	+$32K
MOV - Movado Group	0.00%	Hold	12,000	$20.62	$247K	—	—
AMT - American Tower	0.00%	Hold	1,400	$175.57	$246K	—	—
NAN - Nuveen New York Qlt Mun	0.00%	Reduce −4.2%	21,550	$11.26	$243K	−938	−$14K
GEHC - GE HealthCare	0.00%	Reduce −2.6%	2,911	$82.02	$239K	−78	+$14K
T - At T	0.00%	Add +5.1%	9,554	$24.84	$237K	+462	−$19K
BGC - BGC Group · CL A	0.00%	Reduce −69.4%	26,562	$8.93	$237K	−60,230	−$584K
CL - Colgate Palmolive	0.00%	Hold	2,978	$79.02	$235K	—	—
NEE - Nextera Energy	0.00%	Add +2.4%	2,930	$80.28	$235K	+70	+$19K
ADP - Automatic Data Processing	0.00%	Reduce −43.3%	904	$257.23	$233K	−691	−$236K
OXY - Occidental	0.00%	Reduce −7.7%	5,577	$41.12	$229K	−468	−$56K
NFLX - Netflix	0.00%	Add +674.9%	2,410	$93.76	$226K	+2,099	−$147K
ETN - Eaton Vance Sr Fltng Rte Tr	0.00%	Hold	20,001	$11.14	$223K	—	—
DORM - Dorman Prods	0.00%	Hold	1,800	$123.19	$222K	—	—
IVZ - Invesco	0.00%	Hold	22,115	$9.96	$220K	—	—
VNDA - Vanda Pharmaceuticals	0.00%	Reduce −4.2%	24,824	$8.82	$219K	−1,088	+$90K
BA - Boeing	0.00%	Reduce −2.6%	1,006	$217.12	$218K	−27	−$5K
AWK —	0.00%	Reduce −3.0%	1,671	$130.48	$218K	−52	−$22K
GALT - Galectin Therapeutics	0.00%	Reduce −4.2%	51,484	$4.16	$214K	−2,258	−$13K
CQP —	0.00%	Hold	4,000	$53.48	$214K	—	—
NOC - Northrop Grumman	0.00%	Hold	360	$570.21	$205K	—	—
CNS - Cohen & Steers	0.00%	Reduce −2.8%	3,256	$62.78	$204K	−93	−$15K
LBRDA - Liberty Broadband	0.00%	Reduce −88.6%	4,151	$48.60	$202K	−32,137	−$2M
NIM - Nuveen Select Mat Mun Fd	0.00%	Hold	21,500	$9.31	$200K	—	—
LADR - Ladder Cap · CL A	0.00%	Hold	18,000	$10.99	$198K	—	—
MHD —	0.00%	Hold	16,797	$11.74	$197K	—	—
ETN - Eaton Vance Mun Bd Fd	0.00%	Hold	17,692	$9.73	$172K	—	—
PCM - Pcm Fd	0.00%	Hold	24,532	$6.14	$151K	—	—
BGT —	0.00%	Hold	12,678	$11.33	$144K	—	—
IVZ - Invesco	0.00%	Hold	12,274	$11.51	$141K	—	—
RA —	0.00%	Hold	10,755	$12.96	$139K	—	—
HLN - Haleon	0.00%	Reduce −4.2%	13,491	$10.11	$136K	−591	+$10K
REPL - Replimune Group	0.00%	Reduce −4.2%	13,792	$9.72	$134K	−604	+$74K
JPC —	0.00%	Hold	16,426	$8.11	$133K	—	—
NVG —	0.00%	Reduce −24.8%	10,375	$12.66	$131K	−3,430	−$38K
ETHE —	0.00%	Hold	5,376	$24.37	$131K	—	—
TTI - Tetra Technologies Del	0.00%	Hold	13,600	$9.37	$127K	—	—
INTC - Intellia Therapeutics	0.00%	Reduce −4.2%	13,792	$8.99	$124K	−604	−$125K
ETN - Eaton	0.00%	Hold	12,417	$9.91	$123K	—	—
ETN - Eaton Vance Sr Income Tr	0.00%	Hold	21,730	$5.27	$115K	—	—
PML - Pimco Mun Income Fd Ii	0.00%	Hold	15,050	$7.54	$113K	—	—
NUV - Nuveen Mun Value Fd	0.00%	Hold	11,550	$9.06	$105K	—	—
XCXEX - Mfs High Income Mun Tr	0.00%	Hold	26,714	$3.70	$99K	—	—
BCYC - Bicycle Therapeutics	0.00%	Reduce −4.2%	13,792	$7.08	$98K	−604	−$14K
EVLV — · CL A	0.00%	Hold	13,500	$7.16	$97K	—	—
LTRN - Lantern Pharma	0.00%	Reduce −4.2%	27,582	$3.03	$84K	−1,209	−$42K
EDIT - Editas Medicine	0.00%	Reduce −4.2%	30,340	$2.05	$62K	−1,330	−$48K
BITF - Bitfarms	0.00%	Hold	18,300	$2.35	$43K	—	—
ALLO - Allogene Therapeutics	0.00%	Reduce −4.2%	18,388	$1.37	$25K	−806	+$1K
PACB —	0.00%	Reduce −4.2%	11,034	$1.87	$21K	−483	+$6K
ETH —	0.00%	Reduce −40.0%	652	$28.06	$18K	−435	−$24K
GBAT - Grayscale Basic Attention	0.00%	Hold	2,089	$1.59	$3K	—	—
MANA - Grayscale Decentraland	0.00%	Hold	691	$1.04	$717	—	—

Showing top 50 of 319 by value

Exits / last held

not current holdings · last reported size, unchanged · gone vs 2025 Q3

Stock	% of portfolio	Recent activity	Reported price*	Value	Share change	$ change
Associated Cap Group · CL A	0.33%	Exit	$33.53	$27M	−805,348	−$27M
WST - West Fraser Timber	0.25%	Exit	$67.98	$20M	−296,006	−$20M
Sandstorm Gold	0.19%	Exit	$12.52	$16M	−1,274,954	−$16M
Aris Water Solutions · CLASS A	0.07%	Exit	$24.66	$5M	−222,429	−$5M
SYK - Stryker	0.01%	Exit	$369.50	$739K	−2,000	−$739K
Liberty Media Del	0.01%	Exit	$97.05	$565K	−5,822	−$565K
TQQQ - Proshares Tr	0.01%	Exit	$103.32	$498K	−4,820	−$498K
Proshares Tr	0.01%	Exit	$15.22	$493K	−32,383	−$493K
CSW - Csw Industrials	—	Exit	$242.86	$340K	−1,400	−$340K
PNI - Pimco New York Mun Fd Ii	—	Exit	$6.96	$262K	−37,634	−$262K
Liberty Media Del	—	Exit	$94.35	$232K	−2,459	−$232K
Kraneshares Trust	—	Exit	$32.34	$221K	−6,834	−$221K
MOD - Modine Mfg	—	Exit	$141.89	$210K	−1,480	−$210K
SMR - Nuscale Pwr · CL A	—	Exit	$36.00	$207K	−5,750	−$207K
LMT - Lockheed Martin	—	Exit	$498.77	$203K	−407	−$203K
NMZ —	—	Exit	$10.61	$110K	−10,369	−$110K

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