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 Q4 2025 Q3, filed 11 Feb, long equity only

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TPL, Texas Pacific Land	40.14%, was 39.89%	Add +194.9%	10,333,762	$287.22	$3B	+6,829,070	−$304M
GBTC, Grayscale Bitcoin Trust ETF	13.05%, was 15.52%	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	3.74%, was 3.66%	Add +0.2%	5,642,766	$48.99	$276M	+10,653	−$24M
HE, Hawaiian Electric Industries	3.23%, was 2.46%	Add +6.2%	19,392,363	$12.30	$239M	+1,134,646	+$37M
FNV, Franco Nev	2.71%, was 2.75%	Reduce −4.4%	968,101	$207.28	$201M	−44,261	−$25M
WBI	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	−$5.5M
MSB, Mesabi Trust	1.58%, was 1.07%	Add +0.9%	3,027,698	$38.52	$117M	+28,372	+$29M
BTC, Grayscale Bitcoin Mini Trust	1.57%, was 1.85%	Reduce −0.1%	2,997,060	$38.73	$116M	−3,407	−$36M
PBT, Permian Basin Rty Trust	1.42%, was 1.36%	Add +1.5%	6,187,800	$16.98	$105M	+88,751	−$6.2M
CBOE, Cboe Global Markets	1.39%	Reduce −0.3%	408,398	$251.00	$103M	−1,061	+$2.1M
LNG, Cheniere Energy	1.22%, was 1.35%	Reduce −2.0%	463,329	$194.39	$90M	−9,630	−$21M
CACI, CACI International	1.14%	Reduce −1.3%	158,591	$532.81	$84M	−2,074	+$4.4M
MIAX, Miami International	1.09%, was 0.68%	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 Corporation	0.98%	Reduce −4.0%	1,583,710	$45.89	$73M	−65,561	−$2.7M
VNOM, Viper Energy	0.90%	Reduce −0.4%	1,714,904	$38.63	$66M	−7,023	+$435K
OR, Or Royalties	0.87%, was 0.89%	Reduce −0.5%	1,815,024	$35.39	$64M	−8,626	−$8.9M
CCJ, Cameco	0.83%	Reduce −0.3%	674,096	$91.49	$62M	−1,936	+$5M
CVEO, Civeo Corporation Cda	0.76%	Reduce −9.0%	2,449,487	$22.87	$56M	−240,979	−$5.9M
AN, Autonation	0.72%	Reduce −1.1%	256,479	$206.48	$53M	−2,856	−$3.8M
DBRG, Digitalbridge Group	0.63%	Reduce −7.3%	3,046,533	$15.34	$47M	−239,864	+$8.3M
GBTC, iShares Bitcoin Trust ETF	0.54%, was 0.66%	Reduce −3.6%	796,863	$49.65	$40M	−30,038	−$14M
SJT, San Juan Basin Rty Trust	0.47%, was 0.41%	Add +11.0%	6,231,144	$5.62	$35M	+619,163	+$1.1M
JOE, St Joe	0.45%	Reduce −0.2%	554,837	$59.37	$33M	−892	+$5.4M
BG, Bunge Global	0.42%	Reduce −0.3%	348,994	$89.08	$31M	−1,089	+$2.6M
TRC, Tejon Ranch	0.41%	Reduce −0.1%	1,912,573	$15.77	$30M	−1,405	−$424K
CCL, Carnival	0.40%	Reduce −0.4%	957,548	$30.54	$29M	−4,186	+$1.4M
MMC, Marsh McLennan	0.39%	Reduce −0.3%	156,685	$185.52	$29M	−534	−$2.6M
GLXY, Galaxy Digital	0.38%, was 0.52%	Reduce −0.3%	1,249,554	$22.36	$28M	−4,316	−$14M
WTM, White Mountains Insurance Group	0.37%, was 0.27%	Add +0.3%	13,121	$2,078	$27M	+37	+$5.4M
PAG, Penske Automotive Group	0.36%	Reduce −0.4%	169,874	$158.29	$27M	−736	−$2.8M
HKHC, Horizon Kinetics	0.34%	Add 0.0%	1,075,313	$23.50	$25M	+152	−$15M
LYV, Live Nation Entertainment	0.33%, was 0.34%	Reduce −1.3%	169,884	$142.50	$24M	−2,228	−$3.9M
HHH, Howard Hughes	0.32%	Reduce −4.2%	293,360	$79.77	$23M	−12,888	−$1.8M
MSTR, Strategy	0.29%	Add +0.6%	139,377	$151.95	$21M	+889	−$23M
RGLD, Royal Gold	0.29%, was 0.16%	Add +48.7%	94,876	$222.29	$21M	+31,056	+$8.3M
SII, Sprott	0.28%	Reduce −0.1%	214,626	$97.92	$21M	−188	+$3.1M
DMLP, Dorchester Minerals	0.26%, was 0.28%	Reduce −1.1%	875,662	$22.36	$20M	−9,953	−$3.3M
BRK.B, Berkshire Hathaway Class B	0.26%	Reduce −5.9%	37,988	$502.65	$19M	−2,361	−$1.2M
BND, Vanguard Bond Index Funds	0.23%, was 0.16%	Add +29.8%	342,542	$49.84	$17M	+78,720	+$3.9M
RCL, Royal Caribbean	0.20%, was 0.21%	Reduce −2.4%	52,758	$278.92	$15M	−1,275	−$2.8M
OSK, Oshkosh	0.20%	Reduce −0.4%	116,193	$125.63	$15M	−507	−$539K
TFPM, Triple Flag Precious Metal	0.19%, was 0.01%	Add +1510.2%	425,303	$33.22	$14M	+398,890	+$13M
RPRX	0.18%	Reduce −0.4%	353,361	$38.64	$14M	−1,324	+$1.1M
IPAR, Interparfums	0.16%, was 0.17%	Reduce −0.2%	138,558	$84.83	$12M	−259	−$1.9M
MA, Mastercard	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, Brookfield Asset Management	0.13%	Reduce −0.1%	190,473	$52.39	$10M	−174	−$877K
WMB, Williams Companies	0.11%	Reduce −3.3%	137,321	$60.11	$8.3M	−4,613	−$737K
FWONK, Liberty Media	0.11%	Reduce −3.2%	81,617	$98.51	$8M	−2,728	−$770K
SBR, Sabine Rty Trust	0.10%	Add +0.1%	109,487	$68.57	$7.5M	+77	−$1.2M
AB, Alliancebernstein	0.10%, was 0.09%	Add +2.9%	193,741	$38.48	$7.5M	+5,485	+$260K
NDAQ, Nasdaq	0.09%, was 0.08%	Add +1.2%	70,822	$97.13	$6.9M	+852	+$690K
SPAQ, Listed Funds Trust	0.09%, was 0.10%	Reduce −6.4%	71,954	$90.67	$6.5M	−4,950	−$1.5M
VGSH, Vanguard Scottsdale Funds	0.09%	Reduce −11.9%	110,086	$58.73	$6.5M	−14,910	−$891K
GBTC, Grayscale Bitcoin Cash	0.09%	Reduce 0.0%	1,486,851	$4.32	$6.4M	−643	−$196K
LBRT, Liberty Energy	0.09%	Reduce −1.2%	342,711	$18.46	$6.3M	−4,115	+$2M
MSGS, MSG Sports	0.08%	Reduce −1.6%	23,344	$258.65	$6M	−380	+$653K
ET, Energy Transfer	0.08%	Reduce −2.7%	359,648	$16.49	$5.9M	−9,887	−$411K
VXF, Vanguard Index Funds	0.07%, was 0.01%	Add +361.3%	25,889	$209.12	$5.4M	+20,277	+$4.2M
SAIC, Science Applications International	0.07%	Reduce −0.9%	52,662	$100.66	$5.3M	−476	+$21K
WST, West Pharmaceutical	0.07%	New	134,085	$39.50	$5.3M	+134,085	+$5.3M
FCX, Freeport-McMoRan	0.06%	Reduce −4.4%	93,114	$50.79	$4.7M	−4,267	+$910K
BCDF, Listed Funds Trust	0.06%	Add +5.2%	156,000	$30.22	$4.7M	+7,759	+$39K
JAPN, Listed Funds Trust	0.06%	Add +7.4%	182,317	$25.71	$4.7M	+12,569	−$87K
XOM, Exxon Mobil	0.06%	Reduce −15.4%	38,580	$120.34	$4.6M	−7,030	−$500K
BR, Broadridge Financial	0.06%, was 0.04%	Add +35.7%	20,423	$223.17	$4.6M	+5,375	+$974K
MKL, Markel Group	0.06%	Reduce −12.7%	2,102	$2,149	$4.5M	−305	−$82K
SPHR, Sphere Entertainment	0.06%	Reduce −3.9%	47,463	$95.08	$4.5M	−1,928	+$1.4M
ABBV, AbbVie	0.06%	Reduce −4.0%	19,541	$228.49	$4.5M	−812	−$248K
LLY, Eli Lilly	0.06%	Reduce −3.3%	4,106	$1,075	$4.4M	−141	+$1.2M
INFL, Listed Funds Trust	0.06%	Reduce −2.3%	98,980	$44.46	$4.4M	−2,319	−$127K
EPD, Enterprise Products Partners	0.05%	Reduce −12.0%	112,063	$32.06	$3.6M	−15,310	−$390K
Costamare	0.05%	Reduce −2.3%	221,950	$15.79	$3.5M	−5,150	+$800K
MSFT, Microsoft	0.05%	Reduce −3.7%	7,208	$483.65	$3.5M	−274	−$389K
ADM, Archer-Daniels-Midland	0.05%	Reduce −10.7%	60,202	$57.49	$3.5M	−7,181	−$564K
EXP, Eagle Materials	0.05%	Reduce −10.8%	16,743	$206.69	$3.5M	−2,023	−$913K
KLAC, KLA	0.05%	Reduce −12.5%	2,845	$1,215	$3.5M	−406	−$50K
XNEAX, Nuveen Amt Free Qlty Mun	0.05%	Reduce −0.7%	295,249	$11.63	$3.4M	−2,015	+$48K
JNJ, Johnson & Johnson	0.04%	Reduce −1.4%	15,949	$206.95	$3.3M	−231	+$301K
BKKT, Bakkt	0.04%, was 0.13%	Reduce −1.2%	324,706	$10.04	$3.3M	−3,823	−$7.8M
FWONA, Liberty Media	0.04%	Reduce −4.6%	36,018	$89.38	$3.2M	−1,738	−$376K
NTR, Nutrien	0.04%	Reduce −0.1%	51,872	$61.72	$3.2M	−54	+$153K
PM, Philip Morris International	0.04%	Reduce −5.5%	19,851	$160.40	$3.2M	−1,163	−$224K
Metalla Rty & Streaming	0.04%	Hold	404,397	$7.78	$3.1M	—	—
CSCO, Cisco	0.04%	Reduce −4.3%	38,941	$77.03	$3M	−1,750	+$216K
WEN, Wendys	0.04%, was 0.05%	Reduce −22.8%	359,896	$8.33	$3M	−106,525	−$1.3M
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	$2.9M	+6,159	−$1.4M
AMLP, Alps ETF Trust	0.04%, was 0.03%	Add +1.1%	60,307	$47.02	$2.8M	+633	+$35K
LHX, L3Harris	0.04%	Reduce −4.3%	9,388	$293.57	$2.8M	−420	−$240K
TCOM, Tri Pointe Homes	0.04%	Hold	85,962	$31.47	$2.7M	—	—
CAT, Caterpillar	0.04%	Reduce −10.9%	4,617	$572.87	$2.6M	−565	+$172K
NRP, Natural Resource Partners	0.04%, was 0.03%	Add +1.2%	24,865	$104.40	$2.6M	+285	+$15K
LVS, Las Vegas Sands	0.03%	Reduce −6.1%	39,260	$65.09	$2.6M	−2,560	+$306K
FTLF, Fitlife Brands	0.03%	Hold	154,456	$16.27	$2.5M	—	—
CRL, Charles River Labs International	0.03%	Reduce −2.5%	12,580	$199.48	$2.5M	−329	+$490K
BMY, Bristol Myers Squibb	0.03%, was 0.02%	Add +0.4%	45,110	$53.94	$2.4M	+197	+$408K
SU, Suncor Energy	0.03%	Reduce −11.6%	54,777	$44.36	$2.4M	−7,167	−$160K
WT, Wisdomtree	0.03%	Reduce −1.3%	198,477	$12.19	$2.4M	−2,561	−$375K
FNF, Fidelity National Financial	0.03%	Reduce −3.3%	43,740	$54.59	$2.4M	−1,481	−$348K
RTX	0.03%	Reduce −5.0%	12,731	$183.40	$2.3M	−664	+$93K
SPGI, S&P Global	0.03%, was 0.05%	Reduce −47.3%	4,278	$522.60	$2.2M	−3,834	−$1.7M
MO, Altria	0.03%	Reduce −5.0%	38,607	$57.66	$2.2M	−2,050	−$460K
RCG, Renn Fund	0.03%	Add +5.9%	865,948	$2.57	$2.2M	+48,404	+$141K
EMR, Emerson Electric	0.03%	Reduce −4.0%	16,742	$132.72	$2.2M	−700	−$66K
EQT	0.03%	Add +1.7%	41,253	$53.60	$2.2M	+690	+$3K
TD, Toronto-Dominion Bank	0.03%	Reduce −2.5%	23,317	$94.20	$2.2M	−608	+$284K
APYX, Apyx Medical	0.03%	Hold	615,000	$3.50	$2.2M	—	—
OPLN, Openlane	0.03%	Reduce −0.4%	71,548	$29.78	$2.1M	−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	$1.9M	−849	+$44K
MSGE, MSG Entertainment	0.03%	Reduce −0.3%	35,774	$53.89	$1.9M	−119	+$304K
SLV, iShares Silver Trust	0.03%	Reduce −3.9%	29,395	$64.42	$1.9M	−1,191	+$598K
AAPL, Apple	0.03%	Reduce −5.6%	6,939	$271.84	$1.9M	−408	+$16K
REZI, Resideo Technologies	0.03%	Reduce −9.3%	53,696	$35.12	$1.9M	−5,500	−$670K
VOO, Vanguard S&P 500 ETF	0.02%	Add +0.2%	2,944	$627.13	$1.8M	+7	+$48K
BATRK, Atlanta Braves	0.02%	Reduce −0.3%	46,171	$39.45	$1.8M	−116	−$104K
VRT, Vertiv	0.02%	Reduce −9.1%	11,025	$162.01	$1.8M	−1,110	−$45K
Grayscale Coindesk Crypto	0.02%	Hold	41,029	$41.32	$1.7M	—	—
PFE, Pfizer	0.02%	Reduce −4.5%	67,671	$24.90	$1.7M	−3,155	−$120K
ROK, Rockwell Automation	0.02%	Reduce −6.6%	4,215	$389.07	$1.6M	−300	+$62K
V, Visa	0.02%	Reduce −2.2%	4,666	$350.71	$1.6M	−107	+$7K
PTEN, Patterson-Uti Energy	0.02%	Reduce −21.0%	258,608	$6.11	$1.6M	−68,700	−$115K
NVS, Novartis	0.02%	Reduce −3.4%	11,394	$137.87	$1.6M	−403	+$58K
VRSK, Verisk	0.02%	Hold	7,000	$223.69	$1.6M	—	—
IRM, Iron Mountain	0.02%	Reduce −5.4%	18,405	$82.95	$1.5M	−1,050	−$457K
CRAI, Cra International	0.02%	Reduce −2.0%	7,601	$200.69	$1.5M	−153	−$91K
ELS, Equity Lifestyle Properties	0.02%, was 0.03%	Reduce −39.3%	24,970	$60.61	$1.5M	−16,200	−$986K
ARLP	0.02%	Reduce −1.9%	64,141	$23.23	$1.5M	−1,219	−$163K
GLD, SPDR Gold Shares	0.02%	Reduce −2.7%	3,643	$396.31	$1.4M	−100	+$113K
MSTR, Pimco Income Strategy Fund II	0.02%	Hold	191,463	$7.50	$1.4M	—	—
WPC, WP Carey	0.02%	Reduce −5.4%	22,000	$64.36	$1.4M	−1,250	−$155K
BN, Brookfield Corporation	0.02%	Reduce −2.4%	30,737	$45.95	$1.4M	−744	−$25K
RMT, Royce Micro-Cap Trust	0.02%	Hold	134,227	$10.43	$1.4M	—	—
SEE, Sealed Air	0.02%	Reduce −8.9%	33,750	$41.43	$1.4M	−3,300	+$89K
NVDA, Nvidia	0.02%	Reduce −13.9%	7,410	$186.50	$1.4M	−1,200	−$224K
BK, BNY	0.02%	Reduce −0.8%	11,864	$116.09	$1.4M	−100	+$74K
KMI, Kinder Morgan	0.02%	Reduce −9.4%	49,923	$27.49	$1.4M	−5,197	−$188K
NRK	0.02%	Reduce −0.5%	135,256	$10.09	$1.4M	−732	−$22K
FIS, Fidelity National Information Services	0.02%	Reduce −10.7%	20,350	$66.46	$1.4M	−2,440	−$150K
SON, Sonoco Products	0.02%	Add +2.1%	30,613	$43.64	$1.3M	+633	+$44K
RIO, Rio Tinto	0.02%	Hold	16,316	$80.03	$1.3M	—	—
SVXY, Proshares Trust II	0.02%	Hold	23,348	$55.38	$1.3M	—	—
BX, Blackstone	0.02%	Reduce −1.6%	8,251	$154.14	$1.3M	−138	−$161K
ABT, Abbott Laboratories	0.02%	Reduce −3.9%	10,051	$125.29	$1.3M	−408	−$142K
GSK	0.02%	Reduce −1.9%	24,892	$49.04	$1.2M	−473	+$126K
GDXJ, Vaneck ETF Trust	0.02%	Reduce −2.4%	10,621	$113.78	$1.2M	−266	+$130K
HON, Honeywell	0.02%	Reduce −7.4%	6,095	$195.10	$1.2M	−486	−$196K
BAH	0.02%	Hold	13,930	$84.36	$1.2M	—	—
ADI, Analog Devices	0.02%	Reduce −10.0%	4,231	$271.23	$1.1M	−470	−$7K
BAC, Bank of America	0.02%	Reduce −18.9%	20,560	$55.00	$1.1M	−4,801	−$178K
MYI	0.02%	Hold	102,099	$10.87	$1.1M	—	—
IBM	0.01%	Reduce −2.1%	3,710	$296.21	$1.1M	−78	+$30K
BATRA, Atlanta Braves	0.01%	Reduce −0.2%	25,368	$42.49	$1.1M	−46	−$78K
QCOM, Qualcomm	0.01%	Hold	6,234	$171.05	$1.1M	—	—
SEG, Seaport	0.01%	Reduce −0.6%	52,522	$19.77	$1M	−308	−$173K
GOOG, Alphabet Class C	0.01%	Reduce −1.3%	3,258	$313.80	$1M	−43	+$218K
MCD, McDonald's	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 Class 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 Fund	0.01%	Reduce −4.9%	50,752	$17.71	$899K	−2,643	−$158K
SPY, SPDR S&P 500 ETF Trust	0.01%	Hold	1,294	$681.92	$882K	—	—
NSC, Norfolk Southern	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	0.01%	Reduce −16.4%	953	$879.00	$838K	−187	−$70K
C, Citigroup	0.01%	Hold	7,089	$116.69	$827K	—	—
Telefonica	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 Fund	0.01%	Reduce −0.3%	93,252	$8.43	$786K	−315	−$11K
NVO, Novo Nordisk	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	0.01%	Reduce −0.1%	65,060	$11.73	$763K	−33	+$81K
BRK.A, Berkshire Hathaway Class 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 Trust	0.01%	Reduce −1.4%	8,566	$81.17	$695K	−124	+$63K
EOG, EOG Resources	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	0.01%	Hold	93,068	$6.93	$645K	—	—
STZ, Constellation Brands	0.01%	Add +8.2%	4,673	$137.96	$645K	+356	+$63K
EBAY, eBay	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, Sirius XM	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 Markets	0.01%	Hold	5,283	$107.54	$568K	—	—
Burford Cap	0.01%, was 0.02%	Reduce −53.9%	62,445	$8.92	$557K	−72,888	−$1.1M
RYN, Rayonier Advanced Materials	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	0.01%	Reduce −4.1%	705	$771.87	$544K	−30	+$131K
DIS, Disney	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	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 Industries	0.01%	Reduce −3.7%	1,301	$402.32	$523K	−50	$—
DGX, Quest Diagnostics	0.01%	Hold	3,000	$173.53	$521K	—	—
BLK, BlackRock	0.01%	Hold	47,926	$10.81	$518K	—	—
AJG, Arthur J. Gallagher	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	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	0.01%	Reduce −0.3%	8,656	$52.07	$451K	−23	$—
MDLZ, Mondelez	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 Systems	0.01%	Add +38.3%	21,300	$20.19	$430K	+5,900	−$34K
BLK, BlackRock	0.01%	Hold	42,650	$10.05	$429K	—	—
NBH, Neuberger Mun Fund	0.01%	Hold	41,396	$10.12	$419K	—	—
AVGO, Broadcom	0.01%	Hold	1,207	$346.10	$418K	—	—
GBX, Greenbrier Companies	0.01%	Add +4.2%	8,700	$46.74	$407K	+350	+$21K
WOOD, iShares Trust	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 Motors	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	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%, was 0.01%	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 Funds	0.00%	Reduce −4.9%	930	$335.27	$312K	−48	−$9K
AWR, Amer States Water	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 Funds Trust	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	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 Co. Mountain 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, Lowe's	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	0.00%, was 0.01%	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%, was 0.01%	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	0.00%	Hold	20,001	$11.14	$223K	—	—
DORM, Dorman Products	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%, was 0.03%	Reduce −88.6%	4,151	$48.60	$202K	−32,137	−$2.1M
NIM, Nuveen Select Mat Mun Fund	0.00%	Hold	21,500	$9.31	$200K	—	—
LADR, Ladder Cap	0.00%	Hold	18,000	$10.99	$198K	—	—
MHD	0.00%	Hold	16,797	$11.74	$197K	—	—
ETN, Eaton	0.00%	Hold	17,692	$9.73	$172K	—	—
PCM, PCM Fund	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	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	0.00%	Hold	21,730	$5.27	$115K	—	—
PML, Pimco Mun Income Fund II	0.00%	Hold	15,050	$7.54	$113K	—	—
NUV, Nuveen Mun Value Fund	0.00%	Hold	11,550	$9.06	$105K	—	—
XCXEX, MFS High Income Mun Trust	0.00%	Hold	26,714	$3.70	$99K	—	—
BCYC, Bicycle Therapeutics	0.00%	Reduce −4.2%	13,792	$7.08	$98K	−604	−$14K
EVLV	0.00%	Hold	13,500	$7.16	$97K	—	—
LTRN	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

Gone since 2025 Q3, shown at their last reported size.

Stock	% of portfolio	Recent activity	Reported price*	Value	Share change	$ change
Associated Cap Group	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	0.07%	Exit	$24.66	$5.5M	−222,429	−$5.5M
SYK, Stryker	0.01%	Exit	$369.50	$739K	−2,000	−$739K
Liberty Media	0.01%	Exit	$97.05	$565K	−5,822	−$565K
TQQQ, Proshares Trust	0.01%	Exit	$103.32	$498K	−4,820	−$498K
Proshares Trust	0.01%	Exit	$15.22	$493K	−32,383	−$493K
CSW, CSW Industrials	—	Exit	$242.86	$340K	−1,400	−$340K
PNI, Pimco New York Mun Fund II	—	Exit	$6.96	$262K	−37,634	−$262K
Liberty Media	—	Exit	$94.35	$232K	−2,459	−$232K
Kraneshares Trust	—	Exit	$32.34	$221K	−6,834	−$221K
MOD, Modine Manufacturing	—	Exit	$141.89	$210K	−1,480	−$210K
SMR, Nuscale Power	—	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, 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