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

2026 Q1 2025 Q4, filed 15 May, long equity only

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TPL, Texas Pacific Land	51.49%	Reduce −3.1%	10,015,379	$474.56	$4.8B	−318,383	+$1.8B
GBTC, Grayscale Bitcoin Trust ETF	8.00%, was 13.05%	Reduce −0.8%	14,004,882	$52.76	$739M	−108,711	−$226M
LB, Landbridge	4.23%, was 3.74%	Add +0.3%	5,657,134	$69.05	$391M	+14,368	+$114M
HE, Hawaiian Electric	3.48%, was 3.23%	Add +11.6%	21,635,294	$14.84	$321M	+2,242,931	+$83M
WPM, Wheaton Precious Metals	2.50%, was 3.96%	Reduce −29.4%	1,761,519	$131.01	$231M	−731,999	−$62M
WBI	2.13%, was 1.85%	Add +7.4%	7,342,147	$26.79	$197M	+504,627	+$60M
FNV, Franco Nev	2.03%, was 2.71%	Reduce −21.8%	757,297	$247.05	$187M	−210,804	−$14M
PBT, Permian Basin Rty Trust	1.49%, was 1.42%	Add +3.1%	6,379,692	$21.52	$137M	+191,892	+$32M
MIAX, Miami International	1.46%, was 1.09%	Add +89.7%	3,451,549	$38.92	$134M	+1,631,751	+$54M
ICE, Intercontinental Exchange	1.43%	Add +1.0%	838,899	$157.28	$132M	+8,133	−$2.6M
LNG, Cheniere Energy	1.29%	Reduce −9.3%	420,328	$283.76	$119M	−43,001	+$29M
CBOE, Cboe Global Markets	1.25%	Add +0.4%	410,066	$281.07	$115M	+1,668	+$13M
MSB, Mesabi Trust	1.07%	Add +3.7%	3,140,972	$31.50	$99M	+113,274	−$18M
BTC, Grayscale Bitcoin Mini Trust	0.98%	Add +0.2%	3,004,416	$29.99	$90M	+7,356	−$26M
CACI, CACI International	0.91%, was 1.14%	Reduce −2.5%	154,648	$543.87	$84M	−3,943	−$390K
CME, CME Group	0.86%, was 1.02%	Reduce −1.9%	270,253	$295.35	$80M	−5,358	+$4.6M
VNOM, Viper Energy	0.85%, was 0.90%	Reduce −3.0%	1,662,641	$46.99	$78M	−52,263	+$12M
CCJ, Cameco	0.77%, was 0.83%	Reduce −3.3%	651,825	$108.61	$71M	−22,271	+$9.1M
OR, Or Royalties	0.72%, was 0.87%	Reduce −3.4%	1,754,144	$38.02	$67M	−60,880	+$2.5M
BN, Brookfield Corporation	0.69%, was 0.98%	Reduce −0.7%	1,571,936	$40.47	$64M	−11,774	−$9.1M
CVEO, Civeo Corporation Cda	0.67%, was 0.76%	Reduce −4.0%	2,352,353	$26.46	$62M	−97,134	+$6.2M
AN, Autonation	0.48%, was 0.72%	Reduce −12.3%	225,053	$195.26	$44M	−31,426	−$9M
BG, Bunge Global	0.46%	Reduce −3.5%	336,944	$127.20	$43M	−12,050	+$12M
TRC, Tejon Ranch	0.39%, was 0.41%	Reduce −0.5%	1,902,606	$18.84	$36M	−9,967	+$5.7M
HKHC	0.38%, was 0.34%	Add 0.0%	1,075,416	$33.00	$35M	+103	+$10M
JOE, St Joe	0.37%, was 0.45%	Reduce −2.2%	542,609	$62.80	$34M	−12,228	+$1.1M
SJT, San Juan Basin Rty Trust	0.36%	Add +12.0%	6,978,841	$4.81	$34M	+747,697	−$1.5M
GBTC, iShares Bitcoin Trust ETF	0.33%, was 0.54%	Reduce −0.4%	793,343	$38.42	$30M	−3,520	−$9.1M
SII, Sprott	0.32%	Reduce −3.6%	206,997	$142.90	$30M	−7,629	+$8.6M
WTM, White Mountains Insurance Group	0.31%, was 0.37%	Reduce −0.1%	13,112	$2,197	$29M	−9	+$1.5M
MMC, Marsh McLennan	0.28%, was 0.39%	Reduce −3.4%	151,341	$173.45	$26M	−5,344	−$2.8M
CCL, Carnival	0.27%	Add 0.0%	957,653	$25.88	$25M	+105	−$4.5M
LYV, Live Nation Entertainment	0.26%, was 0.33%	Reduce −7.5%	157,169	$152.51	$24M	−12,715	−$239K
DMLP, Dorchester Minerals	0.25%, was 0.26%	Reduce −1.8%	860,226	$27.10	$23M	−15,436	+$3.7M
GLXY, Galaxy Digital	0.25%	Add +0.1%	1,250,969	$18.45	$23M	+1,415	−$4.9M
PAG, Penske Automotive Group	0.23%, was 0.36%	Reduce −16.1%	142,507	$149.52	$21M	−27,367	−$5.6M
BRK.B, Berkshire Hathaway Class B	0.20%	Add +0.1%	38,033	$479.20	$18M	+45	−$869K
RBA, RB Global	0.19%, was 0.15%	Add +73.5%	186,731	$95.85	$18M	+79,104	+$6.8M
MSTR, Strategy	0.19%, was 0.29%	Reduce −0.1%	139,253	$124.80	$17M	−124	−$3.8M
OSK, Oshkosh	0.18%, was 0.20%	Reduce −0.3%	115,789	$147.21	$17M	−404	+$2.4M
BND, Vanguard Bond Index Funds	0.18%, was 0.23%	Reduce −1.0%	339,054	$49.78	$17M	−3,488	−$192K
RPRX	0.18%	Reduce −3.6%	340,783	$47.97	$16M	−12,578	+$2.7M
DBRG, Digitalbridge Group	0.16%, was 0.63%	Reduce −69.2%	939,380	$15.42	$14M	−2,107,153	−$32M
TFPM, Triple Flag Precious Metal	0.16%, was 0.19%	Reduce −2.8%	413,430	$34.71	$14M	−11,873	+$222K
RCL, Royal Caribbean	0.15%, was 0.20%	Reduce −2.0%	51,698	$275.18	$14M	−1,060	−$489K
IPAR, Interparfums	0.14%, was 0.16%	Reduce −0.2%	138,333	$90.84	$13M	−225	+$812K
HHH, Howard Hughes	0.13%, was 0.32%	Reduce −33.0%	196,410	$63.26	$12M	−96,950	−$11M
RGLD, Royal Gold	0.13%, was 0.29%	Reduce −50.3%	47,142	$254.49	$12M	−47,734	−$9.1M
WMB, Williams Companies	0.11%	Add +0.7%	138,301	$72.78	$10M	+980	+$1.8M
MA, Mastercard	0.11%, was 0.15%	Reduce −0.3%	19,516	$499.65	$9.8M	−63	−$1.4M
BAM, Brookfield Asset Management	0.09%, was 0.13%	Reduce −0.5%	189,571	$44.45	$8.4M	−902	−$1.6M
SBR, Sabine Rty Trust	0.09%	Add +1.5%	111,150	$75.34	$8.4M	+1,663	+$867K
LBRT, Liberty Energy	0.09%	Reduce −15.9%	288,222	$28.80	$8.3M	−54,489	+$2M
AB, Alliancebernstein	0.09%	Add +12.2%	217,447	$37.44	$8.1M	+23,706	+$686K
ET, Energy Transfer	0.08%	Add +10.9%	398,708	$19.30	$7.7M	+39,060	+$1.8M
MSGS, MSG Sports	0.08%	Add 0.0%	23,347	$321.40	$7.5M	+3	+$1.5M
NRP, Natural Resource Partners	0.08%, was 0.04%	Add +132.7%	57,871	$121.00	$7M	+33,006	+$4.4M
WST, West Pharmaceutical	0.08%, was 0.07%	Add +26.6%	169,744	$41.17	$7M	+35,659	+$1.7M
FWONK, Liberty Media	0.07%, was 0.11%	Reduce −0.8%	80,990	$85.02	$6.9M	−627	−$1.2M
XOM, Exxon Mobil	0.07%, was 0.06%	Add +2.9%	39,692	$169.66	$6.7M	+1,112	+$2.1M
SPAQ, Listed Funds Trust	0.07%	Hold	71,954	$90.73	$6.5M	—	—
NDAQ, Nasdaq	0.07%, was 0.09%	Reduce −0.2%	70,706	$84.89	$6M	−116	−$877K
VGSH, Vanguard Scottsdale Funds	0.06%, was 0.09%	Reduce −10.3%	98,748	$58.54	$5.8M	−11,338	−$685K
AMLP, Alps ETF Trust	0.06%, was 0.04%	Add +76.6%	106,520	$52.64	$5.6M	+46,213	+$2.8M
BOXX, Ea Series Trust	0.06%	New	47,475	$116.29	$5.5M	+47,475	+$5.5M
SPHR, Sphere Entertainment	0.06%	Reduce −2.6%	46,252	$117.40	$5.4M	−1,211	+$917K
FCX, Freeport-McMoRan	0.06%	Reduce −1.3%	91,881	$58.78	$5.4M	−1,233	+$671K
INFL, Listed Funds Trust	0.06%	Add +1.4%	100,352	$52.06	$5.2M	+1,372	+$824K
JAPN, Listed Funds Trust	0.06%	Add +24.9%	227,765	$22.65	$5.2M	+45,448	+$471K
BCDF, Listed Funds Trust	0.06%	Add +6.4%	166,055	$30.74	$5.1M	+10,055	+$390K
GBTC, Grayscale Bitcoin Trust	0.05%	Add 0.0%	1,487,241	$3.35	$5M	+390	−$1.4M
SAIC, Science Applications International	0.05%, was 0.07%	Reduce −4.0%	50,581	$94.92	$4.8M	−2,081	−$500K
EPD, Enterprise Products Partners	0.05%	Add +2.5%	114,820	$37.84	$4.3M	+2,757	+$752K
ADM, Archer-Daniels-Midland	0.05%	Reduce −1.5%	59,312	$72.69	$4.3M	−890	+$850K
CMSG	0.05%	New	164,593	$26.00	$4.3M	+164,593	+$4.3M
ABBV, AbbVie	0.05%, was 0.06%	Reduce −1.7%	19,209	$217.49	$4.2M	−332	−$287K
MKL, Markel Group	0.04%	Hold	2,102	$1,914	$4M	—	—
TCOM, Tri Pointe Homes	0.04%	Add 0.0%	85,966	$46.73	$4M	+4	+$1.3M
NTR, Nutrien	0.04%	Reduce −1.2%	51,224	$75.46	$3.9M	−648	+$664K
JNJ, Johnson & Johnson	0.04%	Reduce −1.5%	15,709	$244.44	$3.8M	−240	+$539K
Costamare	0.04%, was 0.05%	Reduce 0.0%	221,850	$16.90	$3.7M	−100	+$245K
SU, Suncor Energy	0.04%, was 0.03%	Add +2.7%	56,237	$66.11	$3.7M	+1,460	+$1.3M
LLY, Eli Lilly	0.04%, was 0.06%	Reduce −3.4%	3,965	$919.77	$3.6M	−141	−$766K
BR, Broadridge Financial	0.04%	Add +8.6%	22,176	$162.48	$3.6M	+1,753	−$955K
MRK, Merck	0.04%	Add +0.8%	28,383	$120.29	$3.4M	+236	+$451K
XNEAX, Nuveen Amt Free Qlty Mun	0.04%	Add +0.4%	296,306	$11.23	$3.3M	+1,057	−$106K
PM, Philip Morris International	0.04%	Reduce −0.6%	19,734	$165.34	$3.3M	−117	+$79K
EXP, Eagle Materials	0.03%	Add +0.7%	16,865	$189.45	$3.2M	+122	−$265K
KLAC, KLA	0.03%, was 0.05%	Reduce −24.1%	2,158	$1,472	$3.2M	−687	−$279K
LHX, L3Harris	0.03%, was 0.04%	Reduce −2.5%	9,153	$345.16	$3.2M	−235	+$403K
FRMI, Fermi	0.03%, was 0.01%	Add +389.8%	532,426	$5.84	$3.1M	+423,725	+$2.2M
RCG, Renn Fund	0.03%	Add +5.3%	912,064	$3.28	$3M	+46,116	+$766K
CAT, Caterpillar	0.03%, was 0.04%	Reduce −10.8%	4,117	$708.46	$2.9M	−500	+$272K
CSCO, Cisco	0.03%, was 0.04%	Reduce −3.7%	37,491	$77.59	$2.9M	−1,450	−$91K
CVX, Chevron	0.03%	Add +5.2%	14,018	$206.90	$2.9M	+690	+$869K
ARLP	0.03%, was 0.02%	Add +63.2%	104,709	$27.65	$2.9M	+40,568	+$1.4M
PTEN, Patterson-Uti Energy	0.03%	Hold	258,608	$10.83	$2.8M	—	—
VRT, Vertiv	0.03%	Hold	11,025	$250.58	$2.8M	—	—
BMY, Bristol Myers Squibb	0.03%	Reduce −0.9%	44,706	$60.65	$2.7M	−404	+$278K
EQT	0.03%	Add +3.1%	42,521	$63.64	$2.7M	+1,268	+$495K
Metalla Rty & Streaming	0.03%, was 0.04%	Reduce 0.0%	404,297	$6.63	$2.7M	−100	−$466K
FWONA, Liberty Media	0.03%, was 0.04%	Reduce −5.3%	34,092	$78.08	$2.7M	−1,926	−$557K
MO, Altria	0.03%	Add +0.9%	38,957	$65.99	$2.6M	+350	+$345K
MSFT, Microsoft	0.03%, was 0.05%	Reduce −3.9%	6,924	$370.16	$2.6M	−284	−$923K
WT, Wisdomtree	0.03%	Reduce −15.3%	168,056	$14.56	$2.4M	−30,421	+$27K
LTCN	0.03%	Add +16.7%	587,986	$4.08	$2.4M	+84,084	−$542K
BKKT, Bakkt	0.03%, was 0.04%	Reduce −2.5%	316,538	$7.36	$2.3M	−8,168	−$930K
RTX	0.02%, was 0.03%	Reduce −6.6%	11,895	$192.90	$2.3M	−836	−$40K
BSM	0.02%	Hold	151,238	$15.12	$2.3M	—	—
APYX, Apyx Medical	0.02%	Hold	615,000	$3.69	$2.3M	—	—
FTLF, Fitlife Brands	0.02%	Hold	154,456	$14.20	$2.2M	—	—
MYI	0.02%	Add +103.7%	207,994	$10.51	$2.2M	+105,895	+$1.1M
EMR, Emerson Electric	0.02%, was 0.03%	Reduce −0.9%	16,592	$131.02	$2.2M	−150	−$48K
LVS, Las Vegas Sands	0.02%	Add +1.9%	40,007	$53.88	$2.2M	+747	−$400K
MSGE, MSG Entertainment	0.02%, was 0.03%	Reduce −0.1%	35,731	$58.91	$2.1M	−43	+$177K
CRL, Charles River Labs International	0.02%, was 0.03%	Reduce −3.1%	12,192	$172.50	$2.1M	−388	−$406K
TD, Toronto-Dominion Bank	0.02%, was 0.03%	Reduce −3.5%	22,500	$93.31	$2.1M	−817	−$97K
OPLN, Openlane	0.02%, was 0.03%	Reduce −0.3%	71,343	$29.15	$2.1M	−205	−$51K
FNF, Fidelity National Financial	0.02%	Add +1.7%	44,478	$46.38	$2.1M	+738	−$325K
SLV, iShares Silver Trust	0.02%	Add +1.6%	29,855	$68.14	$2M	+460	+$141K
PAA, Plains All American Pipeline	0.02%	New	90,209	$22.33	$2M	+90,209	+$2M
BATRK, Atlanta Braves	0.02%	Reduce −0.5%	45,931	$42.70	$2M	−240	+$140K
PFE, Pfizer	0.02%	Add +1.9%	68,950	$28.08	$1.9M	+1,279	+$251K
IRM, Iron Mountain	0.02%	Hold	18,405	$102.14	$1.9M	—	—
WEN, Wendys	0.02%, was 0.04%	Reduce −25.2%	269,177	$6.95	$1.9M	−90,719	−$1.1M
NAD, Nuveen Quality Muncp Income	0.02%	Add +0.3%	162,423	$11.50	$1.9M	+446	−$79K
GE, GE Aerospace	0.02%	Add +0.1%	6,418	$283.77	$1.8M	+9	−$153K
VOO, Vanguard S&P 500 ETF	0.02%	Hold	2,944	$597.55	$1.8M	—	—
HUBB, Hubbell	0.02%	New	3,532	$490.74	$1.7M	+3,532	+$1.7M
REZI, Resideo Technologies	0.02%, was 0.03%	Reduce −5.2%	50,896	$33.71	$1.7M	−2,800	−$170K
SON, Sonoco Products	0.02%	Add +2.0%	31,230	$54.09	$1.7M	+617	+$353K
NVS, Novartis	0.02%	Reduce −3.5%	10,991	$152.75	$1.7M	−403	+$108K
GLD, SPDR Gold Shares	0.02%	Add +6.0%	3,863	$430.29	$1.7M	+220	+$218K
AAPL, Apple	0.02%, was 0.03%	Reduce −7.4%	6,427	$253.79	$1.6M	−512	−$255K
SPGI, S&P Global	0.02%, was 0.03%	Reduce −12.3%	3,750	$425.35	$1.6M	−528	−$641K
RIO, Rio Tinto	0.02%	Reduce −0.1%	16,296	$93.29	$1.5M	−20	+$214K
RMT, Royce Micro-Cap Trust	0.02%	Reduce −1.1%	132,808	$11.31	$1.5M	−1,419	+$102K
WPC, WP Carey	0.02%	Hold	22,000	$67.96	$1.5M	—	—
HON, Honeywell	0.02%	Add +7.9%	6,576	$226.03	$1.5M	+481	+$297K
NRK, Nuveen NY Amt Free	0.02%	Add +2.4%	138,453	$10.21	$1.4M	+3,197	+$49K
V, Visa	0.02%	Hold	4,666	$302.24	$1.4M	—	—
SEE, Sealed Air	0.02%	Reduce −1.5%	33,250	$42.05	$1.4M	−500	$—
ROK, Rockwell Automation	0.02%	Reduce −7.6%	3,895	$358.88	$1.4M	−320	−$242K
GSK	0.01%, was 0.02%	Reduce −1.9%	24,419	$55.19	$1.3M	−473	+$127K
VRSK, Verisk	0.01%	Hold	7,000	$189.75	$1.3M	—	—
MSTR, Pimco Income Strategy Fund II	0.01%	Hold	191,463	$6.89	$1.3M	—	—
KMI, Kinder Morgan	0.01%, was 0.02%	Reduce −21.9%	38,982	$33.53	$1.3M	−10,941	−$65K
Grayscale Coindesk Crypto	0.01%	Hold	41,029	$31.19	$1.3M	—	—
BN, Brookfield Corporation	0.01%	Hold	30,737	$41.40	$1.3M	—	—
MPC, Marathon Petroleum	0.01%	Reduce −1.3%	5,202	$244.18	$1.3M	−68	+$413K
GEV, GE Vernova	0.01%	Reduce −0.3%	1,439	$872.90	$1.3M	−4	+$313K
VXF, Vanguard Index Funds	0.01%, was 0.07%	Reduce −76.6%	6,046	$205.81	$1.2M	−19,843	−$4.2M
BK, BNY	0.01%, was 0.02%	Reduce −13.1%	10,308	$118.63	$1.2M	−1,556	−$154K
NVDA, Nvidia	0.01%, was 0.02%	Reduce −5.4%	7,010	$174.40	$1.2M	−400	−$159K
ADI, Analog Devices	0.01%, was 0.02%	Reduce −11.1%	3,761	$318.18	$1.2M	−470	+$49K
SBLK, Star Bulk Carriers	0.01%	Add +2.1%	51,770	$22.97	$1.2M	+1,069	+$215K
BATRA, Atlanta Braves	0.01%	Reduce −0.6%	25,208	$47.15	$1.2M	−160	+$111K
ELS, Equity Lifestyle Properties	0.01%, was 0.02%	Reduce −24.1%	18,955	$62.42	$1.2M	−6,015	−$330K
CRAI, Cra International	0.01%, was 0.02%	Reduce −8.0%	6,995	$161.89	$1.1M	−606	−$393K
SEG, Seaport	0.01%	Reduce −0.2%	52,440	$21.48	$1.1M	−82	+$88K
GIS, General Mills	0.01%	New	30,090	$37.22	$1.1M	+30,090	+$1.1M
SVXY, Proshares Trust II	0.01%	Add +2.7%	23,986	$45.80	$1.1M	+638	−$194K
EOG, EOG Resources	0.01%	Add +16.5%	7,567	$144.57	$1.1M	+1,074	+$412K
BAH	0.01%	Add +0.5%	13,996	$78.03	$1.1M	+66	−$83K
MCD, McDonald's	0.01%	Add +3.0%	3,439	$310.79	$1.1M	+100	+$48K
AZN, AstraZeneca	0.01%	New	5,256	$197.22	$1M	+5,256	+$1M
ABT, Abbott Laboratories	0.01%, was 0.02%	Reduce −4.8%	9,566	$102.67	$982K	−485	−$277K
OIH, Vaneck ETF Trust	0.01%	Reduce −29.4%	2,412	$404.26	$975K	−1,003	+$2K
CMS, CMS Energy	0.01%	Hold	12,197	$77.58	$946K	—	—
GOOG, Alphabet Class C	0.01%	Add +1.1%	3,295	$286.86	$945K	+37	−$77K
MQY	0.01%	New	82,981	$10.98	$911K	+82,981	+$911K
JFR, Nuveen Floating Rate Income	0.01%	Hold	119,308	$7.52	$897K	—	—
PDI, Pimco Dynamic Income Fund	0.01%	Add +1.4%	51,479	$17.11	$881K	+727	−$18K
NSC, Norfolk Southern	0.01%	Hold	3,033	$287.00	$870K	—	—
IBM	0.01%	Reduce −3.4%	3,585	$242.39	$869K	−125	−$230K
IONS, Ionis Pharmaceuticals	0.01%	Reduce −4.4%	11,428	$75.09	$858K	−524	−$87K
C, Citigroup	0.01%	Add +5.4%	7,475	$113.41	$848K	+386	+$21K
AMGN, Amgen	0.01%	Reduce −4.0%	2,399	$351.85	$844K	−99	+$26K
GOOGL, Alphabet Class A	0.01%	Reduce −4.9%	2,933	$287.56	$843K	−150	−$122K
MHD	0.01%	Add +343.7%	74,530	$11.28	$841K	+57,733	+$644K
DHR, Danaher	0.01%	Reduce −1.3%	4,359	$189.60	$826K	−57	−$184K
SPY, SPDR S&P 500 ETF Trust	0.01%	Reduce −3.9%	1,244	$650.34	$809K	−50	−$73K
BAC, Bank of America	0.01%, was 0.02%	Reduce −19.9%	16,460	$48.75	$802K	−4,100	−$328K
AEHR, Aehr Test Systems	0.01%	Add +1.4%	21,600	$37.08	$801K	+300	+$371K
RYN, Rayonier Advanced Materials	0.01%	Reduce −27.5%	68,500	$11.07	$758K	−26,000	+$202K
IAU, iShares Gold Trust	0.01%	Hold	8,566	$88.16	$755K	—	—
ALNY, Alnylam Pharmaceuticals	0.01%	Reduce −4.4%	2,272	$330.87	$752K	−104	−$193K
ALKS, Alkermes	0.01%	Reduce −4.4%	21,099	$35.36	$746K	−967	+$129K
MSTR, Pimco Income Strategy Fund	0.01%	Hold	93,252	$8.00	$746K	—	—
MMM, 3M	0.01%	Reduce −12.3%	5,000	$145.23	$726K	−700	−$186K
BRK.A, Berkshire Hathaway Class A	0.01%	Hold	1	$718,140	$718K	—	—
QCOM, Qualcomm	0.01%	Reduce −11.6%	5,512	$128.78	$710K	−722	−$356K
SAN, Banco Santander	0.01%	Reduce −4.2%	62,310	$11.28	$703K	−2,750	−$60K
STZ, Constellation Brands	0.01%	Hold	4,673	$150.00	$701K	—	—
NEM, Newmont	0.01%	Reduce −17.8%	6,421	$108.25	$695K	−1,392	−$85K
LIN, Linde	0.01%	Reduce −2.8%	1,400	$495.76	$694K	−40	+$80K
L, Loews	0.01%	Add +18.3%	6,460	$106.74	$690K	+1,000	+$115K
XES, SPDR Series Trust	0.01%	Add +1.5%	5,775	$116.33	$672K	+85	+$205K
EBAY, eBay	0.01%	Hold	7,347	$91.02	$669K	—	—
GDXJ, Vaneck ETF Trust	0.01%, was 0.02%	Reduce −47.7%	5,556	$120.04	$667K	−5,065	−$542K
CRCL, Circle Internet Group	0.01%	New	6,932	$95.41	$661K	+6,932	+$661K
XFRAX	0.01%	Hold	59,291	$11.02	$653K	—	—
RYN, Rayonier	0.01%	Add +93.6%	30,536	$20.62	$630K	+14,763	+$288K
TW, Tradeweb Markets	0.01%	Hold	5,283	$117.66	$622K	—	—
RQI	0.01%	Hold	50,033	$12.05	$603K	—	—
RSP	0.01%	Reduce −8.6%	3,118	$191.94	$598K	−293	−$55K
SIRI, Sirius XM	0.01%	Reduce −12.1%	25,808	$23.08	$596K	−3,558	+$8K
BX, Blackstone	0.01%, was 0.02%	Reduce −38.3%	5,092	$114.99	$586K	−3,159	−$686K
DSL, Doubleline Income Solutions	0.01%	Add +1.5%	53,462	$10.83	$579K	+780	−$15K
PHYS, Sprott Asset Management	0.01%	Hold	16,262	$35.44	$576K	—	—
OXY, Occidental	0.01%	Add +58.7%	8,850	$65.00	$575K	+3,273	+$346K
DGX, Quest Diagnostics	0.01%	Reduce −3.3%	2,900	$195.98	$568K	−100	+$48K
NVO, Novo Nordisk	0.01%	Hold	15,350	$36.75	$564K	—	—
AMG, Affiliated Managers Group	0.01%	Reduce −9.0%	1,998	$276.70	$553K	−197	−$80K
URI, United Rentals	0.01%	Hold	756	$728.56	$551K	—	—
BWXT, BWX Technologies	0.01%	Hold	2,647	$204.49	$541K	—	—
GS, Goldman Sachs	0.01%	Reduce −34.6%	623	$845.99	$527K	−330	−$311K
KRP, Kimbell Rty Partners	0.01%	Reduce −6.7%	36,340	$14.47	$526K	−2,594	+$68K
BIIB, Biogen	0.01%	Reduce −4.4%	2,857	$183.33	$524K	−131	−$2K
REGN, Regeneron	0.01%	Reduce −4.3%	675	$772.64	$522K	−30	−$23K
PCT, Pure Cycle	0.01%	Hold	50,531	$10.06	$508K	—	—
TQQQ, Proshares Trust	0.01%	New	12,048	$41.68	$502K	+12,048	+$502K
SQQQ, Proshares Trust	0.01%	New	6,180	$80.49	$497K	+6,180	+$497K
FHI, Federated Hermes	0.01%	Reduce −1.0%	8,569	$56.71	$486K	−87	+$35K
VMI, Valmont Industries	0.01%	Reduce −7.7%	1,201	$399.57	$480K	−100	−$44K
MDLZ, Mondelez	0.01%	Hold	8,244	$57.64	$475K	—	—
CRSP, Crispr Therapeutics	0.01%	Reduce −4.3%	9,796	$47.57	$466K	−443	−$71K
GDX, Vaneck ETF Trust	0.00%, was 0.01%	Reduce −42.2%	5,011	$91.77	$460K	−3,662	−$284K
UNH, UnitedHealth Group	0.00%	Add +6.3%	1,695	$270.59	$459K	+100	−$68K
GBX, Greenbrier Companies	0.00%	Hold	8,700	$52.65	$458K	—	—
DIS, Disney	0.00%, was 0.01%	Reduce −0.2%	4,740	$96.38	$457K	−8	−$83K
BP, BP PLC	0.00%	Hold	9,466	$47.00	$445K	—	—
B	0.00%	Add +2.4%	10,797	$40.79	$440K	+250	−$19K
CNP, Centerpoint Energy	0.00%	Add +30.8%	10,118	$43.16	$437K	+2,385	+$140K
LEN, Lennar Class A	0.00%	Add +4.8%	4,914	$86.84	$427K	+225	−$55K
Costamare Bulkers	0.00%, was 0.01%	Reduce −13.6%	27,580	$15.47	$427K	−4,330	−$65K
JPM, JPMorgan Chase	0.00%, was 0.01%	Reduce −24.0%	1,438	$294.16	$423K	−453	−$186K
AJG, Arthur J. Gallagher	0.00%	Hold	1,953	$216.58	$423K	—	—
NBH, Neuberger Mun Fund	0.00%	Hold	41,396	$10.15	$420K	—	—
BTZ	0.00%	Hold	40,534	$10.10	$409K	—	—
AXP, American Express	0.00%	Add +93.5%	1,306	$302.48	$395K	+631	+$145K
GM, General Motors	0.00%	Add +9.8%	5,250	$74.50	$391K	+467	+$2K
NBB, Nuveen Taxable Municpal Inm	0.00%, was 0.01%	Reduce −0.6%	24,840	$15.66	$389K	−153	−$6K
VZ, Verizon	0.00%	Add +12.6%	7,511	$50.20	$377K	+840	+$105K
FHI, Federated Hermes	0.00%	Hold	34,170	$10.93	$373K	—	—
WOOD, iShares Trust	0.00%, was 0.01%	Reduce −4.5%	5,260	$70.95	$373K	−245	−$23K
NVIR, Listed Funds Trust	0.00%	Add +3.8%	8,960	$40.26	$361K	+325	+$79K
MKTX, Marketaxess	0.00%	Add +7.8%	2,102	$164.98	$347K	+152	−$7K
LLYVK, Liberty Live	0.00%	Reduce −4.5%	3,576	$94.11	$337K	−168	+$25K
GBTC, Grayscale Bitcoin Trust	0.00%	Hold	5,681	$59.03	$335K	—	—
AWR, Amer States Water	0.00%	Add +3.1%	4,374	$75.62	$331K	+130	+$23K
AFL, Aflac	0.00%	Hold	3,000	$109.71	$329K	—	—
META, Meta Platforms	0.00%, was 0.01%	Reduce −0.4%	568	$572.04	$325K	−2	−$51K
NZF, Nuveen Mun CR Income Fund	0.00%	Add +1.8%	26,445	$12.18	$322K	+480	−$5K
ZCSH, Grayscale Zcash Trust Zec	0.00%	Hold	15,173	$20.67	$314K	—	—
ETCG	0.00%	Add 0.0%	71,192	$4.40	$313K	+1	−$148K
DBL, Doubleline Opportunistic CR	0.00%	Reduce −1.5%	20,471	$14.60	$299K	−306	−$18K
VTI, Vanguard Index Funds	0.00%	Reduce −0.9%	922	$320.81	$296K	−8	−$16K
MOV, Movado Group	0.00%	Hold	12,000	$24.42	$293K	—	—
ERII, Energy Recovery	0.00%	Add +1.7%	28,928	$10.07	$291K	+488	−$92K
PEP, PepsiCo	0.00%	Reduce −9.8%	1,840	$155.29	$286K	−200	−$7K
ETN, Eaton	0.00%	Reduce −1.7%	797	$357.67	$285K	−14	+$27K
AVGO, Broadcom	0.00%, was 0.01%	Reduce −25.5%	899	$309.51	$278K	−308	−$139K
NAN, Nuveen NY Divi Adv	0.00%	Add +15.6%	24,903	$11.15	$278K	+3,353	+$35K
NEE, NextEra Energy	0.00%	Reduce −2.4%	2,860	$92.88	$266K	−70	+$30K
T, AT&T	0.00%	Reduce −4.9%	9,090	$28.99	$264K	−464	+$26K
CQP	0.00%	Hold	4,000	$64.63	$259K	—	—
CL, Colgate-Palmolive	0.00%	Hold	2,978	$85.23	$254K	—	—
CTAS, Cintas	0.00%	Add +0.1%	1,497	$169.14	$253K	+2	−$28K
WY, Weyerhaeuser	0.00%	Reduce −6.1%	10,355	$24.43	$253K	−671	−$8K
LOW, Lowe's	0.00%	Hold	1,068	$236.28	$252K	—	—
AMZN, Amazon	0.00%	Reduce −23.2%	1,187	$208.27	$247K	−359	−$110K
NOC, Northrop Grumman	0.00%	Hold	360	$682.24	$246K	—	—
AMT, American Tower	0.00%	Hold	1,400	$172.58	$242K	—	—
NFLX, Netflix	0.00%	Hold	2,410	$96.15	$232K	—	—
GPC, Genuine Parts	0.00%	Hold	2,190	$105.75	$232K	—	—
AWK	0.00%	Hold	1,671	$136.08	$227K	—	—
TMO, Thermo Fisher Scientific	0.00%	Hold	438	$491.53	$215K	—	—
IVZ, Invesco	0.00%	Reduce −0.7%	21,965	$9.62	$211K	−150	−$9K
ETN, Eaton	0.00%	Hold	20,001	$10.54	$211K	—	—
BEAM, Beam Therapeutics	0.00%	Reduce −4.4%	8,791	$23.83	$209K	−403	−$45K
GEHC, GE HealthCare	0.00%	Hold	2,911	$71.18	$207K	—	—
FIS, Fidelity National Information Services	0.00%, was 0.02%	Reduce −78.4%	4,400	$46.91	$206K	−15,950	−$1.1M
LBRDA, Liberty Broadband Series C	0.00%	Reduce −2.1%	4,063	$50.30	$204K	−88	+$3K
NIM, Nuveen Select Mat Mun Fund	0.00%	Hold	21,500	$9.45	$203K	—	—
BA, Boeing	0.00%	Hold	1,006	$199.03	$200K	—	—
Burford Capital	0.00%, was 0.01%	Reduce −37.3%	39,136	$4.52	$177K	−23,309	−$380K
LADR, Ladder Cap	0.00%	Hold	18,000	$9.77	$176K	—	—
ETN, Eaton	0.00%	Hold	17,692	$9.77	$173K	—	—
INTC, Intellia Therapeutics	0.00%	Reduce −4.4%	13,188	$12.82	$169K	−604	+$45K
VNDA, Vanda Pharmaceuticals	0.00%	Reduce −4.4%	23,736	$6.91	$164K	−1,088	−$55K
IVZ, Invesco	0.00%	Add +20.1%	14,739	$10.94	$161K	+2,465	+$20K
NVG	0.00%	Add +17.4%	12,176	$12.33	$150K	+1,801	+$19K
PCM, PCM Fund	0.00%	Hold	24,532	$5.71	$140K	—	—
TTI, Tetra Technologies	0.00%	Add +20.0%	16,320	$8.52	$139K	+2,720	+$12K
RA	0.00%	Hold	10,755	$12.86	$138K	—	—
GALT, Galectin Therapeutics	0.00%	Reduce −4.4%	49,226	$2.79	$137K	−2,258	−$77K
BGT	0.00%	Hold	12,678	$10.76	$136K	—	—
HLN, Haleon	0.00%	Reduce −4.4%	12,900	$10.01	$129K	−591	−$7K
JPC	0.00%	Hold	16,426	$7.54	$124K	—	—
ETN, Eaton	0.00%	Hold	12,417	$9.45	$117K	—	—
PML, Pimco Mun Income Fund II	0.00%	Hold	15,050	$7.57	$114K	—	—
ETN, Eaton	0.00%	Hold	21,730	$4.99	$108K	—	—
NUV, Nuveen Mun Value Fund	0.00%	Hold	11,550	$8.99	$104K	—	—
REPL, Replimune Group	0.00%	Reduce −4.4%	13,188	$7.65	$101K	−604	−$33K
ETHE	0.00%	Add +0.3%	5,393	$17.07	$92K	+17	−$39K
XCXEX, MFS High Income Mun Trust	0.00%	Reduce −19.4%	21,525	$3.71	$80K	−5,189	−$19K
EDIT, Editas Medicine	0.00%	Reduce −4.4%	29,010	$2.47	$72K	−1,330	+$9K
BCYC, Bicycle Therapeutics	0.00%	Reduce −4.4%	13,188	$4.64	$61K	−604	−$36K
ALLO, Allogene Therapeutics	0.00%	Reduce −4.4%	17,582	$2.44	$43K	−806	+$18K
LTRN	0.00%	Reduce −4.4%	26,373	$1.37	$36K	−1,209	−$47K
BITF, Bitfarms	0.00%	Hold	18,300	$1.95	$36K	—	—
PACB	0.00%	Reduce −4.4%	10,551	$1.32	$14K	−483	−$7K
ETH, Grayscale Ethereum Staking	0.00%	Add +0.2%	653	$19.86	$13K	+1	−$5K
GBAT	0.00%	Hold	2,089	$0.5634	$1K	—	—
MANA	0.00%	Hold	691	$0.7945	$549	—	—

Showing top 50 of 316 by value

Exits / last held

Gone since 2025 Q4, shown at their last reported size.

Stock	% of portfolio	Recent activity	Reported price*	Value	Share change	$ change
AZNN	0.01%	Exit	$91.96	$1M	−10,994	−$1M
PCH, Potlatchdeltic	0.01%	Exit	$39.77	$933K	−23,457	−$933K
Telefonica	0.01%	Exit	$4.05	$822K	−203,058	−$822K
BLK, BlackRock	0.01%	Exit	$6.93	$645K	−93,068	−$645K
BLK, BlackRock	0.01%	Exit	$10.03	$606K	−60,430	−$606K
BLK, BlackRock	0.01%	Exit	$10.81	$518K	−47,926	−$518K
BLK, BlackRock	0.01%	Exit	$11.20	$472K	−42,157	−$472K
BLK, BlackRock	0.01%	Exit	$10.06	$429K	−42,650	−$429K
KKR	—	Exit	$127.40	$305K	−2,394	−$305K
VEA, Vanguard Tax-Managed Funds	—	Exit	$62.53	$257K	−4,110	−$257K
BGC, BGC Group	—	Exit	$8.92	$237K	−26,562	−$237K
ADP, Automatic Data Processing	—	Exit	$257.74	$233K	−904	−$233K
DORM, Dorman Products	—	Exit	$123.33	$222K	−1,800	−$222K
CNS, Cohen & Steers	—	Exit	$62.65	$204K	−3,256	−$204K
EVLV	—	Exit	$7.19	$97K	−13,500	−$97K

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