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%

Murray Stahl's biggest moves in 2026 Q2 were opening Whitehawk Minerals and Eaglerock LD, adding to Miami International and Landbridge, trimming Texas Pacific Land and Grayscale Bitcoin Trust ETF, and selling out of Ea Series Trust and CMSG.

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

Latest book

2026 Q2 2026 Q1, filed 11 Aug, long equity only

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TPL, Texas Pacific Land	48.64%, was 51.49%	Reduce −2.1%	9,802,899	$437.64	$4.3B	−212,480	−$463M
GBTC, Grayscale Bitcoin Trust ETF	6.27%, was 8.00%	Reduce −13.3%	12,139,990	$45.52	$553M	−1,864,892	−$186M
LB, Landbridge	5.23%, was 4.23%	Add +2.9%	5,821,263	$79.24	$461M	+164,129	+$71M
HE, Hawaiian Electric	3.44%	Add +3.5%	22,395,397	$13.53	$303M	+760,103	−$18M
MIAX, Miami International	3.30%, was 1.46%	Add +127.2%	7,842,173	$37.16	$291M	+4,390,624	+$157M
WBI	2.97%, was 2.13%	Add +4.2%	7,650,237	$34.27	$262M	+308,090	+$65M
WPM, Wheaton Precious Metals	2.15%, was 2.50%	Reduce −4.2%	1,686,903	$112.32	$189M	−74,616	−$41M
PBT, Permian Basin Rty Trust	1.91%, was 1.49%	Add +5.5%	6,729,289	$25.04	$169M	+349,597	+$31M
FNV, Franco Nev	1.83%	Add +2.1%	773,418	$208.44	$161M	+16,121	−$26M
BTC, Grayscale Bitcoin Mini Trust	1.79%, was 0.98%	Add +102.0%	6,067,993	$25.95	$157M	+3,063,577	+$67M
ICE, Intercontinental Exchange	1.37%	Add +17.4%	984,701	$123.11	$121M	+145,802	−$11M
CBOE, Cboe Global Markets	1.14%	Add +1.1%	414,634	$242.67	$101M	+4,568	−$15M
LNG, Cheniere Energy	1.09%, was 1.29%	Reduce −4.4%	402,040	$239.01	$96M	−18,288	−$23M
MSB, Mesabi Trust	0.92%	Add +2.5%	3,219,382	$25.30	$81M	+78,410	−$17M
CVEO, Civeo Corporation Cda	0.91%	Reduce −2.6%	2,290,991	$35.00	$80M	−61,362	+$18M
CACI, CACI International	0.81%, was 0.91%	Reduce −0.6%	153,743	$463.26	$71M	−905	−$13M
CCJ, Cameco	0.81%, was 0.77%	Add +7.0%	697,741	$101.86	$71M	+45,916	+$277K
VNOM, Viper Energy	0.79%, was 0.85%	Reduce −0.6%	1,652,125	$42.40	$70M	−10,516	−$8.1M
BN, Brookfield Corporation	0.77%, was 0.69%	Add +1.0%	1,587,339	$42.59	$68M	+15,403	+$4M
CME, CME Group	0.71%	Add +5.0%	283,774	$220.83	$63M	+13,521	−$17M
OR, Or Royalties	0.69%	Add +9.2%	1,915,799	$31.63	$61M	+161,655	−$6.1M
WHK, Whitehawk Minerals	0.49%	New	1,552,705	$27.82	$43M	+1,552,705	+$43M
AN, Autonation	0.45%, was 0.48%	Reduce −5.4%	212,917	$185.79	$40M	−12,136	−$4.4M
TRC, Tejon Ranch	0.43%, was 0.39%	Add +5.7%	2,011,689	$18.70	$38M	+109,083	+$1.8M
JOE, St Joe	0.42%, was 0.37%	Add +9.2%	592,608	$62.63	$37M	+49,999	+$3M
EROK, Eaglerock LD	0.41%	New	1,684,213	$21.25	$36M	+1,684,213	+$36M
HKHC	0.40%	Hold	1,075,416	$33.00	$35M	—	—
GLXY, Galaxy Digital	0.38%	Reduce −1.2%	1,236,051	$27.34	$34M	−14,918	+$11M
BG, Bunge Global	0.34%, was 0.46%	Reduce −15.7%	284,079	$106.73	$30M	−52,865	−$13M
GBTC, iShares Bitcoin Trust ETF	0.32%	Add +5.5%	837,308	$33.29	$28M	+43,965	−$2.6M
SII, Sprott	0.30%	Add +12.2%	232,217	$112.35	$26M	+25,220	−$3.5M
WTM, White Mountains Insurance Group	0.29%, was 0.31%	Reduce −6.9%	12,206	$2,073	$25M	−906	−$3.5M
PAG, Penske Automotive Group	0.28%	Reduce −2.4%	139,067	$178.95	$25M	−3,440	+$3.6M
RBA, RB Global	0.28%, was 0.19%	Add +13.2%	211,349	$116.45	$25M	+24,618	+$6.7M
SJT, San Juan Basin Rty Trust	0.27%	Add +7.4%	7,494,020	$3.21	$24M	+515,179	−$9.5M
MMC, Marsh McLennan	0.26%, was 0.28%	Reduce −7.5%	139,983	$166.67	$23M	−11,358	−$2.9M
BND, Vanguard Bond Index Funds	0.26%, was 0.18%	Add +36.0%	461,108	$49.78	$23M	+122,054	+$6.1M
DMLP, Dorchester Minerals	0.24%, was 0.25%	Reduce −0.9%	852,651	$25.25	$22M	−7,575	−$1.8M
RPRX	0.22%, was 0.18%	Add +1.2%	344,861	$56.07	$19M	+4,078	+$3M
BRK.B, Berkshire Hathaway Class B	0.21%	Reduce −2.1%	37,231	$500.39	$19M	−802	+$405K
LYV, Live Nation Entertainment	0.21%, was 0.26%	Reduce −35.7%	100,989	$183.11	$18M	−56,180	−$5.5M
TFPM, Triple Flag Precious Metal	0.17%, was 0.16%	Add +22.6%	506,677	$29.97	$15M	+93,247	+$835K
IPAR, Interparfums	0.17%	Reduce −5.8%	130,333	$111.86	$15M	−8,000	+$2M
OSK, Oshkosh	0.15%, was 0.18%	Reduce −23.3%	88,816	$153.48	$14M	−26,973	−$3.4M
RCL, Royal Caribbean	0.14%, was 0.15%	Reduce −23.8%	39,414	$317.53	$13M	−12,284	−$1.7M
CCL, Carnival	0.14%	New	428,340	$28.57	$12M	+428,340	+$12M
MSTR, Strategy	0.13%, was 0.19%	Reduce −6.8%	129,774	$86.93	$11M	−9,479	−$6.1M
TW, Tradeweb Markets	0.11%, was 0.01%	Add +1750.1%	97,740	$99.66	$9.7M	+92,457	+$9.1M
WMB, Williams Companies	0.11%	Reduce −7.0%	128,678	$74.34	$9.6M	−9,623	−$500K
MSGS, MSG Sports	0.11%	Reduce −0.5%	23,221	$401.84	$9.3M	−126	+$1.8M
RGLD, Royal Gold	0.10%, was 0.13%	Reduce −2.3%	46,068	$199.61	$9.2M	−1,074	−$2.8M
MA, Mastercard	0.10%, was 0.11%	Reduce −9.4%	17,681	$513.59	$9.1M	−1,835	−$670K
AB, Alliancebernstein	0.10%, was 0.09%	Add +14.3%	248,496	$35.22	$8.8M	+31,049	+$611K
BAM, Brookfield Asset Management	0.10%	Reduce −0.1%	189,299	$44.85	$8.5M	−272	+$64K
SBR, Sabine Rty Trust	0.09%	Add +0.6%	111,796	$73.20	$8.2M	+646	−$191K
ET, Energy Transfer	0.09%, was 0.08%	Add +1.4%	404,287	$19.12	$7.7M	+5,579	+$35K
SPHR, Sphere Entertainment	0.09%	Reduce −3.4%	44,657	$173.03	$7.7M	−1,595	+$2.3M
FRMI, Fermi	0.09%, was 0.03%	Add +54.8%	824,227	$9.16	$7.5M	+291,801	+$4.4M
WST, West Pharmaceutical	0.09%, was 0.08%	Add +1.5%	172,227	$43.76	$7.5M	+2,483	+$548K
FWONK, Liberty Media	0.08%	Reduce −6.0%	76,118	$95.14	$7.2M	−4,872	+$356K
SPAQ, Listed Funds Trust	0.08%	Reduce −0.6%	71,541	$93.65	$6.7M	−413	+$171K
AMLP, Alps ETF Trust	0.08%, was 0.06%	Add +21.0%	128,940	$51.85	$6.7M	+22,420	+$1.1M
LBRT, Liberty Energy	0.07%, was 0.09%	Reduce −18.5%	234,806	$26.19	$6.1M	−53,416	−$2.2M
KLAC, KLA	0.07%, was 0.03%	Add +820.1%	19,855	$301.71	$6M	+17,697	+$2.8M
NRP, Natural Resource Partners	0.07%	Add +5.3%	60,951	$97.00	$5.9M	+3,080	−$1.1M
FCX, Freeport-McMoRan	0.06%	Reduce −2.5%	89,581	$62.89	$5.6M	−2,300	+$233K
SAIC, Science Applications International	0.06%, was 0.05%	Add +0.8%	51,007	$110.41	$5.6M	+426	+$831K
NDAQ, Nasdaq	0.06%	Add +0.3%	70,934	$78.82	$5.6M	+228	−$411K
JAPN, Listed Funds Trust	0.06%	Add +7.6%	244,972	$22.49	$5.5M	+17,207	+$351K
BCDF, Listed Funds Trust	0.06%	Add +8.4%	179,946	$29.80	$5.4M	+13,891	+$258K
XOM, Exxon Mobil	0.06%, was 0.07%	Reduce −4.2%	38,037	$136.72	$5.2M	−1,655	−$1.5M
ABBV, AbbVie	0.05%	Reduce −1.7%	18,887	$251.64	$4.8M	−322	+$575K
LLY, Eli Lilly	0.05%	Reduce −3.6%	3,824	$1,199	$4.6M	−141	+$940K
INFL, Listed Funds Trust	0.05%, was 0.06%	Reduce −9.4%	90,957	$49.88	$4.5M	−9,395	−$687K
VGSH, Vanguard Scottsdale Funds	0.05%, was 0.06%	Reduce −26.1%	72,932	$58.20	$4.2M	−25,816	−$1.5M
CAT, Caterpillar	0.05%	Reduce −4.5%	3,931	$1,065	$4.2M	−186	+$1.3M
EPD, Enterprise Products Partners	0.05%	Reduce −2.2%	112,333	$36.76	$4.1M	−2,487	−$215K
MKL, Markel Group	0.05%	Reduce −1.8%	2,064	$1,953	$4M	−38	+$9K
CSCO, Cisco	0.05%	Reduce −8.6%	34,266	$117.46	$4M	−3,225	+$1.1M
HHH, Howard Hughes	0.04%, was 0.13%	Reduce −71.7%	55,500	$71.49	$4M	−140,910	−$8.5M
JNJ, Johnson & Johnson	0.04%	Reduce −1.3%	15,508	$253.97	$3.9M	−201	+$99K
MRK, Merck	0.04%	Reduce −0.8%	28,151	$128.50	$3.6M	−232	+$203K
PM, Philip Morris International	0.04%	Reduce −0.6%	19,624	$180.91	$3.6M	−110	+$287K
VRT, Vertiv	0.04%	Reduce −4.6%	10,515	$334.82	$3.5M	−510	+$758K
NTR, Nutrien	0.04%	Reduce −1.4%	50,527	$62.95	$3.2M	−697	−$685K
Costamare	0.04%	Add +0.2%	222,350	$14.02	$3.1M	+500	−$632K
Metalla Rty & Streaming	0.03%	Hold	404,297	$7.61	$3.1M	—	—
SU, Suncor Energy	0.03%	Hold	56,237	$53.68	$3M	—	—
XNEAX, Nuveen Amt Free Qlty Mun	0.03%, was 0.04%	Reduce −14.3%	254,046	$11.74	$3M	−42,260	−$345K
BR, Broadridge Financial	0.03%, was 0.04%	Reduce −2.1%	21,706	$136.95	$3M	−470	−$631K
OPLN, Openlane	0.03%	Reduce −0.4%	71,030	$41.24	$2.9M	−313	+$850K
CTRI, Centuri	0.03%	New	96,043	$30.24	$2.9M	+96,043	+$2.9M
GBTC, Grayscale Bitcoin Trust	0.03%	Add +31.1%	1,950,062	$1.48	$2.9M	+462,821	−$2.1M
ARLP	0.03%	Add +15.0%	120,451	$23.98	$2.9M	+15,742	−$7K
MSGE, MSG Entertainment	0.03%	Reduce −1.9%	35,041	$80.89	$2.8M	−690	+$730K
WT, Wisdomtree	0.03%	Reduce −1.2%	166,115	$16.94	$2.8M	−1,941	+$367K
MO, Altria	0.03%	Hold	38,957	$71.95	$2.8M	—	—
RCG, Renn Fund	0.03%	Add +1.9%	929,018	$2.99	$2.8M	+16,954	−$213K
TD, Toronto-Dominion Bank	0.03%	Reduce −0.2%	22,450	$121.43	$2.7M	−50	+$627K
LHX, L3Harris	0.03%	Hold	9,153	$290.60	$2.7M	—	—
FWONA, Liberty Media	0.03%	Reduce −11.0%	30,336	$87.54	$2.7M	−3,756	−$6K
APYX, Apyx Medical	0.03%	Reduce −4.9%	585,000	$4.49	$2.6M	−30,000	+$357K
LTCN	0.03%	Add +42.4%	837,141	$3.09	$2.6M	+249,155	+$188K
MSFT, Microsoft	0.03%	Reduce −0.4%	6,894	$373.02	$2.6M	−30	+$9K
BMY, Bristol Myers Squibb	0.03%	Reduce −0.3%	44,552	$57.62	$2.6M	−154	−$144K
EXP, Eagle Materials	0.03%	Reduce −36.6%	10,684	$225.01	$2.4M	−6,181	−$791K
EMR, Emerson Electric	0.03%	Hold	16,592	$143.15	$2.4M	—	—
GE, GE Aerospace	0.03%	Reduce −1.0%	6,354	$373.73	$2.4M	−64	+$553K
BATRK, Atlanta Braves	0.03%	Reduce −1.1%	45,441	$51.90	$2.4M	−490	+$397K
PAA, Plains All American Pipeline	0.03%, was 0.02%	Add +16.8%	105,324	$22.26	$2.3M	+15,115	+$330K
CVX, Chevron	0.03%	Reduce −1.6%	13,800	$165.76	$2.3M	−218	−$613K
RTX	0.03%	Hold	11,895	$189.73	$2.3M	—	—
IRM, Iron Mountain	0.03%	Reduce −3.0%	17,845	$126.31	$2.3M	−560	+$374K
EQT	0.02%, was 0.03%	Reduce −2.9%	41,270	$53.17	$2.2M	−1,251	−$512K
ADM, Archer-Daniels-Midland	0.02%, was 0.05%	Reduce −51.7%	28,642	$76.40	$2.2M	−30,670	−$2.1M
BKKT, Bakkt	0.02%, was 0.03%	Reduce −11.6%	279,964	$7.81	$2.2M	−36,574	−$143K
FNF, Fidelity National Financial	0.02%	Add +1.8%	45,271	$47.16	$2.1M	+793	+$72K
BSM	0.02%	Hold	151,238	$13.97	$2.1M	—	—
RMT, Royce Micro-Cap Trust	0.02%	Add +1.5%	134,738	$14.64	$2M	+1,930	+$471K
ROK, Rockwell Automation	0.02%	Hold	3,895	$495.08	$1.9M	—	—
SON, Sonoco Products	0.02%	Add +7.0%	33,430	$56.35	$1.9M	+2,200	+$195K
LVS, Las Vegas Sands	0.02%	Add +0.2%	40,107	$46.19	$1.9M	+100	−$303K
AMRZ, Amrize	0.02%	New	34,573	$53.30	$1.8M	+34,573	+$1.8M
AAPL, Apple	0.02%	Reduce −1.6%	6,323	$289.37	$1.8M	−104	+$199K
VOO, Vanguard S&P 500 ETF	0.02%	Reduce −11.7%	2,599	$686.81	$1.8M	−345	+$26K
PFE, Pfizer	0.02%	Add +1.0%	69,662	$24.08	$1.7M	+712	−$259K
GEV, GE Vernova	0.02%	Reduce −1.1%	1,423	$1,175	$1.7M	−16	+$416K
NVS, Novartis	0.02%	Reduce −3.7%	10,588	$156.72	$1.7M	−403	−$20K
CRL, Charles River Labs International	0.02%	Reduce −41.7%	7,103	$226.79	$1.6M	−5,089	−$492K
V, Visa	0.02%	Hold	4,666	$343.09	$1.6M	—	—
REZI, Resideo Technologies	0.02%	Add +1.0%	51,396	$31.10	$1.6M	+500	−$117K
FTLF, Fitlife Brands	0.02%	Reduce −6.1%	145,000	$11.01	$1.6M	−9,456	−$597K
SLV, iShares Silver Trust	0.02%	Reduce −0.3%	29,765	$53.47	$1.6M	−90	−$443K
WPC, WP Carey	0.02%	Hold	22,000	$71.50	$1.6M	—	—
RIO, Rio Tinto	0.02%	Reduce −0.4%	16,226	$94.93	$1.5M	−70	+$20K
MYI	0.02%	Reduce −34.4%	136,538	$11.11	$1.5M	−71,456	−$669K
BK, BNY	0.02%	Hold	10,308	$144.61	$1.5M	—	—
NRK, Nuveen NY Amt Free	0.02%	Hold	138,453	$10.72	$1.5M	—	—
ADI, Analog Devices	0.02%	Reduce −3.6%	3,626	$397.22	$1.4M	−135	+$244K
BATRA, Atlanta Braves	0.02%	Reduce −1.5%	24,836	$56.31	$1.4M	−372	+$210K
NVDA, Nvidia	0.02%	Reduce −1.3%	6,920	$200.09	$1.4M	−90	+$162K
SVXY, Proshares Trust II	0.02%	Hold	23,986	$57.26	$1.4M	—	—
MSTR, Pimco Income Strategy Fund II	0.02%	Hold	191,463	$7.13	$1.4M	—	—
GLD, SPDR Gold Shares	0.02%	Reduce −5.5%	3,650	$368.38	$1.3M	−213	−$318K
MPC, Marathon Petroleum	0.02%	Hold	5,202	$255.67	$1.3M	—	—
BN, Brookfield Corporation	0.01%	Reduce 0.0%	30,730	$42.66	$1.3M	−7	+$38K
SBLK, Star Bulk Carriers	0.01%	Add +0.6%	52,066	$24.97	$1.3M	+296	+$111K
NAD, Nuveen Quality Muncp Income	0.01%, was 0.02%	Reduce −34.8%	105,829	$12.12	$1.3M	−56,594	−$585K
GSK	0.01%	Reduce −1.5%	24,046	$52.42	$1.3M	−373	−$87K
VRSK, Verisk	0.01%	Hold	7,000	$179.53	$1.3M	—	—
KMI, Kinder Morgan	0.01%	Reduce −1.7%	38,312	$31.97	$1.2M	−670	−$82K
VXF, Vanguard Index Funds	0.01%	Reduce −18.4%	4,932	$246.21	$1.2M	−1,114	−$30K
SPGI, S&P Global	0.01%, was 0.02%	Reduce −20.8%	2,970	$407.31	$1.2M	−780	−$385K
SEG, Seaport	0.01%	Reduce −18.9%	42,503	$26.60	$1.1M	−9,937	+$4K
GOOG, Alphabet Class C	0.01%	Reduce −5.5%	3,115	$353.33	$1.1M	−180	+$155K
Grayscale Coindesk Crypto	0.01%	Hold	41,029	$26.39	$1.1M	—	—
ALKS, Alkermes	0.01%	Reduce −4.6%	20,132	$52.39	$1.1M	−967	+$309K
C, Citigroup	0.01%	Hold	7,475	$139.96	$1M	—	—
Redwire	0.01%	New	84,100	$12.23	$1M	+84,100	+$1M
GOOGL, Alphabet Class A	0.01%	Reduce −3.5%	2,829	$357.37	$1M	−104	+$168K
IBM	0.01%	Reduce −0.4%	3,570	$281.21	$1M	−15	+$135K
NSC, Norfolk Southern	0.01%	Add +1.6%	3,083	$314.59	$970K	+50	+$99K
MQY	0.01%	Reduce −0.8%	82,345	$11.60	$955K	−636	+$44K
AZN, AstraZeneca	0.01%	Reduce −4.6%	5,015	$189.62	$951K	−241	−$86K
EOG, EOG Resources	0.01%	Reduce −3.6%	7,291	$129.73	$946K	−276	−$148K
CMS, CMS Energy	0.01%	Hold	12,197	$76.50	$933K	—	—
MCD, McDonald's	0.01%	Hold	3,439	$270.31	$930K	—	—
JFR, Nuveen Floating Rate Income	0.01%	Reduce −0.7%	118,450	$7.67	$909K	−858	+$11K
WEN, Wendys	0.01%, was 0.02%	Reduce −59.6%	108,803	$8.29	$902K	−160,374	−$969K
OIH, Vaneck ETF Trust	0.01%	Hold	2,412	$372.07	$897K	—	—
BAC, Bank of America	0.01%	Reduce −4.4%	15,735	$56.98	$897K	−725	+$94K
QCOM, Qualcomm	0.01%	Reduce −13.3%	4,777	$184.79	$883K	−735	+$173K
ABT, Abbott Laboratories	0.01%	Add +1.6%	9,716	$90.74	$882K	+150	−$101K
IONS, Ionis Pharmaceuticals	0.01%	Reduce −4.6%	10,904	$79.29	$865K	−524	+$6K
URI, United Rentals	0.01%	Hold	756	$1,133	$856K	—	—
HUBB, Hubbell	0.01%, was 0.02%	Reduce −53.7%	1,635	$523.20	$855K	−1,897	−$878K
BAH	0.01%	Add +0.5%	14,071	$60.67	$854K	+75	−$238K
PDI, Pimco Dynamic Income Fund	0.01%	Reduce −0.9%	51,039	$16.70	$852K	−440	−$28K
SPY, SPDR S&P 500 ETF Trust	0.01%	Reduce −8.3%	1,141	$746.77	$852K	−103	+$43K
KMB, Kimberly-Clark	0.01%	New	7,636	$109.77	$838K	+7,636	+$838K
AMGN, Amgen	0.01%	Reduce −4.1%	2,300	$362.12	$833K	−99	−$11K
SAN, Banco Santander	0.01%	Reduce −3.2%	60,310	$13.80	$832K	−2,000	+$129K
DHR, Danaher	0.01%	Reduce −0.6%	4,331	$190.48	$825K	−28	−$1K
ELS, Equity Lifestyle Properties	0.01%	Reduce −37.5%	11,850	$64.45	$764K	−7,105	−$419K
GIS, General Mills	0.01%	Reduce −28.0%	21,660	$34.80	$754K	−8,430	−$366K
BRK.A, Berkshire Hathaway Class A	0.01%	Hold	1	$748,850	$749K	—	—
SIRI, Sirius XM	0.01%	Reduce −2.4%	25,196	$29.54	$744K	−612	+$149K
NVO, Novo Nordisk	0.01%	Hold	15,350	$47.94	$736K	—	—
HON, Honeywell	0.01%	New	3,286	$223.90	$736K	+3,286	+$736K
MSTR, Pimco Income Strategy Fund	0.01%	Hold	93,252	$7.88	$735K	—	—
LIN, Linde	0.01%	Hold	1,400	$518.94	$727K	—	—
HON, Honeywell	0.01%	New	3,286	$221.08	$726K	+3,286	+$726K
UNH, UnitedHealth Group	0.01%	Add +2.9%	1,745	$415.63	$725K	+50	+$267K
AEHR, Aehr Test Systems	0.01%	Reduce −66.3%	7,280	$96.06	$699K	−14,320	−$102K
VMI, Valmont Industries	0.01%	Hold	1,201	$577.60	$694K	—	—
AMG, Affiliated Managers Group	0.01%	Hold	1,998	$338.40	$676K	—	—
RSP	0.01%	Add +0.4%	3,131	$212.79	$666K	+13	+$68K
ALNY, Alnylam Pharmaceuticals	0.01%	Reduce −4.6%	2,168	$301.03	$653K	−104	−$99K
XFRAX	0.01%	Hold	59,291	$10.99	$652K	—	—
IAU, iShares Gold Trust	0.01%	Hold	8,566	$75.51	$647K	—	—
RQI	0.01%	Hold	50,033	$12.31	$616K	—	—
DGX, Quest Diagnostics	0.01%	Hold	2,900	$211.95	$615K	—	—
GS, Goldman Sachs	0.01%	Reduce −4.0%	598	$1,011	$605K	−25	+$78K
BX, Blackstone	0.01%	Hold	5,092	$117.67	$599K	—	—
BIIB, Biogen	0.01%	Reduce −4.6%	2,726	$216.06	$589K	−131	+$65K
GDXJ, Vaneck ETF Trust	0.01%	Reduce −0.4%	5,531	$98.25	$543K	−25	−$124K
META, Meta Platforms	0.01%	Add +69.7%	964	$563.25	$543K	+396	+$218K
PCT, Pure Cycle	0.01%	Reduce 0.0%	50,526	$10.71	$541K	−5	+$33K
RYN, Rayonier Advanced Materials	0.01%	Hold	68,500	$7.86	$538K	—	—
NEM, Newmont	0.01%	Reduce −12.8%	5,600	$93.40	$523K	−821	−$172K
DSL, Doubleline Income Solutions	0.01%	Reduce −13.7%	46,153	$11.06	$510K	−7,309	−$69K
CRSP, Crispr Therapeutics	0.01%	Reduce −4.5%	9,353	$54.54	$510K	−443	+$44K
BWXT, BWX Technologies	0.01%	Reduce −3.2%	2,563	$194.65	$499K	−84	−$42K
STZ, Constellation Brands	0.01%	Reduce −23.5%	3,575	$139.09	$497K	−1,098	−$204K
TEXX, Listed Funds Trust	0.01%	Add +8.7%	17,099	$28.77	$492K	+1,362	+$49K
PHYS, Sprott Asset Management	0.01%	Hold	16,262	$30.17	$491K	—	—
Costamare Bulkers	0.01%	Hold	27,580	$17.56	$484K	—	—
XES, SPDR Series Trust	0.01%	Reduce −25.5%	4,305	$112.08	$483K	−1,470	−$189K
UPS	0.01%	New	4,460	$107.50	$479K	+4,460	+$479K
ZCSH, Grayscale Zcash Trust Zec	0.01%	Add +17.9%	17,883	$26.80	$479K	+2,710	+$166K
CRCL, Circle Internet Group	0.01%	Add +10.2%	7,636	$62.63	$478K	+704	−$183K
LEN, Lennar Class A	0.01%	Add +7.5%	5,284	$90.49	$478K	+370	+$51K
MOV, Movado Group	0.01%	Hold	12,000	$39.31	$472K	—	—
MDLZ, Mondelez	0.01%	Reduce −1.1%	8,152	$57.84	$472K	−92	−$4K
FHI, Federated Hermes	0.01%	Reduce −1.8%	8,419	$55.22	$465K	−150	−$21K
KRP, Kimbell Rty Partners	0.01%	Reduce −13.4%	31,467	$14.53	$457K	−4,873	−$69K
AXP, American Express	0.01%	Hold	1,306	$338.25	$442K	—	—
MMM, 3M	0.00%, was 0.01%	Reduce −46.0%	2,700	$161.91	$437K	−2,300	−$289K
NBH, Neuberger Mun Fund	0.00%	Hold	41,396	$10.55	$437K	—	—
EBAY, eBay	0.00%, was 0.01%	Reduce −48.2%	3,803	$111.75	$425K	−3,544	−$244K
CNP, Centerpoint Energy	0.00%	Reduce −4.7%	9,641	$44.04	$425K	−477	−$12K
GWW, W.W. Grainger	0.00%	Reduce −1.0%	302	$1,360	$411K	−3	+$78K
BTZ	0.00%	Reduce −2.1%	39,700	$10.22	$406K	−834	−$4K
GM, General Motors	0.00%	Hold	5,250	$77.08	$405K	—	—
OXY, Occidental	0.00%, was 0.01%	Reduce −5.9%	8,331	$48.57	$405K	−519	−$171K
REGN, Regeneron	0.00%, was 0.01%	Reduce −4.4%	645	$623.54	$402K	−30	−$119K
B	0.00%	Add +0.2%	10,818	$36.73	$397K	+21	−$43K
MHD	0.00%, was 0.01%	Reduce −55.4%	33,214	$11.90	$395K	−41,316	−$445K
FHI, Federated Hermes	0.00%	Hold	34,170	$11.49	$393K	—	—
RYN, Rayonier	0.00%, was 0.01%	Reduce −40.5%	18,174	$21.28	$387K	−12,362	−$243K
NBB, Nuveen Taxable Municpal Inm	0.00%	Reduce −3.5%	23,977	$15.78	$378K	−863	−$11K
GBX, Greenbrier Companies	0.00%	Reduce −11.5%	7,700	$49.01	$377K	−1,000	−$81K
FIS, Fidelity National Information Services	0.00%	Add +120.5%	9,700	$38.88	$377K	+5,300	+$171K
CRAI, Cra International	0.00%, was 0.01%	Reduce −62.5%	2,620	$142.31	$373K	−4,375	−$760K
MOD, Modine Manufacturing	0.00%	Reduce −3.6%	1,330	$267.02	$355K	−50	+$56K
AFL, Aflac	0.00%	Hold	3,000	$117.25	$352K	—	—
BP, BP PLC	0.00%	Reduce −2.1%	9,266	$36.95	$342K	−200	−$103K
VZ, Verizon	0.00%	Add +7.4%	8,066	$42.34	$342K	+555	−$36K
VTI, Vanguard Index Funds	0.00%	Hold	922	$370.04	$341K	—	—
NVIR, Listed Funds Trust	0.00%	Reduce −2.2%	8,760	$38.79	$340K	−200	−$21K
ETN, Eaton	0.00%	Hold	797	$426.12	$340K	—	—
SLB	0.00%	Reduce −6.8%	7,289	$46.49	$339K	−530	−$63K
LLYVK, Liberty Live	0.00%	Reduce −10.9%	3,186	$105.64	$337K	−390	$—
NZF, Nuveen Mun CR Income Fund	0.00%	Hold	26,445	$12.68	$335K	—	—
GDX, Vaneck ETF Trust	0.00%	Reduce −13.5%	4,336	$75.45	$327K	−675	−$133K
WOOD, iShares Trust	0.00%	Reduce −6.6%	4,915	$66.24	$326K	−345	−$48K
PSIX, Power Solutions International	0.00%	Add +66.0%	8,300	$38.89	$323K	+3,300	+$18K
FANG, Diamondback Energy	0.00%	Reduce −8.4%	1,834	$175.78	$322K	−168	−$74K
AJG, Arthur J. Gallagher	0.00%	Reduce −30.7%	1,354	$229.57	$311K	−599	−$112K
JPM, JPMorgan Chase	0.00%	Reduce −37.7%	896	$327.33	$293K	−542	−$130K
NAN, Nuveen NY Divi Adv	0.00%	Hold	24,903	$11.73	$292K	—	—
GBTC, Grayscale Bitcoin Trust	0.00%	Hold	5,681	$51.05	$290K	—	—
BEAM, Beam Therapeutics	0.00%	Reduce −4.6%	8,388	$34.32	$288K	−403	+$78K
DIS, Disney	0.00%	Reduce −36.9%	2,990	$96.25	$288K	−1,750	−$169K
Burford Capital	0.00%	Add +74.0%	68,112	$4.10	$279K	+28,976	+$102K
ETCG	0.00%	Reduce 0.0%	71,182	$3.85	$274K	−10	−$39K
DBL, Doubleline Opportunistic CR	0.00%	Reduce −7.0%	19,047	$14.38	$274K	−1,424	−$25K
CL, Colgate-Palmolive	0.00%	Hold	2,978	$91.68	$273K	—	—
AVGO, Broadcom	0.00%	Reduce −19.7%	722	$377.75	$273K	−177	−$6K
COP, ConocoPhillips	0.00%	Reduce −7.0%	2,615	$103.96	$272K	−196	−$99K
L, Loews	0.00%, was 0.01%	Reduce −63.0%	2,391	$113.21	$271K	−4,069	−$419K
BHP, BHP Billiton	0.00%	Hold	3,231	$83.31	$269K	—	—
PNI, Pimco New York Mun Fund II	0.00%	Hold	37,634	$7.09	$267K	—	—
ERII, Energy Recovery	0.00%	Hold	28,928	$9.02	$261K	—	—
GPC, Genuine Parts	0.00%	Hold	2,190	$117.98	$258K	—	—
LMT, Lockheed Martin	0.00%	Hold	507	$509.46	$258K	—	—
AMZN, Amazon	0.00%	Reduce −8.9%	1,081	$238.34	$258K	−106	+$10K
MKTX, Marketaxess	0.00%	Add +7.2%	2,254	$113.49	$256K	+152	−$91K
CTAS, Cintas	0.00%	Reduce −1.1%	1,480	$170.08	$252K	−17	−$1K
NEE, NextEra Energy	0.00%	Hold	2,860	$87.77	$251K	—	—
PEP, PepsiCo	0.00%	Hold	1,840	$135.40	$249K	—	—
EFXT, Enerflex	0.00%	Hold	9,990	$24.51	$245K	—	—
CQP	0.00%	Hold	4,000	$60.95	$244K	—	—
WY, Weyerhaeuser	0.00%	Reduce −2.6%	10,081	$23.94	$241K	−274	−$12K
LOW, Lowe's	0.00%	Hold	1,068	$220.49	$235K	—	—
AMT, American Tower	0.00%	Hold	1,400	$163.57	$229K	—	—
IVZ, Invesco	0.00%	Hold	21,965	$10.12	$222K	—	—
TMO, Thermo Fisher Scientific	0.00%	Hold	438	$501.36	$220K	—	—
GALT, Galectin Therapeutics	0.00%	Reduce −4.6%	46,968	$4.64	$218K	−2,258	+$81K
BA, Boeing	0.00%	Hold	1,006	$216.47	$218K	—	—
LLYVA	0.00%	Reduce −7.0%	2,134	$101.26	$216K	−161	+$6K
INTC, Intellia Therapeutics	0.00%	Reduce −4.6%	12,584	$16.92	$213K	−604	+$44K
ETN, Eaton	0.00%	Hold	20,001	$10.60	$212K	—	—
NRG, NRG Energy	0.00%	Reduce −0.6%	1,426	$146.06	$208K	−9	−$1K
NIM, Nuveen Select Mat Mun Fund	0.00%	Hold	21,500	$9.42	$203K	—	—
DBRG, Digitalbridge Group	0.00%, was 0.16%	Reduce −98.7%	12,351	$15.78	$195K	−927,029	−$14M
MEDX, Listed Funds Trust	0.00%	Hold	5,189	$36.71	$191K	—	—
TTI, Tetra Technologies	0.00%	Hold	16,320	$11.33	$185K	—	—
LADR, Ladder Cap	0.00%	Hold	18,000	$9.95	$179K	—	—
ETN, Eaton	0.00%	Hold	17,692	$9.96	$176K	—	—
IVZ, Invesco	0.00%	Hold	14,739	$11.58	$171K	—	—
NVG	0.00%	Hold	12,176	$12.80	$156K	—	—
REPL, Replimune Group	0.00%	Reduce −4.6%	12,584	$11.07	$139K	−604	+$38K
VNDA, Vanda Pharmaceuticals	0.00%	Reduce −4.6%	22,648	$6.12	$139K	−1,088	−$25K
RA	0.00%	Hold	10,755	$12.88	$139K	—	—
IWC, iShares Trust	0.00%	Hold	690	$200.04	$138K	—	—
PCM, PCM Fund	0.00%	Hold	24,532	$5.58	$137K	—	—
BGT	0.00%	Hold	12,678	$10.66	$135K	—	—
JPC	0.00%	Hold	16,426	$7.88	$129K	—	—
MYN	0.00%	Hold	12,009	$10.15	$122K	—	—
NMZ	0.00%	Add +7.3%	11,125	$10.57	$118K	+756	+$10K
ETN, Eaton	0.00%	Hold	12,417	$9.37	$116K	—	—
HLN, Haleon	0.00%	Reduce −3.6%	12,434	$9.33	$116K	−466	−$13K
PML, Pimco Mun Income Fund II	0.00%	Hold	15,050	$7.61	$115K	—	—
ETN, Eaton	0.00%	Hold	21,730	$4.98	$108K	—	—
NUV, Nuveen Mun Value Fund	0.00%	Hold	11,550	$9.22	$106K	—	—
LTRN	0.00%	Reduce −4.6%	25,164	$4.17	$105K	−1,209	+$69K
ET, Energy Transfer	0.00%	Hold	8,300	$11.46	$95K	—	—
EDIT, Editas Medicine	0.00%	Reduce −4.6%	27,680	$3.24	$90K	−1,330	+$18K
IEZ, iShares Trust	0.00%	Hold	3,131	$26.90	$84K	—	—
ETHE	0.00%	Hold	5,393	$12.76	$69K	—	—
VB, Vanguard Index Funds	0.00%	Hold	219	$303.12	$66K	—	—
PFXF, Vaneck ETF Trust	0.00%	Hold	3,454	$17.84	$62K	—	—
BCYC, Bicycle Therapeutics	0.00%	Reduce −4.6%	12,584	$4.24	$53K	−604	−$8K
PFF, iShares Trust	0.00%	Hold	1,326	$30.49	$40K	—	—
ITA, iShares Trust	0.00%	Hold	160	$242.42	$39K	—	—
SHV, iShares Trust	0.00%	Hold	338	$110.35	$37K	—	—
ALLO, Allogene Therapeutics	0.00%	Reduce −4.6%	16,776	$2.08	$35K	−806	−$8K
VBR, Vanguard Index Funds	0.00%	Hold	135	$242.99	$33K	—	—
IVZ, Invesco	0.00%	Hold	163	$142.93	$23K	—	—
BIL, SPDR Series Trust	0.00%	Hold	250	$91.64	$23K	—	—
PACB	0.00%	Reduce −4.6%	10,068	$1.68	$17K	−483	+$3K
HYD, Vaneck ETF Trust	0.00%	Hold	296	$51.51	$15K	—	—
ETH, Grayscale Ethereum Staking	0.00%	Hold	653	$15.03	$10K	—	—
LEN.B, Lennar Class B	0.00%	Hold	57	$88.70	$5K	—	—
METV, Listed Funds Trust	0.00%	Hold	155	$18.45	$3K	—	—
GBAT	0.00%	Hold	2,089	$0.5682	$1K	—	—
AIA, iShares Trust	0.00%	Hold	8	$141.62	$1K	—	—
MANA	0.00%	Hold	691	$0.5311	$367	—	—

Showing top 50 of 339 by value

Exits / last held

Gone since 2026 Q1, shown at their last reported size.

Stock	% of portfolio	Recent activity	Reported price*	Value	Share change	$ change
CCL, Carnival	0.27%	Exit	$25.88	$25M	−957,653	−$25M
BOXX, Ea Series Trust	0.06%	Exit	$116.29	$5.5M	−47,475	−$5.5M
CMSG	0.05%	Exit	$26.00	$4.3M	−164,593	−$4.3M
TCOM, Tri Pointe Homes	0.04%	Exit	$46.73	$4M	−85,966	−$4M
PTEN, Patterson-Uti Energy	0.03%	Exit	$10.83	$2.8M	−258,608	−$2.8M
HON, Honeywell	0.02%	Exit	$225.97	$1.5M	−6,576	−$1.5M
SEE, Sealed Air	0.02%	Exit	$42.05	$1.4M	−33,250	−$1.4M
TQQQ, Proshares Trust	0.01%	Exit	$41.67	$502K	−12,048	−$502K
SQQQ, Proshares Trust	0.01%	Exit	$80.42	$497K	−6,180	−$497K
AWR, Amer States Water	—	Exit	$75.67	$331K	−4,374	−$331K
T, AT&T	—	Exit	$29.04	$264K	−9,090	−$264K
NOC, Northrop Grumman	—	Exit	$683.33	$246K	−360	−$246K
NFLX, Netflix	—	Exit	$96.27	$232K	−2,410	−$232K
DOW, Dow Holdings	—	Exit	$41.60	$228K	−5,481	−$228K
AWK	—	Exit	$135.85	$227K	−1,671	−$227K
COST, Costco	—	Exit	$995.19	$207K	−208	−$207K
GEHC, GE HealthCare	—	Exit	$71.11	$207K	−2,911	−$207K
LBRDA, Liberty Broadband Series C	—	Exit	$50.21	$204K	−4,063	−$204K
XCXEX, MFS High Income Mun Trust	—	Exit	$3.72	$80K	−21,525	−$80K
LBRDA, Liberty Broadband Series A	—	Exit	$49.84	$46K	−923	−$46K
BITF, Bitfarms	—	Exit	$1.97	$36K	−18,300	−$36K

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