Horizon Kinetics
Murray StahlNEW YORK, NYfiles as HORIZON KINETICS ASSET MANAGEMENT LLC
$8.8bn in 350 US stocks at the end of 30 June 2026. The top 10 are 77.5% of the money. It changed about 7.6% of the portfolio this quarter.
Value
$8.8bn
Stocks
350
Top 10 share
77.5%
Turnover
7.6%
What changed this quarter
New
Bought for the first time this quarter.
- WhiteHawk MineralsWHK0.5% of the fund
- EagleRock LandEROK0.4% of the fund
- CarnivalCCL0.1% of the fund
- Centuri HoldingsCTRI<0.1% of the fund
- AmrizeAMRZ<0.1% of the fund
- RedwireRDW<0.1% of the fund
- Kimberly-ClarkKMB<0.1% of the fund
- Honeywell InternationalHON<0.1% of the fund
- Honeywell AerospaceHONA<0.1% of the fund
- United Parcel ServiceUPS<0.1% of the fund
- EnbridgeENB<0.1% of the fund
- Dorman ProductsDORM<0.1% of the fund
- Select Water SolutionsWTTR<0.1% of the fund
- Keel InfrastructureKEEL<0.1% of the fund
- Aberdeen Municipal Income FundMFM<0.1% of the fund
- Alps ETF TRENFR<0.1% of the fund
- Ishares TRMUB<0.1% of the fund
- Invesco Exchange Traded FD TXMMO<0.1% of the fund
- Vanguard Scottsdale FDSVTWO<0.1% of the fund
- Cohen & Steers Quality IncomRQI-R<0.1% of the fund
Added
Bought more of a stock they already held.
- LandBridgeLB5.2% of the fund+3%
- Hawaiian Electric IndustriesHE3.4% of the fund+4%
- Miami International HoldingsMIAX3.3% of the fund+127%
- WaterBridge InfrastructureWBI3.0% of the fund+4%
- Permian Basin Royalty TrustPBT1.9% of the fund+5%
- Franco NevadaFNV1.8% of the fund+2%
- Grayscale Bitcoin Mini TR ETBTC1.8% of the fund+102%
- Intercontinental ExchangeICE1.4% of the fund+17%
- Mesabi TrustMSB0.9% of the fund+3%
- CamecoCCJ0.8% of the fund+7%
- CME GroupCME0.7% of the fund+5%
- OR RoyaltiesOR0.7% of the fund+9%
- Tejon RanchTRC0.4% of the fund+6%
- ST JOEJOE0.4% of the fund+9%
- Ishares Bitcoin Trust ETFIBIT0.3% of the fund+6%
- SprottSII0.3% of the fund+12%
- RB GlobalRBA0.3% of the fund+13%
- SAN Juan Basin Royalty TrustSJT0.3% of the fund+7%
- Vanguard BD Index FDSVUSB0.3% of the fund+36%
- Triple Flag Precious MetalsTFPM0.2% of the fund+23%
- Tradeweb MarketsTW0.1% of the fund+1750%
- Alliancebernstein Hldg L PAB<0.1% of the fund+14%
- FermiFRMI<0.1% of the fund+55%
- Alps ETF TRAMLP<0.1% of the fund+21%
- Natural Resource Partners LPNRP<0.1% of the fund+5%
Cut
Sold some of their stake.
- Texas Pacific LandTPL48.6% of the fund-2%
- Grayscale Bitcoin Trust ETFGBTC6.3% of the fund-13%
- Wheaton Precious MetalsWPM2.1% of the fund-4%
- Cheniere EnergyLNG1.1% of the fund-4%
- CiveoCVEO0.9% of the fund-3%
- AutonationAN0.4% of the fund-5%
- Bunge Global SABG0.3% of the fund-16%
- White Mountains Insurance GroupWTM0.3% of the fund-7%
- Penske Automotive GroupPAG0.3% of the fund-2%
- Marsh & McLennan CompaniesMRSH0.3% of the fund-8%
- Berkshire HathawayBRK-B0.2% of the fund-2%
- Live Nation EntertainmentLYV0.2% of the fund-36%
- InterparfumsIPAR0.2% of the fund-6%
- OshkoshOSK0.2% of the fund-23%
- Royal Caribbean CruisesRCL0.1% of the fund-24%
- StrategyMSTR0.1% of the fund-7%
- Williams CompaniesWMB0.1% of the fund-7%
- Royal GoldRGLD0.1% of the fund-2%
- MastercardMA0.1% of the fund-9%
- Sphere EntertainmentSPHR<0.1% of the fund-3%
- Liberty MediaFWONK<0.1% of the fund-6%
- Liberty EnergyLBRT<0.1% of the fund-19%
- KLAKLAC<0.1% of the fund-8%
- Freeport-McMoRanFCX<0.1% of the fund-3%
- ExxonMobil HoldingsXOM<0.1% of the fund-4%
Sold out
Sold their entire stake.
- Carnival-100%
- EA Series TrustBOXX-100%
- Consensus Mining & Seigniorage Corp.comCMSG-100%
- TRI Pointe Homes-100%
- Patterson UTI EnergyPTEN-100%
- Honeywell InternationalHON-100%
- Sealed Air Corp New-100%
- Proshares TRTQQQ-100%
- Proshares TRSQQQ-100%
- American States WaterAWR-100%
- AT&TT-100%
- Northrop GrummanNOC-100%
- NetflixNFLX-100%
- DOWDOW-100%
- American Water Works CompanyAWK-100%
- Costco WholesaleCOST-100%
- GE HealthCare TechnologiesGEHC-100%
- Liberty BroadbandLBRDK-100%
- MFS High Income MUN TR-100%
- Liberty BroadbandLBRDA-100%
- BitfarmsBITF-100%
Holdings
- Grayscale Bitcoin Trust ETFGBTC
- Share
- 6.3%
- Value
- $553m
- Shares
- 12,139,990
-13%
- Wheaton Precious MetalsWPM
- Share
- 2.1%
- Value
- $189m
- Shares
- 1,686,903
-4%
- Franco NevadaFNV
- Share
- 1.8%
- Value
- $161m
- Shares
- 773,418
+2%
- Grayscale Bitcoin Mini TR ETBTC
- Share
- 1.8%
- Value
- $157m
- Shares
- 6,067,993
+102%
- Cboe Global MktsCBOE
- Share
- 1.1%
- Value
- $101m
- Shares
- 414,634
Held
- CamecoCCJ
- Share
- 0.8%
- Value
- $71m
- Shares
- 697,741
+7%
- BrookfieldBN
- Share
- 0.8%
- Value
- $68m
- Shares
- 1,587,339
Held
- OR RoyaltiesOR
- Share
- 0.7%
- Value
- $61m
- Shares
- 1,915,799
+9%
- WhiteHawk MineralsWHK
- Share
- 0.5%
- Value
- $43m
- Shares
- 1,552,705
New
- EagleRock LandEROK
- Share
- 0.4%
- Value
- $36m
- Shares
- 1,684,213
New
- Horizon Kinetics Hldg Corp.comHKHC
- Share
- 0.4%
- Value
- $35m
- Shares
- 1,075,416
Held
- Ishares Bitcoin Trust ETFIBIT
- Share
- 0.3%
- Value
- $28m
- Shares
- 837,308
+6%
- SprottSII
- Share
- 0.3%
- Value
- $26m
- Shares
- 232,217
+12%
- Vanguard BD Index FDSVUSB
- Share
- 0.3%
- Value
- $23m
- Shares
- 461,108
+36%
- Dorchester Minerals L PDMLP
- Share
- 0.2%
- Value
- $22m
- Shares
- 852,651
Held
- Triple Flag Precious MetalsTFPM
- Share
- 0.2%
- Value
- $15m
- Shares
- 506,677
+23%
- Alliancebernstein Hldg L PAB
- Share
- <0.1%
- Value
- $9m
- Shares
- 248,496
+14%
- Energy Transfer L PET
- Share
- <0.1%
- Value
- $8m
- Shares
- 404,287
Held
- Western Midstream Partners LWES
- Share
- <0.1%
- Value
- $8m
- Shares
- 172,227
Held
- Listed FDS TRSPAQ
- Share
- <0.1%
- Value
- $7m
- Shares
- 71,541
Held
- Alps ETF TRAMLP
- Share
- <0.1%
- Value
- $7m
- Shares
- 128,940
+21%
- Listed FDS TRJAPN
- Share
- <0.1%
- Value
- $6m
- Shares
- 244,972
+8%
- Listed FDS TRBCDF
- Share
- <0.1%
- Value
- $5m
- Shares
- 179,946
+8%
- Listed FDS TRINFL
- Share
- <0.1%
- Value
- $5m
- Shares
- 90,957
-9%
- Vanguard Scottsdale FDSVGSH
- Share
- <0.1%
- Value
- $4m
- Shares
- 72,932
-26%
- NutrienNTR
- Share
- <0.1%
- Value
- $3m
- Shares
- 50,527
Held
- Metalla Royalty & StreamingMTA
- Share
- <0.1%
- Value
- $3m
- Shares
- 404,297
Held
- Suncor EnergySU
- Share
- <0.1%
- Value
- $3m
- Shares
- 56,237
Held
- Nuveen AMT Free Qlty MUNXNEAX
- Share
- <0.1%
- Value
- $3m
- Shares
- 254,046
-14%
- Grayscale Bitcoin Cash TBCHG
- Share
- <0.1%
- Value
- $3m
- Shares
- 1,950,062
+31%
- Alliance Resource Partners LARLP
- Share
- <0.1%
- Value
- $3m
- Shares
- 120,451
+15%
- RENN FundRCG
- Share
- <0.1%
- Value
- $3m
- Shares
- 929,018
Held
- Toronto Dominion BankTD
- Share
- <0.1%
- Value
- $3m
- Shares
- 22,450
Held
| Company | Share of fund | Value | Shares | Change |
|---|---|---|---|---|
| Texas Pacific LandTPL | 48.6% | $4.3bn | 9,802,899 | -2% |
| Grayscale Bitcoin Trust ETFGBTC | 6.3% | $553m | 12,139,990 | -13% |
| LandBridgeLB | 5.2% | $461m | 5,821,263 | +3% |
| Hawaiian Electric IndustriesHE | 3.4% | $303m | 22,395,397 | +4% |
| Miami International HoldingsMIAX | 3.3% | $291m | 7,842,173 | +127% |
| WaterBridge InfrastructureWBI | 3.0% | $262m | 7,650,237 | +4% |
| Wheaton Precious MetalsWPM | 2.1% | $189m | 1,686,903 | -4% |
| Permian Basin Royalty TrustPBT | 1.9% | $169m | 6,729,289 | +5% |
| Franco NevadaFNV | 1.8% | $161m | 773,418 | +2% |
| Grayscale Bitcoin Mini TR ETBTC | 1.8% | $157m | 6,067,993 | +102% |
| Intercontinental ExchangeICE | 1.4% | $121m | 984,701 | +17% |
| Cboe Global MktsCBOE | 1.1% | $101m | 414,634 | Held |
| Cheniere EnergyLNG | 1.1% | $96m | 402,040 | -4% |
| Mesabi TrustMSB | 0.9% | $81m | 3,219,382 | +3% |
| CiveoCVEO | 0.9% | $80m | 2,290,991 | -3% |
| Caci InternationalCACI | 0.8% | $71m | 153,743 | Held |
| CamecoCCJ | 0.8% | $71m | 697,741 | +7% |
| Viper EnergyVNOM | 0.8% | $70m | 1,652,125 | Held |
| BrookfieldBN | 0.8% | $68m | 1,587,339 | Held |
| CME GroupCME | 0.7% | $63m | 283,774 | +5% |
| OR RoyaltiesOR | 0.7% | $61m | 1,915,799 | +9% |
| WhiteHawk MineralsWHK | 0.5% | $43m | 1,552,705 | New |
| AutonationAN | 0.4% | $40m | 212,917 | -5% |
| Tejon RanchTRC | 0.4% | $38m | 2,011,689 | +6% |
| ST JOEJOE | 0.4% | $37m | 592,608 | +9% |
| EagleRock LandEROK | 0.4% | $36m | 1,684,213 | New |
| Horizon Kinetics Hldg Corp.comHKHC | 0.4% | $35m | 1,075,416 | Held |
| Galaxy DigitalGLXY | 0.4% | $34m | 1,236,051 | Held |
| Bunge Global SABG | 0.3% | $30m | 284,079 | -16% |
| Ishares Bitcoin Trust ETFIBIT | 0.3% | $28m | 837,308 | +6% |
| SprottSII | 0.3% | $26m | 232,217 | +12% |
| White Mountains Insurance GroupWTM | 0.3% | $25m | 12,206 | -7% |
| Penske Automotive GroupPAG | 0.3% | $25m | 139,067 | -2% |
| RB GlobalRBA | 0.3% | $25m | 211,349 | +13% |
| SAN Juan Basin Royalty TrustSJT | 0.3% | $24m | 7,494,020 | +7% |
| Marsh & McLennan CompaniesMRSH | 0.3% | $23m | 139,983 | -8% |
| Vanguard BD Index FDSVUSB | 0.3% | $23m | 461,108 | +36% |
| Dorchester Minerals L PDMLP | 0.2% | $22m | 852,651 | Held |
| Royalty PharmaRPRX | 0.2% | $19m | 344,861 | Held |
| Berkshire HathawayBRK-B | 0.2% | $19m | 37,231 | -2% |
| Live Nation EntertainmentLYV | 0.2% | $18m | 100,989 | -36% |
| Triple Flag Precious MetalsTFPM | 0.2% | $15m | 506,677 | +23% |
| InterparfumsIPAR | 0.2% | $15m | 130,333 | -6% |
| OshkoshOSK | 0.2% | $14m | 88,816 | -23% |
| Royal Caribbean CruisesRCL | 0.1% | $13m | 39,414 | -24% |
| CarnivalCCL | 0.1% | $12m | 428,340 | New |
| StrategyMSTR | 0.1% | $11m | 129,774 | -7% |
| Tradeweb MarketsTW | 0.1% | $10m | 97,740 | +1750% |
| Williams CompaniesWMB | 0.1% | $10m | 128,678 | -7% |
| Madison Square Garden SportsMSGS | 0.1% | $9m | 23,221 | Held |
| Royal GoldRGLD | 0.1% | $9m | 46,068 | -2% |
| MastercardMA | 0.1% | $9m | 17,681 | -9% |
| Alliancebernstein Hldg L PAB | <0.1% | $9m | 248,496 | +14% |
| Brookfield Asset ManagementBAM | <0.1% | $8m | 189,299 | Held |
| Sabine Royalty TrustSBR | <0.1% | $8m | 111,796 | Held |
| Energy Transfer L PET | <0.1% | $8m | 404,287 | Held |
| Sphere EntertainmentSPHR | <0.1% | $8m | 44,657 | -3% |
| FermiFRMI | <0.1% | $8m | 824,227 | +55% |
| Western Midstream Partners LWES | <0.1% | $8m | 172,227 | Held |
| Liberty MediaFWONK | <0.1% | $7m | 76,118 | -6% |
| Listed FDS TRSPAQ | <0.1% | $7m | 71,541 | Held |
| Alps ETF TRAMLP | <0.1% | $7m | 128,940 | +21% |
| Liberty EnergyLBRT | <0.1% | $6m | 234,806 | -19% |
| KLAKLAC | <0.1% | $6m | 19,855 | -8% |
| Natural Resource Partners LPNRP | <0.1% | $6m | 60,951 | +5% |
| Freeport-McMoRanFCX | <0.1% | $6m | 89,581 | -3% |
| Science Applications InternationalSAIC | <0.1% | $6m | 51,007 | Held |
| NasdaqNDAQ | <0.1% | $6m | 70,934 | Held |
| Listed FDS TRJAPN | <0.1% | $6m | 244,972 | +8% |
| Listed FDS TRBCDF | <0.1% | $5m | 179,946 | +8% |
| ExxonMobil HoldingsXOM | <0.1% | $5m | 38,037 | -4% |
| AbbVieABBV | <0.1% | $5m | 18,887 | Held |
| Eli LillyLLY | <0.1% | $5m | 3,824 | -4% |
| Listed FDS TRINFL | <0.1% | $5m | 90,957 | -9% |
| Vanguard Scottsdale FDSVGSH | <0.1% | $4m | 72,932 | -26% |
| CaterpillarCAT | <0.1% | $4m | 3,931 | -5% |
| Enterprise Products Partners L.P.EPD | <0.1% | $4m | 112,333 | -2% |
| Markel GroupMKL | <0.1% | $4m | 2,064 | Held |
| Cisco SystemsCSCO | <0.1% | $4m | 34,266 | -9% |
| Howard Hughes HoldingsHHH | <0.1% | $4m | 55,500 | -72% |
| Johnson & JohnsonJNJ | <0.1% | $4m | 15,508 | Held |
| MerckMRK | <0.1% | $4m | 28,151 | Held |
| Philip Morris InternationalPM | <0.1% | $4m | 19,624 | Held |
| Vertiv HoldingsVRT | <0.1% | $4m | 10,515 | -5% |
| NutrienNTR | <0.1% | $3m | 50,527 | Held |
| CostamareCMRE | <0.1% | $3m | 222,350 | Held |
| Metalla Royalty & StreamingMTA | <0.1% | $3m | 404,297 | Held |
| Suncor EnergySU | <0.1% | $3m | 56,237 | Held |
| Nuveen AMT Free Qlty MUNXNEAX | <0.1% | $3m | 254,046 | -14% |
| Broadridge Financial SolutionsBR | <0.1% | $3m | 21,706 | -2% |
| OpenlaneOPLN | <0.1% | $3m | 71,030 | Held |
| Centuri HoldingsCTRI | <0.1% | $3m | 96,043 | New |
| Grayscale Bitcoin Cash TBCHG | <0.1% | $3m | 1,950,062 | +31% |
| Alliance Resource Partners LARLP | <0.1% | $3m | 120,451 | +15% |
| Madison Square Garden EntertainmentMSGE | <0.1% | $3m | 35,041 | Held |
| WisdomTreeWT | <0.1% | $3m | 166,115 | Held |
| Altria GroupMO | <0.1% | $3m | 38,957 | Held |
| RENN FundRCG | <0.1% | $3m | 929,018 | Held |
| Toronto Dominion BankTD | <0.1% | $3m | 22,450 | Held |
| L3harris TechnologiesLHX | <0.1% | $3m | 9,153 | Held |
Showing the largest 100 of 350.
Options (1)
- Ipath Series B S&P
- Type
- Call
- Value
- $3,534
- Contracts
- 18,600
| Company | Type | Value | Contracts |
|---|---|---|---|
| Ipath Series B S&P | Call | $3,534 | 18,600 |
Over time and by industry
Value over time
Jun '25
Dec '25
Jun '26
Value is up 4.6% since 30 June 2025.
Where the money is
Energy54.4%
Financial services16.7%
Materials6.0%
Utilities3.5%
Retail & consumer2.3%
Real estate1.8%
Industrials1.8%
Health care0.7%
Everyday goods0.5%
Media & telecom0.4%
Technology0.2%
Other11.7%
From the fund's 13F filings. They list US stocks and options only, 45 days after each quarter, and leave out cash, bonds, shorts and foreign shares.