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Horizon Kinetics Asset Management LLC

13F for the quarter to June 30, 2026, filed August 11, 2026 · SEC CIK 1056823

Reported value
$8.8bn
89% in companies we cover
Positions we cover
235
Largest TPL 48.6%
Copy, a year
+14.0%
S&P 500 +15.6%
Copy Sharpe ratio
0.49
S&P 500 0.73

How copying its 13F would have done

$10.0k$20.0k 20192020202120222023202420252026 $29.5k$26.6k
CopyS&P 500 $10,000 copying Horizon Kinetics Asset Management LLC's filed holdings in companies we cover from May 17, 2019, buying on the first trading day after each 13F was filed and holding until the next, against the S&P 500 (total return). Marked weekly, log scale. Before costs and taxes; misses trading within each quarter and anything 13F does not show (shorts, cash, bonds, non-US holdings).

Biggest drop −35.4% (S&P 500 −31.8%); beta 0.85; alpha +3.4% a year (t = 0.36); last 12 months +8.2% against +12.1%.

Reported value by quarter

Horizon Kinetics Asset Management LLC: 13F reported value Total value of all positions in each quarter's 13F, as filed (values before 2023 were filed in thousands of dollars and are converted).
$0 $2T $4T $6T Reported value, 2019-03-31: $3.5B Reported value, 2019-06-30: $3.5B Reported value, 2019-09-30: $3.2B Reported value, 2019-12-31: $3.5B Reported value, 2020-03-31: $2.2B Reported value, 2020-06-30: $2.7B Reported value, 2020-09-30: $2.5B Reported value, 2020-12-31: $3B Reported value, 2021-03-31: $4.4B Reported value, 2021-06-30: $4.9B Reported value, 2021-09-30: $4.2B Reported value, 2021-12-31: $4.5B Reported value, 2022-03-31: $4.9B Reported value, 2022-06-30: $4.7B Reported value, 2022-09-30: $4.9B Reported value, 2022-12-31: $6T Reported value, 2023-03-31: $5.1B Reported value, 2023-06-30: $4.5B Reported value, 2023-09-30: $4.9B Reported value, 2023-12-31: $4.7B Reported value, 2024-03-31: $5.2B Reported value, 2024-06-30: $5.6B Reported value, 2024-09-30: $6.6B Reported value, 2024-12-31: $7.9B Reported value, 2025-03-31: $8.7B Reported value, 2025-06-30: $8.4B Reported value, 2025-09-30: $8.2B Reported value, 2025-12-31: $7.4B Reported value, 2026-03-31: $9.2B Reported value, 2026-06-30: $8.8B 2019-03-31 2020-09-30 2022-03-31 2023-09-30 2025-03-31 2026-06-30 $8.8B
View chart data
Period Reported value
2019-03-31 $3.5B
2019-06-30 $3.5B
2019-09-30 $3.2B
2019-12-31 $3.5B
2020-03-31 $2.2B
2020-06-30 $2.7B
2020-09-30 $2.5B
2020-12-31 $3B
2021-03-31 $4.4B
2021-06-30 $4.9B
2021-09-30 $4.2B
2021-12-31 $4.5B
2022-03-31 $4.9B
2022-06-30 $4.7B
2022-09-30 $4.9B
2022-12-31 $6T
2023-03-31 $5.1B
2023-06-30 $4.5B
2023-09-30 $4.9B
2023-12-31 $4.7B
2024-03-31 $5.2B
2024-06-30 $5.6B
2024-09-30 $6.6B
2024-12-31 $7.9B
2025-03-31 $8.7B
2025-06-30 $8.4B
2025-09-30 $8.2B
2025-12-31 $7.4B
2026-03-31 $9.2B
2026-06-30 $8.8B

Holdings and moves

CompanyShare of portfolioValueSharesChange in shares
TPLTexas Pacific Land Corporation48.64%$4.3bn9.80M−2.1% Reduced
LBLandbridge Corp5.23%$461.3m5.82M+2.9% Added
HEHawaiian Electric Industries Inc3.44%$303.0m22.40M+3.5% Added
MIAXMiami International Holdings, Inc.3.30%$291.4m7.84M+127.2% Added
WBIWaterbridge Infrastructure LLC2.97%$262.2m7.65M+4.2% Added
WPMWheaton Precious Metals Corp.2.15%$189.5m1.69M−4.2% Reduced
PBTPermian Basin Royalty Trust1.91%$168.5m6.73M+5.5% Added
FNVFranco Nevada Corp1.83%$161.2m773.4K+2.1% Added
ICEIntercontinental Exchange1.38%$121.2m984.7K+17.4% Added
CBOECboe Global Markets1.14%$100.6m414.6K+1.1% Added
LNGCheniere Energy, Inc.1.09%$96.1m402.0K−4.4% Reduced
MSBMesabi Trust0.92%$81.5m3.22M+2.5% Added
CVEOCiveo Corp0.91%$80.2m2.29M−2.6% Reduced
CACICACI International Inc0.81%$71.2m153.7K−0.6% Reduced
CCJCameco Corp0.81%$71.1m697.7K+7.0% Added
VNOMViper Energy, Inc.0.79%$70.1m1.65M−0.6% Reduced
CMECME Group0.71%$62.7m283.8K+5.0% Added
OROR Royalties Inc.0.69%$60.6m1.92M+9.2% Added
WHKWhitehawk Minerals Corp.0.49%$43.2m1.55MNew
ANAutonation, Inc.0.45%$39.6m212.9K−5.4% Reduced
TRCTejon Ranch Co0.43%$37.6m2.01M+5.7% Added
JOEST JOE Co0.42%$37.1m592.6K+9.2% Added
EROKEaglerock Land, LLC0.41%$35.8m1.68MNew
GLXYGalaxy Digital Inc.0.38%$33.8m1.24M−1.2% Reduced
BGBunge Global0.34%$30.3m284.1K−15.7% Reduced
SIISprott Inc.0.30%$26.1m232.2K+12.2% Added
WTMWhite Mountains Insurance Group LTD0.29%$25.3m12.2K−6.9% Reduced
PAGPenske Automotive Group, Inc.0.28%$24.9m139.1K−2.4% Reduced
RBARB Global Inc.0.28%$24.6m211.3K+13.2% Added
SJTSAN Juan Basin Royalty Trust0.27%$24.1m7.49M+7.4% Added
MRSHMarsh McLennan0.27%$23.3m140.0K−7.5% Reduced
DMLPDorchester Minerals, L.p.0.24%$21.5m852.7K−0.9% Reduced
RPRXRoyalty Pharma plc0.22%$19.3m344.9K+1.2% Added
LYVLive Nation Entertainment0.21%$18.5m101.0K−35.7% Reduced
TFPMTriple Flag Precious Metals Corp.0.17%$15.2m506.7K+22.6% Added
IPARInterparfums Inc0.17%$14.6m130.3K−5.8% Reduced
OSKOshkosh Corp0.15%$13.6m88.8K−23.3% Reduced
RCLRoyal Caribbean Group0.14%$12.5m39.4K−23.8% Reduced
CCLCarnival Corporation0.14%$12.2m428.3KNew
MSTRStrategy Inc0.13%$11.3m129.8K−6.8% Reduced
WMBWilliams Companies0.11%$9.6m128.7K−7.0% Reduced
MSGSMadison Square Garden Sports Corp.0.11%$9.3m23.2K−0.5% Reduced
RGLDRoyal Gold Inc0.10%$9.2m46.1K−2.3% Reduced
MAMastercard0.10%$9.1m17.7K−9.4% Reduced
ABAlliancebernstein Holding L.p.0.10%$8.8m248.5K+14.3% Added
BAMBrookfield Asset Management Ltd.0.10%$8.5m189.3K−0.1%
SBRSabine Royalty Trust0.09%$8.2m111.8K+0.6% Added
SPHRSphere Entertainment Co.0.09%$7.7m44.7K−3.4% Reduced
FRMIFermi Inc.0.09%$7.5m824.2K+54.8% Added
WESWestern Midstream Partners, LP0.09%$7.5m172.2K+1.5% Added
FWONKLiberty Media Corp0.08%$7.2m76.1K−6.0% Reduced
LBRTLiberty Energy Inc.0.07%$6.1m234.8K−18.5% Reduced
KLACKLA Corporation0.07%$6.0m19.9K+820.1% Added
NRPNatural Resource Partners LP0.07%$5.9m61.0K+5.3% Added
FCXFreeport-McMoRan0.06%$5.6m89.6K−2.5% Reduced
SAICScience Applications International Corp0.06%$5.6m51.0K+0.8% Added
NDAQNasdaq, Inc.0.06%$5.6m70.9K+0.3%
ABBVAbbVie0.05%$4.8m18.9K−1.7% Reduced
LLYLilly (Eli)0.05%$4.6m3.8K−3.6% Reduced
CATCaterpillar Inc.0.05%$4.2m3.9K−4.5% Reduced
EPDEnterprise Products Partners L.p.0.05%$4.1m112.3K−2.2% Reduced
MKLMarkel Group Inc.0.05%$4.0m2.1K−1.8% Reduced
CSCOCisco0.05%$4.0m34.3K−8.6% Reduced
HHHHoward Hughes Holdings Inc.0.04%$4.0m55.5K−71.7% Reduced
JNJJohnson & Johnson0.04%$3.9m15.5K−1.3% Reduced
MRKMerck & Co.0.04%$3.6m28.2K−0.8% Reduced
PMPhilip Morris International0.04%$3.6m19.6K−0.6% Reduced
VRTVertiv0.04%$3.5m10.5K−4.6% Reduced
NTRNutrien Ltd.0.04%$3.2m50.5K−1.4% Reduced
CMRECostamare Inc.0.04%$3.1m222.3K+0.2%
MTAMetalla Royalty & Streaming Ltd.0.04%$3.1m404.3K0.0%
SUSuncor Energy Inc0.03%$3.0m56.2K0.0%
BRBroadridge Financial Solutions0.03%$3.0m21.7K−2.1% Reduced
OPLNOpenlane, Inc.0.03%$2.9m71.0K−0.4%
CTRICenturi Holdings, Inc.0.03%$2.9m96.0KNew
ARLPAlliance Resource Partners LP0.03%$2.9m120.5K+15.0% Added
MSGEMadison Square Garden Entertainment Corp.0.03%$2.8m35.0K−1.9% Reduced
WTWisdomtree, Inc.0.03%$2.8m166.1K−1.2% Reduced
MOAltria0.03%$2.8m39.0K0.0%
TDToronto Dominion Bank0.03%$2.7m22.4K−0.2%
LHXL3Harris0.03%$2.7m9.2K0.0%
APYXApyx Medical Corp0.03%$2.6m585.0K−4.9% Reduced
MSFTMicrosoft Corporation0.03%$2.6m6.9K−0.4%
BMYBristol Myers Squibb0.03%$2.6m44.6K−0.3%
EXPEagle Materials Inc0.03%$2.4m10.7K−36.6% Reduced
EMREmerson Electric0.03%$2.4m16.6K0.0%
GEGE Aerospace0.03%$2.4m6.4K−1.0% Reduced
PAAPlains ALL American Pipeline LP0.03%$2.3m105.3K+16.8% Added
CVXChevron Corporation0.03%$2.3m13.8K−1.6% Reduced
RTXRTX Corporation0.03%$2.3m11.9K0.0%
IRMIron Mountain0.03%$2.3m17.8K−3.0% Reduced
EQTEQT Corporation0.03%$2.2m41.3K−2.9% Reduced
ADMArcher Daniels Midland0.03%$2.2m28.6K−51.7% Reduced
BKKTBakkt, Inc.0.03%$2.2m280.0K−11.6% Reduced
FNFFidelity National Financial, Inc.0.02%$2.1m45.3K+1.8% Added
BSMBlack Stone Minerals, L.p.0.02%$2.1m151.2K0.0%
ROKRockwell Automation0.02%$1.9m3.9K0.0%
SONSonoco Products Co0.02%$1.9m33.4K+7.0% Added
LVSLas Vegas Sands0.02%$1.9m40.1K+0.2%
AMRZAmrize Ltd0.02%$1.8m34.6KNew
AAPLApple Inc.0.02%$1.8m6.3K−1.6% Reduced
PFEPfizer0.02%$1.7m69.7K+1.0% Added
GEVGE Vernova0.02%$1.7m1.4K−1.1% Reduced
CRLCharles River Laboratories0.02%$1.6m7.1K−41.7% Reduced
VVisa Inc.0.02%$1.6m4.7K0.0%
REZIResideo Technologies, Inc.0.02%$1.6m51.4K+1.0% Added
FTLFFitlife Brands, Inc.0.02%$1.6m145.0K−6.1% Reduced
WPCW. P. Carey Inc.0.02%$1.6m22.0K0.0%
BNYBNY Mellon0.02%$1.5m10.3K0.0%
ADIAnalog Devices0.02%$1.4m3.6K−3.6% Reduced
BATRAAtlanta Braves Holdings, Inc.0.02%$1.4m24.8K−1.5% Reduced
NVDANVIDIA Corporation0.02%$1.4m6.9K−1.3% Reduced
MPCMarathon Petroleum0.01%$1.3m5.2K0.0%
BNTBrookfield Wealth Solutions Ltd.0.01%$1.3m30.7K0.0%
SBLKStar Bulk Carriers Corp.0.01%$1.3m52.1K+0.6% Added
GSKGSK plc0.01%$1.3m24.0K−1.5% Reduced
VRSKVerisk Analytics, Inc.0.01%$1.3m7.0K0.0%
KMIKinder Morgan0.01%$1.2m38.3K−1.7% Reduced
SPGIS&P Global0.01%$1.2m3.0K−20.8% Reduced
SEGSeaport Entertainment Group Inc.0.01%$1.1m42.5K−18.9% Reduced
ALKSAlkermes plc.0.01%$1.1m20.1K−4.6% Reduced
CCitigroup0.01%$1.0m7.5K0.0%
RDWRedwire Corp0.01%$1.0m84.1KNew
GOOGLAlphabet Inc. (Class A)0.01%$1.0m2.8K−3.5% Reduced
IBMIBM0.01%$1.0m3.6K−0.4%
NSCNorfolk Southern0.01%$969,8813.1K+1.6% Added
AZNAstrazeneca PLC0.01%$950,9445.0K−4.6% Reduced
EOGEOG Resources0.01%$945,8617.3K−3.6% Reduced
CMSCMS Energy0.01%$933,07112.2K0.0%
MCDMcDonald's0.01%$929,5963.4K0.0%
WENWendy's Co0.01%$901,977108.8K−59.6% Reduced
BACBank of America0.01%$896,58015.7K−4.4% Reduced
QCOMQualcomm0.01%$882,7424.8K−13.3% Reduced
ABTAbbott Laboratories0.01%$881,6309.7K+1.6% Added
IONSIonis Pharmaceuticals Inc0.01%$864,57810.9K−4.6% Reduced
URIUnited Rentals0.01%$856,4657560.0%
HUBBHubbell Incorporated0.01%$855,4321.6K−53.7% Reduced
BAHBooz Allen Hamilton Holding Corp0.01%$853,68814.1K+0.5% Added
KMBKimberly-Clark0.01%$838,2047.6KNew
AMGNAmgen0.01%$832,8762.3K−4.1% Reduced
DHRDanaher Corporation0.01%$824,9694.3K−0.6% Reduced
ELSEquity Lifestyle Properties Inc0.01%$763,73311.8K−37.5% Reduced
GISGeneral Mills0.01%$753,76821.7K−28.0% Reduced
SIRISirius XM Holdings Inc.0.01%$744,29025.2K−2.4% Reduced
NVONovo Nordisk A S0.01%$735,87915.3K0.0%
HONHoneywell Technologies0.01%$735,7353.3KNew
LINLinde plc0.01%$726,5161.4K0.0%
HONAHoneywell Aerospace0.01%$726,4693.3KNew
UNHUnitedHealth Group0.01%$725,2741.7K+2.9% Added
AEHRAehr Test Systems0.01%$699,3177.3K−66.3% Reduced
CompanyBought (value)Shares
MIAXMiami International Holdings, Inc.$163.2m4.39M
WHKWhitehawk Minerals Corp.$43.2m1.55M
EROKEaglerock Land, LLC$35.8m1.68M
ICEIntercontinental Exchange$17.9m145.8K
LBLandbridge Corp$13.0m164.1K
CCLCarnival Corporation$12.2m428.3K
WBIWaterbridge Infrastructure LLC$10.6m308.1K
HEHawaiian Electric Industries Inc$10.3m760.1K
PBTPermian Basin Royalty Trust$8.8m349.6K
KLACKLA Corporation$5.3m17.7K
OROR Royalties Inc.$5.1m161.7K
CCJCameco Corp$4.7m45.9K
FNVFranco Nevada Corp$3.4m16.1K
JOEST JOE Co$3.1m50.0K
CMECME Group$3.0m13.5K

Change in shares on the previous quarter's 13F, valued at this quarter's reported price.

CompanySold (value)Shares
TPLTexas Pacific Land Corporation−$93.0m−212.5K
LYVLive Nation Entertainment−$10.3m−56.2K
HHHHoward Hughes Holdings Inc.−$10.1m−140.9K
WPMWheaton Precious Metals Corp.−$8.4m−74.6K
BGBunge Global−$5.6m−52.9K
LNGCheniere Energy, Inc.−$4.4m−18.3K
OSKOshkosh Corp−$4.1m−27.0K
RCLRoyal Caribbean Group−$3.9m−12.3K
PTENPatterson UTI Energy Inc−$2.8m−258.6K
ADMArcher Daniels Midland−$2.3m−30.7K
ANAutonation, Inc.−$2.3m−12.1K
CVEOCiveo Corp−$2.1m−61.4K
MRSHMarsh McLennan−$1.9m−11.4K
WTMWhite Mountains Insurance Group LTD−$1.9m−906
LBRTLiberty Energy Inc.−$1.4m−53.4K

Change in shares on the previous quarter's 13F, valued at this quarter's reported price.

CompanyValue last quarterShares
PTENPatterson UTI Energy Inc$2.8m258.6K
AWRAmerican States Water Co$330,7624.4K
TAT&T$263,5199.1K
NOCNorthrop Grumman$245,606360
NFLXNetflix$231,7222.4K
DOWDow Inc.$228,2845.5K
AWKAmerican Water Works$227,3851.7K
COSTCostco$207,257208
GEHCGE HealthCare$207,2052.9K
  • Energy72.2%
  • Financials9.5%
  • Materials6.4%
  • Utilities3.9%
  • Consumer Discretionary2.2%
  • Technology1.4%
  • Real Estate1.2%
  • Industrials1.1%
  • Health Care0.7%
  • Consumer Staples0.7%
  • Communication Services0.6%

Share of the value held in companies we cover, by sector.

PeriodCopy, a yearS&P 500SharpeS&P 500Biggest dropBeta
Whole backtestMay 17, 2019 to November 2, 2026+14.0%+15.6%0.490.73−35.4%0.85
Last three yearsNovember 3, 2023 to November 2, 2026+19.9%+21.8%0.571.16−33.5%0.72
Last yearNovember 7, 2025 to November 2, 2026+4.5%+14.2%0.160.84−24.7%−0.45

From SEC Form 13F data sets. A 13F lists long positions in US-listed shares at the quarter's end, filed up to 45 days later; it does not show shorts, cash, bonds, non-US holdings or trades within the quarter. Positions in companies outside our coverage are not listed here. Research, not investment advice.