HORIZON KINETICS ASSET MANAGEMENT LLCHORIZON KINETICS ASSET MANAGEMENT LLC

Institutional investor · Portfolio as of Q1 2026

SEC EDGAR SourceSEC Filings

Top Holdings353 positions

Activity:
Stock
Shares
Value
Weight
Avg Buy
Est. P&L
Held
Conviction

TEXAS PACIFIC LAND CORPORATI

10M$4.8B51.5%$250.41+58.86%
18 qtrssince 2021-Q4
Decreased
0
GBTCGBTC
ETF

GRAYSCALE BITCOIN TRUST ETF

14M$738.9M8.0%$8.36+492.96%
14 qtrssince 2022-Q4
Decreased
0

LANDBRIDGE COMPANY LLC

5.7M$390.6M4.2%$27.62+177.66%
8 qtrssince 2024-Q2
Increased
57

HAWAIIAN ELEC INDS INC MTN B

21.6M$321.1M3.5%$11.48+18.25%
6 qtrssince 2024-Q4
Increased
63

WHEATON PRECIOUS METALS CORP

1.8M$230.8M2.5%$42.95+156.24%
18 qtrssince 2021-Q4
Decreased
0

WATERBRIDGE INFRASTRUCTURE L

7.3M$196.7M2.1%$24.26+38.95%
3 qtrssince 2025-Q3
Increased
56

FRANCO NEV CORP

757,297$187.1M2.0%$133.85+53.55%
18 qtrssince 2021-Q4
Decreased
0
PBTPBT
Unit

PERMIAN BASIN RTY TR

6.4M$137.3M1.5%$14.30+83.20%
18 qtrssince 2021-Q4
Increased
49

MIAMI INTL HLDGS INC

3.5M$134.3M1.5%$41.99+1.99%
3 qtrssince 2025-Q3
Increased
75

INTERCONTINENTAL EXCHANGE IN

838,899$131.9M1.4%$131.03+3.23%
18 qtrssince 2021-Q4
Increased
48

CHENIERE ENERGY INC

420,328$119.3M1.3%$114.15+126.58%
18 qtrssince 2021-Q4
Decreased
0

CBOE GLOBAL MKTS INC

410,066$115.3M1.2%$127.40+110.42%
18 qtrssince 2021-Q4
Increased
47
MSBMSB
trust

MESABI TR

3.1M$98.9M1.1%$18.39+36.48%
18 qtrssince 2021-Q4
Increased
49
BTCBTC
ETF

GRAYSCALE BITCOIN MINI TR ET

3M$90.1M1.0%$41.74-32.28%
6 qtrssince 2024-Q4
Increased
42

CACI INTL INC

154,648$84.1M0.9%$270.20+80.03%
18 qtrssince 2021-Q4
Decreased
0

CME GROUP INC

270,253$79.8M0.9%$236.80+1.46%
18 qtrssince 2021-Q4
Decreased
0

VIPER ENERGY INC

1.7M$78.1M0.8%$37.89+10.93%
3 qtrssince 2025-Q3
Decreased
0

CAMECO CORP

651,825$70.8M0.8%$38.21+151.20%
12 qtrssince 2023-Q2
Decreased
0

OR ROYALTIES INC.

1.8M$66.7M0.7%$25.03+16.99%
4 qtrssince 2025-Q2
Decreased
0

BROOKFIELD CORP

1.6M$63.6M0.7%$29.54+48.01%
14 qtrssince 2022-Q4
Decreased
0
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$9.2B
AUM
353
Positions
Q1 2026
Filing
Rating · 2.0
Quarterly Portfolio Change
+20%Q4'24$8B+10%Q1'25$8.8B-4%Q2'25$8.4B-3%Q3'25$8.2B-10%Q4'25$7.4B+25%Q1'26$9.2B
Activity profile
$ moved · Q1'26
New1%Increased17%Decreased82%Exited0%
Composition
Equity vs derivatives
Equity100%Puts0%Calls0%
Holding period
Avg 3.2 years
<1Q8%1-4Q7%1-2Y7%2Y+79%

HORIZON KINETICS ASSET MANAGEMENT LLC manages $9.2B across 353 positions as of Q1 2026. Top holdings: TPL (51.5%), GBTC (8.0%), LB (4.2%). Fund DNA: Concentrated Value. HoldingsIntel Rating: 2/5.0.

Q1 2026 Summary

Active quarter - 44 new positions, 15 exits, 88 increased. Top move: MIAX (INCREASED, conviction 75). Portfolio: $9.2B across 353 positions.

Top holdings by portfolio weight

Total AUM$9B
TPL51.49%
GBTC8.00%
LB4.23%
HE3.48%
WPM2.50%
WBI2.13%
FNV2.03%
PBT1.49%
MIAX1.46%
ICE1.43%
Other1.29%

Portfolio allocation by GICS sector

Sectors11
Energy61.42%
Unknown13.00%
Financial Services8.15%
Basic Materials6.82%
Utilities3.51%
Consumer Cyclical2.01%
Technology1.39%
Industrials1.18%
Consumer Defensive0.77%
Communication Services0.59%
Other1.17%

Behavioral investing profile

Concentrated Value87%- primarily Energy, Unknown
Compare DNA across all funds
7-dimension quality assessment
Below Average(2.0 / 5.0)
Track Record64
Conviction39
Concentration0
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Position Outcomes

Best and worst performing positions by estimated return

Cost basis estimates based on full filing history using quarter-end prices. Actual transaction prices are not disclosed in 13F filings.

Accumulation Streaks

Positions with 2+ consecutive quarters of increases - persistent directional conviction.

Security
7Q
LBLANDBRIDGE COMPANY LLC
Q3 2024 Q1 2026+951,235 shares+$281.7M
7Q
MSBMESABI TR
Q3 2024 Q1 2026+518,766 shares+$53.8M
7Q
PBTPERMIAN BASIN RTY TR
Q3 2024 Q1 2026+2.7M shares+$95.8M

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Data sourced from SEC EDGAR 13F filings. Not financial advice. Full disclaimer

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