CIK: 0001056823
Total reported value
$9.2B
Reporting period: 2026-03-31 · Number of holdings: 353
HORIZON KINETICS ASSET MANAGEMENT LLC disclosed 353 holdings in its latest 13F filing for the period ending 2026-03-31, with total reported value of $9.2B and a quarterly turnover rate of 34.0%.
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Horizon Kinetics Asset Management LLC's disclosed holdings carry a Herfindahl concentration index of 0.278 — mathematically equivalent to about 4 equally-sized positions, well below its 353 actual disclosed holdings. That gap points to a strategy built around a small core of high-conviction bets rather than broad diversification.
Position sizes vary widely across the portfolio (a coefficient of variation of 9.87), with a handful of outsized bets alongside many smaller positions.
No strong tilt toward either adding to existing winners or initiating outsized new positions was observed in the latest reported quarter.
Add TPL
-3.1% $1.8B
Trim GBTC
-0.8% -$225.9M
Trim WPM
-29.4% -$62.3M
Trim FNV
-21.8% -$13.6M
Trim BTC
+0.2% -$26.0M
Trim MSB
+3.7% -$17.7M
Showing top 200 holdings (of 353 total)
| # | Ticker | Issuer | Asset Subclass | Weight | Weight Change | Shares Change | 4Q Trend |
|---|---|---|---|---|---|---|---|
| 1 | TPL | Texas Pacific Land CORP | Stock-Energy | 51.49% | +11.35% | -3.08% | |
| 2 | GBTC | Grayscale Bitcoin Trust ETF | ETF-Crypto | 8.00% | -5.05% | -0.77% | |
| 3 | LB | Landbridge Co Llc-a | Stock-Other | 4.23% | +0.49% | +0.25% | |
| 4 | HE | Hawaiian Electric Inds | Stock-Utilities | 3.48% | +0.25% | +11.57% | |
| 5 | WPM | Wheaton Precious Metals CORP | Stock-Materials | 2.50% | -1.46% | -29.36% | |
| 6 | WBI | Waterbridge Infrastruc-cl A | Stock-Other | 2.13% | +0.28% | +7.38% | |
| 7 | FNV | Franco-nevada CORP | Stock-Materials | 2.03% | -0.68% | -21.77% | |
| 8 | PBT | Permian Basin Royalty Trust | Stock-Other | 1.49% | +0.07% | +3.10% | |
| 9 | MIAX | Miami International Holdings | Stock-Other | 1.46% | +0.37% | +89.67% | |
| 10 | ICE | Intercontinental Exchange In | Stock-Financials | 1.43% | -0.39% | +0.98% | |
| 11 | LNG | Cheniere Energy INC | Stock-Energy | 1.29% | +0.07% | -9.28% | |
| 12 | CBOE | Cboe Global Markets INC | Stock-Financials | 1.25% | -0.14% | +0.41% | |
| 13 | MSB | Mesabi Trust | Stock-Other | 1.07% | -0.51% | +3.74% | |
| 14 | BTC | Grayscale Bitcoin Mini ETF | ETF-Crypto | 0.98% | -0.59% | +0.25% | |
| 15 | CACI | Caci International INC -cl A | Stock-Tech | 0.91% | — | -2.49% | |
| 16 | CME | Cme Group INC | Stock-Financials | 0.86% | -0.16% | -1.94% | |
| 17 | VNOM | Viper Energy Inc-cl A | Stock-Energy | 0.85% | -0.05% | -3.05% | |
| 18 | CCJ | Cameco CORP | Stock-Energy | 0.77% | -0.06% | -3.30% | |
| 19 | OR | Or Royalties INC | Stock-Other | 0.72% | -0.15% | -3.35% | |
| 20 | BN | Brookfield CORP | Stock-Financials | 0.69% | -0.29% | -0.74% | |
| 21 | CVEO | Civeo CORP | Stock-Other | 0.67% | -0.09% | -3.97% | |
| 22 | AN | Autonation INC | Stock-Consumer Disc | 0.48% | -0.24% | -12.25% | |
| 23 | BG | Bunge Global SA | Stock-Consumer Staples | 0.46% | +0.04% | -3.45% | |
| 24 | TRC | Tejon Ranch Co | Stock-Other | 0.39% | -0.02% | -0.52% | |
| 25 | HKHC | Horizon Kinetics Holding Cor | Stock-Other | 0.38% | +0.04% | +0.01% | |
| 26 | JOE | St Joe Co/the | Stock-Other | 0.37% | — | -2.20% | |
| 27 | SJT | San Juan Basin Royalty Tr | Stock-Other | 0.36% | — | +12.00% | |
| 28 | IBIT | Ishares Bitcoin Trust ETF | ETF-Crypto | 0.33% | -0.21% | -0.44% | |
| 29 | SII | Sprott INC | Stock-Other | 0.32% | +0.04% | -3.55% | |
| 30 | WTM | White Mountains Insurance Group, Ltd. | Stock-Financials | 0.31% | — | -0.07% | |
| 31 | MRSH | Marsh & Mclennan Cos | Stock-Financials | 0.28% | -0.11% | -3.41% | |
| 32 | CCL1EUR | Carnival CORP LTD | Stock-Consumer Disc | 0.27% | -0.13% | +0.01% | |
| 33 | LYV | Live Nation Entertainment In | Stock-Comm Services | 0.26% | — | -7.48% | |
| 34 | DMLP | Dorchester Minerals LP | Stock-Other | 0.25% | -0.01% | -1.76% | |
| 35 | GLXY | Galaxy Digital Inc-a | Stock-Other | 0.25% | -0.13% | +0.11% | |
| 36 | PAG | Penske Automotive Group INC | Stock-Consumer Disc | 0.23% | -0.13% | -16.11% | |
| 37 | BRK-B | Berkshire Hathaway Inc-cl B | Stock-Other | 0.20% | — | +0.12% | |
| 38 | RBA | Rb Global INC | Stock-Industrials | 0.19% | +0.04% | +73.50% | |
| 39 | MSTR | Strategy INC | Stock-Tech | 0.19% | -0.10% | -0.09% | |
| 40 | OSK | Oshkosh CORP | Stock-Industrials | 0.18% | -0.02% | -0.35% | |
| 41 | VUSB | Vanguard Ultra Short Bond Et | ETF-Other | 0.18% | — | -1.02% | |
| 42 | RPRX | Royalty Pharma plc | Stock-Healthcare | 0.18% | — | -3.56% | |
| 43 | DBRG | Digitalbridge Group INC | Stock-Financials | 0.16% | -0.47% | -69.17% | |
| 44 | TFPM | Triple Flag Precious Met | Stock-Materials | 0.16% | — | -2.79% | |
| 45 | RCL | Royal Caribbean Cruises Ltd. | Stock-Consumer Disc | 0.15% | — | -2.01% | |
| 46 | IPAR | Interparfums INC | Stock-Other | 0.14% | — | -0.16% | |
| 47 | HHH | Howard Hughes Holdings INC | Stock-Real Estate | 0.13% | -0.19% | -33.05% | |
| 48 | RGLD | Royal Gold INC | Stock-Materials | 0.13% | -0.16% | -50.31% | |
| 49 | WMB | Williams Cos INC | Stock-Energy | 0.11% | — | +0.71% | |
| 50 | MA | Mastercard INC - A | Stock-Financials | 0.11% | — | -0.32% |
Performance for Q3 2026
—
Performance Last 4 Quarters
—
Based on 0 months of available history
Based on 31% of reported portfolio value with available pricing
| Period | Holdings | Total value | Stability | Top holdings |
|---|---|---|---|---|
| 2026-03-31 | 353 | $9.2B | 34 | |
| 2025-12-31 | 324 | $7.4B | 15 | |
| 2025-09-30 | 336 | $8.2B | 40 | |
| 2025-06-30 | 352 | $8.4B | 0 | |
| 2025-03-31 | 347 | $8.8B | 100 | |
| 2024-12-31 | 349 | $8.0B | 0 | |
| 2024-09-30 | 346 | $6.7B | 0 | |
| 2024-06-30 | 324 | $5.7B | 0 | |
| 2024-03-31 | 323 | $5.3B | 0 | |
| 2023-12-31 | 325 | $4.8B | 0 | |
| 2023-09-30 | 331 | $5.0B | 0 | |
| 2023-06-30 | 334 | $4.6B | 0 | |
| 2023-03-31 | 334 | $5.2B | 0 | |
| 2022-12-31 | 324 | $6.1B | 0 | |
| 2022-09-30 | 329 | $5.0B | 0 | |
| 2022-06-30 | 336 | $4.8B | 0 | |
| 2022-03-31 | 345 | $5.0B | 0 | |
| 2021-12-31 | 349 | $4.5B | 0 | |
| 2021-09-30 | 338 | $4.3B | 0 | |
| 2021-06-30 | 345 | $4.9B | 12 | |
| 2021-03-31 | 340 | $4.4B | 100 | |
| 2020-12-31 | 347 | $3.0B | 30 | |
| 2020-09-30 | 362 | $2.5B | 20 | |
| 2020-06-30 | 473 | $2.8B | 35 | |
| 2020-03-31 | 440 | $2.3B | 55 | |
| 2019-12-31 | 549 | $3.5B | 14 | |
| 2019-09-30 | 558 | $3.3B | 16 | |
| 2019-06-30 | 570 | $3.6B | 9 | |
| 2019-03-31 | 565 | $3.6B | 0 |
Horizon Kinetics Asset Management LLC's most significant position changes for 2026-03-31: New buy: Alpha Architect 1-3 Mnth Box (BOXX); New buy: Consensus Mng & Seigniorage (CMSG); New buy: Plains All Amer Pipeline LP (PAA); New buy: Hubbell INC (HUBB); Trim: Texas Pacific Land CORP (TPL) — shares -3.08%.
| # | Ticker | Issuer | Weight Change | Shares Change | Action |
|---|---|---|---|---|---|
| 1 | TPL | Texas Pacific Land CORP | +11.4% | -3.08% | Trim |
| 2 | LB | Landbridge Co Llc-a | +0.5% | +0.25% | Add |
| 3 | MIAX | Miami International Holdings | +0.4% | +89.67% | Add |
| 4 | WBI | Waterbridge Infrastruc-cl A | +0.3% | +7.38% | Add |
| 5 | HE | Hawaiian Electric Inds | +0.3% | +11.57% | Add |
| 6 | PBT | Permian Basin Royalty Trust | +0.1% | +3.10% | Add |
| 7 | LNG | Cheniere Energy INC | +0.1% | -9.28% | Trim |
| 8 | BG | Bunge Global SA | 0% | -3.45% | Trim |
| 9 | HKHC | Horizon Kinetics Holding Cor | 0% | +0.01% | Add |
| 10 | SII | Sprott INC | 0% | -3.55% | Trim |
| 11 | RBA | Rb Global INC | 0% | +73.50% | Add |
| 12 | NRP | Natural Resource Partners LP | 0% | +132.74% | Add |
| 13 | AMLP | Alerian Mlp ETF | 0% | +76.63% | Add |
| 14 | FRMI | Fermi INC | 0% | +389.81% | Add |
| 15 | XOM | Exxon Mobil CORP | 0% | +2.88% | Add |
| 16 | RPRX | Royalty Pharma plc | — | -3.56% | Trim |
| 17 | LBRT | Liberty Energy INC | — | -15.90% | Trim |
| 18 | WMB | Williams Cos INC | — | +0.71% | Add |
| 19 | ET | Energy Transfer LP | — | +10.86% | Add |
| 20 | DMLP | Dorchester Minerals LP | 0% | -1.76% | Trim |
| 21 | TRC | Tejon Ranch Co | 0% | -0.52% | Trim |
| 22 | OSK | Oshkosh CORP | 0% | -0.35% | Trim |
| 23 | VNOM | Viper Energy Inc-cl A | -0.1% | -3.05% | Trim |
| 24 | CCJ | Cameco CORP | -0.1% | -3.30% | Trim |
| 25 | VXF | Vanguard Extended Market ETF | -0.1% | -76.65% | Trim |
| 26 | CVEO | Civeo CORP | -0.1% | -3.97% | Trim |
| 27 | MSTR | Strategy INC | -0.1% | -0.09% | Trim |
| 28 | MRSH | Marsh & Mclennan Cos | -0.1% | -3.41% | Trim |
| 29 | PAG | Penske Automotive Group INC | -0.1% | -16.11% | Trim |
| 30 | GLXY | Galaxy Digital Inc-a | -0.1% | +0.11% | Add |
| 31 | CCL1EUR | Carnival CORP LTD | -0.1% | +0.01% | Add |
| 32 | CBOE | Cboe Global Markets INC | -0.1% | +0.41% | Add |
| 33 | OR | Or Royalties INC | -0.2% | -3.35% | Trim |
| 34 | RGLD | Royal Gold INC | -0.2% | -50.31% | Trim |
| 35 | CME | Cme Group INC | -0.2% | -1.94% | Trim |
| 36 | HHH | Howard Hughes Holdings INC | -0.2% | -33.05% | Trim |
| 37 | IBIT | Ishares Bitcoin Trust ETF | -0.2% | -0.44% | Trim |
| 38 | AN | Autonation INC | -0.2% | -12.25% | Trim |
| 39 | BN | Brookfield CORP | -0.3% | -0.74% | Trim |
| 40 | ICE | Intercontinental Exchange In | -0.4% | +0.98% | Add |
| 41 | DBRG | Digitalbridge Group INC | -0.5% | -69.17% | Trim |
| 42 | MSB | Mesabi Trust | -0.5% | +3.74% | Add |
| 43 | BTC | Grayscale Bitcoin Mini ETF | -0.6% | +0.25% | Add |
| 44 | FNV | Franco-nevada CORP | -0.7% | -21.77% | Trim |
| 45 | WPM | Wheaton Precious Metals CORP | -1.5% | -29.36% | Trim |
| 46 | GBTC | Grayscale Bitcoin Trust ETF | -5.1% | -0.77% | Trim |
| 47 | BOXX | Alpha Architect 1-3 Mnth Box | — | NEW | New buy |
| 48 | CMSG | Consensus Mng & Seigniorage | — | NEW | New buy |
| 49 | PAA | Plains All Amer Pipeline LP | — | NEW | New buy |
| 50 | HUBB | Hubbell INC | — | NEW | New buy |
| Period | Filed | Type | EDGAR |
|---|---|---|---|
| 2026-03-31 | 2026-05-15 | 13F-HR | View on EDGAR |
| 2025-12-31 | 2026-02-11 | 13F-HR | View on EDGAR |
| 2025-09-30 | 2025-11-14 | 13F-HR | View on EDGAR |
| 2025-06-30 | 2025-08-12 | 13F-HR | View on EDGAR |
| 2025-03-31 | 2025-05-15 | 13F-HR | View on EDGAR |
| 2024-12-31 | 2025-02-10 | 13F-HR | View on EDGAR |
| 2024-09-30 | 2024-11-13 | 13F-HR | View on EDGAR |
| 2024-06-30 | 2024-08-14 | 13F-HR | View on EDGAR |
| 2024-03-31 | 2024-05-14 | 13F-HR | View on EDGAR |
| 2023-12-31 | 2024-02-15 | 13F-HR | View on EDGAR |
| 2023-09-30 | 2023-11-14 | 13F-HR | View on EDGAR |
| 2023-06-30 | 2023-08-14 | 13F-HR | View on EDGAR |
| 2023-03-31 | 2023-05-12 | 13F-HR | View on EDGAR |
| 2022-12-31 | 2023-02-09 | Amendment | View on EDGAR |
| 2022-12-31 | 2023-02-07 | 13F-HR | View on EDGAR |
| 2022-09-30 | 2022-11-15 | 13F-HR | View on EDGAR |
| 2022-06-30 | 2022-08-05 | 13F-HR | View on EDGAR |
| 2022-03-31 | 2022-05-13 | 13F-HR | View on EDGAR |
| 2021-12-31 | 2022-02-15 | 13F-HR | View on EDGAR |
| 2021-09-30 | 2021-11-15 | 13F-HR | View on EDGAR |
| 2021-06-30 | 2021-08-16 | 13F-HR | View on EDGAR |
| 2021-03-31 | 2021-05-11 | 13F-HR | View on EDGAR |
| 2020-12-31 | 2021-02-16 | 13F-HR | View on EDGAR |
| 2020-09-30 | 2020-11-16 | 13F-HR | View on EDGAR |
| 2020-06-30 | 2020-08-14 | 13F-HR | View on EDGAR |
| 2020-03-31 | 2020-05-13 | 13F-HR | View on EDGAR |
| 2019-12-31 | 2020-02-14 | 13F-HR | View on EDGAR |
| 2019-09-30 | 2019-11-14 | 13F-HR | View on EDGAR |
| 2019-06-30 | 2019-08-14 | 13F-HR | View on EDGAR |
| 2019-03-31 | 2019-05-15 | 13F-HR | View on EDGAR |
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