HORIZON KINETICS ASSET MANAGEMENT LLC
CIK
1056823
Location
NEW YORK, NY
Portfolio Value
Mid
$9,148,250,067
Diversification
Highly concentrated
Filing Date
Global Rank
#450
/ 8,621
▲ 73
· as of Mar 2026
Top Industry
Oil & Gas E&P
58.2%
3Y Alpha vs SPY
+6.1%
Period ended 4 months ago
Filed May 15, 2026 · 2mo
25 quarters · since Mar 2020
Clone Performance
Jul 2023–Jul 2026 · vs SPYHypothetical growth of buying every stock this filer reported holding, rebalancing on each filing and indexed to the same start. Option positions cannot be bought this way and are left out.
Cloned portfolio
+106.9%
SPY
+67.9%
Annualised alpha
+8.6%
Max drawdown
−29.0%
Estimate. 13F holdings are quarter-lagged, so the clone rebalances about 45 days after each period end — when the filing becomes public — and it excludes option and short positions. It tracks 100% of reported value on average across 13 quarters. Past performance does not predict future results.
Portfolio Concentration
305 positions · as of Mar 31, 2026 · Δ vs Dec 31, 2025Top Position
52.0%
+11.4 pts
Top 5
70.3%
+5.5 pts
Top 10
78.9%
+4.5 pts
HHI
2,829
Highly concentrated+931
Portfolio Trend
25 quarters · across all stocks
Sector Breakdown
As of Mar 31, 2026| Sector | % Portfolio | Value |
|---|---|---|
| Energy | 64.4% | $5,888,265,207 |
| Unclassified | 9.6% | $874,470,863 |
| Financial Services | 8.6% | $784,348,745 |
| Basic Materials | 6.9% | $629,560,411 |
| Utilities | 3.5% | $323,992,551 |
| Consumer Cyclical | 2.0% | $183,594,295 |
| Technology | 1.4% | $127,820,892 |
| Industrials | 1.2% | $108,408,455 |
| Consumer Defensive | 0.8% | $70,806,587 |
| Real Estate | 0.6% | $56,594,792 |
| Healthcare | 0.6% | $54,178,514 |
| Communication Services | 0.5% | $46,208,755 |
Last Quarter's Activity
Export CSVAdded To
Positions the filer increased
25 positions
| Ticker | Company | Δ Shares | Shares | Value | Open |
|---|---|---|---|---|---|
| HE | Hawaiian Electric Industries Inc | +2,242,931 | 21,635,294 | $321,067,762 | |
| MIAX | Miami International Holdings, Inc. | +1,631,751 | 3,451,549 | $134,334,287 | |
| SJT | San Juan Basin Royalty Trust | +747,697 | 6,978,841 | $33,568,225 | |
| WBI | WaterBridge Infrastructure LLC | +504,627 | 7,342,147 | $196,696,118 | |
| FRMI | Fermi Inc. | +423,725 | 532,426 | $3,109,367 | |
| PBT | Permian Basin Royalty Trust | +191,892 | 6,379,692 | $137,290,971 | |
| MSB | Mesabi Trust | +113,274 | 3,140,972 | $98,940,618 | |
| MYI | Blackrock Muniyield Quality Fund III, Inc. | +105,895 | 207,994 | $2,186,016 | |
| LTCN | Grayscale Litecoin Trust (LTC) | +84,084 | 587,986 | $2,398,982 | |
| RBA | Rb Global Inc. | +79,104 | 186,731 | $17,898,166 | |
| MHD | Blackrock Muniholdings Fund, Inc. | +57,733 | 74,530 | $840,698 | |
| RCG | RENN Fund, Inc. | +46,116 | 912,064 | $2,991,569 | |
| ARLP | Alliance Resource Partners LP | +40,568 | 104,709 | $2,895,203 | |
| ET | Energy Transfer LP | +39,060 | 398,708 | $7,695,064 | |
| WES | Western Midstream Partners, LP | +35,659 | 169,744 | $6,988,360 | |
| NRP | Natural Resource Partners LP | +33,006 | 57,871 | $7,002,391 | |
| AB | Alliancebernstein Holding L.P. | +23,706 | 217,447 | $8,141,215 | |
| RYN | Rayonier Inc | +14,763 | 30,536 | $629,652 | |
| LB | LandBridge Co LLC | +14,368 | 5,657,134 | $390,625,102 | |
| ICE | Intercontinental Exchange, Inc. | +8,133 | 838,899 | $131,942,034 | |
| BTC | Grayscale Bitcoin Mini Trust ETF | +7,356 | 3,004,416 | $90,102,435 | |
| NAN | Nuveen New York Quality Municipal Income Fund | +3,353 | 24,903 | $277,668 | |
| OXY | Occidental Petroleum Corp /De/ | +3,273 | 8,850 | $575,250 | |
| NRK | Nuveen New York Amt-Free Quality Municipal Income Fund | +3,197 | 138,453 | $1,413,605 | |
| EPD | Enterprise Products Partners L.P. | +2,757 | 114,820 | $4,344,788 | |
| No positions match the current search. | |||||
Trimmed
Positions the filer reduced
25 positions
| Ticker | Company | Δ Shares | Shares | Value | Open |
|---|---|---|---|---|---|
| DBRG | DigitalBridge Group, Inc. | −2,107,153 | 939,380 | $14,485,239 | |
| WPM | Wheaton Precious Metals Corp. | −731,999 | 1,761,519 | $230,776,604 | |
| TPL | Texas Pacific Land Corp | −318,383 | 10,015,379 | $4,752,898,258 | |
| FNV | FRANCO NEVADA Corp | −210,804 | 757,297 | $187,090,223 | |
| GBTC | Grayscale Bitcoin Trust ETF | −108,711 | 14,004,882 | $738,897,574 | |
| CVEO | Civeo Corp | −97,134 | 2,352,353 | $62,243,260 | |
| HHH | Howard Hughes Holdings Inc. | −96,950 | 196,410 | $12,424,896 | |
| WEN | Wendy's Co | −90,719 | 269,177 | $1,870,780 | |
| OR | OR Royalties Inc. | −60,880 | 1,754,144 | $66,692,554 | |
| LBRT | Liberty Energy Inc. | −54,489 | 288,222 | $8,300,793 | |
| VNOM | Viper Energy, Inc. | −52,263 | 1,662,641 | $78,127,500 | |
| RGLD | Royal Gold Inc | −47,734 | 47,142 | $11,997,167 | |
| LNG | Cheniere Energy, Inc. | −43,001 | 420,328 | $119,272,273 | |
| AN | Autonation, Inc. | −31,426 | 225,053 | $43,943,848 | |
| WT | WisdomTree, Inc. | −30,421 | 168,056 | $2,446,895 | |
| PAG | Penske Automotive Group, Inc. | −27,367 | 142,507 | $21,307,646 | |
| RYAM | Rayonier Advanced Materials Inc. | −26,000 | 68,500 | $758,295 | |
| BUR | Burford Capital Ltd | −23,309 | 39,136 | $176,894 | |
| CCJ | Cameco Corp | −22,271 | 651,825 | $70,794,713 | |
| FIS | Fidelity National Information Services, Inc. | −15,950 | 4,400 | $206,404 | |
| DMLP | Dorchester Minerals, L.P. | −15,436 | 860,226 | $23,312,124 | |
| LYV | Live Nation Entertainment, Inc. | −12,715 | 157,169 | $23,969,844 | |
| RPRX | Royalty Pharma plc | −12,578 | 340,783 | $16,347,360 | |
| JOE | ST JOE Co | −12,228 | 542,609 | $34,075,845 | |
| BG | Bunge Global SA | −12,050 | 336,944 | $42,859,276 | |
| No positions match the current search. | |||||
New Positions
Positions the filer opened this quarter
23 positions
| Ticker | Company | Shares | Value | Open |
|---|---|---|---|---|
| PAA | Plains All American Pipeline LP | 90,209 | $2,014,366 | |
| HUBB | Hubbell Inc | 3,532 | $1,733,293 | |
| GIS | General Mills Inc | 30,090 | $1,119,949 | |
| AZN | Astrazeneca PLC | 5,256 | $1,036,588 | |
| MQY | Blackrock Muniyield Quality Fund, Inc. | 82,981 | $911,131 | |
| CRCL | Circle Internet Group, Inc. | 6,932 | $661,382 | |
| SLB | Slb Limited/Nv | 7,819 | $401,818 | |
| FANG | Diamondback Energy, Inc. | 2,002 | $395,975 | |
| COP | Conocophillips | 2,811 | $371,052 | |
| GWW | W.W. Grainger, Inc. | 305 | $332,697 | |
| LMT | Lockheed Martin Corp | 507 | $306,425 | |
| PSIX | Power Solutions International, Inc. | 5,000 | $304,400 | |
| MOD | Modine Manufacturing Co | 1,380 | $299,059 | |
| PNI | Pimco New York Municipal Income Fund II | 37,634 | $257,792 | |
| BHP | BHP Group Ltd | 3,231 | $235,022 | |
| DOW | Dow Inc. | 5,481 | $228,283 | |
| LLYVA | Liberty Live Holdings, Inc. | 2,295 | $210,313 | |
| NRG | Nrg Energy, Inc. | 1,435 | $209,710 | |
| EFXT | Enerflex Ltd. | 9,990 | $208,990 | |
| COST | Costco Wholesale Corp /New | 208 | $207,257 | |
| MYN | Blackrock Muniyield New York Quality Fund, Inc. | 12,009 | $115,286 | |
| NMZ | Nuveen Municipal High Income Opportunity Fund | 10,369 | $107,630 | |
| LBRDA | Liberty Broadband Corp | 923 | $46,353 | |
| No positions match the current search. | ||||
Sold Out
Positions the filer fully exited
6 positions
| Ticker | Company | Shares | Value | Open |
|---|---|---|---|---|
| KKR | KKR & Co. Inc. | 2,394 | $305,187 | |
| BGC | BGC Group, Inc. | 26,562 | $237,198 | |
| ADP | Automatic Data Processing Inc | 904 | $232,535 | |
| DORM | Dorman Products, Inc. | 1,800 | $221,742 | |
| CNS | Cohen & Steers, Inc. | 3,256 | $204,411 | |
| EVLV | Evolv Technologies Holdings, Inc. | 13,500 | $96,660 | |
| No positions match the current search. | ||||
305 positions ·
$9,148,250,067 total
· as of Mar 31, 2026
All sectors
Basic Materials
Communication Services
Consumer Cyclical
Consumer Defensive
Energy
Financial Services
Healthcare
Industrials
Real Estate
Technology
Utilities
Showing 1–50
of 305 positions by value
· page 1 of 7
| Ticker | Company | Type | Shares | Value (USD) | % of Portfolio | History |
|---|---|---|---|---|---|---|
| TPL |
Texas Pacific Land Corp
Energy
|
Reduced | 10,015,379 | $4,752,898,258 | 51.95% | |
| GBTC |
Grayscale Bitcoin Trust ETF
|
Reduced | 14,004,882 | $738,897,574 | 8.08% | |
| LB |
LandBridge Co LLC
Energy
|
Added | 5,657,134 | $390,625,102 | 4.27% | |
| HE |
Hawaiian Electric Industries Inc
Utilities
|
Added | 21,635,294 | $321,067,762 | 3.51% | |
| WPM |
Wheaton Precious Metals Corp.
Basic Materials
|
Reduced | 1,761,519 | $230,776,604 | 2.52% | |
| WBI |
WaterBridge Infrastructure LLC
Energy
|
Reduced | 7,342,147 | $196,696,118 | 2.15% | |
| FNV |
FRANCO NEVADA Corp
Basic Materials
|
Reduced | 757,297 | $187,090,223 | 2.05% | |
| PBT |
Permian Basin Royalty Trust
Energy
|
Added | 6,379,692 | $137,290,971 | 1.50% | |
| MIAX |
Miami International Holdings, Inc.
Financial Services
|
Added | 3,451,549 | $134,334,287 | 1.47% | |
| ICE |
Intercontinental Exchange, Inc.
Financial Services
|
Added | 838,899 | $131,942,034 | 1.44% | |
| LNG |
Cheniere Energy, Inc.
Energy
|
Reduced | 420,328 | $119,272,273 | 1.30% | |
| CBOE |
Cboe Global Markets, Inc.
Financial Services
|
Added | 410,066 | $115,257,250 | 1.26% | |
| MSB |
Mesabi Trust
Basic Materials
|
Added | 3,140,972 | $98,940,618 | 1.08% | |
| BTC |
Grayscale Bitcoin Mini Trust ETF
|
Added | 3,004,416 | $90,102,435 | 0.98% | |
| CACI |
Caci International Inc /De/
Technology
|
Reduced | 154,648 | $84,108,407 | 0.92% | |
| CME |
Cme Group Inc.
Financial Services
|
Reduced | 270,253 | $79,819,223 | 0.87% | |
| VNOM |
Viper Energy, Inc.
Energy
|
Reduced | 1,662,641 | $78,127,500 | 0.85% | |
| CCJ |
Cameco Corp
Energy
|
Reduced | 651,825 | $70,794,713 | 0.77% | |
| OR |
OR Royalties Inc.
Basic Materials
|
Reduced | 1,754,144 | $66,692,554 | 0.73% | |
| BN |
BROOKFIELD Corp /ON/
Financial Services
|
Reduced | 1,571,936 | $63,616,249 | 0.70% | |
| CVEO |
Civeo Corp
Consumer Cyclical
|
Reduced | 2,352,353 | $62,243,260 | 0.68% | |
| AN |
Autonation, Inc.
Consumer Cyclical
|
Reduced | 225,053 | $43,943,848 | 0.48% | |
| BG |
Bunge Global SA
Consumer Defensive
|
Reduced | 336,944 | $42,859,276 | 0.47% | |
| TRC |
Tejon Ranch Co
Industrials
|
Reduced | 1,902,606 | $35,845,097 | 0.39% | |
| HKHC |
Horizon Kinetics Holding Corp
Financial Services
|
Added | 1,075,416 | $35,488,728 | 0.39% | |
| JOE |
ST JOE Co
Real Estate
|
Reduced | 542,609 | $34,075,845 | 0.37% | |
| SJT |
San Juan Basin Royalty Trust
Energy
|
Added | 6,978,841 | $33,568,225 | 0.37% | |
| IBIT |
iShares Bitcoin Trust ETF
|
Reduced | 793,343 | $30,480,238 | 0.33% | |
| SII |
Sprott Inc.
Financial Services
|
Reduced | 206,997 | $29,579,871 | 0.32% | |
| WTM |
White Mountains Insurance Group Ltd
Financial Services
|
Reduced | 13,112 | $28,806,539 | 0.31% | |
| MRSH |
Marsh & Mclennan Companies, Inc.
Financial Services
|
Reduced | 151,341 | $26,250,096 | 0.29% | |
| CCL |
Carnival Corp Ltd.
Consumer Cyclical
|
Added | 957,653 | $24,784,059 | 0.27% | |
| LYV |
Live Nation Entertainment, Inc.
Communication Services
|
Reduced | 157,169 | $23,969,844 | 0.26% | |
| DMLP |
Dorchester Minerals, L.P.
Energy
|
Reduced | 860,226 | $23,312,124 | 0.25% | |
| GLXY |
Galaxy Digital Inc.
Financial Services
|
Added | 1,250,969 | $23,080,378 | 0.25% | |
| PAG |
Penske Automotive Group, Inc.
Consumer Cyclical
|
Reduced | 142,507 | $21,307,646 | 0.23% | |
| BRK-B |
Berkshire Hathaway Inc
Financial Services
|
Added | 38,033 | $18,225,413 | 0.20% | |
| RBA |
Rb Global Inc.
Industrials
|
Added | 186,731 | $17,898,166 | 0.20% | |
| MSTR |
Strategy Inc
Technology
|
Reduced | 139,253 | $17,378,774 | 0.19% | |
| OSK |
Oshkosh Corp
Industrials
|
Reduced | 115,789 | $17,045,298 | 0.19% | |
| RPRX |
Royalty Pharma plc
Healthcare
|
Reduced | 340,783 | $16,347,360 | 0.18% | |
| DBRG |
DigitalBridge Group, Inc.
Financial Services
|
Reduced | 939,380 | $14,485,239 | 0.16% | |
| TFPM |
Triple Flag Precious Metals Corp.
Basic Materials
|
Reduced | 413,430 | $14,350,155 | 0.16% | |
| RCL |
Royal Caribbean Cruises Ltd
Consumer Cyclical
|
Reduced | 51,698 | $14,226,255 | 0.16% | |
| IPAR |
Interparfums Inc
Consumer Defensive
|
Reduced | 138,333 | $12,566,169 | 0.14% | |
| HHH |
Howard Hughes Holdings Inc.
Real Estate
|
Reduced | 196,410 | $12,424,896 | 0.14% | |
| RGLD |
Royal Gold Inc
Basic Materials
|
Reduced | 47,142 | $11,997,167 | 0.13% | |
| WMB |
Williams Companies, Inc.
Energy
|
Added | 138,301 | $10,065,546 | 0.11% | |
| MA |
Mastercard Inc
Financial Services
|
Reduced | 19,516 | $9,751,364 | 0.11% | |
| BAM |
Brookfield Asset Management Ltd.
Financial Services
|
Reduced | 189,571 | $8,426,430 | 0.09% |