HORIZON KINETICS ASSET MANAGEMENT LLC

CIK

1056823

Location

NEW YORK, NY

Portfolio Value

Mid $9,148,250,068

Diversification

Highly concentrated

Filing Date

Global Rank

#450 / 8,586 ▲ 74

Top Industry

Oil & Gas E&P 58.2%

3Y Alpha vs SPY

+3.3%

Period ended 3 months ago

Filed May 15, 2026 · 32d

25 quarters · since Mar 2020

Clone Performance

Jun 2023–Jun 2026 · vs SPY

Hypothetical growth of cloning every reported 13F position and rebalancing on each filing, indexed to the same start.

Cloned portfolio

+93.9%

SPY

+78.1%

Annualised alpha

+3.5%

Max drawdown

−22.2%

Estimate. 13F holdings are quarter-lagged and long-only, so the clone rebalances about 45 days after each period end — when the filing becomes public — and excludes options and short positions. Past performance does not predict future results.

Portfolio Concentration

305 positions · as of Mar 31, 2026 · Δ vs Dec 31, 2025

Top 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	Positions
Energy	64.4%	$5,888,265,207	35
Unclassified	9.6%	$874,470,863	17
Financial Services	8.6%	$784,348,746	81
Basic Materials	6.9%	$629,560,411	17
Utilities	3.5%	$323,992,551	8
Consumer Cyclical	2.0%	$183,594,295	20
Technology	1.4%	$127,820,892	17
Industrials	1.2%	$108,408,455	35
Consumer Defensive	0.8%	$70,806,587	12
Real Estate	0.6%	$56,594,792	11
Healthcare	0.6%	$54,178,514	37
Communication Services	0.5%	$46,208,755	15

Last Quarter's Activity

Export CSV

Mar 31, 2026 vs Dec 31, 2025

Added To

Positions the filer increased

25 positions

Ticker	Company	Δ Shares	Shares	Value
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
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
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
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.

Portfolio Positions

Compact Export CSV View 13F filing

305 positions · $9,148,250,068 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	Δ Shares	Value (USD)	% Δ Value	% of Portfolio
MANA	Grayscale Decentraland Trust (MANA)	Held	691	0	$549	−23.4%	0.00%
GBAT	Grayscale Basic Attention Token Trust (BAT)	Held	2,089	0	$1,176	−64.6%	0.00%
ETH	Grayscale Ethereum Staking Mini ETF	Added	653	+1	$12,968	−29.1%	0.00%
PACB	Pacific Biosciences Of California, Inc. Healthcare	Reduced	10,551	-483	$13,927	−32.5%	0.00%
KEEL	Keel Infrastructure Corp. Technology	Held	18,300	0	$35,685	−17.0%	0.00%
LTRN	Lantern Pharma Inc. Healthcare	Reduced	26,373	-1,209	$36,131	−56.8%	0.00%
ALLO	Allogene Therapeutics, Inc. Healthcare	Reduced	17,582	-806	$42,900	+70.3%	0.00%
LBRDA	Liberty Broadband Corp Communication Services	NEW	923	NEW	$46,353	NEW	0.00%
BCYC	Bicycle Therapeutics PLC Healthcare	Reduced	13,188	-604	$61,192	−37.3%	0.00%
EDIT	Editas Medicine, Inc. Healthcare	Reduced	29,010	-1,330	$71,654	+15.2%	0.00%
CXE	Mfs High Income Municipal Trust Financial Services	Reduced	21,525	-5,189	$79,857	−19.2%	0.00%
ETHE	Grayscale Ethereum Staking ETF	Added	5,393	+17	$92,058	−29.7%	0.00%
REPL	Replimune Group, Inc. Healthcare	Reduced	13,188	-604	$100,888	−24.7%	0.00%
NUV	Nuveen Municipal Value Fund Inc Financial Services	Held	11,550	0	$103,834	−0.8%	0.00%
NMZ	Nuveen Municipal High Income Opportunity Fund Financial Services	NEW	10,369	NEW	$107,630	NEW	0.00%
EVF	Eaton Vance Senior Income Trust Financial Services	Held	21,730	0	$108,432	−5.3%	0.00%
PML	Pimco Municipal Income Fund II Financial Services	Held	15,050	0	$113,928	+0.4%	0.00%
MYN	Blackrock Muniyield New York Quality Fund, Inc. Financial Services	NEW	12,009	NEW	$115,286	NEW	0.00%
EVV	Eaton Vance Ltd Duration Income Fund Financial Services	Held	12,417	0	$117,340	−4.6%	0.00%
JPC	Nuveen Preferred & Income Opportunities Fund Financial Services	Held	16,426	0	$123,852	−7.0%	0.00%
HLN	Haleon plc Healthcare	Reduced	12,900	-591	$129,129	−5.3%	0.00%
BGT	Blackrock Floating Rate Income Trust Financial Services	Held	12,678	0	$136,415	−5.0%	0.00%
GALT	Galectin Therapeutics Inc Healthcare	Reduced	49,226	-2,258	$137,340	−35.9%	0.00%
RA	Brookfield Real Assets Income Fund Inc. Financial Services	Held	10,755	0	$138,309	−0.8%	0.00%
TTI	Tetra Technologies Inc Industrials	Added	16,320	+2,720	$139,046	+9.1%	0.00%
PCM	Pcm Fund, Inc. Financial Services	Held	24,532	0	$140,077	−7.0%	0.00%
NVG	Nuveen AMT-Free Municipal Credit Income Fund Financial Services	Added	12,176	+1,801	$150,130	+14.3%	0.00%
VTN	Invesco Trust for Investment Grade New York Municipals Financial Services	Added	14,739	+2,465	$161,244	+14.1%	0.00%
VNDA	Vanda Pharmaceuticals Inc. Healthcare	Reduced	23,736	-1,088	$164,015	−25.1%	0.00%
NTLA	Intellia Therapeutics, Inc. Healthcare	Reduced	13,188	-604	$169,070	+36.4%	0.00%
EIM	Eaton Vance Municipal Bond Fund Financial Services	Held	17,692	0	$172,850	+0.4%	0.00%
LADR	Ladder Capital Corp Real Estate	Held	18,000	0	$175,860	−11.1%	0.00%
BUR	Burford Capital Ltd Financial Services	Reduced	39,136	-23,309	$176,894	−68.2%	0.00%
BA	Boeing Co Industrials	Held	1,006	0	$200,224	−8.3%	0.00%
NIM	Nuveen Select Maturities Municipal Fund Financial Services	Held	21,500	0	$203,175	+1.5%	0.00%
FIS	Fidelity National Information Services, Inc. Technology	Reduced	4,400	-15,950	$206,404	−84.7%	0.00%
GEHC	GE HealthCare Technologies Inc. Healthcare	Held	2,911	0	$207,204	−13.2%	0.00%
COST	Costco Wholesale Corp /New Consumer Defensive	NEW	208	NEW	$207,257	NEW	0.00%
EFXT	Enerflex Ltd. Energy	NEW	9,990	NEW	$208,990	NEW	0.00%
BEAM	Beam Therapeutics Inc. Healthcare	Reduced	8,791	-403	$209,489	−17.8%	0.00%
NRG	Nrg Energy, Inc. Utilities	NEW	1,435	NEW	$209,710	NEW	0.00%
LLYVA	Liberty Live Holdings, Inc. Communication Services	NEW	2,295	NEW	$210,313	NEW	0.00%
EFR	Eaton Vance Senior Floating-Rate Trust Financial Services	Held	20,001	0	$210,810	−5.4%	0.00%
IQI	Invesco Quality Municipal Income Trust Financial Services	Reduced	21,965	-150	$211,303	−4.1%	0.00%
TMO	Thermo Fisher Scientific Inc. Healthcare	Held	438	0	$215,290	−15.2%	0.00%
AWK	American Water Works Company, Inc. Utilities	Held	1,671	0	$227,406	+4.3%	0.00%
DOW	Dow Inc. Basic Materials	NEW	5,481	NEW	$228,283	NEW	0.00%
GPC	Genuine Parts Co Consumer Cyclical	Held	2,190	0	$231,592	−14.0%	0.00%
NFLX	Netflix Inc Communication Services	Held	2,410	0	$231,721	+2.5%	0.00%
BHP	BHP Group Ltd Basic Materials	NEW	3,231	NEW	$235,022	NEW	0.00%