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 / 8,588 ▲ 74

Top Industry

Oil & Gas E&P 58.2%

3Y Alpha vs SPY

+3.4%

Period ended 3 months ago

Filed May 15, 2026 · 33d

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

+92.9%

SPY

+76.8%

Annualised alpha

+3.6%

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 101–150 of 305 positions by value · page 3 of 7

Ticker	Company	Type	Shares	Δ Shares	Value (USD)	% Δ Value	% of Portfolio
CRSP	CRISPR Therapeutics AG Healthcare	Reduced	9,796	-443	$465,995	−13.2%	0.01%
MDLZ	Mondelez International, Inc. Consumer Defensive	Held	8,244	0	$475,184	+7.1%	0.01%
VMI	Valmont Industries Inc Industrials	Reduced	1,201	-100	$479,883	−8.3%	0.01%
FHI	Federated Hermes, Inc. Financial Services	Reduced	8,569	-87	$485,947	+7.8%	0.01%
PCYO	Pure Cycle Corp Utilities	Held	50,531	0	$508,341	−8.5%	0.01%
REGN	Regeneron Pharmaceuticals, Inc. Healthcare	Reduced	675	-30	$521,532	−4.2%	0.01%
BIIB	Biogen Inc. Healthcare	Reduced	2,857	-131	$523,773	−0.4%	0.01%
KRP	Kimbell Royalty Partners, LP Energy	Reduced	36,340	-2,594	$525,839	+14.8%	0.01%
GS	Goldman Sachs Group Inc Financial Services	Reduced	623	-330	$527,051	−37.1%	0.01%
BWXT	BWX Technologies, Inc. Industrials	Held	2,647	0	$541,285	+18.3%	0.01%
URI	United Rentals, Inc. Industrials	Held	756	0	$550,791	−10.0%	0.01%
AMG	Affiliated Managers Group, Inc. Financial Services	Reduced	1,998	-197	$552,846	−12.6%	0.01%
NVO	Novo Nordisk A S Healthcare	Held	15,350	0	$564,112	−27.8%	0.01%
DGX	Quest Diagnostics Inc Healthcare	Reduced	2,900	-100	$568,342	+9.2%	0.01%
OXY	Occidental Petroleum Corp /De/ Energy	Added	8,850	+3,273	$575,250	+150.8%	0.01%
PHYS	Sprott Physical Gold Trust Financial Services	Held	16,262	0	$576,325	+7.3%	0.01%
DSL	DoubleLine Income Solutions Fund Financial Services	Added	53,462	+780	$578,993	−2.5%	0.01%
BX	Blackstone Inc. Financial Services	Reduced	5,092	-3,159	$585,529	−54.0%	0.01%
SIRI	Sirius Xm Holdings Inc. Communication Services	Reduced	25,808	-3,558	$595,648	+1.4%	0.01%
RQI	Cohen & Steers Quality Income Realty Fund Inc Financial Services	Held	50,033	0	$602,897	+5.5%	0.01%
TW	Tradeweb Markets Inc. Financial Services	Held	5,283	0	$621,597	+9.4%	0.01%
RYN	Rayonier Inc Real Estate	Added	30,536	+14,763	$629,652	+84.4%	0.01%
FRA	Blackrock Floating Rate Income Strategies Fund, Inc. Financial Services	Held	59,291	0	$653,386	−6.5%	0.01%
CRCL	Circle Internet Group, Inc. Financial Services	NEW	6,932	NEW	$661,382	NEW	0.01%
EBAY	Ebay Inc Consumer Cyclical	Held	7,347	0	$668,723	+4.5%	0.01%
L	Loews Corp Financial Services	Added	6,460	+1,000	$689,540	+19.9%	0.01%
LIN	Linde PLC Basic Materials	Reduced	1,400	-40	$694,064	+13.0%	0.01%
NEM	NEWMONT Corp /DE/ Basic Materials	Reduced	6,421	-1,392	$695,073	−10.9%	0.01%
STZ	Constellation Brands, Inc. Consumer Defensive	Held	4,673	0	$700,950	+8.7%	0.01%
SAN	Banco Santander, S.A. Financial Services	Reduced	62,310	-2,750	$702,856	−7.9%	0.01%
QCOM	Qualcomm Inc/De Technology	Reduced	5,512	-722	$709,835	−33.4%	0.01%
MMM	3M Co Industrials	Reduced	5,000	-700	$726,150	−20.4%	0.01%
PFL	Pimco Income Strategy Fund Financial Services	Held	93,252	0	$746,016	−5.1%	0.01%
ALKS	Alkermes plc. Healthcare	Reduced	21,099	-967	$746,060	+20.8%	0.01%
ALNY	Alnylam Pharmaceuticals, Inc. Healthcare	Reduced	2,272	-104	$751,736	−20.4%	0.01%
IAU	Ishares Gold Trust	Held	8,566	0	$755,178	+8.6%	0.01%
RYAM	Rayonier Advanced Materials Inc. Basic Materials	Reduced	68,500	-26,000	$758,295	+36.2%	0.01%
AEHR	Aehr Test Systems Technology	Added	21,600	+300	$800,928	+86.2%	0.01%
BAC	Bank Of America Corp /De/ Financial Services	Reduced	16,460	-4,100	$802,425	−29.0%	0.01%
SPY	Spdr S&P 500 ETF Trust	Reduced	1,244	-50	$809,022	−8.3%	0.01%
DHR	Danaher Corp /De/ Healthcare	Reduced	4,359	-57	$826,466	−18.2%	0.01%
MHD	Blackrock Muniholdings Fund, Inc. Financial Services	Added	74,530	+57,733	$840,698	+326.3%	0.01%
GOOGL	Alphabet Inc. Communication Services	Reduced	2,933	-150	$843,413	−12.6%	0.01%
AMGN	Amgen Inc Healthcare	Reduced	2,399	-99	$844,088	+3.2%	0.01%
C	Citigroup Inc Financial Services	Added	7,475	+386	$847,739	+2.5%	0.01%
IONS	Ionis Pharmaceuticals Inc Healthcare	Reduced	11,428	-524	$858,128	−9.2%	0.01%
IBM	International Business Machines Corp Technology	Reduced	3,585	-125	$868,968	−20.9%	0.01%
NSC	Norfolk Southern Corp Industrials	Held	3,033	0	$870,471	−0.6%	0.01%
PDI	PIMCO Dynamic Income Fund Financial Services	Added	51,479	+727	$880,805	−2.0%	0.01%
JFR	Nuveen Floating Rate Income Fund Financial Services	Held	119,308	0	$897,196	−4.0%	0.01%