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

+93.1%

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 251–300 of 305 positions by value · page 6 of 7

Ticker	Company	Type	Shares	Δ Shares	Value (USD)	% Δ Value	% of Portfolio
MSGS	Madison Square Garden Sports Corp. Communication Services	Added	23,347	+3	$7,503,725	+24.3%	0.08%
ET	Energy Transfer LP Energy	Added	398,708	+39,060	$7,695,064	+29.8%	0.08%
AB	Alliancebernstein Holding L.P. Financial Services	Added	217,447	+23,706	$8,141,215	+9.2%	0.09%
LBRT	Liberty Energy Inc. Energy	Reduced	288,222	-54,489	$8,300,793	+31.2%	0.09%
SBR	Sabine Royalty Trust Energy	Added	111,150	+1,663	$8,374,041	+11.5%	0.09%
BAM	Brookfield Asset Management Ltd. Financial Services	Reduced	189,571	-902	$8,426,430	−15.6%	0.09%
MA	Mastercard Inc Financial Services	Reduced	19,516	-63	$9,751,364	−12.8%	0.11%
WMB	Williams Companies, Inc. Energy	Added	138,301	+980	$10,065,546	+21.9%	0.11%
RGLD	Royal Gold Inc Basic Materials	Reduced	47,142	-47,734	$11,997,167	−43.1%	0.13%
HHH	Howard Hughes Holdings Inc. Real Estate	Reduced	196,410	-96,950	$12,424,896	−46.9%	0.14%
IPAR	Interparfums Inc Consumer Defensive	Reduced	138,333	-225	$12,566,169	+6.9%	0.14%
RCL	Royal Caribbean Cruises Ltd Consumer Cyclical	Reduced	51,698	-1,060	$14,226,255	−3.3%	0.16%
TFPM	Triple Flag Precious Metals Corp. Basic Materials	Reduced	413,430	-11,873	$14,350,155	+1.6%	0.16%
DBRG	DigitalBridge Group, Inc. Financial Services	Reduced	939,380	-2,107,153	$14,485,239	−69.0%	0.16%
RPRX	Royalty Pharma plc Healthcare	Reduced	340,783	-12,578	$16,347,360	+19.7%	0.18%
OSK	Oshkosh Corp Industrials	Reduced	115,789	-404	$17,045,298	+16.8%	0.19%
MSTR	Strategy Inc Technology	Reduced	139,253	-124	$17,378,774	−17.9%	0.19%
RBA	Rb Global Inc. Industrials	Added	186,731	+79,104	$17,898,166	+61.7%	0.20%
BRK-B	Berkshire Hathaway Inc Financial Services	Added	38,033	+45	$18,225,413	−4.6%	0.20%
PAG	Penske Automotive Group, Inc. Consumer Cyclical	Reduced	142,507	-27,367	$21,307,646	−20.8%	0.23%
GLXY	Galaxy Digital Inc. Financial Services	Added	1,250,969	+1,415	$23,080,378	−17.4%	0.25%
DMLP	Dorchester Minerals, L.P. Energy	Reduced	860,226	-15,436	$23,312,124	+19.1%	0.25%
LYV	Live Nation Entertainment, Inc. Communication Services	Reduced	157,169	-12,715	$23,969,844	−1.0%	0.26%
CCL	Carnival Corp Ltd. Consumer Cyclical	Added	957,653	+105	$24,784,059	−15.2%	0.27%
MRSH	Marsh & Mclennan Companies, Inc. Financial Services	Reduced	151,341	-5,344	$26,250,096	−9.7%	0.29%
WTM	White Mountains Insurance Group Ltd Financial Services	Reduced	13,112	-9	$28,806,539	+5.7%	0.31%
SII	Sprott Inc. Financial Services	Reduced	206,997	-7,629	$29,579,871	+40.7%	0.32%
IBIT	iShares Bitcoin Trust ETF	Reduced	793,343	-3,520	$30,480,238	−23.0%	0.33%
SJT	San Juan Basin Royalty Trust Energy	Added	6,978,841	+747,697	$33,568,225	−4.1%	0.37%
JOE	ST JOE Co Real Estate	Reduced	542,609	-12,228	$34,075,845	+3.4%	0.37%
HKHC	Horizon Kinetics Holding Corp Financial Services	Added	1,075,416	+103	$35,488,728	+40.4%	0.39%
TRC	Tejon Ranch Co Industrials	Reduced	1,902,606	-9,967	$35,845,097	+18.8%	0.39%
BG	Bunge Global SA Consumer Defensive	Reduced	336,944	-12,050	$42,859,276	+37.9%	0.47%
AN	Autonation, Inc. Consumer Cyclical	Reduced	225,053	-31,426	$43,943,848	−17.0%	0.48%
CVEO	Civeo Corp Consumer Cyclical	Reduced	2,352,353	-97,134	$62,243,260	+11.1%	0.68%
BN	BROOKFIELD Corp /ON/ Financial Services	Reduced	1,571,936	-11,774	$63,616,249	−12.5%	0.70%
OR	OR Royalties Inc. Basic Materials	Reduced	1,754,144	-60,880	$66,692,554	+3.8%	0.73%
CCJ	Cameco Corp Energy	Reduced	651,825	-22,271	$70,794,713	+14.8%	0.77%
VNOM	Viper Energy, Inc. Energy	Reduced	1,662,641	-52,263	$78,127,500	+17.9%	0.85%
CME	Cme Group Inc. Financial Services	Reduced	270,253	-5,358	$79,819,223	+6.1%	0.87%
CACI	Caci International Inc /De/ Technology	Reduced	154,648	-3,943	$84,108,407	−0.5%	0.92%
BTC	Grayscale Bitcoin Mini Trust ETF	Added	3,004,416	+7,356	$90,102,435	−22.4%	0.98%
MSB	Mesabi Trust Basic Materials	Added	3,140,972	+113,274	$98,940,618	−15.2%	1.08%
CBOE	Cboe Global Markets, Inc. Financial Services	Added	410,066	+1,668	$115,257,250	+12.4%	1.26%
LNG	Cheniere Energy, Inc. Energy	Reduced	420,328	-43,001	$119,272,273	+32.4%	1.30%
ICE	Intercontinental Exchange, Inc. Financial Services	Added	838,899	+8,133	$131,942,034	−1.9%	1.44%
MIAX	Miami International Holdings, Inc. Financial Services	Added	3,451,549	+1,631,751	$134,334,287	+66.3%	1.47%
PBT	Permian Basin Royalty Trust Energy	Added	6,379,692	+191,892	$137,290,971	+30.7%	1.50%
FNV	FRANCO NEVADA Corp Basic Materials	Reduced	757,297	-210,804	$187,090,223	−6.8%	2.05%
WBI	WaterBridge Infrastructure LLC Energy	Reduced	7,342,147	-6,332,893	$196,696,118	−28.1%	2.15%