HORIZON KINETICS ASSET MANAGEMENT LLC

CIK

1056823

Location

NEW YORK, NY

Portfolio Value

Small $127,820,892

Diversification

Highly concentrated

Filing Date

Global Rank

#449 / 8,578 ▲ 64

Top Industry

Oil & Gas E&P 58.4%

3Y Alpha vs SPY

+4.8%

Period ended 3 months ago

Filed May 15, 2026 · 31d

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

+96.0%

SPY

+74.2%

Annualised alpha

+4.8%

Max drawdown

−22.3%

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

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

Top Position

52.1%

+11.4 pts

Top 5

70.6%

+5.5 pts

Top 10

79.2%

+4.5 pts

HHI

2,847

Highly concentrated+935

Portfolio Trend

25 quarters · across all stocks

Sector Breakdown

As of Mar 31, 2026

Sector	% Portfolio	Value	Positions
Energy	64.6%	$5,888,265,207	35
Unclassified	9.6%	$874,470,863	17
Financial Services	8.3%	$755,542,207	80
Basic Materials	6.9%	$629,560,411	17
Utilities	3.6%	$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

17 positions · $127,820,892 total · Technology only · as of Mar 31, 2026

All sectors Basic Materials Communication Services Consumer Cyclical Consumer Defensive Energy Financial Services Healthcare Industrials Real Estate Technology Utilities

Ticker	Company	Type	Shares	Δ Shares	Value (USD)	% Δ Value	% of Portfolio
CACI	Caci International Inc /De/ Technology	Reduced	154,648	-3,943	$84,108,407	−0.5%	65.80%
MSTR	Strategy Inc Technology	Reduced	139,253	-124	$17,378,774	−17.9%	13.60%
SAIC	Science Applications International Corp Technology	Reduced	50,581	-2,081	$4,801,148	−9.4%	3.76%
BR	Broadridge Financial Solutions, Inc. Technology	Added	22,176	+1,753	$3,603,156	−20.9%	2.82%
KLAC	Kla Corp Technology	Reduced	2,158	-687	$3,177,460	−8.1%	2.49%
CSCO	Cisco Systems, Inc. Technology	Reduced	37,491	-1,450	$2,908,926	−3.0%	2.28%
MSFT	Microsoft Corp Technology	Reduced	6,924	-284	$2,563,057	−26.5%	2.01%
BKKT	Bakkt, Inc. Technology	Reduced	316,538	-8,168	$2,329,719	−28.5%	1.82%
AAPL	Apple Inc. Technology	Reduced	6,427	-512	$1,631,108	−13.5%	1.28%
NVDA	Nvidia Corp Technology	Reduced	7,010	-400	$1,222,544	−11.5%	0.96%
ADI	Analog Devices Inc Technology	Reduced	3,761	-470	$1,196,524	+4.3%	0.94%
IBM	International Business Machines Corp Technology	Reduced	3,585	-125	$868,968	−20.9%	0.68%
AEHR	Aehr Test Systems Technology	Added	21,600	+300	$800,928	+86.2%	0.63%
QCOM	Qualcomm Inc/De Technology	Reduced	5,512	-722	$709,835	−33.4%	0.56%
AVGO	Broadcom Inc. Technology	Reduced	899	-308	$278,249	−33.4%	0.22%
FIS	Fidelity National Information Services, Inc. Technology	Reduced	4,400	-15,950	$206,404	−84.7%	0.16%
KEEL	Keel Infrastructure Corp. Technology	Held	18,300	0	$35,685	−17.0%	0.03%