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Horizon Kinetics Asset Management Portfolio holdings

AUM $8.82B
1-Year Est. Return 23.05%
This Fund
S&P 500
This Quarter Est. Return
+37.23%
1 Year Est. Return
+23.05%
3 Year Est. Return
+192.13%
5 Year Est. Return
+221.88%
10 Year Est. Return
–
AUM
$9.23B
AUM Growth
+$1.84B
Cap. Flow
-$237M
Cap. Flow %
-2.57%
Top 10 Hldgs %
78.23%
Holding
367
New
43
Increased
88
Reduced
152
Closed
14

Top Buys

Rank Stock Value
1
MIAX
Miami International Holdings
MIAX
+$67.2M
2
HE icon
Hawaiian Electric Industries
HE
+$33.9M
3
WBI
WaterBridge Infrastructure LLC
WBI
+$12M
4
RBA icon
RB Global
RBA
+$8.39M
5
BOXX icon
Alpha Architect 1-3 Month Box ETF
BOXX
+$5.49M

Top Sells

Rank Stock Value
1
TPL icon
Texas Pacific Land
TPL
+$137M
2
WPM icon
Wheaton Precious Metals
WPM
+$102M
3
FNV icon
Franco-Nevada
FNV
+$52.2M
4
DBRG icon
DigitalBridge
DBRG
+$32.4M
5
RGLD icon
Royal Gold
RGLD
+$12.7M

Sector Composition

Rank Sector Weight
1 Energy 63.78%
2 Financials 7.83%
3 Materials 6.82%
4 Utilities 3.51%
5 Consumer Discretionary 1.99%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
TPL icon
1
Texas Pacific Land
TPL
$23.6B
$4.75B 51.49%
10,015,379
-318,383
-3% -$137M
GBTC icon
2
Grayscale Bitcoin Trust
GBTC
$9.53B
$739M 8%
14,004,882
-108,711
-0.8% -$6.47M
LB
3
LandBridge Co
LB
$2.14B
$391M 4.23%
5,657,134
+14,368
+0.3% +$913K
HE icon
4
Hawaiian Electric Industries
HE
$2.07B
$321M 3.48%
21,635,294
+2,242,931
+12% +$33.9M
WPM icon
5
Wheaton Precious Metals
WPM
$61.4B
$231M 2.5%
1,761,519
-731,999
-29% -$102M
WBI
6
WaterBridge Infrastructure LLC
WBI
$1.52B
$197M 2.13%
7,342,147
+504,627
+7% +$12M
FNV icon
7
Franco-Nevada
FNV
$45.5B
$187M 2.03%
757,297
-210,804
-22% -$52.2M
PBT
8
Permian Basin Royalty Trust
PBT
$1.56B
$137M 1.49%
6,379,692
+191,892
+3% +$3.74M
MIAX
9
Miami International Holdings
MIAX
$4.23B
$134M 1.46%
3,451,549
+1,631,751
+90% +$67.2M
ICE icon
10
Intercontinental Exchange
ICE
$85B
$132M 1.43%
838,899
+8,133
+1% +$1.33M
LNG icon
11
Cheniere Energy
LNG
$55.4B
$119M 1.29%
420,328
-43,001
-9% -$9.93M
CBOE icon
12
Cboe Global Markets
CBOE
$30B
$115M 1.25%
410,066
+1,668
+0.4% +$464K
MSB
13
Mesabi Trust
MSB
$307M
$98.9M 1.07%
3,140,972
+113,274
+4% +$3.86M
BTC
14
Grayscale Bitcoin Mini Trust ETF
BTC
$3.36B
$90.1M 0.98%
3,004,416
+7,356
+0.2% +$249K
CACI icon
15
CACI
CACI
$14.9B
$84.1M 0.91%
154,648
-3,943
-2% -$2.37M
CME icon
16
CME Group
CME
$94.7B
$79.8M 0.86%
270,253
-5,358
-2% -$1.59M
VNOM icon
17
Viper Energy
VNOM
$15.3B
$78.1M 0.85%
1,662,641
-52,263
-3% -$2.24M
CCJ icon
18
Cameco
CCJ
$43.2B
$70.8M 0.77%
651,825
-22,271
-3% -$2.55M
OR icon
19
OR Royalties Inc
OR
$6.3B
$66.7M 0.72%
1,754,144
-60,880
-3% -$2.5M
BN icon
20
Brookfield
BN
$109B
$63.6M 0.69%
1,571,936
-11,774
-0.7% -$522K
CVEO icon
21
Civeo
CVEO
$342M
$62.2M 0.67%
2,352,353
-97,134
-4% -$2.6M
AN icon
22
AutoNation
AN
$6.89B
$43.9M 0.48%
225,053
-31,426
-12% -$6.35M
BG icon
23
Bunge Global
BG
$21.5B
$42.9M 0.46%
336,944
-12,050
-3% -$1.4M
TRC icon
24
Tejon Ranch
TRC
$446M
$35.8M 0.39%
1,902,606
-9,967
-0.5% -$172K
JOE icon
25
St. Joe Company
JOE
$3.89B
$34.1M 0.37%
542,609
-12,228
-2% -$818K
1
2 3 4 5

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MU
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PEA
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HI
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AI
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MC
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Horizon Kinetics Asset Management's Q1 2026 Portfolio in Review

As of Q1 2026, Horizon Kinetics Asset Management held 367 positions worth $9.23B, up 25% from $7.39B the previous quarter. Its ten largest holdings account for 78% of the portfolio.

Horizon Kinetics Asset Management's Q1 2026 filing shows 43 new, 88 increased, 152 reduced and 14 closed positions. Its largest new stake was Alpha Architect 1-3 Month Box ETF: 47,475 shares worth $5.52M. The largest sale was Texas Pacific Land, an estimated $137M.

By sector, the portfolio is most concentrated in Energy at 64% of assets, up from 52% a quarter earlier, followed by Financials and Materials.

  • Horizon Kinetics Asset Management's largest Q1 2026 buy was Alpha Architect 1-3 Month Box ETF: 47,475 shares worth $5.52M.
  • Horizon Kinetics Asset Management added most to Miami International Holdings in Q1 2026, an estimated $67.2M increase.
  • Horizon Kinetics Asset Management's biggest Q1 2026 reduction was Texas Pacific Land, cutting an estimated $137M.
  • Horizon Kinetics Asset Management fully exited PotlatchDeltic in Q1 2026, selling an estimated $933K.
  • Horizon Kinetics Asset Management's ten largest holdings make up 78% of its $9.23B portfolio in Q1 2026.
  • Horizon Kinetics Asset Management opened 43 new positions and closed 14 in Q1 2026.
  • Horizon Kinetics Asset Management's portfolio value rose 25% quarter-over-quarter to $9.23B.

Based on Horizon Kinetics Asset Management's 13F filing for Q1 2026, filed 15 May 2026.