Q2 2026 13F · SEC CIK 1056823

Horizon Kinetics Asset Management LLC

Asset managerFiled 2026-08-11 for Q2 2026. Open the filing ↗ · All SEC filings ↗

Reported 13F value: $8.8B
Reported positions: 350
Top holdings a year, 3 yrs: +21.8%
Assets under management: $9.6B

Horizon Kinetics Asset Management LLC is an asset manager that reported 350 positions worth $8.8B in its Q2 2026 13F, filed 2026-08-11. Its largest holdings were Texas Pacific Land Corporati (TPL, 48.6%), Grayscale Bitcoin Trust ETF (GBTC, 6.3%), Landbridge Company LLC (LB, 5.2%). A portfolio copying its top holdings returned 21.8% a year over the last 3 years, against 20.4% for the S&P 500.

Horizon Kinetics Asset Management LLC holdings largest 50 of 350 positions.

Weights are shares of the filer's total reported 13F value, compared with Q1 2026. Share changes may reflect splits; weight changes also reflect price moves. A 13F shows long US-listed positions only, up to 135 days after the fact.

Horizon Kinetics Asset Management LLC 13F holdings
Stock	% of 13F value	Q1 2026	Shares	Share change	Reported value
TPLTexas Pacific Land Corporati	48.6%	51.5%	9,802,899	-2.1%	$4.3B
GBTCGrayscale Bitcoin Trust ETF	6.3%	8.0%	12,139,990	-13.3%	$552.6M
LBLandbridge Company LLC	5.2%	4.2%	5,821,263	+2.9%	$461.3M
HEHawaiian Elec Inds Inc Mtn B	3.4%	3.5%	22,395,397	+3.5%	$303.0M
MIAXMiami Intl Hldgs Inc	3.3%	1.5%	7,842,173	+127.2%	$291.4M
WBIWaterbridge Infrastructure L	3.0%	2.1%	7,650,237	+4.2%	$262.2M
WPMWheaton Precious Metals	2.1%	2.5%	1,686,903	-4.2%	$189.5M
PBTPermian Basin Rty Tr	1.9%	1.5%	6,729,289	+5.5%	$168.5M
FNVFranco Nev Corp	1.8%	2.0%	773,418	+2.1%	$161.2M
BTCGrayscale Bitcoin Mini Tr Et	1.8%	1.0%	6,067,993	+102.0%	$157.5M
ICEIntercontinental Exchange in	1.4%	1.4%	984,701	+17.4%	$121.2M
CBOECboe Global Mkts Inc	1.1%	1.2%	414,634	+1.1%	$100.6M
LNGCheniere Energy Inc	1.1%	1.3%	402,040	-4.4%	$96.1M
MSBMesabi Tr	0.9%	1.1%	3,219,382	+2.5%	$81.5M
CVEOCiveo Corp Cda	0.9%	0.7%	2,290,991	-2.6%	$80.2M
CACICaci Intl Inc	0.8%	0.9%	153,743	-0.6%	$71.2M
CCJCameco Corp Com	0.8%	0.8%	697,741	+7.0%	$71.1M
VNOMViper Energy Inc	0.8%	0.8%	1,652,125	-0.6%	$70.1M
BNBrookfield Corp	0.8%	0.7%	1,587,339	+1.0%	$67.6M
CMECme Group Inc	0.7%	0.9%	283,774	+5.0%	$62.7M
OROr Royalties Inc.	0.7%	0.7%	1,915,799	+9.2%	$60.6M
WHKWhitehawk Minerals Corp	0.5%	—	1,552,705	—	$43.2M
ANAutonation Inc	0.4%	0.5%	212,917	-5.4%	$39.6M
TRCTejon Ranch Co	0.4%	0.4%	2,011,689	+5.7%	$37.6M
JOESt Joe Company	0.4%	0.4%	592,608	+9.2%	$37.1M
EROKEaglerock Ld LLC	0.4%	—	1,684,213	—	$35.8M
439913104Horizon Kinetics Hldg Corp Com	0.4%	0.4%	1,075,416	+0.0%	$35.5M
GLXYGalaxy Digital Inc.	0.4%	0.3%	1,236,051	-1.2%	$33.8M
BGBunge Global SA	0.3%	0.5%	284,079	-15.7%	$30.3M
IBITIshares Bitcoin Trust ETF	0.3%	0.3%	837,308	+5.5%	$27.9M
SIISprott Inc	0.3%	0.3%	232,217	+12.2%	$26.1M
WTMWhite Mtns Ins Group Ltd	0.3%	0.3%	12,206	-6.9%	$25.3M
PAGPenske Automotive Grp Inc	0.3%	0.2%	139,067	-2.4%	$24.9M
RBARb Global Inc	0.3%	0.2%	211,349	+13.2%	$24.6M
SJTSan Juan Basin Rty Tr	0.3%	0.4%	7,494,020	+7.4%	$24.1M
MRSHMarsh	0.3%	0.3%	139,983	-7.5%	$23.3M
VUSBVanguard Bd Index Fds	0.3%	0.2%	461,108	+36.0%	$23.0M
DMLPDorchester Minerals L P	0.2%	0.3%	852,651	-0.9%	$21.5M
RPRXRoyalty Pharma PLC	0.2%	0.2%	344,861	+1.2%	$19.3M
BRK-BBerkshire Hathaway Inc Del	0.2%	0.2%	37,231	-2.1%	$18.6M
LYVLive Nation Entertainment in	0.2%	0.3%	100,989	-35.7%	$18.5M
TFPMTriple Flag Precious M	0.2%	0.2%	506,677	+22.6%	$15.2M
IPARInterparfums Inc	0.2%	0.1%	130,333	-5.8%	$14.6M
OSKOshkosh Corp	0.2%	0.2%	88,816	-23.3%	$13.6M
RCLRoyal Caribbean Group	0.1%	0.2%	39,414	-23.8%	$12.5M
CCLCarnival Corp Ltd	0.1%	—	428,340	—	$12.2M
MSTRStrategy Inc	0.1%	0.2%	129,774	-6.8%	$11.3M
TWTradeweb Mkts Inc	0.1%	—	97,740	—	$9.7M
WMBWilliams Companies	0.1%	0.1%	128,678	-7.0%	$9.6M
55825T103Madison Square Grdn Sprt Cor	0.1%	—	23,221	—	$9.3M

What Horizon Kinetics Asset Management LLC bought and sold in Q2 2026, against Q1 2026.

New positions

Q1 2026's filing was too long to tell new positions apart.

Added to

MIAX Miami Intl Hldgs Inc+127.2% shares
BTC Grayscale Bitcoin Mini Tr Et+102.0% shares
VUSB Vanguard Bd Index Fds+36.0% shares
TFPM Triple Flag Precious M+22.6% shares
ICE Intercontinental Exchange in+17.4% shares
RBA Rb Global Inc+13.2% shares
SII Sprott Inc+12.2% shares
OR Or Royalties Inc.+9.2% shares

Reduced

LYV Live Nation Entertainment in-35.7% shares
RCL Royal Caribbean Group-23.8% shares
OSK Oshkosh Corp-23.3% shares
BG Bunge Global SA-15.7% shares
GBTC Grayscale Bitcoin Trust ETF-13.3% shares
MRSH Marsh-7.5% shares
WMB Williams Companies-7.0% shares
WTM White Mtns Ins Group Ltd-6.9% shares

Left the top 50

Share counts compared with the Q1 2026 13F; a split also changes share counts. The latest filing lists more than 50 positions, so a position that left the top 50 may still be held.

How the holdings did against the S&P 500.

1 year: +9.4% /yr; S&P 500 +20.1%
3 years: +21.8% /yr; S&P 500 +20.4%
5 years: +16.6% /yr; S&P 500 +11.6%

A portfolio of the filer's 20 largest 13F positions, weighted by value and rebuilt each quarter on the day the filing became public. 13Fs show long US-listed positions only, so this is an estimate of the stock picks, not the fund's reported returns.

Reported 13F value by quarter.

13F value by quarter
Quarter	13F value	Positions
Q2 2026	$8.8B	350
Q1 2026	$9.2B	351
Q4 2025	$7.4B	322
Q3 2025	$8.2B	334
Q2 2025	$8.4B	349
Q1 2025	$8.7B	341
Q4 2024	$7.9B	344
Q3 2024	$6.6B	343
Q2 2024	$5.6B	319
Q1 2024	$5.2B	316
Q4 2023	$4.7B	319
Q3 2023	$4.9B	325

Questions about Horizon Kinetics Asset Management LLC's portfolio

What stocks does Horizon Kinetics Asset Management LLC own?

Horizon Kinetics Asset Management LLC's latest 13F, for Q2 2026 and filed Aug 11, 2026, lists 350 positions worth $8.8B. The largest are Texas Pacific Land Corporati (TPL) at 48.6%, Grayscale Bitcoin Trust ETF (GBTC) at 6.3%, Landbridge Company LLC (LB) at 5.2%, Hawaiian Elec Inds Inc Mtn B (HE) at 3.4% and Miami Intl Hldgs Inc (MIAX) at 3.3%.

What did Horizon Kinetics Asset Management LLC buy last quarter?

In Q2 2026, Horizon Kinetics Asset Management LLC added Miami Intl Hldgs Inc (MIAX) (+127.2% shares), Grayscale Bitcoin Mini Tr Et (BTC) (+102.0% shares) and Vanguard Bd Index Fds (VUSB) (+36.0% shares), compared with its Q1 2026 filing.

What did Horizon Kinetics Asset Management LLC sell last quarter?

In Q2 2026, Horizon Kinetics Asset Management LLC cut from its top 50 Carnival Corp (CUK), cut from its top 50 Digitalbridge Group Inc (DBRG), cut from its top 50 Howard Hughes Holdings Inc (HHH), cut from its top 50 Royal Gold Inc (RGLD), cut from its top 50 Mastercard Inc. (MA), Live Nation Entertainment in (LYV) (-35.7% shares), Royal Caribbean Group (RCL) (-23.8% shares) and Oshkosh Corp (OSK) (-23.3% shares), compared with its Q1 2026 filing.

How has Horizon Kinetics Asset Management LLC's portfolio performed?

A portfolio copying Horizon Kinetics Asset Management LLC's 20 largest 13F holdings each quarter, from the day each filing was public, returned +21.8% a year over the last 3 years, against +20.4% for the S&P 500. Over 1 year: +9.4% against +20.1%. Over 5 years: +16.6% a year against +11.6%.

When is Horizon Kinetics Asset Management LLC's next 13F filing due?

13F filings are due 45 days after each quarter ends. Horizon Kinetics Asset Management LLC's filing for the quarter ending Sep 30, 2026 is due by Nov 14, 2026; this page updates the day after it is published.

How much money does Horizon Kinetics Asset Management LLC manage?

Horizon Kinetics Asset Management LLC reported $9.6B of regulatory assets under management on its latest SEC Form ADV. Its 13F, which covers only US-listed stocks and options, totals $8.8B.