HORIZON KINETICS ASSET MANAGEMENT LLC
Long book
$9.23B
Q1 2026
Positions
351
Top-10 weight
78%
concentration
Last quarter
-9.0%
SPY +14.8%
Turnover
16%
of book per quarter
Strategy in plain words
auto-generated from filingsHORIZON KINETICS ASSET MANAGEMENT LLC is an institutional manager, specialised in financials (77% of the long book), running a $9.23B US long book across 351 positions.
The portfolio is extremely concentrated — the top 10 positions are almost the whole book. Turnover is modest: positions are typically held for years. Current anchor positions: TEXAS PACIFIC LAND CORP, GRAYSCALE BITCOIN TRUST ETF, LANDBRIDGE CO LLC-A, HAWAIIAN ELECTRIC INDS, WHEATON PRECIOUS METALS CORP.
Over the last 9 quarters its long book ran on average 2pp per quarter ahead of the S&P 500, beating the index in 5 of 9 quarters. Signal value of individual moves is limited — treat changes as weak evidence.
Implied long-book return vs S&P 500
methodology: positions priced quarterly, no shorts/options Fund long book S&P 500
Q1 2024
+7.8%
Q2 2024
+16.8%
Q3 2024
+19.9%
Q4 2024
+9.9%
Q1 2025
-5.3%
Q2 2025
-1.8%
Q3 2025
-8.1%
Q4 2025
+28.5%
Q1 2026
-9.0%
Sector allocation
Financials 74%
Materials 7%
Utilities 6%
Energy 4%
Real estate 2%
Services media 2%
Technology 1%
Industrials 1%
Long book by quarter
What does HORIZON KINETICS own?
Q1 2026 13F| Company | Sector | Shares | Value | % of book | Change |
|---|---|---|---|---|---|
| TPL TEXAS PACIFIC LAND CORP | Financials | 10.0M | $4.75B | 51.5% | -3.1% |
| LB LANDBRIDGE CO LLC-A | Financials | 5.7M | $390.6M | 4.2% | +0.3% |
| HE HAWAIIAN ELECTRIC INDS | Utilities | 21.6M | $321.1M | 3.5% | +11.6% |
| WPM WHEATON PRECIOUS METALS CORP | Materials | 1.8M | $230.8M | 2.5% | -29.4% |
| WBI WATERBRIDGE INFRASTRUC-CL A | Energy | 7.3M | $196.7M | 2.1% | +7.4% |
| FNV FRANCO-NEVADA CORP | Materials | 757.3K | $187.1M | 2.0% | -21.8% |
| MIAX MIAMI INTERNATIONAL HOLDINGS | Financials | 3.5M | $134.3M | 1.5% | +89.7% |
| ICE INTERCONTINENTAL EXCHANGE IN | Financials | 838.9K | $131.9M | 1.4% | +1.0% |
| LNG CHENIERE ENERGY INC | Utilities | 420.3K | $119.3M | 1.3% | -9.3% |
| CBOE CBOE GLOBAL MARKETS INC | Financials | 410.1K | $115.3M | 1.2% | +0.4% |
| CACI CACI INTERNATIONAL INC -CL A | Technology | 154.6K | $84.1M | 0.9% | -2.5% |
| CME CME GROUP INC | Financials | 270.3K | $79.8M | 0.9% | -1.9% |
| VNOM VIPER ENERGY INC-CL A | Energy | 1.7M | $78.1M | 0.8% | -3.0% |
| CCJ CAMECO CORP | Materials | 651.8K | $70.8M | 0.8% | -3.3% |
| OR OR ROYALTIES INC | Materials | 1.8M | $66.7M | 0.7% | -3.4% |
| BN BROOKFIELD CORP | Real estate | 1.6M | $63.6M | 0.7% | -0.7% |
| CVEO CIVEO CORP | Services media | 2.4M | $62.2M | 0.7% | -4.0% |
| AN AUTONATION INC | Consumer discretionary | 225.1K | $43.9M | 0.5% | -12.3% |
| BG BUNGE GLOBAL SA | Consumer staples | 336.9K | $42.9M | 0.5% | -3.5% |
| TRC TEJON RANCH CO | Real estate | 1.9M | $35.8M | 0.4% | -0.5% |
| HKHC HORIZON KINETICS HOLDING COR | Financials | 1.1M | $35.5M | 0.4% | 0.0% |
| JOE ST JOE CO/THE | Real estate | 542.6K | $34.1M | 0.4% | -2.2% |
| SII SPROTT INC | Financials | 207.0K | $29.6M | 0.3% | -3.6% |
| WTM WHITE MOUNTAINS INSURANCE GP | Financials | 13.1K | $28.8M | 0.3% | -0.1% |
| MRSH MARSH & MCLENNAN COS | Financials | 151.3K | $26.3M | 0.3% | -3.4% |
| CCL CARNIVAL CORP LTD | Industrials | 957.7K | $24.8M | 0.3% | 0.0% |
| LYV LIVE NATION ENTERTAINMENT IN | Services media | 157.2K | $24.0M | 0.3% | -7.5% |
| DMLP DORCHESTER MINERALS LP | Energy | 860.2K | $23.3M | 0.3% | -1.8% |
| GLXY GALAXY DIGITAL INC-A | Financials | 1.3M | $23.1M | 0.3% | +0.1% |
| PAG PENSKE AUTOMOTIVE GROUP INC | Consumer discretionary | 142.5K | $21.3M | 0.2% | -16.1% |
| BRK/B BERKSHIRE HATHAWAY INC-CL B | Financials | 38.0K | $18.2M | 0.2% | +0.1% |
| RBA RB GLOBAL INC | Services media | 186.7K | $17.9M | 0.2% | +73.5% |
| MSTR STRATEGY INC | Financials | 139.3K | $17.4M | 0.2% | -0.1% |
| OSK OSHKOSH CORP | Industrials | 115.8K | $17.0M | 0.2% | -0.3% |
| RPRX ROYALTY PHARMA PLC- CL A | Healthcare | 340.8K | $16.3M | 0.2% | -3.6% |
| DBRG DIGITALBRIDGE GROUP INC | Financials | 939.4K | $14.5M | 0.2% | -69.2% |
| TFPM TRIPLE FLAG PRECIOUS MET | Financials | 413.4K | $14.4M | 0.2% | -2.8% |
| RCL ROYAL CARIBBEAN CRUISES LTD | Industrials | 51.7K | $14.2M | 0.2% | -2.0% |
| IPAR INTERPARFUMS INC | Other | 138.3K | $12.6M | 0.1% | -0.2% |
| HHH HOWARD HUGHES HOLDINGS INC | Real estate | 196.4K | $12.4M | 0.1% | -33.0% |
| RGLD ROYAL GOLD INC | Financials | 47.1K | $12.0M | 0.1% | -50.3% |
| WMB WILLIAMS COS INC | Utilities | 138.3K | $10.1M | 0.1% | +0.7% |
| MA MASTERCARD INC - A | Services media | 19.5K | $9.8M | 0.1% | -0.3% |
| BAM BROOKFIELD ASSET MGMT-A | Financials | 189.6K | $8.4M | 0.1% | -0.5% |
| LBRT LIBERTY ENERGY INC | Energy | 288.2K | $8.3M | 0.1% | -15.9% |
| AB ALLIANCEBERNSTEIN HOLDING LP | Financials | 217.4K | $8.1M | 0.1% | +12.2% |
| ET ENERGY TRANSFER LP | Utilities | 398.7K | $7.7M | 0.1% | +10.9% |
| MSGS MADISON SQUARE GARDEN SPORTS | Services media | 23.3K | $7.5M | 0.1% | 0.0% |
| NRP NATURAL RESOURCE PARTNERS LP | Materials | 57.9K | $7.0M | 0.1% | +132.7% |
| WES WESTERN MIDSTREAM PARTNERS L | Utilities | 169.7K | $7.0M | 0.1% | +26.6% |
13F filing history
| Period | Form | Filed | Entries | Reported value | Flags | Source |
|---|---|---|---|---|---|---|
| Q1 2026 | 13F-HR | May 15, 2026 | 353 | $9.23B | canonical | SEC ↗ |
| Q4 2025 | 13F-HR | Feb 11, 2026 | 324 | $7.39B | canonical | SEC ↗ |
| Q3 2025 | 13F-HR | Nov 14, 2025 | 336 | $8.20B | canonical | SEC ↗ |
| Q2 2025 | 13F-HR | Aug 12, 2025 | 352 | $8.43B | canonical | SEC ↗ |
| Q1 2025 | 13F-HR | May 15, 2025 | 347 | $8.81B | canonical | SEC ↗ |
| Q4 2024 | 13F-HR | Feb 10, 2025 | 349 | $8.03B | canonical | SEC ↗ |
| Q3 2024 | 13F-HR | Nov 13, 2024 | 346 | $6.68B | canonical | SEC ↗ |
| Q2 2024 | 13F-HR | Aug 14, 2024 | 324 | $5.72B | canonical | SEC ↗ |
| Q1 2024 | 13F-HR | May 14, 2024 | 323 | $5.29B | canonical | SEC ↗ |