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HORIZON KINETICS ASSET MANAGEMENT LLC — 13F Holdings & Portfolio

CIK 1056823 · latest 13F-HR filed 2026-05-15

Backtest portfolio

HORIZON KINETICS ASSET MANAGEMENT LLC manages $9.23B in 13F-reported U.S. long-equity assets across 353 reported positions as of its 2026-03-31 13F-HR filing. Its largest disclosed positions are TPL (51.49%), GBTC (8.00%), LB (4.23%). Quarter over quarter (versus its 2025-12-31 filing) the fund opened 44 new positions, exited 15, added to 120, and trimmed 127.

AUM is the long-equity portion reported on Form 13F-HR. Excludes short positions, cash, foreign holdings, and non-13F assets. For informational purposes only — not investment advice.

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AUM

$9.23B

Long-equity book

Holdings

353

Distinct positions

Period

2026-03-31

Filed 2026-05-15

Q/Q Activity

+44 / −15 / ↑120 / ↓127

vs 2025-12-31

Firm Profile & Key People
Name Title / Status Ownership Type

Top Adds (vs prior quarter)

  • TEXAS PACIFIC LAND CORPORATI$1.78B +60.1%
  • LANDBRIDGE COMPANY LLC$114.2M +41.3%
  • HAWAIIAN ELEC INDS INC MTN B$82.5M +34.6%
  • WATERBRIDGE INFRASTRUCTURE L$59.9M +43.8%
  • MIAMI INTL HLDGS INC$53.6M +66.3%
Show all 120 →

Top Trims

  • GRAYSCALE BITCOIN TRUST ETF-$225.9M -23.4%
  • WHEATON PRECIOUS METALS CORP-$62.3M -21.2%
  • DIGITALBRIDGE GROUP INC-$32.2M -69.0%
  • GRAYSCALE BITCOIN MINI TR ET-$26.0M -22.4%
  • MESABI TR-$17.7M -15.2%
Show all 127 →

New Positions

  • EA SERIES TRUST$5.5M
  • CONSENSUS MINING & SEIGNIORAGE CORP COM$4.3M
  • PLAINS ALL AMERN PIPELINE L$2.0M
  • HUBBELL INC$1.7M
  • GENERAL MILLS INC$1.1M
Show all 44 →

Exited Positions

  • ASTRAZENECA PLC$1.0M
  • POTLATCHDELTIC CORPORATION$933.1K
  • TELEFONICA S A$822.4K
  • BLACKROCK MUNIVEST FD INC$645.0K
  • BLACKROCK MUNIHOLDINGS QUALI$606.1K
Show all 15 →
All Holdings

Rows tagged Call or Put are options positions, not stock. Per SEC Form 13F-HR, Value shows the notional value of the underlying (shares covered × underlying price), not the option premium. Shares is the number of underlying shares covered (divide by 100 for contract count).

# Issuer Symbol CUSIP Value Weight Shares Type
1 TEXAS PACIFIC LAND CORPORATI TPL 88262P102 $4.75B 51.49% 10,015,379 SH
2 GRAYSCALE BITCOIN TRUST ETF GBTC 389637109 $738.9M 8.00% 14,004,882 SH
3 LANDBRIDGE COMPANY LLC LB 514952100 $390.6M 4.23% 5,657,134 SH
4 HAWAIIAN ELEC INDS INC MTN B HE 419870100 $321.1M 3.48% 21,635,294 SH
5 WHEATON PRECIOUS METALS CORP WPM 962879102 $230.8M 2.50% 1,761,519 SH
6 WATERBRIDGE INFRASTRUCTURE L WBI 940923105 $196.7M 2.13% 7,342,147 SH
7 FRANCO NEV CORP FNV 351858105 $187.1M 2.03% 757,297 SH
8 PERMIAN BASIN RTY TR PBT 714236106 $137.3M 1.49% 6,379,692 SH
9 MIAMI INTL HLDGS INC MIAX 59356Q108 $134.3M 1.46% 3,451,549 SH
10 INTERCONTINENTAL EXCHANGE IN ICE 45866F104 $131.9M 1.43% 838,899 SH
11 CHENIERE ENERGY INC LNG 16411R208 $119.3M 1.29% 420,328 SH
12 CBOE GLOBAL MKTS INC CBOE 12503M108 $115.3M 1.25% 410,066 SH
13 MESABI TR MSB 590672101 $98.9M 1.07% 3,140,972 SH
14 GRAYSCALE BITCOIN MINI TR ET BTC 389930207 $90.1M 0.98% 3,004,416 SH
15 CACI INTL INC CACI 127190304 $84.1M 0.91% 154,648 SH
16 CME GROUP INC CME 12572Q105 $79.8M 0.86% 270,253 SH
17 VIPER ENERGY INC VNOM 64361Q101 $78.1M 0.85% 1,662,641 SH
18 CAMECO CORP CCJ 13321L108 $70.8M 0.77% 651,825 SH
19 OR ROYALTIES INC. OR 68390D106 $66.7M 0.72% 1,754,144 SH
20 BROOKFIELD CORP BN 11271J107 $63.6M 0.69% 1,571,936 SH
21 CIVEO CORP CDA CVEO 17878Y207 $62.2M 0.67% 2,352,353 SH
22 AUTONATION INC AN 05329W102 $43.9M 0.48% 225,053 SH
23 BUNGE GLOBAL SA BG H11356104 $42.9M 0.46% 336,944 SH
24 TEJON RANCH CO TRC 879080109 $35.8M 0.39% 1,902,606 SH
25 HORIZON KINETICS HLDG CORP COM HKHC 439913104 $35.5M 0.38% 1,075,416 SH
26 ST JOE CO JOE 790148100 $34.1M 0.37% 542,609 SH
27 SAN JUAN BASIN RTY TR SJT 798241105 $33.6M 0.36% 6,978,841 SH
28 ISHARES BITCOIN TRUST ETF IBIT 46438F101 $30.5M 0.33% 793,343 SH
29 SPROTT INC SII 852066208 $29.6M 0.32% 206,997 SH
30 WHITE MTNS INS GROUP LTD WTM G9618E107 $28.8M 0.31% 13,112 SH
31 MARSH & MCLENNAN COS INC MRSH 571748102 $26.3M 0.28% 151,341 SH
32 CARNIVAL CORP CCL 143658300 $24.8M 0.27% 957,653 SH
33 LIVE NATION ENTERTAINMENT IN LYV 538034109 $24.0M 0.26% 157,169 SH
34 DORCHESTER MINERALS L P DMLP 25820R105 $23.3M 0.25% 860,226 SH
35 GALAXY DIGITAL INC. GLXY 36317J209 $23.1M 0.25% 1,250,969 SH
36 PENSKE AUTOMOTIVE GRP INC PAG 70959W103 $21.3M 0.23% 142,507 SH
37 BERKSHIRE HATHAWAY INC DEL BRK.B 084670702 $18.2M 0.20% 38,033 SH
38 RB GLOBAL INC RBA 74935Q107 $17.9M 0.19% 186,731 SH
39 STRATEGY INC MSTR 594972408 $17.4M 0.19% 139,253 SH
40 OSHKOSH CORP OSK 688239201 $17.0M 0.18% 115,789 SH
41 VANGUARD BD INDEX FDS VUSB 92203C303 $16.9M 0.18% 339,054 SH
42 ROYALTY PHARMA PLC RPRX G7709Q104 $16.3M 0.18% 340,783 SH
43 DIGITALBRIDGE GROUP INC DBRG 25401T603 $14.5M 0.16% 939,380 SH
44 TRIPLE FLAG PRECIOUS METAL TFPM 89679M104 $14.4M 0.16% 413,430 SH
45 ROYAL CARIBBEAN GROUP RCL V7780T103 $14.2M 0.15% 51,698 SH
46 INTERPARFUMS INC IPAR 458334109 $12.6M 0.14% 138,333 SH
47 HOWARD HUGHES HOLDINGS INC HHH 44267T102 $12.4M 0.13% 196,410 SH
48 ROYAL GOLD INC RGLD 780287108 $12.0M 0.13% 47,142 SH
49 WILLIAMS COS INC WMB 969457100 $10.1M 0.11% 138,301 SH
50 MASTERCARD INCORPORATED MA 57636Q104 $9.8M 0.11% 19,516 SH
Filing History
Period Filed AUM Holdings Accession
2026-03-31 2026-05-15 $9.23B 353 0001398344-26-009239
2025-12-31 2026-02-11 $7.39B 324 0001056823-26-000007
2025-09-30 2025-11-14 $8.20B 336 0001056823-25-000029