1y return+8.2%S&P 500 +20.9%
3y return+120.0%S&P 500 +68.5%
5y return+104.3%S&P 500 +74.5%
These returns are for its stock picks as disclosed on Form 13F: last quarter's holdings, valued at this quarter's prices. They miss trades within each quarter, short positions, options, bonds, cash and fees, so they aren't the returns its clients got.
$100 invested in its stock picks
Since March 31, 2019: $330 against $264 in the S&P 500.2
Horizon Kinetics Asset Management LLCS&P 500 (SPY)
Top holdings
At the end of June 30, 2026. Change is in shares since the quarter before.2
| Stock | Value | Share of portfolio | Change |
|---|---|---|---|
| TPLTexas Pacific Land Corporati | $4.3B | 48.6% | −2.1% |
| GBTCGrayscale Bitcoin Trust Etf | $552.6M | 6.3% | −13.3% |
| LBLandbridge Company LLC | $461.3M | 5.2% | +2.9% |
| HEHawaiian Elec Inds Inc Mtn B | $303.0M | 3.4% | +3.5% |
| MIAXMiami Intl Hldgs Inc | $291.4M | 3.3% | +127.2% |
| WBIWaterbridge Infrastructure L | $262.2M | 3.0% | +4.2% |
| WPMWheaton Precious Metals Corp | $189.5M | 2.1% | −4.2% |
| PBTPermian Basin Rty Tr | $168.5M | 1.9% | +5.5% |
| FNVFranco Nev Corp | $161.2M | 1.8% | +2.1% |
| BTCGrayscale Bitcoin Mini Tr Et | $157.5M | 1.8% | +102.0% |
| ICEIntercontinental Exchange In | $121.2M | 1.4% | +17.4% |
| CBOECboe Global Mkts Inc | $100.6M | 1.1% | +1.1% |
| LNGCheniere Energy Inc | $96.1M | 1.1% | −4.4% |
| MSBMesabi Tr | $81.5M | 0.9% | +2.5% |
| CVEOCiveo Corp Cda | $80.2M | 0.9% | −2.6% |
| CACICaci Intl Inc | $71.2M | 0.8% | |
| CCJCameco Corp | $71.1M | 0.8% | +7.0% |
| VNOMViper Energy Inc | $70.1M | 0.8% | |
| BNBrookfield Corp | $67.6M | 0.8% | |
| CMECme Group Inc | $62.7M | 0.7% | +5.0% |
| OROr Royalties Inc. | $60.6M | 0.7% | +9.2% |
| WHKWhitehawk Minerals Corp | $43.2M | 0.5% | New |
| ANAutonation Inc | $39.6M | 0.4% | −5.4% |
| TRCTejon Ranch Co | $37.6M | 0.4% | +5.7% |
| JOESt Joe Co | $37.1M | 0.4% | +9.2% |
Best picks still held
How each current holding has done since the quarter it first appeared in its filings (up to six years back).
| Stock | Held since | Return since | Now worth |
|---|---|---|---|
| PBTPermian Basin Rty Tr | June 30, 2020 | +658.9% | $168.5M |
| GBTCGrayscale Bitcoin Trust Etf | December 31, 2022 | +455.1% | $552.6M |
| ANAutonation Inc | June 30, 2020 | +394.4% | $39.6M |
| PAGPenske Automotive Grp Inc | June 30, 2020 | +362.3% | $24.9M |
| LBLandbridge Company LLC | June 30, 2024 | +242.3% | $461.3M |
| CCJCameco Corp | June 30, 2023 | +225.1% | $71.1M |
| BRK/BBerkshire Hathaway Inc Del | June 30, 2020 | +180.3% | $18.6M |
| CBOECboe Global Mkts Inc | June 30, 2020 | +160.2% | $100.6M |
| WPMWheaton Precious Metals Corp | June 30, 2020 | +155.1% | $189.5M |
| CVEOCiveo Corp Cda | December 31, 2020 | +151.8% | $80.2M |
Sold off last quarter
- Carnival CorpCUSIP 143658300 was $24.8M
- BOXXEa Series Trust was $5.5M
- CMSGConsensus Mining & Seigniorage Corp Com was $4.3M
- Tri Pointe Homes IncCUSIP 87265H109 was $4.0M
- PTENPatterson-uti Energy Inc was $2.8M
- Honeywell Intl IncCUSIP 438516106 was $1.5M
- Sealed Air Corp NewCUSIP 81211K100 was $1.4M
- TQQQProshares Tr was $502K
- SQQQProshares Tr was $497K
- AWRAmer States Wtr Co was $331K
Quarter by quarter
| Quarter | Its picks | S&P 500 |
|---|---|---|
| June 30, 2026 | −6.0% | +14.8% |
| March 31, 2026 | +28.2% | −4.6% |
| December 31, 2025 | −8.5% | +2.4% |
| September 30, 2025 | −1.8% | +7.8% |
| June 30, 2025 | −5.4% | +10.5% |
| March 31, 2025 | +9.7% | −4.6% |
| December 31, 2024 | +19.7% | +2.1% |
| September 30, 2024 | +14.2% | +5.4% |
| June 30, 2024 | +7.5% | +4.0% |
| March 31, 2024 | +16.2% | +10.0% |
| December 31, 2023 | +0.4% | +11.2% |
| September 30, 2023 | +14.3% | −3.6% |
| June 30, 2023 | −8.9% | +8.3% |
| March 31, 2023 | −12.9% | +7.0% |
| December 31, 2022 | +21.2% | +7.1% |
| September 30, 2022 | +6.2% | −5.3% |
| June 30, 2022 | −4.5% | −16.5% |
| March 31, 2022 | +4.4% | −4.9% |
| December 31, 2021 | +5.0% | +10.7% |
| September 30, 2021 | −13.1% | +0.3% |
Sources
Every number on this page points here. Each one links to the public record.
- 1SEC EDGAR: Horizon Kinetics Asset Management LLC Form 13F filingshttps://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=1056823&type=13F-HR&dateb=&owner=include&count=40CIK 1056823
- 2SEC: 13F for the quarter ended June 30, 2026https://www.sec.gov/Archives/edgar/data/1056823/000139834426014047/Filed August 11, 2026 · accession 0001398344-26-014047