Horizon Kinetics Asset Management LLC
In its 13F for Q1 2024 (holdings as of March 31, 2024, filed May 14, 2024), Horizon Kinetics Asset Management LLC reported 316 stock positions worth $5.2 billion. Its top holding was Texas Pacific Land (TPL) at 41.9% of the portfolio, followed by Grayscale Bitcoin Trust ETF (GBTC, 18.2%) and Caci International Class A (CACI, 2.7%). Compared with Q4 2023, it opened 8 new positions, sold out of 11, added to 54 and reduced 155. The biggest buy was a new position in iShares Bitcoin Trust ETF (IBIT) and the biggest sale Texas Pacific Land (TPL, shares −6%).
- Most Recent 13F
- Q2 2026
- Location
- NEW YORK, NY
- CIK
- 0001056823
- Portfolio Value
- $5.2B (Q1 2024)
- SEC Filing
- 0001056823-24-000013 ↗ filed May 14, 2024
Holdings Value
Holdings 316 stocks · $5.2B
| TPL Texas Pacific Land Corp. | 41.92% | 3,776,383 | $2.2B | Reduce -6.0% |
| GBTC Grayscale Bitcoin Trust ETF | 18.15% | 14,974,187 | $945.9M | Reduce -4.0% |
| CACI Caci International Inc. Class A | 2.70% | 371,135 | $140.6M | Reduce -5.7% |
| WPM Wheaton Precious Metals Corp. | 2.43% | 2,684,991 | $126.5M | Reduce -8.4% |
| FNV Franco-Nevada Corp. | 2.05% | 897,349 | $106.9M | Add +2.9% |
| ICE Intercontinental Exchange Inc. | 1.92% | 728,543 | $100.1M | Reduce -6.8% |
| CVEO Civeo Corp. | 1.71% | 3,318,946 | $89.1M | Reduce -11.1% |
| CBOE Cboe Global Markets Inc. | 1.43% | 406,607 | $74.7M | Add +0.2% |
| SAIC Science Applications Inte | 1.01% | 404,529 | $52.7M | Reduce -2.8% |
| BN Brookfield Corp. | 0.98% | 1,222,972 | $51.2M | Reduce -2.7% |
| AN Autonation Inc. | 0.93% | 293,116 | $48.5M | Reduce -2.6% |
| MSB Mesabi Trust | 0.88% | 2,600,998 | $46.0M | Reduce -10.9% |
| VNOM Viper Energy Inc. | 0.86% | 1,162,927 | $44.7M | Reduce -4.4% |
| CRL Charles River Laboratories | 0.83% | 159,211 | $43.1M | Reduce -12.8% |
| CME Cme Group Inc. | 0.82% | 199,400 | $42.9M | Reduce -0.7% |
| PBT Permian Basin Royalty Trust | 0.82% | 3,545,020 | $42.9M | Reduce -1.1% |
| LYV Live Nation Entertainment Inc. | 0.78% | 382,048 | $40.4M | Reduce -4.3% |
| ADM Archer-Daniels-Midland Co. | 0.75% | 621,284 | $39.0M | Reduce -7.6% |
| HHH Howard Hughes Holdings Inc. | 0.73% | 525,373 | $38.2M | Reduce -6.4% |
| ACGP Associated Capital Group - A | 0.65% | 1,040,388 | $34.0M | Reduce -8.9% |
| MSTR Strategy Inc. filed as MICROSTRATEGY INC | 0.62% | 18,968 | $32.3M | Reduce -4.9% |
| PAG Penske Automotive Group Inc. | 0.58% | 185,557 | $30.1M | Reduce -2.1% |
| DMLP Dorchester Minerals LP | 0.58% | 889,648 | $30.0M | Reduce -1.9% |
| JOE The St Joe Co. | 0.56% | 502,974 | $29.2M | Reduce -6.5% |
| IBIT iShares Bitcoin Trust ETF | 0.56% | 716,932 | $29.0M | New |
| BG Bunge Global SA | 0.51% | 258,966 | $26.5M | Reduce -7.1% |
| MRSH Marsh & McLennan Cos | 0.50% | 126,449 | $26.0M | Reduce -7.4% |
| SAND Sandstorm Gold Ltd. | 0.45% | 4,429,446 | $23.3M | Reduce -7.9% |
| BCHG Grayscale Bitcoin Cash Trust filed as BCHG | 0.44% | 1,379,860 | $23.0M | Add +0.1% |
| IPAR Interparfums Inc. | 0.43% | 158,657 | $22.3M | Reduce -0.1% |
| OR Osisko Gold Royalties Ltd. | 0.39% | 1,242,035 | $20.4M | Reduce -7.6% |
| WEN The Wendy's Co. | 0.39% | 1,065,402 | $20.1M | Reduce -5.8% |
| CCJ Cameco Corp. | 0.38% | 462,927 | $20.1M | Reduce -6.9% |
| BRK.B Berkshire Hathaway Inc. Class B | 0.37% | 45,496 | $19.1M | Reduce -2.4% |
| WFG West Fraser Timber Co. Ltd. | 0.35% | 211,481 | $18.3M | Reduce -21.6% |
| CCL Carnival Corp. | 0.34% | 1,098,718 | $18.0M | Reduce -3.6% |
| LTCN Grayscale Litecoin Trust | 0.34% | 460,460 | $17.8M | Reduce -1.4% |
| OSK Oshkosh Corp. | 0.33% | 136,150 | $17.0M | Add +0.1% |
| STR Sitio Royalties Corp. Class A | 0.32% | 682,761 | $16.9M | Reduce -24.7% |
| BAM Brookfield Asset Mgmt-A | 0.30% | 370,592 | $15.6M | Reduce -4.2% |
| NTR Nutrien Ltd. | 0.29% | 277,798 | $15.1M | Reduce -4.2% |
| TRC Tejon Ranch Co. | 0.28% | 937,324 | $14.4M | Reduce -13.6% |
| VUSB Vanguard Ultra Short Bond Et | 0.26% | 275,546 | $13.7M | Reduce -5.5% |
| FWONK Liberty Media Corp. Class C | 0.24% | 193,021 | $12.7M | Reduce -3.9% |
| VGSH Vanguard Short-Term Treasury | 0.24% | 216,450 | $12.6M | Reduce -2.1% |
| EXP Eagle Materials Inc. | 0.22% | 42,345 | $11.5M | Add +110.4% |
| RGLD Royal Gold Inc. | 0.21% | 89,659 | $10.9M | Reduce -29.9% |
| SPAQ Horizon Kinetics Spac Active | 0.21% | 109,284 | $10.7M | Reduce -1.0% |
| MA Mastercard Inc. Class A | 0.20% | 21,239 | $10.2M | Reduce -2.8% |
| RBA RB Global Inc. | 0.17% | 116,100 | $8.8M | Add +25.5% |
| FWONA Liberty Media Corp. Class A | 0.16% | 138,374 | $8.1M | Reduce -3.8% |
| ELS Equity Lifestyle Properties | 0.15% | 125,279 | $8.1M | Reduce -9.7% |
| SPGI S&P Global Inc. | 0.15% | 18,806 | $8.0M | Reduce -9.5% |
| RCL Royal Caribbean Cruises Ltd. | 0.15% | 55,776 | $7.8M | Reduce -0.6% |
| NDAQ Nasdaq Inc. | 0.13% | 104,059 | $6.6M | Reduce -1.0% |
| RPRX Royalty Pharma PLC Class A | 0.12% | 200,288 | $6.1M | Reduce -7.6% |
| BUR Burford Capital Ltd. | 0.11% | 368,542 | $5.9M | Add +0.3% |
| MSGS Madison Square Garden Sports | 0.11% | 30,698 | $5.7M | Reduce -3.4% |
| WMB Williams Cos Inc. | 0.11% | 144,011 | $5.6M | Reduce -0.1% |
| LBRDK Liberty Broadband-C | 0.11% | 96,255 | $5.5M | Reduce -4.4% |
| SBR Sabine Royalty Trust | 0.10% | 85,889 | $5.5M | Add +147.8% |
| TPH Tri Pointe Homes Inc. | 0.10% | 139,812 | $5.4M | Add +55.7% |
| SII Sprott Inc. | 0.10% | 145,103 | $5.4M | Reduce -7.1% |
| XOM Exxon Mobil Corp. | 0.10% | 45,484 | $5.3M | No change |
| PTEN Patterson-Uti Energy Inc. | 0.09% | 400,712 | $4.8M | Reduce -0.1% |
| FCX Freeport-McMoran Inc. | 0.09% | 101,692 | $4.8M | Reduce -1.8% |
| SJT San Juan Basin Royalty TR | 0.09% | 862,424 | $4.6M | Add +567.0% |
| ABBV Abbvie Inc. | 0.08% | 24,017 | $4.4M | Reduce -0.1% |
| LBRT Liberty Energy Inc. | 0.08% | 205,194 | $4.3M | Add +835.0% |
| MKL Markel Group Inc. | 0.07% | 2,553 | $3.9M | Reduce -2.0% |
| XNEAX Nuveen Amt-FR QLTY Muni Inc. | 0.07% | 338,936 | $3.8M | Reduce -20.0% |
| LLY Eli Lilly & Co. | 0.07% | 4,757 | $3.7M | Add +0.0% |
| XES SS SPDR S&P Og Eqp & Serv | 0.07% | 38,875 | $3.6M | Reduce -18.6% |
| MSFT Microsoft Corp. | 0.07% | 8,523 | $3.6M | Reduce -5.7% |
| BAKKT HOLDINGS INC | 0.07% | 7,766,695 | $3.6M | Add +737.8% |
| MRK Merck & Co. Inc. | 0.07% | 25,961 | $3.4M | Reduce -2.2% |
| PCH Potlatchdeltic Corp. | 0.06% | 70,670 | $3.3M | Reduce -14.8% |
| LSXMK Liberty Media Corp.-Liber-New | 0.06% | 110,904 | $3.3M | Reduce -9.6% |
| RYN Rayonier Inc. | 0.05% | 83,009 | $2.8M | Reduce -29.9% |
| ET Energy Transfer LP | 0.05% | 174,596 | $2.7M | Reduce -3.0% |
| KLAC KLA Corp. | 0.05% | 3,907 | $2.7M | Reduce -3.2% |
| INFL Horizon Kinetics Infl Benef | 0.05% | 83,715 | $2.7M | Reduce -1.6% |
| JNJ Johnson & Johnson | 0.05% | 17,180 | $2.7M | Add +0.3% |
| LVS Las Vegas Sands Corp. | 0.05% | 52,309 | $2.7M | Reduce -1.0% |
| BSM Black Stone Minerals LP | 0.05% | 167,838 | $2.7M | No change |
| CMRE Costamare Inc. | 0.05% | 230,600 | $2.6M | Reduce -1.4% |
| AMLP Alerian MLP ETF | 0.05% | 53,106 | $2.5M | Reduce -47.8% |
| CAT Caterpillar Inc. | 0.05% | 6,673 | $2.4M | Reduce -4.1% |
| SPHR Sphere Entertainment Co. | 0.05% | 49,299 | $2.4M | Add +0.1% |
| BMY Bristol-Myers Squibb Co. | 0.05% | 43,488 | $2.4M | Add +2.2% |
| FNF Fidelity National Financial | 0.04% | 42,971 | $2.3M | Reduce -2.0% |
| DHR Danaher Corp. | 0.04% | 9,071 | $2.3M | Reduce -2.1% |
| CVX Chevron Corp. | 0.04% | 14,083 | $2.2M | Reduce -0.7% |
| EPD Enterprise Products Partners | 0.04% | 75,647 | $2.2M | Reduce -25.3% |
| SU Suncor Energy Inc. | 0.04% | 59,144 | $2.2M | Reduce -2.0% |
| BCDF Horizon Kin Blockchain Dev | 0.04% | 86,536 | $2.2M | Add +15.7% |
| BATRK Atlanta Braves Holdings in-C | 0.04% | 53,953 | $2.1M | Reduce -4.9% |
| PM Philip Morris International | 0.04% | 22,864 | $2.1M | No change |
| PFN PIMCO Income Strategy FD II | 0.04% | 279,734 | $2.1M | No change |
| LHX L3HARRIS Technologies Inc. | 0.04% | 9,764 | $2.1M | Reduce -1.0% |
Options reported separately and not counted above: BARCLAYS BANK PLC calls ($1.3M), PROSHARES VIX SHORT-TERM FUT calls ($583K), DIREXION SHS ETF TR calls ($370K), DIREXION SHS ETF TR calls ($260K), PROSHARES TR II calls ($192K).
Other holdings (2): bonds, preferreds, convertibles and warrants · $74.4M (not counted above)
Total filed on the 13F, all lines: $5.3B.
Portfolio Sells Q4 2023 → Q1 2024
| TPL Texas Pacific Land Corp. | Reduce -6.0% | 41.92% | −2.99 |
| WPM Wheaton Precious Metals Corp. | Reduce -8.4% | 2.43% | −0.66 |
| MSB Mesabi Trust | Reduce -10.9% | 0.88% | −0.39 |
| HHH Howard Hughes Holdings Inc. | Reduce -6.4% | 0.73% | −0.29 |
| ADM Archer-Daniels-Midland Co. | Reduce -7.6% | 0.75% | −0.29 |
| BA The Boeing Co. | Reduce -87.5% | 0.03% | −0.28 |
| PBT Permian Basin Royalty Trust | Reduce -1.1% | 0.82% | −0.24 |
| ICE Intercontinental Exchange Inc. | Reduce -6.8% | 1.92% | −0.22 |
| ACGP Associated Capital Group - A | Reduce -8.9% | 0.65% | −0.22 |
| WFG West Fraser Timber Co. Ltd. | Reduce -21.6% | 0.35% | −0.14 |
| JOE The St Joe Co. | Reduce -6.5% | 0.56% | −0.13 |
| STR Sitio Royalties Corp. Class A | Reduce -24.7% | 0.32% | −0.13 |
| TRC Tejon Ranch Co. | Reduce -13.6% | 0.28% | −0.12 |
| RGLD Royal Gold Inc. | Reduce -29.9% | 0.21% | −0.12 |
| CVEO Civeo Corp. | Reduce -11.1% | 1.71% | −0.11 |
| CCL Carnival Corp. | Reduce -3.6% | 0.34% | −0.11 |
| CRL Charles River Laboratories | Reduce -12.8% | 0.83% | −0.09 |
| BN Brookfield Corp. | Reduce -2.7% | 0.98% | −0.09 |
| SAIC Science Applications Inte | Reduce -2.8% | 1.01% | −0.09 |
| BG Bunge Global SA | Reduce -7.1% | 0.51% | −0.09 |
| WEN The Wendy's Co. | Reduce -5.8% | 0.39% | −0.08 |
| CME Cme Group Inc. | Reduce -0.7% | 0.82% | −0.08 |
| CCJ Cameco Corp. | Reduce -6.9% | 0.38% | −0.07 |
| PAG Penske Automotive Group Inc. | Reduce -2.1% | 0.58% | −0.07 |
| SAND Sandstorm Gold Ltd. | Reduce -7.9% | 0.45% | −0.07 |
| LBRDK Liberty Broadband-C | Reduce -4.4% | 0.11% | −0.07 |
| IPAR Interparfums Inc. | Reduce -0.1% | 0.43% | −0.06 |
| NTR Nutrien Ltd. | Reduce -4.2% | 0.29% | −0.06 |
| ELS Equity Lifestyle Properties | Reduce -9.7% | 0.15% | −0.05 |
| MRSH Marsh & McLennan Cos | Reduce -7.4% | 0.50% | −0.05 |
| VUSB Vanguard Ultra Short Bond Et | Reduce -5.5% | 0.26% | −0.05 |
| AMLP Alerian MLP ETF | Reduce -47.8% | 0.05% | −0.04 |
| SPGI S&P Global Inc. | Reduce -9.5% | 0.15% | −0.04 |
| DMLP Dorchester Minerals LP | Reduce -1.9% | 0.58% | −0.04 |
| VGSH Vanguard Short-Term Treasury | Reduce -2.1% | 0.24% | −0.03 |
| BAM Brookfield Asset Mgmt-A | Reduce -4.2% | 0.30% | −0.03 |
| AN Autonation Inc. | Reduce -2.6% | 0.93% | −0.03 |
| RYN Rayonier Inc. | Reduce -29.9% | 0.05% | −0.03 |
| FWONK Liberty Media Corp. Class C | Reduce -3.9% | 0.24% | −0.03 |
| XNEAX Nuveen Amt-FR QLTY Muni Inc. | Reduce -20.0% | 0.07% | −0.03 |
| KMI Kinder Morgan Inc. | Reduce -38.4% | 0.04% | −0.03 |
| SPAQ Horizon Kinetics Spac Active | Reduce -1.0% | 0.21% | −0.02 |
| PCH Potlatchdeltic Corp. | Reduce -14.8% | 0.06% | −0.02 |
| FWONA Liberty Media Corp. Class A | Reduce -3.8% | 0.16% | −0.02 |
| LYV Live Nation Entertainment Inc. | Reduce -4.3% | 0.78% | −0.02 |
| CACI Caci International Inc. Class A | Reduce -5.7% | 2.70% | −0.02 |
| VXF Vanguard Extended Market ETF | Reduce -50.3% | 0.02% | −0.02 |
| OR Osisko Gold Royalties Ltd. | Reduce -7.6% | 0.39% | −0.02 |
| XES SS SPDR S&P Og Eqp & Serv | Reduce -18.6% | 0.07% | −0.02 |
| JPST JPMorgan Ultra-Short Income | Reduce -78.3% | 0.00% | −0.02 |
Portfolio Buys Q4 2023 → Q1 2024
| IBIT iShares Bitcoin Trust ETF | New | 0.56% | +0.56 |
| BCHG Grayscale Bitcoin Cash Trust | Add +0.1% | 0.44% | +0.32 |
| EXP Eagle Materials Inc. | Add +110.4% | 0.22% | +0.13 |
| SJT San Juan Basin Royalty TR | Add +567.0% | 0.09% | +0.07 |
| LBRT Liberty Energy Inc. | Add +835.0% | 0.08% | +0.07 |
| SBR Sabine Royalty Trust | Add +147.8% | 0.10% | +0.05 |
| RBA RB Global Inc. | Add +25.5% | 0.17% | +0.04 |
| TPH Tri Pointe Homes Inc. | Add +55.7% | 0.10% | +0.04 |
| BAKKT HOLDINGS INC | Add +737.8% | 0.07% | +0.02 |
| LLY Eli Lilly & Co. | Add +0.0% | 0.07% | +0.01 |
| OSK Oshkosh Corp. | Add +0.1% | 0.33% | +0.01 |
| SPHR Sphere Entertainment Co. | Add +0.1% | 0.05% | +0.01 |
| JPM JPMorgan Chase & Co. | Add +75.9% | 0.02% | +0.01 |
| WT Wisdomtree Inc. | Add +2.5% | 0.04% | +0.01 |
| ETCG Grayscale Ethereum Classic T | Add +14.4% | 0.02% | +0.01 |
| PROSHARES TR | New | 0.00% | +0.00 |
| TQQQ Proshares Ultrapro QQQ | New | 0.00% | +0.00 |
| NFLX Netflix Inc. | New | 0.00% | +0.00 |
| PBH Prestige Consumer Healthcare | New | 0.00% | +0.00 |
| D Dominion Energy Inc. | New | 0.00% | +0.00 |
| AMZN Amazon.com Inc. | New | 0.00% | +0.00 |
| IWC iShares Micro-Cap ETF | New | 0.00% | +0.00 |
| FIS Fidelity National Info Serv | Add +0.8% | 0.03% | +0.00 |
| BCDF Horizon Kin Blockchain Dev | Add +15.7% | 0.04% | +0.00 |
| MMM 3M Co. | Add +41.4% | 0.01% | +0.00 |
| TW Tradeweb Markets Inc. Class A | Add +36.3% | 0.01% | +0.00 |
| OPLN Openlane Inc. | Add +0.0% | 0.04% | +0.00 |
| SBLK Star Bulk Carriers Corp. | Add +5.9% | 0.02% | +0.00 |
| RTX RTX Corp. | Add +0.4% | 0.02% | +0.00 |
| XMQTX BlackRock Muniyield QLTY II | Add +23.4% | 0.01% | +0.00 |
| ETHE Grayscale Ethereum Staking E | Add +0.1% | 0.00% | +0.00 |
| KYN Kayne Anderson Energy Infra | Add +0.1% | 0.00% | +0.00 |
| REGN Regeneron Pharmaceuticals | Add +0.1% | 0.01% | −0.00 |
| KHC The Kraft Heinz Co. | Add +6.5% | 0.01% | −0.00 |
| NVG Nuveen Amt-FR Muni CRDT | Add +0.6% | 0.00% | −0.00 |
| KO The Coca-Cola Co. | Add +1.8% | 0.01% | −0.00 |
| DOW Dow Inc. | Add +0.1% | 0.01% | −0.00 |
| PFE Pfizer Inc. | Add +13.9% | 0.03% | −0.00 |
| APLD Applied Digital Corp. | Add +36.4% | 0.00% | −0.00 |
| MHD BlackRock Muniholdings Fund | Add +7.9% | 0.03% | −0.00 |
| CNS Cohen & Steers Inc. | Add +1.1% | 0.01% | −0.00 |
| MKTX Marketaxess Holdings Inc. | Add +33.7% | 0.00% | −0.00 |
| AMT American Tower Corp. | Add +10.0% | 0.01% | −0.00 |
| AWK American Water Works Co. Inc. | Add +4.7% | 0.00% | −0.00 |
| SVXY Proshares Short Vix St Futur | Add +98.0% | 0.03% | −0.00 |
| ASTL Algoma Steel Group Inc. | Add +0.4% | 0.00% | −0.00 |
| DSL Doubleline Income Solutions | Add +1.4% | 0.02% | −0.00 |
| LSXMA Liberty Media Corp. Class A New | Add +0.3% | 0.01% | −0.00 |
| BMY Bristol-Myers Squibb Co. | Add +2.2% | 0.05% | −0.00 |
| AWR American States Water Co. | Add +1.1% | 0.01% | −0.00 |
Options Activity Q4 2023 → Q1 2024
| DIREXION SHS ETF TR | call | Add +25.0% | 18,500 | $370K |
| DIREXION SHS ETF TR | call | Add +20.6% | 21,700 | $260K |
Calls and puts are listed by the shares they cover; their value is not part of the stock holdings above.
Notes & Other Activity Q4 2023 → Q1 2024
| LNG Cheniere Energy Inc. | COM NEW · principal | Reduce -7.6% | 458,556 | $74.0M |
| C Citigroup Inc. | COM NEW · principal | New | 6,461 | $409K |
Bonds, preferreds, convertibles and warrants; not part of the stock holdings or percentages above.
All Filings
| Quarter | Positions | 13F Reported Value | Top Holdings |
|---|---|---|---|
| Q2 2026 | 348 | $8.8B | TPL, GBTC, LB, HE, MIAX |
| Q1 2026 | 350 | $9.2B | TPL, GBTC, LB, HE, WPM |
| Q4 2025 | 322 | $7.4B | TPL, GBTC, WPM, LB, HE |
| Q3 2025 | 334 | $8.2B | TPL, GBTC, WPM, LB, FNV |
| Q2 2025 | 349 | $8.4B | TPL, GBTC, LB, WPM, HE |
| Q1 2025 | 341 | $8.7B | TPL, GBTC, LB, WPM, FNV |
| Q4 2024 | 344 | $7.9B | TPL, GBTC, LB, WPM, CACI |
| Q3 2024 | 343 | $6.6B | TPL, GBTC, LB, CACI, WPM |
| Q2 2024 | 319 | $5.6B | TPL, GBTC, CACI, WPM, LB |
| Q1 2024 | 316 | $5.2B | TPL, GBTC, CACI, WPM, FNV |