Horizon Kinetics Asset Management LLC
In its 13F for Q2 2024 (holdings as of June 30, 2024, filed August 14, 2024), Horizon Kinetics Asset Management LLC reported 319 stock positions worth $5.6 billion. Its top holding was Texas Pacific Land (TPL) at 48.1% of the portfolio, followed by Grayscale Bitcoin Trust ETF (GBTC, 14.1%) and Caci International Class A (CACI, 2.8%). Compared with Q1 2024, it opened 12 new positions, sold out of 10, added to 73 and reduced 130. The biggest buy was a new position in Landbridge Co. LLC-A (LB) and the biggest sale Grayscale Bitcoin Trust ETF (GBTC, shares −0%).
- Most Recent 13F
- Q2 2026
- Location
- NEW YORK, NY
- CIK
- 0001056823
- Portfolio Value
- $5.6B (Q2 2024)
- SEC Filing
- 0001056823-24-000016 ↗ filed Aug 14, 2024
Holdings Value
Holdings 319 stocks · $5.6B
| TPL Texas Pacific Land Corp. | 48.11% | 3,694,427 | $2.7B | Reduce -2.2% |
| GBTC Grayscale Bitcoin Trust ETF | 14.09% | 14,917,448 | $794.2M | Reduce -0.4% |
| CACI Caci International Inc. Class A | 2.83% | 370,577 | $159.4M | Reduce -0.1% |
| WPM Wheaton Precious Metals Corp. | 2.57% | 2,761,508 | $144.8M | Add +2.9% |
| LB Landbridge Co. LLC-A | 1.93% | 4,705,899 | $108.9M | New |
| FNV Franco-Nevada Corp. | 1.93% | 918,602 | $108.9M | Add +2.4% |
| ICE Intercontinental Exchange Inc. | 1.81% | 743,788 | $101.8M | Add +2.1% |
| CVEO Civeo Corp. | 1.45% | 3,285,946 | $81.9M | Reduce -1.0% |
| CBOE Cboe Global Markets Inc. | 1.22% | 404,239 | $68.7M | Reduce -0.6% |
| VNOM Viper Energy Inc. | 0.88% | 1,320,385 | $49.6M | Add +13.5% |
| SAIC Science Applications Inte | 0.85% | 408,206 | $48.0M | Add +0.9% |
| BN Brookfield Corp. | 0.85% | 1,150,865 | $47.8M | Reduce -5.9% |
| AN Autonation Inc. | 0.82% | 291,709 | $46.5M | Reduce -0.5% |
| MSB Mesabi Trust | 0.80% | 2,622,206 | $45.2M | Add +0.8% |
| PBT Permian Basin Royalty Trust | 0.74% | 3,683,203 | $41.5M | Add +3.9% |
| ADM Archer-Daniels-Midland Co. | 0.72% | 674,410 | $40.8M | Add +8.6% |
| ACGP Associated Capital Group - A | 0.61% | 1,011,556 | $34.4M | Reduce -2.8% |
| LYV Live Nation Entertainment Inc. | 0.61% | 366,259 | $34.3M | Reduce -4.1% |
| CRL Charles River Laboratories | 0.59% | 160,381 | $33.1M | Add +0.7% |
| HHH Howard Hughes Holdings Inc. | 0.58% | 503,797 | $32.7M | Reduce -4.1% |
| BG Bunge Global SA | 0.55% | 287,838 | $30.7M | Add +11.2% |
| JOE The St Joe Co. | 0.52% | 531,305 | $29.1M | Add +5.6% |
| CME Cme Group Inc. | 0.49% | 140,612 | $27.6M | Reduce -29.5% |
| DMLP Dorchester Minerals LP | 0.49% | 891,683 | $27.5M | Add +0.2% |
| PAG Penske Automotive Group Inc. | 0.49% | 183,981 | $27.4M | Reduce -0.8% |
| MSTR Strategy Inc. filed as MICROSTRATEGY INC | 0.46% | 18,836 | $25.9M | Reduce -0.7% |
| CCJ Cameco Corp. | 0.45% | 519,228 | $25.5M | Add +12.2% |
| MRSH Marsh & McLennan Cos | 0.45% | 119,714 | $25.2M | Reduce -5.3% |
| IBIT iShares Bitcoin Trust ETF | 0.44% | 720,040 | $24.6M | Add +0.4% |
| OR Osisko Gold Royalties Ltd. | 0.39% | 1,394,479 | $21.7M | Add +12.3% |
| SAND Sandstorm Gold Ltd. | 0.38% | 3,985,694 | $21.7M | Reduce -10.0% |
| CCL Carnival Corp. | 0.36% | 1,091,749 | $20.4M | Reduce -0.6% |
| BRK.B Berkshire Hathaway Inc. Class B | 0.33% | 45,121 | $18.4M | Reduce -0.8% |
| STR Sitio Royalties Corp. Class A | 0.32% | 774,950 | $18.3M | Add +13.5% |
| WFG West Fraser Timber Co. Ltd. | 0.32% | 237,176 | $18.2M | Add +12.2% |
| IPAR Interparfums Inc. | 0.32% | 155,814 | $18.1M | Reduce -1.8% |
| WEN The Wendy's Co. | 0.30% | 1,001,832 | $17.0M | Reduce -6.0% |
| NTR Nutrien Ltd. | 0.28% | 309,102 | $15.7M | Add +11.3% |
| TRC Tejon Ranch Co. | 0.28% | 908,944 | $15.5M | Reduce -3.0% |
| VUSB Vanguard Ultra Short Bond Et | 0.26% | 300,704 | $14.9M | Add +9.1% |
| OSK Oshkosh Corp. | 0.26% | 136,460 | $14.8M | Add +0.2% |
| VGSH Vanguard Short-Term Treasury | 0.23% | 225,416 | $13.1M | Add +4.1% |
| SPAQ Horizon Kinetics Spac Active | 0.21% | 122,699 | $12.1M | Add +12.3% |
| RGLD Royal Gold Inc. | 0.20% | 88,988 | $11.1M | Reduce -0.8% |
| BAM Brookfield Asset Mgmt-A | 0.18% | 270,292 | $10.3M | Reduce -27.1% |
| BCHG Grayscale Bitcoin Cash Trust filed as BCHG | 0.17% | 953,437 | $9.8M | Reduce -30.9% |
| MA Mastercard Inc. Class A | 0.17% | 21,128 | $9.3M | Reduce -0.5% |
| RBA RB Global Inc. | 0.16% | 117,474 | $9.0M | Add +1.2% |
| RCL Royal Caribbean Cruises Ltd. | 0.16% | 56,172 | $9.0M | Add +0.7% |
| BKKT Bakkt Inc. filed as BAKKT HOLDINGS INC | 0.15% | 449,240 | $8.5M | New |
| SPGI S&P Global Inc. | 0.15% | 18,636 | $8.3M | Reduce -0.9% |
| EXP Eagle Materials Inc. | 0.14% | 36,348 | $7.9M | Reduce -14.2% |
| ELS Equity Lifestyle Properties | 0.14% | 117,381 | $7.6M | Reduce -6.3% |
| FWONK Liberty Media Corp. Class C | 0.13% | 103,424 | $7.4M | Reduce -46.4% |
| SII Sprott Inc. | 0.12% | 162,313 | $6.7M | Add +11.9% |
| SBR Sabine Royalty Trust | 0.11% | 99,658 | $6.4M | Add +16.0% |
| FWONA Liberty Media Corp. Class A | 0.11% | 98,728 | $6.3M | Reduce -28.6% |
| LTCN Grayscale Litecoin Trust | 0.11% | 295,490 | $6.2M | Reduce -35.8% |
| NDAQ Nasdaq Inc. | 0.11% | 103,573 | $6.2M | Reduce -0.5% |
| WMB Williams Cos Inc. | 0.11% | 144,061 | $6.1M | Add +0.0% |
| RPRX Royalty Pharma PLC Class A | 0.11% | 228,784 | $6.0M | Add +14.2% |
| MSGS Madison Square Garden Sports | 0.10% | 30,536 | $5.7M | Reduce -0.5% |
| XOM Exxon Mobil Corp. | 0.10% | 46,939 | $5.4M | Add +3.2% |
| TPH Tri Pointe Homes Inc. | 0.09% | 139,812 | $5.2M | No change |
| LBRDK Liberty Broadband-C | 0.09% | 91,582 | $5.0M | Reduce -4.8% |
| LBRT Liberty Energy Inc. | 0.09% | 236,003 | $4.9M | Add +15.0% |
| FCX Freeport-McMoran Inc. | 0.09% | 100,942 | $4.9M | Reduce -0.7% |
| BUR Burford Capital Ltd. | 0.08% | 366,089 | $4.8M | Reduce -0.7% |
| SJT San Juan Basin Royalty TR | 0.08% | 1,049,055 | $4.3M | Add +21.6% |
| ABBV Abbvie Inc. | 0.07% | 24,123 | $4.1M | Add +0.4% |
| PTEN Patterson-Uti Energy Inc. | 0.07% | 394,597 | $4.1M | Reduce -1.5% |
| MKL Markel Group Inc. | 0.07% | 2,551 | $4.0M | Reduce -0.1% |
| XNEAX Nuveen Amt-FR QLTY Muni Inc. | 0.07% | 337,336 | $3.9M | Reduce -0.5% |
| LLY Eli Lilly & Co. | 0.07% | 4,257 | $3.9M | Reduce -10.5% |
| MSFT Microsoft Corp. | 0.07% | 8,444 | $3.8M | Reduce -0.9% |
| CMRE Costamare Inc. | 0.07% | 228,100 | $3.7M | Reduce -1.1% |
| XES SS SPDR S&P Og Eqp & Serv | 0.06% | 38,983 | $3.5M | Add +0.3% |
| MRK Merck & Co. Inc. | 0.06% | 25,934 | $3.2M | Reduce -0.1% |
| KLAC KLA Corp. | 0.05% | 3,728 | $3.1M | Reduce -4.6% |
| ET Energy Transfer LP | 0.05% | 170,622 | $2.8M | Reduce -2.3% |
| INFL Horizon Kinetics Infl Benef | 0.05% | 84,352 | $2.8M | Add +0.8% |
| AMLP Alerian MLP ETF | 0.05% | 55,497 | $2.7M | Add +4.5% |
| BSM Black Stone Minerals LP | 0.05% | 166,138 | $2.6M | Reduce -1.0% |
| FITLIFE BRANDS INC | 0.05% | 77,228 | $2.6M | No change |
| PCH Potlatchdeltic Corp. | 0.05% | 64,814 | $2.6M | Reduce -8.3% |
| WTM White Mountains Insurance GP | 0.04% | 1,365 | $2.5M | New |
| RYN Rayonier Inc. | 0.04% | 85,166 | $2.5M | Add +2.6% |
| JNJ Johnson & Johnson | 0.04% | 16,579 | $2.4M | Reduce -3.5% |
| PM Philip Morris International | 0.04% | 22,714 | $2.3M | Reduce -0.7% |
| BCDF Horizon Kin Blockchain Dev | 0.04% | 92,222 | $2.3M | Add +6.6% |
| DHR Danaher Corp. | 0.04% | 9,008 | $2.3M | Reduce -0.7% |
| SU Suncor Energy Inc. | 0.04% | 58,344 | $2.2M | Reduce -1.4% |
| NVO Novo-Nordisk A/S-Spons ADR | 0.04% | 15,468 | $2.2M | No change |
| CVX Chevron Corp. | 0.04% | 14,033 | $2.2M | Reduce -0.4% |
| LHX L3HARRIS Technologies Inc. | 0.04% | 9,744 | $2.2M | Reduce -0.2% |
| LVS Las Vegas Sands Corp. | 0.04% | 49,272 | $2.2M | Reduce -5.8% |
| LSXMK Liberty Media Corp.-Liber-New | 0.04% | 98,358 | $2.2M | Reduce -11.3% |
| IRM Iron Mountain Inc. filed as IRON MTN INC DEL | 0.04% | 24,100 | $2.2M | Reduce -1.6% |
| CAT Caterpillar Inc. | 0.04% | 6,473 | $2.2M | Reduce -3.0% |
| FNF Fidelity National Financial | 0.04% | 42,971 | $2.1M | No change |
Options reported separately and not counted above: BARCLAYS BANK PLC calls ($1.1M), PROSHARES VIX SHORT-TERM FUT calls ($504K), DIREXION SHS ETF TR calls ($281K), DIREXION SHS ETF TR calls ($196K).
Other holdings (1): bonds, preferreds, convertibles and warrants · $82.8M (not counted above)
| Security | Class | Shares / Principal | Value | Change |
|---|---|---|---|---|
| LNG Cheniere Energy Inc. | COM NEW · principal | 473,369 | $82.8M | Add +3.2% |
Total filed on the 13F, all lines: $5.7B.
Portfolio Sells Q1 2024 → Q2 2024
| GBTC Grayscale Bitcoin Trust ETF | Reduce -0.4% | 14.09% | −4.06 |
| CME Cme Group Inc. | Reduce -29.5% | 0.49% | −0.33 |
| BCHG Grayscale Bitcoin Cash Trust | Reduce -30.9% | 0.17% | −0.27 |
| CVEO Civeo Corp. | Reduce -1.0% | 1.45% | −0.26 |
| LTCN Grayscale Litecoin Trust | Reduce -35.8% | 0.11% | −0.23 |
| CBOE Cboe Global Markets Inc. | Reduce -0.6% | 1.22% | −0.21 |
| LYV Live Nation Entertainment Inc. | Reduce -4.1% | 0.61% | −0.17 |
| MSTR Strategy Inc. | Reduce -0.7% | 0.46% | −0.16 |
| HHH Howard Hughes Holdings Inc. | Reduce -4.1% | 0.58% | −0.15 |
| BN Brookfield Corp. | Reduce -5.9% | 0.85% | −0.13 |
| BAM Brookfield Asset Mgmt-A | Reduce -27.1% | 0.18% | −0.12 |
| FWONK Liberty Media Corp. Class C | Reduce -46.4% | 0.13% | −0.11 |
| IPAR Interparfums Inc. | Reduce -1.8% | 0.32% | −0.11 |
| AN Autonation Inc. | Reduce -0.5% | 0.82% | −0.11 |
| PAG Penske Automotive Group Inc. | Reduce -0.8% | 0.49% | −0.09 |
| WEN The Wendy's Co. | Reduce -6.0% | 0.30% | −0.08 |
| EXP Eagle Materials Inc. | Reduce -14.2% | 0.14% | −0.08 |
| BAKKT HOLDINGS INC | Sold out | 0.00% | −0.07 |
| SAND Sandstorm Gold Ltd. | Reduce -10.0% | 0.38% | −0.06 |
| MRSH Marsh & McLennan Cos | Reduce -5.3% | 0.45% | −0.05 |
| FWONA Liberty Media Corp. Class A | Reduce -28.6% | 0.11% | −0.04 |
| ACGP Associated Capital Group - A | Reduce -2.8% | 0.61% | −0.04 |
| BRK.B Berkshire Hathaway Inc. Class B | Reduce -0.8% | 0.33% | −0.04 |
| CLB Core Laboratories Inc. | Sold out | 0.00% | −0.04 |
| MA Mastercard Inc. Class A | Reduce -0.5% | 0.17% | −0.03 |
| BUR Burford Capital Ltd. | Reduce -0.7% | 0.08% | −0.03 |
| LSXMK Liberty Media Corp.-Liber-New | Reduce -11.3% | 0.04% | −0.02 |
| BA The Boeing Co. | Reduce -74.0% | 0.01% | −0.02 |
| PTEN Patterson-Uti Energy Inc. | Reduce -1.5% | 0.07% | −0.02 |
| ELS Equity Lifestyle Properties | Reduce -6.3% | 0.14% | −0.02 |
| PCH Potlatchdeltic Corp. | Reduce -8.3% | 0.05% | −0.02 |
| LBRDK Liberty Broadband-C | Reduce -4.8% | 0.09% | −0.02 |
| NDAQ Nasdaq Inc. | Reduce -0.5% | 0.11% | −0.02 |
| LVS Las Vegas Sands Corp. | Reduce -5.8% | 0.04% | −0.01 |
| RGLD Royal Gold Inc. | Reduce -0.8% | 0.20% | −0.01 |
| LLYVK Liberty Media Corp.-Liberty-C | Reduce -16.5% | 0.02% | −0.01 |
| INTC Intel Corp. | Reduce -4.7% | 0.02% | −0.01 |
| JNJ Johnson & Johnson | Reduce -3.5% | 0.04% | −0.01 |
| MRK Merck & Co. Inc. | Reduce -0.1% | 0.06% | −0.01 |
| CAT Caterpillar Inc. | Reduce -3.0% | 0.04% | −0.01 |
| FHI Federated Hermes Inc. | Reduce -21.3% | 0.02% | −0.01 |
| EPD Enterprise Products Partners | Reduce -12.4% | 0.03% | −0.01 |
| WY Weyerhaeuser Co. | Reduce -6.9% | 0.02% | −0.01 |
| MSGE Madison Square Garden Entert | Reduce -0.4% | 0.03% | −0.01 |
| MSGS Madison Square Garden Sports | Reduce -0.5% | 0.10% | −0.01 |
| UNP Union Pacific Corp. | Sold out | 0.00% | −0.01 |
| MTN Vail Resorts Inc. | Sold out | 0.00% | −0.01 |
| SPGI S&P Global Inc. | Reduce -0.9% | 0.15% | −0.01 |
| BSM Black Stone Minerals LP | Reduce -1.0% | 0.05% | −0.01 |
| BIP Brookfield Infrastructure Pa | Reduce -8.0% | 0.02% | −0.01 |
Portfolio Buys Q1 2024 → Q2 2024
| LB Landbridge Co. LLC-A | New | 1.93% | +1.93 |
| BKKT Bakkt Inc. | New | 0.15% | +0.15 |
| WPM Wheaton Precious Metals Corp. | Add +2.9% | 2.57% | +0.14 |
| CCJ Cameco Corp. | Add +12.2% | 0.45% | +0.07 |
| WTM White Mountains Insurance GP | New | 0.04% | +0.04 |
| BG Bunge Global SA | Add +11.2% | 0.55% | +0.04 |
| CRAI Cra International Inc. | New | 0.04% | +0.04 |
| TELFY Telefonica SA-Spon ADR | New | 0.02% | +0.02 |
| EXE Expand Energy Corp. | New | 0.02% | +0.02 |
| VNOM Viper Energy Inc. | Add +13.5% | 0.88% | +0.02 |
| SII Sprott Inc. | Add +11.9% | 0.12% | +0.02 |
| BAH Booz Allen Hamilton Holdings | New | 0.01% | +0.01 |
| RCL Royal Caribbean Cruises Ltd. | Add +0.7% | 0.16% | +0.01 |
| SBR Sabine Royalty Trust | Add +16.0% | 0.11% | +0.01 |
| SPAQ Horizon Kinetics Spac Active | Add +12.3% | 0.21% | +0.01 |
| C Citigroup Inc. | New | 0.01% | +0.01 |
| LBRT Liberty Energy Inc. | Add +15.0% | 0.09% | +0.01 |
| FBTC Fidelity Wise Origin Bitcoin | New | 0.01% | +0.01 |
| PROSHARES TR | Add +158.8% | 0.01% | +0.00 |
| NVIR Horizon Kin Enrg & Remed ETF | New | 0.00% | +0.00 |
| TQQQ Proshares Ultrapro QQQ | Add +63.5% | 0.01% | +0.00 |
| NEE Nextera Energy Inc. | New | 0.00% | +0.00 |
| VUSB Vanguard Ultra Short Bond Et | Add +9.1% | 0.26% | +0.00 |
| WMB Williams Cos Inc. | Add +0.0% | 0.11% | +0.00 |
| APLD Applied Digital Corp. | Add +6.7% | 0.00% | +0.00 |
| EVLV Evolv Technologies Holdings | New | 0.00% | +0.00 |
| STR Sitio Royalties Corp. Class A | Add +13.5% | 0.32% | +0.00 |
| RYAM Rayonier Advanced Materials | Add +0.1% | 0.01% | +0.00 |
| TFPM Triple Flag Precious Met | Add +8.4% | 0.01% | +0.00 |
| ETHE Grayscale Ethereum Staking E | Add +2.0% | 0.00% | +0.00 |
| MKTX Marketaxess Holdings Inc. | Add +30.6% | 0.00% | +0.00 |
| RCG Renn Fund Inc. | Add +0.9% | 0.02% | +0.00 |
| TW Tradeweb Markets Inc. Class A | Add +6.7% | 0.01% | 0.00 |
| WT Wisdomtree Inc. | Add +0.4% | 0.04% | 0.00 |
| KRP Kimbell Royalty Partners LP | Add +2.0% | 0.02% | −0.00 |
| BNY Bank of New York Mellon Corp. | Add +2.5% | 0.01% | −0.00 |
| IAU iShares Gold Trust | Add +0.3% | 0.01% | −0.00 |
| RIO Rio Tinto PLC-Spon ADR | Add +2.6% | 0.01% | −0.00 |
| GEV GE Vernova Inc. | Add +1.5% | 0.01% | −0.00 |
| MO Altria Group Inc. | Add +1.9% | 0.03% | −0.00 |
| AMT American Tower Corp. | Add +1.3% | 0.01% | −0.00 |
| ASTL Algoma Steel Group Inc. | Add +0.4% | 0.00% | −0.00 |
| BP BP PLC-Spons ADR | Add +1.5% | 0.01% | −0.00 |
| CNS Cohen & Steers Inc. | Add +2.4% | 0.01% | −0.00 |
| SBLK Star Bulk Carriers Corp. | Add +1.9% | 0.02% | −0.00 |
| AMLP Alerian MLP ETF | Add +4.5% | 0.05% | −0.00 |
| GEHC GE Healthcare Technology | Add +0.4% | 0.00% | −0.00 |
| CMCSA Comcast Corp. Class A | Add +0.1% | 0.01% | −0.00 |
| BCDF Horizon Kin Blockchain Dev | Add +6.6% | 0.04% | −0.00 |
| VXF Vanguard Extended Market ETF | Add +0.6% | 0.02% | −0.00 |
Options Activity Q1 2024 → Q2 2024
| BARCLAYS BANK PLC | call | Reduce -7.1% | 39,300 | $1.1M |
| PROSHARES VIX SHORT-TERM FUT | call | Reduce -1.7% | 22,900 | $504K |
| DIREXION SHS ETF TR | call | Add +8.7% | 20,100 | $281K |
| DIREXION SHS ETF TR | call | Add +29.0% | 28,000 | $196K |
| PROSHARES TR II | call | Sold out | 12,000 | $192Kbefore exit |
Calls and puts are listed by the shares they cover; their value is not part of the stock holdings above.
Notes & Other Activity Q1 2024 → Q2 2024
| LNG Cheniere Energy Inc. | COM NEW · principal | Add +3.2% | 473,369 | $82.8M |
| C Citigroup Inc. | COM NEW · principal | Sold out | 6,461 | $409Kbefore exit |
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 |