Horizon Kinetics Asset Management LLC
In its 13F for Q3 2024 (holdings as of September 30, 2024, filed November 13, 2024), Horizon Kinetics Asset Management LLC reported 343 stock positions worth $6.6 billion. Its top holding was Texas Pacific Land (TPL) at 49.5% of the portfolio, followed by Grayscale Bitcoin Trust ETF (GBTC, 11.6%) and Landbridge Co. LLC-A (LB, 3.1%). Compared with Q2 2024, it opened 31 new positions, sold out of 9, added to 152 and reduced 120. The biggest buy was Landbridge Co. LLC-A (LB, shares +10%) and the biggest sale Charles River Laboratories (CRL, shares −28%).
- Most Recent 13F
- Q2 2026
- Location
- NEW YORK, NY
- CIK
- 0001056823
- Portfolio Value
- $6.6B (Q3 2024)
- SEC Filing
- 0001056823-24-000019 ↗ filed Nov 13, 2024
Holdings Value
Holdings 343 stocks · $6.6B
| TPL Texas Pacific Land Corp. | 49.55% | 3,694,365 | $3.3B | Reduce 0.0% |
| GBTC Grayscale Bitcoin Trust ETF | 11.64% | 15,208,060 | $768.0M | Add +1.9% |
| LB Landbridge Co. LLC-A | 3.08% | 5,190,867 | $203.1M | Add +10.3% |
| CACI Caci International Inc. Class A | 2.82% | 368,068 | $185.7M | Reduce -0.7% |
| WPM Wheaton Precious Metals Corp. | 2.55% | 2,754,175 | $168.2M | Reduce -0.3% |
| ICE Intercontinental Exchange Inc. | 1.82% | 745,526 | $119.8M | Add +0.2% |
| FNV Franco-Nevada Corp. | 1.76% | 935,834 | $116.3M | Add +1.9% |
| CVEO Civeo Corp. | 1.35% | 3,251,609 | $89.1M | Reduce -1.0% |
| BTC Grayscale Bitcoin Mini Trust | 1.30% | 15,282,793 | $86.0M | Add +2.5% |
| CBOE Cboe Global Markets Inc. | 1.30% | 417,664 | $85.6M | Add +3.3% |
| MSB Mesabi Trust | 0.91% | 2,659,623 | $60.2M | Add +1.4% |
| VNOM Viper Energy Inc. | 0.90% | 1,320,445 | $59.6M | Add +0.0% |
| BN Brookfield Corp. | 0.85% | 1,056,706 | $56.2M | Reduce -8.2% |
| SAIC Science Applications Inte | 0.85% | 402,965 | $56.1M | Reduce -1.3% |
| AN Autonation Inc. | 0.78% | 286,763 | $51.3M | Reduce -1.7% |
| PBT Permian Basin Royalty Trust | 0.66% | 3,684,264 | $43.8M | Add +0.0% |
| ADM Archer-Daniels-Midland Co. | 0.59% | 653,811 | $39.1M | Reduce -3.0% |
| LYV Live Nation Entertainment Inc. | 0.59% | 356,309 | $39.0M | Reduce -2.7% |
| HHH Howard Hughes Holdings Inc. | 0.58% | 495,811 | $38.4M | Reduce -1.6% |
| ACGP Associated Capital Group - A | 0.52% | 975,128 | $34.5M | Reduce -3.6% |
| MSTR Strategy Inc. filed as MICROSTRATEGY INC | 0.49% | 192,905 | $32.5M | Add +2.4% |
| JOE The St Joe Co. | 0.46% | 523,848 | $30.5M | Reduce -1.4% |
| PAG Penske Automotive Group Inc. | 0.45% | 181,480 | $29.5M | Reduce -1.4% |
| IBIT iShares Bitcoin Trust ETF | 0.44% | 805,803 | $29.1M | Add +11.9% |
| CME Cme Group Inc. | 0.43% | 128,713 | $28.4M | Reduce -8.5% |
| DMLP Dorchester Minerals LP | 0.41% | 896,893 | $27.0M | Add +0.6% |
| MRSH Marsh & McLennan Cos | 0.40% | 119,074 | $26.6M | Reduce -0.5% |
| BG Bunge Global SA | 0.40% | 270,075 | $26.1M | Reduce -6.2% |
| OR Osisko Gold Royalties Ltd. | 0.39% | 1,392,145 | $25.8M | Reduce -0.2% |
| CCJ Cameco Corp. | 0.37% | 517,828 | $24.7M | Reduce -0.3% |
| SAND Sandstorm Gold Ltd. | 0.35% | 3,901,719 | $23.4M | Reduce -2.1% |
| WFG West Fraser Timber Co. Ltd. | 0.35% | 236,943 | $23.1M | Reduce -0.1% |
| CRL Charles River Laboratories | 0.34% | 114,762 | $22.6M | Reduce -28.4% |
| BRK.B Berkshire Hathaway Inc. Class B | 0.31% | 44,978 | $20.7M | Reduce -0.3% |
| CCL Carnival Corp. | 0.30% | 1,082,949 | $20.0M | Reduce -0.8% |
| IPAR Interparfums Inc. | 0.30% | 151,815 | $19.7M | Reduce -2.6% |
| STR Sitio Royalties Corp. Class A | 0.24% | 770,741 | $16.1M | Reduce -0.5% |
| TRC Tejon Ranch Co. | 0.24% | 899,106 | $15.8M | Reduce -1.1% |
| NTR Nutrien Ltd. | 0.23% | 317,633 | $15.3M | Add +2.8% |
| WEN The Wendy's Co. | 0.23% | 847,516 | $14.8M | Reduce -15.4% |
| OSK Oshkosh Corp. | 0.21% | 141,140 | $14.1M | Add +3.4% |
| VGSH Vanguard Short-Term Treasury | 0.20% | 223,499 | $13.2M | Reduce -0.8% |
| SPAQ Horizon Kinetics Spac Active | 0.19% | 128,691 | $12.8M | Add +4.9% |
| WTM White Mountains Insurance GP | 0.18% | 7,138 | $12.1M | Add +422.9% |
| BAM Brookfield Asset Mgmt-A | 0.17% | 240,580 | $11.4M | Reduce -11.0% |
| RGLD Royal Gold Inc. | 0.16% | 76,367 | $10.7M | Reduce -14.2% |
| RCL Royal Caribbean Cruises Ltd. | 0.16% | 57,881 | $10.3M | Add +3.0% |
| MA Mastercard Inc. Class A | 0.15% | 19,638 | $9.7M | Reduce -7.0% |
| SPGI S&P Global Inc. | 0.14% | 18,465 | $9.5M | Reduce -0.9% |
| RBA RB Global Inc. | 0.14% | 118,009 | $9.5M | Add +0.5% |
| EXP Eagle Materials Inc. | 0.14% | 31,605 | $9.1M | Reduce -13.1% |
| VUSB Vanguard Ultra Short Bond Et | 0.13% | 174,133 | $8.7M | Reduce -42.1% |
| WMB Williams Cos Inc. | 0.12% | 177,285 | $8.1M | Add +23.1% |
| ELS Equity Lifestyle Properties | 0.12% | 112,657 | $8.0M | Reduce -4.0% |
| FWONK Liberty Media Corp. Class C | 0.12% | 100,664 | $7.8M | Reduce -2.7% |
| NDAQ Nasdaq Inc. | 0.11% | 102,918 | $7.5M | Reduce -0.6% |
| FCX Freeport-McMoran Inc. | 0.11% | 141,802 | $7.1M | Add +40.5% |
| SII Sprott Inc. | 0.11% | 161,844 | $7.0M | Reduce -0.3% |
| LBRDK Liberty Broadband-C | 0.10% | 89,480 | $6.9M | Reduce -2.3% |
| BCHG Grayscale Bitcoin Cash Trust filed as BCHG | 0.10% | 985,394 | $6.6M | Add +3.4% |
| DBRG Digitalbridge Group Inc. | 0.10% | 462,713 | $6.5M | New |
| RPRX Royalty Pharma PLC Class A | 0.10% | 228,796 | $6.5M | Add +0.0% |
| XOM Exxon Mobil Corp. | 0.10% | 54,901 | $6.4M | Add +17.0% |
| MSGS Madison Square Garden Sports | 0.10% | 30,491 | $6.4M | Reduce -0.1% |
| TPH Tri Pointe Homes Inc. | 0.10% | 140,012 | $6.3M | Add +0.1% |
| SBR Sabine Royalty Trust | 0.09% | 100,368 | $6.2M | Add +0.7% |
| MSFT Microsoft Corp. | 0.08% | 13,010 | $5.6M | Add +54.1% |
| ABBV Abbvie Inc. | 0.08% | 25,845 | $5.1M | Add +7.1% |
| CMRE Costamare Inc. | 0.08% | 323,000 | $5.1M | Add +41.6% |
| BX Blackstone Inc. | 0.08% | 33,100 | $5.1M | Add +251.8% |
| LBRT Liberty Energy Inc. | 0.08% | 260,607 | $5.0M | Add +10.4% |
| ET Energy Transfer LP | 0.07% | 301,269 | $4.8M | Add +76.6% |
| SJT San Juan Basin Royalty TR | 0.07% | 1,291,926 | $4.8M | Add +23.1% |
| LTCN Grayscale Litecoin Trust | 0.07% | 327,816 | $4.8M | Add +10.9% |
| BUR Burford Capital Ltd. | 0.07% | 353,315 | $4.7M | Reduce -3.5% |
| PM Philip Morris International | 0.07% | 38,344 | $4.7M | Add +68.8% |
| XNEAX Nuveen Amt-FR QLTY Muni Inc. | 0.07% | 379,537 | $4.5M | Add +12.5% |
| BSM Black Stone Minerals LP | 0.06% | 275,638 | $4.2M | Add +65.9% |
| IRM Iron Mountain Inc. filed as IRON MTN INC DEL | 0.06% | 34,450 | $4.1M | Add +43.0% |
| LHX L3HARRIS Technologies Inc. | 0.06% | 16,605 | $3.9M | Add +70.4% |
| MKL Markel Group Inc. | 0.06% | 2,514 | $3.9M | Reduce -1.4% |
| BKKT Bakkt Inc. filed as BAKKT HOLDINGS INC | 0.06% | 400,217 | $3.8M | Reduce -10.9% |
| EPD Enterprise Products Partners | 0.06% | 130,172 | $3.8M | Add +96.5% |
| MRK Merck & Co. Inc. | 0.06% | 33,192 | $3.8M | Add +28.0% |
| KLAC KLA Corp. | 0.06% | 4,849 | $3.8M | Add +30.1% |
| LLY Eli Lilly & Co. | 0.06% | 4,116 | $3.6M | Reduce -3.3% |
| FNF Fidelity National Financial | 0.05% | 58,071 | $3.6M | Add +35.1% |
| INFL Horizon Kinetics Infl Benef | 0.05% | 91,464 | $3.4M | Add +8.4% |
| MO Altria Group Inc. | 0.05% | 63,667 | $3.2M | Add +58.9% |
| FWONA Liberty Media Corp. Class A | 0.05% | 45,265 | $3.2M | Reduce -54.1% |
| CAT Caterpillar Inc. | 0.05% | 8,216 | $3.2M | Add +26.9% |
| NVDA Nvidia Corp. | 0.05% | 26,060 | $3.2M | Add +101.1% |
| BCDF Horizon Kin Blockchain Dev | 0.05% | 113,024 | $3.2M | Add +22.6% |
| JNJ Johnson & Johnson | 0.05% | 19,428 | $3.1M | Add +17.2% |
| BMY Bristol-Myers Squibb Co. | 0.05% | 59,382 | $3.1M | Add +31.9% |
| LVS Las Vegas Sands Corp. | 0.05% | 60,295 | $3.0M | Add +22.4% |
| CSCO Cisco Systems Inc. | 0.05% | 56,591 | $3.0M | Add +38.7% |
| PTEN Patterson-Uti Energy Inc. | 0.05% | 393,537 | $3.0M | Reduce -0.3% |
| CVX Chevron Corp. | 0.04% | 19,793 | $2.9M | Add +41.0% |
| SU Suncor Energy Inc. | 0.04% | 78,044 | $2.9M | Add +33.8% |
Options reported separately and not counted above: PROSHARES VIX SHORT-TERM FUT calls ($529K), DIREXION SHS ETF TR calls ($316K).
Other holdings (1): bonds, preferreds, convertibles and warrants · $84.3M (not counted above)
| Security | Class | Shares / Principal | Value | Change |
|---|---|---|---|---|
| LNG Cheniere Energy Inc. | COM NEW · principal | 468,764 | $84.3M | Reduce -1.0% |
Total filed on the 13F, all lines: $6.7B.
Portfolio Sells Q2 2024 → Q3 2024
| CRL Charles River Laboratories | Reduce -28.4% | 0.34% | −0.24 |
| BG Bunge Global SA | Reduce -6.2% | 0.40% | −0.15 |
| VUSB Vanguard Ultra Short Bond Et | Reduce -42.1% | 0.13% | −0.13 |
| ADM Archer-Daniels-Midland Co. | Reduce -3.0% | 0.59% | −0.13 |
| CVEO Civeo Corp. | Reduce -1.0% | 1.35% | −0.10 |
| BKKT Bakkt Inc. | Reduce -10.9% | 0.06% | −0.09 |
| ACGP Associated Capital Group - A | Reduce -3.6% | 0.52% | −0.09 |
| STR Sitio Royalties Corp. Class A | Reduce -0.5% | 0.24% | −0.08 |
| CCJ Cameco Corp. | Reduce -0.3% | 0.37% | −0.08 |
| WEN The Wendy's Co. | Reduce -15.4% | 0.23% | −0.08 |
| FWONA Liberty Media Corp. Class A | Reduce -54.1% | 0.05% | −0.06 |
| CME Cme Group Inc. | Reduce -8.5% | 0.43% | −0.06 |
| CCL Carnival Corp. | Reduce -0.8% | 0.30% | −0.06 |
| JOE The St Joe Co. | Reduce -1.4% | 0.46% | −0.05 |
| AN Autonation Inc. | Reduce -1.7% | 0.78% | −0.05 |
| MRSH Marsh & McLennan Cos | Reduce -0.5% | 0.40% | −0.04 |
| XES SS SPDR S&P Og Eqp & Serv | Reduce -55.5% | 0.02% | −0.04 |
| PAG Penske Automotive Group Inc. | Reduce -1.4% | 0.45% | −0.04 |
| LSXMK Liberty Media Corp.-Liber-New | Sold out | 0.00% | −0.04 |
| TRC Tejon Ranch Co. | Reduce -1.1% | 0.24% | −0.04 |
| RGLD Royal Gold Inc. | Reduce -14.2% | 0.16% | −0.04 |
| VGSH Vanguard Short-Term Treasury | Reduce -0.8% | 0.20% | −0.03 |
| SAND Sandstorm Gold Ltd. | Reduce -2.1% | 0.35% | −0.03 |
| PTEN Patterson-Uti Energy Inc. | Reduce -0.3% | 0.05% | −0.03 |
| IPAR Interparfums Inc. | Reduce -2.6% | 0.30% | −0.02 |
| EXE Expand Energy Corp. | Sold out | 0.00% | −0.02 |
| MA Mastercard Inc. Class A | Reduce -7.0% | 0.15% | −0.02 |
| LYV Live Nation Entertainment Inc. | Reduce -2.7% | 0.59% | −0.02 |
| WPM Wheaton Precious Metals Corp. | Reduce -0.3% | 2.55% | −0.02 |
| INTC Intel Corp. | Sold out | 0.00% | −0.02 |
| RYN Rayonier Inc. | Reduce -28.8% | 0.03% | −0.01 |
| BNRE.A Brookfield Reinsurance NVS | Sold out | 0.00% | −0.01 |
| ELS Equity Lifestyle Properties | Reduce -4.0% | 0.12% | −0.01 |
| BUR Burford Capital Ltd. | Reduce -3.5% | 0.07% | −0.01 |
| FWONK Liberty Media Corp. Class C | Reduce -2.7% | 0.12% | −0.01 |
| LLY Eli Lilly & Co. | Reduce -3.3% | 0.06% | −0.01 |
| SII Sprott Inc. | Reduce -0.3% | 0.11% | −0.01 |
| CACI Caci International Inc. Class A | Reduce -0.7% | 2.82% | −0.01 |
| BRK.B Berkshire Hathaway Inc. Class B | Reduce -0.3% | 0.31% | −0.01 |
| MKL Markel Group Inc. | Reduce -1.4% | 0.06% | −0.01 |
| PCH Potlatchdeltic Corp. | Reduce -20.4% | 0.04% | −0.01 |
| BAM Brookfield Asset Mgmt-A | Reduce -11.0% | 0.17% | −0.01 |
| SEB Seaboard Corp. | Sold out | 0.00% | −0.01 |
| LSXMA Liberty Media Corp. Class A New | Sold out | 0.00% | −0.01 |
| OIH Vaneck Oil Services ETF | Reduce -10.4% | 0.02% | −0.01 |
| LLYVK Liberty Media Corp.-Liberty-C | Reduce -35.9% | 0.02% | −0.01 |
| WT Wisdomtree Inc. | Reduce -2.5% | 0.03% | −0.01 |
| QCOM Qualcomm Inc. | Reduce -1.7% | 0.01% | −0.01 |
| MSGS Madison Square Garden Sports | Reduce -0.1% | 0.10% | −0.01 |
| BATRK Atlanta Braves Holdings in-C | Reduce -1.1% | 0.03% | −0.01 |
Portfolio Buys Q2 2024 → Q3 2024
| LB Landbridge Co. LLC-A | Add +10.3% | 3.08% | +1.15 |
| WTM White Mountains Insurance GP | Add +422.9% | 0.18% | +0.14 |
| MSB Mesabi Trust | Add +1.4% | 0.91% | +0.11 |
| DBRG Digitalbridge Group Inc. | New | 0.10% | +0.10 |
| CBOE Cboe Global Markets Inc. | Add +3.3% | 1.30% | +0.08 |
| BX Blackstone Inc. | Add +251.8% | 0.08% | +0.06 |
| MSTR Strategy Inc. | Add +2.4% | 0.49% | +0.03 |
| PM Philip Morris International | Add +68.8% | 0.07% | +0.03 |
| NRP Natural Resource Partners LP | New | 0.03% | +0.03 |
| ET Energy Transfer LP | Add +76.6% | 0.07% | +0.02 |
| VNOM Viper Energy Inc. | Add +0.0% | 0.90% | +0.02 |
| IRM Iron Mountain Inc. | Add +43.0% | 0.06% | +0.02 |
| SIRI Sirius XM Holdings Inc. | New | 0.02% | +0.02 |
| EPD Enterprise Products Partners | Add +96.5% | 0.06% | +0.02 |
| VRT Vertiv Holdings Co. Class A | New | 0.02% | +0.02 |
| LHX L3HARRIS Technologies Inc. | Add +70.4% | 0.06% | +0.02 |
| FCX Freeport-McMoran Inc. | Add +40.5% | 0.11% | +0.02 |
| NVDA Nvidia Corp. | Add +101.1% | 0.05% | +0.02 |
| RYAM Rayonier Advanced Materials | Add +100.3% | 0.03% | +0.02 |
| BNT Brookfield Wealth Solutions | New | 0.02% | +0.02 |
| MSFT Microsoft Corp. | Add +54.1% | 0.08% | +0.02 |
| FNF Fidelity National Financial | Add +35.1% | 0.05% | +0.02 |
| MO Altria Group Inc. | Add +58.9% | 0.05% | +0.02 |
| BSM Black Stone Minerals LP | Add +65.9% | 0.06% | +0.02 |
| RTX RTX Corp. | Add +64.1% | 0.04% | +0.02 |
| SAN Banco Santander SA-Spon ADR | Add +467.9% | 0.02% | +0.01 |
| WMB Williams Cos Inc. | Add +23.1% | 0.12% | +0.01 |
| AB Alliancebernstein Holding LP | New | 0.01% | +0.01 |
| BMY Bristol-Myers Squibb Co. | Add +31.9% | 0.05% | +0.01 |
| PFE Pfizer Inc. | Add +63.3% | 0.04% | +0.01 |
| CSCO Cisco Systems Inc. | Add +38.7% | 0.05% | +0.01 |
| SON Sonoco Products Co. | Add +69.1% | 0.03% | +0.01 |
| BAC Bank of America Corp. | Add +87.3% | 0.03% | +0.01 |
| WPC WP Carey Inc. | Add +57.5% | 0.03% | +0.01 |
| CAT Caterpillar Inc. | Add +26.9% | 0.05% | +0.01 |
| CMRE Costamare Inc. | Add +41.6% | 0.08% | +0.01 |
| CM Can Imperial BK of Commerce | New | 0.01% | +0.01 |
| ICE Intercontinental Exchange Inc. | Add +0.2% | 1.82% | +0.01 |
| MMM 3M Co. | Add +60.9% | 0.02% | +0.01 |
| RIO Rio Tinto PLC-Spon ADR | Add +106.0% | 0.02% | +0.01 |
| HODL Vaneck Bitcoin ETF | New | 0.01% | +0.01 |
| TD Toronto-Dominion Bank | Add +41.8% | 0.03% | +0.01 |
| BP BP PLC-Spons ADR | Add +211.6% | 0.01% | +0.01 |
| PDI PIMCO Dynamic Income Fund | Add +55.0% | 0.03% | +0.01 |
| FIS Fidelity National Info Serv | Add +30.8% | 0.04% | +0.01 |
| ENB Enbridge Inc. | New | 0.01% | +0.01 |
| GM General Motors Co. | Add +212.1% | 0.01% | +0.01 |
| BCDF Horizon Kin Blockchain Dev | Add +22.6% | 0.05% | +0.01 |
| BR Broadridge Financial Solutio | New | 0.01% | +0.01 |
| LVS Las Vegas Sands Corp. | Add +22.4% | 0.05% | +0.01 |
Options Activity Q2 2024 → Q3 2024
| BARCLAYS BANK PLC | call | Sold out | 39,300 | $1.1Mbefore exit |
| PROSHARES VIX SHORT-TERM FUT | call | Add +0.4% | 23,000 | $529K |
| DIREXION SHS ETF TR | call | Add +30.9% | 26,300 | $316K |
| DIREXION SHS ETF TR | call | Sold out | 28,000 | $196Kbefore exit |
Calls and puts are listed by the shares they cover; their value is not part of the stock holdings above.
Notes & Other Activity Q2 2024 → Q3 2024
| LNG Cheniere Energy Inc. | COM NEW · principal | Reduce -1.0% | 468,764 | $84.3M |
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 |