Horizon Kinetics

In Q2 2026, Horizon Kinetics held 317 US-listed stocks worth $8.8bn. Its biggest move was cutting Texas Pacific Land (2% fewer shares, now 49%), followed by adding to Miami International Holdings (127% more shares, now 3.3%). It started 13 new positions and sold out of 18. Its largest holding is Texas Pacific Land at 49%.

Source: SEC Form 13F for Q2 2026, filed 11 Aug 2026, and the funds’ Form N-PORT filings. How we use them

Latest 13F

Q2 2026

Filed 11 Aug 2026

Fund assets

$2.9bn

3 US-registered funds

Q3 2026 13F due

26 days

Expected Thu 12 Nov

Bought since its last 13F

▲ $19kTexas Pacific Land Corporati TPL51 shares at about $367.59, 23 Jul 2026 to 29 Sep 2026, in 48 trades

From Horizon Kinetics’s Form 4 filings as an owner of more than 10% of these companies, reported within two business days of trading.

What changed in Q2 2026

New positions

Whitehawk Minerals0.5% of the portfolio
Eaglerock Land0.4% of the portfolio
Centuri Holdingsunder 0.1% of the portfolio
Amrizeunder 0.1% of the portfolio
Redwireunder 0.1% of the portfolio

Added to

Miami International Holdings+127% shares, now 3.3%
Landbridge Company+2.9% shares, now 5.2%
Waterbridge Infrastructure L+4.2% shares, now 3.0%
Grayscale Bitcoin Mini Trust ETF+102% shares, now 1.8%
Permian Basin Royalty Trust+5.5% shares, now 1.9%

Trimmed

Texas Pacific Land-2.1% shares, now 48.6%
Grayscale Bitcoin Trust Etf-13% shares, now 6.3%
Wheaton Precious Metals-4.2% shares, now 2.1%
Cheniere Energy-4.4% shares, now 1.1%
Digitalbridge Group-99% shares, now 0.0%

Sold out

Ea Series Trustwas 0.1%
Consensus Mining & Seignioragewas 0.1%
Tri Pointe Homeswas under 0.1%
Patterson-Uti Energywas under 0.1%
Sealed Airwas under 0.1%

Against Q1 2026, by number of shares and adjusted for splits. Up to five of each, largest first; the full list is below.

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65% of the $2.9bn of shares held in Horizon Kinetics’s 3 US-registered funds, by value, are not in its 13F. Those holdings are marked with a gold dot below.

US holdings from the 13F

Q2 2026, filed 11 Aug 2026 (filing): 13 new, 65 added to, 158 trimmed, 18 sold out. Select a row to see it over time. How this works

Changes compare share counts with Q1 2026, adjusted for stock splits. Share classes of the same company are combined. Values are at quarter-end prices.

13F holdings with change from the previous quarter

Texas Pacific LandTPL	$4.3bn	9,802,899	48.6%$4.3bn	Trimmed -2.1%	51.5%
Grayscale Bitcoin Trust EtfGBTC	$553m	12,139,990	6.3%$553m	Trimmed -13%	8.0%
Landbridge CompanyLB	$461m	5,821,263	5.2%$461m	Added +2.9%	4.2%
Hawaiian Electric IndustriesHE	$303m	22,395,397	3.4%$303m	Added +3.5%	3.5%
Miami International HoldingsMIAX	$291m	7,842,173	3.3%$291m	Added +127%	1.5%
Waterbridge Infrastructure LWBI	$262m	7,650,237	3.0%$262m	Added +4.2%	2.1%
Wheaton Precious MetalsWPM	$189m	1,686,903	2.1%$189m	Trimmed -4.2%	2.5%
Permian Basin Royalty TrustPBT	$169m	6,729,289	1.9%$169m	Added +5.5%	1.5%
Franco NevadaFNV	$161m	773,418	1.8%$161m	Added +2.1%	2.0%
Grayscale Bitcoin Mini Trust ETFBTC	$157m	6,067,993	1.8%$157m	Added +102%	1.0%
Intercontinental ExchangeICE	$121m	984,701	1.4%$121m	Added +17%	1.4%
Cboe Global MarketsCBOE	$101m	414,634	1.1%$101m	Added +1.1%	1.3%
Cheniere EnergyLNG	$96.1m	402,040	1.1%$96.1m	Trimmed -4.4%	1.3%
Mesabi TrustMSB	$81.5m	3,219,382	0.9%$81.5m	Added +2.5%	1.1%
CiveoCVEO	$80.2m	2,290,991	0.9%$80.2m	Trimmed -2.6%	0.7%
CACI InternationalCACI	$71.2m	153,743	0.8%$71.2m	Trimmed -0.6%	0.9%
CamecoCCJ	$71.1m	697,741	0.8%$71.1m	Added +7.0%	0.8%
Viper EnergyVNOM	$70.1m	1,652,125	0.8%$70.1m	Trimmed -0.6%	0.8%
BrookfieldBN	$67.6m	1,587,339	0.8%$67.6m	Added +1.0%	0.7%
CME GroupCME	$62.7m	283,774	0.7%$62.7m	Added +5.0%	0.9%
OR RoyaltiesOR	$60.6m	1,915,799	0.7%$60.6m	Added +9.2%	0.7%
Whitehawk MineralsWHK	$43.2m	1,552,705	0.5%$43.2m	New	–
AutonationAN	$39.6m	212,917	0.5%$39.6m	Trimmed -5.4%	0.5%
Tejon RanchTRC	$37.6m	2,011,689	0.4%$37.6m	Added +5.7%	0.4%
St JOEJOE	$37.1m	592,608	0.4%$37.1m	Added +9.2%	0.4%
Eaglerock LandEROK	$35.8m	1,684,213	0.4%$35.8m	New	–
Horizon Kinetics HoldingHKHC	$35.5m	1,075,416	0.4%$35.5m	Unchanged	0.4%
Galaxy DigitalGLXY	$33.8m	1,236,051	0.4%$33.8m	Trimmed -1.2%	0.3%
Bunge GlobalBG	$30.3m	284,079	0.3%$30.3m	Trimmed -16%	0.5%
Ishares Bitcoin Trust EtfIBIT	$27.9m	837,308	0.3%$27.9m	Added +5.5%	0.3%
SprottSII	$26.1m	232,217	0.3%$26.1m	Added +12%	0.3%
White Mountains Insurance GroupWTM	$25.3m	12,206	0.3%$25.3m	Trimmed -6.9%	0.3%
Penske Automotive GroupPAG	$24.9m	139,067	0.3%$24.9m	Trimmed -2.4%	0.2%
Rb GlobalRBA	$24.6m	211,349	0.3%$24.6m	Added +13%	0.2%
San Juan Basin Royalty TrustSJT	$24.1m	7,494,020	0.3%$24.1m	Added +7.4%	0.4%
Marsh & Mclennan CompaniesMRSH	$23.3m	139,983	0.3%$23.3m	Trimmed -7.5%	0.3%
Vanguard Bd Index FdsVUSB	$23.0m	461,108	0.3%$23.0m	Added +36%	0.2%
Dorchester MineralsDMLP	$21.5m	852,651	0.2%$21.5m	Trimmed -0.9%	0.3%
Berkshire HathawayBRK.B	$19.4m	37,232	0.2%$19.4m	Trimmed -2.1%	0.2%
Royalty PharmaRPRX	$19.3m	344,861	0.2%$19.3m	Added +1.2%	0.2%
Live Nation EntertainmentLYV	$18.5m	100,989	0.2%$18.5m	Trimmed -36%	0.3%
Triple Flag Precious MetalsTFPM	$15.2m	506,677	0.2%$15.2m	Added +23%	0.2%
InterparfumsIPAR	$14.6m	130,333	0.2%$14.6m	Trimmed -5.8%	0.1%
OshkoshOSK	$13.6m	88,816	0.1%$13.6m	Trimmed -23%	0.2%
Listed Fds TrSPAQ	$12.6m	265,436	0.1%$12.6m	Added +5.3%	0.1%
Royal Caribbean GroupRCL	$12.5m	39,414	0.1%$12.5m	Trimmed -24%	0.1%
CarnivalCCL	$12.2m	428,340	0.1%$12.2m	Trimmed -55%	0.3%
StrategyMSTR	$11.3m	129,774	0.1%$11.3m	Trimmed -6.8%	0.2%
Liberty MediaFWONA	$10.5m	111,774	0.1%$10.5m	Trimmed -7.6%	0.1%
Tradeweb MarketsTW	$9.7m	97,740	0.1%$9.7m	Added +1750%	0.0%
Williams CompaniesWMB	$9.6m	128,678	0.1%$9.6m	Trimmed -7.0%	0.1%
Madison Square Garden SportsMSGS	$9.3m	23,221	0.1%$9.3m	Trimmed -0.5%	0.1%
Royal GoldRGLD	$9.2m	46,068	0.1%$9.2m	Trimmed -2.3%	0.1%
MastercardMA	$9.1m	17,681	0.1%$9.1m	Trimmed -9.4%	0.1%
Alliancebernstein Holding LPAB	$8.8m	248,496	0.1%$8.8m	Added +14%	0.1%
Brookfield Asset ManagementBAM	$8.5m	189,299	0.1%$8.5m	Trimmed -0.1%	0.1%
Sabine Royalty TrustSBR	$8.2m	111,796	0.1%$8.2m	Added +0.6%	0.1%
Energy Transfer LPET	$7.8m	412,587	0.1%$7.8m	Added +1.4%	0.1%
Sphere EntertainmentSPHR	$7.7m	44,657	0.1%$7.7m	Trimmed -3.4%	0.1%
FermiFRMI	$7.5m	824,227	0.1%$7.5m	Added +55%	0.0%
Western Midstream Partners LWES	$7.5m	172,227	0.1%$7.5m	Added +1.5%	0.1%
Alps Etf TrAMLP	$6.7m	129,405	0.1%$6.7m	Added +22%	0.1%
Liberty EnergyLBRT	$6.1m	234,806	0.1%$6.1m	Trimmed -18%	0.1%
Listed Fds TrJAPN	$6.0m	262,071	0.1%$6.0m	Added +7.6%	0.1%
KLAKLAC	$6.0m	19,855	0.1%$6.0m	Trimmed -8.0%	0.0%
Natural Resource Partners LNRP	$5.9m	60,951	0.1%$5.9m	Added +5.3%	0.1%
Freeport-McmoranFCX	$5.6m	89,581	0.1%$5.6m	Trimmed -2.5%	0.1%
Science Applications InternationalSAIC	$5.6m	51,007	0.1%$5.6m	Added +0.8%	0.1%
NasdaqNDAQ	$5.6m	70,934	0.1%$5.6m	Added +0.3%	0.1%
Exxon MobilEXMOC	$5.2m	38,037	0.1%$5.2m	Trimmed -4.2%	0.1%
AbbvieABBV	$4.8m	18,887	0.1%$4.8m	Trimmed -1.7%	0.1%
Eli Lilly & CoLLY	$4.6m	3,824	0.1%$4.6m	Trimmed -3.6%	0.0%
Listed Fds TrINFL	$4.5m	91,112	0.1%$4.5m	Trimmed -9.3%	0.1%
Vanguard Scottsdale FdsVGSH	$4.2m	72,972	0.1%$4.2m	Trimmed -26%	0.1%
CaterpillarCAT	$4.2m	3,931	0.1%$4.2m	Trimmed -4.5%	0.0%
Enterprise Products PartnersEPD	$4.1m	112,333	0.1%$4.1m	Trimmed -2.2%	0.1%
Markel GroupMKL	$4.0m	2,064	0.1%$4.0m	Trimmed -1.8%	0.0%
Cisco SystemsCSCO	$4.0m	34,266	0.1%$4.0m	Trimmed -8.6%	0.0%
Howard Hughes HoldingsHHH	$4.0m	55,500	0.0%$4.0m	Trimmed -72%	0.1%
Johnson & JohnsonJNJ	$3.9m	15,508	0.0%$3.9m	Trimmed -1.3%	0.0%
Atlanta Braves HoldingsBATRK	$3.8m	70,277	0.0%$3.8m	Trimmed -1.2%	0.0%
Merck & Co.MRK	$3.6m	28,151	0.0%$3.6m	Trimmed -0.8%	0.0%
Philip Morris InternationalPM	$3.6m	19,624	0.0%$3.6m	Trimmed -0.6%	0.0%
Vertiv HoldingsVRT	$3.5m	10,515	0.0%$3.5m	Trimmed -4.6%	0.0%
Vanguard Index FdsVOO	$3.4m	8,807	0.0%$3.4m	Trimmed -14%	0.0%
NutrienNTR	$3.2m	50,527	0.0%$3.2m	Trimmed -1.4%	0.0%
CostamareCMRE	$3.1m	222,350	0.0%$3.1m	Added +0.2%	0.0%
Metalla Royalty & StreamingMTA	$3.1m	404,297	0.0%$3.1m	Unchanged	0.0%
Suncor EnergySU	$3.0m	56,237	0.0%$3.0m	Unchanged	0.0%
Nuveen Amt Free Qlty MunXNEAX	$3.0m	254,046	0.0%$3.0m	Trimmed -14%	0.0%
Broadridge Financial SolutionsBR	$3.0m	21,706	0.0%$3.0m	Trimmed -2.1%	0.0%
OpenlaneOPLN	$2.9m	71,030	0.0%$2.9m	Trimmed -0.4%	0.0%
Centuri HoldingsCTRI	$2.9m	96,043	0.0%$2.9m	New	–
Grayscale Bitcoin CashBCHG	$2.9m	1,950,062	0.0%$2.9m	Added +31%	0.1%
Alliance Resource Partners LARLP	$2.9m	120,451	0.0%$2.9m	Added +15%	0.0%
Madison Square Garden EntertainmentMSGE	$2.8m	35,041	0.0%$2.8m	Trimmed -1.9%	0.0%
WisdomtreeWT	$2.8m	166,115	0.0%$2.8m	Trimmed -1.2%	0.0%
Altria GroupMO	$2.8m	38,957	0.0%$2.8m	Unchanged	0.0%
Renn FundRCG	$2.8m	929,018	0.0%$2.8m	Added +1.9%	0.0%
Toronto Dominion BankTD	$2.7m	22,450	0.0%$2.7m	Trimmed -0.2%	0.0%
L3harris TechnologiesLHX	$2.7m	9,153	0.0%$2.7m	Unchanged	0.0%
Apyx MedicalAPYX	$2.6m	585,000	0.0%$2.6m	Trimmed -4.9%	0.0%
Grayscale LitecoinLTCN	$2.6m	837,141	0.0%$2.6m	Added +42%	0.0%
MicrosoftMSFT	$2.6m	6,894	0.0%$2.6m	Trimmed -0.4%	0.0%
Bristol-Myers SquibbBMY	$2.6m	44,552	0.0%$2.6m	Trimmed -0.3%	0.0%
Eagle MaterialsEXP	$2.4m	10,684	0.0%$2.4m	Trimmed -37%	0.0%
Emerson ElectricEMR	$2.4m	16,592	0.0%$2.4m	Unchanged	0.0%
GE AerospaceGE	$2.4m	6,354	0.0%$2.4m	Trimmed -1.0%	0.0%
Plains All Amern Pipeline LPAA	$2.3m	105,324	0.0%$2.3m	Added +17%	0.0%
ChevronCVX	$2.3m	13,800	0.0%$2.3m	Trimmed -1.6%	0.0%
RTXRTX	$2.3m	11,895	0.0%$2.3m	Unchanged	0.0%
Iron MountainIRM	$2.3m	17,845	0.0%$2.3m	Trimmed -3.0%	0.0%
EQTEQT	$2.2m	41,270	0.0%$2.2m	Trimmed -2.9%	0.0%
Archer-Daniels-MidlandADM	$2.2m	28,642	0.0%$2.2m	Trimmed -52%	0.1%
Bakkt HoldingsBKKT	$2.2m	279,964	0.0%$2.2m	Trimmed -12%	0.0%
Fidelity National FinancialFNF	$2.1m	45,271	0.0%$2.1m	Added +1.8%	0.0%
Black Stone Minerals LPBSM	$2.1m	151,238	0.0%$2.1m	Unchanged	0.0%
AlphabetGOOG	$2.1m	5,944	0.0%$2.1m	Trimmed -4.6%	0.0%
Royce Micro-Cap TrustRMT	$2.0m	134,738	0.0%$2.0m	Added +1.5%	0.0%
Rockwell AutomationROK	$1.9m	3,895	0.0%$1.9m	Unchanged	0.0%
Sonoco ProductsSON	$1.9m	33,430	0.0%$1.9m	Added +7.0%	0.0%
Las Vegas SandsLVS	$1.9m	40,107	0.0%$1.9m	Added +0.2%	0.0%
AmrizeAMRZ	$1.8m	34,573	0.0%$1.8m	New	–
AppleAAPL	$1.8m	6,323	0.0%$1.8m	Trimmed -1.6%	0.0%
PfizerPFE	$1.7m	69,662	0.0%$1.7m	Added +1.0%	0.0%
Ge VernovaGEV	$1.7m	1,423	0.0%$1.7m	Trimmed -1.1%	0.0%
NovartisNVS	$1.7m	10,588	0.0%$1.7m	Trimmed -3.7%	0.0%
Charles River Laboratories InternationalCRL	$1.6m	7,103	0.0%$1.6m	Trimmed -42%	0.0%
VisaV	$1.6m	4,666	0.0%$1.6m	Unchanged	0.0%
Resideo TechnologiesREZI	$1.6m	51,396	0.0%$1.6m	Added +1.0%	0.0%
Fitlife BrandsFTLF	$1.6m	145,000	0.0%$1.6m	Trimmed -6.1%	0.0%
Ishares Silver TrustSLV	$1.6m	29,765	0.0%$1.6m	Trimmed -0.3%	0.0%
W. P. CareyWPC	$1.6m	22,000	0.0%$1.6m	Unchanged	0.0%
RIO TintoRIO	$1.5m	16,226	0.0%$1.5m	Trimmed -0.4%	0.0%
Blackrock Muniyield QualityMYI	$1.5m	136,538	0.0%$1.5m	Trimmed -34%	0.0%
BNYBK	$1.5m	10,308	0.0%$1.5m	Unchanged	0.0%
Nuveen New York Amt-Free Quality MunicipalNRK	$1.5m	138,453	0.0%$1.5m	Unchanged	0.0%
Analog DevicesADI	$1.4m	3,626	0.0%$1.4m	Trimmed -3.6%	0.0%
NVIDIANVDA	$1.4m	6,920	0.0%$1.4m	Trimmed -1.3%	0.0%
Proshares Trust IISVXY	$1.4m	23,986	0.0%$1.4m	Unchanged	0.0%
Pimco Income Strategy Fund IIPFN	$1.4m	191,463	0.0%$1.4m	Unchanged	0.0%
Spdr Gold TrustGLD	$1.3m	3,650	0.0%$1.3m	Trimmed -5.5%	0.0%
Marathon PetroleumMPC	$1.3m	5,202	0.0%$1.3m	Unchanged	0.0%
Brookfield Wealth SolutionsBNT	$1.3m	30,730	0.0%$1.3m	Trimmed 0.0%	0.0%
Star Bulk CarriersSBLK	$1.3m	52,066	0.0%$1.3m	Added +0.6%	0.0%
Nuveen Quality Municipal IncomeNAD	$1.3m	105,829	0.0%$1.3m	Trimmed -35%	0.0%
GSKGSK	$1.3m	24,046	0.0%$1.3m	Trimmed -1.5%	0.0%
Verisk AnalyticsVRSK	$1.3m	7,000	0.0%$1.3m	Unchanged	0.0%
Kinder MorganKMI	$1.2m	38,312	0.0%$1.2m	Trimmed -1.7%	0.0%
S&P GlobalSPGI	$1.2m	2,970	0.0%$1.2m	Trimmed -21%	0.0%
Seaport Entertainment GroupSEG	$1.1m	42,503	0.0%$1.1m	Trimmed -19%	0.0%
Grayscale Coindesk CryptoGDLC	$1.1m	41,029	0.0%$1.1m	Unchanged	0.0%
AlkermesALKS	$1.1m	20,132	0.0%$1.1m	Trimmed -4.6%	0.0%
CitigroupC	$1.0m	7,475	0.0%$1.0m	Unchanged	0.0%
RedwireRDW	$1.0m	84,100	0.0%$1.0m	New	–
International Business MachinesIBM	$1.0m	3,570	0.0%$1.0m	Trimmed -0.4%	0.0%
Norfolk SouthernNSC	$970k	3,083	0.0%$970k	Added +1.6%	0.0%
Blackrock Muniyield Quality FundMQY	$955k	82,345	0.0%$955k	Trimmed -0.8%	0.0%
AstrazenecaAZN	$951k	5,015	0.0%$951k	Trimmed -4.6%	0.0%
EOG ResourcesEOG	$946k	7,291	0.0%$946k	Trimmed -3.6%	0.0%
CMS EnergyCMS	$933k	12,197	0.0%$933k	Unchanged	0.0%
Vaneck Etf TrustGDX	$932k	13,321	0.0%$932k	Trimmed -5.0%	0.0%
McDonald’sMCD	$930k	3,439	0.0%$930k	Unchanged	0.0%
Vaneck Etf TrustOIH	$913k	2,708	0.0%$913k	Unchanged	0.0%
Nuveen Floating Rate IncomeJFR	$909k	118,450	0.0%$909k	Trimmed -0.7%	0.0%
Wendy’sWEN	$902k	108,803	0.0%$902k	Trimmed -60%	0.0%
Bank of AmericaBAC	$897k	15,735	0.0%$897k	Trimmed -4.4%	0.0%
QualcommQCOM	$883k	4,777	0.0%$883k	Trimmed -13%	0.0%
Abbott LaboratoriesABT	$882k	9,716	0.0%$882k	Added +1.6%	0.0%
Ionis PharmaceuticalsIONS	$865k	10,904	0.0%$865k	Trimmed -4.6%	0.0%
United RentalsURI	$856k	756	0.0%$856k	Unchanged	0.0%
HubbellHUBB	$855k	1,635	0.0%$855k	Trimmed -54%	0.0%
Booz Allen Hamilton Holding CorBAH	$854k	14,071	0.0%$854k	Added +0.5%	0.0%
Pimco Dynamic Income FundPDI	$852k	51,039	0.0%$852k	Trimmed -0.9%	0.0%
Spdr S&P 500 Etf TrustSPY	$852k	1,141	0.0%$852k	Trimmed -8.3%	0.0%
Kimberly-ClarkKMB	$838k	7,636	0.0%$838k	New	–
AmgenAMGN	$833k	2,300	0.0%$833k	Trimmed -4.1%	0.0%
Banco SantanderSAN	$832k	60,310	0.0%$832k	Trimmed -3.2%	0.0%
DanaherDHR	$825k	4,331	0.0%$825k	Trimmed -0.6%	0.0%
Equity Lifestyle PptysELS	$764k	11,850	0.0%$764k	Trimmed -37%	0.0%
General MillsGIS	$754k	21,660	0.0%$754k	Trimmed -28%	0.0%
Siriusxm HoldingsSIRI	$744k	25,196	0.0%$744k	Trimmed -2.4%	0.0%
Novo-NordiskNVO	$736k	15,350	0.0%$736k	Unchanged	0.0%
Honeywell InternationalHON	$736k	3,286	0.0%$736k	Trimmed -50%	0.0%
Pimco Income Strategy FundPFL	$735k	93,252	0.0%$735k	Unchanged	0.0%
LindeLIN	$727k	1,400	0.0%$727k	Unchanged	0.0%
Honeywell AerospaceHONA	$726k	3,286	0.0%$726k	New	–
UnitedHealth GroupUNH	$725k	1,745	0.0%$725k	Added +2.9%	0.0%
Aehr Test SystemsAEHR	$699k	7,280	0.0%$699k	Trimmed -66%	0.0%
Invesco Exchange Traded Fd TRSP	$695k	3,324	0.0%$695k	Added +1.3%	0.0%
Valmont IndustriesVMI	$694k	1,201	0.0%$694k	Unchanged	0.0%
Affiliated Managers GroupAMG	$676k	1,998	0.0%$676k	Unchanged	0.0%
Ishares TrACWI	$671k	10,618	0.0%$671k	Trimmed -2.7%	0.0%
Alnylam PharmaceuticalsALNY	$653k	2,168	0.0%$653k	Trimmed -4.6%	0.0%
Blackrock Floating Rate IncoXFRAX	$652k	59,291	0.0%$652k	Unchanged	0.0%
Ishares Gold TrustIAU	$647k	8,566	0.0%$647k	Unchanged	0.0%
Cohen & Steers Quality IncomeRQI	$617k	100,066	0.0%$617k	Added +100%	0.0%
Quest DiagnosticsDGX	$615k	2,900	0.0%$615k	Unchanged	0.0%
Goldman Sachs GroupGS	$605k	598	0.0%$605k	Trimmed -4.0%	0.0%
BlackstoneBX	$599k	5,092	0.0%$599k	Unchanged	0.0%
BiogenBIIB	$589k	2,726	0.0%$589k	Trimmed -4.6%	0.0%
Meta PlatformsMETA	$543k	964	0.0%$543k	Added +70%	0.0%
Pure CyclePCYO	$541k	50,526	0.0%$541k	Trimmed 0.0%	0.0%
Rayonier Advanced MaterialsRYAM	$538k	68,500	0.0%$538k	Unchanged	0.0%
NewmontNEM	$523k	5,600	0.0%$523k	Trimmed -13%	0.0%
Doubleline Income SolutionsDSL	$510k	46,153	0.0%$510k	Trimmed -14%	0.0%
Crispr TherapeuticsCRSP	$510k	9,353	0.0%$510k	Trimmed -4.5%	0.0%
Spdr Series TrustBIL	$505k	4,555	0.0%$505k	Trimmed -24%	0.0%
BWX TechnologiesBWXT	$499k	2,563	0.0%$499k	Trimmed -3.2%	0.0%
Constellation BrandsSTZ	$497k	3,575	0.0%$497k	Trimmed -23%	0.0%
Sprott Physical Gold TrustPHYS	$491k	16,262	0.0%$491k	Unchanged	0.0%
Costamare Bulkers HoldingsCMDB	$484k	27,580	0.0%$484k	Unchanged	0.0%
LennarLEN	$483k	5,341	0.0%$483k	Added +7.4%	0.0%
United Parcel ServiceUPS	$479k	4,460	0.0%$479k	New	–
Grayscale ZcashZCSH	$479k	17,883	0.0%$479k	Added +18%	0.0%
Circle Internet GroupCRCL	$478k	7,636	0.0%$478k	Added +10%	0.0%
Movado GroupMOV	$472k	12,000	0.0%$472k	Unchanged	0.0%
Mondelez InternationalMDLZ	$472k	8,152	0.0%$472k	Trimmed -1.1%	0.0%
Federated HermesFHI	$465k	8,419	0.0%$465k	Trimmed -1.8%	0.0%
Kimbell Royalty PartnersKRP	$457k	31,467	0.0%$457k	Trimmed -13%	0.0%
American ExpressAXP	$442k	1,306	0.0%$442k	Unchanged	0.0%
3mMMM	$437k	2,700	0.0%$437k	Trimmed -46%	0.0%
Neuberger Municipal FundNBH	$437k	41,396	0.0%$437k	Unchanged	0.0%
EbayEBAY	$425k	3,803	0.0%$425k	Trimmed -48%	0.0%
Centerpoint EnergyCNP	$425k	9,641	0.0%$425k	Trimmed -4.7%	0.0%
W.W. GraingerGWW	$411k	302	0.0%$411k	Trimmed -1.0%	0.0%
Blackrock Credit Allocation IncomeBTZ	$406k	39,700	0.0%$406k	Trimmed -2.1%	0.0%
General MotorsGM	$405k	5,250	0.0%$405k	Unchanged	0.0%
Occidental PetroleumOXY	$405k	8,331	0.0%$405k	Trimmed -5.9%	0.0%
Regeneron PharmaceuticalsREGN	$402k	645	0.0%$402k	Trimmed -4.4%	0.0%
Barrick MiningB	$397k	10,818	0.0%$397k	Added +0.2%	0.0%
Blackrock Muniholdings FundMHD	$395k	33,214	0.0%$395k	Trimmed -55%	0.0%
Federated Hermes Premier MunicipalFMN	$393k	34,170	0.0%$393k	Unchanged	0.0%
Vanguard Bd Index FdsBSV	$390k	5,001	0.0%$390k	Unchanged	0.0%
RayonierRYN	$387k	18,174	0.0%$387k	Trimmed -40%	0.0%
Nuveen Taxable Municipal IncomeNBB	$378k	23,977	0.0%$378k	Trimmed -3.5%	0.0%
Greenbrier CompaniesGBX	$377k	7,700	0.0%$377k	Trimmed -11%	0.0%
Fidelity National Information ServicesFIS	$377k	9,700	0.0%$377k	Added +121%	0.0%
Cra InternationalCRAI	$373k	2,620	0.0%$373k	Trimmed -62%	0.0%
Modine ManufacturingMOD	$355k	1,330	0.0%$355k	Trimmed -3.6%	0.0%
AflacAFL	$352k	3,000	0.0%$352k	Unchanged	0.0%
BPBP	$342k	9,266	0.0%$342k	Trimmed -2.1%	0.0%
Verizon CommunicationsVZ	$342k	8,066	0.0%$342k	Added +7.4%	0.0%
EatonETN	$340k	797	0.0%$340k	Unchanged	0.0%
SchlumbergerSLB	$339k	7,289	0.0%$339k	Trimmed -6.8%	0.0%
Nuveen Municipal CreditNZF	$335k	26,445	0.0%$335k	Unchanged	0.0%
Power Solutions InternationalPSIX	$323k	8,300	0.0%$323k	Added +66%	0.0%
Diamondback EnergyFANG	$322k	1,834	0.0%$322k	Trimmed -8.4%	0.0%
Arthur J Gallagher & CoAJG	$311k	1,354	0.0%$311k	Trimmed -31%	0.0%
JPMorgan ChaseJPM	$293k	896	0.0%$293k	Trimmed -38%	0.0%
Nuveen New York Quality MunicipalNAN	$292k	24,903	0.0%$292k	Unchanged	0.0%
Fidelity Wise Origin BitcoinFBTC	$290k	5,681	0.0%$290k	Unchanged	0.0%
Beam TherapeuticsBEAM	$288k	8,388	0.0%$288k	Trimmed -4.6%	0.0%
Walt DisneyDIS	$288k	2,990	0.0%$288k	Trimmed -37%	0.0%
Burford CapitalBUR	$279k	68,112	0.0%$279k	Added +74%	0.0%
Grayscale Ethereum ClassicETCG	$274k	71,182	0.0%$274k	Trimmed 0.0%	0.0%
Doubleline Opportunistic CreditDBL	$274k	19,047	0.0%$274k	Trimmed -7.0%	0.0%
Colgate-PalmoliveCL	$273k	2,978	0.0%$273k	Unchanged	0.0%
BroadcomAVGO	$273k	722	0.0%$273k	Trimmed -20%	0.0%
ConocoPhillipsCOP	$272k	2,615	0.0%$272k	Trimmed -7.0%	0.0%
LoewsL	$271k	2,391	0.0%$271k	Trimmed -63%	0.0%
BHP BillitonBHP	$269k	3,231	0.0%$269k	Unchanged	0.0%
Pimco New York Mun Fd IIPNI	$267k	37,634	0.0%$267k	Unchanged	0.0%
Energy RecoveryERII	$261k	28,928	0.0%$261k	Unchanged	0.0%
EnbridgeENB	$259k	4,777	0.0%$259k	New	–
Genuine PartsGPC	$258k	2,190	0.0%$258k	Unchanged	0.0%
Lockheed MartinLMT	$258k	507	0.0%$258k	Unchanged	0.0%
Amazon.comAMZN	$258k	1,081	0.0%$258k	Trimmed -8.9%	0.0%
Marketaxess HoldingsMKTX	$256k	2,254	0.0%$256k	Added +7.2%	0.0%
CintasCTAS	$252k	1,480	0.0%$252k	Trimmed -1.1%	0.0%
Nextera EnergyNEE	$251k	2,860	0.0%$251k	Unchanged	0.0%
PepsicoPEP	$249k	1,840	0.0%$249k	Unchanged	0.0%
Dorman ProductsDORM	$246k	1,800	0.0%$246k	New	–
EnerflexEFXT	$245k	9,990	0.0%$245k	Unchanged	0.0%
Cheniere Energy PartnersCQP	$244k	4,000	0.0%$244k	Unchanged	0.0%
WeyerhaeuserWY	$241k	10,081	0.0%$241k	Trimmed -2.6%	0.0%
Lowe’sLOW	$235k	1,068	0.0%$235k	Unchanged	0.0%
American TowerAMT	$229k	1,400	0.0%$229k	Unchanged	0.0%
Invesco Quality Mun Income TIQI	$222k	21,965	0.0%$222k	Unchanged	0.0%
Thermo Fisher ScientificTMO	$220k	438	0.0%$220k	Unchanged	0.0%
Galectin TherapeuticsGALT	$218k	46,968	0.0%$218k	Trimmed -4.6%	0.0%
BoeingBA	$218k	1,006	0.0%$218k	Unchanged	0.0%
Intellia TherapeuticsNTLA	$213k	12,584	0.0%$213k	Trimmed -4.6%	0.0%
Eaton Vance Sr Fltng Rte TrXEFRX	$212k	20,001	0.0%$212k	Unchanged	0.0%
NRG EnergyNRG	$208k	1,426	0.0%$208k	Trimmed -0.6%	0.0%
Nuveen Select Maturities Municipal FundNIM	$203k	21,500	0.0%$203k	Unchanged	0.0%
Select Water SolutionsWTTR	$200k	10,000	0.0%$200k	New	–
Digitalbridge Group6CL	$195k	12,351	0.0%$195k	Trimmed -99%	0.2%
Tetra TechnologiesTTI	$185k	16,320	0.0%$185k	Unchanged	0.0%
Ladder CapitalLADR	$179k	18,000	0.0%$179k	Unchanged	0.0%
Eaton Vance Municipal Bond FundEIM	$176k	17,692	0.0%$176k	Unchanged	0.0%
Invesco Tr Invt Grade New YoVTN	$171k	14,739	0.0%$171k	Unchanged	0.0%
Nuveen Amt Free Mun Cr Inc FNVG	$156k	12,176	0.0%$156k	Unchanged	0.0%
Replimune GroupREPL	$139k	12,584	0.0%$139k	Trimmed -4.6%	0.0%
Vanda PharmaceuticalsVNDA	$139k	22,648	0.0%$139k	Trimmed -4.6%	0.0%
Brookfield Real Assets IncomeRA	$139k	10,755	0.0%$139k	Unchanged	0.0%
PCM FundPCM	$137k	24,532	0.0%$137k	Unchanged	0.0%
Blackrock Floating RateBGT	$135k	12,678	0.0%$135k	Unchanged	0.0%
Nuveen Preferred & Income OpportunitiesJPC	$129k	16,426	0.0%$129k	Unchanged	0.0%
Blackrock Muniyield N y QualMYN	$122k	12,009	0.0%$122k	Unchanged	0.0%

Download the Q2 2026 holdings: CSV · JSON · Markdown

How the portfolio has changed

Each bar is one 13F. Select a bar or press play to see that quarter’s 12 largest positions. How this works

Bars are split by share of the US portfolio: the six biggest holdings over the period in colour, everything else in grey. The last eight quarters are shown in full, earlier years at year end.

2019

2021

2023

Q4 ’24

Q2 ’25

Q4 ’25

Q2 ’26

TPLGBTCTPLWPMLBFNVEverything else

Q2 2026

Q4 2019Q2 2026

Horizon Kinetics Inflation Beneficiaries ETF

1 year+19.4%

3 yearsa year+19.5%

5 yearsa year+12.3%

Yearly costs0.85%

Total returns after fees for the INFL share class (the cheapest one with a full record). 1, 3 and 5-year figures run to 30 Jun 2026, built from the monthly returns the fund reports in its N-PORT filings and checked against its shareholder reports. Costs are the expense ratio in the half-year report to 30 Jun 2026, about $93 a year on $10,000. Past returns don’t predict future ones.

Full portfolio at 30 Jun 2026, from the fund’s N-PORT filing. Net assets $1.5bn. Cash, bonds and other assets make up 3.0%. Changes are against 31 Mar 2026: 4 new, 29 added to, 7 trimmed, 3 sold out.

Horizon Kinetics Inflation Beneficiaries ETF holdings with change from the previous filing

LandbridgeLB	United States	6.9%	Added +7.1%	5.6%
WaterBridge InfrastructureWBI	United States	5.8%	Added +4.0%	4.4%
Wheaton Precious MetalsWPM Toronto	Canada	5.5%	Trimmed -2.2%	6.5%
Texas Pacific LandTPL	United States	5.1%	New	–
PrairieSky RoyaltyPSK Toronto	Canada	4.8%	Added +4.0%	4.8%
Franco-NevadaFNV Toronto	Canada	4.7%	Added +7.1%	5.2%
Viper EnergyVNOM	United States	4.3%	Trimmed -2.1%	4.8%
CamecoCCO Toronto	Canada	4.2%	Added +7.1%	4.2%
Singapore ExchangeSGX Singapore	Singapore	3.8%	Added +4.0%	2.9%
Intercontinental ExchangeICE	United States	3.7%	Added +38%	3.4%
OR RoyaltiesOR Toronto	Canada	3.5%	Added +7.1%	4.0%
Hawaiian Electric IndustriesHE	United States	3.1%	Added +4.0%	3.3%
Permian Basin Royalty TrustPBT	United States	2.9%	Unchanged	2.5%
Deutsche BoerseDB1 Xetra	Germany	2.6%	Added +7.1%	2.6%
Cheniere EnergyLNG	United States	2.5%	Trimmed -7.0%	3.3%
Miami International HoldingsMIAX	United States	2.4%	Added +4.0%	2.4%
CME GroupCME	United States	2.2%	Added +7.1%	2.8%
WhiteHawk MineralsWHK	United States	2.2%	New	–
Topaz EnergyTPZ Toronto	Canada	2.2%	Added +4.0%	2.2%
TMX GroupX Toronto	Canada	2.0%	Added +6.7%	2.1%
GlencoreGLEN London	Switzerland	1.9%	Unchanged	2.1%
EagleRock LandEROK	United States	1.9%	New	–
Bunge GlobalQ23 Zurich	United States	1.7%	Trimmed -19%	2.5%
Marsh & McLennan CosMRSH	United States	1.5%	Trimmed -9.1%	1.7%
Japan Exchange Group8697 Tokyo	Japan	1.4%	Added +4.0%	1.2%
SprottSII Toronto	Canada	1.4%	Added +3.9%	1.7%
Royalty PharmaRPRX	United States	1.2%	Trimmed 0.0%	1.1%
Altius MineralsALS Toronto	Canada	1.2%	Unchanged	1.0%
St JoeJOE	United States	1.2%	Added +3.9%	1.2%
BrookfieldBN Toronto	Canada	1.0%	Added +3.9%	0.9%
Deterra RoyaltiesDRR Sydney	Australia	1.0%	Trimmed -16%	1.0%
Tejon RanchTRC	United States	0.9%	Added +4.0%	0.8%
Wilmar InternationalWIL Singapore	Singapore	0.8%	Added +4.0%	0.9%
Triple Flag Precious MetalsTFPM Toronto	Canada	0.8%	Added +7.1%	0.9%
Mesabi TrustMSB	United States	0.7%	Unchanged	0.8%
RB GlobalRBA Toronto	United States	0.6%	Added +3.9%	0.5%
Tradeweb MarketsTW	United States	0.6%	New	–
Sabine Royalty TrustSBR	United States	0.4%	Unchanged	0.4%
ClarksonCKN London	United Kingdom	0.4%	Added +3.9%	0.4%
London Stock Exchange GroupLSEG London	United Kingdom	0.4%	Added +3.9%	0.4%
Labrador Iron Ore RoyaltyLIF Toronto	Canada	0.4%	Added +3.9%	0.4%
Dorchester MineralsDMLP	United States	0.3%	Added +3.0%	0.3%
San Juan Basin Royalty TrustSJT	United States	0.3%	Unchanged	0.4%
Evolve RoyaltiesEVR Toronto	Canada	0.3%	Unchanged	0.3%
Metalla Royalty & Streaming LtMTA Toronto	Canada	0.2%	Unchanged	0.2%
IG Port3791 Tokyo	Japan	0.2%	Added +1.6%	0.2%
Toei Animation4816 Tokyo	Japan	0.1%	Added +1.3%	0.2%
FermiFRMI	United States	0.0%	Added +3.9%	0.0%
		–	Sold out	5.7%
		–	Sold out	1.4%
		–	Sold out	0.9%

Kinetics Paradigm Fund

1 year+10.5%

3 yearsa year+34.4%

5 yearsa year+15.5%

10 yearsa year+17.0%

Yearly costs1.44%

Total returns after fees for the KNPYX, Institutional Class share class (the cheapest one with a full record). 1, 3 and 5-year figures run to 30 Jun 2026, built from the monthly returns the fund reports in its N-PORT filings and checked against its shareholder reports. The 10-year figure is from the shareholder report to 31 Dec 2025. Costs are the expense ratio in the half-year report to 30 Jun 2026, about $133 a year on $10,000. Past returns don’t predict future ones.

Full portfolio at 30 Jun 2026, from the fund’s N-PORT filing. Net assets $1.2bn. Changes are against 31 Mar 2026: 0 new, 0 added to, 0 trimmed, 0 sold out.

Kinetics Paradigm Fund holdings with change from the previous filing

Kinetics Paradigm Portfolio	United States	100.0%	Unchanged	100.0%

Kinetics Internet Fund

1 year-22.8%

3 yearsa year+22.4%

5 yearsa year+7.5%

10 yearsa year+15.5%

Yearly costs1.68%

Total returns after fees for the WWWFX, No Load Class share class (the cheapest one with a full record). 1, 3 and 5-year figures run to 30 Jun 2026, built from the monthly returns the fund reports in its N-PORT filings and checked against its shareholder reports. The 10-year figure is from the shareholder report to 31 Dec 2025. Costs are the expense ratio in the half-year report to 30 Jun 2026, about $159 a year on $10,000. Past returns don’t predict future ones.

Full portfolio at 30 Jun 2026, from the fund’s N-PORT filing. Net assets $248m. Changes are against 31 Mar 2026: 0 new, 0 added to, 0 trimmed, 0 sold out.

Kinetics Internet Fund holdings with change from the previous filing

Kinetics Internet Portfolio	United States	100.0%	Unchanged	100.0%

Look-through earnings

Horizon Kinetics’s share of the profits of the US companies it holds. How this works

For each holding, the fraction of the company it owns times the company’s net income. Look-through earnings explained.

Look-through earnings, Q2 2026

$167m

Last 12 months, holdings with SEC financials

Price paid for those earnings

41.4×

Value of those holdings ÷ their earnings

Earnings per share growth

+20.3%

Same holdings, against a year earlier

Portfolio covered

78%

Of the 13F value

$16.9m2019

$6.9m2020

$25.0m2021

$156m2022

$173m2023

$105m2024

$143m2025

$90.3m2026*

Q1 Q2 Q3 Q4 · each quarter is that quarter’s profits times the stake reported at its end. *2026 so far: 2 quarters. Click a quarter to see its holdings.

Holdings behind

Look-through earnings by holding, Q2 2026

Texas Pacific LandTPL	14.2%	$541m	$76.9m	$21.9m	+17.3%
Hawaiian Electric IndustriesHE	12.9%	$224m	$28.9m	$15.9m	–
Cheniere EnergyLNG	0.2%	$4.4bn	$8.4m	$5.9m	-8.7%
Miami International HoldingsMIAX	7.1%	$142m	$10.1m	$3.1m	–
Intercontinental ExchangeICE	0.2%	$4.0bn	$7.0m	$1.7m	+36.6%
Cboe Global MarketsCBOE	0.4%	$1.4bn	$5.3m	$1.4m	+50.4%
Viper EnergyVNOM	0.8%	−$79.0m	−$674k	$1.2m	-110.8%
AutonationAN	0.6%	$775m	$4.9m	$1.1m	+38.5%
CACI InternationalCACI	0.7%	$536m	$3.7m	$1.1m	–
White Mountains Insurance GroupWTM	0.5%	$1.1bn	$5.7m	$1.0m	+476.6%
Bunge GlobalBG	0.1%	$1.0bn	$1.5m	$986k	–
Landbridge CompanyLB	7.6%	$79.4m	$6.0m	$929k	–
CME GroupCME	0.08%	$4.3bn	$3.4m	$818k	+13.8%
Waterbridge Infrastructure LWBI	15.7%	$3.4m	$537k	$802k	–
Penske Automotive GroupPAG	0.2%	$906m	$1.9m	$551k	-9.9%
Dorchester MineralsDMLP	1.8%	$87.4m	$1.5m	$545k	+6.3%
St JOEJOE	1.0%	$123m	$1.3m	$420k	+51.0%
Marsh & Mclennan CompaniesMRSH	0.03%	$4.0bn	$1.2m	$368k	-1.0%
OshkoshOSK	0.1%	$556m	$787k	$259k	-11.7%
Tejon RanchTRC	7.4%	$6.0m	$449k	$196k	–
Royal Caribbean GroupRCL	0.01%	$4.4bn	$647k	$166k	–
CarnivalCCL	0.03%	$3.1bn	$947k	$166k	–
Rb GlobalRBA	0.1%	$484m	$548k	$162k	–
InterparfumsIPAR	0.4%	$207m	$844k	$124k	–
Live Nation EntertainmentLYV	0.04%	$135m	$56k	$122k	-85.9%
Royalty PharmaRPRX	0.06%	$812m	$503k	$11k	-19.9%
CiveoCVEO	21.0%	−$13.2m	−$2.8m	−$528k	–
Galaxy DigitalGLXY	0.6%	−$278m	−$1.8m	−$547k	–
Horizon Kinetics HoldingHKHC	5.8%	$46.9m	$2.7m	−$1.1m	–
StrategyMSTR	0.04%	−$30bn	−$11.2m	−$3.0m	-652.2%

Net income is as reported (GAAP), so it includes one-off items and, for some companies, gains or losses on investments they hold. Companies that report under IFRS (most non-US companies) or whose shares we can’t match reliably are left out; “portfolio covered” shows how much is included. Look-through earnings explained. Growth compares earnings per share over the last 12 months with the 12 months a year earlier, for holdings profitable in both.

5% stake filings

Holdings of 5% or more of a company (13D and 13G), usually reported well before the next 13F. How this works

Horizon Kinetics’s filings since December 2024, newest first. An amendment showing less than 5% means the holding fell below the threshold. A 13D means the holder may seek to influence the company. How to read a 13D.

Company	Owns	Form	Filed
San Juan Basin Royalty Trust	16.1%	13G/A	31 Jul 2026
Landbridge Company	20.9%	13G/A	29 Jul 2026
Eaglerock Land	6.9%	13G	27 Jul 2026
Whitehawk Minerals	6.8%	13G	23 Jul 2026
Miami International Holdings13D	7.8%	13D/A	21 May 2026

US holdings by sector

Financials75.0%
Materials6.0%
Utilities4.9%
Energy4.7%
Consumer discretionary2.4%
Real estate1.6%
Technology1.2%
Industrials1.0%
Insurance0.9%
Health care0.7%
Consumer staples0.5%
Communication and media0.2%
Other0.1%
Not classified1.0%

Sectors are grouped from each company’s SEC industry code, as a share of the Q2 2026 13F.

US portfolio value by quarter

$5.0bnQ3 ’23

$4.8bnQ4 ’23

$5.3bnQ1 ’24

$5.7bnQ2 ’24

$6.7bnQ3 ’24

$8.0bnQ4 ’24

$8.8bnQ1 ’25

$8.4bnQ2 ’25

$8.2bnQ3 ’25

$7.4bnQ4 ’25

$9.2bnQ1 ’26

$8.8bnQ2 ’26

From each quarter’s 13F. Changes reflect both trading and share-price moves.