# Horizon Kinetics portfolio: Q2 2026 13F holdings | moatshark

Steven Bregman and Murray Stahl’s Horizon Kinetics: $8.8bn in 317 US holdings at Q2 2026, with buys and sells.

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%.

13F for the quarter ending 2026-06-30, filed 2026-08-11 ([filing](https://www.sec.gov/Archives/edgar/data/1056823/000139834426014047/0001398344-26-014047-index.htm)). $8.8bn in US-listed holdings.

## 13F holdings

| Company | Value | Portfolio | Change | Q1 2026 |
| --- | --- | --- | --- | --- |
| Texas Pacific Land (TPL) | $4.3bn | 48.6% | Trimmed -2.1% | 51.5% |
| Grayscale Bitcoin Trust Etf (GBTC) | $553m | 6.3% | Trimmed -13% | 8.0% |
| Landbridge Company (LB) | $461m | 5.2% | Added +2.9% | 4.2% |
| Hawaiian Electric Industries (HE) | $303m | 3.4% | Added +3.5% | 3.5% |
| Miami International Holdings (MIAX) | $291m | 3.3% | Added +127% | 1.5% |
| Waterbridge Infrastructure L (WBI) | $262m | 3.0% | Added +4.2% | 2.1% |
| Wheaton Precious Metals (WPM) | $189m | 2.1% | Trimmed -4.2% | 2.5% |
| Permian Basin Royalty Trust (PBT) | $169m | 1.9% | Added +5.5% | 1.5% |
| Franco Nevada (FNV) | $161m | 1.8% | Added +2.1% | 2.0% |
| Grayscale Bitcoin Mini Trust ETF (BTC) | $157m | 1.8% | Added +102% | 1.0% |
| Intercontinental Exchange (ICE) | $121m | 1.4% | Added +17% | 1.4% |
| Cboe Global Markets (CBOE) | $101m | 1.1% | Added +1.1% | 1.3% |
| Cheniere Energy (LNG) | $96.1m | 1.1% | Trimmed -4.4% | 1.3% |
| Mesabi Trust (MSB) | $81.5m | 0.9% | Added +2.5% | 1.1% |
| Civeo (CVEO) | $80.2m | 0.9% | Trimmed -2.6% | 0.7% |
| CACI International (CACI) | $71.2m | 0.8% | Trimmed -0.6% | 0.9% |
| Cameco (CCJ) | $71.1m | 0.8% | Added +7.0% | 0.8% |
| Viper Energy (VNOM) | $70.1m | 0.8% | Trimmed -0.6% | 0.8% |
| Brookfield (BN) | $67.6m | 0.8% | Added +1.0% | 0.7% |
| CME Group (CME) | $62.7m | 0.7% | Added +5.0% | 0.9% |
| OR Royalties (OR) | $60.6m | 0.7% | Added +9.2% | 0.7% |
| Whitehawk Minerals (WHK) | $43.2m | 0.5% | New | – |
| Autonation (AN) | $39.6m | 0.5% | Trimmed -5.4% | 0.5% |
| Tejon Ranch (TRC) | $37.6m | 0.4% | Added +5.7% | 0.4% |
| St JOE (JOE) | $37.1m | 0.4% | Added +9.2% | 0.4% |
| Eaglerock Land (EROK) | $35.8m | 0.4% | New | – |
| Horizon Kinetics Holding (HKHC) | $35.5m | 0.4% | Unchanged | 0.4% |
| Galaxy Digital (GLXY) | $33.8m | 0.4% | Trimmed -1.2% | 0.3% |
| Bunge Global (BG) | $30.3m | 0.3% | Trimmed -16% | 0.5% |
| Ishares Bitcoin Trust Etf (IBIT) | $27.9m | 0.3% | Added +5.5% | 0.3% |
| Sprott (SII) | $26.1m | 0.3% | Added +12% | 0.3% |
| White Mountains Insurance Group (WTM) | $25.3m | 0.3% | Trimmed -6.9% | 0.3% |
| Penske Automotive Group (PAG) | $24.9m | 0.3% | Trimmed -2.4% | 0.2% |
| Rb Global (RBA) | $24.6m | 0.3% | Added +13% | 0.2% |
| San Juan Basin Royalty Trust (SJT) | $24.1m | 0.3% | Added +7.4% | 0.4% |
| Marsh & Mclennan Companies (MRSH) | $23.3m | 0.3% | Trimmed -7.5% | 0.3% |
| Vanguard Bd Index Fds (VUSB) | $23.0m | 0.3% | Added +36% | 0.2% |
| Dorchester Minerals (DMLP) | $21.5m | 0.2% | Trimmed -0.9% | 0.3% |
| Berkshire Hathaway (BRK.B) | $19.4m | 0.2% | Trimmed -2.1% | 0.2% |
| Royalty Pharma (RPRX) | $19.3m | 0.2% | Added +1.2% | 0.2% |
| Live Nation Entertainment (LYV) | $18.5m | 0.2% | Trimmed -36% | 0.3% |
| Triple Flag Precious Metals (TFPM) | $15.2m | 0.2% | Added +23% | 0.2% |
| Interparfums (IPAR) | $14.6m | 0.2% | Trimmed -5.8% | 0.1% |
| Oshkosh (OSK) | $13.6m | 0.1% | Trimmed -23% | 0.2% |
| Listed Fds Tr (SPAQ) | $12.6m | 0.1% | Added +5.3% | 0.1% |
| Royal Caribbean Group (RCL) | $12.5m | 0.1% | Trimmed -24% | 0.1% |
| Carnival (CCL) | $12.2m | 0.1% | Trimmed -55% | 0.3% |
| Strategy (MSTR) | $11.3m | 0.1% | Trimmed -6.8% | 0.2% |
| Liberty Media (FWONA) | $10.5m | 0.1% | Trimmed -7.6% | 0.1% |
| Tradeweb Markets (TW) | $9.7m | 0.1% | Added +1750% | 0.0% |
| Williams Companies (WMB) | $9.6m | 0.1% | Trimmed -7.0% | 0.1% |
| Madison Square Garden Sports (MSGS) | $9.3m | 0.1% | Trimmed -0.5% | 0.1% |
| Royal Gold (RGLD) | $9.2m | 0.1% | Trimmed -2.3% | 0.1% |
| Mastercard (MA) | $9.1m | 0.1% | Trimmed -9.4% | 0.1% |
| Alliancebernstein Holding LP (AB) | $8.8m | 0.1% | Added +14% | 0.1% |
| Brookfield Asset Management (BAM) | $8.5m | 0.1% | Trimmed -0.1% | 0.1% |
| Sabine Royalty Trust (SBR) | $8.2m | 0.1% | Added +0.6% | 0.1% |
| Energy Transfer LP (ET) | $7.8m | 0.1% | Added +1.4% | 0.1% |
| Sphere Entertainment (SPHR) | $7.7m | 0.1% | Trimmed -3.4% | 0.1% |
| Fermi (FRMI) | $7.5m | 0.1% | Added +55% | 0.0% |
| Western Midstream Partners L (WES) | $7.5m | 0.1% | Added +1.5% | 0.1% |
| Alps Etf Tr (AMLP) | $6.7m | 0.1% | Added +22% | 0.1% |
| Liberty Energy (LBRT) | $6.1m | 0.1% | Trimmed -18% | 0.1% |
| Listed Fds Tr (JAPN) | $6.0m | 0.1% | Added +7.6% | 0.1% |
| KLA (KLAC) | $6.0m | 0.1% | Trimmed -8.0% | 0.0% |
| Natural Resource Partners L (NRP) | $5.9m | 0.1% | Added +5.3% | 0.1% |
| Freeport-Mcmoran (FCX) | $5.6m | 0.1% | Trimmed -2.5% | 0.1% |
| Science Applications International (SAIC) | $5.6m | 0.1% | Added +0.8% | 0.1% |
| Nasdaq (NDAQ) | $5.6m | 0.1% | Added +0.3% | 0.1% |
| Exxon Mobil (EXMOC) | $5.2m | 0.1% | Trimmed -4.2% | 0.1% |
| Abbvie (ABBV) | $4.8m | 0.1% | Trimmed -1.7% | 0.1% |
| Eli Lilly & Co (LLY) | $4.6m | 0.1% | Trimmed -3.6% | 0.0% |
| Listed Fds Tr (INFL) | $4.5m | 0.1% | Trimmed -9.3% | 0.1% |
| Vanguard Scottsdale Fds (VGSH) | $4.2m | 0.1% | Trimmed -26% | 0.1% |
| Caterpillar (CAT) | $4.2m | 0.1% | Trimmed -4.5% | 0.0% |
| Enterprise Products Partners (EPD) | $4.1m | 0.1% | Trimmed -2.2% | 0.1% |
| Markel Group (MKL) | $4.0m | 0.1% | Trimmed -1.8% | 0.0% |
| Cisco Systems (CSCO) | $4.0m | 0.1% | Trimmed -8.6% | 0.0% |
| Howard Hughes Holdings (HHH) | $4.0m | 0.0% | Trimmed -72% | 0.1% |
| Johnson & Johnson (JNJ) | $3.9m | 0.0% | Trimmed -1.3% | 0.0% |
| Atlanta Braves Holdings (BATRK) | $3.8m | 0.0% | Trimmed -1.2% | 0.0% |
| Merck & Co. (MRK) | $3.6m | 0.0% | Trimmed -0.8% | 0.0% |
| Philip Morris International (PM) | $3.6m | 0.0% | Trimmed -0.6% | 0.0% |
| Vertiv Holdings (VRT) | $3.5m | 0.0% | Trimmed -4.6% | 0.0% |
| Vanguard Index Fds (VOO) | $3.4m | 0.0% | Trimmed -14% | 0.0% |
| Nutrien (NTR) | $3.2m | 0.0% | Trimmed -1.4% | 0.0% |
| Costamare (CMRE) | $3.1m | 0.0% | Added +0.2% | 0.0% |
| Metalla Royalty & Streaming (MTA) | $3.1m | 0.0% | Unchanged | 0.0% |
| Suncor Energy (SU) | $3.0m | 0.0% | Unchanged | 0.0% |
| Nuveen Amt Free Qlty Mun (XNEAX) | $3.0m | 0.0% | Trimmed -14% | 0.0% |
| Broadridge Financial Solutions (BR) | $3.0m | 0.0% | Trimmed -2.1% | 0.0% |
| Openlane (OPLN) | $2.9m | 0.0% | Trimmed -0.4% | 0.0% |
| Centuri Holdings (CTRI) | $2.9m | 0.0% | New | – |
| Grayscale Bitcoin Cash (BCHG) | $2.9m | 0.0% | Added +31% | 0.1% |
| Alliance Resource Partners L (ARLP) | $2.9m | 0.0% | Added +15% | 0.0% |
| Madison Square Garden Entertainment (MSGE) | $2.8m | 0.0% | Trimmed -1.9% | 0.0% |
| Wisdomtree (WT) | $2.8m | 0.0% | Trimmed -1.2% | 0.0% |
| Altria Group (MO) | $2.8m | 0.0% | Unchanged | 0.0% |
| Renn Fund (RCG) | $2.8m | 0.0% | Added +1.9% | 0.0% |
| Toronto Dominion Bank (TD) | $2.7m | 0.0% | Trimmed -0.2% | 0.0% |
| L3harris Technologies (LHX) | $2.7m | 0.0% | Unchanged | 0.0% |
| Apyx Medical (APYX) | $2.6m | 0.0% | Trimmed -4.9% | 0.0% |
| Grayscale Litecoin (LTCN) | $2.6m | 0.0% | Added +42% | 0.0% |
| Microsoft (MSFT) | $2.6m | 0.0% | Trimmed -0.4% | 0.0% |
| Bristol-Myers Squibb (BMY) | $2.6m | 0.0% | Trimmed -0.3% | 0.0% |
| Eagle Materials (EXP) | $2.4m | 0.0% | Trimmed -37% | 0.0% |
| Emerson Electric (EMR) | $2.4m | 0.0% | Unchanged | 0.0% |
| GE Aerospace (GE) | $2.4m | 0.0% | Trimmed -1.0% | 0.0% |
| Plains All Amern Pipeline L (PAA) | $2.3m | 0.0% | Added +17% | 0.0% |
| Chevron (CVX) | $2.3m | 0.0% | Trimmed -1.6% | 0.0% |
| RTX (RTX) | $2.3m | 0.0% | Unchanged | 0.0% |
| Iron Mountain (IRM) | $2.3m | 0.0% | Trimmed -3.0% | 0.0% |
| EQT (EQT) | $2.2m | 0.0% | Trimmed -2.9% | 0.0% |
| Archer-Daniels-Midland (ADM) | $2.2m | 0.0% | Trimmed -52% | 0.1% |
| Bakkt Holdings (BKKT) | $2.2m | 0.0% | Trimmed -12% | 0.0% |
| Fidelity National Financial (FNF) | $2.1m | 0.0% | Added +1.8% | 0.0% |
| Black Stone Minerals LP (BSM) | $2.1m | 0.0% | Unchanged | 0.0% |
| Alphabet (GOOG) | $2.1m | 0.0% | Trimmed -4.6% | 0.0% |
| Royce Micro-Cap Trust (RMT) | $2.0m | 0.0% | Added +1.5% | 0.0% |
| Rockwell Automation (ROK) | $1.9m | 0.0% | Unchanged | 0.0% |
| Sonoco Products (SON) | $1.9m | 0.0% | Added +7.0% | 0.0% |
| Las Vegas Sands (LVS) | $1.9m | 0.0% | Added +0.2% | 0.0% |
| Amrize (AMRZ) | $1.8m | 0.0% | New | – |
| Apple (AAPL) | $1.8m | 0.0% | Trimmed -1.6% | 0.0% |
| Pfizer (PFE) | $1.7m | 0.0% | Added +1.0% | 0.0% |
| Ge Vernova (GEV) | $1.7m | 0.0% | Trimmed -1.1% | 0.0% |
| Novartis (NVS) | $1.7m | 0.0% | Trimmed -3.7% | 0.0% |
| Charles River Laboratories International (CRL) | $1.6m | 0.0% | Trimmed -42% | 0.0% |
| Visa (V) | $1.6m | 0.0% | Unchanged | 0.0% |
| Resideo Technologies (REZI) | $1.6m | 0.0% | Added +1.0% | 0.0% |
| Fitlife Brands (FTLF) | $1.6m | 0.0% | Trimmed -6.1% | 0.0% |
| Ishares Silver Trust (SLV) | $1.6m | 0.0% | Trimmed -0.3% | 0.0% |
| W. P. Carey (WPC) | $1.6m | 0.0% | Unchanged | 0.0% |
| RIO Tinto (RIO) | $1.5m | 0.0% | Trimmed -0.4% | 0.0% |
| Blackrock Muniyield Quality (MYI) | $1.5m | 0.0% | Trimmed -34% | 0.0% |
| BNY (BK) | $1.5m | 0.0% | Unchanged | 0.0% |
| Nuveen New York Amt-Free Quality Municipal (NRK) | $1.5m | 0.0% | Unchanged | 0.0% |
| Analog Devices (ADI) | $1.4m | 0.0% | Trimmed -3.6% | 0.0% |
| NVIDIA (NVDA) | $1.4m | 0.0% | Trimmed -1.3% | 0.0% |
| Proshares Trust II (SVXY) | $1.4m | 0.0% | Unchanged | 0.0% |
| Pimco Income Strategy Fund II (PFN) | $1.4m | 0.0% | Unchanged | 0.0% |
| Spdr Gold Trust (GLD) | $1.3m | 0.0% | Trimmed -5.5% | 0.0% |
| Marathon Petroleum (MPC) | $1.3m | 0.0% | Unchanged | 0.0% |
| Brookfield Wealth Solutions (BNT) | $1.3m | 0.0% | Trimmed 0.0% | 0.0% |
| Star Bulk Carriers (SBLK) | $1.3m | 0.0% | Added +0.6% | 0.0% |
| Nuveen Quality Municipal Income (NAD) | $1.3m | 0.0% | Trimmed -35% | 0.0% |
| GSK (GSK) | $1.3m | 0.0% | Trimmed -1.5% | 0.0% |
| Verisk Analytics (VRSK) | $1.3m | 0.0% | Unchanged | 0.0% |
| Kinder Morgan (KMI) | $1.2m | 0.0% | Trimmed -1.7% | 0.0% |
| S&P Global (SPGI) | $1.2m | 0.0% | Trimmed -21% | 0.0% |
| Seaport Entertainment Group (SEG) | $1.1m | 0.0% | Trimmed -19% | 0.0% |
| Grayscale Coindesk Crypto (GDLC) | $1.1m | 0.0% | Unchanged | 0.0% |
| Alkermes (ALKS) | $1.1m | 0.0% | Trimmed -4.6% | 0.0% |
| Citigroup (C) | $1.0m | 0.0% | Unchanged | 0.0% |
| Redwire (RDW) | $1.0m | 0.0% | New | – |
| International Business Machines (IBM) | $1.0m | 0.0% | Trimmed -0.4% | 0.0% |
| Norfolk Southern (NSC) | $970k | 0.0% | Added +1.6% | 0.0% |
| Blackrock Muniyield Quality Fund (MQY) | $955k | 0.0% | Trimmed -0.8% | 0.0% |
| Astrazeneca (AZN) | $951k | 0.0% | Trimmed -4.6% | 0.0% |
| EOG Resources (EOG) | $946k | 0.0% | Trimmed -3.6% | 0.0% |
| CMS Energy (CMS) | $933k | 0.0% | Unchanged | 0.0% |
| Vaneck Etf Trust (GDX) | $932k | 0.0% | Trimmed -5.0% | 0.0% |
| McDonald’s (MCD) | $930k | 0.0% | Unchanged | 0.0% |
| Vaneck Etf Trust (OIH) | $913k | 0.0% | Unchanged | 0.0% |
| Nuveen Floating Rate Income (JFR) | $909k | 0.0% | Trimmed -0.7% | 0.0% |
| Wendy’s (WEN) | $902k | 0.0% | Trimmed -60% | 0.0% |
| Bank of America (BAC) | $897k | 0.0% | Trimmed -4.4% | 0.0% |
| Qualcomm (QCOM) | $883k | 0.0% | Trimmed -13% | 0.0% |
| Abbott Laboratories (ABT) | $882k | 0.0% | Added +1.6% | 0.0% |
| Ionis Pharmaceuticals (IONS) | $865k | 0.0% | Trimmed -4.6% | 0.0% |
| United Rentals (URI) | $856k | 0.0% | Unchanged | 0.0% |
| Hubbell (HUBB) | $855k | 0.0% | Trimmed -54% | 0.0% |
| Booz Allen Hamilton Holding Cor (BAH) | $854k | 0.0% | Added +0.5% | 0.0% |
| Pimco Dynamic Income Fund (PDI) | $852k | 0.0% | Trimmed -0.9% | 0.0% |
| Spdr S&P 500 Etf Trust (SPY) | $852k | 0.0% | Trimmed -8.3% | 0.0% |
| Kimberly-Clark (KMB) | $838k | 0.0% | New | – |
| Amgen (AMGN) | $833k | 0.0% | Trimmed -4.1% | 0.0% |
| Banco Santander (SAN) | $832k | 0.0% | Trimmed -3.2% | 0.0% |
| Danaher (DHR) | $825k | 0.0% | Trimmed -0.6% | 0.0% |
| Equity Lifestyle Pptys (ELS) | $764k | 0.0% | Trimmed -37% | 0.0% |
| General Mills (GIS) | $754k | 0.0% | Trimmed -28% | 0.0% |
| Siriusxm Holdings (SIRI) | $744k | 0.0% | Trimmed -2.4% | 0.0% |
| Novo-Nordisk (NVO) | $736k | 0.0% | Unchanged | 0.0% |
| Honeywell International (HON) | $736k | 0.0% | Trimmed -50% | 0.0% |
| Pimco Income Strategy Fund (PFL) | $735k | 0.0% | Unchanged | 0.0% |
| Linde (LIN) | $727k | 0.0% | Unchanged | 0.0% |
| Honeywell Aerospace (HONA) | $726k | 0.0% | New | – |
| UnitedHealth Group (UNH) | $725k | 0.0% | Added +2.9% | 0.0% |
| Aehr Test Systems (AEHR) | $699k | 0.0% | Trimmed -66% | 0.0% |
| Invesco Exchange Traded Fd T (RSP) | $695k | 0.0% | Added +1.3% | 0.0% |
| Valmont Industries (VMI) | $694k | 0.0% | Unchanged | 0.0% |
| Affiliated Managers Group (AMG) | $676k | 0.0% | Unchanged | 0.0% |
| Ishares Tr (ACWI) | $671k | 0.0% | Trimmed -2.7% | 0.0% |
| Alnylam Pharmaceuticals (ALNY) | $653k | 0.0% | Trimmed -4.6% | 0.0% |
| Blackrock Floating Rate Inco (XFRAX) | $652k | 0.0% | Unchanged | 0.0% |
| Ishares Gold Trust (IAU) | $647k | 0.0% | Unchanged | 0.0% |
| Cohen & Steers Quality Income (RQI) | $617k | 0.0% | Added +100% | 0.0% |
| Quest Diagnostics (DGX) | $615k | 0.0% | Unchanged | 0.0% |
| Goldman Sachs Group (GS) | $605k | 0.0% | Trimmed -4.0% | 0.0% |
| Blackstone (BX) | $599k | 0.0% | Unchanged | 0.0% |
| Biogen (BIIB) | $589k | 0.0% | Trimmed -4.6% | 0.0% |
| Meta Platforms (META) | $543k | 0.0% | Added +70% | 0.0% |
| Pure Cycle (PCYO) | $541k | 0.0% | Trimmed 0.0% | 0.0% |
| Rayonier Advanced Materials (RYAM) | $538k | 0.0% | Unchanged | 0.0% |
| Newmont (NEM) | $523k | 0.0% | Trimmed -13% | 0.0% |
| Doubleline Income Solutions (DSL) | $510k | 0.0% | Trimmed -14% | 0.0% |
| Crispr Therapeutics (CRSP) | $510k | 0.0% | Trimmed -4.5% | 0.0% |
| Spdr Series Trust (BIL) | $505k | 0.0% | Trimmed -24% | 0.0% |
| BWX Technologies (BWXT) | $499k | 0.0% | Trimmed -3.2% | 0.0% |
| Constellation Brands (STZ) | $497k | 0.0% | Trimmed -23% | 0.0% |
| Sprott Physical Gold Trust (PHYS) | $491k | 0.0% | Unchanged | 0.0% |
| Costamare Bulkers Holdings (CMDB) | $484k | 0.0% | Unchanged | 0.0% |
| Lennar (LEN) | $483k | 0.0% | Added +7.4% | 0.0% |
| United Parcel Service (UPS) | $479k | 0.0% | New | – |
| Grayscale Zcash (ZCSH) | $479k | 0.0% | Added +18% | 0.0% |
| Circle Internet Group (CRCL) | $478k | 0.0% | Added +10% | 0.0% |
| Movado Group (MOV) | $472k | 0.0% | Unchanged | 0.0% |
| Mondelez International (MDLZ) | $472k | 0.0% | Trimmed -1.1% | 0.0% |
| Federated Hermes (FHI) | $465k | 0.0% | Trimmed -1.8% | 0.0% |
| Kimbell Royalty Partners (KRP) | $457k | 0.0% | Trimmed -13% | 0.0% |
| American Express (AXP) | $442k | 0.0% | Unchanged | 0.0% |
| 3m (MMM) | $437k | 0.0% | Trimmed -46% | 0.0% |
| Neuberger Municipal Fund (NBH) | $437k | 0.0% | Unchanged | 0.0% |
| Ebay (EBAY) | $425k | 0.0% | Trimmed -48% | 0.0% |
| Centerpoint Energy (CNP) | $425k | 0.0% | Trimmed -4.7% | 0.0% |
| W.W. Grainger (GWW) | $411k | 0.0% | Trimmed -1.0% | 0.0% |
| Blackrock Credit Allocation Income (BTZ) | $406k | 0.0% | Trimmed -2.1% | 0.0% |
| General Motors (GM) | $405k | 0.0% | Unchanged | 0.0% |
| Occidental Petroleum (OXY) | $405k | 0.0% | Trimmed -5.9% | 0.0% |
| Regeneron Pharmaceuticals (REGN) | $402k | 0.0% | Trimmed -4.4% | 0.0% |
| Barrick Mining (B) | $397k | 0.0% | Added +0.2% | 0.0% |
| Blackrock Muniholdings Fund (MHD) | $395k | 0.0% | Trimmed -55% | 0.0% |
| Federated Hermes Premier Municipal (FMN) | $393k | 0.0% | Unchanged | 0.0% |
| Vanguard Bd Index Fds (BSV) | $390k | 0.0% | Unchanged | 0.0% |
| Rayonier (RYN) | $387k | 0.0% | Trimmed -40% | 0.0% |
| Nuveen Taxable Municipal Income (NBB) | $378k | 0.0% | Trimmed -3.5% | 0.0% |
| Greenbrier Companies (GBX) | $377k | 0.0% | Trimmed -11% | 0.0% |
| Fidelity National Information Services (FIS) | $377k | 0.0% | Added +121% | 0.0% |
| Cra International (CRAI) | $373k | 0.0% | Trimmed -62% | 0.0% |
| Modine Manufacturing (MOD) | $355k | 0.0% | Trimmed -3.6% | 0.0% |
| Aflac (AFL) | $352k | 0.0% | Unchanged | 0.0% |
| BP (BP) | $342k | 0.0% | Trimmed -2.1% | 0.0% |
| Verizon Communications (VZ) | $342k | 0.0% | Added +7.4% | 0.0% |
| Eaton (ETN) | $340k | 0.0% | Unchanged | 0.0% |
| Schlumberger (SLB) | $339k | 0.0% | Trimmed -6.8% | 0.0% |
| Nuveen Municipal Credit (NZF) | $335k | 0.0% | Unchanged | 0.0% |
| Power Solutions International (PSIX) | $323k | 0.0% | Added +66% | 0.0% |
| Diamondback Energy (FANG) | $322k | 0.0% | Trimmed -8.4% | 0.0% |
| Arthur J Gallagher & Co (AJG) | $311k | 0.0% | Trimmed -31% | 0.0% |
| JPMorgan Chase (JPM) | $293k | 0.0% | Trimmed -38% | 0.0% |
| Nuveen New York Quality Municipal (NAN) | $292k | 0.0% | Unchanged | 0.0% |
| Fidelity Wise Origin Bitcoin (FBTC) | $290k | 0.0% | Unchanged | 0.0% |
| Beam Therapeutics (BEAM) | $288k | 0.0% | Trimmed -4.6% | 0.0% |
| Walt Disney (DIS) | $288k | 0.0% | Trimmed -37% | 0.0% |
| Burford Capital (BUR) | $279k | 0.0% | Added +74% | 0.0% |
| Grayscale Ethereum Classic (ETCG) | $274k | 0.0% | Trimmed 0.0% | 0.0% |
| Doubleline Opportunistic Credit (DBL) | $274k | 0.0% | Trimmed -7.0% | 0.0% |
| Colgate-Palmolive (CL) | $273k | 0.0% | Unchanged | 0.0% |
| Broadcom (AVGO) | $273k | 0.0% | Trimmed -20% | 0.0% |
| ConocoPhillips (COP) | $272k | 0.0% | Trimmed -7.0% | 0.0% |
| Loews (L) | $271k | 0.0% | Trimmed -63% | 0.0% |
| BHP Billiton (BHP) | $269k | 0.0% | Unchanged | 0.0% |
| Pimco New York Mun Fd II (PNI) | $267k | 0.0% | Unchanged | 0.0% |
| Energy Recovery (ERII) | $261k | 0.0% | Unchanged | 0.0% |
| Enbridge (ENB) | $259k | 0.0% | New | – |
| Genuine Parts (GPC) | $258k | 0.0% | Unchanged | 0.0% |
| Lockheed Martin (LMT) | $258k | 0.0% | Unchanged | 0.0% |
| Amazon.com (AMZN) | $258k | 0.0% | Trimmed -8.9% | 0.0% |
| Marketaxess Holdings (MKTX) | $256k | 0.0% | Added +7.2% | 0.0% |
| Cintas (CTAS) | $252k | 0.0% | Trimmed -1.1% | 0.0% |
| Nextera Energy (NEE) | $251k | 0.0% | Unchanged | 0.0% |
| Pepsico (PEP) | $249k | 0.0% | Unchanged | 0.0% |
| Dorman Products (DORM) | $246k | 0.0% | New | – |
| Enerflex (EFXT) | $245k | 0.0% | Unchanged | 0.0% |
| Cheniere Energy Partners (CQP) | $244k | 0.0% | Unchanged | 0.0% |
| Weyerhaeuser (WY) | $241k | 0.0% | Trimmed -2.6% | 0.0% |
| Lowe’s (LOW) | $235k | 0.0% | Unchanged | 0.0% |
| American Tower (AMT) | $229k | 0.0% | Unchanged | 0.0% |
| Invesco Quality Mun Income T (IQI) | $222k | 0.0% | Unchanged | 0.0% |
| Thermo Fisher Scientific (TMO) | $220k | 0.0% | Unchanged | 0.0% |
| Galectin Therapeutics (GALT) | $218k | 0.0% | Trimmed -4.6% | 0.0% |
| Boeing (BA) | $218k | 0.0% | Unchanged | 0.0% |
| Intellia Therapeutics (NTLA) | $213k | 0.0% | Trimmed -4.6% | 0.0% |
| Eaton Vance Sr Fltng Rte Tr (XEFRX) | $212k | 0.0% | Unchanged | 0.0% |
| NRG Energy (NRG) | $208k | 0.0% | Trimmed -0.6% | 0.0% |
| Nuveen Select Maturities Municipal Fund (NIM) | $203k | 0.0% | Unchanged | 0.0% |
| Select Water Solutions (WTTR) | $200k | 0.0% | New | – |
| Digitalbridge Group (6CL) | $195k | 0.0% | Trimmed -99% | 0.2% |
| Tetra Technologies (TTI) | $185k | 0.0% | Unchanged | 0.0% |
| Ladder Capital (LADR) | $179k | 0.0% | Unchanged | 0.0% |
| Eaton Vance Municipal Bond Fund (EIM) | $176k | 0.0% | Unchanged | 0.0% |
| Invesco Tr Invt Grade New Yo (VTN) | $171k | 0.0% | Unchanged | 0.0% |
| Nuveen Amt Free Mun Cr Inc F (NVG) | $156k | 0.0% | Unchanged | 0.0% |
| Replimune Group (REPL) | $139k | 0.0% | Trimmed -4.6% | 0.0% |
| Vanda Pharmaceuticals (VNDA) | $139k | 0.0% | Trimmed -4.6% | 0.0% |
| Brookfield Real Assets Income (RA) | $139k | 0.0% | Unchanged | 0.0% |
| PCM Fund (PCM) | $137k | 0.0% | Unchanged | 0.0% |
| Blackrock Floating Rate (BGT) | $135k | 0.0% | Unchanged | 0.0% |
| Nuveen Preferred & Income Opportunities (JPC) | $129k | 0.0% | Unchanged | 0.0% |
| Blackrock Muniyield N y Qual (MYN) | $122k | 0.0% | Unchanged | 0.0% |
| Nuveen Municipal High Income Opportunity (NMZ) | $118k | 0.0% | Added +7.3% | 0.0% |
| Eaton Vance Limited Duration (XEVVX) | $116k | 0.0% | Unchanged | 0.0% |
| Haleon (HLN) | $116k | 0.0% | Trimmed -3.6% | 0.0% |
| Pimco Municipal Income Fund II (PML) | $115k | 0.0% | Unchanged | 0.0% |
| Eaton Vance Senior Income Trust (EVF) | $108k | 0.0% | Unchanged | 0.0% |
| Nuveen Municipal Value Fund (NUV) | $106k | 0.0% | Unchanged | 0.0% |
| Keel Infrastructure (KEEL) | $105k | 0.0% | New | – |
| Lantern Pharma (LTRN) | $105k | 0.0% | Trimmed -4.6% | 0.0% |
| Aberdeen Municipal Income Fund (MFM) | $98k | 0.0% | New | – |
| Editas Medicine (EDIT) | $90k | 0.0% | Trimmed -4.6% | 0.0% |
| Grayscale Ethereum Trust Etf (ETHE) | $69k | 0.0% | Unchanged | 0.0% |
| Bicycle Therapeutics (BCYC) | $53k | 0.0% | Trimmed -4.6% | 0.0% |
| Allogene Therapeutics (ALLO) | $35k | 0.0% | Trimmed -4.6% | 0.0% |
| Pacific Biosciences Calif (PACB) | $17k | 0.0% | Trimmed -4.6% | 0.0% |
| Grayscale Ethereum Mini Tr E (ETH) | $10k | 0.0% | Unchanged | 0.0% |
| Grayscale Basic Attention (GBAT) | $1k | 0.0% | Unchanged | 0.0% |
| Grayscale Decentraland (MANA) | $0k | 0.0% | Unchanged | 0.0% |
| Ea Series Trust (BOXX) | – | – | Sold out | 0.1% |
| Consensus Mining & Seigniorage (CMSG) | – | – | Sold out | 0.1% |
| Tri Pointe Homes (T86) | – | – | Sold out | 0.0% |
| Patterson-Uti Energy (PTEN) | – | – | Sold out | 0.0% |
| Sealed Air (SEE) | – | – | Sold out | 0.0% |
| Proshares Tr (UPRO) | – | – | Sold out | 0.0% |
| Proshares Tr (SQQQ) | – | – | Sold out | 0.0% |
| Bitfarms (1B2) | – | – | Sold out | 0.0% |
| Northrop Grumman (NOC) | – | – | Sold out | 0.0% |
| Costco Wholesale (COST) | – | – | Sold out | 0.0% |
| GE HealthCare Technologies (GEHC) | – | – | Sold out | 0.0% |
| American Water Works (AWK) | – | – | Sold out | 0.0% |
| American States Water (AWR) | – | – | Sold out | 0.0% |
| Netflix (NFLX) | – | – | Sold out | 0.0% |
| DOW (DOW) | – | – | Sold out | 0.0% |
| Liberty Broadband (8L8C) | – | – | Sold out | 0.0% |
| AT&T (T) | – | – | Sold out | 0.0% |
| Mfs High Income Mun Tr | – | – | Sold out | 0.0% |

## Horizon Kinetics Inflation Beneficiaries ETF (as at 2026-06-30)

| Company | Country | Fund weight | Change |
| --- | --- | --- | --- |
| Landbridge (LB) | US | 6.9% | Added +7.1% |
| WaterBridge Infrastructure (WBI) | US | 5.8% | Added +4.0% |
| Wheaton Precious Metals (WPM) | CA | 5.5% | Trimmed -2.2% |
| Texas Pacific Land (TPL) | US | 5.1% | New |
| PrairieSky Royalty (PSK) | CA | 4.8% | Added +4.0% |
| Franco-Nevada (FNV) | CA | 4.7% | Added +7.1% |
| Viper Energy (VNOM) | US | 4.3% | Trimmed -2.1% |
| Cameco (CCO) | CA | 4.2% | Added +7.1% |
| Singapore Exchange (SGX) | SG | 3.8% | Added +4.0% |
| Intercontinental Exchange (ICE) | US | 3.7% | Added +38% |
| OR Royalties (OR) | CA | 3.5% | Added +7.1% |
| Hawaiian Electric Industries (HE) | US | 3.1% | Added +4.0% |
| Permian Basin Royalty Trust (PBT) | US | 2.9% | Unchanged |
| Deutsche Boerse (DB1) | DE | 2.6% | Added +7.1% |
| Cheniere Energy (LNG) | US | 2.5% | Trimmed -7.0% |
| Miami International Holdings (MIAX) | US | 2.4% | Added +4.0% |
| CME Group (CME) | US | 2.2% | Added +7.1% |
| WhiteHawk Minerals (WHK) | US | 2.2% | New |
| Topaz Energy (TPZ) | CA | 2.2% | Added +4.0% |
| TMX Group (X) | CA | 2.0% | Added +6.7% |
| Glencore (GLEN) | CH | 1.9% | Unchanged |
| EagleRock Land (EROK) | US | 1.9% | New |
| Bunge Global (Q23) | US | 1.7% | Trimmed -19% |
| Marsh & McLennan Cos (MRSH) | US | 1.5% | Trimmed -9.1% |
| Japan Exchange Group (8697) | JP | 1.4% | Added +4.0% |
| Sprott (SII) | CA | 1.4% | Added +3.9% |
| Royalty Pharma (RPRX) | US | 1.2% | Trimmed 0.0% |
| Altius Minerals (ALS) | CA | 1.2% | Unchanged |
| St Joe (JOE) | US | 1.2% | Added +3.9% |
| Brookfield (BN) | CA | 1.0% | Added +3.9% |
| Deterra Royalties (DRR) | AU | 1.0% | Trimmed -16% |
| Tejon Ranch (TRC) | US | 0.9% | Added +4.0% |
| Wilmar International (WIL) | SG | 0.8% | Added +4.0% |
| Triple Flag Precious Metals (TFPM) | CA | 0.8% | Added +7.1% |
| Mesabi Trust (MSB) | US | 0.7% | Unchanged |
| RB Global (RBA) | US | 0.6% | Added +3.9% |
| Tradeweb Markets (TW) | US | 0.6% | New |
| Sabine Royalty Trust (SBR) | US | 0.4% | Unchanged |
| Clarkson (CKN) | GB | 0.4% | Added +3.9% |
| London Stock Exchange Group (LSEG) | GB | 0.4% | Added +3.9% |
| Labrador Iron Ore Royalty (LIF) | CA | 0.4% | Added +3.9% |
| Dorchester Minerals (DMLP) | US | 0.3% | Added +3.0% |
| San Juan Basin Royalty Trust (SJT) | US | 0.3% | Unchanged |
| Evolve Royalties (EVR) | CA | 0.3% | Unchanged |
| Metalla Royalty & Streaming Lt (MTA) | CA | 0.2% | Unchanged |
| IG Port (3791) | JP | 0.2% | Added +1.6% |
| Toei Animation (4816) | JP | 0.1% | Added +1.3% |
| Fermi (FRMI) | US | 0.0% | Added +3.9% |
| null |  | – | Sold out |
| null |  | – | Sold out |
| null |  | – | Sold out |

## Kinetics Paradigm Fund (as at 2026-06-30)

| Company | Country | Fund weight | Change |
| --- | --- | --- | --- |
| Kinetics Paradigm Portfolio | US | 100.0% | Unchanged |

## Kinetics Internet Fund (as at 2026-06-30)

| Company | Country | Fund weight | Change |
| --- | --- | --- | --- |
| Kinetics Internet Portfolio | US | 100.0% | Unchanged |

Source: SEC filings, via moatshark (https://www.moatshark.com/m/horizon-kinetics). Values traded and returns are estimates. Not investment advice. Built 2026-10-21.