Skip to main content
Livermore
Livermore
ZHEN

Horizon Kinetics Asset Management LLC

SEC CIK
0001056823
Latest filing
Aug 11, 2026

The latest 13F from Horizon Kinetics Asset Management LLC covers Q2 2026 (filed Aug 11, 2026): 350 long positions worth $8.82B. The top 10 holdings make up 77.5% of the portfolio, and the largest is Texas Pacific Land Corp (TPL) at 48.6%. Livermore has 23 filings on Form 13F from this institution, going back to Q1 2021.

What changed in Q2 2026

Share counts compared with Q1 2026: how many positions were new, added to, reduced or sold out, and the biggest buys and sells. Dollar amounts are estimated at the quarter-end prices implied by the filing.

Full comparison
New
19
Est. +$88.5M
Added
65
Est. +$365.2M
Reduced
166
Est. −$294.1M
Sold out
20
Est. −$22.8M

Top 5 holdings

Share of this quarter's portfolio value

  1. TPLTexas Pacific Land Corp
    48.6%$4.29BHistory
  2. GBTCGrayscale Bitcoin Trust ETF
    6.3%$552.6MHistory
  3. LBLandBridge Co LLC
    5.2%$461.3MHistory
  4. HEHawaiian Electric Industries Inc
    3.4%$303.0MHistory
  5. MIAXMiami International Holdings, Inc.
    3.3%$291.4MHistory

Share of portfolio

Top 5 holdings and the other 345 positions, by share of portfolio value

  1. TPL48.6%
  2. GBTC6.3%
  3. LB5.2%
  4. HE3.4%
  5. MIAX3.3%
  6. Other 345 positions33.1%

Biggest buys

New and added positions, by estimated amount bought

  1. MIAXMiami International Holdings, Inc.
    +$163.2MAddedHistory
  2. BTCGrayscale Bitcoin Mini Trust ETF
    +$79.5MAddedHistory
  3. WHKWhiteHawk Minerals Corp.
    +$43.2MNewHistory
  4. EROKEagleRock Land, LLC
    +$35.8MNewHistory
  5. ICEIntercontinental Exchange, Inc.
    +$17.9MAddedHistory

Largest weight increases

New and added positions, by percentage points of the portfolio gained

  1. MIAXMiami International Holdings, Inc.
    +1.85 pp1.5% → 3.3%History
  2. LBLandBridge Co LLC
    +1.00 pp4.2% → 5.2%History
  3. WBIWaterBridge Infrastructure LLC
    +0.84 pp2.1% → 3.0%History
  4. BTCGrayscale Bitcoin Mini Trust ETF
    +0.81 pp1.0% → 1.8%History
  5. WHKWhiteHawk Minerals Corp.
    +0.49 pp0.0% → 0.5%History

Biggest sells

Reduced and sold-out positions, by estimated amount sold

  1. TPLTexas Pacific Land Corp
    −$93.0MReducedHistory
  2. GBTCGrayscale Bitcoin Trust ETF
    −$84.9MReducedHistory
  3. CCLCarnival Corp Ltd.
    −$15.1MReducedHistory
  4. DBRGDigitalBridge Group, Inc.
    −$14.6MReducedHistory
  5. LYVLive Nation Entertainment, Inc.
    −$10.3MReducedHistory

Largest weight decreases

Reduced and sold-out positions, by percentage points of the portfolio lost

  1. TPLTexas Pacific Land Corp
    −2.85 pp51.5% → 48.6%History
  2. GBTCGrayscale Bitcoin Trust ETF
    −1.74 pp8.0% → 6.3%History
  3. WPMWheaton Precious Metals Corp.
    −0.35 pp2.5% → 2.1%History
  4. LNGCheniere Energy, Inc.
    −0.20 pp1.3% → 1.1%History
  5. DBRGDigitalBridge Group, Inc.
    −0.15 pp0.2% → <0.1%History

Metrics

13F metrics for Q2 2026, computed only from the numbers in the filings. Definitions below.

Portfolio value
$8.82B
−$410.9M (−4.5%) vs. prior quarter
Positions
350
−1 vs. prior quarter
Top 10 concentration
77.5%
Top 10 as share of value
Turnover
3.5%
Q2 2026, one quarter
Average holding period
17.8 quarters
Weighted by value

How these are calculated

  • Portfolio value: the market value of all long positions in the 13F, as reported at quarter end, excluding options.
  • Top 10 concentration: the combined value of the 10 largest positions as a share of portfolio value.
  • Turnover: the smaller of this quarter's estimated purchases and estimated sales, divided by the average of this and last quarter's portfolio value. Estimates multiply the change in shares by the quarter-end price implied by the filing (market value divided by shares); new positions use this quarter's value and sold-out positions last quarter's. Only positions reported in shares count, and it is not calculated when the previous quarter was not filed.
  • Average holding period: how many consecutive quarters each current position has been held (including this one; a quarter without the position or without a filing starts the count over), weighted by this quarter's value. Counting starts with the first 13F in Livermore (Q1 2021), so positions held before then are understated.

13F filings by quarter

22 quarters, going back to Q1 2021. Bars show each quarter's 13F portfolio value; quarters without a filing are left blank.

Peak $9.23B (Q1 2026)

Q1 2021: $4.40BQ2 2021: $4.90BQ3 2021: $4.27BQ4 2021: $4.52BQ1 2022: $4.96BQ2 2022: $4.77BQ3 2022: $4.97BQ4 2022: $6.05BQ1 2023: $5.20BQ2 2023: $4.62BQ3 2023: $5.05BQ4 2023: $4.77BQ1 2024: $5.29BQ2 2024: $5.72BQ3 2024: $6.68BQ4 2024: $8.03BQ1 2025: $8.81BQ2 2025: $8.43BQ3 2025: $8.20BQ4 2025: $7.39BQ1 2026: $9.23BQ2 2026: $8.82B
Q1 2021Q2 2026
13F filings of Horizon Kinetics Asset Management LLC by quarter
QuarterFiledPositionsValueTop 3 holdingsChangesFiling
Q2 2026Aug 11, 2026350$8.82BTPLGBTCLBvs. Q1 2026SEC
Q1 2026May 15, 2026351$9.23BTPLGBTCLBvs. Q4 2025SEC
Q4 2025Feb 11, 2026322$7.39BTPLGBTCWPMvs. Q3 2025SEC
Q3 2025Nov 14, 2025334$8.20BTPLGBTCWPMvs. Q2 2025SEC
Q2 2025Aug 12, 2025349$8.43BTPLGBTCLBvs. Q1 2025SEC
Q1 2025May 15, 2025342$8.81BTPLGBTCLBvs. Q4 2024SEC
Q4 2024Feb 10, 2025345$8.03BTPLGBTCLBvs. Q3 2024SEC
Q3 2024Nov 13, 2024344$6.68BTPLGBTCLBvs. Q2 2024SEC
Q2 2024Aug 14, 2024320$5.72BTPLGBTCCACIvs. Q1 2024SEC
Q1 2024May 14, 2024318$5.29BTPLGBTCCACIvs. Q4 2023SEC
Q4 2023Feb 15, 2024320$4.77BTPLGBTCWPMvs. Q3 2023SEC
Q3 2023Nov 14, 2023326$5.05BTPLGBTCCACIvs. Q2 2023SEC
Q2 2023Aug 14, 2023329$4.62BTPLGBTCCACIvs. Q1 2023SEC
Q1 2023May 12, 2023329$5.20BTPLGBTCWPMvs. Q4 2022SEC
Q4 2022Feb 9, 2023Amended318$6.05BTPLFNVCACIvs. Q3 2022SEC
Q3 2022Nov 15, 2022329$4.97BTPLFNVCACIvs. Q2 2022SEC
Q2 2022Aug 5, 2022330$4.77BTPLFNVCACIvs. Q1 2022SEC
Q1 2022May 13, 2022340$4.96BTPLFNVWPMvs. Q4 2021SEC
Q4 2021Feb 15, 2022346$4.52BTPLFNVWPMvs. Q3 2021SEC
Q3 2021Nov 15, 2021335$4.27BTPLFNVCACIvs. Q2 2021SEC
Q2 2021Aug 16, 2021342$4.90BTPLFNVWPMvs. Q1 2021SEC
Q1 2021May 11, 2021335$4.40BTPLCACIFNV–SEC

13D and 13G filings

Companies where Horizon Kinetics Asset Management LLC reports owning 5% or more on Schedule 13D or 13G, and its latest filings.

Current stakes of 5% or more

15 companies, largest stake first.

Companies where Horizon Kinetics Asset Management LLC owns 5% or more
CompanyLatest formStakeChangeFirst filedLatest filingFiling
ACGPAssociated Capital Group, Inc.13G/A40.10%917.6K shares–Feb 16, 20216 filingsFeb 13, 2025SEC
MSBMesabi Trust13G/A23.90%3.14M shares+1.00 ppfrom 22.90%Feb 16, 20218 filingsApr 29, 2026SEC
CVEOCiveo Corp13G/A21.30%2.45M shares−1.00 ppfrom 22.30%Feb 16, 20217 filingsJan 28, 2026SEC
LBLandBridge Co LLC13G/A20.90%5.82M shares−1.30 ppfrom 22.20%Jul 11, 20247 filingsJul 29, 2026SEC
WBIWaterBridge Infrastructure LLC13G/A17.00%7.34M shares+1.20 ppfrom 15.80%Oct 8, 20253 filingsApr 29, 2026SEC
SJTSan Juan Basin Royalty Trust13G/A16.10%7.49M shares+1.10 ppfrom 15.00%Jun 12, 20257 filingsJul 31, 2026SEC
TPLTexas Pacific Land Corp13D/A14.70%10.1M shares+0.20 ppfrom 14.50%Jan 12, 202112 filingsMay 7, 2026SEC
PBTPermian Basin Royalty Trust13G/A13.70%6.38M shares+1.20 ppfrom 12.50%Apr 6, 20234 filingsApr 29, 2026SEC
HEHawaiian Electric Industries Inc13G/A12.50%21.6M shares+1.30 ppfrom 11.20%May 14, 20255 filingsApr 29, 2026SEC
MIAXMiami International Holdings, Inc.13D/A7.80%7.40M shares−4.40 ppfrom 12.20%Aug 21, 20255 filingsMay 21, 2026SEC
TRCTejon Ranch Co13G/A7.10%1.91M shares+1.00 ppfrom 6.10%Jul 23, 20252 filingsNov 10, 2025SEC
EROKEagleRock Land, LLC13G6.90%1.68M sharesNewJul 27, 20261 filingJul 27, 2026SEC
WHKWhiteHawk Minerals Corp.13G6.80%1.55M sharesNewJul 23, 20261 filingJul 23, 2026SEC
Aris Water Solutions, Inc.Common Stock13G6.40%2.10M sharesNewJul 23, 20251 filingJul 23, 2025SEC
BKKTBakkt, Inc.13G/A6.30%400.2K shares+0.40 ppfrom 5.90%May 13, 20252 filingsMay 13, 2025SEC

Latest filings

80 filings on file made by Horizon Kinetics Asset Management LLC or listing it as a reporting person; the latest 20 are shown.

Schedule 13D and 13G filings by Horizon Kinetics Asset Management LLC
CompanyFiled (ET)FormStakeChangeEvent dateFiling
SJTSan Juan Basin Royalty TrustJul 31, 20269:25 AM ET13G/A16.10%7.49M shares+1.10 ppfrom 15.00%Jun 30, 2026SEC
LBLandBridge Co LLCJul 29, 202610:39 AM ET13G/A20.90%5.82M shares−1.30 ppfrom 22.20%Jun 30, 2026SEC
EROKEagleRock Land, LLCJul 27, 20261:02 PM ET13G6.90%1.68M sharesNewJun 30, 2026SEC
WHKWhiteHawk Minerals Corp.Jul 23, 20261:46 PM ET13G6.80%1.55M sharesNewJun 30, 2026SEC
MIAXMiami International Holdings, Inc.May 21, 202612:00 PM ET13D/A7.80%7.40M shares−4.40 ppfrom 12.20%May 19, 2026SEC
TPLTexas Pacific Land CorpMay 7, 20263:03 PM ET13D/A14.70%10.1M shares+0.20 ppfrom 14.50%May 5, 2026SEC
WBIWaterBridge Infrastructure LLCApr 29, 20263:50 PM ET13G/A17.00%7.34M shares+1.20 ppfrom 15.80%Mar 31, 2026SEC
SJTSan Juan Basin Royalty TrustApr 29, 20262:22 PM ET13G/A15.00%6.98M shares+1.60 ppfrom 13.40%Mar 31, 2026SEC
PBTPermian Basin Royalty TrustApr 29, 20262:10 PM ET13G/A13.70%6.38M shares+1.20 ppfrom 12.50%Mar 31, 2026SEC
MSBMesabi TrustApr 29, 20261:52 PM ET13G/A23.90%3.14M shares+1.00 ppfrom 22.90%Mar 31, 2026SEC
HEHawaiian Electric Industries IncApr 29, 20261:45 PM ET13G/A12.50%21.6M shares+1.30 ppfrom 11.20%Mar 31, 2026SEC
MIAXMiami International Holdings, Inc.Apr 28, 20263:14 PM ET13D/A12.20%11.2M shares+0.10 ppfrom 12.10%Apr 24, 2026SEC
MIAXMiami International Holdings, Inc.Apr 14, 202610:08 AM ET13D/A12.10%11.1M shares+0.40 ppfrom 11.70%Apr 7, 2026SEC
TPLTexas Pacific Land CorpApr 13, 20263:12 PM ET13D/A14.50%9.97M shares−0.10 ppfrom 14.60%Apr 7, 2026SEC
TPLTexas Pacific Land CorpMar 26, 20265:14 PM ET13D/A14.60%10.1M shares−1.00 ppfrom 15.60%Mar 24, 2026SEC
CVEOCiveo CorpJan 28, 20263:54 PM ET13G/A21.30%2.45M shares−1.00 ppfrom 22.30%Dec 31, 2025SEC
WBIWaterBridge Infrastructure LLCJan 28, 202612:52 PM ET13G/A15.80%6.84M shares+1.10 ppfrom 14.70%Dec 31, 2025SEC
SJTSan Juan Basin Royalty TrustJan 28, 202612:43 PM ET13G/A13.40%6.23M shares+1.40 ppfrom 12.00%Dec 31, 2025SEC
HEHawaiian Electric Industries IncJan 28, 202612:34 PM ET13G/A11.20%19.4M shares+1.00 ppfrom 10.20%Dec 31, 2025SEC
MIAXMiami International Holdings, Inc.Nov 26, 20251:35 PM ET13D/A11.70%9.50M shares+1.00 ppfrom 10.70%Nov 24, 2025SEC