Horizon Kinetics: 13F holdings, Q2 2026
Concentrated value · SEC EDGAR filings (CIK 0001056823) · Explore on the interactive board
Horizon Kinetics disclosed 350 US equity positions worth $8.8bn in its Q2 2026 13F filing (holdings as of June 30, 2026, filed August 11, 2026). Its largest position is TPL at 48.6% of the reported book, followed by GBTC, LB. The top ten holdings are 77.5% of the book, and the portfolio behaves like about 4 equal-weight positions. Versus the prior filing it opened 20 new positions, added to 61, reduced 152 and exited 21.
$8.8bnreported US equity book
350positions
48.6%largest position
77.5%top 10 weight
4.01effective positions (1/HHI)
43quarters on file since Q2 2007
What does Horizon Kinetics own? Top holdings as of June 30, 2026
Change is measured in shares against the previous filing (Q1 2026), so price moves do not read as decisions. This quarter: 20 new, 61 added, 152 reduced, 21 exited.
| # | Stock | Sector | Weight | Value | Shares | Δ shares | Action |
|---|---|---|---|---|---|---|---|
| 1 | TPL TEXAS PACIFIC LAND CORPORATI | Energy | 48.6% | $4.3bn | 9,802,899 | -2% | reduced |
| 2 | GBTC GRAYSCALE BITCOIN TRUST ETF | 6.3% | $552.6m | 12,139,990 | -13% | reduced | |
| 3 | LB LANDBRIDGE COMPANY LLC | 5.2% | $461.3m | 5,821,263 | 3% | added | |
| 4 | HE HAWAIIAN ELEC INDS INC MTN B | Utilities | 3.4% | $303.0m | 22,395,397 | 4% | added |
| 5 | MIAMI INTL HLDGS INC | 3.3% | $291.4m | 7,842,173 | 127% | added | |
| 6 | WATERBRIDGE INFRASTRUCTURE L | 3.0% | $262.2m | 7,650,237 | 4% | added | |
| 7 | WPM WHEATON PRECIOUS METALS CORP | Basic Materials | 2.1% | $189.5m | 1,686,903 | -4% | reduced |
| 8 | PERMIAN BASIN RTY TR | 1.9% | $168.5m | 6,729,289 | 5% | added | |
| 9 | FNV FRANCO NEV CORP | Basic Materials | 1.8% | $161.2m | 773,418 | 2% | added |
| 10 | GRAYSCALE BITCOIN MINI TR ET | 1.8% | $157.5m | 6,067,993 | 102% | added | |
| 11 | ICE INTERCONTINENTAL EXCHANGE IN | Financial Services | 1.4% | $121.2m | 984,701 | 17% | added |
| 12 | CBOE CBOE GLOBAL MKTS INC | Financial Services | 1.1% | $100.6m | 414,634 | 1% | added |
| 13 | LNG CHENIERE ENERGY INC | Energy | 1.1% | $96.1m | 402,040 | -4% | reduced |
| 14 | MESABI TR | 0.9% | $81.5m | 3,219,382 | 2% | added | |
| 15 | CVEO CIVEO CORP CDA | 0.9% | $80.2m | 2,290,991 | -3% | reduced | |
| 16 | CACI CACI INTL INC | Technology | 0.8% | $71.2m | 153,743 | -1% | reduced |
| 17 | CCJ CAMECO CORP | Energy | 0.8% | $71.1m | 697,741 | 7% | added |
| 18 | VNOM VIPER ENERGY INC | Energy | 0.8% | $70.1m | 1,652,125 | -1% | reduced |
| 19 | BN BROOKFIELD CORP | Financial Services | 0.8% | $67.6m | 1,587,339 | 1% | added |
| 20 | CME CME GROUP INC | Financial Services | 0.7% | $62.7m | 283,774 | 5% | added |
| 21 | OR OR ROYALTIES INC. | Basic Materials | 0.7% | $60.6m | 1,915,799 | 9% | added |
| 22 | WHITEHAWK MINERALS CORP | 0.5% | $43.2m | 1,552,705 | – | new | |
| 23 | AN AUTONATION INC | Consumer Cyclical | 0.4% | $39.6m | 212,917 | -5% | reduced |
| 24 | TRC TEJON RANCH CO | 0.4% | $37.6m | 2,011,689 | 6% | added | |
| 25 | JOE ST JOE CO | Real Estate | 0.4% | $37.1m | 592,608 | 9% | added |
| 26 | EAGLEROCK LD LLC | 0.4% | $35.8m | 1,684,213 | – | new | |
| 27 | HORIZON KINETICS HLDG CORP COM | 0.4% | $35.5m | 1,075,416 | 0% | held | |
| 28 | GLXY GALAXY DIGITAL INC. | Financial Services | 0.4% | $33.8m | 1,236,051 | -1% | reduced |
| 29 | BG BUNGE GLOBAL SA | Consumer Defensive | 0.3% | $30.3m | 284,079 | -16% | reduced |
| 30 | IBIT ISHARES BITCOIN TRUST ETF | 0.3% | $27.9m | 837,308 | 6% | added | |
| 31 | SII SPROTT INC | Financial Services | 0.3% | $26.1m | 232,217 | 12% | added |
| 32 | WHITE MTNS INS GROUP LTD | 0.3% | $25.3m | 12,206 | -7% | reduced | |
| 33 | PAG PENSKE AUTOMOTIVE GRP INC | Consumer Cyclical | 0.3% | $24.9m | 139,067 | -2% | reduced |
| 34 | RBA RB GLOBAL INC | Industrials | 0.3% | $24.6m | 211,349 | 13% | added |
| 35 | SAN JUAN BASIN RTY TR | 0.3% | $24.1m | 7,494,020 | 7% | added | |
| 36 | MRSH MARSH & MCLENNAN COS INC | Financial Services | 0.3% | $23.3m | 139,983 | -8% | reduced |
| 37 | VUSB VANGUARD BD INDEX FDS | 0.3% | $23.0m | 461,108 | 36% | added | |
| 38 | DORCHESTER MINERALS L P | 0.2% | $21.5m | 852,651 | -1% | reduced | |
| 39 | RPRX ROYALTY PHARMA PLC | Healthcare | 0.2% | $19.3m | 344,861 | 1% | added |
| 40 | BRK/B BERKSHIRE HATHAWAY INC DEL | 0.2% | $18.6m | 37,231 | -2% | reduced | |
| 41 | LYV LIVE NATION ENTERTAINMENT IN | Communication Services | 0.2% | $18.5m | 100,989 | -36% | reduced |
| 42 | TRIPLE FLAG PRECIOUS METAL | 0.2% | $15.2m | 506,677 | 23% | added | |
| 43 | IPAR INTERPARFUMS INC | Consumer Defensive | 0.2% | $14.6m | 130,333 | -6% | reduced |
| 44 | OSK OSHKOSH CORP | Industrials | 0.2% | $13.6m | 88,816 | -23% | reduced |
| 45 | RCL ROYAL CARIBBEAN GROUP | Consumer Cyclical | 0.1% | $12.5m | 39,414 | -24% | reduced |
| 46 | CCL CARNIVAL CORP LTD | Consumer Cyclical | 0.1% | $12.2m | 428,340 | – | new |
| 47 | MSTR STRATEGY INC | Technology | 0.1% | $11.3m | 129,774 | -7% | reduced |
| 48 | TW TRADEWEB MKTS INC | Financial Services | 0.1% | $9.7m | 97,740 | 1750% | added |
| 49 | WMB WILLIAMS COS INC | Energy | 0.1% | $9.6m | 128,678 | -7% | reduced |
| 50 | MSGS MADISON SQUARE GRDN SPRT COR | Communication Services | 0.1% | $9.3m | 23,221 | -1% | reduced |
What did Horizon Kinetics sell? Positions exited since the previous filing
| Stock | Prior weight | Prior value |
|---|---|---|
| CCL CARNIVAL CORP | 52.1% | $24.8m |
| BOXX EA SERIES TRUST | 11.6% | $5.5m |
| CONSENSUS MINING & SEIGNIORAGE CORP COM | 9.0% | $4.3m |
| T86 TRI POINTE HOMES INC | 8.4% | $4.0m |
| PTEN PATTERSON-UTI ENERGY INC | 5.9% | $2.8m |
| HONEYWELL INTL INC | 3.1% | $1.5m |
| SEALED AIR CORP NEW | 2.9% | $1.4m |
| PROSHARES TR | 1.1% | $502.2k |
| PROSHARES TR | 1.0% | $497.4k |
| AWR AMER STATES WTR CO | 0.7% | $330.8k |
| T AT&T INC | 0.6% | $263.5k |
| NOC NORTHROP GRUMMAN CORP | 0.5% | $245.6k |
| NFLX NETFLIX INC. | 0.5% | $231.7k |
| DOW DOW HLDGS INC | 0.5% | $228.3k |
| AWK AMERICAN WTR WKS CO INC NEW | 0.5% | $227.4k |
| COST COSTCO WHOLESALE CORPORATION | 0.4% | $207.3k |
| GEHC GE HEALTHCARE TECHNOLOGIES I | 0.4% | $207.2k |
| 8L8C LIBERTY BROADBAND CORP | 0.4% | $204.4k |
| MFS HIGH INCOME MUN TR | 0.2% | $79.9k |
| LIBERTY BROADBAND CORP | 0.1% | $46.4k |
| BITFARMS LTD | 0.1% | $35.7k |
Sector mix
| Sector | Weight |
|---|---|
| Energy | 51.8% |
| Financial Services | 5.6% |
| Basic Materials | 5.0% |
| Utilities | 3.5% |
| Technology | 1.3% |
| Consumer Cyclical | 1.1% |
Sectors cover positions whose ticker resolved to a sector; the remainder is unclassified, not cash.
Filing history
| Quarter | Positions | Equity value |
|---|---|---|
| Q2 2026 | 350 | $8.8bn |
| Q1 2026 | 351 | $9.2bn |
| Q4 2025 | 322 | $7.4bn |
| Q3 2025 | 334 | $8.2bn |
| Q2 2025 | 349 | $8.4bn |
| Q1 2025 | 342 | $8.8bn |
| Q4 2024 | 345 | $8.0bn |
| Q3 2024 | 344 | $6.7bn |
| Q2 2024 | 320 | $5.7bn |
| Q1 2024 | 318 | $5.3bn |
| Q4 2023 | 320 | $4.8bn |
| Q3 2023 | 326 | $5.0bn |
| Q2 2023 | 329 | $4.6bn |
| Q1 2023 | 329 | $5.2bn |
| Q4 2022 | 318 | $6.1bn |
| Q3 2022 | 329 | $5.0bn |
Earliest filing: Q2 2007 · 43 quarters on file
How concentrated is Horizon Kinetics's portfolio?
Across every quarter Horizon Kinetics has filed, its median largest position is 42.0% of the book and its median top-ten weight is 68.0%, which WhaleCreep classifies as concentrated (the gate is a median largest position of 5%). Of 1524 completed holding spells, the median lasted 3.0 quarters; 350 positions are still open and their final length is unknown.