13F
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HORIZON KINETICS ASSET MANAGEMENT LLC

13F equity value
$9.2B
Positions
351
Top 10 concentration
78.2%
Quarters / total new picks
26 / 221
13F equity value over time
$0M$5B$9B20192020202120222023202420252026

"13F equity value" = market value of this filer's US-listed long equity positions only. It excludes cash, bonds, non-US and short positions, so it understates a fund's true assets under management — often by a lot.

Not significant Verdict

13F holdings are disclosed ~45 days after quarter-end, and they never reveal when within the quarter a fund actually bought. So any 13F-based summary is structurally late and blurred — this applies to every fund, including this one.

We backtested copying it anyway. Buying this fund's new positions the day each filing went public, over 26 quarters, returned +4.4% per quarter — versus +3.3% per quarter from simply owning every 13F stock. It beat that baseline in only 50.0% of quarters (excess t = 1.31, not statistically significant). Its filings tell you what it bought — not what you should buy.

Avg 2Q excess
+2.7%
t-stat
1.31
Quarterly win rate
50%
Annualized excess
+2.2%
$1 → follow vs universe
$2.34 vs $2.07
Cumulative return: $1 invested in new picks vs universe
1.00 20190630: universe 1.07520190930: universe 1.15620191231: universe 0.93320200331: universe 1.12420200630: universe 1.24220200930: universe 1.52320201231: universe 1.59320210331: universe 1.60720210630: universe 1.73520210930: universe 1.55820211231: universe 1.32620220331: universe 1.42320220630: universe 1.31820220930: universe 1.41620221231: universe 1.31520230331: universe 1.38620230630: universe 1.33620230930: universe 1.51720231231: universe 1.58520240331: universe 1.62020240630: universe 1.76720240930: universe 1.75220241231: universe 1.63520250331: universe 1.78320250630: universe 1.83920250930: universe 2.068 20190630: follow 1.11120190930: follow 1.31720191231: follow 0.91720200331: follow 1.09920200630: follow 1.17920200930: follow 1.84420201231: follow 1.97220210331: follow 2.05120210630: follow 1.85120210930: follow 1.80020211231: follow 1.49920220331: follow 1.36320220630: follow 1.34420220930: follow 1.31920221231: follow 1.27720230331: follow 1.29520230630: follow 1.48320230930: follow 1.53420231231: follow 1.59920240331: follow 1.65920240630: follow 1.88220240930: follow 1.81320241231: follow 1.86320250331: follow 2.03020250630: follow 2.00720250930: follow 2.343 0.84 1.69 2.53 2019202020212022202320242025 Follow Universe

Quarterly compounding, invested quarters only · entry 47 days after quarter-end (when 13F data becomes public)

Listed as facts. See the verdict above before treating this as signal.

Top 20 holdings of 351 · 2026 Q1

Ticker Value Weight QoQ
TPL $4.8B
51.5%
TRIM
GBTC $739M
8.0%
HOLD
LB $391M
4.2%
HOLD
HE $321M
3.5%
ADD
WPM $231M
2.5%
TRIM
WBI $197M
2.1%
ADD
FNV $187M
2.0%
TRIM
PBT $137M
1.5%
ADD
MIAX $134M
1.5%
ADD
ICE $132M
1.4%
HOLD
LNG $119M
1.3%
TRIM
CBOE $115M
1.3%
HOLD
MSB $99M
1.1%
ADD
BTC $90M
1.0%
HOLD
CACI $84M
0.9%
TRIM
CME $80M
0.9%
HOLD
VNOM $78M
0.9%
TRIM
CCJ $71M
0.8%
TRIM
OR $67M
0.7%
TRIM
BN $64M
0.7%
HOLD

QoQ vs previous quarter's share count · NEW = new position · ADD/TRIM = ±2% shares · HOLD = unchanged.

Listed as facts. See the verdict above before treating this as signal.

New positions in 2026 Q1

AIABHPBILBOXXCOPCOSTCRCLDOWEFXTFANGGISGWWHUBBHYDIEZITAIWCLBRDALEN/BLLYVALMTMETVMODMQYMYNNMZNRGPAAPFFPFXF

Method & Limitations

Method: a "new position" = held this quarter, absent last quarter (options excluded; stocks with <50 prior holders excluded to filter spin-off artifacts). Entry 47 days after quarter-end — the first day the public could act on the filing. Benchmark = equal-weighted universe of all 13F-held stocks. Limitations: quarterly snapshots can't see intra-quarter trades; survivorship bias — funds that shut down are absent, which flatters the sample. Statistics, not advice.