HORIZON KINETICS ASSET MANAGEMENT LLC

CIK 0001056823 · Q1 2026

13F Equity AUM

$9.2B

+24.9% QoQ

Positions

349

+27 QoQ

AUM Rank

#677

Top 5%

Skill Alpha (FF)

+10.8%/yr^ns

No Clear Edge

Rank #258 · Top 3%

vs S&P -0.1%/yr (unadj.)

Quarters Tracked

~7 years

Portfolio Concentration

Top 5: 69.7%Top 10: 78.2%Top 20: 87.6%

TPL51.5%

GBTC8.0%

LB4.2%

HE3.5%

WPM2.5%

WBI2.1%

FNV2.0%

PBT1.5%

MIAX1.5%

ICE1.4%

Others (339)21.8%

HHI (Herfindahl-Hirschman Index) measures portfolio concentration. Low (<1500) = diversified, Moderate (1500-2500), High (>2500) = concentrated bets.

Sector Allocation

Energy63.8%

Financial Services18.4%

Basic Materials6.8%

Utilities3.6%

Other7.4%

Portfolio weight by GICS sector based on latest 13F filing. Sectors below 2% are grouped as “Other.”

Position Sizing

Positions: 349Median: 0.01%Avg: 0.29%

0–0.5%

328(11.7%)

0.5–1%

8(6.5%)

1–3%

9(14.6%)

3–5%

2(7.7%)

5%+

2(59.5%)

Count of positions per weight bucket — (%) = combined portfolio weight

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Portfolio Overlap

Shared: 330Unique: 19vs 20 funds

4.5%Low

349

Fund positions

7,299

Consensus CUSIPs

Jaccard similarity of this fund’s portfolio vs the consensus of top 20 funds by AUM. Low (<15%) = contrarian, Moderate (15-40%), High (>40%) = follows the crowd.

Most Similar Funds

Top 9 benchmark funds with highest portfolio overlap (Jaccard similarity)

MORGAN STANLEY

6.1%

BANK OF AMERICA CORP /DE/

6.4%

JPMORGAN CHASE & CO

5.3%

BlackRock, Inc.

6.1%

FMR LLC

7.6%

GEODE CAPITAL MANAGEMENT, LLC

6.3%

STATE STREET CORP

6.3%

VANGUARD CAPITAL MANAGEMENT LLC

6.2%

VANGUARD PORTFOLIO MANAGEMENT LLC

Jaccard similarity per fund: shared CUSIPs / (fund A + fund B − shared). Higher values indicate more similar portfolios.

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Position Changes This Quarter

New43Increased88Decreased151Exited15

New Positions

BOXX0.1%

+47K

CONSENSUS MINING &am…0.1%

+165K

HUBB0.0%

+4K

PAA0.0%

+90K

CRCL0.0%

+7K

GIS0.0%

+30K

TQQQ0.0%

+12K

MQY0.0%

+83K

SQQQ0.0%

+6K

AZN0.0%

+5K

Increased

HE3.5%

+2.2M(+12%)

MIAX1.5%

+1.6M(+90%)

SJT0.4%

+748K(+12%)

WBI2.1%

+505K(+7%)

FRMI0.0%

+424K(+390%)

PBT1.5%

+192K(+3%)

MSB1.1%

+113K(+4%)

MYI0.0%

+106K(+104%)

LTCN0.0%

+84K(+17%)

RBA0.2%

+79K(+74%)

Decreased

DBRG0.2%

-2,107,153(-69%)

WPM2.5%

-731,999(-29%)

TPL51.5%

-318,383(-3%)

FNV2.0%

-210,804(-22%)

GBTC8.0%

-108,711(-1%)

CVEO0.7%

-97,134(-4%)

HHH0.1%

-96,950(-33%)

WEN0.0%

-90,719(-25%)

OR0.7%

-60,880(-3%)

LBRT0.1%

-54,489(-16%)

Exited

-10,994

-60,430

-42,650

-203,058

-23,457

-42,157

-47,926

-93,068

-13,500

-4,110

Quarter-over-quarter changes compared to prior 13F filing. New = first appearance; Exited = no longer held.

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Holdings

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