Horizon Kinetics Asset Management portfolio

What changed this quarter

228 positions with a change (14 new, 54 added to, 141 trimmed, 19 sold); also, 2 entered through an IPO, 4 exited through an acquisition or merger, 2 entered through a spin-off. 4 are listed here: those of 0.5 points of the portfolio or more (up to 12).

• Miami International Holdings+127%more sharesIncreased
  1.4% → 3.3%
• Texas Pacific Land−3.6%fewer sharesReduced
  51.6% → 48.6%
• Grayscale Bitcoin Trust ETF−16%fewer sharesReduced
  8.1% → 6.3%
• Grayscale Bitcoin Mini Tr ET+95%more sharesIncreased
  1.0% → 1.8%

The figure on the right: for positions added to or trimmed, the change in the number of shares (%); for new and sold ones, the points of the portfolio moved (pp). Below, the portfolio weight before → after. Traded weight?: what it bought or sold, excluding price effects.

Top holdings

• Texas Pacific LandTPL48.6%
• Grayscale Bitcoin Trust ETFGBTC6.3%
• LandBridgeLB5.2%
• Hawaiian Electric IndustriesHE3.4%
• Miami International HoldingsMIAX3.3%
• WaterBridge InfrastructureWBI3.0%
• Wheaton Precious MetalsWPM2.1%
• Permian Basin RTY TrPBT1.9%
• Franco NevadaFNV1.8%
• Grayscale Bitcoin Mini Tr ETBTC1.8%
• Intercontinental ExchangeICE1.4%
• Cboe Global MarketsCBOE1.1%
• Cheniere EnergyLNG1.1%
• Mesabi TrustMSB0.9%
• CiveoCVEO0.9%
• CACI InternationalCACI0.8%
• CamecoCCJ0.8%
• Viper EnergyVNOM0.8%
• BrookfieldBN0.8%
• CME GroupCME0.7%
• OR RoyaltiesOR0.7%
• WhiteHawk MineralsWHK0.5%
• AutonationAN0.4%
• Tejon RanchTRC0.4%
• St JOEJOE0.4%
• EagleRock LandEROK0.4%
• Horizon Kinetics HoldingHKHC0.4%
• Galaxy DigitalGLXY0.4%
• Bunge GlobalBG0.3%
• Ishares Bitcoin Trust ETFIBIT0.3%
• SprottSII0.3%
• White Mountains Insurance GroupWTM0.3%
• Penske Automotive GroupPAG0.3%
• RB GlobalRBA0.3%
• SAN Juan Basin RTY TrSJT0.3%
• Marsh & Mclennan CompaniesMRSH0.3%
• Vanguard Ultra Short Bond ET ETFVUSB0.3%
• Dorchester MineralsDMLP0.2%
• Royalty PharmaRPRX0.2%
• Berkshire HathawayBRK/B0.2%
• Live Nation EntertainmentLYV0.2%
• Triple Flag Precious MetalsTFPM0.2%
• InterparfumsIPAR0.2%
• OshkoshOSK0.2%
• Royal Caribbean CruisesRCL0.1%
• CarnivalCCL0.1%
• StrategyMSTR0.1%
• Tradeweb MarketsTW0.1%
• Williams CompaniesWMB0.1%
• Madison Square Grdn Sprt CORMSGS0.1%
• Royal GoldRGLD0.1%
• MastercardMA0.1%
• Alliancebernstein HoldingAB0.1%
• Brookfield Asset ManagementBAM0.1%
• Sabine RTY TrSBR0.1%
• Energy TransferET0.1%
• Sphere EntertainmentSPHR0.1%
• FermiFRMI0.1%
• Western Midstream PartnersWES0.1%
• Liberty MediaFWONK0.1%
• Listed Funds TrSPAQ0.1%
• Alps ETF TrAMLP0.1%
• Liberty EnergyLBRT0.1%
• KLAKLAC0.1%
• Natural Resource PartnersNRP0.1%
• Freeport-McMoRanFCX0.1%
• Science Applications InternationalSAIC0.1%
• NasdaqNDAQ0.1%
• Listed Funds TrJAPN0.1%
• Listed Funds TrBCDF0.1%
• Exxon MobilXOM0.1%
• AbbVieABBV0.1%
• Eli LillyLLY0.1%
• Listed Funds TrINFL0.1%
• Vanguard Short-term Treasury ETFVGSHunder 0.1%
• CaterpillarCATunder 0.1%
• Enterprise Products PartnersEPDunder 0.1%
• Markel GroupMKLunder 0.1%
• Cisco SystemsCSCOunder 0.1%
• Howard Hughes HoldingsHHHunder 0.1%
• Johnson & JohnsonJNJunder 0.1%
• MerckMRKunder 0.1%
• Philip Morris InternationalPMunder 0.1%
• Vertiv HoldingsVRTunder 0.1%
• NutrienNTRunder 0.1%
• CostamareCMREunder 0.1%
• Metalla Royalty & StreamingMTAunder 0.1%
• Suncor EnergySUunder 0.1%
• Nuveen AMT Free Qlty MUNXNEAXunder 0.1%
• Broadridge Financial SolutionsBRunder 0.1%
• OpenlaneOPLNunder 0.1%
• Centuri HoldingsCTRIunder 0.1%
• Grayscale Bitcoin Cash Trust BCHBCHGunder 0.1%
• Alliance Resource PartnersARLPunder 0.1%
• Madison Square Garden EntertainmentMSGEunder 0.1%
• WisdomTreeWTunder 0.1%
• Altria GroupMOunder 0.1%
• Renn FundRCGunder 0.1%
• Toronto Dominion BankTDunder 0.1%
• L3harris TechnologiesLHXunder 0.1%