HORIZON KINETICS ASSET MANAGEMENT LLC

New 13F: Q3 2026

HORIZON KINETICS ASSET MANAGEMENT LLC filed its 13F for the quarter ended Sep 30, 2026 on Nov 12, 2026: $3.7B in AI and semiconductor stocks; $9.2M bought and $36.9M sold against its previous quarter, at the quarter's prices.

HORIZON KINETICS ASSET MANAGEMENT LLC declares $4.8B in 28 of the 230 AI and semiconductor companies tracked on Silicon Floor, as of Jun 30, 2026 (Form 13F): 54.8% of its $8.8B 13F portfolio. Largest positions: Texas Pacific Land (14.2% of the company) and LandBridge (7.6% of the company). Over time: $4.8B in 28 of these companies for Q2 2026, against $1.4B in 23 for Q4 2019 (13F values as filed). From Mar 31, 2026 to Jun 30, 2026, it bought $15.9M and sold $97.6M of these stocks, at the quarter's prices: a net sale of $81.7M.

Performance of its AI picks

The AI-stock portfolio HORIZON KINETICS ASSET MANAGEMENT LLC declared for Q2 2026 (Form 13F), held unchanged, returned -22.6% in Q3 2026 (SMH -7.1%). Over the last 12 months, quarter after quarter: +9.5% (SMH +87.2%). Over three years, quarter after quarter: +79.4% (SMH +325.8%). Over five years, quarter after quarter: +176.3% (SMH +389.8%). Trades made during a quarter are not visible in 13F filings: this measures its declared picks, not the return of its funds.

Largest positions

  1. Texas Pacific Land (TPL): $4.3B, 9.8M shares, 14.2% of the company, 48.6% of its portfolio (trimmed this quarter); held since Q4 2019 or earlier
  2. LandBridge (LB): $461.3M, 5.8M shares, 7.6% of the company, 5.2% of its portfolio (added this quarter); held since Q2 2024
  3. Galaxy Digital (GLXY): $33.8M, 1.2M shares, 0.32% of the company, 0.38% of its portfolio (trimmed this quarter); held since Q2 2025
  4. Fermi (FRMI): $7.5M, 824,227 shares, 0.13% of the company, 0.09% of its portfolio (added this quarter); held since Q4 2025
  5. KLA (KLAC): $6.0M, 19,855 shares, 0.00% of the company, 0.07% of its portfolio (trimmed this quarter); held since Q4 2019 or earlier
  6. Caterpillar (CAT): $4.2M, 3,931 shares, 0.00% of the company, 0.05% of its portfolio (trimmed this quarter); held since Q4 2019 or earlier
  7. Cisco (CSCO): $4.0M, 34,266 shares, 0.00% of the company, 0.05% of its portfolio (trimmed this quarter); held since Q4 2019 or earlier
  8. Vertiv (VRT): $3.5M, 10,515 shares, 0.00% of the company, 0.04% of its portfolio (trimmed this quarter); held since Q3 2024
  9. Microsoft (MSFT): $2.6M, 6,894 shares, 0.00% of the company, 0.03% of its portfolio (trimmed this quarter); held since Q4 2019 or earlier
  10. Iron Mountain (IRM): $2.3M, 17,845 shares, 0.01% of the company, 0.03% of its portfolio (trimmed this quarter); held since Q4 2019 or earlier
  11. Alphabet (GOOGL): $2.1M, 5,944 shares, 0.00% of the company, 0.02% of its portfolio (trimmed this quarter); held since Q4 2019 or earlier
  12. Apple (AAPL): $1.8M, 6,323 shares, 0.00% of the company, 0.02% of its portfolio (trimmed this quarter); held since Q4 2019 or earlier
  13. GE Vernova (GEV): $1.7M, 1,423 shares, 0.00% of the company, 0.02% of its portfolio (trimmed this quarter); held since Q2 2024
  14. Analog Devices (ADI): $1.4M, 3,626 shares, 0.00% of the company, 0.02% of its portfolio (trimmed this quarter); held since Q4 2019 or earlier
  15. NVIDIA (NVDA): $1.4M, 6,920 shares, 0.00% of the company, 0.02% of its portfolio (trimmed this quarter); held since Q4 2022

By sector

Biggest changes this quarter

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