HORIZON KINETICS ASSET MANAGEMENT LLC

CIK 0001056823 · Q2 2026

13F Equity AUM

$8.8B

-4.5% QoQ

Positions

345

-4 QoQ

AUM Rank

#1,195

Top 10%

Skill Alpha (FF)

+15.8%/yr^ns

No Clear Edge

Rank #211 · Top 3%

vs S&P +3.8%/yr (unadj.)

Quarters Tracked

~7 years

Portfolio Concentration

Top 5: 66.9%Top 10: 77.5%Top 20: 86.8%

TPL48.6%

GBTC6.3%

LB5.2%

HE3.4%

MIAX3.3%

WBI3.0%

WPM2.1%

PBT1.9%

FNV1.8%

BTC1.8%

Others (335)22.5%

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

Sector Allocation

Energy62.8%

Financial Services19.3%

Basic Materials6.1%

Utilities3.6%

Industrials2.2%

Other6.0%

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

Position Sizing

Positions: 345Median: 0.01%Avg: 0.29%

0–0.5%

324(12.5%)

0.5–1%

8(6.4%)

1–3%

8(14.3%)

3–5%

2(6.7%)

5%+

3(60.1%)

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

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Portfolio Overlap

Shared: 0Unique: 345vs 20 funds

0%Low

345

Fund positions

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.

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Position Changes This Quarter

New21Increased66Decreased164Exited23

New Positions

WHITEHAWK MINERALS C…0.5%

+1.6M

EAGLEROCK LD LLC0.4%

+1.7M

CARNIVAL CORP LTD0.1%

+428K

CTRI0.0%

+96K

AMRZ0.0%

+35K

UPS0.0%

+4K

HONEYWELL AEROSPACE …0.0%

+3K

KMB0.0%

+8K

HONEYWELL INTL INC0.0%

+3K

RDW0.0%

+84K

Increased

MIAX3.3%

+4.4M(+127%)

BTC1.8%

+3.1M(+102%)

HE3.4%

+760K(+4%)

SJT0.3%

+515K(+7%)

BCHG0.0%

+463K(+31%)

PBT1.9%

+350K(+5%)

WBI3.0%

+308K(+4%)

FRMI0.1%

+292K(+55%)

LTCN0.0%

+249K(+42%)

LB5.2%

+164K(+3%)

Decreased

GBTC6.3%

-1,864,892(-13%)

DBRG0.0%

-927,029(-99%)

TPL48.6%

-212,480(-2%)

WEN0.0%

-160,374(-60%)

HHH0.0%

-140,910(-72%)

WPM2.1%

-74,616(-4%)

MYI0.0%

-71,456(-34%)

CVEO0.9%

-61,362(-3%)

NAD0.0%

-56,594(-35%)

LYV0.2%

-56,180(-36%)

Exited

CCL

-957,653

BOXX

-47,475

CONSENSUS MINING &am…

-164,593

-85,966

-258,608

-33,250

-6,576

-12,048

-10,100

-6,180

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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