Horizon Kinetics Asset Management 13F Portfolio · Murray Stahl

The biggest dollar adds tell a coherent story: Horizon Kinetics wants tolls on trading, not directional commodity beta. MIAX is the loudest statement, with share count up 127.2% and $163.2M added, pushing it to 3.3% of the book. That is a direct bet on options and market-structure volumes. BTC, ICE, and LB are not random.

• MIAX: shares up 127.2% and $163.2M added, taking it to 3.3%. The gain versus average cost is only 11.5%, so this is an early-stage exchange-infrastructure bet.
• BTC: shares up 102.0% and $79.5M added, now 1.79%. This is the cheaper Grayscale Bitcoin Mini wrapper, not the old GBTC trust.
• ICE: shares up 17.4% and $17.9M added, now 1.37%. It joins CBOE, CME, and TW in a growing market-infrastructure cluster.
• LB: shares up 2.9% and $13.0M added, keeping it at 5.23%. This is not a new theme, but it confirms the royalty/infrastructure core still attracts capital.
• HE: shares up 3.5% and $10.3M added, now 3.44%. The utility add looks like a regulated cash-flow hedge against the commodity core.
• WBI: shares up 4.2% and $10.6M added, now 2.97%. Water infrastructure for Permian activity is a pick-and-shovel way to play the same land thesis.

The sell side is best read as funding and housekeeping. The two largest trims are TPL and GBTC, and neither looks like a broken thesis. TPL was cut by 2.1%, or $93.0M, but it still consumes 48.64% of the book.

GBTC was cut by 13.3%, or $84.9M, while the cheaper BTC mini trust was doubled. That says fee sensitivity rather than bitcoin rejection.

• LYV: shares down 35.7% and $10.3M trimmed, leaving a 0.21% stub. Live Nation is a profitable but cyclical consumer name being converted into higher-conviction ideas.
• OSK: shares down 23.3% and $4.1M trimmed. The industrial cyclical exposure is cooling.
• RCL: shares down 23.8% and $3.9M trimmed. This is another consumer-discretionary winner being harvested.
• WPM: shares down 4.2% and $8.4M trimmed, but OR and TFPM were added. That is rotation within precious-metals royalties, not an exit from the theme.
• BG: shares down 15.7% and $5.6M trimmed; LNG was cut 4.4%. Staples and LNG infrastructure are lower priority than exchanges and Permian water.

On a sector basis, the real move is Finance up to 8.89% from 6.63%, powered by MIAX and ICE. CBOE, CME, and TW add smaller pieces. Energy remains the house at 63.57%, down only slightly from 65.28%, so this is not a rotation out of the core.

Consumer discretionary fell to 2.39% from 2.68% as LYV, OSK, and RCL were trimmed. Basic materials, utilities, and real estate are roughly flat at the sector level, but the labels need adjustment: Cheniere and Williams are midstream energy infrastructure, not utilities, and Mastercard is payments, not real estate.

The true shift is toward exchanges and a cheaper bitcoin wrapper, away from consumer cyclicals and some precious-metals streaming. The fund is still overwhelmingly a Permian land and royalty vehicle.

The filing suggests Horizon Kinetics is not trying to become diversified. It is trying to own a few irreplaceable assets and cash-flow tollbooths, then let concentration do the work. TPL at 48.64% means the fund’s fate is still tied to Permian land, royalty income, and whatever multiple the market assigns to that scarcity.

The new exchange cluster, led by MIAX and ICE, could become a second pillar if trading volumes and market-data economics stay strong. The GBTC-to-BTC mini migration tells you the fund wants bitcoin exposure without paying up for the old wrapper. If that continues, expect more wrapper-level efficiency and less GBTC. The consumer-discretionary trims look like a funding source for finance and infrastructure, not a macro call. After a -7.17% quarter, the response was to add to cash-generative tolls and keep the core.