A Contrarian Value Manager Doubles Down on Bitcoin Exposure While Trimming the Trust Version

Horizon Kinetics Asset Management LLC (Trades, Portfolio) has submitted its 13F filing for the third quarter of 2026, offering a window into the moves of one of the market's most distinctive value managers. Horizon Kinetics is an SEC-registered investment adviser serving institutions, individuals, private funds and investment companies through separately managed accounts, mutual funds, ETFs, closed-end funds and other vehicles. The firm describes itself as a fundamental value, contrarian-oriented (fact-based) adviser built on the belief that short-term investing ultimately produces sub-optimal returns, and that investors are better served by extending their time horizon rather than taking more risk.

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Summary of New Buys

Horizon Kinetics Asset Management LLC (Trades, Portfolio) added a total of 10 stocks, among them:

  • The most significant addition was Consensus Mining & Seigniorage Corp CMSG, with 152,001 shares, accounting for 0.06% of the portfolio and a total value of $4.60 million.
  • The second largest addition to the portfolio was ADI Global Distribution Inc ADIG, consisting of 26,240 shares, representing approximately 0.01% of the portfolio, with a total value of $470,220.
  • The third largest addition was AngloGold Ashanti PLC AU, with 7,034 shares, accounting for 0.01% of the portfolio and a total value of $660,840.

Key Position Increases

Horizon Kinetics Asset Management LLC (Trades, Portfolio) also increased stakes in a total of 84 stocks, among them:

  • The most notable increase was Grayscale Bitcoin BTC, with an additional 13,365,014 shares, bringing the total to 19,433,007 shares. This adjustment represents a significant 220.25% increase in share count, a 6.22% impact on the current portfolio, and a total value of $718.05 million.
  • The second largest increase was Tradeweb Markets Inc TW, with an additional 156,710 shares, bringing the total to 254,450. This adjustment represents a significant 160.33% increase in share count, with a total value of $25.66 million.

Summary of Sold Out Positions

Horizon Kinetics Asset Management LLC (Trades, Portfolio) completely exited 13 holdings in the third quarter of 2026, as detailed below:

Key Position Reductions

Horizon Kinetics Asset Management LLC (Trades, Portfolio) also reduced positions in 160 stocks. The most significant changes include:

  • Reduced Grayscale Bitcoin Trust GBTC by 7,866,534 shares, resulting in a -64.8% decrease in shares and a -4.06% impact on the portfolio. The stock traded at an average price of $55.1 during the quarter and has returned 12.66% over the past 3 months and -19.18% year-to-date.
  • Reduced Texas Pacific Land Corp TPL by 109,239 shares, resulting in a -1.11% reduction in shares and a -0.54% impact on the portfolio. The stock traded at an average price of $377.32 during the quarter and has returned -17.24% over the past 3 months and -0.97% year-to-date.

The Bitcoin Rotation: One Vehicle Up, Another Down

The quarter's headline is a striking pair of opposing trades in bitcoin exposure. Horizon Kinetics more than tripled its stake in Grayscale Bitcoin BTC, adding 13,365,014 shares for a 220.25% increase in share count and a 6.22% portfolio impact — the single largest move of the quarter. At the same time, the firm cut its Grayscale Bitcoin Trust (GBTC) position by 7,866,534 shares, a -64.8% reduction that trimmed 4.06% from the portfolio. In effect, the manager shifted a substantial portion of its bitcoin exposure from one vehicle into another rather than abandoning the asset class. For value investors, the distinction between the two instruments — structure, fees and share mechanics — is worth monitoring as the position evolves.

Portfolio Overview: Concentration and Sector Spread

At the third quarter of 2026, Horizon Kinetics Asset Management LLC (Trades, Portfolio)'s portfolio included 350 stocks. The top holdings were 39.77% in Texas Pacific Land Corp TPL, 9.04% in Grayscale Bitcoin BTC, 5.97% in LandBridge Co LLC LB, 3.48% in Grayscale Bitcoin Trust GBTC and 3.25% in Miami International Holdings Inc MIAX. The outsized TPL weighting underscores the firm's willingness to concentrate in high-conviction ideas — a hallmark of its long-horizon, contrarian approach.

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The holdings are mainly concentrated across 11 industries: Energy, Financial Services, Basic Materials, Utilities, Consumer Cyclical, Technology, Industrials, Consumer Defensive, Real Estate, Healthcare and Communication Services.

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What This Means for Value Investors

Horizon Kinetics' quarter reads as a study in conviction and patience: a heavy concentration in Texas Pacific Land, a deliberate reshuffling of bitcoin exposure between two vehicles, and a long tail of small additions and exits across 350 holdings. The firm's stated philosophy — that compounding cannot be harnessed in a short time frame — helps explain both the concentration and the willingness to hold through volatility. Investors tracking this manager may want to watch whether the BTC-for-GBTC rotation continues in coming quarters, and how the dominant TPL position performs given its recent weakness. For more 13F coverage and guru portfolio data, explore GuruFocus guru pages.

This stock alert was generated using automated technology and GuruFocus financial data to provide readers with timely and accurate market reporting. This content was reviewed by GuruFocus editorial team prior to publication. Please send any questions or comments about this story to [email protected].

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