13F filer · reported 2026-Q1 · filed 2026-05-15 · Δ vs 2025-Q4 · US-listed long positions only 13F portfolio $9.2B · Positions 351 · Top 10 78.2% · Effective N 3.6 Filer13F 2026-Q1 | CIK1056823 | Reported quarter2026-Q1 | | Prior quarter2025-Q4 | Filed2026-05-15 | | Reported value$9.2B | Positions351 | | Regulatory AUM (ADV)$9.6B | Employees (ADV)80 | | Head office (ADV)NEW YORK, NY, United States | Structure (ADV)Limited Liability Company |
Authorized signatory: Jay Kesslen · General Counsel — the person who SIGNED this filer's latest 13F, frequently a compliance officer, general counsel or CFO, and not necessarily the portfolio manager. Owners & officers (ADV Schedule A): BREGMAN, STEVEN (CO-CHIEF EXECUTIVE OFFICER) · DOYLE, PETER, BRENDAN (CO-CHIEF EXECUTIVE OFFICER) · GRIMALDI, RUSSELL, WAYNE (CHIEF COMPLIANCE OFFICER, SENIOR VICE PRESIDENT AND ASSOCIATE GENERAL COUNSEL) · HERNDON, MARK, AUGUSTUS (CHIEF FINANCIAL OFFICER) · KESSLEN, JAY, HARRIS (GENERAL COUNSEL, MANAGING DIRECTOR, ELECTED MANAGER AND SECRETARY) · WILLIAMS, ALUN, L (CHIEF OPERATING OFFICER, MANAGING DIRECTOR, ELECTED MANAGER AND ASSISTANT SECRETARY) · HORIZON KINETICS LLC (OWNER) Reported 2026-Q1 · filed 2026-05-15 · ADV 2026-04-15ⓘ Implied return1.14y vs SPY | Cumulative+9.3% | CAGR+8.1% | | vs SPY−13.8pp | Vol (ann.)31.2% | | Sharpe0.41 | Max drawdown−26.5% | | Beta0.54 | Avg coverage100% | | Quarters replayed3 | |
2025-06-30 → 2026-08-21 · HYPOTHETICAL replication, not actual returnsⓘ Contribution10 of 377 names | Ticker | Avg wt | Return | Contrib. |
|---|
| TPL | 45.3% | +27.0% | +11.78pp | | GBTC | 11.9% | −35.0% | −6.12pp | | LB | 4.0% | +66.7% | +2.45pp | | WPM | 3.3% | +65.9% | +1.80pp | | PBT | 1.4% | +112.5% | +1.35pp | | FNV | 2.4% | +44.6% | +0.91pp | | BTC | 1.4% | −34.1% | −0.71pp | | WBI | 1.8% | — | +0.57pp | | MSTR | 0.4% | −66.7% | −0.45pp | | GLXY | 0.4% | — | −0.41pp |
Carino-linked; contributions sum to the book return — modeled, not actual results. 2025-08-24 → 2026-08-24 · book +13.4% · SPY +20.0% · largest absolute contributors first · HYPOTHETICALⓘ Top holdings12 of 351 · 80.8% of book | Holding | Weight | Value | Δ shares |
|---|
| TPL | 51.5% | $4.8B | −3.1% | | GBTC | 8.0% | $739M | −0.8% | | LB | 4.2% | $391M | +0.3% | | HE | 3.5% | $321M | +11.6% | | WPM | 2.5% | $231M | −29.4% | | WBI | 2.1% | $197M | +7.4% | | FNV | 2.0% | $187M | −21.8% | | PBT | 1.5% | $137M | +3.1% | | MIAX | 1.5% | $134M | +89.7% | | ICE | 1.4% | $132M | +1.0% | | LNG | 1.3% | $119M | −9.3% | | CBOE | 1.2% | $115M | +0.4% |
Weights as filed for 2026-Q1 · Δ vs 2025-Q4ⓘ Sector split12 sectors | Sector | N | Weight |
|---|
| Energy | 23 | 55.2% | | Financials | 46 | 13.3% | | Unclassified | 107 | 12.6% | | Materials | 19 | 6.4% | | Utilities | 15 | 5.1% | | Consumer Discretionary | 18 | 2.1% | | Real Estate | 12 | 1.7% | | Information Technology | 13 | 1.1% | | Communication Services | 21 | 0.6% | | Industrials | 32 | 0.6% | | Consumer Staples | 9 | 0.6% | | Health Care | 36 | 0.6% |
SIC-derived, not GICS · 87% of weight classifiedⓘ Sector history8 of 29 quarters | Sector | 2024-Q2 | 2024-Q3 | 2024-Q4 | 2025-Q1 | 2025-Q2 | 2025-Q3 | 2025-Q4 | 2026-Q1 |
|---|
| Energy | 50.0% | 51.3% | 52.1% | 56.3% | 46.3% | 43.3% | 43.5% | 55.2% | | Financials | 9.7% | 11.0% | 12.3% | 12.0% | 12.7% | 13.9% | 15.0% | 13.3% | | Unclassified | 18.8% | 17.1% | 19.5% | 16.4% | 21.0% | 21.5% | 18.7% | 12.6% | | Materials | 6.2% | 6.0% | 4.8% | 5.5% | 7.1% | 8.8% | 8.8% | 6.4% | | Utilities | 0.3% | 0.3% | 0.6% | 1.9% | 3.8% | 4.1% | 4.8% | 5.1% | | Consumer Discretionary | 4.0% | 3.7% | 2.8% | 2.4% | 2.7% | 2.7% | 2.8% | 2.1% | | Real Estate | 2.5% | 2.4% | 2.0% | 1.7% | 2.0% | 2.0% | 2.2% | 1.7% | | Information Technology | 4.0% | 4.0% | 2.7% | 1.1% | 1.3% | 1.3% | 1.5% | 1.1% | | Communication Services | 1.2% | 1.2% | 1.1% | 0.9% | 1.0% | 0.8% | 0.8% | 0.6% | | Industrials | 0.6% | 0.7% | 0.6% | 0.5% | 0.6% | 0.6% | 0.6% | 0.6% | | Consumer Staples | 1.4% | 1.1% | 0.8% | 0.7% | 0.8% | 0.5% | 0.6% | 0.6% | | Health Care | 1.4% | 1.1% | 0.7% | 0.6% | 0.6% | 0.6% | 0.7% | 0.6% | | Top-10 concentration | 76.8% | 77.2% | 79.4% | 81.3% | 77.2% | 75.0% | 73.7% | 78.2% |
SIC-derived, not GICS · 87% of the latest book classified · share of the filed book, per quarterⓘ Basis & disclosures - As filed · positions and weights exactly as the 13F states them · nothing imputed · absent “—”
- 13F is US-listed long only · filed up to 45 days after quarter-end · a LOWER bound on what this filer manages, never a total — shorts, options, cash, bonds and non-US listings are outside it
- As filed — the holdings and weights are the 13F itself; no return engine produced them
- Implied returns are a replication, not a track record · the filed book valued daily and rebalanced to each new filing · no fees, no timing, and nothing a 13F does not carry
- Not investment advice · no recommendation, forecast or offer · past ≠ future · this is a filer's public record, not a solicitation
- SEC Form 13F · SEC Form ADV · licensed end-of-day prices · spzco.com/methodology
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