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Horizon Kinetics

Dec 2024 → Oct 2026 · Publishes quarterly · 4 funds

Our archive holds 10 letters from Horizon Kinetics, behind 13 investment theses and positions in 14 companies. Every quote below is copied verbatim from the letter it came from.

Writes about

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10
Letters
14
Companies
6
Moves
13
Theses

3 strategies

Horizon Kinetics publishes a letter per strategy. Each one has its own page with what it holds, what it bought and what it wrote.

Returns as reported in each strategy’s latest letter, extracted automatically and not verified by us; one share class, in its own currency. Not investment advice. Past performance does not predict future returns.

Also filed under Horizon Kinetics.

What they bought and sold · 6 moves

  • AddedSandboxAQ
    October 2026
    “In 2025, we participated in SandboxAQ’s capital raise; since then, and especially since our last update in June, the company has been moving quickly to commercialize its large quantitative models, with a focus on critical sectors of the economy.”
    Read the letter
  • New positionLandBridge Corp
    June 2026
    “An IPO in which many of our strategies recently participated was LandBridge Corp in July 2024, anchored by Horizon Kinetics.”
    Read the letter
  • New positionWaterBridge Infrastructure LLC
    June 2026
    “The few other IPOs we’ve participated in, lately, such as WaterBridge and White Hawk Minerals, also share the type of qualitative and valuation characteristics that suit our selection criteria.”
    Read the letter
  • New positionWhite Hawk Minerals
    June 2026
    “The few other IPOs we’ve participated in, lately, such as WaterBridge and White Hawk Minerals, also share the type of qualitative and valuation characteristics that suit our selection criteria.”
    Read the letter
  • TrimmedFranco-Nevada Corporation
    June 2026
    “Wheaton Precious Metals and Franco-Nevada are the leading precious metals royalties companies.”
    Read the letter
  • TrimmedWheaton Precious Metals Corp.
    June 2026
    “Wheaton Precious Metals and Franco-Nevada are the leading precious metals royalties companies.”
    Read the letter

Companies held · 14

Every company Horizon Kinetics has disclosed a position in across our archive, with the letter that last mentioned it.

Theses · 13

  • SandboxAQ
    October 2026

    SandboxAQ is commercializing its large quantitative models with three deepening moats—proprietary data, proprietary physics-based models, and customer validation—supporting large strategic programs in drug discovery, materials science, and semiconductors.

    Read the full thesis
  • LandBridge Corp
    June 2026

    LandBridge Corp owns strategically assembled surface acreage with royalty-like water and powered-land revenues, offering passive inflation-linked growth and long-duration compounding potential.

    Read the full thesis
  • PrairieSky Royalty Ltd.
    June 2026

    PrairieSky Royalty Ltd. owns a large, largely unexploited land and royalty portfolio that supports cash-flow compounding through dividends, buybacks, and acquisitions.

    Read the full thesis
  • Hawaiian Electric Industries, Inc.
    March 2026

    Hawaiian Electric Industries is a regulated utility in post-disaster recovery with predictable earnings normalization and eventual dividend reinstatement, offering high yield on cost and low risk of permanent loss.

    Read the full thesis
  • Texas Pacific Land Corporation
    March 2026

    Texas Pacific Land Corporation is a rare hard-asset royalty and land/water owner positioned to compound through commodity recovery and growing land, water, and energy needs tied to infrastructure and data centers in the Delaware Basin.

    Read the full thesis
  • Miami International Holdings
    December 2025

    Miami International Holdings operates a modern U.S.-licensed exchange with durable industry dynamics, rapid revenue growth, and significant runway versus much larger incumbents.

    Read the full thesis
  • WaterBridge Infrastructure LLC
    December 2025

    WaterBridge Infrastructure LLC is a major Permian landowner positioned to enable and monetize water infrastructure growth via easements and pore space.

    Read the full thesis
  • Japan Elevator Service Holdings Co Ltd
    June 2025

    Japan Elevator Service Holdings Co Ltd is a rapidly growing independent service company in the elevator industry with a significant opportunity to capture market share and increase profitability, currently holding a 10% market share but aiming for 30% through strategic investments and operational efficiency.

    Read the full thesis
  • Aris Water Solutions
    March 2025

    Aris is a wastewater management company that leverages its unique position in the Permian Basin to profit from both water disposal and recycling, while navigating regulatory challenges and capacity constraints.

    Read the full thesis
  • Hawaiian Electric Industries
    March 2025

    HE is undervalued despite short-term limitations and pending capital raises, with a potential for normalized dividends and stability in the long term.

    Read the full thesis
  • San Juan Basin Royalty Trust
    March 2025

    San Juan Basin Royalty Trust is undervalued due to its current lack of distributions, but potential significant production growth and favorable market conditions could lead to lucrative returns for patient investors.

    Read the full thesis
  • Bitcoin
    December 2024

    Bitcoin’s rapid institutional adoption, ETF integration, and finite supply position it as an emerging asset class with structural tailwinds—offering long-term value appreciation akin to scarce assets like land and fine art.

    Read the full thesis

Letter archive · 10

2026

2025

2024

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