Horizon Kinetics
Our archive holds 7 letters from Horizon Kinetics, behind 12 investment theses and positions in 6 companies. Every quote below is copied verbatim from the letter it came from.
Horizon Kinetics’s own letters pageWhat they bought and sold · 4 moves
- New positionWaterBridge Infrastructure LLCJune 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 positionLandBridge CorpJune 2026
“An IPO in which many of our strategies recently participated was LandBridge Corp in July 2024, anchored by Horizon Kinetics.”
Read the letter - June 2026
“Wheaton Precious Metals and Franco-Nevada are the leading precious metals royalties companies.”
Read the letter - TrimmedFranco-Nevada CorporationJune 2026
“Wheaton Precious Metals and Franco-Nevada are the leading precious metals royalties companies.”
Read the letter
Companies held · 6
Every company Horizon Kinetics has disclosed a position in across our archive, with the letter that last mentioned it.
- Franco-Nevada CorporationJun 2026
- Intercontinental ExchangeJun 2026
- LandBridge CorpJun 2026
- Miami International HoldingsJun 2026
- WaterBridge Infrastructure LLCJun 2026
- Wheaton Precious Metals Corp.Jun 2026
Theses · 12
- 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 - 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 - 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 - 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 - 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 - 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 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- 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 - 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 - 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 - 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 - December 2024
TPL is a potentially undervalued investment due to unrealized revenues from natural gas production that will increase as pipeline capacity improves.
Read the full thesis
Letter archive · 7
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